The Clarion-Ledger, a current expert on losing money, tries to give the state some advice on how to balance its budget by calling for an internet sales tax in a column written by Editorial Director David Hampton:
"As for the "tax-that-fellow-behind-the-tree" department, Mississippi ought to be seeking a way to tax Internet sales.
Internet sales should be taxed the same as if you bought the item down the street. Not only is it terribly unfair to local merchants, it cuts into vital state and local revenue from sales taxes....
I have my own list of taxes that should be raised and/or lowered. Sales taxes are too high; income and corporate taxes, too low....
Mr. Hampton, is it really fair for businesses such as NEWSPAPERS to enjoy a STATE SALES TAX EXEMPTION? While you are making a lists of targets for your tax hikes, why don't you lead by example and include your employer? If you want to close the loopholes, close your own first before you seek to burden the rest of us with higher taxes.
Hampton Editorial: Tax Thee Not Me
Sunday, November 30, 2008
The Clarion-Ledger, a current expert on losing money, tries to give the state some advice on how to balance its budget by calling for an internet sales tax in a column written by Editorial Director David Hampton:
However, back to the issue of Friday's trading of Parkway Properties stock. What exactly was going on?
Friday, November 28, 2008
It's that time of year and you know what it means: It's time for my award-winning egg nog recipe.
Ingredients: 1 cup bourbon, 1 cup brandy, 1 cup Tia Maria, 12 eggs, 1 quart cream, 1 quart half & half, 1/2 lb powdered sugar
Directions: Separate eggs and combine booze and yolks and whisk in 1/2 lb of powdered sugar.
Store in fridge for 24 hrs. Keep the whites chilled also.
24hrs later, whip cream in large bowl until thick,then add half & half and the yoke/booze mix.
Add the egg whites and whip till frothy. Chill for a while before serving.Click Here to Read More..
The Detroit Red Wings foreign scout flies to Baghdad to watch a young Iraqi play hockey in the new American sponsored league, and is suitably impressed and arranges for him to come over to the US .
Ken Holland signs him to a one year contract and the kid joins the team for the preseason.
Two weeks later the Wings are down 4-0 to the Blackhawks with only 10 minutes left. Mike Babcock gives the young Iraqi the nod and he goes in. The kid is a sensation - scores 5 goals in 10 minutes and wins the game for the Wings! The fans are delighted, the players and coaches are delighted, and the media love the new star.
When the player comes off the ice he phones his mom to tell her about his first day of NHL hockey. "Hello mom, guess what?" he says in an Iraqi accent. "I played for 10 minutes today, we were 4-0 down, but I scored 5 goals and we won. Everybody loves me, the fans, the media, they all love me."
"Wonderful," says his mom, "Let me tell you about my day. Your father got shot in the street and robbed, your sister and I were ambushed, raped and beaten, and your brother has joined a gang of looters, and all while you were having such great time."
The young Iraqi is very upset. "What can I say mom, but I'm so sorry." "Sorry? You're Sorry? !!" says his mom, "It's your fault we moved to Detroit in the first place!"Click Here to Read More..
Thursday, November 27, 2008
Wednesday, November 26, 2008
Dividend Daily reports:
"Parkway Properties (PKY) has cut its annual dividend payout from $2.60 to $1.30. The new dividend yield based on today’s closing stock price of $18.07 is 7.19%. PKY is not a recommended stock at this time, holding a Dividend.com Rating of 2.8 out of 5 stars."
No mention in The Clarion-Ledger or Mississippi Business Journal of the unprecedented divident cut. The Mississippi-based company has seen its stock price hammered in the last few weeks. See earlier post: Stock price down over 50%
Here are some nice comments from the Huffington Post about Obama's decision to retain current Secretary of Defense Robert Gates:
Nan2008 If Obama is the man for change, don't you think he should start by hiring HIS OWN. We want change not the SAME-O, SAME-O STUFF. And that means Nancy and Harry need to go as well. She tabled IMPEACHEMENT EARLY ON, WHEN DOES ACCOUNTABILITY START, IF NOT AT HOME WHERE AND WHEN? We elected him to do a job, if HE DOESN'T PERFORM AS WE ELECTED HIM TO DO HIS BUTT CAN FIND IT'S WAY OUT AS WELL. I don't care if he's the first Black President, he could be purple for all I care. The culture of corruption needs to end NOW, and the willingness to just go along is NOT ACCEPTABLE.
alainv If you havn't figured it out yet our elections are a sham and our presidents are simply figureheads for the military industrial complex and the corporate elite , otherwise known as the illuminate. Barrak was the best choice because he allows them to continue there agenda without fear of revolution witch may have ensued had the election gone the other way . These people are genious in there ability to know exactly how far they can go without a serious uprising by the masses of sheep who desperately want to believe that all is well .
SangZe I'm beginning to think we've been had once again.
thefed I voted for Obama and now I feel betrayed by his choices ...............I heard also that he is not closing gitmo and i feel if this happens ..........HE has not only conned us but betrayed the trust of the majority of the blacks who trusted and voted for the man who stood for change
piul05 Consistent with all the bad picks for foreign relations.No wonder Biden seems lost and without a role; everywhere he looks there is a militaristic hawk.Who's the next appointee? John Bolton?
InfoWarriorNY Obama has already killed the anti-war movement and the impeachment & accountability movement. These were conditions of the shadow gov't -- Peter Dale Scott's "deep state." Without his acquiescence to these (and a few others) the corporate controlled MSM would have annihilated his candidacy
geobushono Gates is BLOODY with the gore of the inconvient children he considers collateral damage. THAT is a big problem for me. How many warmongers, and right wing zealots are we going to have in this Cabinet?With all this effort with broad appeal, MY values are being cast aside to try to get another 2% in the 2012 Election.Send your checks to Riyad & Tel Aviv....they have The President's ear.
Nonamnesiac One can have a positive view of Gates only if one uses Rumsfeld as the yardstick. Gates is pro-torture, pro corruption (he's made no effort to recover the unaccounted for billions in Iraq and supports Blackwater and Haliburton unquestionably) and can be traced back to both the practice and the actual events of Iran/Contra.It's amazing to watch this guy Obama make choice-after-choice of the people who got us into the economic and international mess we're in and claim he's an agent of change. He's affirmed much of voodoo economics with the band of free-market, don't regulate choices he made for his economic team, many of whom personally helped transform the stupidity of Reaganomics from bad economics into a vehicle for them to personally become fabulously wealthy and then redefine policy to remove any obstructions to their becoming fabulously wealthy under the mantra of "deregulation". Even the so-called "bailouts" of the financial industry did not include enforced transparency, enforced accountability or any reregulation even though even Alan Greenspan admits that deregulation is a major cause of this calamity. But everyone's ready to trounce autoworkers because they bargained pensions and healthcare in a society that only provides a supplemtal pension (social security) and poverty-causing health care to its retirees if those workers had not negotiated pensions and health care.And now Gates, another let's-never-leave Iraq kind of guy. This is not change.
benndissed well ,i just got back from change. gov , and i feel better that i let barack know my disappointment in his hawkish picks for our nat. sec. team. i hope he listens and reconsiders. if not, i will campaign against confirmation for them. ending the war in iraq is one thing that doesn't need to be managed by those who supported and voted to authorize use of force there by bush.
LemonMeringue I too will give Obama the benefit of the doubt. However...We must hold him accountable. We will watch his back, but we will dog him and let him know what we, the people who elected him, want from this administration. I feel fortunate that a man such as he is willing to give up the life he knew to take on the hardest job in the world. I also believe that he owes us something. The peace movement worked very hard for him. The environmental movement worked very hard for him. The people who have been appalled at the abuses of the Bush administration worked hard for him. We worked hard for change and we expect to get it.
mach A bunch of Bush appointee apologists ---who'd of thunk it
FreedomUSA I want my old America back--shame on you Obama. You have duped many with your lies--"New Washington, new change." You seem to be a Washington conspiracy yourself.Wake up America!!!
