Daily Digest

Daily Digest 2/4 - Whitney to Testify on Muni Call, Weather a Factor in Slow Job Growth, Oil Near $91 in NY

Friday, February 4, 2011, 11:00 AM
  • Meredith Whitney Called To Testify Before House On Her Muni Call
  • Oil Prices: Too Early For A Choke Point
  • Growth Of World Hydrocarbon Prices Can No Longer Help Russia
  • Reagan for President...of China!
  • U.S. Jobless Rate Falls to 9% in January; Payrolls Rise 36,000
  • Weather a Factor in Slow U.S. Job Growth
  • Oil Near $91 in New York After Falling on U.S. Economy, Supplies

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Economy

Meredith Whitney Called To Testify Before House On Her Muni Call (pinecarr)



According to Charlie Gasparino, the intifada between Meredith Whitney and the rest of the world just got uglier. According to the former CNBCer, the one-time Citi scourge has been called in to testify before the House TARP committee and explain her less than favorable position on munis. From Dow Jones: Meredith Whitney has been called to appear as a witness at an upcoming hearing by the U.S. House TARP oversight subcommittee, Fox Business Network's Charles Gasparino reported Thursday.

Oil Prices: Too Early For A Choke Point (deb)



Tightening efforts in China have had virtually no impact on energy demand, as crude oil imports remain in a strong uptrend as the country transitions to a ‘car economy’. Furthermore, physical demand for oil has started to draw down energy inventories in the OECD countries despite an increase in OPEC production and non-OPEC supply.

Growth Of World Hydrocarbon Prices Can No Longer Help Russia (walter)



At the same time, investments - the guarantee of successful and stable development - continue to decline, despite all of the world market conditions that are favourable to Russia. While in 2006, at 67 dollars per barrel, the influx of capital comprised over 40bn dollars, and in 2007, when a barrel cost an average of 75 dollars, 81bn dollars came into the economy, in 2010 - at oil prices of 85 dollars per barrel, we are seeing an outflow, which the Central Bank and Rosstat [State Statistical Service] appraise at approximately 38bn dollars. This year, oil prices have already reached the mark of 100 dollars per barrel, but predictions for influx of capital and growth of the country's GDP remain sooner in the minus zone.

Reagan for President...of China! (joe)



By promoting domestic growth, a strong currency is welcome, as it dampens inflationary pressures. Commodity prices in local currency go down as the currency strengthens. Given that China is a major importer of commodities, a strong Chinese renminbi will help tame inflationary pressures. China has been reluctant to allow its currency to rise, mostly because of the feared negative impact on exporters. We are not as pessimistic, as our analysis shows that Chinese companies have pricing power: China has long given up competing on price, as the goods and services exported from China are at the higher end of the value chain. Think about it from a U.S. corporation’s point of view: to remain competitive, more outsourcing needs to take place at a time when just about everything is outsourced already. As a result, ever more complex processes are being outsourced. China is best positioned in the world to accommodate complex outsourcing projects.

U.S. Jobless Rate Falls to 9% in January; Payrolls Rise 36,000



Payrolls in construction and transportation, industries most affected by bad weather, dropped in January, while factory employment rose the most since August 1998. Federal Reserve Chairman Ben S. Bernanke is among policy makers still concerned the pickup in growth is failing to revive the labor market quickly, one reason why the Fed said it will continue a plan to add another $600 billion into the economy.

Weather a Factor in Slow U.S. Job Growth



For the unemployed, the slow addition of jobs is increasingly frustrating. “If you want to get there and you’re sitting in an airplane, the fact that the airplane is moving 20 miles faster down the runway doesn’t matter to you,” said Cliff Waldman, economist at the Manufacturers Alliance/MAPI, a trade group. “You want it to take off.” The Labor Department’s monthly snapshot of the job market also included its annual “benchmark revisions,” which suggested that job growth during 2010 was actually lower than originally reported.

Oil Near $91 in New York After Falling on U.S. Economy, Supplies



"U.S. Fed Chairman Bernanke noted that 'it will be several years before the unemployment rate will return to a more normal level,' generating cautious sentiment," Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., said in a note today. "A firmer U.S. dollar and bearish oil sentiment, after the recent build in Cushing stocks to record levels, weighed on prices."

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

22 Comments

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest 2/4 - Whitney to Testify on Muni Call, ...

