(8-18-06) Suckers' bear market rally is nothing less than a defacto fraud by the lunatic frauds on wall street to suck the suckers in; ie., dow up 46.51 points - "the miracle" of computerized manipulated trades, all very commissionable on heavy volume. Leading economic indicators previously reported to have fallen .1% though expected to show an increase, which is a negative anywhere but in the 'alice-in-wonderland' lunatic world of wall street where same is greeted as good news as also follows: Yahoo in pertinent part, "However, when it was all said and done, bulls continued to call the shots, embracing a boosted share buyback plan from Microsoft (MSFT 25.79 +1.09)(who else would buy the monopolist's stock) and a historic high on shares of Altria Group (MO 83.92 +3.17) following a favorable court ruling (they're just a racketeering enterprise-no big deal in america). Big gains in both Dow components, which are also among two of the ten most influential S&P 500 constituents, eventually helped investors look past an SEC probe into Dell's accounting practices, a reminder that rising borrowing costs worldwide may slow corporate profit growth, and oil's ability to put upward pressure on overall inflation. Of the eight sectors posting gains, Energy paced the way higher, as companies like Dow component Exxon Mobil (XOM 68.95 +0.87) benefited from oil prices closing higher for the first time in five days. Crude oil futures rose 1.5% to over $71 per barrel amid Iran sanction fears and a sense that the commodity was oversold, having slipped more than 4% this week (high oil prices being GREAT for the economy.....riiiiight!). Ford Announces Deep Production Cuts AP - Ford Motor Co. said Friday it would temporarily halt production at 10 assembly plants between now and the end of the year, blaming high gas prices for pushing many consumers away from its pickups and SUVs and toward higher-mileage models. C17's for McDonnell Douglas no more."

There is nothing to rationally justify the up move other than what is tantamount to a negative, and based upon spurious data from the government; ie., fake government numbers said total PPI rose a smaller than expected 0.1% (consensus 0.4%) in July, which was well below the 0.5% jump in June, while the more closely watched core rate (ex-food and energy) unexpectedly (RIIIIIGHT!) fell 0.3% (consensus +0.2%) -- the first decline since October and the largest drop since a 0.5% decline in April 2003. Home Sales Decline in 28 States, D.C.. Real estate prices down/stagnant. But housing stocks.....up....riiiiight!.....in the fraudulent alice-in-wonderland lunatic world of wall street where down is up and up is down. Martin Crutsinger, AP Economics Writer, previously wrote, "U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. Dell Recall Stems From sony Production Flaw WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices. The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion". Prior considerations remain apposite in this clearly overvalued market. The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news (fact) of the Fed's temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money. Yahoo previously commented: "Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....", to which I responded, "Wild.....I'll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should "substantially help" their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Analyst says GM good news now behind it (past/discounted), yet stock still rose upon said "analysis".....riiiiight.....daaaaah! Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal, maybe even suspension, that has cast a harsh light on Silicon Valley's compensation practices. Don't forget that GDP growth slowed substantially and below expectations at 2.5% which in the 'alice-in-wonderland' lunatic world of wall street is of course good news. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it's not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very "commissionable"( (investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $70; yes, as in the last crash, they will get fooled again, as stocks up sharply in the fraudulent alice-in-wonderland lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the "pundits/analysts" are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley (who also says that in Europe bush's failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the "better than expectations" game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. Spotlight on the Stock Option Scandal-The share prices of companies involved in stock options backdating have held up well compared to the broader market. But shareholders might be in for a rougher ride. Plus, why the Nasdaq has its hands full. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived "pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what's up is down and what's down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they've stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin' to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don't forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

(8-17-06) Suckers' bear market rally is nothing less than a defacto fraud by the lunatic frauds on wall street to suck the suckers in; ie., dow up 7 points - "the miracle" of computerized manipulated trades, all very commissionable on heavy volume. Leading economic indicators fell .1% though expected to show an increase, which is a negative anywhere but in the 'alice-in-wonderland' lunatic world of wall street where same is greeted as good news as also follows: Dell Posts 51 Pct. Decline Amid Probe

AP - Computer maker Dell Inc. posted a 51 percent decline in net earnings for its second quarter Thursday and said regulators were investigating its accounting. The company's shares fell in after-hours trading.

Gap 2Q Profit Falls, Lowers Year View AP

Dow Ends Up Nearly 8 on Oil Prices Drop AP

Judge: Tobacco Firms Deceived Smokers AP

Judge Tosses Merck Win, Orders New Trial AP

There is nothing to rationally justify the up move other than what is tantamount to a negative, and based upon spurious data from the government; ie., fake government numbers said total PPI rose a smaller than expected 0.1% (consensus 0.4%) in July, which was well below the 0.5% jump in June, while the more closely watched core rate (ex-food and energy) unexpectedly (RIIIIIGHT!) fell 0.3% (consensus +0.2%) -- the first decline since October and the largest drop since a 0.5% decline in April 2003. Home Sales Decline in 28 States, D.C.. Real estate prices down/stagnant. But housing stocks.....up....riiiiight!.....in the fraudulent alice-in-wonderland lunatic world of wall street where down is up and up is down. Martin Crutsinger, AP Economics Writer, previously wrote, "U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. Dell Recall Stems From sony Production Flaw WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices. The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion". Prior considerations remain apposite in this clearly overvalued market. The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news (fact) of the Fed's temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money. Yahoo previously commented: "Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....", to which I responded, "Wild.....I'll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should "substantially help" their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Analyst says GM good news now behind it (past/discounted), yet stock still rose upon said "analysis".....riiiiight.....daaaaah! Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal, maybe even suspension, that has cast a harsh light on Silicon Valley's compensation practices. Don't forget that GDP growth slowed substantially and below expectations at 2.5% which in the 'alice-in-wonderland' lunatic world of wall street is of course good news. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it's not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very "commissionable"( (investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $70; yes, as in the last crash, they will get fooled again, as stocks up sharply in the fraudulent alice-in-wonderland lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the "pundits/analysts" are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley (who also says that in Europe bush's failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the "better than expectations" game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. Spotlight on the Stock Option Scandal-The share prices of companies involved in stock options backdating have held up well compared to the broader market. But shareholders might be in for a rougher ride. Plus, why the Nasdaq has its hands full. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived "pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what's up is down and what's down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they've stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin' to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don't forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

(8-16-06) Suckers? bear market rally is nothing less than a defacto fraud by the lunatic frauds on wall street to suck the suckers in; ie., dow up 97 points? - the "miracle" of computerized manipulated trades, all very commissionable on heavy volume. There is nothing to rationally justify the up move other than what is tantamount to a negative, and based upon spurious data from the government. Yahoo summarizes the fraud in the inducement: ?Stocks extended their winning streak to three days after a second consecutive read on inflation provided exactly what the market was hoping for -- further evidence that the economy is on track for the much-desired soft landing. Falling bond yields and lower oil prices also helped the blue chip averages close at their best levels in three months while the Nasdaq's 4.4% surge this week alone marked its best three-day advance since August 2004. Before the bell, the Labor Dept. reported that the closely-watched core CPI rose 0.2% following four straight months of increases on the order of 0.3%, further easing the worst of inflation fears that were alleviated at the wholesale level yesterday in an encouraging PPI report. It is worth noting, though, that while the tame CPI data lowers expectations of a Fed hike next month, as fed funds futures now price in less than a 20% chance of a rate increase on September 20, the current year-over-year increase in the core rate edging slightly higher to 2.7% -- the highest level since Dec. 2001 and still above the Fed's target of 1.75% to 2% -- does not completely rule out more tightening from the Fed, especially with another round of inflation data scheduled before the next FOMC meeting.? Fake government numbers said total PPI rose a smaller than expected 0.1% (consensus 0.4%) in July, which was well below the 0.5% jump in June, while the more closely watched core rate (ex-food and energy) unexpectedly (RIIIIIGHT!) fell 0.3% (consensus +0.2%) -- the first decline since October and the largest drop since a 0.5% decline in April 2003.? Housing starts down but housing stocks up.....riiiiight! Home Sales Decline in 28 States, D.C.. Real estate prices down/stagnant. Martin Crutsinger, AP Economics Writer, previously wrote,? U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. Dell Recall Stems From sony Production Flaw? WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices. The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion?. Prior considerations remain apposite in this clearly overvalued market. The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news (fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money.? Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Analyst says GM good news now behind it (past/discounted), yet stock still rose upon said ?analysis? ?..riiiiight?.. daaaaah! Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal, maybe even suspension, that has cast a harsh light on Silicon Valley's compensation practices. Don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?( (investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $72; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley (who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. Spotlight on the Stock Option Scandal-?The share prices of companies involved in stock options backdating have held up well compared to the broader market. But shareholders might be in for a rougher ride. Plus, why the Nasdaq has its hands full?. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

(8-15-06) Waning full moon and suckers? bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 133 points? - the "miracle" of computerized manipulated trades, all very commissionable on heavy volume. Fake government numbers say total PPI rose a smaller than expected 0.1% (consensus 0.4%) in July, which was well below the 0.5% jump in June, while the more closely watched core rate (ex-food and energy) unexpectedly (RIIIIIGHT!) fell 0.3% (consensus +0.2%) -- the first decline since October and the largest drop since a 0.5% decline in April 2003.? Housing starts down but housing stocks up.....riiiiight! Home Sales Decline in 28 States, D.C.. Real estate prices down/stagnant. ??Wal-Mart Stores Inc. posted its first profit decline in a decade Tuesday as the world's largest retailer paid a hefty price for closing its loss-making German stores while high energy prices hit sales/costs at home. Martin Crutsinger, AP Economics Writer, previously wrote,? U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. Dell Recall Stems From sony Production Flaw? WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices. The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion?. Prior considerations remain apposite in this clearly overvalued market. According to AP on 8-9-06 - ?Investors concerned about erratic oil prices and a slowing economy sent stocks lower Wednesday despite strong earnings from Cisco Systems Inc. and the Federal Reserve's pause in raising interest rates.? The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news (fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money.? Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Analyst says GM good news now behind it (past/discounted), yet stock still rose upon said ?analysis? ?..riiiiight?.. daaaaah! Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal, maybe even suspension, that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?( (investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $73; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley (who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

(8-14-06) Blazing Waning full moon and suckers? bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 9 points? - the "miracle" of computerized manipulated trades, all very commissionable on heavy volume. Lebanon ceasefire a positive that either way represents a clear negative for the u.s. in light of their attachment to the war criminal acts of the israelis whose provocations continue even as this is written. AP comments: "We're up now on the cease-fire and oil prices, but it's hard to be an optimist right now, at least in the short term, because of the uncertainty over the economy and rates and the Fed," said Jay Suskind, head trader at Ryan Beck & Co. "As the week wears on, everybody's going to be focusing on the economic numbers and the debate over inflation will come back again." Crude futures fell as traders saw less risk of a supply disruption in the Middle East after the United Nations-mandated cease-fire took effect. A barrel of light crude settled at $73.53, down 82 cents, on the New York Mercantile Exchange.? Martin Crutsinger, AP Economics Writer, previously wrote,? U.S. Trade Deficit Down 0.3 Pct. in June. U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices. The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion?. Prior considerations remain apposite in this clearly overvalued market. According to AP on 8-9-06 - ?Investors concerned about erratic oil prices and a slowing economy sent stocks lower Wednesday despite strong earnings from Cisco Systems Inc. and the Federal Reserve's pause in raising interest rates.? The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news (fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money.? Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Analyst says GM good news now behind it (past/discounted), yet stock still rose upon said ?analysis? ?..riiiiight?..daaaaah! Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal, maybe even suspension, that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies. 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities

(8-11-06) Stocks drop still only modestly relative to reality as the wall street fraud continues, in light of the blazing but waning full moon and the lunatic frauds on wall street try to keep the suckers sucked in with suckers ?bear market rally? into the close; ie., as the Dow Jones industrial average fell 36.34, Standard & Poor's 500 index lost 5.07, and the Nasdaq composite index dropped 14.03.
According to Yahoo - ?The market languished in negative territory from bell to bell, bogged down by rate hike concerns that followed a stronger than expected Retail Sales report for July, a weak showing from the transportation and semiconductor stocks, and an underlying sense of anxiety ahead of the weekend due to the geopolitical unrest and next week's key inflation data.? Buyers, for the most part, were absent throughout the session, although they did appear in the last half hour of tradingto help pare larger losses?.? The frauds on wall street feel compelled to have continued their tradition/superstition/fraud tactic of buying on the rumor and selling on the news(fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money. ?Light, sweet crude for September delivery rose 35 cents to settle at $74.35 a barrel on the New York Mercantile Exchange?, and as well, Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies. 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities

(8-10-06) Blazing full moon and suckers? bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 48 points? - the "miracle" of computerized manipulated trades, all very commissionable on an amazingly heavy volume of 4.20 billion shares, including Nasdaq. What Changed?? Nothing. Something that wasn?t discounted by the market didn?t occur.