Axlotl Hey, I have an idea; how about NO G*****N REPUBLICANS, or Republican appointees, in the new Democratic cabinet whatsoever?Screw this "bipartisan" stuff. Is he insane? If I wanted Republicans, Id' have voted for one, thank you very much.
larazon Bay Buchanan thinks Gates's a great pick. Maybe he can pick her as his WH spokesperson?
kentj All warmongers probably think Gates is a great pick. Why did we hold an election, when everything stays the same, especially that illegal and immoral Iraq war?
Alex02139 This is outrageous. I guess change we can believe in is nothing but a an empty slogan. Bush boy Gates, Bush boy Geithner, McCain boy Jones. Disgusting appeasement.
ProfessorGeorge First let me say that I enthusiastically supported Obama, but I sure hope that after what we've seen with the economic appointments and now Gates, that we all need to take our heads out of the sand and wake up to the fact that the love fest with Barack needs to come to an end fast. We progressives have had little to be overjoyed about and need to start putting the pressure on.
Steamboater Keeping Gates. What a mess. This is what you can expect from someone without cajones and it's going to happen again and again. We've already heard that Obama won't do anything, if he does anything at all, about DADT until 2010 and let the issue fester over and over until what happens will be another compromise. The war in Iraq and with Gates there especially will also fester. We're not getting out there. This whole election was sounds more and more like a scam every day.
Chillinout I don't know why Obama didn't nominate General MacAurthur, of Admiral Halsey. Nominating live people is NOT change I can believe in. I have already emailed the election board and told them I want my ballot back so I can change my vote. I suggest you all do the same
nogimmicks Sadly, appointment after appointment we see the same pattern.Obama = Bush (but younger and more eloquent). Policies and people are the same or worse (e.g. . Geithner could be worse than Paulson). Oh well, ... as the late George Carlin used to say "f*** hope".
biwee For someone who campaigned on "Change", it is strange to me that Obama's appointments are the same old, tired and ineffective retreads from past administrations. The "Change" was just a scam.
Well now, Tricia Raymond, MADD's Executive Director and the Enabler-in-Chief (and Executive Director of SafeCity) was out in force yesterday, pushing for more tough laws on drinking and driving. "Enabler-in-Chief" you ask? Kingfish, what do you mean?
Well, Ms. Raymond was one of Frank Melton's field directors in his campaign and has been VERY quiet concerning Melton's little drunken binges (oops, make that alleged drunken binges). One would think the Executive Director of MADD would take a more aggressive public stand concerning a Mayor who is accused of being a drunk and tearing down houses while on a binge. Of course, that might mean not being able to have nice little press conferences with the chief. Its all about access and publicity.
Tuesday, November 25, 2008
(Yes, I know he said he is not interested but I decided to write this anyway. Conservatives can always draft him when all else fails.)
There is no way to sugar-coat it: Republicans got their clocks cleaned in November. While crying is good for the soul, Republicans simply don't have time to engage in a national boo-hoo as Democrats plan their inaugural blitzkrieg. There are a multitude of reasons why Republicans lost : the economy, Iraq, Katrina, McCain's poorly-run campaign, and a Cassius Clay from Chicago who floated around Republicans with hope while he stung them with change.
Unfortunately, Republicans have shown little ability to learn from their mistakes, as country clubbing pork-barrel Custers lead them to defeat after defeat. The 2006 elections should have sent them a message, yet here they were again in 2008, losing with the same leadership, learning nothing while forgetting everything Reagan and Newt taught them. After 2006, no one was penalized, no one lost their jobs; these were Byzantine Emperors who thought the walls of Constantinople would forever hold the Turks at bay even as they fired their shiny new guns. The Greek Chorus of Republican hacks assure us Democrats will fumble the ball -the good ole rope a dope strategy will win, just be patient. The Chorus tells conservatives the American people will never support Obama's radical ideas, forgetting the times of FDR and LBJ when Democrats reshaped society as they saw fit while Republicans nearly ceased to exist.
What is needed now is steel. The steel of ideas. The steel to realize the political horizon for what it is, the steel to realize what must be done, and the steel to actually do it. Cannae was the worst defeat for the Romans as a young and hungry Hannibal slaughtered the best of Rome that day. The Romans didn't turn on each other. They banned mourning. No public discussion of Cannae was allowed. The Romans got tough, made hard decisions, got the right leaders, and eventually beat Hannibal on his own turf. Are the Republicans such Romans or instead are they the Jews before Titus- fighting each other while the legions storm the city?
If Republicans are to win, they must realize what is at stake: our country's soul. Will it be a country based on limited government, liberty, freedom, and the ideal that one can get ahead through hard work? There is a case to be made for a conservative message that is pro-growth, cuts taxes and spending, and keeps government out of the lives of Americans but that message has to be adapted to Americans who are frightened and searching for answers. As Russell Kirk pointed out, drastic change happens when times are unsettled and people are fearful. They seek reassurance from whoever offers them a positive vision and makes it seem he is fighting for them.
Democrats play for keeps and make no bones about it. The so-called experts say Obama will govern from the center (although the economy will probably limit his budget plans for quite some time). The Democrats will have to moderate their positions. Will they? Why should they? They WON! They won in their own way, on their terms, and are under no duty to govern from the middle. Some will say the Democrats will pay for making any radical changes at the polls. Such ostriches forget Democrats will instead seek to change the playing field so conservatives can't fight back effectively in future elections.
Here are five items one can expect from the Democrats:
1. The use of vague localism standards and the Fairness Doctrine to gain more control over the media.
2. The nationalization of the health care system. While Hillary failed in her attempt to take over 1/7 of the American economy, the Democrats are ready for a rematch and there are no Phil Gramms ready to say "this will pass over my dead body", as courage has been in short supply among Congressional Republicans all too often recently.
3. The temptation to place conditions on receiving bailout funds will prove too much for Democrats to resist, as they will leap at the chance to remake part of the American economy in the graven image of their collectivist ideals. Only a simpleton will think Democrats won't take advantage of the broad powers granted by Paulson's bailout bill. They will pressure recipient corporations to donate money to Democrats and threaten those that might contribute to Republicans to withhold bailout funds, thus forcing them into bankruptcy.
4. An aggressive use of the powers created by Bush to take further control over the educational system.
5. The appointment of radical judges who will share Obama's vision of the constitution as a document of "negative liberties".
The danger to Republicans is real: if they continue on their present course, they will wander in the wilderness for a generation or more as Democrats will use every trick they can think to beat Republicans while blaming them for every problem. People love freedom but also crave order. Limited government doesn't mean much when one watches New Orleans drowning on ABC. Cutting taxes for investors enrages Americans who are bailing out Citigroup while sending nearly half of their paychecks to the tax man. Twain wrote "Principles only have full force when one is well fed." The principles of liberty, freedom, and enjoying the vision that is America will mean little as American are more concerned with how well-fed they are.
Republicans can avoid such a fate by taking a first step right now: make Newt Gingrich the Chairman of the Republican Party. What Republicans need right now is a leader, a leader who commands respect, has the intellect to see the big picture, is a true conservative, and isn't afraid to take the fight to the enemy. One rarely gets in trouble when one hires the resume and there are no Republicans right now with a resume as strong as Newt's. There are talented and smart individuals at the state level. Katon Dawson of South Carolina is a fantastic fundraiser and a fighter. He gets it. Bobby Jindal is probably the most talented Republican leader today. Governor Palin is fiery and popular among conservatives. However only Newt has the whole package: experience, intelligence, steel, and clout as Republicans simply can not afford a Chairman who requires a two-year learning curve or one who seeks the position just to help his buddy run for President.
Newt understands what is at stake, probably better than any other leader in the Republican party. He knows what it takes to build a party as he built one while the Bob Michels were waving white flags. He stood against his party in 1991 when it betrayed conservative principles on the tax increase and did it again when Paulson pushed his socialist bailout. When the idea of Republicans winning the House was unthinkable, Newt made it his crusade. He stayed true to the course as he fought Democrats, the media, and even Republicans who saw conservatives as more of a threat then they did Democrats. Newt and his fellow young Turks went from being a joke to a minor irritation to a Tsunami that surprised everyone.