"The Federal Reserve’s total assets rose by $25.9 billion to $2.47 trillion as the central bank bought Treasury securities as part of the second round of its quantitative easing strategy.

Treasuries held by the Fed increased by $23.7 billion to $1.14 trillion as of yesterday, according to a weekly release by the central bank today. Mortgage-backed securities held by the Fed and holdings of federal agency debt were unchanged in the week ended Feb. 2.

The central bank has purchased $295.4 billion in Treasuries since Nov. 12 under plans to purchase $600 billion of government debt through June and reinvest proceeds from maturing mortgage debt. "

"Nevada has had the nation's highest unemployment rate since May, and it set a record high of 14.5 percent in December. The state's unemployment insurance trust fund went broke in October 2009, and like many other states, Nevada has been borrowing from the federal government since then to pay benefits.

Cindy Jones, administrator for the Employment Security Division, said Nevada is on track to borrow $890 million by the end of 2011 and $1.08 billion by the end of 2012.

Interest on loans from the federal government is expected to cost $66 million in the upcoming biennium — money Gov. Brian Sandoval recommended be paid out of the state general fund."

"Feb 3 (Reuters) - State and local government budget cuts and tax hikes will be a major drain on the U.S. economy, the chief economist for Moody's Analytics, Mark Zandi, said on Thurday.

And if state and local governments suffer a string of municipal bond defaults, U.S. economic recovery could be threatened, Zandi warned Congressional lawmakers.

The Senate hearing was called as Republicans in Congress push for cuts in funding to states and local government to shrink the federal deficit and lawmakers fret about the impact this could have on the U.S economy.

Local and state fiscal problems have already prompted investors to dump assets in the $2.8 trillion municipal bond market over the last three months."

Latest Observations:

Date 2010-09 2010-10 2010-11 2010-12 2011-01
Value 64.7 64.5 64.5 64.3 64.2

...............................4A) US unemployment down in January as jobless give up (BBC)

"But the number of people "marginally attached to the workforce" - meaning they were not actively looking but available to work - stood at 2.8 million, up from 2.5 million a year earlier."

average

Latest Observations:

Date 2010-09 2010-10 2010-11 2010-12 2011-01
Value 33.4 33.9 33.9 34.2 36.9

Other news, headlines and opinion:

 

Fed chief Ben Bernanke denies US policy behind record global food prices

Barker Says BOE Has Lost Some Credibility on Inflation Bout

Trichet Signals No Rush to Raise Rates Even as Inflation Tops ECB's Limit

Pakistan adds zero to huge debt burden

Treasury to Sell $156 Billion in Debt (Next week)

Pennsylvania schools could lose $1 billion

Greece calls on public sector to work longer hours without a pay rise

Don't Expect Commercial Property Rebound In 2011 - Study (Europe)

Nevada Medicaid Applications Up 60%

Crushed by Medicaid costs, states expand managed care

Fitch downgrades Egypt's debt rating

Moody's Warns Of Possible Downgrades For Nassau County

Audit shows Providence has $57 million budget gap

Bell could start running out of cash in May as deficit grows

California cities top most miserable list

SAN BERNARDINO COUNTY: Pension fund's health raises concern

Unemployment Tax Hike Expected To Fuel Job Loss (SC)

 

 

Poet's picture
Poet
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CM.com is not Yahoo!

Every day that I see those idiots on Yahoo! Finance spamming and spouting off racist and ideological hatreds and half truths and untruths and "birther" propaganda, is a day that I'm happy to be here.

Poet

debu's picture
debu
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Posts: 216
Re: Daily Digest 2/4 - Whitney to Testify on Muni Call, ...

The FT ran a particularly silly editorial the other day “Oil under control” (!!??) http://www.ft.com/cms/s/0/6a0473b0-2e44-11e0-8733-00144feabdc0.html (sub req) on how the global economy could manage today’s high oil prices which prompted me to leave a slightly mocking comment (see below) about the newspaper’s staunch refusal to acknowledge peak oil.  For my troubles, commenter “RiskManager” (!!??) accused me and others concerned about finite supplies of affordable oil as being OPEC’s “useful idiots”.

I laughed. I cried. It really is hopeless.

Dave Cohen at the Decline of the Empire blog has a typically mordant piece today describing the entrenched attitudes we are up against.

http://www.declineoftheempire.com/2011/02/finite-earth-therapy.html  No sub req and an essential daily read to my mind.