?AP - The ink barely dry on second-quarter results showing fuller planes and profits some hadn't seen in years, airlines are again being tested -- this time by a foiled terror plot that is sure to make passengers uneasy about flying.? At best, the foregoing is neutral, and at worst a clear negative for the market. Martin Crutsinger, AP Economics Writer, writes,? U.S. Trade Deficit Down 0.3 Pct. in June. U.S. Trade Deficit Falls 0.3 Percent in June to $64.8B, Offsetting Jump in Chinese Imports. WASHINGTON (AP) -- America's trade deficit showed a slight improvement as strong global growth pushed U.S. exports to a record level. That helped offset a surge in Chinese imports and record crude oil prices.The deficit declined 0.3 percent in June, compared with May, dropping to $64.8 billion, still the fifth largest imbalance on record, the Commerce Department reported Thursday. The deficit is running at an annual rate of $768 billion through the first six months of this year, putting the country on track to see a fifth straight record imbalance. Last year's deficit was $716.7 billion?. Prior considerations remain apposite in this clearly overvalued market. According to AP on 8-9-06 - ?Investors concerned about erratic oil prices and a slowing economy sent stocks lower Wednesday despite strong earnings from Cisco Systems Inc. and the Federal Reserve's pause in raising interest rates.? The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news(fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money.? Oil prices down $2 on ?news? of non-event?..riiiiight! Previously: ?Light, sweet crude for September delivery rose 4 cents to settle at $76.35 a barrel on the New York Mercantile Exchange, after rising as high as $77.44 -- less than a dollar away from its trading record of $78.40 reached July 14?, and as well, Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies. 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities

(8-9-06) Stocks drop still only modestly relative to reality as the wall street fraud continues, in light of the blazing full moon and the lunatic frauds on wall street try to keep the suckers sucked in; ie., as the Dow Jones industrial average fell 97.41, Standard & Poor's 500 index lost 5.53, and the Nasdaq composite index dropped .57.
According to AP - ?Investors concerned about erratic oil prices and a slowing economy sent stocks lower Wednesday despite strong earnings from Cisco Systems Inc. and the Federal Reserve's pause in raising interest rates.? The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news(fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money. ?Light, sweet crude for September delivery rose 4 cents to settle at $76.35 a barrel on the New York Mercantile Exchange, after rising as high as $77.44 -- less than a dollar away from its trading record of $78.40 reached July 14?, and as well, Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies. 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities

(8-8-06) Stocks drop still only modestly relative to reality as the wall street fraud continues, in light of the blazing full moon and the lunatic frauds on wall street try to keep the suckers sucked in; ie., as the Dow Jones industrial average fell 45.79, Standard & Poor's 500 index lost 4.29, and the Nasdaq composite index dropped 11.65. The frauds on wall street feel compelled to continue their tradition/superstition/fraud tactic of buying on the rumor and selling on the news(fact) of the Fed?s temporary pause in rate hikes. You see, the facts/news do not rationally warrant holding dollar based securities/stocks but provide a means to scam the stupid money, to the benefit of the wall street frauds/scammers and smart money. Oil prices down 67 cents to close at $76.31 a barrel. Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $77; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies. 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities

(8-7-06) Stocks drop still only modestly relative to reality as the wall street fraud continues and the lunatic frauds on wall street try to keep the suckers sucked in; ie., as the Dow Jones industrial average fell 20.97, Standard & Poor's 500 index lost 3.59, and the Nasdaq composite index dropped 12.55. Oil prices soared to new record close over $77 a barrel. Yahoo previously commented: ?Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....?, to which I responded, ?Wild..... I?ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should ?substantially help? their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don?t forget that GDP growth slowed substantially and below expectations at 2.5% which in the ?alice-in-wonderland? lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it?s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very ?commissionable?(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $77; yes, as in the last crash, ?they will get fooled again? as stocks up sharply in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the ?pundits/analysts? are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market).? The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush?s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the ?better than expectations? game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived ?pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what?s up is down and what?s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they?ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin? to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don?t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

????????????? July 17 July 14 (respectively)

Fed acct? 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

BP: Pipeline Closing May Last for Months (8-7-06)AP -

BP said Monday it will replace 16 miles of pipeline from its huge Prudhoe Bay oil field and production could be closed for weeks or months, crimping the nation's oil supplies.

 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(8-4-06) Stocks drop still only modestly relative to reality as the wall street fraud continues and the lunatic frauds on wall street try to keep the suckers sucked in; ie., as the Dow Jones industrial average fell 2, Standard & Poor's 500 index lost 1, and the Nasdaq composite index dropped 7. Yahoo commented: “Friday was a wild day on Wall Street with early gains fueled by an encouraging July jobs report being wiped away as the return of concern tied to an economic slowdown outweighed the potential of a pause in tightening at Tuesday's Fed meeting. Before the bell, nonfarm payrolls rose a less than expected 113,000 and the unemployment rate rose for the first time since November, suggesting the labor market is losing steam and reinforcing the view that the economy is on track for a soft landing. To wit, fed funds futures were pricing in a 44% chance.....”  Wild..... I’ll give you wild: GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should “substantially help” their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices. don’t forget that GDP growth slowed substantially and below expectations at 2.5% which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices still above $74; yes, as in the last crash, ‘they will get fooled again’ as stocks up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don’t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(8-3-06) Suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 42.66, S&P up 1.72, and Nasdaq up 13.53 points  - the "miracle" of computerized manipulated trades. What Changed? Lot’s of “bull****ish news: ie., GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; Ford says their loss was $200 million dollars more than they previously reported; but both GM and Ford will now offer built-in ipods which should “substantially help” their core business of building cars; meanwhile, options/accounting scandal/subterfuge occurring at the apple ipod (anything but computers) company. Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley's compensation practices; Earnings shortfalls also from blue chips like Sprint Nextel (S 17.75 -2.38) and Prudential (PRU 73.66 -4.62), Medtronic (MDT 44.32 -6.61) saying that Q1 results would fall short of analysts' forecasts, coupled with Ford Motor's (F 6.86 -0.10) downward revision to its previously reported second quarter results and a smaller than expected July same-store sales increase from Starbucks, which in the alice-in-wonderland" lunatic world of wall street is of course good news.; oil prices down slightly to close above $75; interest rates up as bond prices fall; and don’t forget that GDP growth slowed substantially and below expectations at 2.5% which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ‘they will get fooled again’ as stocks up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down, default notices up 67% (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. Don’t forget: the equity in housing has been stripped out of real estate by way of the refinancing boom, which artificially stimulated the economic numbers while ultimately leaving buyers with debt exceeding actual property values. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

 

 

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(8-2-06) Suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 74.20, S&P up 7.63, and Nasdaq up 16.82 points  - the "miracle" of computerized manipulated trades. What Changed? Lot’s of “bull****ish news: ie., GM says their quarterly loss was $3.4 billion and not 3.2 billion as reported; oil prices up sharply to close above $76; interest rates up as bond prices fall; and don’t forget that GDP growth slowed substantially and below expectations at 2.5% which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9% and core inflation rates up. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $76; yes, as in the last crash, ‘they will get fooled again’ as stocks up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(8-1-06) Stocks drop still only modestly relative to reality as the wall street fraud continues and the lunatic frauds on wall street try to keep the suckers sucked in; ie., as the Dow Jones industrial average fell 59.95, Standard & Poor's 500 index lost 5.74, and the Nasdaq composite index dropped 29.48. This still only modest drop despite the fact that oil and gas prices are up - the "miracle" of computerized manipulated trades. GDP growth has slowed substantially and below expectations at 2.5%, (but now manufacturing activity now reported to be up, riiiiight!), which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core inflation rate exceeded expectations at 2.4%. Stagflation? Inflation-adjusted consumer spending rose 0.2 percent in June (the core-PCE deflator, an indicator of inflation tied to spending patterns, rose 0.2% in June.), the Commerce Department also reported that consumer prices are up 2.4 percent year over year, the highest rate of inflation since April 1995. The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent "rally" mode this and other days, even as some unfounded, based on nothing, gains are taken back as profits for the greedy frauds. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up .51 to close at $74.91 while natural gas futures built on Monday's 14 percent surge based on higher U.S. electrical demand in a nationwide heat wave; yes, as in the last crash, ‘they will get fooled again’ as stocks are substantially overvalued in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

More good news: TOYOTA overtakes FORD in monthly sales..... , Kodak Posts 2Q Loss, Moves to Slash Jobs,

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

July 17 July 14 (respectively)

Fed acct 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-31-06) Stocks drop only modestly as the wall street fraud continues and the lunatic frauds on wall street try to keep the suckers sucked in; ie.,  as the Dow Jones industrial average fell 34.02, Standard & Poor's 500 index lost 1.89, and the Nasdaq composite index dropped 2.67. This only modest drop despite the fact that oil and gas prices are up - the "miracle" of computerized manipulated trades.  GDP growth has slowed substantially and below expectations at 2.5% which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9%. Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices now above $74; yes, as in the last crash, ‘they will get fooled again’ as stocks are substantially overvalued in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY... BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

July 17 July 14 (respectively)