Newt gives Republicans the intellectual and moral courage they need to do revitalize the party as well as the conservative movement. Republicans fail to realize it is hard for them to call Obama a socialist when they have Marxist blood on their own hands as they stood behind Paulson's nationalizing of the banks ( soon to be other industries). Newt was one of the few Republicans who understood the bailout bill for what it was and how angry Americans were. What was Newt's advice to Bush? Tear up the bill and get some "Reagan Republicans around the table" and craft a new bill. Instead, Republicans ignored their past Champion only to get hit by Bush and McCain's not so-friendly fire. While Republicans mindlessly mouth the once-hypnotic phrase "following the ideas of Ronald Reagan", Newt actually discusses ideas, not just worn-out talking points.
Some will question the choice of Newt Gingrich as RNC Chairman, saying Republicans don't need a pit bull. While the RNC Chairman must be pragmatic, Newt understands in order for Republicans to be successful, they must negotiate from a position of strength and avoid becoming the Democrat-Lite Party. A Chairman Gingrich will whip state parties into shape, forcing them to contest Democrats even in Districts where they think they are safe. Some state parties have become a joke and need to be taken over by the national party as they are virtually useless and in some cases, a hindrance to the Republican party. While the Repub
Change inspires more change. Conservatives need to take back the Republican Party from country-clubbers who only want conservatives around when they need votes. Republicans need a warrior priest, not a REMF who prefers a spa to a battlefield. Aa Reagan said so famously, it is a time for choosing. The question is whether Newt and the rest of the Republicans will choose wisely.
Monday, November 24, 2008
Click Here to Read More..
A couple of us are looking at forming a club for Cavalier King Charles Spaniel Owners in Jackson. There are clubs in other cities. The breed plays well with each other compared to other dogs. This club could meet once a month at a place like Laurel Park where they can play. Email me at email@example.com if interested.
Here are some clubs I found online from other parts of the country:
Bay Area Club
Northen Arizona Club
Cavaliers of the South Club
The woman who was kidnapped by George Bell III after he murdered her roommate sued Bell in Hinds County Circuit Court in September (Note: JJ waited to publish story as Bell was not served until recently).
In the lawsuit, she states:
"George Bell, III came into the Plaintiff's residence uninvited and abducted the Plaintiff at gunpoint whereby he took the Plaintiff to the Defendant's mother's house located at 4652 Trawick Drive, Jackson, Mississippi and held the Plaintiff against her will..."
The victim alleges aggravated assault, aggravated battery, false imprisonment, and intentional infliction of emotional distress were committed by Bell in his kidnapping of her (Mr. Bell already pleaded guilty to kidnapping the victim):
"George Bell, III abducted her at gun point and threatened to kill her, putting her in immediate apprehension of fear. That the actions of the Defendant, George Bell, III, were done for no apparent reason and without justification and in a grossly negligent, reckless, and intentional manner.....
The defendant committed an aggravated assault on the Plaintiff....
The defendant committed an aggravated battery on the Plaintiff...
The defendant committed false imprisonment against the Plaintiff...
The defendant intentionally inflicted emotional distress on the Plaintiff..."
The victim demands in the suit "compensatory, punitive, and any other damages.." The victim has not filed any actions against Robbie Bell at this time.
Copy of Lawsuit
Look at what you are getting along with her:
"Late last week, as stories swirled around Sen. Hillary Rodham Clinton's possible jump to the job of Secretary of State, another longtime Clinton aide's name began to crop up: former journalist and Clinton back-room consigliere, Sidney Blumenthal.
Should Clinton accept the Secretary of State job, Blumenthal, it is believed, will move to Foggy Bottom as a counsel to the secretary, a post that will not require Senate confirmation..." The Return of Sid Vicious
Go ahead, appoint Hillary. You've no idea what you will be getting if she brings him on board. You will rue the day you nominated the Cattle Futures Queen to Secretary of State.
Sunday, November 23, 2008
Veteran and highly-respected LSU blogger Dandy Don writes a great analysis on Ole Miss's thrashing of LSU yesterday:
"Coach Houston Nutt of Ole Miss had his team ready to play and Les Miles did not, and I think it is time for all Tiger fans to admit that LSU is not a very good football team at this time. LSU is poorly coached on defense and has major problems on offense at the quarterback position. I am not ready to say that Les Miles is a bad coach because LSU went 11-2, 11-2 and 12-2 the last three years before this season and you do not go 34-6 and be a bad football coach. I am ready, however, to say that there will have to be major changes made in the coaching staff at the end of this season....." http://www.dandydon.com/
I'm sure the ACLU and Obamabots would scream bloody murder but who cares? Take a lesson from the Master when dealing with pirates:
"After a short stay there with Nicomedes, the king, in his passage back he (Julius Caesar) was taken near the island of Pharmacusa by some of the pirates, who, at that time, with large fleets of ships and innumerable smaller vessels, infested the seas everywhere.
When these men at first demanded of him twenty talents for his ransom, he laughed at them for not understanding the value of their prisoner, and voluntarily engaged to give them fifty. He presently despatched those about him to several places to raise the money, till at last he was left among a set of the most bloodthirsty people in the world, the Cilicians, only with one friend and two attendants. Yet he made so little of them, that when he had a mind to sleep, he would send to them, and order them to make no noise. For thirty-eight days, with all the freedom in the world, he amused himself with joining in their exercises and games, as if they had not been his keepers, but his guards. He wrote verses and speeches, and made them his auditors, and those who did not admire them, he called to their faces illiterate and barbarous, and would often, in raillery, threaten to hang them. They were greatly taken with this, and attributed his free talking to a kind of simplicity and boyish playfulness. As soon as his ransom was come from Miletus, he paid it, and was discharged, and proceeded at once to man some ships at the port of Miletus, and went in pursuit of the pirates, whom he surprised with their ships still stationed at the island, and took most of them. Their money he made his prize, and the men he secured in prison at Pergamus, and he made application to Junius, who was then governor of Asia, to whose office it belonged, as praetor, to determine their punishment. Junius, having his eye upon the money, for the sum was considerable, said he would think at his leisure what to do with the prisoners, upon which Caesar took his leave of him, and went off to Pergamus, where he ordered the pirates to be brought forth and crucified; the punishment he had often threatened them with whilst he was in their hands, and they little dreamt he was in earnest."
Plutarch's Life of Caesar
Saturday, November 22, 2008
OK, now that I've poured my bourbon and gotten that out of the way, here is my prediction. I think Ole Miss wins. Lee will probably throw another interception. Ole Miss is playing good ball and has shown improvement and more confidence every week. Meanwhile, LSU's defense has sucked all year for the most part as Miles refused to hire a proven defensive coordinator and instead promoted both his linebackers and defensive backs coaches to the position of co-defensive coordinators even though neither one had any DC experience at the 1A level. Defense plays soft zone too much, blitzes are predictable, players consistently out of position and play with poor technique. I think Ole Miss wins this one.Click Here to Read More..
WLBT Story by Monica Hernandez
More evidence Jackson can't do anything right. One would think the Jackson Zoo would have learned its lesson in 2005 after some wild dogs killed most of the flamingos inside the Zoo but this being Jackson, learning from experience is something of an alien concept. How did some dogs get inside the zoo and kill some gazelles? Chris Mims, a Marketing Director at the Zoo, said "It's possible the dogs entered the zoo through the main gate during business hours and weren't seen". Clarion-Ledger Story
If that is the case, why hasn't anyone been fired? If the dogs got in through the front gate, then fire the person responsible? Has Frank Melton's habit of not taking responsibility for anything spread to the rest of Jackson's government? For a city that needs to improve its quality of life, this latest incident was just another example of what a joke city government has become.
Unfortunately, the amenities for the Jackson metro area have been lacking for some time even as a downtown building boom is taking place. There are few things outside of organized sports for families to do in Jackson. The reservoir, thanks to Bumbling Burwell, looks like a giant mudhole with NOTHING that adds to its recreational value (at least there was something when the Dock was around). There are no longer water parks, miniature golf, go-carts, or other activities for families to enjoy.
