Curveball?

The irony of it. Curveball faked 'em right out of their jocks. Reuters (03.31.05):

"In building its case for the Iraq war, the Bush administration relied on bogus intelligence from a mysterious Iraqi chemical engineer code-named 'Curveball,' whose dramatic tips about mobile germ labs made their way to top policymakers with little vetting. In its final report issued on Thursday, the presidential commission that investigated intelligence failures in Iraq cast Curveball as the 'pivotal' source behind the intelligence community's escalating warnings about Iraq's biological weapons programs before the invasion. Despite Curveball's mysterious background and internal doubts about his reliability, his assertions appeared in more than 100 government reports and shaped then-Secretary of State Colin Powell's February 2003 address to the United Nations detailing Iraq's weapons programs. Only in May 2004, more than a year after the invasion, did the CIA formally deem Curveball's reporting 'fabricated'." Source 'Curveball' Blamed in Intelligence Failure

What a bunch of dorks. Wonder how much they paid "Curveball"? Wonder where "Curveball" is living now?

Tom DeLay Shoots His Mouth Off

Being the ruff, tuff cream puff that he is. AP (03.31.05), via The Guardian, quoting Tom DeLay:

"'This loss happened because our legal system did not protect the people who need protection most, and that will change,' the Texas Republican said. 'The time will come for the men responsible for this to answer for their behavior, but not today. Today we grieve, we pray, and we hope to God this fate never befalls another.'" Bush Says Schiavo's Death Saddens Millions

Awww, go fuck yourself. Given the opinion below, I'm not thinking Judge Birch would be the kind of man Tom DeLay would dare tangle with. Talking trash, being big and bad. Blah, blah, blah. Latest from the AP (03.31.05):

"Asked about the possibility of the House's bringing impeachment charges against judges in the Schiavo case, DeLay said, 'There's plenty of time to look into that.' Joining DeLay in taking issue with the judiciary was Sen. Rick Santorum, R-Pa., who said, 'The actions on the part of the Florida court and the U.S. Supreme Court are unconscionable.' Also, GOP Rep. Patrick McHenry of North Carolina said the case 'saw a state judge completely ignore a congressional committees subpoena and insult its intent' and 'a federal court not only reject, but deride the very law that Congress passed.' DeLay said he would make sure that the GOP-controlled House 'will look at an arrogant and out of control judiciary that thumbs its nose at Congress and the president.'"" House Leader Raises Possibility of Trying to Impeach Some Judges in Schiavo Case

Go ahead, lads. Just go ahead. You'd be cut to ribbons. Think GOP popularity is low now? Just go ahead and do this. Dare ya!! This is funny as hell: "The last federal judge to be removed was Alcee Hastings (D - FL23), in 1989; he is now a Democratic congressman from Florida." Funny. His bio says he was "(a)ppointed by President Jimmy Carter in 1979, he became the first African-American Federal Judge in the state of Florida, and served in that position for ten years." Doesn't say anything there about impeachment. Aha!! It appears Mr. Hastings was impeached and removed from office on one count of perjury, and one count of conspiracy to obstruct justice.

The Fervor Of Political Passions

United States Court of Appeals, Eleventh Circuit, by Birch, Circuit Judge, specially concurring:

"A popular epithet directed by some members of society, including some members of Congress, toward the judiciary involves the denunciation of 'activist judges.' Generally, the definition of an 'activist judge' is one who decides the outcome of a controversy before him according to personal conviction, even one sincerely held, as opposed to the dictates of the law as constrained by legal precedent and, ultimately, our Constitution. In resolving the Schiavo controversy it is my judgment that, despite sincere and altruistic motivation, the legislative and executive branches of our government have acted in a manner demonstrably at odds with our Founding Fathers’ blueprint for the governance of a free people — our Constitution. Since I have sworn, as have they, to uphold and defend that Covenant, I must respectfully concur in the denial of the request for rehearing en banc. The separation of powers implicit in our constitutional design was created 'to assure, as nearly as possible, that each branch of government would confine itself to its assigned responsibility.' INS, 462 U.S. at 951, 103 S. Ct. at 2784. But when the fervor of political passions moves the Executive and the Legislative branches to act in ways inimical to basic constitutional principles, it is the duty of the judiciary to intervene. If sacrifices to the independence of the judiciary are permitted today, precedent is established for the constitutional transgressions of tomorrow." Italics in original. Schiavo v. Schiavo

Still Got That Job?

Bloomberg (03.31.05):

"First-time applications for state unemployment benefits rose to 350,000 last week, the most since the week ended Jan. 8, from 330,000, the Labor Department said. The median estimate of economists surveyed by Bloomberg News was for a drop to 320,000." U.S. Treasuries Gain as Jobless Claims Rise, Inflation Steady

Still got that Yukon? AP (03.31.05):

"Crude futures climbed more than $2 a barrel Thursday on the heels of rising prices for gasoline and heating oil futures. The U.S. government released data on Wednesday that showed a large increase in crude inventories, but a drop in the nation's supply of gasoline and distillate fuel, which includes heating oil." Crude Futures Rise More Than $2 a Barrel

"Also swirling around the market on Thursday was a report by Goldman Sachs that raised the possibility of oil prices rising as high as $105 a barrel."

Stryker A Piece Of Shit Too

Washington Post (03.31.05):

"The Army has deployed a new troop transport vehicle in Iraq with many defects, putting troops there at unexpected risk from rocket-propelled grenades and raising questions about the vehicle's development and $11 billion cost, according to a detailed critique in a classified Army study obtained by The Washington Post." Study Faults Army Vehicle

On one hand, the Generals think it's just great. Peter J. Schoomaker, Army chief of staff, told the the House Armed Services Committee last month that "'we're absolutely enthusiastic about what the Stryker has done.'" On the other, the article says the folks in the field supposedly like the thing even though there is "a catalogue of complaints about the vehicle, including design flaws, inoperable gear and maintenance problems that are 'getting worse not better.'" They like it? This is a little difficult to understand considering that:

• An "armoring shield" "is so heavy that tire pressure must be checked three times daily. Nine tires a day are changed after failing, the report says; the Army told The Post the current figure is '11 tire and wheel assemblies daily.'"
• According to the report, the shield only "works against half the grenades used to assault it."
• The commanders' display is so piss-poor that "none of the 100 display units in Iraq are being used because of 'design and functionality shortfalls.'"
• The computers "are too slow and overheat in desert temperatures or freeze up at critical moments, such as 'when large units are moving at high speeds simultaneously' and overwhelm its sensors."
• The main weapon system, a $157,000 grenade launcher, fails to hit targets when the vehicle is moving.
• The launcher's laser designator doesn't work at night.
• The launcher's console display is in black and white but generates warnings to be on the lookout "'for a certain color automobile'".
• Some crews have modified the launcher because as-is, it swivels too far towards the squad leader's position.
• The seat belts are hard to latch "when troops are in their armored gear, a circumstance that contributed to the deaths of three soldiers in rollover accidents".
• Crews are putting sand-filled tin cans around the gunner's hatch because as-is, it's too lightly armored.

Other than that, though, it works great.

Don't Go Out Without 'Em

Timeclocks next? Ankle bracelets? Washington Post (03.31.05):

"President Bush is requiring Cabinet members to spend several hours a week at the White House compound, a move top aides say eases coordination with government agencies but one seen by some analysts as fresh evidence of the White House's tightening grip over administration policy." Bush Is Keeping Cabinet Secretaries Close to Home

On one hand, "(o)ne White House official said the policy has caused some consternation among some of the Cabinet secretaries..." On the other, in a scintillating display of nasal-anal dexterity, Labor Secretary Elaine L. Chao said, "'Having an office and time to work at the White House is a great way to build an effective and cohesive team.'" Rah, rah, rah. Claude A. Allen, domestic policy adviser, feels the new policy "allows us (at the White House) to work on a much more regular basis with the Cabinet in helping to manage issues.'" Which clearly is a more diplomatic way of saying it sure helps in keeping tabs on the bastards. How much latitude does a Cabinet Secretary really have? Ha, ha. Commerce Secretary Carlos M. Gutierrez (former CEO of Kellogg) wanted to bring in a fella named George Franklin, a Kellogg vice president, as his senior adviser. "But the White House scuttled that plan after officials learned that Franklin had made a $500 contribution to the presidential campaign of Democrat John F. Kerry, an administration source said." As well, it turns out Mr. Franklin also was an avid supporter of Representative Joe Schwarz (R - MI7) in Mr. Schwarz' successful campaign for Congress in 2004. Mr. Schwarz ran John McCain's 2000 presidential campaign in Michigan. Mr. McCain won that primary, pissing off Karl Rove to no end.