Fed acct 4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-28-06) Suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 119 points  - the "miracle" of computerized manipulated trades. What Changed? GDP growth slowed substantially and below expectations at 2.5% which in the alice-in-wonderland" lunatic world of wall street is of course good news, even as that closely watched core CPI inflation rate exceeded expectations at 2.9%.  Stagflation? The fact is that no rational investor would choose dollar based stocks/securities when they could get less risky/liquid 5% yielding cds, money market instruments, short-term treasuries/funds, etc.. However it’s not rational investors that are racking up commission dollars trading in and out of stocks like termites eating away at the huge capital funds which they control. Nothing constituting real value would account for the fraudulent rally mode this and other days. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices still above $73; yes, as in the last crash, ‘they will get fooled again’ as stocks up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-27-06) Early suckers bear market ralley fizzles as lunatic frauds on wall street try and fail to keep the fraud rollin'; but no cigar this day as reality and greed figure prominently as dow finishes marginally down 2.08 points, S&P 500 down 5.20, and nasdaq down 15.99.  oil prices up; dollar down; highly leveraged obfuscating mergers/acquisitions, also very “commissionable” (investment bankers/brokers), and historically have more often than not ended quite badly; interest rates up; corporate welfare (gov’t contracts) recipients up. Oil company profits up which is just terrific for the economy say oily men cheney, bush and co. Sales of New Homes Decline in June and inventories up. In June, sales were weak in every section of the country except the West where there are more crazy people and illegal immigrants/domestic terrorists (I still don't believe the bubble market figures regarding this admittedly lagging indicator but the shakeout is coming), which posted an 8.2 percent increase after a decline of 7.3 percent in May. Sales fell 11.3 percent in the Northeast and were down 7.9 percent in the Midwest and 6 percent in the South.Yes, as in the last crash, ‘they will get fooled again’ as stocks defying reality and only marginally down in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley (who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-26-06) Lunatic frauds on wall street try to keep the fraud rollin'; but no cigar this day as reality and greed figure prominently as dow finishes marginally down 1.20 points. general motors lost $3.2 billion which would be bad news anywhere except for the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down, and the wall street lunatics feel good about all those people in Japan and elsewhere who will be craving those superior american gm cars, especially now that gm has sold their most profitable division, gmac (their credit arm)..... riiiight! oil prices up slightly; interest rates up, dollar down; dollar down; highly leveraged obfuscating mergers/acquisitions, also very “commissionable” (investment

bankers/brokers), and historically have more often than not ended quite badly; corporate welfare (gov’t contracts) recipients up sharply. Yes, as in the last crash, ‘they will get fooled again’ as stocks up in the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. US '.....going bankrupt' By Edmund Conway, Economics Editor (Filed: 14/07/2006) The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank. A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve. Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked. According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''. The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP. Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy. "Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke." Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters. The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics. Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc." The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds. Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century." UPDATE - Two former NYSE traders found guilty of fraud Stock market staggers, but investors still may be too optimistic Commentary: Newsletters react to stock markets' losing week By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006 Investors may still be too optimistic NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days. Not good. Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night. He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives." What is Wrong with the Stock Market? Dr. Khaled Batarfi   John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....   U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006 WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):               July 17 July 14 (respectively) Fed acct  4.087 4.935 Tax/loan note acct 10.502 10.155 Cash balance 14.589 15.192 National debt, subject to limit 8,311.633 8,323.084 The statutory debt limit is $8.965 trillion. The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued. Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

 

(7-25-06) Suckers’ bear market rally at and into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 53 points - the "miracle" of computerized manipulated trades, all very commissionable on high volume. What changed? Housing sales down and housing inventories up which would be bad news anywhere except for the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down, as they take housing stocks sharply higher. Consumer confidence according to gov’t survey up 1 point; riiiiight! As small as that is I don’t believe it for a minute. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices down but still above $73; corporate welfare (gov’t contracts) recipients up sharply.  Yes, as in the last crash, ‘they will get fooled again’ as stocks up in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-24-06) Suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 182 points  - the "miracle" of computerized manipulated trades. What Changed? Nothing constituting real value. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up and above $74; yes, as in the last crash, ‘they will get fooled again’ as stocks up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The stock market has never been so backward-looking. Indeed, amazingly, the “pundits/analysts” are even talking SEASONAL considerations in their fraud in the inducement which is the height of absurdity (such things are discounted well in advance in a rational market). The once objective, fact-oriented Barrons publication has now become a shill for the continuing fraud on wall street. Bush no conservative says Buckley(who also says that in Europe bush’s failed war policies would have required his expected resignation).....daaaaah!; neither are the hillbillies clintons and papa hillbilly bush. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-21-06) Reality and greed are extent as fraudulent wall street scam/con warrants selling manipulated July 19 gains which were based upon absolutely nothing; earnings disappointments; indictments handed down for stock options fraud; oil prices up to close at $74.43; interest rates up, dollar down, and dow loses 59 points in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. Indeed, the globally negative strife in the Middle East has become old news despite no end in sight and a substantial negative effect on criminal america through their surrogate terrorist nation/operative israel. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-20-06) Reality and greed are extent as fraudulent wall street scam/con warrants selling manipulated previous day’s gains based upon absolutely nothing; ford reports $123 million loss, more cuts;  indictments handed down for stock options fraud; oil prices up to close at $73.08; interest rates up, dollar down, and dow loses 83 in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. Indeed, the globally negative strife in the Middle East has become old news despite no end in sight and a substantial negative effect on criminal america through their surrogate terrorist nation/operative israel. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-19-06) Suckers’ bear market rally/frenetic short covering rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 212.11 points  - the "miracle" of computerized manipulated trades. What Changed? Nothing really. Gentle Ben has learned more palatable “fed speak”? riiiiight! Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices down but still above $73 after hours; corporate welfare (gov’t contracts) recipients up sharply, and inflation beats expectations as higher than expected .5% rise, and higher than expected .3% rise in core rate; YAHOO ONE DAY STOCK PLUNGE ERASES $10,400,000,000.00 IN VALUE ; interest rates up, dollar down, and stocks up  in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. Indeed, the globally negative strife in the Middle East has become old news despite no end in sight and a substantial negative effect on criminal america through their surrogate terrorist nation/operative israel. CNN's DOBBS BLASTS U.S. ISRAEL POLICY...   BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'... The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

Fed's Bernanke still sees inflation risks, but of course inasmuch as the worthless dollar is worth less by the day, with higher interest rates the only way to combat same in light of intransigent structural economic realities.

(7-18-06) Suckers’ bear market rally/”dead dog bounce” in the last hour by the lunatic frauds on wall street to suck the suckers in; ie., dow up 51.87 points  - the "miracle" of computerized manipulated trades. What Changed? Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices down but still above $73; corporate welfare (gov’t contracts) recipients United Technologies and Johnson & Johnson (via artificially high pharmaceutical prices, fed programs and foreign competition exclusion) up sharply, and inflation beats expectations as higher than expected .5% rise, interest rates up, and stocks up  in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. Indeed, the globally negative strife in the Middle East has become old news despite no end in sight and a substantial negative effect on criminal america through their surrogate terrorist nation/operative israel. The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down (particularly in california, ie., orange, la, ventura, counties etc.) nationwide. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

U.S. Treasury balances at Fed fell on July 17Tue Jul 18, 2006

WASHINGTON, July 18 (Reuters) - U.S. Treasury balances at the Federal Reserve, based on the Treasury Department's latest budget statement (billions of dollars, except where noted):

              July 17 July 14 (respectively)

Fed acct  4.087 4.935

Tax/loan note acct 10.502 10.155

Cash balance 14.589 15.192

National debt,

subject to limit 8,311.633 8,323.084

The statutory debt limit is $8.965 trillion.

The Treasury said there were $192 million in individual tax refunds and $23 million in corporate tax refunds issued.

(7-17-06) Suckers’ bear market rally/”dead dog bounce” into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 8 points  - the "miracle" of computerized manipulated trades. What Changed? Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices down but still above $75; mcdonalds paves the way for future burger flippers (keep the mad cow rollin’) and stock up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

The budget deficit in the US is not massive. The Bush administration this week cut its forecasts for the fiscal shortfall this year by almost a third, saying it will come in at 2.3pc of gross domestic product. This is smaller than most European countries - including the UK - which have deficits north of 3pc of GDP.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

UPDATE - Two former NYSE traders found guilty of fraud

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

(7-14-06) Waning full moon and  “Rosanne Rosannadana’s mother” has taken control of the fraudulent "alice-in-wonderland" lunatic world of wall street where the realization is,    IT’S ALWAYS SOMETHING!    Riiiiight, as dow embraces reality with 106.94 point decline, nasdaq down 16.76, and s&p down 6.09, on higher volume. However, reiteration of facts and reality indicates further substantial downside bias. Specifically, consumer confidence is appropriately down; dollar substantially overvalued; u.s. saving rate negative; home refinance equity depleted/spent/gone and here come the foreclosures of no equity properties on falling prices which has begun; companies lowering expectations for second half; ge non-gov’t contract industrial product sales down; etc. The bottom line is the catch-22 which is and remains that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $77 at new record; unemployment claims up; first quarter GDP “revised” upward according to government (who would have thunk it.....riiiiight!)]. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!

US '.....going bankrupt'
By Edmund Conway, Economics Editor (Filed: 14/07/2006)

The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.

A ballooning budget deficit and a pensions and welfare timebomb could send the economic superpower into insolvency, according to research by Professor Laurence Kotlikoff for the Federal Reserve Bank of St Louis, a leading constituent of the US Federal Reserve.

Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.

According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.

Prof Kotlikoff, who teaches at Boston University, says: "The proper way to consider a country's solvency is to examine the lifetime fiscal burdens facing current and future generations. If these burdens exceed the resources of those generations, get close to doing so, or simply get so high as to preclude their full collection, the country's policy will be unsustainable and can constitute or lead to national bankruptcy.

"Does the United States fit this bill? No one knows for sure, but there are strong reasons to believe the United States may be going broke."

Experts have calculated that the country's long-term "fiscal gap" between all future government spending and all future receipts will widen immensely as the Baby Boomer generation retires, and as the amount the state will have to spend on healthcare and pensions soars. The total fiscal gap could be an almost incomprehensible $65.9 trillion, according to a study by Professors Gokhale and Smetters.

The figure is massive because President George W Bush has made major tax cuts in recent years, and because the bill for Medicare, which provides health insurance for the elderly, and Medicaid, which does likewise for the poor, will increase greatly due to demographics.

Prof Kotlikoff said: "This figure is more than five times US GDP and almost twice the size of national wealth. One way to wrap one's head around $65.9trillion is to ask what fiscal adjustments are needed to eliminate this red hole. The answers are terrifying. One solution is an immediate and permanent doubling of personal and corporate income taxes. Another is an immediate and permanent two-thirds cut in Social Security and Medicare benefits. A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143pc."

The scenario has serious implications for the dollar. If investors lose confidence in the US's future, and suspect the country may at some point allow inflation to erode away its debts, they may reduce their holdings of US Treasury bonds.

Prof Kotlikoff said: "The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century."

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch  12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

UPDATE - Two former NYSE traders found guilty of fraud

(7-13-06) Waning full moon and  “Rosanne Rosannadana’s mother” has taken hold of the fraudulent "alice-in-wonderland" lunatic world of wall street where the realization is,    IT’S ALWAYS SOMETHING!    Riiiiight, as dow embraces reality with 166.89 point decline, nasdaq down 36.12, and s&p down 16.31, on higher volume. The bottom line is the catch-22 which is and remains that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $76 at new record; unemployment claims up; first quarter GDP “revised” upward according to government (who would have thunk it.....riiiiight!)]. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!

(7-13-06) The war criminal israelis’/americans’ induced global recession/depression is upon the world.

(7-12-06) Full moon begins to wane and as if “Rosanne Rosannadana’s mother” has taken residence in the fraudulent "alice-in-wonderland" lunatic world of wall street, the realization is, IT’S ALWAYS SOMETHING! Riiiiight, as dow embraces reality with 121.59 point decline, nasdaq down 38.62, and s&p down 13.92, on higher volume. The bottom line is the catch-22 which is and remains that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $75; unemployment claims up; first quarter GDP “revised” upward according to government (who would have thunk it.....riiiiight!)]. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!
(7-11-06) Blazing full moon and suckers’ bear market rally into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 31 points  - the "miracle" of computerized manipulated trades, all very commissionable on 1.5 billion shares. What Changed? Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices back up above $74; one company reporting a substantial loss said same was at the low end of loss expectations and stock up sharply in the  fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. The government is also catching on and playing the “better than expectations” game with the still very substantial deficit numbers, clouded by the use of social security funds used in the general fund rather than allocated for the defacto bankrupt social security system where they belong. ! Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven [ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.] that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

 

(7-10-06) Blazing full moon and suckers’ bear market uptick in mixed market by the lunatic frauds on wall street to suck the suckers in; ie., dow up 12.88 points - the "miracle" of computerized manipulated trades, all very commissionable. . Highly leveraged obfuscating mergers/acquisitions, very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices above $73; first quarter GDP revised upward according to government (who would have thunk it.....riiiiight!). Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin', hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(7-7-06)  Back to the (reality) future for the lunatic frauds on wall street as mergers/acquisitions obfuscation fails to suck enough suckers in and DOW gives back 134+ unwarranted, bloated sucker points. (7-6-06) analysis is apposite: (7-6-06) Tobacco rally (based upon throwing out a punitive damage award before assessment of and hence without reasonable relation to damage.....daaaaah!) spurs new market fraud “talking point” in this suckers’ bear market rally/”dead dog bounce” with dow up 73.  Highly leveraged obfuscating mergers/acquisitions, very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up still above $75; first quarter GDP revised upward according to government (who would have thunk it.....riiiiight!). Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly (and particularly with 62 point contraindicated rise). I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(7-5-06) It’s always something! Riiiiight, as dow embraces reality with 76 point decline on higher volume. The bottom line is the catch-22 which is and remains that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $75; unemployment claims up; first quarter GDP “revised” upward according to government (who would have thunk it.....riiiiight!)]. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!

