Rick Wagoner will be OK

His ego is bruised and the Republicans are screaming about overreach (as opposed to the public who are embracing the forced change) but Wagoner will be just fine. If one had to compare the safety and stability of his retirement plan to a line worker who was there for an equal period of time, Wagoner's plan looks attractive. Of course he made more money as CEO so his retirement will be higher but still, he will be able to sleep much easier at night while in retirement when compared to others. The GOP likes to talk about the high costs associated with union benefits but this retirement package looks quite regal to everyone else.

Former General Motors Corp. Chairman and Chief Executive Rick Wagoner won’t get a severance payment from the automaker, but he’ll still get a pension and other benefits worth an estimated $23 million.

In nearly 32 years with the company, Wagoner accrued pension benefits that the company valued at $22.1 million at the end of last year. The actual amount Wagoner will receive could vary because it will be paid in installments over the rest of his life.

Wagoner, 56, also is entitled to $366,602 in unvested stock awards and $534,627 in deferred compensation as of Dec. 31, according to GM’s annual report.

Read the rest of this post...

Dem. leads in NY-20 by 65 votes. 5,900 absentees will determine the winner

With all 610 precincts counted in New York's 20th Congressional District, Democrat Scott Murphy is ahead by 65 votes. It's not over. According to The Albany Project:

One thing is clear, there will be no winner tonight given that there are about 5,900 absentee ballots out there.

FireDogLake reported earlier today that the Republican, Jim Tedisco, has already gone to court:

While campaign lawyers often pre-file papers for simple vote protection, Tedisco’s motion goes much, much further. Inside this document (PDF) are several humdingers, including:

On page 6: An order that whenever a poll-watcher challenges a voter that the elections clerks have to make a written record. (Unless or until that order is served at every polling place—and unless or until somebody notices that paragraph—it will be impossible to enforce.)

On Page 9: Plaintiffs seek a restraining order to prevent the certification of Murphy no matter how huge a win. (This paragraph was struck out by the court on the spot.)

The Republican will probably get Norm Coleman's lawyers.

So, no clear winner tonight.

I'll add one other thought that's been annoying me. Picking Kirsten Gillibrand to be the U.S. Senator was a dumb move by NY Governor David Paterson. It put a Democrat seat (in a Republican area) at risk. For what? A Senator who keeps flipping and flopping on core Democratic issues. A lot of time and money went into trying to save this seat for the Democrats and it never should have happened. Can't Democratic Governors think through the political implications of their moves? This election really never had to happen in the first place (and, yes, I know this is Monday morning quarterbacking, but it bugs me.) And, now, thanks to David Paterson's poor judgment, it's going to go on and on for weeks.

I'm hoping Scott Murphy pulls it out. And, looks like he will. Then, he'll join the Blue Dogs just like his predecessor, Kirsten Gillibrand. Read the rest of this post...

SC GOP Gov. Sanford: It would be ‘fiscal child abuse’ to accept millions of stimulus dollars for education

Yes, Republicans think it would be child abuse to educate the children of South Carolina. Then again, if Sanford were to actually educate the children of South Carolina, they'd likely no longer vote Republican. Read the rest of this post...

Coffee can do everything

Besides waking me up in the morning, it can now lessen my pain from exercise. Of course, I don't have that issue - pain or exercise - but if I did, coffee would be my friend.

That cup of coffee that many gym rats, bikers and runners swill before a workout does more than energize them. It kills some of the pain of athletic exertion, a new study suggests. And it works regardless of whether a person already had a coffee habit or not.

Caffeine works on a system in the brain and spinal cord (the adenosine neuromodulatory system) that is heavily involved in pain processing, says University of Illinois kinesiology and community health professor Robert Motl. And since caffeine blocks adenosine, the biochemical that plays an important role in energy transfer and thus exercise, he speculated that it could reduce pain.

Sounds good to me. Read the rest of this post...