The slightly mocking comment wuz:

Events in the economies and financial markets of the developed countries over the past few years hardly inspire confidence that they are able to cope with oil prices at current levels.

This editorial seems to more of the "mustn't frighten the children" (or should that be "advertisers") peak oil denial that is de rigueur for the FT.

The only remedy it failed to mention was the need for another $100 trillion of credit favoured by Davos Man types. After all, the first $100 trillion worked out well...for Davos Man, that is. So, yes indeedy, let's print the oil!

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Mikey1052
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Re: Daily Digest 2/4 - Whitney to Testify on Muni Call, ...
Santelli Slams CNBC Panelists for Spinning Jobs Report
CNBC's floor reporter criticizes 'kool-aid drinkers' for trying to find good news in the 'disappointing.'
 Video...
 
The one honest voice on the Squawk...
 
 
 
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osb272646
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Treasury to sell more than $156 billion in securities next week

There seems to be an error in the title to the article included in Saxplayer's summary.

 

Shouldn't it read: "Bernanke to print more than $156 billion next week" ?

 

 

bound2chng's picture
bound2chng
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Re: CM.com is not Yahoo!

I agree with Poet.  It is nice to have a place where you can have a calm rational exchange of ideas without resorting to name calling. 

 

Also I have to thank Saxplayer for always sharing a wealth of news stories.   

grl's picture
grl
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Re: CM.com is not Yahoo!
Poet wrote:

Every day that I see those idiots on Yahoo! Finance spamming and spouting off racist and ideological hatreds and half truths and untruths and "birther" propaganda, is a day that I'm happy to be here.

Poet

I have to agree with that Poet! I am not going to call them idiots, but all of the conspiracy theory as "truth," gratuitously vulgar and just plain immature comments out there on many other sites - that actually have some good posts, just bad comments - makes this site a welcome reprieve! I have found that the most intelligent comments can be found on this site and that says a lot for the tone that has been deliberately set by those that run this site, not to mention Chris' excellent blogs. The decision on this site (was it in 2009?) to bring in moderators and create the controversial topics forum (aka "the dungeon") was a good one. I have to admit that I was somewhat disappointed when those decisions were announced here  but I am glad those that run it saw the need; they were right! And Sax Player - can't thank you enough for your daily posts. 

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rjs
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Re: CM.com is not Yahoo!
Poet wrote:

Every day that I see those idiots on Yahoo! Finance spamming and spouting off racist and ideological hatreds and half truths and untruths and "birther" propaganda, is a day that I'm happy to be here.

Poet

 stay away from the community forums at marketwatch, too...

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crash_watcher
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Rolling Blackouts in the South Western USA

Here‘s an example of how tight and interlinked the US energy grid is:

Texas imposed statewide rolling blackouts for only the second time in over two decades on Wednesday after frigid weather shut down dozens of generators, and warned that it may be forced to do the same on Thursday.

The grid operator declared an energy emergency after unusually frigid weather shut down 7,000 megawatts of power generators, about 8 percent of the installed capacity in the second-most populous state. Spot power prices surged 60-fold at one point, and Mexico exported electricity.

Texas weathers rolling blackouts as mercury drops

 

ERCOT said it took action when it learned the cold knocked out more than 50 generating units.

But WFAA's sister station KHOU reports that late on Tuesday night, ERCOT told the Public Utility Commission of "minor concerns" of higher demand.

But then — about four hours later — it sent an alert that reserves were dropping.

After 6 a.m. Wednesday, ERCOT told the PUC the rolling blackouts were under way.

"It appears as if things may have happened so quickly that one or two of those communication steps did not occur," said PUC Chairman Barry Smitherman.

Unanswered questions remain about rolling blackouts (video)

The surprising result: no natural gas service in New Mexico.  Why?

Because of the rolling blackouts in Texas, compressors in West Texas that send gas to NM shut down, leading to too low a pressure in the gas pipelines that feed several cities.