The Zoo is one of the few cultural icons in Jackson that draws visitors from around the state. The area around it looks like a wasteland and is not exactly the most desirable part of town to visit. Perhaps it is a bit much to expect Jackson to provide for the zoo all by itself. The Zoo is something that provides cultural value to the metro area, not just Jackson. Its one of the few attractions in the area for families that live several counties away from Jackson.
It might be time to look at removing the Zoo from Jackson's control and placing it under the direction of either the state or a board similar to the Pearl River Valley District where representatives from Hinds, Rankin, and Madison counties sit on the oversight board. Let the participating counties share in the revenues. The Zoo doesn't have to be at the world-class level of the Audubon Zoo or others but it should be something that does a better job than it currently does in representing Mississippi. Jackson AND the suburbs benefit from cultural offerings such as the Jackson Zoo.
Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating to purchase Citigroup after its value dropped below $5 a share this week.
The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said. ``You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything," said Ali.
The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS's are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody's and S&P have already issued their top investment grade ratings for the PRBS's. What is more intriguing and could make ensure success for the Pirates is the use of credit default swaps that will be issued by Citi for this deal. The swaps will be kept off of the balance sheets in a move approved by the SEC.
Head pirate, Ubu Kalid Shandu, said "we need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets has allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster." Shandu added, "We don't call ourselves pirates. We are coastguards and this will just allow us to guard our coasts better."Click Here to Read More..
Friday, November 21, 2008
Click Here to Read More..
Art Laffer of Laffer Curve fame and whom I greatly respect, unfortunately blows it on this one. I bet these guys are not laughing now. Ben Stein calls it an "unbelieveable buying opportunity". Stein calls subprime "a tiny tiny blip". Video is worth seeing.
Thursday, November 20, 2008
Mish rips Citi's claim short-selling is responsible for its slide in the market, wondering out loud why Citi is paying dividends when it needs capital while he scrutinizes some Citi statistics:
"Citigroup is blaming shorts when the short interest is under 3%. That's ridiculous. If Citigroup does not understand this, it is a sign of incompetence. If Citigroup does understand how ridiculous their claim looks (and is), that is additional support for the desperation thesis.
Note the dividend. Citigroup is paying a dividend when it is clearly in need of capital . Is that a sign of arrogance or incompetence? That Citigroup is in this mess in the first place is clearly sign of incompetence somewhere..." (Disclosure: The Kingfish once worked at Citi and can say you have no idea how badly screwed up the management of that company is.)
Citi's Incompetence Its a good analysis of Citi and Mish delves into the issue of over $600 billion Citi is keeping off of its balance sheet and how much of those assets might be toxic.
Mish also writes an interesting post about The Collapse of Treasury Yields and uses some strong language in describing the futility of the Fed's lowering interest rates and what kind of shape the economy is in:
"Any cuts by the Fed now are purely symbolic. The Fed Funds Rate is effectively zero. Remember the claim that paying interest on reserves would put a floor under the Fed Fund Rate at 2? Another Bernanke academic solution meets real world experience.....
A "cloak a declining inflationary environment” is not what we have. We have outright deflation not disinflation. Yes, we are mirroring Japan...."
Has anyone heard such vinegar from Cramer or Varney?
Over at The Market Ticker, Karl Denninger bulldozes ahead with his daily dose of unvarnished truth. Mr. Denninger states the economy and markets will not improve until:
"1. Paulson is fired and his policies cease.
2. We have transparency in balance sheets - for every firm on the exchange. No exceptions. All Level 3 asset mark models and assets identified - period.
3. Bernanke withdraws all his alphabet soup programs or is removed from office and his successor does, and the "crowding out" in the credit markets ceases.
Its that simple, and all three must happen before we will see any sort of sustainable bottom put in.
This doesn't mean we can't have "rip your face off" rallies - we both can and will.
But the market and economy will not bottom until the three things above are done, and the only way that is going to happen is when you make it happen...." Paulson Must Go
However, Mr. Denninger doesn't stop with Paulson but instead redirects his artillery towards conservative idol and so-called genius, Ben Stein who was last seen looking of for Mr. Buehler:
"Ben Stein needs to be locked up - or BBQd and eaten - for penning this article:.....
"Mr" Stein is an ass - and that's being polite.
This sort of "beggar thy neighbor" concept - that is, mass and intentional devaluation of one's currency (what else do you think happens if you "reflate" by throwing money around?) is precisely how we wind up with a hyperinflationary depression, which is far worse than a deflationary one.
Deflationary depressions are nasty business, but they are created by governments who attempt to stimulate economies beyond the point of reasonable credit and business growth, thereby guaranteeing a deflationary bust...."
He doesn't stop with Mr. Stein nor does he carry him for a few rounds but instead brings up his predictions from the beginning of this year:
"In fact I distinctly remember Mr. Stein being unabashedly bullish back in January of 2008. Indeed, here's what he said January 4th of this year:
'This isn't a development to strike terror into your hearts -- if you're a long-term investor, it signals a time to buy. (As I've said many times, if you're a short-term investor you can just skip my column.) The history of stock market investing is unequivocal on this point: When the market is low, when the economy is in a recession, it is -- in the long run -- by far the best time to buy.'
Such a wonderful record you have there Mr. Stein! Why, you'd only have lost what - 40% of your money listening to this buttclown (the SPX was at 1440, more or less, on the date that column was published, down ~125 pts from its top! That was a time to buy?!)..." Will Listening to Ben Stein Win you Money?
Our last stop is over at RedState where Blackhedd muses on the earthquakes in the bond markets today and how we are now in the realm of negative interest rates where under some scenarios right now insitutions are paying investors to borrow money. He finishes with a sobering statement: "we’re witnessing a temporary, short-lived effect. But it’s like a major volcanic eruption, or a nine-magnitude earthquake. It won’t last for a very long time, but it will produce a completely unpredictable amount of lasting damage.." Bond Market Earthquakes
And there arose to the north of Eden a tribe called the Hotty-Toddys, who were also called metros. And the Hotty-Toddys were very displeasing; they didst place centerpieces on their banquet tables, and didst exalt themselves much. And they didst glorify the southern kingdom of the past.
And for a brief time they didst enjoy success on the battlefield. But in the second year of the reign of John son of Joseph, a man named James, of the house of Meredith, of the nation of Cush, didst attempt to enter the seminary at Oxford. But the Hotty-Toddys despised and oppressed the Cush-ites, and refused him entry. But the Judges decreed that James must be allowed to enter. And the Hotty-Toddys rose up with great vengeance and furious anger, and didst burn their own city, and even slew two aliens in their midst. And the LORD saw that it was no good, and was much angered, and uttered a curse upon the Hotty-Toddys:
"THOU SHALT TASTE VICTORY ONCE MORE, THEN NEVER AGAIN SHALL THOU BE FIRST AMONG THY BRETHREN"
And after the following harvest, they didst enjoy their last great victory, then their warriors became lost in the wilderness. And a man named Elisha, who was also called Archie, didst attempt to lead them back to glory, but was wounded in the land of Eden and tasted not the fruits of victory. Then a great famine fell upon Oxford, until Eli son of Archie arrived upon a white horse. Eli led the Hotty-Toddys to many small victories, and girded his loins against an invasion by the warriors from Eden.
But Eli fell backwards*. And a great roar arose, and Johnny of the house of Vaught, the great king of the Hotty-Toddy past, didst ask "What be the meaning of this tumult?" For Johnny was a very old man, 93, and nearly blind. And the Hotty-Toddys cried in despair, "The invaders from Eden hath carried off the West championship! Our curse is still upon us, and the Heisman shall never come to the house of Manning."
And the LORD then caused a great delusion to fall upon the tribe of Hotty-Toddy, and they drove their general David from their midst, even though David had led them to victories for the first time in forty years. And they chose a recruiter of warriors from a western land, Bay Bay of the house of Yawyawyawyaw, because their delusion kept them from seeing he was a fool. And Bay Bay disdt tear his garments, and shout words none could understand. And the LORD loosed against the Hotty-Toddys bands of Cowboys, and Bulldogs, and even Commodores, who laid waste to Oxford. And the Hotty-Toddys continued to exalt Bay Bay, even as half his warriors disappeared from Oxford, and rued the days of Cutcliffe. And finally Les of Eden came to Oxford and destroyed it once and for all.
