1 July 2008
News and Comments 7-01-08
Posted by Roy Bischoff under: What's News .
A bicycle can’t stand alone; it is two-tired.
14 Comments so far...
Cameron Says:
1 July 2008 at 5:34 am.
Equities lose as H2 begins, oil above $141
By Jeremy Gaunt, European Investment Correspondent 42 minutes ago
LONDON (Reuters) - Tension between the United States and Iran kept oil at near record levels above $141 a barrel on Tuesday while equity markets kicked off the second half of the year with more losses.
Worries about slow economic growth and rising inflation continued to sweep across financial markets, exemplified by New York crude oil at $141.55 a barrel, up $1.55 on Monday’s close which came after hitting a record above $143.
European shares lost more than 1 percent.
In a war of words between the Iranian and U.S. military, Iran’s Revolutionary Guard said Tehran would impose controls on shipping in the Middle East Gulf and Strait of Hormuz if it were attacked.
The U.S. Navy’s Fifth Fleet said the United States and its allies would not allow Iran to hamper shipping in the Gulf. Roughly 40 percent of the world’s traded oil moves through the strait.
“The market has been worried about the tensions involving Iran and that remains a supportive factor for the oil price,” said David Moore, a commodities analyst at the Commonwealth Bank of Australia in Sydney.
The rising price of oil — up around 47 percent year-to-date — has added to overall fears on financial markets that inflation is about to increase substantially just as developed economies are slowing.
http://news.yahoo.com/s/nm/20080701/bs_nm/markets_global_dc;_ylt=As7Nm2pjN1SH1OevIiA1j3WyBhIF
Angela Rogin Says:
1 July 2008 at 10:25 am.
I think I should have bought more food to store right when the moderators here first suggested it on the first of March. I kept hoping things would get better and they would be wrong but I am beginning to really think we could be in some long term difficult times. I guess I should do it now before prices go higher from oil prices and the flood losses. It will be harder now because I’m feeling the pinch.
Benjamin Says:
1 July 2008 at 10:45 am.
Oil climbs passes $143 a barrel on concerns about Mideast, dollar weakness, supply report
Oil prices passed $143 a barrel Tuesday amid concerns about a potential conflict between Iran and Israel and a weakening dollar.
Also Tuesday, a report from the International Energy Agency saying crude supplies would remain tight despite record prices and reduced demand from industrialized countries also helped support prices.
EIA chief Nobuo Tanaka said the world was experiencing “the third oil price shock,” comparing the era to the 1970s oil embargo and the period following the Iranian Revolution.
However, Tanaka said this crisis differs because Western nations have already become much more efficent and oil is becoming more difficult to produce.
Echoing Tanaka, U.S. Treasury Secretary Henry Paulson said Tuesday in Berlin that there were no “obvious short-term solutions” to skyrocketing oil prices.
Benjamin Says:
1 July 2008 at 11:33 am.
Romney: Obama Shows ‘Frightening Naiveté’
Barack Obama’s approach to the war on terror shows “frightening naiveté,” Mitt Romney tells Newsmax.
“Even the peaceniks of the last decade have recognized that the pre-911 thinking of the early 1990s was wrong,” Romney says. “The great majority of those who opposed the conflict in Iraq nevertheless recognize that it is a war against a radical, violent Islam. But Barack is one of the few who has still refused to speak out against radical violent Islam and jihadism.”
To suggest, as Obama has, that the way to deal with terrorists is to prosecute them “bespeaks a remarkable lack of understanding of the threat which we face,” Romney says.
Obama has said the government can crack down on terrorists “within the constraints of the Constitution.” He has said, “What we know is that, in previous terrorist attacks — for example, the first attack against the World Trade Center — we were able to arrest those responsible, put them on trial. They are currently in U.S. prisons, incapacitated.”
In the 1993 World Trade bombing, while some perpetrators were prosecuted, others, like Osama bin Laden, were not, Romney points out. Moreover, Romney says, since the 9/11 hijackers did not care if they were killed or sent to jail, and all died in the attack, it is foolhardy to suggest that the threat of prosecutions would be a deterrent.
In the 1993 World Trade bombing, while some perpetrators were prosecuted, others, like Osama bin Laden, were not, Romney points out. Moreover, Romney says, since the 9/11 hijackers did not care if they were killed or sent to jail, and all died in the attack, it is foolhardy to suggest that the threat of prosecutions would be a deterrent.
“The thought that this is a criminal matter restricted to a few handfuls of individuals is completely out of touch with the reality of radical jihadism,” Romney says. “From the Phillippines to Malaysia to, of course, the Middle East to Pakistan to Nigeria — it’s a global effort, and it requires a response far different than calling up the local police department and asking the DA to prosecute them.”