When faux populism meets Eric Cantor's brain

I was just watching Cantor on TV the other day. Not exactly the brightest bulb in the GOP (though he'd give Sarah Palin a run for her money). Anyway, it seems that Cantor has a big problem with the stimulus package and all of its "wasteful" spending on things that don't "stimulate." Case in point: Bike paths and bike racks.

Hmmm...

First off, the folks who specialize in such things say that a dollar spent on bicycle infrastructure actually produces more jobs than a buck spent on highways. Could be the relative wages, could be how much money goes into materials versus manpower. Could be a lot of things. But what we do know is that Eric Cantor is continuing the GOP brand of faux populism that, at its core, is based on worshipping idiots.

For example, remember when the Republicans made fun of Obama for saying that additional offshore drilling would bring in about as much energy as simply inflating all of our car tires to the correct amount? The GOP ripped Obama for that "silly" suggestion - except, of course, we later learned that Obama was right.

But for the Republican fake outrage machine, facts don't really matter. Back to the case at hand. What, pray tell, does Mr. Cantor think really "stimulates"? (Perhaps he should ask Lindsey Graham, or maybe Aaron "Abs of Steel" Schock.) Projects that stimulate the economy are projects that create jobs. And that can happen in a number of ways. By direct hires, or by buying goods that help companies increase their revenues and thus be able to hang on to more employees during an economic downturn. What the impact of the stimulus does not have any correlation to is how serious or not the project sounds, which seems to be what Cantor is arguing.

At some point, the Republican party needs to wake up and realize that we're dealing with a serious economic crisis here. We can't have them proposing crap (like tax cuts) and criticizing ideas that actually stimulate the economy (like bike projects) just to gain political points. They're not coming up with ideas in order to help us. They're proposing garbage in order to help themselves politically. And that's rather scary, should their ideas ever get adopted into law.

Well, actually, we've already seen what happens when GOP populist talking points are enacted into law. We have a battered economy and two stalemated wars to show for it. Read the rest of this post...

Dow finishes with best month in 6 years

Not to get ahead of the game here, and I would be the last to suggest a real rebound is upon us, but this is still positive news. More declines are ahead and more banking problems remain and more unemployment troubles are around the corner, but it's still okay to step back and recognize a decent month.

For the first time in 17 months, the bulls have credible ammunition for stocks: There are tentative signs of stabilization in the U.S. economy and banking system. The bulls face their own stress test in April, however, as results of the Treasury Department's banking review or corporate first- quarter profit reports could wipe out recent gains.

The Dow was recently up 84 points, or 1.1%, at 7606. The Dow is up about 8% for the month to date, its best gain since October 2002, which turned out to be the bottom of the last bear market.

Helping the Dow, which was down 254 points Monday, was a gain for all of the blue-chip measure's financial companies. Also, shares of Microsoft were up 5.4% to $18.43 after an analyst upgrade citing improving personal computer demand in the U.S. and China. Shares of PC maker Hewlett-Packard Co., another Dow component, rose 0.5% to $32.28.

Again, it may require nerves of steel and deep pockets to invest in this market, but this is still good news. Read the rest of this post...

Why Wagoner and not Wall Street?

It's a fair question to ask and many have been asking since GM's CEO Rick Wagoner was sacked. As much as he deserved to be sent packing, it still remains unclear why Wall Street has not been treated the same. Many of the worst offenders on Wall Street have already left (with bags of gold) but the problems remain. AIG continues to be treated mildly and even though the Wall Street bailout is $9 trillion and counting. Somehow those at the center of the current crisis are being treated better. This approach will only float with the public for so long. The Michigan line workers are right:

"It's the age-old Wall Street vs. Main Street smackdown again," said Brian Fredline, president of UAW Local 602 at a plant near Lansing. "You have all kinds of funding available to banks that are apparently too big to fail, but they're also too big to be responsible."

"But when it comes to auto manufacturing and middle-class jobs and people that don't matter on Wall Street, there are certainly different standards that we have to meet -- higher standards -- than the financials. That is a double standard that exists and it's unfair," Fredline said.