1 Samuel 4:3 Read more!
I've added the newsfeed for Baton Rouge Business Report at the bottom of the center column of this page. BBBR is one of the leading local business publications in the country and has an excellent website.
Where is Mississippi Business Journal's feed? Well, I would have added them except for one problem: they don't have a newsfeed.
Click Here to Read More..
Wednesday, November 19, 2008
Tuesday, November 18, 2008
Apparently Obama isn't liberal, aggressive or radical enough for Lotus over at Folo. First, she complains about his apparent decision not to prosecute officials in our government who sanctioned tough interrogations of suspected or captured terrorists, ignoring the fact Obama has access to better information than she does, since he began receiving national security briefings this year. Hmmm....maybe Obama saw what was actually going on instead of what some rag of a newspaper thought was taking place with these prisoners. She even wrote how disgusted she was over the Democrats' failure to tar and feather Joe Lieberman today (although I'm sure she never had a problem with Jim Jeffords voting with the Democrats). However, she has a solution for the Bush gang:
"I can’t easily imagine prosecutions in U.S. courts of Cheney, Addington, Yoo, et al. (whom Bush is very apt to preemptively pardon anyhow). But at the end of an investigative process taking place outside the Obama Administration, they — and why not Bush himself? — need to end up facing the World Court at The Hague. And then the monsters need to rot in jail." Obama Is Too Soft
So if our duly elected and appointed officials, including Democrats such as Obama (whom she gushed over throughout the campaign) do not prosecute Republicans to her liking, she wants a FOREIGN POWER to seize our leaders and force them to submit to its jurisdiction and prosecution, placing them on the same level as......Goehring, Milosovic and Tojo. I should not be surprised at her anti-American stance as she once advocated publicizing the names of military and CIA interrogators who were used to question prisoners while completely blowing off any security concerns one might have for doing such a thing. (Surprise. The thread no longer exists.).
Such statements are not merely a case of someone expressing how strongly she thinks about an issue but instead crosses the line as she advocates foreign powers seizing and punishing our elected leaders, something in times past would be considered to be sedition. I don't like Obama. I didn't want to see him in office. I didn't like Bill Clinton. However, not for one second, regardless of what they do, do I want any foreign power or agency prosecuting them or claiming the right to punish them. The Roman Republic was doomed when the Lotuses in the Senate decided winning elections were not enough but instead decided criminalizing and prosecuting all political opponents was the preferred method of handling disputes. If one of our leaders does create a criminal act, that is something for American law and institutions to handle. Some things are bigger than a hatred for "all things Bush" and one of them is American sovereignty and freedom. We fought the American Revolution and suffered through numerous wars so we could remain free of foreign inteference and enjoy our liberty. If Lotus wants to play citizen of the world, she is more than welcome to forfeit her American citizenship and live by the ideals of the world.
Anyone want to guess? I've posted the entire story in the comments section in case it is corrected but there is one very basic little piece of information missing here and given the tenor of the story, its omission is not accidental.
Answer: The story left out the actual results of the election while making it seem as if the Obama campaign lost a very close race in Mississippi. Since Mr. Lynch and Ms. Mott chose not to report what the vote actually was, here it is: McCain 57%, Obama 43% with over 160,000 more votes for McCain than Obama. This somewhat puts a different spin on the story as the article was the equivalent of a reporter not publishing the score of a 40-point Ole Miss loss while writing about the four first downs Ole Miss made and how good the team looked on those possessions and was about as credible. Final grade: D for effort, F for execution.
The Clarion-Ledger reported today merely having an open container of alcohol in the car will land you in jail if you are in Tupelo:
"When Cedric Robinson and his friend were pulled over by a policeman a few months ago, even though he was drinking a cold beer, Robinson didn't think he'd have a problem because he was a passenger. Robinson was wrong.
Because of an ordinance that prohibits open containers of alcohol in a motor vehicle on any public street or highway in Tupelo, Robinson found himself in jail." Go to jail. Do not pass go and don't take a drink either.
A little strict one would think although I'm sure the MADD Nazis are celebrating. There are good reasons for having open container laws but throwing someone in jail instead of just pouring the beer out and writing him a ticket is draconian, to say the least, especially if the driver can pass a blood-alcohol test. However, the Tupelo police want to make sure you really don't drink and um, walk:
"And don't get caught drunk walking.
Michael Harrison thought by walking home after leaving a bar instead of risking getting caught driving drunk he'd be saving himself a trip to jail.
But, even though he wasn't driving, Harrison was still guilty of a crime - public drunkenness. Because he wasn't aware of the law, Harrison said, he made a mistake he'll never make again. "I thought I was being smart by walking the couple blocks home instead of driving," Harrison said. "But I didn't know you could be arrested for walking drunk. That was my bad."
Harrison admits he was drunk and said the officer who arrested him was doing his job and was very professional."
This shows how warped the MADD Nazis and their police lapdogs in Tupelo have become. Don't drink and drive they say. So you are in a bar, realize had have a couple too many, and want to walk home so you don't endanger anyone. Sorry, you're going to jail. Of course, this IS Tupelo we are talking about, after all. These are the same badge-wearing thugs that strip-searched a teacher a few years ago. Remember the case? A parent whose little brat could do no wrong filed assault charges against a teacher (even thought the school district had investigated and cleared the teacher) . Fair enough as it is the parent's right to do so. However, the Tupelo police department didn't just arrest the teacher and let her bond out. No, they strip-searched and humiliated her then stridently defended their barbaric behavior when questioned about it by the media. Tupelo PD's thuggery caused such an outcry the legislature changed the law concerning how teachers were treated on such charges.
Nice to see Tupelo police are still a bunch of dumb rednecks with badges.
Monday, November 17, 2008
Want to know what our beloved President is considering? Pardoning Edwin Edwards. The biggest crook in Louisiana since the Longs actually stands a good chance of getting out of jail after only 6 years. The BayouBuzz reports:
"Sources close to the Bush White House are reporting this morning that the President is considering commuting the sentence of former Louisiana Governor Edwin Edwards before his term ends on January 20. In fact, a decision may be made in the next few days. Edwards is serving a ten year sentence in a federal prison in Oakdale, Louisiana. He began serving his prison term in October 2002. He will be eligible for parole in early 2011 at which time he will be eighty three years old.
Former Louisiana Governor Dave Treen, along with former U.S. Senators John Breaux and J. Bennett Johnston, combined forces to petition President Bush to commute his sentence. In fact, Treen has expressed confidence that Bush will act before his presidential term ends...."
EWE Goes Free?
Pardoning Edwards will place Bush on the same level as Clinton when he pardoned Mark Rich and some Puerto Rican terrorists. Edwards and his gang (many of whom went to prison) looted Louisiana for years. Setting Edwards free will be a spit in the face of the law abiding citizens of Louisiana who expect their government to protect them from silver haired, smooth talking wolves such as Edwards. If this is compassionate conservatism, I'd rather be a communist.
Sunday, November 16, 2008
From The Jackson Free Press (of course):
"Being allowed to operate a business in a community is a privilege and comes with responsibility. The government is the manifestation of the will of a people. The people of a community have a right to require businesses locating in them to not destroy their shared environment, they have a right to deny them access to their children in certain circumstances, they have the right to require a base wage and benefit package, they have a right to require them to pay taxes for services they benefit from...and more if deemed appropriate by the people. This is not a radical assertion, but a reasoned approach taking note of the history of private enterprise in America. posted by daniel johnson on 11/16/08 at 12:23 PM" You Exist to Serve This Ship. Row Well and Live, 41
Wonder where I have heard this before.
Kim Wade had Karl Denninger, http://www.market-ticker.org, and I on his radio show on WJNT on November 6. Here is the audio for the show that today. Mr. Denninger offers some very interesting analysis and the discussion was rather lively. Enjoy. The show starts at 9:10.
