18 March 2008
News and Comments 03/18/08
Posted by Joy Bischoff under: What's News .
27 Comments so far...
Joy Bischoff Says:
18 March 2008 at 1:24 am.
Before people start putting all the doom and gloom on here, let’s start with a cute story my friend Myrna sent me:
GENEALOGY
A little girl asked her mother, “How did the human
race appear?” The mother answered, “God made Adam and Eve and they had
children and so was all mankind made.” Two days later the girl asked her
father the same question. The father answered, “Many years ago there were
monkeys from which the humanrace evolved.” The confused girl returned to
her mother and said, “Mom, how is it possible that you told me the human
race was created by God, and Papa said they developed from monkeys?” The
mother answered, “Well, dear, it is very simple. I told you about my side
of the family and your father told you about his.”
Jesse Says:
18 March 2008 at 1:37 am.
Joy, How’d you know I was bringing bad news?
Lehman Brothers slumps as Wall St wonders: who’s next?
Fears that America is facing another bank collapse spread across Wall Street yesterday, despite emergency measures by the Federal Reserve Bank to prevent the US banking system from imploding and a government-backed rescue deal to save Bear Stearns.
Shares in Lehman Brothers plunged as much as 40 per cent before closing down about half that at $31.75 as traders worried that the investment bank would experience the same lack of confidence from its counterparts and customers as Bear Stearns had faced at the end of last week and would suffer a surge in liquidity demands.
Traders ignored comments by Richard Fuld, Lehman’s chairman and chief executive, as he insisted that the bank had $35 billion (£17.5 billion) of cash and liquid assets and a further $160 billion of unencumbered assets, which could be sold to generate cash.
The stock of its bigger rivals also fell sharply. Shares in Morgan Stanley were down 8 per cent at $36.38 at the close, those of Merrill Lynch were off 5 per cent at $41.18, Citigroup ended the day down 6 per cent at $18.62 and Goldman Sachs closed down 4 per cent $151.02. The Dow Jones industrial average swung wildly within a 300-point range before closing up 21.20 points at 11,972.30.
Interbank lending almost ground to a halt yesterday, with banks fearful of dealing with each other, prompting talk of another round of coordinated central bank aid.
Cameron Says:
18 March 2008 at 6:58 am.
I doubt China will show any restraint toward Tibetans. They are willing to massacre their own youth much less an ethnic minority.
Dalai Lama to resign if violence worsens
By GAVIN RABINOWITZ, Associated Press Writer
DHARMSALA, India - The Dalai Lama threatened Tuesday to step down as leader of Tibet’s government-in-exile if violence committed by Tibetans in his homeland spirals out of control.
The rioting prompted Premier Wen Jiabao to denounce the Dalai Lama’s supporters as separatists and accuse them of instigating the violence in Tibet’s capital of Lhasa. It was China’s highest-level response to date to the unrest.
The Dalai Lama, speaking to reporters, urged his countrymen to show restraint.
He said that “if things become out of control” his “only option is to completely resign.”
Later, one of his top aides clarified the Dalai Lama’s comments.
“If the Tibetans were to choose the path of violence he would have to resign because he is completely committed to nonviolence,” Tenzin Taklha said. “He would resign as the political leader and head of state, but not as the Dalai Lama. He will always be the Dalai Lama.”
The recent protests in the Tibetan capital Lhasa, led by monks, began peacefully March 10 on the anniversary of a failed 1959 uprising against Chinese rule. But they grew increasingly violent, culminating Friday with widespread street violence. Chinese officials say 16 people were killed, but the Tibetan government-in-exile put the toll at 80.
While the situation inside Tibet remains unclear, much of the violence appears to have been committed by Tibetans attacking ethnic Han Chinese, the majority ethnicity in China. In the days since then, worries have grown that Chinese troops trying to reassert control over Lhasa were exacting retribution against the Tibetans.
Cameron Says:
18 March 2008 at 9:51 am.
I grabbed the middle section of this article. I thought it was important. “There is no reason for the Fed not to be aggressive”. They mean with interest rate cuts. Yes there is. They later say they aren’t as worried about inflation as weak growth. That is completely screwed up. If they screw up the dollar then weak growth will be the least of their worries. OPEC is on the verge of dumping the dollar. If that happens then our economy is screwed. Prices are rising and will rise a lot more because of inflation. Lately I have lost faith in the federal reserve. It’s starting to look like they are trying to tank the dollar. This is crazy. Sorry, I’m on a rant. Here’s the article:
Fed poised to cut interest rates again
“There is no reason for the Fed not to be aggressive,” said Mark Zandi, chief economist at Moody’s Economy.com. “The economy is in a recession, the financial system is in disarray and inflation is low.”