Many workers -- not generally known for their affection toward executives -- even sympathized with Rick Wagoner, who was forced to step down as chief executive of General Motors. He was by turns called a "sacrificial lamb," "scapegoat" and "fall guy."

Read the rest of this post...

Abandon hope all ye who enter here

It's from Dante. Paul Krugman might want to add it to the banner of his blog.

I’m detecting a trend in commentary that I find slightly ominous. Some of the economic news lately has been slightly better than expected, which was bound to happen at some point (on average, after all, half the news should be better than expected). Mostly this is in the form of things getting worse more slowly, but it wouldn’t be surprising if we see, say, an uptick in industrial production in a few months, as the inventory cycle runs its course.

If so, that doesn’t mean the worst is over. There was a pause in the plunge in early 1931, and many people started to breathe easier. They were wrong.

So far, there’s nothing pointing to a fundamental turnaround this year, or next, or for that matter as far as the eye can see.

I don't think Krugman's necessarily wrong. In fact, I fear he's right. I also fear that not enough people are listening. Not to make too many literary allusions in one post, but Krugman can take heart (or not) from a character in Greek mythology named Cassandra:

In Greek mythology, Cassandra (Greek: Κασσάνδρα "she who entangles men"[1]) (also known as Alexandra[2]) was the daughter of King Priam and Queen Hecuba of Troy. Her beauty caused Apollo to grant her the gift of prophecy. However, when she did not return his love, Apollo placed a curse on her so that no one would ever believe her predictions....

While Cassandra foresaw the destruction of Troy (she warned the Trojans about the Trojan Horse, the death of Agamemnon, and her own demise), she was unable to do anything to forestall these tragedies since they did not believe her.

The recent Newsweek cover story on Krugman contained the following that, I think, describes the Krugman phenomenon perfectly:

If you are of the establishment persuasion (and I am), reading Krugman makes you uneasy. You hope he's wrong, and you sense he's being a little harsh (especially about Geithner), but you have a creeping feeling that he knows something that others cannot, or will not, see.

Read the rest of this post...

House Democrats begin push for comprehensive energy legislation

Speaker Pelosi and Congressman Ed Markey (D-MA) held a conference call this morning to discuss comprehensive energy legislation. This debate is starting because Markey, who chairs the Select Committee on Energy Independence and Climate Change, joined with House Energy, and Commerce Chair Henry Waxman released a draft of their legislation titled, “The American Clean Energy and Security Act”

Pelosi stated that this legislation would put us on "a new path." She offered praise for President Obama, who put an emphasis in his budget on energy. She also said passing the budget this week is the first step in this process. Pelosi maintains the new energy bill addresses a national security issue, economic issue, environmental health issue and a “moral issue to preserve god’s creation.” The Speaker's statement and links to the draft documents can be found on her blog, The Gavel.

Pelosi also dismissed the criticism of those who say that while we're in an economic crisis, it's not the right time to move forward on energy. She said that is a "False choice" maintaining the way to fix the economy is to grow the new economy and our reduce dependence on fossil fuel.

Pelosi also laid out an aggressive schedule. She hopes to pass the final bill in the House no later than July.

Pelosi also said its passage will require outside mobilization. Congressman Markey echoed the need for activist support because there will be many who try to put up roadblocks to its passage. He predicted an incredibly intense political debate and avowed that U.S leadership needed on energy issues.

A synopisis of the proposed draft was posted on the Energy Committee's website:

The American Clean Energy and Security Act will create millions of new clean energy jobs, save consumers hundreds of billions of dollars in energy costs, enhance America’s energy independence, and cut global warming pollution. To meet these goals, the legislation has four titles:

* A clean energy title that promotes renewable sources of energy, carbon capture and sequestration technologies, low-carbon fuels, clean electric vehicles, and the smart grid and electricity transmission;
* An energy efficiency title that increases energy efficiency across all sectors of the economy, including buildings, appliances, transportation, and industry;
* A global warming title that places limits on emissions of heat-trapping pollutants; and
* A transitioning title that protects U.S. consumers and industry and promotes green jobs during the transition to a clean energy economy.