Stop Me If You've Heard This Before

It just sounds so...familiar. AP (03.31.05):

"A computer glitch caused Miami-Dade County's electronic voting machines to throw out hundreds of ballots in a special election this month and raised questions about votes in five other municipal elections, officials said. The problem came to light when officials noticed a high number of undervotes in the March 8 election on whether to have slot machines at tracks and jai alai frontons. Undervotes are ballots with no recorded votes. The elections department also identified five other suspicious municipal elections: West Miami, Bay Harbor Island, Surfside, Golden Beach and Cutler Ridge." Electronic Voting Problems Discovered in Miami-Dade County

They're Aren't That Dense

They're just pretending. What's really pissin' 'em off is that people keep calling 'em on this. Reuters (03.30.05):

"U.S. Treasury Secretary John Snow said on Wednesday he was confused by resistance to the Bush administration's plans to overhaul the Social Security system, while protesters blasted the proposed private retirement accounts during his stop in Montana. 'Why wouldn't we do this? I have not heard one good reason not to and it's hard to figure out why anybody would oppose it,' he said." Snow Baffled by Resistance to Private Accounts

This has really baffled 'em. Check this out. AP (03.30.05):

"President Bush suggested Wednesday that lawmakers who oppose his proposal for a Social Security overhaul could face political problems as a result." President Makes New Pitch for His Plan to Overhaul Government Retirement Program

Which is a crock. It's just the opposite: lawmakers who support his plan are encountering significant and substantial resistance, which increases dramatically as people learn more about it. Let us not kid ourselves; The President is well aware of the polls, and what they portend. "Timed to coincide with Bush's visit, the AARP held a news conference in Cedar Rapids earlier Wednesday to release the results of a national survey showing significant opposition within its membership to Bush's private accounts plan." "Notwithstanding a host of other, independent polls showing waning public support for his proposal, Bush focuses only on the part of the surveys that shows the public is - as it long has been - aware of the program's long-term fiscal problems. But though he insists he is making headway on the issue, the lingering skittishness among congressional Republicans - and outright opposition from most Democrats - indicates otherwise." See? They don't know what to do so they keep saying the same stuff over and over again. So how are they really doing? Well Reuters is headlining it as a "Struggle", and The White House is talking to AARP (03.30.05):

"White House spokesman Scott McClellan told reporters that top White House officials, such as economic adviser Al Hubbard, have met with representatives of the AARP. "We've reached out to them and have had some good discussions. Hopefully, we'll continue to do so," McClellan said." Bush Takes Social Security Struggle to Iowa

Good discussions? Doubt it. AARP has nothing to talk about. "A new AARP poll found that "most AARP members just don't like private investment accounts that drain funds from Social Security and the more they learn, the less they like them," according to the group's Web site." "The poll, conducted in early March, found that six in 10 of the members opposed the idea of diverting up to $1,300 of their Social Security taxes into a private account. "After learning more about the effects of private accounts, opposition rose to as high as 75 percent," the Web site said."

Which Witch Is Which?

Same thing; check the headlines. First Reuters (03.30.04):

"Gross domestic product, which measures total output within U.S. borders, expanded at a 3.8 percent annual pace in the fourth quarter, the same as estimated a month ago, the Commerce Department said in its third and final estimate of GDP performance. That was slightly less than the 4 percent GDP pace that Wall Street analysts had forecast but still reflected healthy growth, only slightly less than the third quarter's 4 percent rate." Economic Growth Brisk, Profits Surge

Now the AP (03.30.05):

"According to the Commerce Department, the fourth-quarter GDP grew at an annual rate of 3.8 percent, less than the 4 percent economists forecast. The department's price index rose 2.9 percent for the quarter, more than Wall Street expected, but was offset by increases in consumer spending and capital expenditures by businesses." Stocks Up on Tepid GDP Report, Falling Oil Prices

Arrays Of Accounting Errors

Ooops!!! Bloomberg (03.30.05):

"American International Group Inc., the world's largest insurer, said an array of accounting errors over 14 years may have inflated its net worth by as much as 2 percent, or $1.7 billion. 'The depth and breadth of troubles and apparent lack of accounting controls at AIG is alarming,' said Morgan Stanley analyst William Wilt....'" Bloomberg.com: Top Worldwide

"AIG also said it inappropriately used offshore reinsurance companies to take advantage of accounting benefits. Reinsurance deals with Barbados-based Union Excess Reinsurance Co. inflated net worth by $1.1 billion since 1991, the company said in the statement." "Other problematic transactions masked $200 million of insurance underwriting losses and inflated at least $300 million of investment income, such as interest and dividends, AIG said." "Several transactions 'appear to have been structured for the sole or primary purpose of accomplishing a desired accounting effect,' AIG said. Correcting the mistakes will result in a reduction of the company's shareholders' equity, which was earlier reported as $82.9 billion." So when does an array of errors become a purposeful and concerted effort?

Grakster?

AP (03.30.05):

"Even if entertainment companies win their Supreme Court battle for new authority to protect movies and music on the Internet, lawyers say it won't be easy to shut down the decentralized computer links used to trade songs and films. 'This sort of thing is out there now and you can't go - and I may be wrong about this - but I don't you think you can go into people's homes and pull (software) out, or that anybody's likely to do that,' said Theodore Olsen, the former U.S. solicitor general now working for entertainment companies.'" Internet Music Theft Likely to Survive Supreme Court Decision

Will they be able to shut this stuff down? No. They won't even be able to slow it down. Showing just how much attention he pays to the cases he's hearing, Justice Antonin Scalia referred to the Defendent as "'Grakster, whatever this outfit is called.'"

Chocolate Bunny v. The Solar Death Ray

And it ain't pretty. DefenseTech.org (03.29.05):

"The Solar Death Ray captures sunlight in 112 mirrors, each 3.5 inches square, and then spits it back onto a single spot five feet, six inches away. 'I estimate that the Solar Death Ray can heat things up to between 500-600 degrees Celsius (930-1100 degrees Fahrenheit) under good conditions,' its maker says." D.I.Y. Death Ray

That Would Be A Negative, Houston

On the GlideRatio, that is. The latest Time/SRBI poll, via Ruy Teixeira:

Do you approve or disapprove of the way Bush is handling:
	Approve	Disapprove	Don't Know
The economy	42	54	4
The situation in Iraq	44	52	4
Terrorism and homeland security	52	43	4
Social Security	31	58	10

Consumers Less Cheerful in March

Reuters (03.29.05):

"U.S. consumer confidence ebbed in March as higher gasoline prices dampened the moods of car-reliant Americans, a report said on Tuesday. The worsening confidence came as consumers felt gloomier about the labor market, despite signs of increased hiring in recent government data. The proportion of consumers saying jobs were 'hard to get' in The Conference Board survey rose to 23.8 percent from 22.4 percent." Consumers Less Cheerful in March

No Late Fee?

Blockbuster finds out that what you charge a customer for not returning a tape on time really is a late fee. Reuters (03.29.05):

"Blockbuster Inc., the top U.S. movie renter, has agreed to pay $630,000 to settle claims from 47 states that said its 'No Late Fees' rental policy deceived customers, the Pennsylvania attorney general's office said on Tuesday. Under the "No Late Fees" policy, Blockbuster said customers would have a one-week grace period after the rental due date. If a movie or game were returned after the grace period, the customer would be charged for the purchase of the item." Blockbuster to Settle 'No Late Fees' Claims

Has The 'Rapture' Come And Gone?

For what it's worth, I'm still here. Kinda figured that would happen though. Sounds like others are very perplexed and quite alarmed. The Swift Report (03.29.05):

"What if the 'Rapture' happened but you were left behind? That's what millions of Christians are wondering amid mounting evidence that the Rapture, the much-anticipated event in which God summons his faithful to the heavens, may have happened earlier this month. David Dumé, originally of Spring Hill, KS, appears to be among the lucky few who are currently enjoying the company of the world's most famous father. Mr. Dumé, who had recently returned to Kansas from Hollywood, where he enjoyed a short but lucrative career in adult-themed films, was expected to attend a potluck supper and informal prayer session at the Spring Hill Baptist Church—but disappeared from site just minutes after reaching the building." News that the 'Rapture' Has Come and Gone Alarms Many Christians

"Stunned onlookers say that they watched aghast as Mr. Dumé 'flew up through the ceiling,' leaving a pile of clothing, gold jewelry, an outsized diamond-covered crucifix, and several piercings and chains behind. Experts say that the fact that Mr. Dumé and others cast off such earthly accoutrements is another sure sign that they were indeed raptured." I can smell Mr. Dumé's cologne from here. Pastor Roy DeLong, long-time contributor to the Swift Report, and "who is also an active supporter of conservative political causes including a constitutional ban on gay marriage and private Social Security accounts, says that he is personally shocked that Mr. Dumé was chosen to make the trip, while he and so many other more faithful believers remain behind. 'He was not even a regular presence around here, that's what's so startling. I don't want to say that mistakes were made, but you really have to wonder about the selection process here....'" They say the Lord works in mysterious ways, Pastor.