 (7-3-06) No news [except GM sales down 25.9%, along with Ford and Chrysler, the ISM Index slipped to 53.8 in June (consensus 55.0) from 54.4 in May while construction spending declined 0.4% in May (consensus +0.2%) versus a 0.2% decline in April, just little things, etc.....riiiiight!] in shortened trading day on light volume. Lunatic frauds on wall street claim July 4th Independence of Reality Day celebration in continuation of suckers’ bear market rally to suck the suckers in. (6-30-06) analysis is apposite:

(6-30-06)  Back to the (reality) future for the lunatic frauds on wall street as mergers/acquisitions obfuscation fails to suck enough suckers in and DOW gives back 40+ unwarranted, bloated sucker points as suckers’ bear market rally fails to hold and is opportunity for smart money to unload into the close [the new scam on previous trading day by the lunatic frauds on wall street, viz., expectation for 1/2percent fed increase (nothing to warrant that view) and 1/4percent relief rally, to suck the suckers in (the lunatic frauds on wall street call it “window dressing” for end of quarter numbers while reality would posit same as fraud in the inducement with Dow previously up 217 points  - the "miracle" of computerized manipulated trades, all very commissionable on high volume). What Changed? Fed wording the same; Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $73; unemployment claims up; first quarter GDP revised upward according to government (who would have thunk it.....riiiiight!)]. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly (and particularly with 62 point contraindicated rise). I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper (so much so that they’ve stopped reporting M3) and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-29-06) Suckers’ bear market rally with new scam by the lunatic frauds on wall street, viz., expectation for 1/2percent fed increase (nothing to warrant this view) and 1/4percent relief rally, to suck the suckers in (the lunatic frauds on wall street call it “window dressing” for end of quarter numbers while reality would posit same as fraud in the inducement).  Dow up 217 points  - the "miracle" of computerized manipulated trades, all very commissionable on high volume. What Changed? Fed wording the same; Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly; oil prices up above $73; unemployment claims up; first quarter GDP revised upward according to government (who would have thunk it.....riiiiight!). Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly (and particularly with 62 point contraindicated rise). I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-28-06) Suckers’ bear market rally/”dead dog bounce” at and into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 48 points  - the "miracle" of computerized manipulated trades, all very commissionable on light volume. What Changed? Highly leveraged obfuscating mergers/acquisitions, also very “commissionable”(investment bankers/brokers), and historically have more often than not ended quite badly. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-27-06) Back to the (reality) future for the lunatic frauds on wall street as late credit card payments up 4.4 percent, more people dipping into savings accounts to make ends meet since the great depression, existing home sales down 1.2 percent, and mergers/acquisitions obfuscation fails to suck enough suckers in and DOW gives back 120 more undeserved, bloated sucker points. GM sees weaker auto market.  Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-26-06) Suckers’ bear market rally at and into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 56 points  - the "miracle" of computerized manipulated trades, all very commissionable on high volume. What changed? New house sales up 4.6 percent. What they don’t tell you is that same is down from prior year and more importantly, the sales prices were DOWN 4.3 percent. One home building company even predicted prospective weakness in earnings and still rallied. Mergers/acquisitions obfuscation also provides cover for the fraudulent "alice-in-wonderland" lunatic world of wall street where down is up and up is down. Remember, leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the pre911(within days) short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-23-06) Back to the (reality) future for the lunatic frauds on wall street as durable goods down greater than expected .3 percent and mergers/acquisitions obfuscation fails to suck enough suckers in and DOW gives back 30 more undeserved, bloated sucker points. Leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

 

 (6-22-06) Back to the (reality) future for the lunatic frauds on wall street as they grudgingly give back 60 plus undeserved, bloated sucker points on the DOW. Jobless claims rose 11,000 and more than expected to 308,000 while leading economic indicators are down .6 percent continuing an ignored (by wall street frauds) downward trend/weakness extending back to the summer, 2005. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly. I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. There is substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

 

(6-21-06) Suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 104 points  - the "miracle" of computerized manipulated trades, all very commissionable on high volume. What changed? One of their own frauds, morgan stanley/corrupt nothing company fedex?, mergers and acquisition activity to mask underlying weakness? GM debt rating lowered. Options scandal as was inherent in the (fraudulent) dotcom bust is extent and under way in nasdaq particularly.  I previously warned be very skeptical of up-coming government/corporate/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack(for the neocon contrived “pearl harbor effect")/who ordered NORAD to stand down?/who were the short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. This is a fraudulent "dead dog bounce" at best, despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

 

(6-20-06) Typically false government numbers spur suckers’ market rally into the close as DOW ekes out 33 to the plus from negative territory. The precipitating factor was the false government report that housing unexpectedly (all forecasts to the contrary) rose 5% (building permits down 2.1%, and that’s also a stretch). What’s not reported is that the frauds in the government placed a disclaimer in the false government numbers that there was significant statistical error therein, complicit in the typical wall street fraud wherein fraud in the inducement and fraud in the factum are standard operating procedure in the fraudulent "alice-in-wonderland" lunatic world of wall street!  I previously warned be very skeptical of up-coming government/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., illegal Iraq war/occupation, 911 attack/who ordered NORAD to stand down?/who were the short-sellers?/the twin towers implosion, the missile that hit the pentagon precisely in the area that housed the army investigators who announced days before the opening of an investigation into a substantial pentagon fraud, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin',  hopin', and lyin’ to the contrary; foreclosures up, housing down. This is a fraudulent "dead dog bounce" at best, despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

 

 

 

 (6-19-06) Catching up with reality (there's still a long way to go) in the fraudulent "alice-in-wonderland" lunatic world of wall street! Be very skeptical of up-coming government/collaborative/wall street data inasmuch as they are quite desperate and have proven (ie., Iraq war, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!

Remember, the catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary. Foreclosures up, housing down, contrived rally attempt near close to suck the suckers in fizzles as reality is all too real.

(6-16-06) Waning full moon and the lunatic frauds on wall street limp to the close to keep the suckers sucked in, despite reality. Quarterly trade deficit, though still substantial, supposedly narrows (must be the Japanese buying those “superior” american cars.....or americans buying domestic crude.....or americans slowing their hunger for record unsustainable credit to finance purchases, etc......riiiiight!).  Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of government numbers. He is riiiiight!  They “know all the tricks” and watch for coming week manipulation of closing positions to stay above/confirm“ technical benchmark/support levels” despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day. Nothing can change the facts surrounding the “catch-22” that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary. 

Investors ignore warnings in volatile markets By Svea Herbst-Bayliss                                                Sat Jun 17, 3:23 AM ET BOSTON (Reuters)

(6-15-06)Waning full moon and suckers’ bear market rally by the lunatic frauds on wall street to suck the suckers in; ie., dow up 198 points  - the "miracle" of computerized manipulated trades, all very commissionable on high volume. What changed? Unemployment claims down 8,000 (government numbers), riiiiight! Industrial production down (except in New York, riiiiight!) (“great news” in the fraudulent "alice-in-wonderland" lunatic world of wall street). Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight! “Prime market mover”, Bernanke says higher energy prices have contributed to higher inflation.....daaaaah! Nothing can change the facts surrounding the “catch-22” that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary. This is a  suckers' short-covering/suckers' bear market rally/"dead dog bounce" at best, despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades.

(6-14-06) Full Moon and the effect on the "alice-in-wonderland" lunatic world of wall street is clear as core inflation rate exceeds expectations but no problemo in the  fraudulent "alice-in-wonderland" lunatic world of wall street! Remember: this is indisputably a secular bear market. Remember: this bull (s**t) cycle in this  indisputable secular bear market has exceeded those historically where better fundamentals existed and is over. Remember: though heavily manipulated by computerized trades cognizant of same to the upside, reality has broken through all technical support levels to the unequivocal downside. Remember: this suckers' short-covering/suckers' bear market rally/"dead dog bounce" at best, despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over.  Remember: more contrived wasteful commissions to the wall street frauds, the level and percentage of which should be examined in light of computerization and decreased costs attendant to same especially since only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) via 'churn and earn' computerized programmed trades. Recession Dead Ahead - James B. Stack, InvesTech Research. The catch-22 remains that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary.

Yahoo Market “analysis”- 4:20 post meridiem : Notwithstanding validation that the Fed will have to keep raising rates to bring inflation rates down to what the Fed deems as acceptable, following a worrisome reading on core-CPI, the indices closed near their best levels of the day as a market due for a technical bounce attracted modest bargain hunting interest. The Dow, a day removed from turning negative on the year, turned in the day's best performance among the majors, gaining 110 points and ending up 1.0%.

Weak Rally A Chance To Hedge With Shorts (Investor's Business Daily)(or sell, at best).

(6-13-06) Full Moon and catching up with reality (there's still a long way to go) in the fraudulent "alice-in-wonderland" lunatic world of wall street! Be very skeptical of up-coming government/colaborative data inasmuch as they are quite desperate and have proven (ie., Iraq war, etc.) that the truth is no obstacle when falsity is expedient and the lunatic frauds on wall street will try to tell you what’s up is down and what’s down is up. Lou Dobbs gets paid a lot of money to keep track of such things and doubts the verity of the government numbers. He is riiiiight!

Remember, the catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary.

Global equity meltdown costs investors $2 trillion.....

(6-09-06) (6-12-06) Catching up with reality (there's a long way to go) in the fraudulent "alice-in-wonderland" lunatic world of wall street! Be very skeptical of up-coming government/colaborative data inasmuch as they are quite desperate and have proven (ie., Iraq war, etc.) that the truth is no obstacle when falsity is expedient. Blue Chip forecasters raise U.S. inflation outlook

 Get Ready For $100 Oil and $1,600 Gold-Curtis Hesler, 

      Professional Timing Service 06.09.06, 11:50 AM ET/forbes.com

G-8 Ministers Warn of Rising Energy Prices

Cleveland Fed President Pianalto, a voting member of the monetary policy committee, saying the rate of inflation "exceeds my comfort level" echoed Bernanke's worries(6-12-06)

 

(6-8-06) Suckers’ rally into the close by the lunatic frauds on wall street to suck the suckers in; ie., dow up 183 points in less than 3 hours - the "miracle" of computerized manipulated trades, all very commissionable on volume of 2.4 billion shares. What changed? Unemployment claims down 25,000 (in holiday shortened week), riiiiight!

Zarkawi killed (less than 3-10% of the "terrorists" are from outside Iraq, and Zarkawi had already lost favor owing to his anti-Shiite bent and some even opine that the deal-$25 million worth- was done as was Zarkawi pre-bombing, he did look pretty good for post two 500 pound direct hit bombs, and will be or already has been eagerly replaced), riiiiight! This suckers' uptick/suckers' market rally/"dead dog bounce" despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day given that this bull (s**t) cycle in this indisputable secular bear market is over. Recession Dead Ahead - James B. Stack, InvesTech Research. The catch-22 remains that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary.