Pelosi said putting this policy into statute, not through regulation, is important so the world knows that this is the law of the land. It is going to be an intense and often complicated debate. But, Pelosi and Markey sure seem fired up and ready to go. Read the rest of this post...

The Word of the Day: Budgetish

1. Budget-ish

Adjective
1. Of or resembling a budget. Lacks specificity such as numbers and/or ideas.
Usually encased in blue glossy folder and 19-pages, including cover pages and table of contents.

Noun
2. State requisite for GOP press conference.

Origin; 21st century English. From GOP budget proposal, March 2009
It was not a budget in the sense that it had numbers. It was more budget-ish.

Read the rest of this post...

Huge computer virus may hit tomorrow, April 1

This is not a joke. Update your anti-virus now. And even then, it may be too late. This is a Windows virus.

NYT:

Given the sophisticated nature of the worm, the question remains: What is the purpose of Conficker, which could possibly become the world’s most powerful parallel computer on April 1? That is when the worm will generate 50,000 domain names and systematically try to communicate with each one. The authors then only need to register one of the domain names in order to take control of the millions of zombie computers that have been created.

Okay that sounds a bit too much like Terminator.

Here's the 60 Minutes report from the other night:


What do you do? Reader Bradford suggests the following (I confirmed his links, they're genuine):

Also, please make sure every Windows machine is patched. Follow the instructions of your Operating system here.

Also, there is a free removal tool being provided by Mcaffee and it can be found here.

Make sure you click on the link on the upper right for the STINGER application.

If they are already infected, the WORM prevents the anti-virus software from updating automatically and it prevents people from getting to security websites. What is worse, if they did not update their OS with the Microsoft patch I sent you before they got infected, the WORM makes the system THINK that it already has that update! What this means is that the end-users Windows OS will not update itself to fix the hole that the Worm is using. The end-user will see a dialog box that tells them their system is already up to date and does not need the patch. It is the WORM that is making the system tell the end user that!

At this point, the only way I can determine that a person can be 100% sure to be un-infected is to run the STINGER application I sent you earlier. I ran it on all of my personal systems. If they cannot get to that site, I would be concerned as that may mean they are infected.

More from the Washington Post. Read the rest of this post...

O'Reilly doesn't like people who are on their "Blueberries" all day

He also says the "far left blogs" are his "number one enemy." Keep elevating us, Bill. ThinkProgress grabbed the video:

Read the rest of this post...

Obama's approval stays high, most know he's not to blame for the economic mess and the country is slowly getting into a better mood

The latest poll from the Washington Post and ABC News shows a changing mood in the country. The number of people thinking we're heading in the right direction is on the move in a positive direction -- hitting levels that haven't been seen in five years. Obama's approval rating is holding strong, too. Seems that talking to the American people has been the right move. They know their president is on the job trying to fix the mess caused by others (people get that he's not to blame, too, which is good considering he's only been president for just over two months):

The number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama's election, and the public overwhelmingly blames the excesses of the financial industry, rather than the new president, for turmoil in the economy, according to a new Washington Post-ABC News poll.

At this early stage in his presidency, Obama continues to benefit from a broadly held perception that others should bear the bulk of responsibility for the severe economic problems that confront his administration. Americans see plenty of offenders, but only about a quarter blame the president and his team for an economy that's in the ditch.

Despite the increasing optimism about the future, the nation's overall mood remains gloomy, and doubts are rising about some of the administration's prescriptions for the economic woes. Independents are less solidly behind Obama than they have been, fewer Americans now express confidence that his economic programs will work, barely half of the country approves of how the president is dealing with the federal budget deficit, and the political climate is once again highly polarized.

The percentage of Americans in the new poll who said the country is on the right track still stands at just 42 percent, but that is the highest percentage saying so in five years and marks a sharp turnabout from last fall, when as many as nine in 10 said the country was heading in the wrong direction. Fifty-seven percent now consider the nation as moving on the wrong track.