Hope you like the new look after I changed the layout this weekend for Jackson Jambalaya. The old format was hard to read for many people and limited what I could publish. The three column format allows me to add more stuff and save you from scrolling a mile down the page to find items of interest. I've added a daily quote feature (I pick them out myself) and updated the feeds. I've added The Market Ticker, Mish (a finance/economic blogger), Redstate.com, The American Thinker, and The Clarion-Ledger. Just to show I'm not scared of different views as other publications in Jackson are, I've also included two more liberal blogs, Folo and Cottonmouth, in the regular feeds as well. Preaching to the choir does get boring, you know. Hope you enjoy the changes. KFClick Here to Read More..
He recently wrote about Blackberries:
"The Web browser is better than in the past but still not up to iPhone quality. According to AT&T, you can download FireFox or Internet Explorer instead of the standard BlackBerry browser.." Blackberry Advice
Anyone who has a Blackberry usually downloads Opera, which is far superior to the BB browser. Pretty much common knowledge among Blackberrry users.
Saturday, November 15, 2008
A friend of mine and I paid a visit to Sal and Phil's last night. It had been some time since I ate there so I was somewhat looking forward to our culinary excursion. I can safely say our experience there was a disappointment. The first clue should have been when we drove up at 7:30 on a Friday night as there were very few cars in the parking lot. This is usually a tell-tale sign about a restaurant in Jackson. Only a couple of tables had patrons. The staff was friendly enough and the facilities were clean.
The food was strictly average in quality. We ordered fried crab claws. They were somewhat dry with a little too much of a corn-meal taste to them (reminded me of hush puppies). My friend ordered the sweet shrimp. She only ate half of her order despited being very hungry as the shrimp were tough and not seasoned well. As she is a shrimp carnivorus maximus, I was surprised she ate so few of them as she nibbled on my french fries. I ordered the redfish and thought it was pretty good. Not dry, seasoned well, just right. The salads were fine although the salad bar was didn't offer much with few toppings available and only three dressings to choose from: Italian, Thousand Island, and Ranch.
The service was mediocre. Our food was brought to us almost immediately after we got our salads. We had several waiters. Had to ask for the silverware. Our waiter told us after serving our food we were getting another waiter as he had to prepare food for the next day. No big deal. Unfortunately, the next waiter starting pestering us literally every two or three minutes. It was pretty obvious he was trying to rush us off as he kept asking if we wanted the check (It wasn't even 9:00) and then kept rushing back every couple of minutes to see if we had it ready. I'm sure he wondered why he got a small tip.
Anyway, the grade for Sal and Phils is a C. Cleanliness was an A. Decor (for the type of restaurant it is) is an A. Food: Redfish B+, Shrimp: D. Service: C-. Prices: B.
Dear Congressman Pickering:
Please resign and let Gregg Harper assume office several weeks early. This sounds harsh but frankly you failed your constituents recently when the bailout bill passed as you earned the distinction of being the ONLY Mississippian in the House or Senate that voted for its passage. Your constituents knew this was a bad bill as the calls to your office ran very heavily against it. Despite what they told you in emails and phone calls, you instead chose to support a bill that has been nothing but a disaster.
You violated your so-called conservative principles in allowing the Secretary of the Treasury to FORCE companies to sell shares to the government. While Americans are burdened by the costs of this bailout, a market meltdown, and a slowing economy, you chose to vote for sending money to the Chinese and other foreign banks instead of protecting your constituents. However, the worst part was you voted in lapdog fashion for a Treasury Secretary's lies that this bill going to be used for the purchase of toxic assets and mortgages by the federal government so that the markets could stabilize. Instead, the markets have plummeted and Paulson admitted lying to Congress and the American people.
As fewer and fewer people have any confidence in Paulson, it is time to start holding our representatives who voted for this debacle accountable. It sickens me that only a few left-wingers like Kucinich were grilling Paulson's stooge yesterday over his misrepresentations while most Republican congressmen sat on their hands. This is a Treasury Secretary who has helped his friend at the Fed send $2 trillion to the banks while refusing to tell us where our money is going. He lied to us when lobbying for passage of the bill. Paulson lobbied in 2000 and 2004 for the SEC to change its rules on leverage limits, which are the main cause for the market meltdowns. Every time Paulson has announced a new measure to cure the financial crisis, within a few days or weeks, he changes his story.
I remember when you announced your decision not to run for re-election that after the Democrats won in 2006, you said being in Congress " wasn't fun anymore" in a statement that was a far cry from what true conservatives such as Gingrich and Kasich would have said. In fact, Gingrich went on Fox News during the debate and gave you the blueprint: vote no, tear up the bill, start from scratch, get some real Reagan conservatives around the table, and propose a realistic plan instead of this joke. However, voting for socialism (and that is exactly what nationalizing banks and other industries are) while claiming to be a conservative is nothing but a betrayal of your campaign promises to us as well as your duty to represent our interests. We voted for a conservative defender, not a Bush-Paulson-Pelosi-Reid lapdog.
If you have mailed it in and refuse to apologize to your constituents for voting for this bailout mess, you should resign. There is going to be a lame-duck session and the Democrats are going to attempt to use this bailout package to further nationalize more of American industry. If you are not willing to fight for conservative principles and the best interests of the Third District as principled conservatives such as Congressmen McCotter and others have done, then you should resign and allow Gregg Harper to fight for us.
Friday, November 14, 2008
What were we told in September? We HAD to pass the bailout bill. Had to. What did Paulson tell us as he demanded we give him unprecedented power? We were going to use this bailout bill to buy toxic assets from financial institutions and stabilize the markets. If I heard it once I heard it a hundred times from the Treasury Secretary.
SOOOOOO....... what did he tell CNBC today?
"Treasury Secretary Henry Paulson defended his decision to change how the $700 billion financial bailout fund is used, telling CNBC that the spreading credit crisis forced the government to focus on injecting capital directly into banks instead of buying up toxic mortgage assets.
"By the time the process with Congress was completed, it was clear that we were facing a much more severe situation than we had envisioned earlier on," Paulson said in a live interview. "We have this limited pool of resources—big, but limited, $700 billion—and how do we use that, and get the maximum impact, and it's by putting capital in (banks)."
It took Congress all of FIVE DAYS to pass this bill? Remember? The bill was drafted on Sunday, died on Monday in the House, then was resurrected and passed on Friday (and investors smote the markets as they shewed their wrath at what had been done)
Does anyone believe Paulson? He promoted this bill by saying we had to buy these troubled mortgages and toxic assets KNOWING that was complete BS and he intended to do something else. Paulson's main talking point was how the bill would allow him to buy toxic assets.
Unfortunately, the media has said virtually nothing about this. Just another ho-hum news story. The American people don't care as they shrug their shoulders while the economy worsens. They act like slaves who have accepted their fate. Why shouldn't Paulson and his media accomplices treat Americans like slaves when they act like slaves? People need to wake up and start demanding true accountability or else they will deserve everything that happens because of this meltdown.
Click Here to Read More..
"From left, are Rebecca Bailey of Pearl, Kristen Cox of Raymond, Liz Raby of Itta Bena, Most Beautiful Kayla Latham of Florence, Victoria Scales of Pelahatchie and Coley Bush of Clinton." (credit: Clarion-Ledger)
Ms. Bush would've been my choice, followed by Ms. Latham, then Ms. Raby
Here is a recent statement made by Ronnie Agnew, Executive Editor of the Clarion-Ledger and recent award-winning journalist:
"Barack Obama does not deserve the pressure that is about to be thrust on him. But he asked for it, and now it is his to fix. We're a nation fighting two wars, facing hostility around the world, an economy that rivals the Great Depression, consumer confidence that is at record-low levels and an even lower view of Congress..."
Doesn't deserve it? Barack's a big boy. He DID run for the job. Assuming he took his job as Senator seriously, he knew what he was getting into when he decided to run for office. Did you see such sympathy for Reagan or Clinton when they ran for office in tough economic times? But poor little Barack. We don't want things too tough for the black guy. Its not fair. He doesn't deserve it.
However, that statement is not my favorite line in his column. This is: "an economy that rivals the Great Depression". 2+2=5 in Clarion-Ledger economics. So an economy with an unemployment rate around 6.5%, inflation under 4%, and GDP decline of around .3% last quarter (and 2.8% growth in 2nd quarter) is the equivalent of the Great Depression which had an unemployment rate of 25%? Its no wonder their editorials are so often off-base or wrong on facts when they don't even know basic history or economic literacy at the "state newspaper".