 

(6-07-06) Catching up with reality (there's a long way to go) in the fraudulent "alice-in-wonderland" lunatic world of wall street!

(06-06-06) Suckers’ rally into the close by the lunatic frauds on wall street to suck the suckers in; they “know all the tricks” and manipulate the closing positions to stay above the superstitious 11,000 “ technical benchmark/support level” (down 46 on the dow) despite a contraindicated reality and substantial downside bias in light of real economic considerations, particularly beyond the moment/trading day. The bull (s**t) cycle in this indisputable secular bear market is over. Recession Dead Ahead

James B. Stack, InvesTech Research 06.06.06, 6:30 PM ET

(6-5-06) Reality sets in despite the "blame game". (6-2-06) Jobs data falls far short as 75,000 (not expected 175,000) are created and 1st quarter job numbers revised downward, along with ..... unemployment now at ..... 4.6% .....riiiiight; but no problemo in the "alice-in-wonderland" lunatic world of wall street where bad news is good news as weak data spurs suckers market rally/"dead dog bounce" in s&p. Lou Dobbs who gets paid a lot of money to keep track of such things doubts the verity of the government numbers. He is riiiiight! Oil backabove $72 and housing dimmer. Housing prices drooping. 'Overpriced' housing gets more overpriced. Short sellers: Some expose fraud while others become the scandal  (6-12-06).  The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary.(6-1-06) Sales of American Autos Fell Sharply in May which is "good news" in the "alice-in-wonderland" lunatic world of wall street where bad news is good news spurs suckers bear market rally and continuation of "dead dog bounce". Walmart results on low end but other retailers the focus for wall street's fraudulent progression, what goes up must come down, and more contrived wasteful commissions to the wall street frauds.

END OF GATES ERA AT MICROSOFT

Microsoft eyes new tech leaders for post-Gates era

 (5-31-06) FOMC minutes reveal continued concern with inflation in light of reality that defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits is inevitable but no problemo in the "alice-in-wonderland" lunatic world of wall street where bad news is good news as absence of data/weak data spurs suckers market rally/"dead dog bounce".

(5-26-06)Core inflation was not worse than expected is

"good news" in the "alice-in-wonderland" lunatic world of wall street where bad news is good news as weak data spurs suckers market rally/"dead dog bounce" on light volume. Lou Dobbs who gets paid a lot of money to keep track of such things doubts the verity of the government numbers. He is riiiiight!

"Yahoo Market Update: Providing some of the early market support that carried broad-based efforts into the close was the fact that the latest read on core inflation was not worse than expected. Before the bell, the Commerce Dept. showed that an inflation measure closely-watched by the Fed -- the core-PCE deflator -- rose 0.2%. While that wasn't a great number as it relates to Fed policy, since it put the year/year increase above the Fed's comfort zone of 2.0% (range is 1 3/4% to 2%) and left the door open for policy makers to keep raising rates, a figure less than what so many had feared helped ease some of the excessive fears that have weighed on the market over the last few weeks."

The overall picture of the market's health, however, is deteriorating, says Investech’s Jim Stack......... mounting inflation pressures bode ill for the bull, he points out. Market leadership and breadth are on the verge of breaking down, while the behavior of bellwether stocks is already decidedly negative.

(5-25-06)Revised 1st quarter GDP upward to 5.3%.....riiiiight!.....oil prices up, along with oil and other stocks in suckers' bear market rally. The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Higher interest rates to prop worthless dollar and finance deficits inevitable despite wishin' and hopin' to the contrary.

(5-24-05)Durable goods down 4.8% which is

"good news" in the "alice-in-wonderland" lunatic world of wall street where bad news is good news as weak data spurs suckers market rally/"dead dog bounce".

(5-22-06)Late day rally by criminal lunatic frauds on wall street to suck the suckers back in falls short.

(5-19-06) No news "good news" in the "alice-in-wonderland" lunatic world of wall street where bad news is good news as weaker manufacturing data spurs suckers market ralley/"dead dog bounce" (previously, job creation fell short of expectations and stocks rally with significant up moves registering even infinite (losses) price/ earnings ratios. GM restates so-called erroneous prior numbers).....riiiiight! Oil, metals fall on economic worries(Oil prices tumble below $70 after lower demand is forecast). The catch-22 is that the defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, which is hyperinflationary despite false government numbers (ie., core inflation number to fraudulently decrease yield to ibond holders, etc.). Fed raises 1/4 but who wants overvalued dollars (or dollar denominated assets); they're printing worthless dollars like mad!

Falling dollar and printing more worthless dollars is very inflationary and not reflected in the fake government numbers but is reality.

Disney profit up, but revenue disappoints - no problemo for the frauds on wall street

Cisco earnings beat wall street "lowered expectations game" view .....riiiiight! and the dow rallies to suck the suckers in.

 

In the last few months, evidence of a real estate crash has become overwhelming. Take a look:

 

In Bethesda, Maryland-an affluent suburb just north of Washington D.C. - prices declined 16% in one month, from December 2005 to January 2006

In Calaveras County, CA-a popular gold mining country tourist destination 90 minutes from San Francisco-lots that were selling for $100,000 in August can now be had for $50,000.

In Miami, less than 14% of residents can now afford to buy a medium-priced home.

In Las Vegas, CBS news reports that rising materials costs and falling demand have forced some builders to walk away from half-completed condos-instantly impoverishing investors who have paid as much as $41 million for non-existent apartments.

In California, home to some of the country's priciest real estate, mortgage defaults have increased by an incredible 62% in the past year.

Nationwide, the Census Bureau reported home sales fell 10.5% between January and February 2006. In the same period, the median price of a home fell by $6,900 or 3% in a single month.

At NewsMax, we've been warning for nearly two years that a real estate crash was inevitable and that a "soft landing" was unlikely.

Fort Lauderdale: Homes for sale reach 11.4-month supply

 

What is Wrong with the Stock Market?

Dr. Khaled Batarfi

 

John D. Rockefeller was once asked why he decided to sell all his stocks just months before the 1929 Wall Street Crash. He explained: One morning, I was on the way to my office and stopped to have my shoes polished. The guy asked my advice about the shares he bought. If people with this kind of talent were now playing the market, I knew there was something wrong.....

 

The Fed (according to reports) no longer reporting M3 - They're (creating money) printing worthless dollars like they are "going out of style".

[The M3 money supply is a broad measure of money and is an estimate of the entire supply of money within an economy, and thanks to the easy monetary polices of an Alan Greenspan led Federal Reserve, M3 has now expanded to new all time highs. Measured in billions of dollars, M3 has more than doubled since 1995, and it has increased approximately $250 billion this year alone or about 9% annualized. Or put another away, the policies of the Federal Reserve will create almost $1 trillion (you read that correctly) this year alone to the broad money supply.]

 

They are.....going out of style as foreign and domestic analysts predict even greater (35% +) drop in value of dollar and they hedge or eliminate their risk with other currencies.

 

Insiders posit manipulation of the equity markets by criminal fraud u.s. government.

 

Eerily reminiscent of the period immediately preceding 1929 market crash including the budget busting Hoover tax cuts to the wealthy.

 

Recession Dead Ahead

James B. Stack, InvesTech Research 06.06.06, 6:30 PM ET

WHITEFISH, MONT. -

We wish it wasn’t so, and we wish we didn’t have to say it. But today’s economy is on a collision course with a recession. And the most probable starting point is the fourth quarter of this year or early 2007. Since the stock market typically leads the economy by six to nine months, you can guess what that means for Wall Street this year.

Prepare your portfolio for a bear market with just five investments. Click here to peek at the defensive playbook from Jim Stack and InvesTech Research.

We’ve actually been watching these pressures unfold for over a year now, with a tightening labor market, rising commodity prices, diverging consumer confidence, and the growing imbalances leaving little room for the Federal Reserve to maneuver. The recently-released FOMC minutes for May confirm both our insights and instincts.

This is how aging economic recoveries end--when “good” news means bad things for interest rates and the stock market. And while everyone likes to think the Federal Reserve is omniscient and omnipotent, the “soft landing” objective is very seldom achieved. In the current climate, with the housing bubble unwinding now underway, we believe the landing gear has already fallen off.

Special Offer: Jim Stack spotted major market train wrecks in advance...like the 1987 crash and the 2000 burst of the tech bubble...and he moved his readers to safety and profit. Where should you be buying now and where should you be taking profits? Click here for the latest moves in InvesTech Research.

So whether or not the Fed hikes interest rates again on June 29, the monetary verdict is in. Without a dramatic (and very surprising) shift in pressures, our strategy must now accommodate the high probability of recession and the accompanying bear market. That doesn’t mean crawling under a rock and waiting for the sky to fall, but it will likely require more defensive moves in the weeks and months ahead.

Slowly and methodically, the forces have been moving us toward an imminent recession. These cyclical forces include commodity inflation, which on a long-term basis is at the highest level since the 1970s. But they also extend deeper-- into the monetary forces and even consumer psychology behind the economic expansion.

The yield curve has changed dramatically in the past 24 months, and is as “flat” as we can ever remember seeing it. The danger is the 88% historical probability of a recession that this represents. And if pressures preclude the Fed from easing later this year, one might say the odds of recession are closer to 100%.

In the past 40 years, there have been eight instances where the yield curve (10-year T-bond minus 3-month T-bill) has flattened to this extent. In four of those instances, the yield curve temporarily widened, only to flatten again: 1973, 1989, 1998 and 2000. But in only one of those eight instances was the economy able to avoid a recession. What made 1998 unique? It could be called a hedge fund named Long-Term Capital Management. The August near-meltdown on Wall Street, along with the lowest inflation rate in 10 years, prompted the Federal Reserve to cut interest rates twice in the fourth quarter of that year. As we see it, the Fed has no such leeway this time around.

Special Offer: Earn a steady income from oil and gas. Lock in yields of 11% and higher on Canadian energy trusts. Click here for the best picks north of the border in Forbes/Lehmann Income Securities Investor.

Most economists, let alone investors, fail to appreciate the significance of past history. Even if the Fed’s own economic models were forecasting a recession ahead, there may be little that could be done to prevent it. Easing before inflation pressures start to subside can create wild financial and economic swings similar to those of the 1970s.

Historically speaking, we don’t like the current investment odds. We are not saying the bull market cannot hit new highs, but the monetary climate and economic pressures are making the next 12 months particularly hazardous. Moreover, the Federal Reserve has a dismal track record of achieving a “soft landing.” Out of ten past tightening cycles, only two resulted in a soft landing that allowed the Federal Reserve to ease and avoid a recession. And one of those (1966) still resulted in a bear market. Of the three bear market exceptions (1958-60, 1977-80, 1994-95), all experienced a significant decline in the stock market--just not enough to qualify as a -20% bear market.

So again, the odds are not favorable that the current Fed tightening cycle is going to end happily for investors.

James B. Stack is editor of InvesTech Research and president of Stack Financial Management. Click here for more of Stack's insights and recommendations.

 

 

Barrons says gold could go to $2,000

 

Standard and Poors says gold will exceed $700 before year end.

 

Criminal fraud nation america posits falsely an inflation rate of 1% to defraud/screw ibond holders whose interest rate drops from in excess of 6% to slightly more than 2%. Desperate criminal america is broke.

 

Dollar has lost and continues to lose value.

 

Oil nations getting out of the worthless falling dollar.

 

The anchor said Mr Bernanke had told her at the White House Correspondents' dinner in Washington on Saturday that he had not intended the markets to infer that the Fed was nearly done raising interest rates.

Oil prices up, gold up sharply in light of the reality of worthless u.s. dollar, paper, and multi-deficits. Do you think that printing dollars and unsustainable deficit spending are wise economic policy for short term political gain? I think not.

How many times do the lunatic frauds on wall street shill the already discounted many times over eventual pause in rate hikes by the fed?