Gas company explains reasons for gas shortage (video)

20,000 May Be Without Gas In Albuquerque (video)

Governor Declares State Of Emergency (video)

rhare's picture
rhare
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Re: Rolling Blackouts in the South Western USA
crash_watcher wrote:

Here‘s an example of how tight and interlinked the US energy grid is:

I actually got worse.  Because there was no gas for heating, people turned to electric space heaters, which then overloaded the grid and caused rolling blackouts in NM as well.  Apparently there was quite the run on electric heaters in the state.  Most houses are not built for the very cold (subzero) temperatures we had this week.  Lot's of frozen water lines and broken pipes.  Good thing it's nice today, back up to a balmy 25F. Smile

saxplayer00o1's picture
saxplayer00o1
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Melt value of 1982 pennies passes 3 cents

http://www.coinflation.com/

 

United States Circulating Coinage Intrinsic Value Table


This table does not reflect U.S. Mint production costs, but the pure base metal value that composes the coin. Calculations are based on coin weight, metal composition, and base metal prices. The "Metal % of Denomination" column represents the percentage of metal that comprises the denomination's purchasing power. A coin that is over 100% in this category has more base metal value than purchasing power.

Table based on February 04, 2011 closing base metal prices:

Copper $4.5633/lb 0.0525 Zinc $1.1235/lb 0.0139 Nickel $12.7357/lb 0.1517
Description Denomination Metal Value Metal % of Denomination
Lincoln Copper Cent Price 1909-1982 Cent (95% copper) *
$0.01
$0.0301079
301.07%
Jefferson Nickel Price 1946-2011 Nickel
$0.05
$0.0728220
145.64%
SagerXX's picture
SagerXX
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Re: Rolling Blackouts in the South Western USA
crash_watcher wrote:

Here‘s an example of how tight and interlinked the US energy grid is:

Texas imposed statewide rolling blackouts for only the second time in over two decades on Wednesday after frigid weather shut down dozens of generators, and warned that it may be forced to do the same on Thursday.

The surprising result: no natural gas service in New Mexico.  Why?

Because of the rolling blackouts in Texas, compressors in West Texas that send gas to NM shut down, leading to too low a pressure in the gas pipelines that feed several cities.

First reaction:  EGAD.  I know our grid is old and stressed but this really brings it home.

Second reaction:  If there are rolling blackouts during the Super Bowl this weekend -- there will be a lot of very ticked-off Texans.

crash_watcher's picture
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Re: Rolling Blackouts in the South Western USA

rhare-

and just a few more days of continued bad weather and the gasoline stations will probably go empty because tank trucks are have trouble with deliveries.

Poet's picture
Poet
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Cascading Failures
rhare wrote:
crash_watcher wrote:

Here‘s an example of how tight and interlinked the US energy grid is:

I actually got worse.  Because there was no gas for heating, people turned to electric space heaters, which then overloaded the grid and caused rolling blackouts in NM as well.  Apparently there was quite the run on electric heaters in the state.  Most houses are not built for the very cold (subzero) temperatures we had this week.  Lot's of frozen water lines and broken pipes.  Good thing it's nice today, back up to a balmy 25F. Smile

So... Bad weather in Texas shutting down generators, leading to rolling black-outs in the middle of winter, leading to natural gas deliveries in Texas and New Mexico shutting down, leading to increased usage of electricity for heating in New Mexico, thus rolling black-outs htere, too...

So basically we're talking Cascading Failure here. Sure, everything interlocking together to mutually reinforce the status quo, but when one crucial part fails, other parts that depend on it also fail...

Makes me think of the local and global energy systems, economic systems, and environmental systems... and of course civilization as we know it!

Poet

 

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rhare
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Re: Rolling Blackouts in the South Western USA
crash_watcher wrote:

and just a few more days of continued bad weather and the gasoline stations will probably go empty because tank trucks are have trouble with deliveries.

Yep, fortunately these type of bad weather events are rare and only last a few days.  However, I wish I could get my Nissan Leaf sooner!  NM is always last on the list for any new product. FrownI did get a chance to look at one last weekend, they seem pretty nice.  They are a lot bigger and roomier than I thought it would be.

SagerXX wrote:

First reaction:  EGAD.  I know our grid is old and stressed but this really brings it home.

This was a unusual event (25+ year lows), so while I believe things are stressed, I wouldn't read too much into this event.  I get worried when we see failures on more normal days.

MarkM's picture
MarkM
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Re: Rolling Blackouts in the South Western USA
SagerXX wrote:
crash_watcher wrote:

Here‘s an example of how tight and interlinked the US energy grid is:

Texas imposed statewide rolling blackouts for only the second time in over two decades on Wednesday after frigid weather shut down dozens of generators, and warned that it may be forced to do the same on Thursday.

The surprising result: no natural gas service in New Mexico.  Why?

