Tuesday :: Jun 27, 2006

Keeping The Piece

by pessimist

Recent discussion on this blog has centered around the issue of whether the Bu$h (mis)Administration is incompetent, or is actually successfully following a script. Considering the events which brought Hitler to power in 1933, I throw in with the latter.

John Murtha's claim that the U.S. poses the top threat to world peace is actually a bit premature. While Iraq and the other military fiascoes are certainly bad for peace, the real violence is going on right here in the US.

Senator John Edwards understands what is going on, as he revealed in a recent speech:

Former senator John Edwards gave a terrific speech to the National Press Club Thursday, one that felt like eloquence from another age. His theme: America should end poverty in three decades, mainly by rewarding work and promoting opportunity.

Too true, John. But the following several articles point out just how work is rewarded and opportunities are promoted under Bu$h:

GOP-run Senate kills minimum wage increase. The Senate vote marked the ninth time since 1997 that Democrats there have proposed — and Republicans have blocked — a stand-alone increase in the minimum wage.

General Motors will on Monday disclose details of one of most dramatic corporate downsizings in US history, exceeding a key target of its turnround plan and accelerating the demise of the privileged American car worker.
A total of 50,000 workers or more is set to leave the industry over the next few/months.

But the cost of providing Bu$hCo campaign contributors continues to rise:

Oil prices rise on back of gasoline rally

Crude-oil futures rose Monday on the heels of a rally in gasoline that brokers attributed to a shipping snag along the U.S. Gulf Coast that was having some impact on refinery operations. The Coast Guard said Sunday that only limited tug and barge traffic had resumed through the Calcasieu Ship Channel, which had been off limits due to the spread of oil from a spill last week at the Citgo Petroleum Corp. facility in Lake Charles, La.

"The longer this thing stays backed up, the more likely those refineries are going to have to cut back," said Tom Bentz, a broker for BNP Paribas Commodity Futures in New York.

How CONVENIENT! Raise prices (and profits) through making Hugo Chavez' Citgo look bad environmentally! Brilliant!

All that is left to do is lock in the protection of the profits:

Sen. Chuck Hagel wants hearings on how to protect investors in hedge funds now that the $1.3 trillion industry has freed itself from regulation by the Securities and Exchange Commission.

"We need to take a look at what is responsible and appropriate oversight with regard to hedge funds," Hagel said in a statement in response to a question from Reuters. "This will require further Banking Committee hearings."

No dates have not yet been set for another hearing on hedge funds.

And we thought only Arlen could Talk No Walk!

Last Friday, a federal appeals court dealt a major blow to the SEC when it tossed out a rule requiring most U.S. hedge fund advisers to register with the agency.

The SEC rule, which went into effect in February, was a key first step in regulating an industry, which saw its assets double in the past five years as pension funds, endowments and charities poured in billions of dollars to boost their investment returns.

Before the appeals court ruling, the SEC rule covered hedge funds with more than $30 million in assets and 15 or more clients. It subjected them to periodic audits and other procedures to discourage would-be cheaters.

Does anyone else smell another major Enron-like fraud coming on? Grandma Millie's trust fund is in great danger - along with the economic health of the entire nation.

It was what cemented the Nazi Party into power in Germany in 1933, and it is intended to cement the Radical Republican Religious into power in America.

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pessimist :: 3:39 AM :: Comments (9) :: TrackBack (0) :: Digg It!