The lunatic frauds on wall street on wall street continue rally on near record oil prices.....good for oil company profits.....riiiiight, and, "fed speak" regarding pause in rate increases.....As if that matters if no one wants worthless defacto bankrupt criminal american worthless paper in worthless american dollars.....The same fed which has presided over the great criminal american decline in every way except largest debtor nation! Commodity prices up, wage price inflation, influx of printed and non-printed worthless dollars, etc.. Inflation up, housing starts down, they play the "beat expectations" game to suck the suckers in this secular bear market.

 

Job losses up, but gambling stocks up.....riiiiight!

Unemployment claims up 11,000.....Lunatic frauds on wall street ebullient since it confirms already discounted eventual pause in rate hikes and is something to feed their b**l s**t line!

amazon net down 35% but.....beats wall street expectations, so stock is up.....riiiiight! Fake gov. numbers reports to the rescue.....Don't you think that if they're willing to lie to kill innocent civilians, ie., Iraq, they most assuredly will lie given their well deserved political desperation? If China, etc., feels they no longer want to hold worthless u.s. dollars and paper, reality sets in. Guess what?

 

The inefficient deficit/budget busting corporate welfare program based on pork/government contracts for non-market competitive products/services, etc., cannot be sustained in defacto bankrupt america.

Waning full moon and lunatic wall street on wall street continue rally on near record oil prices.....good for oil company profits.....riiiiight, and, fed minutes regarding end of rate increases.....As if that matters if no one wants worthless defacto bankrupt criminal american worthless paper in worthless american dollars.....The same fed which has presided over the great criminal american decline in every way except largest debtor nation! Commodity prices up, wage price inflation, influx of printed and non-printed worthless dollars, etc.. Inflation up, housing starts down, they play the "beat expectations" game to suck the suckers in this secular bear market.

Lunatic wall street frauds in suckers' bear market rally mode based on "better than (already bad and still bad) expectations" b**l s**t story, a surge in bond yields, Everything about wall street is fraudulent. Record trade deficits (not going away anytime soon), budget deficits and nations getting out of dollar, productivity down and wage costs up and "full employment" (very inflationary), consumer confidence (reflecting reality) down, record budget deficits ("crowding out effect" in debt markets), new (higher government) debt ceiling, etc., the lunatic frauds on wall street try to "suck them in" in "easter bunny" pre-weekend "full moon" lunatics "feel good" rally. americans spending more than they are saving, record deficits which need financing (debt sales, "crowding out effect"), even the false government numbers are not particularly good (service industry paper pushing, "hamburger flipping", etc., up slightly."You can believe and trust anything they say", like the lie that led to cruise missiles killing (real estimates exceed 100,000) Iraqi civilians including women and children and maiming many more, literally destroying an entire nation. ). The refinance funds from the bubble real estate prices are depleted and amounts owed will not be offset by the bubble bursted falling prices. This bull (s**t) cycle in this secular bear market is effectively over. Global frauds and criminals (I warned not to give bush war powers - pre-invasion) americans are globally known to be.Reality-The Lunatic Frauds on wall street are "running on fumes"(of the deficit-building election year overspending/temporary stimulus), fraud and B**l S**t. Only A Small Fraction Of What wall street Does Is A Net Positive For The Economy (New Investment Capital), The Rest Is Tantamount To A (Economically) "Wasteful Tax" (On The Economy) [In The Form Of Huge Computerized, Computer-Driven, Programmed Trades/Swings, Generating Their Huge Windfall "Churn-and-Earn" Commission Dollars].

The criminal americans are fraud and b**l

s**t.

Number of california homeowners receiving default notices climbs to new high for quarter

Canadian Dollar Cracks 90 U.S. Cents

TOYOTA RECORD SALES; AMERICAN AUTOS CONTINUE DROP

Oil marches toward $75 on Iran tension...

Energy Secretary: Gasoline prices a 'crisis'.....

 

GE/NBC’s Jim Cramer has become an embarrassment

Commentary: He has crossed the line from harmless entertainer            By Jon Friedman, MarketWatch Jun 16, 2006

LOS ANGELES (MarketWatch) -- CNBC's Jim Cramer has finally crossed the line from harmless entertainer to public embarrassment.....

Like all things “wall street”, typical lunatical bull s**t!

 

 

Goss Forced Out as Director of the CIA...

Bush to Name General Hayden.....

KENNEDY HEADED BACK TO MAYO.....

PAPER: CIA CHIEF TIED TO POKER PARTIES; HINTS OF BRIBES AND WOMEN...

White House Dismisses Reports on Goss...

New Chief Will Find CIA Is Hobbled on Iran...

New Lows For Dumbya: USATODAYGALLUP: BUSH DOWN TO 31% APPROVAL.....

Limbo Champ dumbya bush, How low can he go? Poll:Bush job approval at 29%.....511

PAPER: Tony Blair has now admitted he will quit next year.....

NEWSPAPER CIRCULATION DROPS 2.6%.....[Too much censorship, much like the networks, fox(murdoch is senile, keep the advertising/bribe $ flow through), ge/nbc (keep those gov't/war contracts coming)keep the advertising/bribe $ flow through, abc (don't hurt us/mickey mouse mr. gov't regulator, keep the advertising/bribe $ flow through), cbs (keep the advertising/bribe $ flow through), etc.]

CBSNEWSNYT POLL: Americans have bleaker view of direction the country is heading than at any time in 23 years.....

13% approve of Bush's handling of gas prices.....

 

Hillary Says Bush Has Charm, Charisma.....[just goes to show you how time in arkansas (and now 911 new york) with murderous rapist hillbilly clinton can warp your judgment and perspective].

 

NYT PAGE ONE LEAD STORY TUESDAY: STATE OF CLINTON MARRIAGE A QUESTION FOR DEMS.....

 

CENSUS BUREAU: More Than 50 Million Americans Claim to Have a Disability.....

I believe it!

 

Stocks sink as reality sinks in.....51106

Gold hits $700.....

 

Mel Gibson Producing Iraq War Mini-Series...

 

BUSH/BLAIR HIT POLL LOWS...

 

CHURCH DAMNS DA VINCI

 

JEERING, LAUGHTER AT 'DA VINCI'

CANNES CRITICS LEFT COLD

'A stodgy, grim thing'...

'Hanks was a zombie'...

'Da Vinci Code' secret is out: most critics hate it

 

'ROTTEN' REVIEWS.....

 

Dollar Weakest Since October 1997.....

 

MARKETS 'ARE LIKE 1987 CRASH'.....

 

MURTHA: Marines killed Iraqi civilians 'in cold blood'.....

 

Grand Jury Indicts Law Firm, 2 Partners.....

 

John Edwards: Bush 'worst president of our lifetime'.....

 

10% of Mexico's population now living in United States...

 

Mexico Works to Bar Non-Natives From Jobs...

Stocks sink as reality sinks in.....51106

Gold hits $700.....

 

Mel Gibson Producing Iraq War Mini-Series...

 

BUSH/BLAIR HIT POLL LOWS...

 

CHURCH DAMNS DA VINCI

 

JEERING, LAUGHTER AT 'DA VINCI'

CANNES CRITICS LEFT COLD

'A stodgy, grim thing'...

'Hanks was a zombie'...

'Da Vinci Code' secret is out: most critics hate it

 

'ROTTEN' REVIEWS.....

 

Dollar Weakest Since October 1997.....

 

MARKETS 'ARE LIKE 1987 CRASH'.....

 

MURTHA: Marines killed Iraqi civilians 'in cold blood'.....

 

Pentagon Details Abuse of Iraq Detainees.....

Two US soldiers missing, one killed, in Iraq 6-16-06

Grand Jury Indicts Law Firm, 2 Partners.....

 

John Edwards: Bush 'worst president of our lifetime'.....

 

10% of Mexico's population now living in United States...

 

Mexico Works to Bar Non-Natives From Jobs...

 

Hastert Deals Blow to Immigration Bill

 

Surge of volunteers expected to help illegals cross Arizona's desert...

 

5-26-06Immigration battle heats anew...

 

Illegal accused of impregnating 10-year-old in TX...

 

NYC Mayor wants DNA, fingerprint database to track all...

 

National Guard Soldiers to Border Next Week...

 

91 ILLEGALS FOUND IN TRUCK...

 

THOUSANDS OF ILLEGALS ARRESTED IN FED BUSTS

 

 

RAID AT DULLES NETS DOZENS OF ILLEGALS.....

 

CAUGHT ON TAPE: Dem congressman accepting $100,000 in $100 bills.....

 

EX-NJ GOV: I CRUISED TRUCK STOPS FOR SEX.....

Personal Data of 26.5 Million Veterans Stolen.....

Europe eclipses Hollywood in hot year for Cannes.....

House Speaker Hastert under investigation: ABC.....

House Speaker not under investigation: Justice.....

GROUP: New Video Exposes Behind-the-Scenes Story of Gore’s Own Energy Use.....

Dozen Marines may face courts-martial for alleged Iraq massacre.....

Official: Iraq Civilian Deaths Unjustified.....

Marines should be charged.....

http://www.drudgereport.com

Report details detainee abuse by US forces

Palestinian journalist says Israelis tortured him

Israeli prison authorities yesterday released Palestinian journalist Awadh Rajoub after spending six months in jail for what the Israeli army describes as "security-related" violation.

Palestine-Israel, Politics, 5/25/2006

 

Israel Strike in Gaza Kills 8 Civilians 6-13-06

 

Egypt: Israeli provocations need to stop

Egypt described an Israeli raid into the West Bank town of Ramallah yesterday as provocative and incompatible with peace efforts. "We demand an immediate end to the use of disproportionate violent measures which are likely to deepen the chasm between the sides," said Foreign Minister Ahmed Abul Gheit.

Egypt-Israel, Politics, 5/25/2006

 

US and Europeans working on incentives for Iran to drop its rights

The UN Permanent Security Council members had met yesterday in the UK to discuss Iran's nuclear file, where the US and Europe are pressing for sanctions against Iran because of unsupported allegations that Iran aims aims to develop nuclear weapons.

Iran-UN, Politics, 5/25/2006

 

US propaganda payment in Iraq endangers journalists

The summary of a review examining payments made to the Iraqi media by the US military has concluded that such operations should be re-examined.

Iraq-USA, Politics, 5/24/2006

 

Two Palestinians killed, 40 injured by Israel

Sources at the Sheikh Zayed Hospital in Ramallah said two youths in their mid-20s were killed when undercover Israeli troops fired heavily on Palestinians who were throwing stones on Israeli military jeeps backing up the undercover soldiers

Palestine-Israel, Military, 5/24/2006

 

Ahmadi-Nejad: Iran to respond harshly to mere ideas of aggression

Iranian spokesman Hamid Reza Asefi today referring to the recent claims made by the US President George W. Bush about Iran's nuclear activities stressed that Tehran has repeatedly announced its readiness to hold talks without any precondition.

Iran-USA, Politics, 5/24/2006

 

Israeli occupation prevents Palestinians from harvest

The Israeli occupation forces arrested today five Palestinians, including a woman in the West Bank cities of Ramallah, Hebron and Nablus, security sources said.

Palestine-Israel, Military, 5/22/2006

 

Abbas: Israeli occupation is cause of our problems

"We can not deny that there is no Palestinian crisis, but at the same time, the PM Ehud Olmert should not forget that there is Israeli occupation and continues its aggressions against the Palestinian people," Ereikat said

Egypt-Israel, Politics, 5/22/2006

 

Arab leaders: US policy on Iran has no credibility

The World Economic Forum on the Middle East ended on Monday with the Arab leaders calling on the United States to moderate its involvement in the Middle East.