Because of the rolling blackouts in Texas, compressors in West Texas that send gas to NM shut down, leading to too low a pressure in the gas pipelines that feed several cities.

First reaction:  EGAD.  I know our grid is old and stressed but this really brings it home.

Second reaction:  If there are rolling blackouts during the Super Bowl this weekend -- there will be a lot of very ticked-off Texans.

Sager,  it was made clear that the stadium would be given preferential treatment. Their sector would not be included in the rolling blackouts (controlled outages for the PC folks). People without power were a little miffed by that. The reason given was that it would be "too disruptive".

Like others have stated, my takehome from this is just how fragile our systems really are.

I was not aware of the planned nature of the event. Mine was early, about 7:00 am. I went out and was working to get the generator ready to go with the thought of several sub-freezing days with no electricity when the power came back on.

To me, all these things are little signposts to pay attention to.

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SagerXX
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Re: Rolling Blackouts in the South Western USA
MarkM wrote:

Sager,  it was made clear that the stadium would be given preferential treatment. Their sector would not be included in the rolling blackouts (controlled outages for the PC folks). People without power were a little miffed by that. The reason given was that it would be "too disruptive".

Oh yeah -- no WAY they could blackout the stadium, even temporarily.  The whole country would go Cairo!  But I'm thinking of all the good folks up in Lubbock, Odessa, Corpus Christi, etc., watching the game at home.  The nacho cheese would congeal, the wings would go cold, and the tube would be dark.  Bad ju-ju, mon...

 

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Re: Daily Digest 2/4 - Whitney to Testify on Muni Call, ...

 

"John Bryant, the company's new chief executive officer, said Kellogg would raise prices due to the rising cost of commodities.

"The price increases are merely passing on a portion of those higher costs," he said."

"(Reuters) - U.S. cattle and hog futures are expected to hit record highs this year, a Reuters Polls showed, setting the stage for less meat on the dining table.

The expected higher prices could make it harder for many countries to tamp down surging inflation and calm citizens angered by record high food prices. Already, there have been riots and protests in some North African countries.

Grain prices have been forecast to remain stubbornly high as well this year, with two straight years of high prices seen as the latest sign in the end of cheap food.

"There is going to be less meat per person in 2011, quite a bit less," said Ron Plain, an University of Missouri agricultural economist. "That should push up prices."

The smallest U.S. cattle herd in 53 years and the smallest hog herd in four years were behind the forecasts."

"ROME, Feb 4 (Reuters) - G20-leader France and the U.N. food agency FAO warned on Friday about the risk of a new global food crisis and ensuing riots, calling for greater regulation to curb speculation on commodities markets.

The warning came a day after the Food and Agriculture Organisation said its global food price index had climbed to a record high in January, increasing for the seventh consecutive month. FAO said prices were likely to rise even higher as supplies of grains and other main agricultural commodities were tight and bad weather in key producing countries threatened new crops.

"We share the same view that today the real risk of a global food crisis exists," French Farm Minister Bruno Le Maire said at a joint news conference with the head of FAO, Jacques Diouf.

Surging food prices have come back into the spotlight after they helped fuel protests that toppled Tunisia's president in January and have spilled over to Egypt and Jordan. This has raised speculation other countries in the region would secure grain stocks to reassure their populations. "

"The price of government-subsidized bread is to rise next week. Prices will go up by 3.33% beginning on Tuesday.

The price hike follows a global increase in the price of wheat. Prices began going up worldwide in December, and continued to rise in January."

"The head of Tyson Foods Inc. (TSN) said Friday that domestic food inflation will likely overtake U.S. government forecasts as crop and animal feed prices continue to rise."

"It will bring out Brita water bottles, scented Clorox bleach and other goods later this year and raise some prices to offset higher costs for materials such as resin."

"Clorox said gross margin should be flat to down 50 basis points this year, due to the pressure it felt in the second quarter and $65 million to $70 million in higher commodity costs, mostly from resin. "

"The parent company of Taco Bell, KFC and Pizza Hut, Yum! Brands Inc. (NYSE:YUM) is planning to increase the prices as it faces commodity inflation"

........................7A) Fast-food owner facing challenges in China, US

"The company said it's also bracing for commodity inflation around the world in 2011."