Strategists Projected Iraq Would Quickly Become Peaceful

Jesus H. Thanks again. USAToday (03.27.05):

"In June 2003, the U.S. Army realized that it didn't have enough armored Humvees in Iraq to protect soldiers from a growing number of attacks by insurgents. By Friday, officials expect to correct that problem by having almost 22,000 armored Humvees in Iraq — up from 235 when the war began. Why did it take the government almost two years to remedy a deficiency that the Army acknowledges was costing soldiers' lives?" Army late with orders for armored Humvees

USAToday examined "Army records, correspondence with members of Congress and Pentagon documents" and found that the Army:

• Repeatedly underestimated the need for armored Humvees.
• Even after recognizing its miscalculations, were slow to order more.
• Once they had them, they bumbled around getting them to Iraq.
• Failed to take advantage of a defense contracting firm's production capabilities, as in the guys manufacturing the armored Hummers could have made enough to have filled the requirements.

The real reason? "The Defense Department had assumed that armored Humvees wouldn't be needed once the invasion of Iraq was over. Original plans called for the Pentagon to pull back most tanks and other armored vehicles to reduce the U.S. military profile as soon as Baghdad fell, because strategists had projected that Iraq would quickly become peaceful." Ooops. Apparently, the Pentagon doesn't keep figures on how many folks have been killed in unarmored Humvees. What we do know, however, is that "at least 275 troops were killed in Humvees in 2003 and 2004", which works out to one out of every four deaths by hostile action.

Yahoo! News

Teaching evolution would not be good for the children. Pastor Ray Mummert explains. AFP (03.27.05), via Independent Report:

"'If we continue to indoctrinate our young people with non-religious principles, we're headed for an internal destruction of this society,' he said. 'We've been attacked by the intelligent, educated segment of the culture,' he said, adding that the school board's declaration is just a first step." Teaching Darwin splits Pennsylvania town

First the BodySnatchers. Now this. Is there no end?

Have Your Cake, And Eat It Too

Man, pulling this off and whatnot, them guys is good. Bloomberg (03.28.05):

"President George W. Bush, promoting his plan to set up private Social Security accounts, is betting that stock returns will remain strong even as economic growth slows. Economists and equity strategists aren't so sure. Bush is using forecasts from the Social Security Administration that say the economy will expand less than 2 percent a year -- the slowest sustained rate since the 1930s -- after 2020 as population growth eases. At the same time, the agency projects that stocks will return an annual average of 6.5 percent after inflation." Stock-Market Returns May Not Meet Bush's Social Security Hopes

Oooops!! Fly in the ointment: "Thirty-nine of 58 economists and strategists surveyed by Bloomberg News say that if the economy slows that much [only 2% a year], Bush's stock outlook is too optimistic." That's only two-thirds. What the hell? So what happens if the economy grows even close to what the Privateers claim it will? "'A 6.5 percent real equity return is not realistic' at the growth rates being projected, says Thomas McManus, chief investment strategist in New York at Banc of America Securities LLC. 'If it were, we will not have a Social Security problem in 2050 because shareholders will be so wealthy they could easily fund the shortfall.'" So economic growth will only be 2% for my plan, but at the same time, it'll be 6.5% for yours. Is this like a parallel universe thing? Oh and by the way: "A Bloomberg analysis shows a strong correlation between investment returns and economic growth over the last 50 years. Gains and declines in the S&P 500 index preceded corresponding gains in gross domestic product and losses by about a year. The correlation coefficient was 0.92, with 1 being a perfect correlation."

Ouch

Sony's decision not to settle comes back to haunt. Reuters (03.28.05):

"Sony Corp. said on Monday it was ordered by a U.S. court to halt sales of its blockbuster PlayStation consoles in the United States and pay $90 million in damages to a California tech company, Immersion Corp., whose shares jumped more then 5 percent. Sony Computer Entertainment (SCE), Sony's gaming unit, said it would appeal the decision by a California federal court in the patent infringement case. Immersion, a small, California-based developer of digital touch technologies, claimed Sony Computer Entertainment infringed on its technology that makes a game controller vibrate in sync with actions in games, the Japanese game maker said." Sony Ordered to Halt PlayStation Sales

The order is stayed pending Sony's appeal, so they don't have to stop selling 'em. Even so, Sony has to start paying licensing fees to Immersion right away. Immersion sued Sony and Microsoft (among others) back in 2002. Macworld (03.28.05):

"In the suit Immersion alleged that the three defendants had infringed on its patents covering haptic -- or touch -- feedback. Microsoft licensed Immersion's technology in 2003 but Sony decided to fight on." Sony loses PlayStation patent case, must pay $91M

Microsoft. Can't say they've got the greatest software, but their business acumen? They settled with Immersion, then turned around and bought a chunk the company. Macworld again (07.29.03):

"Microsoft Corp. has licensed patents on technology from Immersion Corp. that lets a user interact with a computer through the sense of touch, and invested in the company as part of a legal settlement, the companies said Tuesday. Redmond, Washington-based Microsoft will pay Immersion of San Jose, Calif., US$20 million for a perpetual patent license and invest $6 million in the company, said Immersion President and Chief Executive Officer Victor Viegas in an interview. The investment gives Microsoft a stake of just under 10 percent in Immersion, he said. Additionally, as part of the settlement Immersion has the right to take out a $9 million loan from Microsoft and pay that back in shares, Viegas said." Microsoft settles with Immersion, buys stake

Haptics is the technology that lets you feel stuff when you're doing stuff like shooting a laser gun. Here's a bunch of pictures projects/equipment using haptic technologies.

Oh Great

Maybe it'll work as well as the Missile Defense System. NYTimes (03.28.05):

"The Army's plan to transform itself into a futuristic high-technology force has become so expensive that some of the military's strongest supporters in Congress are questioning the program's costs and complexity. Army officials said Saturday that the first phase of the program, called Future Combat Systems, could run to $145 billion. That price tag, larger than past estimates publicly disclosed by the Army, does not include a projected $25 billion for the communications network needed to connect the future forces. Nor does it fully account for Army plans to provide Future Combat weapons and technologies to forces beyond those first 15 brigades." Cost Concerns Plague Army's High-Tech Plan

"Paul L. Francis, the acquisition and sourcing management director for the accountability office, told Congress that the Army was building Future Combat Systems without the data it needed to guide it. 'If everything goes as planned, the program will attain the level of knowledge in 2008 that it should have had before it started in 2003,' Mr. Francis said in written testimony. 'But things are not going as planned.'" Mr. Francis also noted that Future Combat Systems is a network of 53 technologies, 52 of which are unproven. "Brig. Gen. Charles A. Cartwright, deputy director for the Army research and development command, said in an interview that Future Combat was a work in progress, evolving in an upward spiral from the drawing board to the assembly line." Stop me if you've heard this before, but is this guy saying they're making it up as they go along? "'We are working through the affordability,' General Cartwright said. He acknowledged that the Army's cost estimates could spiral upward as well." Really.

Rich People Are The Same As You And Me!

Well pretty much. Except they don't have to pay income tax, and they don't have to worry about retirement and they don't have to worry about sending their kids to college and they don't have to worry about the mortgage and they don't have to worry about.... Never mind. Guardian (03.27.05):

"The world's richest individuals have placed $11.5 trillion of assets in offshore havens, mainly as a tax avoidance measure. The shock new figure - 10 times Britain's GDP - is contained in the most authoritative study of the wealth held in offshore accounts ever conducted.

The study, by Tax Justice Network, a group of accountants and economists concerned at the escalating wealth held in offshore locations, shows that the world's high-net-worth individuals earn $860 billion each year from their assets."

Super-rich hide trillions offshore

"The $11.5trn does not include the vast amount of money stashed in tax havens by multinational corporations, which are using increasingly sophisticated techniques to run rings round the authorities."

"The Tax Justice Network study has drawn from data supplied by the Bank of International Settlements, Merrill Lynch and McKinsey. Richard Murphy of Tax Research, who co-authored the report, said: 'No one has tried to calculate a number like this before. To ensure the credibility of our data, we have only used information already in the public domain and produced by some of the most authoritative sources in the world.