Regional-Iran, Politics, 5/22/2006

 

Jewish lawmakers call for Teibi's dismissal as deputy speaker

A number of Israeli Jewish lawmakers have called on Knesset (Zionist parliament) Speaker Dalia Itsek to reject the appointment of Arab Knesset member Ahmed Teibi as deputy speaker of the house.

Israel, Politics, 5/22/2006

 

Abbas condemns Israeli crime in Nablus

Palestinian President Mahmoud Abbas today condemned the new Israeli crime in the West Bank City of Nablus, that resulted in killing two Palestinians and wounding three others.

Palestine-Israel, Politics, 5/17/2006

 

Israeli occupation arrests 10 Palestinians in Hebron

The Israeli occupation forces arrested today 10 Palestinians, including a handicapped one, in the West Bank city of Hebron, local sources said. In the village of Beit Awwa, south west Hebron, Israeli soldiers stormed houses and arrested 6 citizens, including the handicapped Ashraf Massalma 22.

Palestine-Israel, Military, 5/16/2006

 

On the European nuclear offer to Iran

Any call to suspend or halt nuclear activities is an illogical demand given Iran's full transparency in its nuclear program and the supervision of International Atomic Energy Agency

Iran-European Union, Politics, 5/20/2006

 

Abbas: Roadmap is only reference to peace with Israel

Palestinian President Mahmoud Abbas renewed Saturday his full rejection to the Israeli unilateral moves and solutions.

Palestine-Israel, Politics, 5/20/2006

 

European Parliament to ask for visas to Hamas deputies

The European Parliament is set to ask Belgian authorities to grant entry visas to Hamas deputies invited to attend meetings at the EU assembly

Palestine-European Union, Politics, 5/20/2006

 

Israeli law deprives Palestinian Israelis of right to family reunification

"The Supreme Court has upheld a law that unfairly targets Israeli citizens of Palestinian origin," said Sarah Leah Whitson, Middle East director at HRW. "This ruling undermines the rights of thousands of Israelis to live together with their families, and the rights of certain Israeli children to live with both parents."

Palestine-Israel, Politics, 5/20/2006

 

Abbas calls for giving Hamas-led government a chance

Palestinian president Mahmoud Abbas today said that the new Hamas-led Palestinian government must be given a chance to adapt to the basic requirements of the international community.

Palestine-European Union, Politics, 5/16/2006

 

Israeli occupation kidnap Palestinian in Bethlehem

Israeli forces kidnapped today a Palestinian in the West Bank city of Bethlehem, security sources said.

Palestine-Israel, Politics, 5/9/2006

 

Ahmadinejad: Iran would change policy if sanctions are ever adopted

Iran's President Mahmoud Ahmadinejad said today that no independent state will accept the claims of the bullying powers. "Our stances on nuclear activities are based on the international regulations and those taking stances against our country in the case of nuclear energy should know that if nuclear energy is good, why we should not have it and if it is bad, why they should have it,"

Iran-USA, Politics, 5/5/2006

 

Ahmadi-Nejad: Israel would fall without support

Iran's President Mahmoud Ahmadi-Nejad said today that without Western support the Israeli regime would fall.

Iran-Palestine, Politics, 5/11/2006

 

Israel pressures the Palestinians by cutting fuel

Ghazi Hamed argued that the problem is first and foremost political. "We have an agreement with that company, the problem is not the money, the problem is political. Israel is trying to scuttle this government in a sea of crises, they are saying that openly."

Palestine-Israel, Economics, 5/11/2006

Double-standard: No UK plans to take Israel to UN over nuclear weapons

The UK government has rejected a call in parliament to take Israel to the UN Security Council over its illegal stockpile of nuclear weapons and seek its participation under the Non-Proliferation Treaty (NPT).

Israel-UK, Politics, 5/5/2006

 

Israel kills 3 Palestinians in cold blood, bars 274 gravely ill from treatment

Palestinian Ministry of Prisoners Affairstoday said that the Israeli occupation forces executed three Palestinians in cold blood after arresting them alive and arrested 620 others, including 65 children in April.

Palestine-Israel, Military, 5/8/2006

 

How Saudi Arabia repress reform

Despite domestic and international pressure for reform, government and religious authorities in Saudi Arabia employ a wide array of behind-the-scenes controls to curtail coverage of sensitive religious and political news. Writers are routinely blacklisted, editors dismissed, and news blacked out

Saudi Arabia, Politics, 5/9/2006

http://www.arabicnews.com/

 

Olmert Rejects Abbas Talks Offer

Hisham Abu Taha, Arab News

Israel’s West Bank Wall: The Damning Facts

Neil Berry, albionroad@tiscali.co.uk

During the last couple of years two prominent British Liberal MPs have been conspicuously punished for voicing outrage at Israel’s treatment of Palestinians. One-time Liberal frontbencher, Jenny Tong,.....

 

GAZA CITY, 6 May 2006 — Israeli Prime Minister Ehud Olmert yesterday turned down an offer from the moderate Palestinian President Mahmoud Abbas to resume peace talks as five Palestinians were killed..... Full Story

The Way Israeli Media Distort the Truth

Uri Avnery, uri-avnery-admin@mailman.sweethome.co.il

Those who listened to the radio news last Saturday heard a stunning report: Muhammad Abu-Ter and Uri Avnery had barricaded themselves together in a private home in a-Ram. The very fact that these... Full Story

http://www.arabnews.com

 

Israeli Airstrike Hits Gaza City (12:08PM EDT)

The Christ-killing jews/israel (u.n. resolution/international law violator/illegal nuclear weapons proliferator, etc.) are not interested in peace!

 

Grim picture of Iraq's condition

A poll conducted this March to find out what Iraqis think paints a very pessimistic picture of life and conditions in Iraq.

Iraq, Politics, 5/6/2006

 

Jewish settlers assault Palestinian children

Jewish settler attacks on Palestinian school children in the southern West Bank continued unabated amid Palestinian accusations that the Israeli army is conniving with settlers and doing nothing to stop the attacks.

Palestine-Israel, Politics, 5/6/2006

 

Iranian President: Israel 'a regime based on evil that cannot continue and one day will vanish'...

 

Israeli occupation wounds women, child and arrests 12

Israeli occupation forces wounded today a child and a woman and arrested twelve Palestinians, including children, in the West Bank cities of Hebron, Nablus, Tulkarem and Bethlehem, witnesses, medical and security sources said.

Palestine-Israel, Military, 5/10/2006

 

UK denies illegally helping Israel to obtain nuclear arms

The British government has denied that it illegally helped the Zionist regime develop its stockpile of nuclear weapons outside the Non-Proliferation Treaty but refuses to detail any related material or technology it may have supplied.

Israel-UK, Politics, 5/10/2006

 

Israeli occupation uproot Palestinians' trees

the Israeli occupation forces "destroyed over 50 trees belonging to villagers in Ramin on the evening of Monday May the 8th, as devastation of Palestinian land in the region continued. Soldiers used chainsaws

Palestine-Israel, Military, 5/12/2006

 

Iraq's electricity not improved since US invasion

The British government has admitted that there has been slow progress in restoring Iraqi essential services since the US-led invasion, especially in the supply of electricity where the situation is worse.

Iraq, Economics, 5/23/2006

 

UK troops in Iraq under increasing attacks

The number of attacks of British troops deployed in southern Iraq have almost tripled in the first four months of the current year, Defense Secretary Des Browne has revealed.

Iraq-UK, Military, 5/23/2006

 

Peace Now: Israeli government supports Judaisation of Jerusalem

An anti-occupation Israeli organization revealed that the Israeli Government supports a plan of judaization of Jerusalem.

Palestine-Israel, Politics, 5/23/2006

 

Israeli-Western blockade on Palestinians beginning to collapse

The American-led and Israeli-enforced financial and political siege on the estimated 3.7 million Palestinians languishing under Israel's occupation lost a brick Monday when the European Commission drew up a plan to provide tens of millions of dollars to run Palestinian ministries

Palestine-Israel-European Union, Politics, 5/23/2006

 

Israeli occupation arrests 25 Palestinians

Israel said today it captured in Ramallah, the West Bank, commander of the Hamas military wing, 41-year-old Sheikh Ibrahim Hamed.

Palestine-Israel, Military, 5/23/2006

 

Zebari: Iraq would never allow aggression on Iran

Zebari said his country believes peaceful nuclear technology is Iran's indisputable right

Iraq-Iran, Politics, 5/27/2006

 

Expectations for release Iranian prisoners in Iraq

An Iraqi official yesterday evening assured he would follow up release of Iranian nationals still held in Iraqi jails.

Iraq-Iran, Politics, 5/27/2006

 

Iran, Iraq to broaden ties

Iran's Foreign Minister Manouchehr Mottaki today after wrapping up an official trip to Iraq and after a meeting with religious dignitaries in Najaf, said his aims was to congratulate the new Iraq government and nation, and wished them well in their efforts to prevail over future problems notably terrorism and security.

Iraq-Iran, Politics, 5/27/2006

 

Israeli occupation opens fire at ambulance with pregnant woman

Palestinian Red Crescent Society (PRCS) called Saturday for providing an immediate protection to Palestinian paramedics working in the Palestinian territories.

Palestine-Israel, Politics, 5/27/2006

 

British, Palestinian organizations Urge UN, EU to restrict Israel

The British Hickman & Rose (H&R) and the Palestinian Centre for Human Rights (PCHR) called on "the EU to follow the lead set by the Non-Aligned Movement of States at the UN in preventing suspected Israeli war criminals, in particular settlers, access to those countries,"

Palestine-Israel, Politics, 5/27/2006

http://www.arabicnews.com/

 

Four Palestinians killed in Israeli raid in Ramallah (AFP) - 5-24-06

 

Palestinian journalist says Israelis tortured him

Israeli prison authorities yesterday released Palestinian journalist Awadh Rajoub after spending six months in jail for what the Israeli army describes as "security-related" violation.

Palestine-Israel, Politics, 5/25/2006

 

Egypt: Israeli provocations need to stop

Egypt described an Israeli raid into the West Bank town of Ramallah yesterday as provocative and incompatible with peace efforts. "We demand an immediate end to the use of disproportionate violent measures which are likely to deepen the chasm between the sides," said Foreign Minister Ahmed Abul Gheit.

Egypt-Israel, Politics, 5/25/2006

 

Lebanon says Iran has right to uranium enrichment

Iran's new Ambassador to Lebanon, Mohammad-Reza Ravuf Sheibani in a meeting with Lebanese Foreign Minister Fawzi Salloukh today referred to the friendly ties between the two countries and underlined Lebanon's support for Iran's right to uranium enrichment for peaceful purposes.

Lebanon-Iran, Politics, 5/25/2006

http://www.arabicnews.com/

 

Journalist Investigated for Mocking Putin

 

Israeli-Palestinian Gunfight Leaves 2 Dead

 

Alabama candidate for AG disputes Holocaust, is coming to NJ

By JAY REEVES Associated Press Writer

May 12, 2006, 3:56 PM EDT

BIRMINGHAM, Ala. -- A Democratic candidate for Alabama attorney general denies the Holocaust occurred and said Friday he will speak this weekend in New Jersey to a "pro-white" organization that is widely viewed as being racist.

 

Larry Darby concedes his views are radical, but he said they should help him win wide support among Alabama voters as he tries to "reawaken white racial awareness" with his campaign against Mobile County District Attorney John Tyson.

 

The state Democratic chairman, Joe Turnham, said the party became aware of some of Darby's views only days ago and was considering what to do about his candidacy.

 

Speaking in an interview with The Associated Press, Darby said he believes no more than 140,000 Jewish people died in Europe during World War II, and most of them succumbed to typhus.

 

Historians say about 6 million Jews were slaughtered by the Nazis, but Darby said the figure is a false claim of the "Holocaust industry."