Yes, there is good news in the poll. But, Obama and the nation still have a long way to go. And, as noted, partisanship is shaping opinions. It's probably the very same people who stuck with George Bush don't like what Obama is doing. The Republicans let Bush destroy the economy. Obama is going to be judged on how he fixes it. Read the rest of this post...

Tuesday Morning Open Thread

Good morning.

It's Election Day in New York's 20th Congressional District. This race has gotten enormous attention and we're told by the pundits the results hold enormous significance. The Democrat, Scott Murphy, has gotten help from Obama and Biden. The Republican, Jim Tedicsco, has been helped by a slew of GOP leaders, including Pat Boone. If you have some free time today, the DCCC has an online GOTV phone bank set up.

The Obamas leave for Europe today. First stop London. It's just refreshing to know the world doesn't loathe our leader. Been awhile.

Thread the news, please. Read the rest of this post...

Don't eat the pistachios

How about we come up with a list of foods that are OK to eat? I'm guessing that list will be a lot shorter than the list of tainted foods that are floating around. Industry self regulation that the Republicans had to have was a failure so let's stop acting as though the entire system can be saved with a few small changes. How about the US has a food safety system worthy of the US?

Federal food safety officials warned Monday that consumers should stop eating all foods containing pistachios while they figure out the source of a possible salmonella contamination.

Still reeling from the national salmonella outbreak in peanuts, the Food and Drug Administration said central California-based Setton Pistachio of Terra Bella Inc., the nation's second-largest pistachio processor, was voluntarily recalling a portion of the roasted nuts it has been shipping since last fall. A Setton spokeswoman said that amounts to more than 2 million pounds of nuts.

Read the rest of this post...

World Bank forecasts 4.5% contraction in Russian economy

Oil is still expensive enough but hardly at the bubble rates of last year. The latest Russian efforts to revive the glories of the past (also known as ego) were funded on high oil prices but this will have to be put back on the shelf for a few more years until the next oil bubble arrives. MarketWatch:

"With a much worse global financial outlook and oil prices in the $45 a barrel range, Russia's economy is likely to contract by 4.5% in 2009, with further downside risks," the World Bank said in a report released Monday.

The new forecast is a major downward adjustment from the World Bank's previous estimate of 3% growth. Russia, which has vast resources of oil, gas and metals, has been hit hard by the global economic crisis.

As a result of the expected macroeconomic contraction, Russia's fiscal surplus from last year will turn to a sizeable deficit, according to the bank.

Read the rest of this post...

Karzai signs law that legalizes rape

Karzai is worse by the day. The opium trade has prospered, cronyism is rampant, women's rights are disappearing and those who support them are going to prison. The days of the Bush administration making excuses for Karzai are over. The Independent:

Afghanistan's President, Hamid Karzai, has signed a law which "legalises" rape, women's groups and the United Nations warn. Critics claim the president helped rush the bill through parliament in a bid to appease Islamic fundamentalists ahead of elections in August.

In a massive blow for women's rights, the new Shia Family Law negates the need for sexual consent between married couples, tacitly approves child marriage and restricts a woman's right to leave the home, according to UN papers seen by The Independent.

"It is one of the worst bills passed by the parliament this century," fumed Shinkai Karokhail, a woman MP who campaigned against the legislation. "It is totally against women's rights. This law makes women more vulnerable."

Read the rest of this post...

More write downs and job cuts at UBS?

Phil Gramm's pricey advice to UBS sounds about as bad as his advice to Congress. Why does anyone listen to what he has to say? It's scary to think that he was McCain's economic brain. What's going to be left of this once strong bank when the write downs are finally over?

The bank, one of Europe's hardest-hit in the crisis, has already written down more than $49 billion since mid-2007 and cut over 7,000 jobs, mostly in investment banking.

Sonntag, which cited people familiar with the issue, had said UBS would write down at least another $2 billion on illiquid assets, including asset categories so far out of the spotlight such as collateralized loan obligations (CLOs).

And of course, this means thousands more jobs are likely to be cut. Read the rest of this post...