However, a report Tuesday showed that wholesale prices rose by 0.3 percent in February, driven higher by rising energy costs.
Outside of food and energy, core inflation jumped by 0.5 percent, the biggest increase in 15 months and a possible sign that the relentless increase over the past two years in energy costs is making its presence felt in other sectors of the economy.
At the moment, Fed officials have said they are more concerned about weak growth than inflation. Another report Tuesday showed that problems in the housing industry continue, with construction of new homes falling by a bigger-than-expected 0.6 percent and applications for new building permits dropping to the lowest level in 16 years.
The Fed’s target for the federal funds rate, the interest that banks charge each other on overnight loans, currently stands at 3 percent, down from 4.25 percent at the beginning of this year. That was before global market turmoil in January prompted an emergency three-quarter-point cut on Jan. 22 and a half-point move eight days later, the biggest reductions in a single month in more than a quarter-century.
Many economists believe the Fed will deliver another three-quarter-point cut or perhaps even a full one-point reduction at Tuesday’s meetings because Fed officials will not want to disappoint fragile financial markets, which have been on a rollercoaster ride in recent days as they have watched Bear Stearns Cos., the nation’s fifth largest investment house, suddenly be brought down by the equivalent of a run on the bank.
http://news.yahoo.com/s/ap/20080318/ap_on_bi_ge/fed_credit_crisis
Mac Says:
18 March 2008 at 9:59 am.
I just watched Eagleburger, one of McCain’s top advisors talk in a video. He said McCain has no intentions of changing to appease the religious right. He was very nasty about us and made us out to be fanatics. It was a very offensive speech. I don’t get why we think McCain is going to change when we know he hates the religious right.
T. Fan Says:
18 March 2008 at 10:09 am.
No one is more vindictive than someone who has turned against his own.
Angela Rogin Says:
18 March 2008 at 10:23 am.
I saw that, Mac. He was so hateful towards us. He acted like we were an enemy. I don’t trust McCain at all. It was apparent that McCain camp is angry at the religious right for not voting for him. It isn’t like we betrayed him. The way he has trashed us in the past shows he betrayed us. He is not a religious man whatever he pretends. I really agree with whoever said that a wolf in sheeps clothing is more dangerous and more evil than a plain wolf.
Matt Says:
18 March 2008 at 10:37 am.
Cameron you are right on in your assessment about the fed. You can’t do this to the dollar without knowing where it is going. History tells the same story in Germany in the thirties. They dropped the rate a quarter interest on Sunday and now could lower as much as a whole point today. The market is rallying because they are looking short term but this is madness.
Matt Says:
18 March 2008 at 10:45 am.
Plunging U.S. dollar must be addressed
Many traders are demanding a full percentage-point cut in the federal funds rate, the key rate on overnight loans among banks.
A full-point reduction, however, would be excessive and would run the risk of worsening the dollar’s fall.
If that slide becomes an uncontrollable panic, foreign investors will dump dollar-denominated assets.
Ultimately, the Fed would be forced to raise rates to defend the currency — a move that would crush the already-fragile American economy.
The credit crisis and the threatened dollar are interconnected: The falling dollar is driving away foreign capital at a time when it is needed most.
The Fed should cut rates, but by no more than half a percentage point. That would signal U.S. determination to defend the currency.
Meanwhile, the Bush administration should coordinate with other major economies to act in the currency markets to stop or at least slow the dollar’s fall. Up to now, the White House and the Treasury have done far too little in this regard, in large part because a falling dollar helps U.S. exporters market their products overseas.
Exports are one of the few bright spots in the economy, but the broader situation has become perilous.
The administration cannot continue its apparent neglect of the currency.
The Fed must act with that in mind as well — while continuing its role as lender of last resort.
Angela Rogin Says:
18 March 2008 at 10:48 am.
A month or two ago when the mods would put up blogs on the economy people didn’t comment hardly at all. No one wanted to believe it was coming or think about it. Now it is practically all we can think about. It is definitely the number one issue in the country according the polls.
Sharon Anderson Says:
18 March 2008 at 12:38 pm.
China, Tibet, McCain, Obama, Clinton, Iraq, financial crisis, the falling dollar, Constitution in peril, etc., etc. How about some GOOD news.