"Rice acres in the U.S., the world’s third-largest exporter, may drop 25 percent from last year when farmers begin planting in April, according to a Bloomberg News survey of analysts published Jan. 31. Rice futures rose 13 percent in the past year, while cotton more than doubled, corn surged 88 percent and soybeans jumped 58 percent."

  • Other headlines:

Miner Anto sees copper above $10000 in 2011/12

Venezuela sees $200 oil if Suez canal closes

BA ups fuel surcharge for second time in two months and British Airways lifts surcharge as oil price soars

Chile Peso Ends Slightly Stronger On Record-High Copper Prices

Cotton prices at record high

William Pesek: Indonesians see red over the cost of chilli peppers

Ecuador Prices Rise Most in Year on Telephones, Food

Goodyear will raise tire prices up to 6%

Delta says fuel prices will drive fare increases

India's Bonds Complete Weekly Loss as Inflation Accelerates

Wheat prices at risk of 'spike', BarCap says

Bangladesh to speed grain buys amid record prices-UPDATE 1

India tyre makers buy rubber at record $5.26 per kg

Turkey's gold imports soared in January

Rubber Tops 500 Yen to Record as Recovery Boosts Demand Outlook

CPU employee health insurance rates skyrocket

Panama reduces staff hours, cuts positions, raises lunch prices (Bakersfield)

BOE Faces Close Call as Sentance Maintains Rate Battle to Tame Inflation

High prices and short supply bring testing times for onions

 Move Over Bart Simpson, Ben Bernanke Is the New "I Didn't Do It" Kid (Tech Ticker Video)

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Re: CM.com is not Yahoo!

Excuse me but there is a reason some topics should be limited to the "Controversial Topics forum" would not labeling someone as racist and a "birther" be considered vulgar and immature. There is some merit to asking why the President has not been required to provide a long form birth certificate, oh wait ? we can't possibly ask why, that would be considered racist and immature, sheesh.

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Poet
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Re: CM.com is not Yahoo!
Awareness wrote:

Excuse me but there is a reason some topics should be limited to the "Controversial Topics forum" would not labeling someone as racist and a "birther" be considered vulgar and immature. There is some merit to asking why the President has not been required to provide a long form birth certificate, oh wait ? we can't possibly ask why, that would be considered racist and immature, sheesh.

From what I understand, Hawai'i Governor (in 2008, Republican Linda Lingle) along with the Hawai'i State Department of Health (Director Dr. Chiyome Fukino), both confirmed Obama was born in the State of Hawai'i. Both the Honolulu Advertiser and Honolulu Star-Bulletin reported that their archives show a birth announcement for Obama. Neither John McCain nor the right-leaning Supreme Court of 2008, nor the Federal Election Commission have called it into question. That's a lot of hard evidence and conspirators to haVe to fabricate and collude...

That said, I doubt that any original "long form" certificate produced in any manner by the State of Hawai'i at this point would any longer meet any of the birthers' satisfaction. They would just cry out that it was a forgery and bring out an expert to dispute it.

With all these official sources, it sounds to me that there is no merit in this argument. (There's actually more merit to the argument for getting Bush, Jr.'s National Guard service records, but he's already had his 8 years and they're over and done with and we need to work on the present and the future.) Obama's been in office for 2 years now. He's pretty much been a Bush Lite, to the delight of many on Wall Street and elsewhere.

So let's get on with the things we CAN do in our personal lives to prepare for a post-peak future, and put this behind us.

(Nota Bene: What's interesting is, John McCain was born in the Panama Canal Zone in 1936, and by some accounts would be considered a U.S. national - that is, until citizenship was granted in 1937 by Congress to those born in the Panama Canal Zone, including retroactively back to February 26, 1904.)

Poet

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Re: CM.com is not Yahoo!
Poet wrote:

[So let's get on with the things we CAN do in our personal lives to prepare for a post-peak future, and put this behind us.

(Nota Bene: What's interesting is, John McCain was born in the Panama Canal Zone in 1936, and by some accounts would be considered a U.S. national - that is, until citizenship was granted in 1937 by Congress to those born in the Panama Canal Zone, including retroactively back to February 26, 1904.)

Poet

 

As always - love your comments, Poet!   Wink

Some like to talk & worry, others to assess different sources & think for themselves.

Cheers!

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SagerXX
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Re: CM.com is not Yahoo!
Poet wrote:

So let's get on with the things we CAN do in our personal lives to prepare for a post-peak future, and put this behind us.

Second that!  

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