Obama doesn’t get that we are in a new age, where “military might is essential,” Romney says.
“What we’re facing right now in al-Qaida and global violent jihadism is an enemy which has relatively crude weapons but highly motivated warriors,” he says. “Over the next decade or two, they will surely obtain highly sophisticated weapons with massive casualty potential. Now is the time to stop this enemy, because the consequences of ignoring them until they have massive casualty capability are almost unthinkable.”
http://www.newsmax.com/kessler/mitt_romney_obama/2008/06/30/108517.html
Benjamin Says:
1 July 2008 at 11:37 am.
View larger image
JERK!
Saudi king urges consumers to get used to high oil prices
King Abdullah of Saudi Arabia, whose nation is the world’s number one oil exporter, called on consumer countries to get used to high prices in comments published on Tuesday.
“Consumer countries have to adapt to the prices and the mechanisms of the market,” the king said in an interview published by the Kuwaiti daily Al-Siyassah.
“We have nothing to do with the current sharp increase in crude prices,” he said reiterating the Saudi position that speculation, rising demand and the taxation of oil products in consumer countries were to blame.
“These countries must reduce their taxes on fuel.. if they want to contribute to easing the burden on ordinary consumers,” he said.
http://www.breitbart.com/article.php?id=080701112646.vg97wut2&show_article=1
Carrie Says:
1 July 2008 at 1:06 pm.
Drill ANWAR, ignore this stupid man.
Stumpy Says:
1 July 2008 at 1:32 pm.
Dear Mr. King,
We aint yer stupid peasants who gotta listen to yer arrogant babblin. We are free folks over here so stop tryin ta tell us how ta feel. Only our stupidhead politicians kowtow to yer royal painintheass highness. The rest a us still believe in freedom.
Sincerely,
Stumpy
Saddened Says:
1 July 2008 at 1:41 pm.
Amen Stumpy. I wish you could go tell that king to his face what youthought.
Bryon Says:
1 July 2008 at 3:25 pm.
I don’t think they failed because they were Arab. They were just very improperly trained. We should not however keep this out of the news because of race or nationality.
THE TALE OF THE ARAB FLIGHT CREW
Written by To The Point News
Friday, 16 May 2008
The brand spanking new Airbus 340-600, the largest passenger airplane ever built, sat in its hangar in Toulouse, France without a single hour of airtime. Enter the Arab flight crew of Abu Dhabi Aircraft Technologies (ADAT) to conduct pre-delivery tests on the ground, such as engine runups, prior to delivery to Etihad Airways in Abu Dhabi. The date was November 15, 2007.
The ADAT crew taxied the A340-600 to the run-up area. Then they took all four engines to takeoff power with a virtually empty aircraft. Not having read the run-up manuals, they had no clue just how light an empty A340-600 really is.
The takeoff warning horn was blaring away in the cockpit because they had all 4 engines at full power. The aircraft computers thought they were trying to takeoff but it had not been configured properly (flaps/slats, etc.) Then one of the ADAT crew decided to pull the circuit breaker on the Ground Proximity Sensor to silence the alarm.
This fools the aircraft into thinking it is in the air.
The computers automatically released all the brakes and set the aircraft rocketing forward. The ADAT crew had no idea that this is a safety feature so that pilots can’t land with the brakes on.
Not one member of the seven-man Arab crew was smart enough to throttle back the engines from their max power setting, so the $80 million brand-new aircraft crashed into a blast barrier, totaling it.
The extent of injuries to the crew is unknown, for there has been a news blackout in the major media in France and elsewhere. Coverage of the story was deemed insulting to Moslem Arabs. Finally, the photos are starting to leak out.
http://www.specialforces.com/newsletter/2008_06/arab.jpg
This is a link to the article with pictures. It is at the bottom. I would also suggest reading other articles on this page.
Bryon Says:
1 July 2008 at 3:25 pm.
The link is just to the pictures
T. Fan Says:
1 July 2008 at 3:44 pm.
I heard about the accident but it is true they kept it under wraps. The pictures are amazing and it looks as though the crew had to come away with some major pain.
Cavetrollhead Says:
2 July 2008 at 1:11 am.
Maybe they thought that Americans were behind the wall- their religious training must have taken over. If you check the flight recorder, you might here “Alah Akbar!” (god is great)
WHAT?!! You were all thinking it!
Sharon Anderson Says:
2 July 2008 at 9:59 am.
Maybe it wasn’t an accident and they wanted to sabotage the Airbus (?).
E.E. Says:
2 July 2008 at 10:53 am.
LOL Cave!
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