When all seems gloom and doom, we need to remember the name of this site and trust in God. For those of us who are Christians, this week is a time to celebrate our redemption through Jesus Christ who calls us to repent and come unto Him. These words are a comfort to me: “…believe in Jesus Christ, that he is the Son of God and that he was slain…and by the power of the Father he hath risen again, whereby he hath gained the victory over the grave; and also in him is the sting of death swallowed up. And he bringeth to pass the resurrection of the dead…and …the redemption of the world, whereby he that is found guiltless…hath it given unto him to dwell in the presence of God…in a state of happiness which hath no end.” (Mormon 7:5-7, Book of Mormon p. 480)
May the peace of God be with each person who visits this site (those who comment and those who just read) and with ALL those love truth and freedom. May we be blessed an abundance of faith, courage, kindness, and wisdom as we continue to support each other through the trying times ahead.
Carrie Says:
18 March 2008 at 1:00 pm.
That was a nice change Sharon. After lots of homework and then all the bad news out there it is such a break to read uplifting things.
E.E. Says:
18 March 2008 at 1:24 pm.
The interest rate is now 2.25. They reduced it 3/4 of a point. Wow. Good now bad later.
Yes, nice to be uplifted, Sharon. Thanks.
SGS Says:
18 March 2008 at 2:30 pm.
Sharon, thank you for the reminder!
SGS Says:
18 March 2008 at 3:15 pm.
Sorry about this being long. Got this in my email box this afternoon, and thought to share with you the importance of gun rights, in its entirity:
Bryan Fischer, Executive DirectorFor a printer-friendly version of today’s Update, please visit our website, Idaho Values Alliance
SECOND AMENDMENT: AN INDIVIDUAL RIGHT, NOT A COLLECTIVE RIGHT
The U.S. Supreme Court today takes up the case of Washington, D.C.’s ban on the personal possession of handguns. The 30-year old ban has left law-abiding residents in the District defenseless and turned D.C. into the murder capital of the world.
The ban has been challenged on the absolutely correct grounds that it violates the Second Amendment’s guarantee of the right of every American to keep and bear arms.
The Second Amendment reads, “A well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed.”(emphasis added)
Bill of Rights protects individual rights
This is clearly, as are the other rights identified in the Bill of Rights, an individual right, not a group right. You will notice the language makes this plain: it does not protect the right of a militia to bear arms, but the right of the people to bear arms.
Albert Gallatin, Secretary of the Treasury for Presidents Jefferson and Madison, explicitly declared, “The whole of that Bill [of Rights] is a declaration of the rights of the people at large or considered as individuals … It establishes … rights of the individual as inalienable.”
As historian David Barton observed, “[E]ach of the Amendments offers to every citizen a protection of his or her individual rights against potential abuse or intrusion by the government.” (emphasis in original)
The First Amendment protects our individual right to religious expression, speech and the press. The Third protects the sanctity of individual homes against government military intrusion. The Fourth protects individuals against unreasonable searches and seizures. The Fifth and Sixth protect an individual’s right to due process. The Seventh protects an individual’s right to trial by jury, and the Eighth protects the individual against government torture. None of these, not a single one, is a collective right. They are intensely individual rights.
It is illogical, irrational, and betrays an ignorance of American history and jurisprudence to isolate the Second Amendment and argue that it protects only a collective right rather than an individual one.
The Bill of Rights represented an effort on the part of the Founders to identify those “inalienable” rights granted to us by our Creator. The right to self-defense is surely among them.
Rooted in teaching of Jesus
The founder of Christianity at one point instructed his followers, “Let the one who has no sword sell his cloak and buy one” (Luke 22:36), thus giving his explicit support to the right of individuals to protect themselves from assault, using a weapon of lethal force if necessary.
(Some, in opposition, will cite Jesus’ admonition to “turn the other cheek,” but Jesus is there clearly talking about an insult, not a physical assault. To strike someone on the right cheek involves a backhanded slap, not an attack which endangers physical safety.)
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Jesse Says:
18 March 2008 at 3:29 pm.
Ron Paul is talking about this but no one else. If McCain doesn’t pick Romney then he is hopeless.
Any Ideas, Candidates?
The Democratic presidential candidates squabble over real or imagined racial sensitivities, the Republican presidential candidate stages photo opportunities with the troops in Iraq, and meanwhile the financial system is coming apart at the seams.
Would someone please tell Barack Obama, Hillary Clinton and John McCain that here in the real world, we have what looks like a real problem. It would be nice if they’d pay attention and maybe, you know, come up with some ideas for getting out of this mess.