'In addition, we tested our conclusions against three independent sources of information, and all seem to substantially agree, giving us a high degree of confidence in the conclusions.'"

Some background: "Havens that Have Become a Tax on the World's Poor", "Where the rich stash their cash", and at the Association for Accountancy and Business Affairs site.

And they can spend (Rupert Murdoch) $41 million for a condo in Manhattan, then turn around a few days later and and buy a house in Beijing. And they can spend $106 million (Lakshmi Mittal) for a "12-bedroom London home next to Kensington Palace". And they can spend $58 million (Lakshmi Mittal) for a kid's wedding in Paris.

But rich guys do have problems: "Crackdown On Tax Shelter Inconveniences Rich People".

Then there's this, out of Zimbabwe: "Vote for opposition and you won't get food, villages told".

Trouble, Oh We Got Trouble

Washington Post (03.26.05):

"For years, Bush has succeeded politically in stitching together the disparate elements of the conservative movement, marrying the libertarian and family-values wings of his party. Now he faces a major Republican rupture. Polls show the vast majority of Americans, including conservatives and evangelical Christians, disapprove of the decision by Bush and Congress to get involved in the Schiavo matter. And more worrying for the White House, those polls have also shown a significant drop in Bush's overall approval ratings." Bush's Back-and-Forth Reflects Rift in Party

The use of the word "probably" here is interesting. "(P)residential advisers shrug off the latest poll numbers. 'I believe . . . the president's recent favorable ratings and Schiavo case [are] probably entirely disconnected,' Mark McKinnon, a Bush political strategist, said in an e-mail message. The slipping approval numbers were 'more due to rising gas prices, rising interest rates and some recent economic uncertainty.'" Yeah, well that too. Earlier this week: Trouble In River City. "We've surely got trouble! Right here in River City, Right here! Gotta figger out a way To keep the young ones moral after school!" Meredith Willson, Music Man

Sigh

Good old George. Day late, dollar short. The Red Lake shooting was Monday, as in five days ago. Reuters (03.26.05):

"President Bush broke his public silence on Saturday about the deadliest U.S. school shooting in six years, touting the government's response 'at this tragic time' after some American Indian leaders complained he paid little attention to the rampage. Bush's delayed public reaction to the shooting stood in contrast to his swift and high-profile intervention earlier this week to try to prolong the life of Terri Schiavo, a brain-damaged woman in Florida whose feeding tube was removed." Bush Decries School Rampage; Critics Question Delay

QOTD, from Clyde Bellecourt, founder and national director of the American Indian Movement in Red Lake: "'(The President) does not have any problems flying in to restore the feeding tube to Terri Schiavo. I'm sure if this happened in some school in Texas and a bunch of white kids were shot down, he would have been there too.'"

Easter Bunny Gets Ass Kicked

AP (03.26.05):

"The Easter Bunny is hopping mad. Bryan Johnson, who portrays the furry character at the Bay City Mall, says he was pummeled in an unprovoked attack on the job. Police say the attacker was a 12-year-old boy who sat on Johnson's lap the day before the March 18 incident. Johnson, 18, suffered a bloody nose. He kept his cool during the attack, deeming it inappropriate for the Easter Bunny to fight back. But he's not willing to forgive and forget." Easter Bunny gets pummeled by boy at mall

Wait just a minute here. A 12-year old boy goes to the Bay City Mall and sits on the lap of an 18-year old dressed as the Easter Bunny. The kid comes back later and hits the 18-year "in the face at least six times before running away." Yeah, OK.

Out On De Limb With DeLay

Hey, we definitely are 100% red, white and blue for moral values and all that, and mind you it's not because the polling isn't looking good on this (that would be pretty cynical, would it not?), but you do understand we are very, very busy, don't you? Washington Post, via TheNextHurrah:

"A week after their unprecedented intervention in the Terri Schiavo case, Republican congressional leaders find themselves in a moral and political thicket, having advanced the cause as a right-to-life issue -- only to confront polls showing that the public does not see it that way. Republican lawmakers and others engaged in the debate say an internal party dispute over the Schiavo case has ruptured, at least temporarily, the uneasy alliance between economic and social conservatives that twice helped President Bush get elected." Schiavo Case Tests Priorities Of GOP

As to Mr. DeLay's motives for pushing this? On one hand, it may be that he "faced considerable pressure from Christian conservative groups". On the other (according to a "senior GOP lawmaker involved in the negotiations, who did not want to speak for the record"), "many House Republicans were dubious and suspected that the leader's ethics problems were a motivating factor." Naw!! Couldn't be.

Goon Squad

Rule of Law need not apply here. Knight-Ridder, via Detroit Free Press (03.26.05):

"Hours after a judge ordered Wednesday that Terri Schiavo wasn't to be removed from her hospice, a team of Florida law-enforcement agents were en route to seize her -- but they stopped short when local police told them they would enforce the judge's order, the Miami Herald reported. For a brief period Thursday morning, local police, who have officers around the hospice to keep protesters out, prepared for what sources called a showdown. In the end, the state agents and the Department of Children and Families backed down, apparently concerned about confronting local police at the hospice." Local cops say state came for Schiavo

QOTD, from "an official with the Pinellas Park police who requested anonymity": "'We told them that unless they had the judge with them when they came, they were not going to get in.'" The judge would be Pinellas County Circuit Judge George Greer who had "signed an order Wednesday afternoon forbidding the (Florida Department of Children and Families) from 'taking possession of Theresa Marie Schiavo or removing her' from the hospice." "On Friday, state officials vigorously denied the notion that any showdown occurred." Jed? That you? About this 2008 presidential thing; you just kissed any chance you may have had good-bye. And about your political career? We'll get back to you on that.

Something About Pinholes

A public service announcement. AP (03.25.05):

"Condoms...sold in retail stores nationwide are being recalled by their distributor, Harmony Brands, because they may not work correctly." Harmony Brands Condoms, Pregnancy Test Kits Being Recalled

It's Too Hard

Medicare is too hard. Reuters (03.25.05):

"The U.S. Medicare system, which provides health care to the elderly, faces more serious shortfalls in coming years than Social Security does, and its problems are much harder to fix, a Treasury Department official said on Friday." Treasury: Medicare Harder to Fix Than Social Security

We're gonna work on Social Security instead. Here's what the Treasury guy said: "'Much more analytical groundwork needs to be done and experience gathered before we as a society can begin to coalesce around options that completely address the unsustainable growth in Medicare and other health care expenditures.'" Begin to coalesce around our options? Yow!! Sounds kinda like Jello. Translation? Because we haven't done our homework, we don't know what to do, so we're going to ignore Medicare, focus on Social Security, and hope for a freakin' miracle.

Steadfast, We Will Remain

Resolute, determined, dogged, intrepid, courageous, tenacious and undaunted, we will continue. AP (03.25.05):

"President Bush's job approval slipped into the mid 40s in national polls released this week as he lost some support among men and other groups of core supporters. Public approval for Bush slipped from 52 percent in a CNN-USA Today-Gallup poll over the weekend to 45 percent in that same poll released Thursday." Polls Indicate a Drop for Bush's Job Approval

Brick-like, our approval will plummet. Washington Post (03.24.05):

"The CBS poll also shows a sharp decline in Bush's job approval rating, down six points in a month to 43 percent, with his disapproval rating up four points to 48. Similarly, a Newsweek poll last week showed Bush's approval rating down five points to 45 percent, with his disapproval rating up six points to 48 percent." What Trumps What in the White House?

Ever lower, evermore?

Catholics Pissed Off

At least one is. At chocolate crosses no less. AP (03.25.05), via TheGuardian:

"A mass-produced chocolate cross is being sold this Easter by Russell Stover Candies Inc. in about 5,000 stores nationwide, which experts say is apparently a first for a major American company. However, not all Christians are happy about it. Chomping on a chocolate cross can be offensive to some, said Joseph McAleer, a spokesman for the Roman Catholic diocese in Bridgeport, Conn. 'The cross should be venerated, not eaten, nor tossed casually in an Easter basket beside the jelly beans and marshmallow Peeps,' he said. 'It's insulting.'" Chocolate Crosses Move Into Mainstream

What do you have against Peeps, Mr. McAleer? Russell Stover considered making a chocolate Jesus, and a cross with Jesus on it, but decided against it. Dashboard Jesus is still OK though.

OK, WTF Happened Here?