Thursday, November 13, 2008
ll80 AM. Kim's pretty hot about Paulson lying (surprise) about the bailout bill. Denninger will be on the show today. Promises to be a good one. You can stream show at http://www.wjnt.comClick Here to Read More..
I believe we may be days, weeks or (at the outside) months away from The United States reaching the point of no return in the mismanagement of this financial mess.
"We are dangerously close to investors worldwide coming to the realization that Ben Bernanke at The Fed has taken in "collateral" that is not worth anything close to what has been claimed - that is, that he's been lying all along.
In fact, if you remember back when Bear Stearns was first bailed out we were told there was little chance there would be any impairment on those so-called "assets" as a significant haircut had been taken - but The Fed has been quietly writing down the "assets" in "Maiden Lane", the Bear Bailout facility, without any significant announcement or discussion with Congress. (Yes, I know, Blackrock "claims" the collateral has been performing well on a cashflow basis. If all this is true, why can't we all see the details?)
Should investors around the world (and in the United States) come to believe that Treasury, The Fed and Ben Bernanke are liars, they would then be forced to conclude that they have in fact conspired to monetize a significant part of the bad paper "accepted" through the various facilities - which would mean The Fed has been "printing money" (despite telling you he had not in his latest Congressional testimony.) ...."
"Out of the roughly $2 trillion committed thus far only about $450 billion of this money was actually passed through Congress - $100 billion in initial backstop for Fannie and Freddie, along with $350 billion for the first half of the TARP. Nearly all of the rest was committed literally by fiat in The Federal Reserve and Treasury without a bill in Congress, Congressional debate, or a vote.
We have discovered that Treasury, on its own initiative, changed tax policy in a fashion that will cost taxpayers another $150 billion, this beyond the TARP as well, without Congressional approval - this time as an "incentive" for banks buying up other banks.
Under The Constitution all revenue bills must originate in The House.
Congress is "afraid" to call this what it sure looks like to both me and many of them - illegal - for fear of scuttling deals that were done under the "TARP" of darkness....."
"Ben pointed his liquidity gun at the market, pulled the trigger, and got......
Game's over Ben; you no longer have "liquidity" to shower on the market; there's no take-up.
Now we're left with either (1) doing the right thing or (2) Weimar Germany-style printing.
Oh, to Henry Paulson, who is lying once again on national TV this morning:
Shut the hell up.
You're full of crap.
You've prevented nothing. You have in fact lied to Congress about the purpose of your $700 billion "TARP", which has been used to buy up competitors and pay bonuses, and you changed tax policy without a vote of Congress in the dark of night, which you STILL haven't talked about in public. You didn't know what you were doing originally and it is obvious that you still don't.
In fact, Rick Santelli put it quite simply on television this morning in regards to what you did by holding up two pieces of paper:
BAIT (and) SWITCH
Your (and Bernanke's) continued cheerleading and falsehoods have destroyed business and consumer confidence. Every time you open your mouth the market tanks, because you still have not decided to tell the truth. "Securitizing credit" is a pointless exercise until the excessive debt is defaulted, as there is no demand for additional credit when the consumer is tapped out and businesses are failing.
You continue to talk about increasing credit in the system when the cause of the problem in the first place was excessive credit creation. ...."
Tuesday, November 11, 2008
What would a day be without a post on The Market Ticker? Denninger blasts the government and the fed, the same parties who refuse to tell us who they gave $2 TRILLION to in their lil bailouts so far:
"We have an agency that has a federal charter and operates at the pleasure of Congress, and a branch of the executive, both of which made promises to Congress (and the American People) in the management of near $3 trillion dollars - or 1/5th, roughly, of the US GDP, and equivalent to the size of the entire federal budget ($3 trillion), yet exactly none of this has been fully disclosed, there are gifts being handed out all over the place, and some Congressmen have concluded that at least some of the actions taken thus far have been and are against the law.
Oh Mr. FBI Man! Where are you?...........
Read the rest of his column. It was very informative as it discussed the government and AIG lying to us while AIG got ANOTHER bailout package, the Fed's refusal to disclose where $2 trillion is going, and how Paulson is buying worthless credit default swaps for 50 cents on the dollar.
The Jackson Free Press reported on a little remark made in federal court yesterday:
"A visibly incensed Mark Blumberg, attorney for the prosecution, called the motion "without a doubt one of the most irresponsible pleadings I have ever seen in my career."
Well now, considering the motion was filed by Mr. John Reeves, he shouldn't be too surprised as any regular reader of this blog could have told him. Remember this post?
"Mr. Reeves has been before the Mississippi Supreme Court in the past as someone sent this case to me, IN THE SUPREME COURT OF MISSISSIPPI, NO. 96-CA-01018-SCTCONSOLIDATED WITH NO. 97-CA-00814-SCT; BILL McBRIDE v. MERIDIAN PUBLIC IMPROVEMENT CORPORATION AND THE CITY OF MERIDIAN.
In this case, Mr. Reeves was publicly admonished by the Mississippi Supreme Court after appealing the following decision by the trial court:On May 22, 1997, a subsequent hearing was conducted by the Chancellor on the City's Motion for Fees and Costs Pursuant to the Litigation Accountability Act of 1988. By Opinion and Judgment dated June 25, 1997, the Chancellor entered judgment in favor of the City against McBride's attorney, John R. Reeves, in the amount of $9778.93......
The Court, in affirming the sanctions against Mr. Reeves for filing a frivolous lawsuit, ruled: As an attorney and legislator, Mr. Reeves is aware of Litigation Accountability Act of 1988 and is expected not to file a lawsuit that is without substantial justification. He had every opportunity to research and insure that this claim had a hope of survival; he chose to file this suit and to pursue it even after he learned of the validation proceedings. Even if Mr. Reeves filed this suit with a hope of success, once he learned of the validation proceedings he should have voluntarily dismissed this suit..." http://kingfish1935.blogspot.com/2007/12/reeves-might-want-to-be-careful-about.html
Monday, November 10, 2008
"McCain campaign manager Steve Schmidt explains that it's not his fault:
The moment that I will look back at as the moment deep in my gut that I knew, was September 29, when I was flying on a plane with Governor Palin to Sedona for debate prep, watching the split screen on the TVs . . . and it showed the stock market down seven, eight hundred points; it showed the Congress voting down the bailout package on the other side, and then, House Republicans went out and told the world that the reason that they voted against this legislation, allowed the stock market to crash, allowed the economy to be so injured, was because Nancy Pelosi had given a mean and partisan speech on the floor. And this was their response. And I just viewed it as beyond devastating, and thought that at that moment running with an "R" next to your name, in this year, was probably lethal.
Got that? House Republicans "allowed the stock market to crash," and that's why John McCain lost, rather than because of Schmidt's insistence on Sept. 24 that the candidate suspend the campaign, call for a postponement of the debate, and fly to Washington to push for the unpopular $700 billion bailout. Classic."American SpectatorKeep in mind Schmidt is on Red State's "Operation Leper" list: Operation Leper Click Here to Read More..
Sunday, November 9, 2008
Denninger of The Market Ticker opines the threat of a depression has become more real:
"It only took nearly a year and a half from when I started to sound the alarm before the evidence became incontrovertible and the media began to wake up: over a million jobs were lost, the market is down 40% (with a target of down 90% - halfway there on the road to hell!) and unemployment is in the process of skyrocketing.
But the voices calling for "more hiding of the truth!" have not ceased; indeed, the stridency of their screaming has gone parabolic..........
The greatest area of danger here is that The Fed is in fact trying to catch not a falling knife but rather a falling piano. The idea that The Fed can prevent a debt deflation of this magnitude is pure folly; even with expanding its balance sheet from $800 billion to over $2 trillion in less than a year and increasing its leverage to 50:1 (as of the most recent Fed report) it pales beside a housing market that has roughly $3 trillion of bad debt to be expunged - and that's just one sector of damage. ....."