Joy Bischoff Says:
18 March 2008 at 3:58 pm.
What are they thinking?
I just watched a news clip from Fox News that my friend Peter Anderson sent me about firefighters in Oregon. They are hiring lots of spanish speaking firemen and are laying off supervisors who don’t speak spanish even if only one person on their crew is spanish speaking. They say it is for safety but have no policy about the spanish speaker needing to learn english. This is completely outrageous.
E.E. Says:
18 March 2008 at 5:11 pm.
This is good news:
The US Supreme Court appears ready to rule that Americans have a constitutional right to keep a gun in their home for self-defence, a ruling that could help Republicans in the upcoming presidential election.
Hearing the most important gun rights case in nearly 70 years, the justices on Tuesday spent 98 minutes engrossed in a lively debate about British and American legal traditions relating to the right to bear arms, especially in self-defence.
By the end of Tuesday’s session, it appeared clear that a majority of the court would rule that the US constitution protects the right of individual Americans to “keep and bear arms” – but that federal, state and local governments will retain some powers to regulate firearms.
http://www.ft.com/cms/s/0/51ca64b6-f51d-11dc-a21b-000077b07658.html?nclick_check=1
Jesse Says:
18 March 2008 at 7:26 pm.
I don’t want to get into a whole thing about the war but I just want to say that I don’t get it.
Cheney again links Iraq invasion to 9/11 attacks as bombing victims are buried
But Vice President Dick Cheney gave an upbeat view of conditions in Iraq as he concluded his unannounced trip to mark the fifth anniversary of the U.S.-led invasion. Cheney also defended the toppling of Iraqi dictator Saddam Hussein as part of the struggle against terrorism following the 9/11 attacks on the World Trade Center and the Pentagon.
This month, an exhaustive Pentagon-sponsored review of more than 600,000 Iraqi documents captured during the 2003 U.S. invasion found no evidence that Saddam’s regime had any operational links with the al Qaida terrorist network.
http://news.yahoo.com/s/mcclatchy/20080318/wl_mcclatchy/2883358
Cavetrollhead Says:
19 March 2008 at 12:35 am.
Help me!
My wife is pregnant again.
Cavetrollhead Says:
19 March 2008 at 1:33 am.
I followed the prelude to the Iraqi war pretty closely at the time. I even listened to Colin Powell’s speech to the UN’s security council. It is funny but during the lead up to the war in Iraq, I never had the impression that Saddam had any connection to 9/11. Maybe that is why I never felt lied to in that regard. I also didn’t get the impression that there were for sure WMDs there, but only that we didn’t know and that a lot of suspicious things were happening that Saddam wouldn’t let the UN inspect. So I thought that there probably were WMDs.
Did any of you have the same expectations as me? I never really felt good about the war, but I never felt lied to.
Jan W. Says:
19 March 2008 at 9:30 am.
Cavetrollhead
Congratulations about a new baby. I hope when you come out of your shock you are excited.
About Iraq, I have to admit I did buy the whole WMD thing and was supportive. I still think it would be best to win but I have to admit I wish we hadn’t gone in. I hear the whole argument about Sadam being evil so we had to take him out but what about Cuba and China and all those African dictators who kill millions and lots more? How do we justify going after one man and not the rest? It really doesn’t make sense to me.
Joy Bischoff Says:
19 March 2008 at 12:46 pm.
Cave, that’s great. I’m so excited for you guys. I hope her health is good. Thanks for sharing the news with us.
SGS Says:
19 March 2008 at 4:50 pm.
Cave, congratulations! What number is it for you?
Cavetrollhead Says:
19 March 2008 at 4:50 pm.
Yes Jan, I also swallowed the WMD thing, though I knew it wasn’t for sure. But I never thought Saddam was behind 911. I am not sure where that comes from and why I (and no one in my family) thought that.
Cavetrollhead Says:
19 March 2008 at 4:53 pm.
Ha, posted at the same time.
It is number 3.
We are excited though my wife cried at first from anxiety. Then she cried for joy. (not you Joy) Now I understand why she has been kind of, well, you know . . lately.
SGS Says:
19 March 2008 at 4:53 pm.
Jan W., you are not only one who was fed the misinformation. In fact, pratically every single intelligence agency of our allies throughout the world thought the same thing. We were not the only one watching Iraq closely, after all. Even Saddam admitted before he was hanged that he had his people working at their hardest to put up the appearance that they indeed were actively developing WMDs, because he believed that as long as his country seemed strong, his country would be safe. The mistakes had been made on both sides, and there is nothing we could do to turn back the time.
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