Representative Boozman originally asked for $3 million when the bill was in committee. Representative Young, for some reason, jacked it up to $37 million. AP (03.25.05):

"The U.S. House has approved a federal highway bill that includes $37 million for widening and extending the Bentonville street that provides the main access to the headquarters of Wal-Mart Stores Inc. The company says it asked U.S. Rep. John Boozman (R - AR3), to help get federal money for the proposed project. U.S. Rep. Don Young (R - AK), added an amendment that put the work into the $284 billion bill, which is now before the Senate." Transportation Bill Has $37 Million for Wal-Mart Headquarters Street

"Young, chairman of the committee, inserted new allocations for hundreds of projects around the nation the day before the House passed the $284 billion bill March 10. The Bentonville project was among the late additions." By golly, wouldn't ya know it? Wal-Mart donated $10,000 to Representative Young in 2004. Even Boozman was surprised. A spokesman for him said, "'It was very unexpected on our end. It's rare that you get full funding.'" Wal-Mart donated $26,000 to Representative Boozman.

Schiavo

Discussion

Mortgage Rates Heading Up

Anyone remember when 30-year fixed rates were 15% and above? AP (03.24.05):

"Rates on 30-year mortgages this week climbed to their highest point since late July, rising just above the 6 percent mark. Analysts said the pickup reflects concerns in financial markets about inflation. 'Renewed concern over the threat of inflation pushed up long-term mortgage rates,' said Frank Nothaft, Freddie Mac's chief economist." Rates on 30-Year Mortgages Rise Over 6 Percent, Highest Since July

Sixth week in a row.

Crackdown On Tax Shelter Inconveniences Rich People

Reuters (03.24.05):

"The U.S. Internal Revenue Service has recovered $3.2 billion in unpaid taxes from taxpayers who used the 'Son of Boss' tax shelter, the agency said on Thursday. The IRS had deemed the tax shelter abusive and said last year it was aware of estimated understatements of taxes due of more than $6 billion, excluding interest and penalties. It offered settlements with taxpayers that allowed them to deduct as a loss their out-of-pocket transaction costs. IRS on Thursday said it expects to recover more than $3.5 billion in unpaid taxes when it concludes the settlement program over the next few months." IRS Recovers $3.2 Bln from Shelter Settlement

AP (03.24.05):

"There's been 'some real pain' among the 1,165 taxpayers who are participating in the 'Son of Boss' tax shelter settlement, IRS Commissioner Mark Everson said at a news conference. 'Some people have had to sell their villas and yachts' to come up with the money." Crackdown on Tax Shelter Nets IRS $3.2 Billion

Awwwww. Sure sorry to hear that. IRS Commissioner Mark Everson: "'This was not a bargain-basement deal," he said. Under the terms of the program, people were required to pay back 100 percent of the claimed tax losses and pay a penalty of either 10 percent or 20 percent." "Those who choose to litigate their case instead of participating in the initiative face assessment of the maximum penalty of 40 percent. Everson added that those who go to court will be publicly named, while the IRS does not make public the names of those participating in the settlement." Background: "Uh Oh! See, e.g.; Fish, Shoot, Barrel"

Professor DeLong Explains

Brad DeLong's Semi-Daily Journal (03.23.05):

"Social Security's financial status improved even though the new forecast window adds a big deficit year--2079--to the calculation. And its financial status improved even though the Bush administration assumed:

1. Reduced earnings on the part of the young.
2. Reduced death rates on the part of the old.
3. Lower labor force participation on the part of the young and old.
4. More short term inflation.
5. No change in long-run productivity growth (in spite of very good productivity news).
6. No change in immigration (in spite of immigration running ahead of assumptions).

That's six thumbs on the scales, and still the long-run deficit shrinks." The 2005 Social Security Trustees Report

As in see the graph below, taken right from the Report.

We Have Met The Problem, And It Ain't Social Security

Ignoring for the moment that because of continuing budget deficits, our Government is clearly and presently insolvent, a couple of Trustees quit playing along. Washington Post (03.24.05):

"The two independent trustees overseeing Social Security and Medicare broke with the Bush administration's trustees yesterday, saying Medicare's financial problems far exceed Social Security's and are in urgent need of attention. Republican Thomas R. Saving and Democrat John L. Palmer said Social Security's condition has changed little since they joined the Social Security and Medicare Boards of Trustees in 2000. But in the trustees' report released yesterday, they wrote that Medicare's prospects have 'deteriorated dramatically' with rising medical costs and the addition in 2003 of a prescription drug benefit. 'The financial outlook for Social Security has improved marginally since 2000,' wrote Saving and Palmer. 'In sharp contrast, Medicare's financial outlook has deteriorated dramatically over the past five years and is now much worse that Social Security's.'" Report Emphasizes Shortfall in Medicare

"The question in my mind is why are we talking about saving Social Security?" said Bruce Bartlett, a conservative commentator with the National Center for Policy Analysis. Shades of the Politburo!! You're welcome, but you're not welcome. "The three trustees from the Bush Cabinet -- Treasury Secretary John W. Snow, Health and Human Services Secretary Michael O. Leavitt and Labor Secretary Elaine L. Chao -- chose to emphasize Social Security's problems almost exclusively at the report's release." The article notes that "(u)nlike past years...neither Saving nor Palmer attended yesterday's report release." In an interview, Mr. Saving said, "'They didn't particularly invite us,' he said. 'They're doing it differently, I guess. It's not our call.'"

Experience Not Required?

Lot of openings too. NY Times (03.24.05):

"The Bush administration moved to fill a top post at the Treasury Department on Wednesday, but stumbled in its attempt to fill another. President Bush announced that he would nominate Timothy D. Adams, a policy adviser to Mr. Bush's presidential campaigns, to succeed John B. Taylor as under secretary for international affairs." White House Makes Dent in Openings at Treasury

They also wanted Mark A. Weinberger, "who oversaw tax policy at the Treasury Department in 2001 and 2002 and is vice chairman of Ernst & Young,", to be the new Under Secretary for international affairs, but Mr. Weinberger "quietly took himself out of consideration several weeks ago...." According to the article, "Administration officials say about a third of senior Treasury positions are vacant....". Check out the number of slots listed as "Vacant" here. Unlike his predecessor, who was "a well-known monetary economist at Stanford University", the new guy's "primary experience has been as a political and policy adviser in Washington." Then there's the number two post, Deputy Secretary. Guy who was there (Samuel W. Bodman) got himself appointed Secretary of Energy. The President has designated the Treasury Department's general counsel, Arnold I. Havens to fill in until they find someone permanent. Who is Mr. Havens? Why he "is a longtime industry lobbyist who was head of government affairs at the CSX Corporation, the railroad company, when (current Treasury Secretary John W.) Snow was CSX's chief executive." Huh. Imagine that. See "The Economist Tees Off", wherein TheEconomist suspects that The President's approach to economic policy seems to be one where "loyalty is more important than knowledge". Ouch.

President Asks Democrats To Stop Attacking His Social Security Ideas

AARP too. Can't take it, eh? Goin' soft on us, eh? LATimes (03.23.05):

"At the start of a potentially crucial congressional recess, in which lawmakers will hear from constituents about President Bush's plans to overhaul Social Security, Bush and his allies asked Democrats and AARP on Tuesday to stop attacking their ideas. 'I believe there will be a bad political consequence for people who are unwilling to sit down and talk about the issue,' Bush told supporters during one of his 'conversations' on Social Security...." Bush Urges an End to Attacks on Plan

Ja mon, but if you look at the polls, it ain't looking like it's gonna be the Democrats. And by the way, according to the NYTimes, "(u)nlike most other presidential appearances, the event inside the darkly lit Kiva Auditorium was sparsely attended, with hundreds of empty seats.

Two Years Is Pretty Quick, Right?

UPDATE: Shipping them starting next month. AP (03.23.05):

"The Army is rushing to U.S. troops in Iraq and Afghanistan a new and easy-to-use plastic tourniquet that could save more lives on the battlefield. The Army has ordered 172,000 of the new tourniquets and will begin distributing them next month." Army Working to Get New Tourniquets to Soldiers on Battlefield

AP (03.14.05), via Army Times:

"Under pressure from Congress, the Army has decided to quickly dispatch modern tourniquets to troops in Iraq and Afghanistan. That’s more than two years after military doctors recommended that every soldier carry one. “We have decided we have to expedite the new tourniquets,” Virginia Stephanakis, a spokeswoman for the Army surgeon general, said last week." Troops in Iraq, Afghanistan to get tourniquets

"A committee of military doctors urged in February 2003 that every soldier carry one of the $20 medical devices, a nylon and plastic version of the simple cloth-and-stick device armies have used to stop bleeding for centuries." "But many don’t, and some have bled to death from wounds on which a tourniquet might have been effective, according to more than a dozen military doctors and medical specialists interviewed by The (Baltimore) Sun (for their March 6 article)." "The Army’s decision comes after two Senate Democrats, Carl Levin of Michigan and Richard J. Durbin of Illinois, wrote (on March 8) to Defense Secretary Donald H. Rumsfeld asking for a review of the issue and a timetable for outfitting all soldiers with the tourniquet in light of the article in...." "Stephanakis had no immediate details on the number of tourniquets or a timetable by which they will be sent to U.S. troops, who number about 150,000 in Iraq and about 20,000 in Afghanistan." Pretty soon though. Right?