Saturday, November 8, 2008
James Jennings filed a lawsuit against Hinds County Court Judge Houston Patton and former Hinds County District Attorney Ed Peters yesterday in federal court in Jackson. The lawsuit claimed Judge Patton illegally confined Jennings in order to "coerce him to forego a civil judgement" and that Peters engaged in a conspiracy with Patton to indict and prosecute Jennings under false pretenses.
Jennings' Complaint Against Houston Patton and Ed Peters
The nightmare for James Jennings began ( According to a finding of fact by the Mississippi Bar) "on September 24, 1993, as a judgement in favor of Jennings in the amount of $35,000 by Judge Houston Patton (p.4)...... Mississippi Bar's Finding of Fact
Jailtime for Jennings
Unfortunately, Jennings was unaware his ex-wife filed telephone harassment charges against him. On February 1, 1994, Justice Court Judge Clyde R. Chapman signed an order and mittimus to place Jennings in the county jail until a bond was posted.... (p.4) On February 11, Justice Court Judge Raymond Bates signed a warant for Jennings' arrest...... It should be pointed out Jenning's ex-wife then hired local attorney James Bell (remember him?). Jennings became the Man in the Iron Mask as Judge Patton sent Jennings back to jail without ever affording Jennings the opportunity to have counsel..... (p.6. He was imprisoned on March 5).
Ten days later, Jennings was still in jail. Bonds were refused, release orders were found, then revoked by judges. Jennings was tried in absentia. His new attorney was not allowed to represent him. Every legal trick in the book to keep Jennings in jail was used as he continued to rot in a Hinds hellhole. Finally his lawyer cornered Judge Patton on March 15. Ms. Pierce spoke with Judge Patton in the foyer of the Hinds County Courthouse and asked Judge Patton what it would do to get Jennings out of jail. Judge Paton replied "get the agreement (giving up his judgement of $35,000) signed." (p.9)
"It became clear to Ms. Pierce that in order for Jennings to be released he would have to give up his $35,000 judgement against Kenney. Mr. Kirstine (Jennings' other lawyer) drafted the agreement for Jennings to sign. Jennings at first emphatically refused to sign the agreement. After much protest, Jennings eventually signed the agreement and was then immediately released.
It is important to note that at no time during Jennings' incarceration was he ever charged or tried for any alleged conduct but instead was simply held in jail until he agree to give up his rightfully obtained judgement against Kenny. Jennings was apparently deprived of due process which would give rise to claims under 42 U.S. Code Section 1983." Jennings sat in jail for nearly two weeks as he became a pinata for Judge Patton and his judicial cronies.
Jennings later filed a complaint against Judge Patton with the Mississippi Commission on Judicial Performance and hired Jackson attorney Keith Shelton to represent him in a Section 1983 action against the Hinds County Jurist. It should be noted the narrative for this ordeal is taken directly from the Mississippi Bar's finding of fact and is not just hearsay or some outrageous claim made by Jennings. (There are many more details, including some that are very juicy, but in the interest of presenting a story easier to follow, they have been omitted from this post. Please read the rest of the findings and accompanying affidavits).
The Empire Strikes Back
While discussing a possible settlement of the lawsuit, Judge Patton informed Jennings' lawyer, Shelton, he would settle if he dropped the complaint with the Commission. It is a pretty well established point of judicial ethics in Mississippi that once a complaint is filed against a judge or lawyer, it cannot be dismissed by the person who signed the complaint. The two sides agreed to a sum of $25,000 for settlement, with Judge Patton paying Jennings $5,000 up-front and the rest in installments. Meanwhile, Judge Patton contacted law enforcement and told them Shelton and Jennings were attempting to extort him, while neglecting to mention he himself was the subject of an ethics complaint filed by Jennings and a possible Section 1983 lawsuit.
Patton wore a wire to the meeting. He paid Jennings the $5,000 and both parties signed the settlement agreement. Shelton and Jennings were later arrested and then indicted. The charges were later dismissed as Hinds County Assistant District Attorney Robert Taylor (served from 1982 to 2006). Taylor stated Judge Patton deviated from the script he was given. Taylor said he didn't understand why they were indicted and said seeking the indictments "was an egregious error". Taylor testified to the bar "it's clear in retrospect we didn't get the complete story."
Taylor revealed some other important facts in an internal memo:
"After examining the transcript of the conversation, it was determined that Judge Patton had deviated from the script given to him in many material ways. Also, it was agreed the suspects had not said things which were quite incriminating enough. Everyone who reviewd the case at that time, agreed there now was no case against either Shelton or Jennings. I was not one of the persons who reviewed the case. I know that Tommy Mayfield, Ed Peters, and another Assistant did. Again, it was agreed there was NO CASE.
Then for reasons which are unclear to me, and will never be clear, the case against Shelton and Jennings is presented with the recommendation of this office that True bills (indictments) be returned as to both defendants for Conspiracy and Bribery. This was in fact done....
This case lacks, and has never had any prosecutive merit. The decision to send it on to the Grand Jury was an egregious error......" Robert Taylor Memo (Kingfish note: Do any of these names sound familiar? See The Robbie Bell Case Family Tree)
However, Taylor also testified his boss, Ed Peters (who was D.A. when Jennings was arrested and indicted), would indict defendants on a "dare" just to see if he could get away with it. It should also be noted Taylor was a partner of Tom Royals when Royals defended Peters in the NASA case in the 1970's. See Ed Peters: Do Leopards Ever Change Their Spots? Taylor stated he was not sure who indicted Jennings, as it could have been one of any number of prosecutors but that once he became aware of the flaws and misrepresentations in the case, he moved to dismiss it.
Jennings Files Complaint against Peters and Patton
The complaint states "Unbeknownst to Mr. Shelton and Mr. Jennings, the Defendant Patton had contacted the Hinds County District Attorney’s Office and falsely and maliciously claimed that Mr. Shelton and Mr. Jennings were attempting to bribe him. The Defendant Patton’s initiation of criminal charges against Mr. Jennings and Mr. Shelton did not constitute a judicial act. On, or about, April 16, 2008, Mr. Jennings and the Defendant Patton signed a settlement agreement and release which ostensibly resolved Mr. Jennings’ civil rights claim.
After consummating the settlement, the Defendant Patton left and Mr. Jennings and Mr. Shelton were arrested as a direct result of the false and malicious claim by the Defendant Patton that Mr. Jennings and Mr. Shelton were attempting to bribe him. The Defendant Patton in making a criminal complaint and preparing an affidavit which he knew was false and in withholding exculpatory evidence initiated a prosecution of Mr. Jennings without probable cause.
Mr. Jennings was indicted by a Hinds County Grand Jury on August 14, 1997, for the felony offense of bribery based on the false affidavit and/or the false testimony of the Defendant Patton. The false affidavit and/or the false testimony of the Defendant Patton invalidated the probable cause determination of the Hinds County Grand Jury.
The Defendant Peters was at all times relevant to this civil action the Hinds County District Attorney. The Defendant Patton and the Defendant Peters, pre-indictment, individually and in combination, fabricated evidence and withheld exculpatory evidence for the sole-purpose of prosecuting Mr. Jennings without probable cause.
The Defendant Peters, pre-indictment, also rendered eroneous and false legal advice to the police and others regarding the existence of probable cause to arrest Mr. Jennings based on the fabricated evidence and withheld exculpatory evidence for the sole-purpose of prosecuting Mr. Jennings without probable cause...."
Jennings requests the following remedies:
"1. actual damages in an amount to be determined by the trier of fact;
2. compensatory damages for emotional distress, suffering, inconvenience, mental anguish, humiliation, shame, loss of self-esteem, fear, embarrassment, and injury to reputation and professional standing which Mr. Jennings has suffered or may suffer in the future;
3. punitive damages;
4. reasonable attorney’s fees; and
5. reasonable costs;"
There is no record of service of process for Peters and Patton of the lawsuit yet. Credit must be given to the website FOLO, http://www.folo.us/, which originally published details of this nightmare in The Shelton Series. Sources have also informed Jackson Jambalaya a complaint was filed several months ago with the Mississippi Commission on Judicial Performance against Judge Patton for his performance in this affair. The disposition of the complaint is not yet known at this time.
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Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.