When All Is Said And Done

The new Social Security Trustees' Report is out. This is all it would take? From Eschaton (03.23.05):

"Assuming the Trustees' intermediate assumptions are realized, the deficit of 1.92 percent of payroll indicates that financial adequacy of the program for the next 75 years could be restored if the Social Security payroll tax were immediately and permanently increased from its current level of 12.4 percent (combined employee-employer shares) to 14.32 percent." B. LONG-RANGE ESTIMATES

Assuming you're making $40,000, you're paying 6.4%, or $2480 each year. If the rate was bumped to 14.32%, you'd be paying 7.16%, or $2864 a year. This would be an increase of --- $32.00 a month. 'Bout a buck and a nickel a day, eh? Via Mr. Bradford Plumer (03.23.05):

"Notice anything? Look at the blue line! The long-term balance of the program has actually improved from last year to this year. Indeed, as the Trustees' report itself says, 'After 2030, however, the annual balances [for Social Security] in this year's report are larger.'" Social Security: Now Healthier Than Ever!

From The Department Of FooBar

AP (03.23.05), via Seattle Times:

"A terror suspect held at Guantánamo Bay, Cuba, was a commander for Osama bin Laden during the Soviet occupation of Afghanistan in the 1980s and helped the al-Qaida leader escape his mountain hideout at Tora Bora in 2001, according to a U.S. government document. The document, provided to The Associated Press in response to a Freedom of Information request, says the unidentified detainee 'assisted in the escape of Osama bin Laden from Tora Bora.' It is the first definitive statement from the Pentagon that bin Laden was at Tora Bora and evaded U.S. pursuers." Government says bin Laden eluded U.S. pursuers in Tora Bora region

Lock In The Mortgage?

Dump the ARM? Move to Canada? Inquiring minds want to know. Bloomberg (03.23.05):

"U.S. consumer prices rose the most in four months in February, adding to concerns that quickening inflation will prompt the Federal Reserve to accelerate interest- rate increases.. U.S. sales of previously owned homes fell less than forecast in February to a 6.79 million annual rate, supported by cheap mortgage rates and growing employment. Real average weekly earnings fell 0.4 percent in February, the most since a drop of 0.5 percent in November, the Labor Department also said today. Fed officials say they've seen little evidence that higher prices are working through to wage demands, one of the situations that might add to inflation." U.S. Economy: Consumer Prices Rise by Most in Four Months

Is that hiss a little air coming out of the housing balloon? Reuters (03.23.05):

"Applications for U.S. home mortgages decreased last week as rising interest rates led to a sizable decrease in refinancing activity and purchasing, an industry group said on Wednesday. 'The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this time last year,' Michael Fratantoni, MBA's senior director of single family research and economics, said in a press release. Interest rates on fixed 30-year loans edged up last week, and have been steadily climbing in recent weeks." Mortgage Applications Down Last Week-MBA

Check out CalculatedRisk, "Forbes: Homeowners in Hock".

Trouble In River City

Sounds like the honeymoon is over. NY Times (March 23):

"The vote by Congress to allow the federal courts to take over the Terri Schiavo case has created distress among some conservatives who say that lawmakers violated a cornerstone of conservative philosophy by intervening in the ruling of a state court. The emerging debate, carried out against a rush of court decisions and Congressional action, has highlighted a conflict of priorities among conservatives and signals tensions that Republicans are likely to face as Congressional leaders and President Bush push social issues over the next two years, party leaders say." G.O.P. Right Is Splintered on Schiavo Intervention

This would be a succinct summation: "'This is a clash between the social conservatives and the process conservatives, and I would count myself a process conservative,' said David Davenport of the Hoover Institute, a conservative research organization. 'When a case like this has been heard by 19 judges in six courts and it's been appealed to the Supreme Court three times, the process has worked - even if it hasn't given the result that the social conservatives want. For Congress to step in really is a violation of federalism.'" QOTD: Senator John W. Warner (R - VA): "'It looks as if it's a wholly Republican exercise, but in the ranks of the Republican Party, there is not a unanimous view that Congress should be taking this step.'" Representative Christopher Shays (R - CT4): "'This Republican Party of Lincoln has become a party of theocracy. There are going to be repercussions from this vote. There are a number of people who feel that the government is getting involved in their personal lives in a way that scares them." AP hits it (03.23.05):

"Not all conservatives are happy with the decision by Congress and President Bush to intervene in the Terri Schiavo case. Some leaders said Tuesday the new law allowing a federal court review of the case is an example of the big government they have always opposed. 'To simply say that the 'culture of life,' or whatever you call it means that we don't have to pay attention to the principles of federalism or separation of powers is certainly not a conservative viewpoint,' said former Rep. Bob Barr (R - GA7)." Some Conservatives Bothered by Role of Bush, Congress in Schiavo Case

Isn't This A Surprise

UPDATE: The Chinese have been appeased. AP (03.23.05):

"Chinese President Hu Jintao on Wednesday stepped up pressure on North Korea to return to nuclear talks, telling its visiting premier that dialogue is the only way to settle the dispute. Hu's comments, though mildly phrased, were unusually blunt and forceful for the Chinese leader, whose public statements are rarely so direct." Chinese Leader Steps Up Pressure on North Korea to Resume Nuclear Talks, Calling Them 'only Correct Choice'

Seeing as how we burned 'em with that cock 'n bull North Korea supplying Libya story. NYTimes (03.22.05):

"Chinese government leaders have offered Secretary of State Condoleezza Rice no assurances that they will step up pressure on North Korea to return to nuclear disarmament talks, senior officials traveling with her said Monday. For the last week, at every stop on her six-nation Asian tour, Ms. Rice has urged China to be more forceful with North Korea, as she did again on Monday, saying, 'China, in particular, has an important role to play.'" China Balks at Pressing the North Koreans

Blowing her off as well, "Japan's foreign minister, Nobutaka Machimura and South Korea's, Ban Ki Moon, also indicated during her visit that China may be in the best position to be persuasive." The Chinese said they "would talk to the North Koreans again". They also said that "a senior North Korean official was to visit Beijing later this week." For a sleepover no doubt. This is kind of, ummmm, interesting: "China had asked Ms. Rice before she began her trip to restate the offer in public so North Korea could see what it had to gain by returning to the negotiations. She did that several times, most recently at a news conference in Seoul on Sunday...." Restate the offer in public? Wonder how that humble pie went down?

McCain Hops On The BS Bus

McCain. Sigh. Used to think quite a bit of him. Him saying stuff like this makes me wonder why. AP (03.21.05):

"Republican Sen. John McCain, sitting alongside President Bush at a Social Security event here Tuesday, threw a few punches at those he says are blocking change. McCain took a jab at AARP, the lobby for older citizens, which has been buying television and newspaper advertisements in cities Bush is visiting to oppose his idea to let younger workers divert some of their payroll taxes into private investment accounts. 'Some of our friends, who are opposing this idea, say, 'Oh, you don't have to worry until 2042.' We wait until 2042 when we stop paying people Social Security?' the Arizona Republican asked rhetorically at the Social Security event here." McCain Takes Shots at AARP During Bush Social Security Rally

Stop paying people Social Security in 2042? This statement is patently untrue. If nothing is done, given the Trustee's rather pessimistic "intermediate" assumptions, there will be sufficient incoming revenues to pay approximately 73% of scheduled benefits in 2042. "John Rother, policy director for AARP, says his organization does not want to wait until 2042, but favors a solution that is less radical than the private accounts." "'If we can get away from private accounts and get away from creating massive new debt, then that would be a more constructive discussion that we would be happy to participate in,' Rother said."

Yeah But He's An Honest Bum

Funbunch Tours? Here's the local story on this from the Pittsburgh Post-Gazette. AP (03.22.05):

"First, county Treasurer Gary Felasco hadn't paid his property taxes for years. Then, his county cell phone number turned up on a Web site promoting sex parties. The local newspaper conducted a sting: They called the number at 'Jeannie in the Bottle' and got directions from someone named Gary to an Ohio hotel where a swingers' party was advertised. Outside, they snapped a picture of Felasco's van. A year later, Felasco is still Lawrence County treasurer - angering colleagues and befuddling residents. 'He's a bum,' said County Commissioner Steve Craig, a fellow Democrat. 'He's got no business being in public office.'" County Treasurer in Western Pa. Won't Budge Despite Revelations on Taxes, Sex Club

Hmmm. Mr. Felasco's wife's name is Jeannine. The county commissioners and the county prosecutor have asked him to resign, but he won't. In fact, "the commissioners and others in the courthouse say he often doesn't come to work." He's repaid his $8,000 in past-due property taxes and penalties, telling the local paper "he simply forgot to pay them." On the other hand, he has yet to explain how his properties "showed up on the tax-exempt rolls while he ran the tax claim office." He did return two county-issued cell phones, but it appears he still "owes $4,000 for calls on the phone whose number was listed on the Web site." A preliminary report indicated there were around $44,000 in receipts "unaccounted for in one three-month period. Mr. Felasco attributed the discrepancy to "confusion over how his office tallies credit card payments for dog licenses and other fees." He does have his supporters though: "'It's a lot of hot air over nothing,' said Edward Leymarie, solicitor for the treasurer's office. 'They're searching hard to find something wrong and, you know, (Felasco) did do some things wrong in the past - but not this.'" "Officials in the borough of West Middlesex, just north of New Castle, got complaints last year about loud sex parties from tenants of a property found to have been rented by Felasco's wife, Jeannine Felasco, using the name Funbunch Tours, according to borough Councilman Ray Lucich. Her husband used the name to incorporate a bus tour business in 2002, according to state records." Funbunch Tours 'R Us!! No picture of Jeannine (who currently lives in Ohio) was available.

Just Ignore It If You Don't Like It

Washington Post (02.22.05):

"When the Environmental Protection Agency unveiled a rule last week to limit mercury emissions from U.S. power plants, officials emphasized that the controls could not be more aggressive because the cost to industry already far exceeded the public health payoff. What they did not reveal is that a Harvard University study paid for by the EPA, co-authored by an EPA scientist and peer-reviewed by two other EPA scientists had reached the opposite conclusion." New EPA Mercury Rule Omits Conflicting Data

"That analysis estimated health benefits 100 times as great as the EPA did, but top agency officials ordered the finding stripped from public documents, said a staff member who helped develop the rule. Acknowledging the Harvard study would have forced the agency to consider more stringent controls, said environmentalists and the study's author."

Half A Point Anyone?

Reuters (03.21.05):

"The Federal Reserve is widely expected to nudge U.S. interest rates up a seventh straight time on Tuesday, but financial markets are wondering whether the central bank may prepare larger moves to muzzle inflation. The policy-making Federal Open Market Committee is expected at about 2:15 p.m. EST to announce another quarter-percentage point rise in the bellwether federal funds rate -- to 2.75 percent." Fed Expected to Raise Rates

Reuters (03.21.05):

"Big gains in food and energy costs pushed U.S. producer prices up a sharp 0.4 percent last month, but other prices remained largely in check as vehicle prices slumped, a government report showed on Tuesday. While the advance in the overall PPI was a touch ahead of the 0.3 percent rise expected on Wall Street, the core rate matched forecasts. Overall, the report did nothing to further fan inflation worries as Federal Reserve officials gathered to discuss interest rates." Energy Costs Lead Producer Prices Higher

Naw.

New Deal

A penny for your thoughts, if any ye have!

US Might Report North Korea To UN

Oh my. Reuters (03.21.05):

"Secretary of State Condoleezza Rice said Monday Washington and its Asian allies would have to find new ways of dealing with North Korea if it continued to shun nuclear disarmament talks. Rice, concluding a sweep through Asia designed to revive the negotiations, also gave her strongest hint to date that the United States was prepared to report North Korea to the United Nations should the talks fail. 'Obviously, everyone is aware of the other options in the international system,' Rice told a news conference in Beijing. While U.S. officials have declined to specify what steps were under consideration, hard-liners in the Bush administration want to call off the talks and report North Korea to the United Nations for possible economic sanctions." U.S. Says It May Need New Ways to Deal with N. Korea

Somehow, it just doesn't seem like threatening to report North Korea to the UN is gonna faze 'em all that much. Almost a double secret probation kind of thing?

It Was Turkey's Fault

Not me!! NY Times (03.21.05):

"Defense Secretary Donald H. Rumsfeld on Sunday used the second anniversary of the American-led invasion of Iraq to answer the most tenacious criticism of the war effort - that the Pentagon did not commit sufficient troops to the major offensive or to stability efforts after Baghdad fell. The fault, Mr. Rumsfeld contended in two appearances on television talk shows, rested with Turkey, a NATO ally, which would not give permission for the Fourth Infantry Division to cross its territory and open a northern front at the start of the war in March 2003." Rumsfeld Faults Turkey for Barring Use of Its Land in '03 to Open Northern Front in Iraq

It was Tommy Franks' fault too: "Pressed on why the level of American forces was not increased to subdue a resilient insurgency even after the United States was the occupying force in Iraq, he said the troop levels for the stabilization mission were set by Gen. Tommy R. Franks, who at the time was commander of the military's Central Command." The article notes that Mr. Rumsfeld "did acknowledge in the interview that he officially endorsed General Franks's recommendations for troop levels." But it's still not my fault, you understand. WeHereAtTheOffice^™ also like Mr. Rumsfeld because he doesn't take any guff from Congress.

That Old Glide Ratio

She ain't been improving all that much. Newsweek (03.19.05), via Ruy Teixeira:

Do you approve or disapprove of the way Bush is handling:
	Approve	Disapprove	Don't Know
The economy	42	51	7
The situation in Iraq	41	54	5
Terrorism and homeland security	57	35	8
Health care, including Medicare	34	56	10
Education	46	43	11
The Federal budget deficit	29	60	11
Energy policy	35	45	20
The environment	41	45	14
Social Security	33	59	8

Newsweek Poll

Lawyers Get Ahold Of New Bankruptcy Bill

Washington Post (03.20.05):

"It took eight years of political maneuvering, but a bill to overhaul the nation's bankruptcy system now looks close to becoming law. If it does, that's when the real fight will begin. Lawyers who have combed through the 501-page bill say that despite its attempt at specificity and bright-line tests to tell the truly destitute -- who would still get to erase most of their debts -- from the casual spendthrifts attempting to wriggle out of inconvenient bills, much remains open to argument and interpretation." Bankruptcy's Next Chapter

"Indeed, lawyers are already discussing ways that the legislation's hard-and-fast measures might make it easier than current law to manipulate the bankruptcy system. Joseph Gold, a bankruptcy trustee for eastern Virginia, predicted 'many creative lawyers' will get around many of the new restrictions." Golly you mean there might be loopholes?

The Fix Was In

Sunday Times - Britain (03.20.05):

"The head of MI6 told Tony Blair that the case for war against Iraq was being 'fixed' by the Americans to suit the policy, according to a BBC documentary that will reignite its battle with the government. Sir Richard Dearlove, head of MI6, briefed Blair and a select group of ministers on America’s determination to press ahead with the war nine months before hostilities began. After attending a briefing in Washington, he told the meeting that war was 'inevitable'. Dearlove said 'the facts and intelligence' were being 'fixed round the policy' by George W Bush’s administration." MI6 chief told PM: Americans ‘fixed’ case for war

According to the Times, the BBC's documentary "reveals that Britain and America were anxious to present a united front on Iraq despite a paucity of new data on Saddam Hussein’s weapons of mass destruction (WMD)." There also is a "leaked memo sent by Peter Ricketts, political director of the Foreign Office, to Jack Straw, foreign secretary, in March 2002", which says "'There is more work to ensure that the figures are accurate and consistent with the US. But even the best survey of Iraq’s WMD programmes will not show much advance in recent years.'" On September 24, 2002, Mr. Blair told Parliament : "'The intelligence picture (MI6 paints) is one accumulated over the past four years. It is extensive, detailed and authoritative.'" Well, not exactly. It was sparse, sketchy and dubious, and Mr. Blair was lying through his teeth. In the documentary, Robin Cook, "the former foreign secretary who resigned as leader of the Commons over Iraq", is quoted as saying that "'(w)hat was propelling the prime minister was a determination that he would be the closest ally to George Bush and they would prove to the United States administration that Britain was their closest ally. His problem is that George Bush’s motivation was regime change. It was not disarmament. Tony Blair knew perfectly well what he was doing.'"

Oh What A Tangled Web We Weave

When first we practice to deceive. Washington Post (03.20.05):

"In an effort to increase pressure on North Korea, the Bush administration told its Asian allies in briefings earlier this year that Pyongyang had exported nuclear material to Libya. That was a significant new charge, the first allegation that North Korea was helping to create a new nuclear weapons state. But that is not what U.S. intelligence reported, according to two officials with detailed knowledge of the transaction. North Korea, according to the intelligence, had supplied uranium hexafluoride -- which can be enriched to weapons-grade uranium -- to Pakistan. It was Pakistan, a key U.S. ally with its own nuclear arsenal, that sold the material to Libya. The U.S. government had no evidence, the officials said, that North Korea knew of the second transaction." U.S. Misled Allies About Nuclear Export

So we make up some BS story about North Korea exporting nuclear technology directly to Libya, and then feed it to China, Japan and South Korea thinking it'll get 'em all worked up so they'll start leaning harder on North Korea. So what happens? "The Bush administration's approach, intended to isolate North Korea, instead left allies increasingly doubtful as they began to learn that the briefings omitted essential details about the transaction, U.S. officials and foreign diplomats said in interviews. North Korea responded to public reports last month about the briefings by withdrawing from talks with its neighbors and the United States." Good going, you idiots.

Thanks For The Memories, George

Pull out the waders. Lots to slog through. AP (03.19.05):

"President Bush frequently says he wants to solve big problems like Social Security's finances, not pass them on to future generations. It appears unavoidable, however, that Bush will leave a painful legacy of staggering government debt. What was once expected to be a $5.6 trillion surplus over 10 years is now projected to be at least a $4 trillion deficit by 2015, if Bush's tax cuts are made permanent and his Social Security suggestions adopted." For Bush, Huge Federal Deficits May Be One of His Legacies An AP News Analysis

"'Everybody recognizes that deficits are unsustainable. And I don't think anybody takes the current deficit-reduction effort serious,' said Robert Bixby, executive director of the Concord Coalition, a bipartisan group that advocates eliminating federal deficits. Bixby said it might take some major outside force - a financial market collapse, foreign investors deciding to flee U.S. government securities - to force action." Stephen Roach (03.18.05), via Wolcott:

"The current account deficit probably says it all. As I have noted ad nauseum, it is an outgrowth of America’s biggest problem -- an unprecedented shortfall of national saving. ... Not only is this a record current-account deficit for the US, but it is also a record financing burden for the rest of the world. Based on the annualized current account deficit of slightly more than $750 billion in the final period of 2004, America now requires an average of $2.9 billion of capital inflows each and every business day to keep the magic going. ... But the message from overseas is that this game is just about over. One by one, Asian central banks -- America’s financiers at the margin -- have dropped the not-so-subtle hint that they are saturated with dollar-denominated assets." America Smells the Coffee

"In my view, March 16, 2005 could end up in the running as a possible tipping point for America. Suddenly, the US has taken on a very different aura in an increasingly unbalanced world: The confluence of a record current account deficit, a disaster from General Motors, and yet another new high for oil prices all speak of an increasingly precarious role for the global hegemon." Buttonwood at The Economist (03.16.05):

"The fear that central banks are contemplating industrial action against the dollar—and the collective sigh of relief when it seems they are not—is part of a broader unease about the nature and solidity of America’s economic growth. Based, as it is, on mammoth consumption by both the private and public sectors—ie, on big trade and fiscal deficits—it needs foreigners willing to suspend disbelief and buy shiploads of securities denominated in a currency that has steadily lost value for about 40 years. ... But the Faustian deal into which Bretton Woods II has turned—whereby America gets to spend beyond its means and Asia gets to invest in export-led growth, at the cost of recycling much of its earnings in America’s securities markets—turns out to have a shorter horizon than most people reckoned. It could turn sour at any time now. And confirmation of that came from another set of economic data, released on Wednesday: America’s fourth-quarter current-account deficit widened to $187.9 billion, a record. ... (W)hat will happen if a significant portion of countries decided not to add to their dollar holdings? More than the dollar would weaken. Big foreign buyers of bonds have been keeping interest rates down, perhaps by one percentage point, as Alan Greenspan suggests. That would change, for a start. Without this support, the yield on the ten-year benchmark Treasury bond could rise to more than 5%, pushing up interest rates on mortgages. That, in turn, could prick America’s house-price bubble and prompt a general deleveraging, with implications for economic growth both in America and elsewhere. Standard & Poor’s, a rating agency, warned on Monday that a weak dollar would substantially increase concerns about credit quality. In the end, what foreign central bankers have it in their power to do is to reveal before all the world that the mighty American economic empire has no clothes—not even a pair of little fuchsia-coloured shoes." Starkers

Cockburn at Counterpunch (03.19.05), also via Wolcott:

"If the current trend among countries such as China, Japan and India to reduce their dollar holdings continues, the dollar's status will plummet, and eventually its role as the world's reserve currency will come to an end. No longer will the Asian nations subsidize America's debt, and in consequence the cost of living for ordinary Americans will start to soar, pushing even more over the edge. And as the dollar tumbles, so does one of the keystones of what in the 1950s used to be termed reverently, the American Way of Life, meaning in coarse material terms a civilization that guaranteed its middle class affordable higher education and the decent jobs consequent upon same." Three-Card Monte and the One-Party State

Things might get a little dicey here this Summer. Wonder when that new bankruptcy statute goes into effect? By the way, see if your granny remembers these: Hoovervilles.

The Economist Tees Off

Not exactly impressed with The President's economic team, are they. The Economist (03.17.05):

"By most measures, the president has quite an ambitious economic agenda for his second term. George Bush's goals include overhauling the tax code, reforming the Social Security system, halving the budget deficit and pushing through more trade agreements. But who exactly is meant to do all this stuff? The Treasury itself seems short of both staff and clout with the administration. That might be excusable if economic policy were being steered by a professional team in the White House; but it too is short of economists...." Not exactly major league

The Economist finds "two growing suspicions about Mr Bush's approach to economic policy": First, "he sees it mainly as a question of salesmanship. Showing an admirable faith in markets, the president seems to think that economic policy will basically run itself; what you need is a bit of pizzazz to sell the president's reforms." Second, "loyalty is more important than knowledge." "Unfortunately, markets never work quite that sweetly. What would Mr Bush's team do if there was some sort of international economic crisis, such as a dollar crash?" "(G)iven the lack of strength within the administration, the risks now are surely higher. Mr Bush should be crossing his fingers that nothing goes wrong." We are too.

Conflict Of Interest?

Appearance of impropriety? You make the call! Reuters (03.17.05):

"William Myers on Thursday became the first of seven judicial nominees blocked by Democrats and renominated by U.S. President George W. Bush to win the approval of the Senate Judiciary Committee. On a party-line vote of 10-8, the panel sent the nomination of Myers back to the full Republican-led Senate for another chance to be confirmed to a seat on the 9th U.S. Circuit Court of Appeals." Renominated judicial nominee clears US Senate panel

"Myers, an Idaho attorney who has been a top U.S. Interior Department lawyer and an industry lobbyist, was among 10 federal appeals court nominees Democrats blocked during Bush's first term with procedural hurdles known as filibusters." People For the American Way don't like him. Neither does the San Francisco Chronicle. See, "And The Nominees Are".

Full Moon Friday?

Any bets on how quickly Lucky makes it to EBay? AP (03.18.05):

A central Indiana pet shop owner says a turtle that was the only animal to survive an October fire has developed an image of Satan's face on its shell." 'Satan' Said to Appear on Turtle's Shell

The shop owner says he sees "a goatee and a pair of pointy horns on the shell of the palm-sized red-eared slider turtle named Lucky." He also says "Lucky is healthy and its behavior hasn't changed." Not yet it hasn't, bub. AP (03.18.05):

"A woman testified that she paid a popular local musician to fly four mermaids from London to Harare to help her recover a stolen car and cash." Woman Paid Invisible 'Mermaids' Airfare

A musician? Figures. She paid $5,000 to have them flown down. Apparently, mermaids are rather ill-tempered, and are prone to wreak havoc on evildoers. The names of the mermaids were Emma, Charmaine, Sharvine, and Bella. A fifth, whose name was not disclosed but who was rumored to be an Arab mermaid, appears to not have made the flight. What WeHereAtTheOffice^™ would like to know is if the mermaids were invisible, how do you know they weren't on the flight? Paging Mr. Dobson. Former cop, already on probation for lewd conduct? Issues, people, this man has issues. AP (03.18.05):

"A former Stamford police officer has been charged with lewd conduct involving a toy banana. Arthur Bertana, 62, who had been on probation for lewd conduct more than four years ago, was arrested Saturday after police said he placed a toy banana in his pants and flashed people." Police Charge Man for Flashing With Banana

Sgt. Petrone descibed the banana as "'a yellow, plush, child's toy banana. It had a smiley face on it.'" No word as to how quickly this thing might turn up on EBay.