 

"I am what the propagandists call a Holocaust denier, but I do not deny mass deaths that included some Jews," Darby said. "There was no systematic extermination of Jews. There's no evidence of that at all.".....

 

Gibson inspired by 'fear-mongering' Bush Friday May 12, 11:45 AM By WENN

 

Film star and director Mel Gibson has launched a scathing attack on US President George W Bush, comparing his leadership to the barbaric rulers of the Mayan civilisation in his new film Apocalypto.

 

The epic, due for release later this year, captures the decline of the Maya kingdom and the slaughter of thousands of inhabitants as human sacrifices in a bid to save the nation from collapsing.

 

Gibson reveals he used present day American politics as an inspiration, claiming the government callously plays on the nation's insecurities to maintain power.

 

He tells British film magazine Hotdog, "The fear-mongering we depict in the film reminds me of President Bush and his guys".

 

Cheney pushed for unfettered domestic wiretaps (AFP)

 

AP World NewsSunday, May 14

• Israeli Troops Kill 6 in West Bank Raids (6:49PM EDT) The Christ-killing jews/israel (u.n. resolution/ international law violators/illegal nuclear weapons proliferator, etc.) are not interested in peace! Christ-killing jews continue their lawless ways.

 

Speaking in an interview with The Associated Press, Darby said he believes no more than 140,000 Jewish people died in Europe during World War II, and most of them succumbed to typhus.

 

Historians say about 6 million Jews were slaughtered by the Nazis, but Darby said the figure is a false claim of the "Holocaust industry."

 

"I am what the propagandists call a Holocaust denier, but I do not deny mass deaths that included some Jews," Darby said. "There was no systematic extermination of Jews. There's no evidence of that at all.".....

 

The Christ-killing jews/israel kill 7 Palestinians in WBank raids

 

Israel Upholds Ban on Palestinian Spouses

 

AP World News 5-18-06

UN: U.S. Must 'Eradicate' Detainee Torture

Human Bird Flu Confirmed Deaths Rise

 

NY Times:

May 18, 2006

A web site called SustainLane.com each year puts America's 50 largest cities into a natural disaster index with its Sustainable U.S. City Ranking.

At the top of the list are cities relatively immune to the brunt of nature. Near the bottom are those in the cross hairs of hurricanes, tornadoes, earthquakes, tsunamis or some other force to be reckoned with.

This year's list (*=tie):

1. Mesa, AZ*
1. Milwaukee, WI*
3. Cleveland, OH*
3. El Paso, TX*
3. Phoenix, AZ*
3. T ucson, AZ*
7. Colorado Springs, CO
8. Detroit, MI
8. Fresno, CA
8. Minneapolis, MN
8. Philadelphia, PA
12. Chicago, IL
13. Denver, CO
14. Albuquerque, NM
15. Las Vegas, NV
16. San Antonio, TX
17. Nashville, TN
18. Atlanta, GA
19. Omaha, NE
20. Austin, TX
21. Kansas City, MO
22. Arlington, TX
22. Dallas, TX
22. Fort Worth, TX
25. Indianapolis, IN
26. Louisville, KY
27. Washington, DC
28. Baltimore, MD
29. Charlotte, NC
30. Portland, OR
31. San Diego, CA
32. Boston, MA*
32. Jacksonville, FL*
32. New York, NY*
35. Memphis, TN*
35. Seattle, WA*
35. Virginia Beach, VA*
38. Sacramento, CA
39. Columbus, OH*
39. Oklahoma City, OK*
39. Tulsa, OK*
42. Long Beach, CA
43. Houston, TX*
43. Los Angeles, CA*
45. San Jose, CA
46. Honolulu, HI
47. San Francisco, CA
48. Oakland, CA
49. New Orleans, LA
50. Miami, FL

Natural Disasters: Top 10 US Threats

Milberg Weiss Is Charged With Bribery and Fraud

By JULIE CRESWELL

The securities class-action law firm of Milberg Weiss Bershad & Schulman was charged today with several criminal counts, including obstructing justice, perjury, bribery and fraud.

 

The 20-count indictment, handed up by a federal grand jury in Los Angeles, represents the most prominent confrontation between the government and a law firm in years. While federal regulators won multimillion-dollar settlement from big corporate law firms over their role in the savings and loan scandals, no major law firm has faced a criminal indictment in recent memory.

 

Milberg Weiss has been the dominant law firm in winning multimillion-dollar lawsuits against huge corporations on behalf of shareholders who claimed they were wronged. Its success was so great that Congress raised the legal hurdle for winning such lawsuits in the 1990's.

 

Today, the firm was accused of secretly paying kickbacks, beginning in 1981 and continuing through 2005, to plaintiffs in class-action lawsuits. While the indictment does not prevent the firm from practicing law, it is expected to have a huge impact on its business.

 

Talks in recent days to avert an indictment had stalled between prosecutors in Los Angeles and lawyers representing Milberg Weiss, lawyers involved in the negotiations said. The firm had been unwilling to sign a deferred prosecution agreement in which it have waived attorney-client privileges, put in new monitoring systems and made a substantial payment.

 

Two of the firm's prominent partners are named in the indictment: David J. Bershad and Steven G. Schulman. The two men, who sat on the firm's executive committee, decided to take leaves of absences late last week in the hopes it would stave off an indictment of the entire firm.

 

While the indictment caps off a six-year investigation by the Justice Department into the firm's activities, prosecutors have been stymied in their efforts to bring charges against the two primary targets of the investigation, Melvyn I. Weiss and his former partner William S. Lerach.

 

Before a bitter split in 2004, when Mr. Lerach began his own firm, the two dominated the securities class-action arena through their firm Milberg Weiss Bershad Hynes & Lerach. Mr. Weiss ran the East Coast operations of the firm, "Milberg East," and Mr. Lerach headed up the San Diego operations, known as "Milberg West."

 

Both men were told in February that they would not be indicted at this time, although people involved in the talks believe they still remain targets of prosecutors.

 

The indictment against the firm and Mr. Bershad and Mr. Schulman was included in a revised indictment that was originally handed up last summer against a retired California lawyer and former Milberg client, Seymour M. Lazar.

 

Beginning in 1981 and continuing through about 2004, Mr. Lazar or members of his family served as plaintiffs in approximately 70 lawsuits for Milberg Weiss and received about $2.4 million in "secret and illegal kickback payments," according to the new indictment.

 

While Mr. Lazar has long stated his intentions to fight the charges, another Milberg Weiss client, Howard J. Vogel, signed a plea deal with prosecutors last month, agreeing to provide information against the firm.

 

A retired mortgage broker, Mr. Vogel admitted that he or members of his family served as plaintiffs in approximately 40 lawsuits from 1991 and as recently as 2005, receiving approximately $2.5 million in "secret and illegal kickback payments," according to the new indictment.

 

A third figure named in the indictment, a Beverly Hills ophthalmologist named Dr. Steven G. Cooperman, or members of his family acted as plaintiffs in nearly 70 lawsuits, receiving approximately $6.5 million in payments, the new indictment said.

 

Testimony by Mr. Cooperman prompted the original investigation six years ago. He is a highly controversial figure, however, as he offered to provide evidence to prosecutors in hopes of receiving a reduced sentence on his conviction of art fraud charges.

 

Under New York law, it is illegal for a lawyer to promise or give anything of value to induce a person to bring a lawsuit or to reward a person for having done so, according to the indictment.

 

Furthermore, the kickbacks created a conflict because the paid plaintiffs had a "greater interest in maximizing the amount of attorneys' fees awarded to Milberg Weiss than in maximizing the net recovery" to others in the class, the indictment said.

 

UPDATE - Milberg Weiss fired by Ohio attorney general

 

McCain Finds Unfriendly Audience in NYC By BETH FOUHY, Associated Press Writer

Sat May 20, 1:29 AM ET

 

NEW YORK - Arizona Sen. John McCain received a cantankerous reception Friday at the New School's commencement, where dozens of faculty members and students turned their backs and raised protest signs and a student speaker mocked him as he sat silently on stage.

 

The Sunday Times - Business

The Sunday Times May 21, 2006

 

Markets ‘are like 1987 crash’

David Smith, Economics Editor

 

CONDITIONS in the financial markets are eerily similar to those that precipitated the “Black Monday” stock market crash of October 1987, according to leading City analysts.

 

 

U.N Official Meets With Myanmar's Suu Kyi

 

FBI raids US House of Representatives office Sat May 20, 10:38 PM ET

 

WASHINGTON (Reuters) - FBI officers raided a House of Representatives office building on Saturday night, and NBC television said it had searched the offices of Louisiana Democratic Rep. William Jefferson.

"Agents of the FBI's Washington field office executed a search warrant this evening at Rayburn at approximately 7:15," Debbie Weierman, a spokeswoman for the FBI's Washington field office, said.

According to court records filed in the plea deal, Jefferson helped secure a deal with a Nigerian company called Netlink Digital Television and in return demanded payments to a company maintained in the name of his wife and children.

 

Ney has been named, although not charged, in a bribery scandal centered on former lobbyist Jack Abramoff, who has pleaded guilty to plying lawmakers with Super Bowl tickets, travel junkets and other gifts to win favors for his lobbying clients. Ney's former chief of staff, Neil Volz, pleaded guilty earlier this month to one count of conspiracy to commit fraud and to violating a one-year ban on lobbying after leaving Ney's office in 2002 and joining Abramoff's lobbying firm.

 

William Jefferson caught with $100,000 in $100 bills he hid in freezer. He's "innocent" he claims.....riiiiight!- by criminal corrupt american standards.

 

Milberg Weiss gave top Democrats funding - republican/democrat they 're all typically criminal/corrupt americans.

 

War criminal americans kill civilians, including 3 year-old child as they line them up and cut (shoot) them down in purported reprisal for the death of another criminal american war criminal and which war crimes are covered up by the gutless, controlled, criminal american press.

 

War criminals presidunce dumbya bush and co. push media censor/totalitarian pressure bill in their typical criminal american unconstitutional way to, at the least, create a chilling effect on media/press/first amendment rights.

 

War criminal presidunce dumbya bush continues to shill his illegal war and huge strategic blunder/debacle. Death toll/march continues.

 

Web inventor warns of 'dark' net

By Jonathan Fildes

BBC News science and technology reporter in Edinburgh

 

Tim Berners-Lee was knighted in the UK for his invention

The web should remain neutral and resist attempts to fragment it into different services, web inventor Sir Tim Berners-Lee has said.

 

Recent attempts in the US to try to charge for different levels of online access web were not "part of the internet model," he said in Edinburgh.

 

He warned that if the US decided to go ahead with a two-tier internet, the network would enter "a dark period".

 

Sir Tim was speaking at the start of a conference on the future of the web.

 

"What's very important from my point of view is that there is one web," he said.

 

"Anyone that tries to chop it into two will find that their piece looks very boring."

 

Imagine the audacity of congress objecting to the enforcement of laws against corrupt members as FBI Agents [the only federal employees that don't take bribes) raid congressional member's office for additional evidence (William Jefferson caught with $100,000 in $100 bills he hid in freezer. He's "innocent" he claims.....riiiiight!- by criminally corrupt american standards). Congratulations to the FBI for a job well done, consistent with the preservation of a meaningful rule of law, and toward the end of reducing if not eliminating congressional corruption (the same should be true for the corrupt courts) (if only there was a statute making incompetence illegal; all congressional members could be prosecuted (record trade deficits, record budget deficits ("crowding out effect" in debt markets), new (higher government) debt ceiling, etc., defacto bankrupt u.s. is printing worthless paper and borrowing beyond sustainability, have been using social security funds for current pork projects (social security is defacto bankrupt, along with medicaid/medicare) etc.].

 

FBI arrests seven in terrorism plot: source (6-22-06)

 

Indonesia earthquake kills more than 6,000

 

Detention of Myanmar's Suu Kyi Extended - Time for the World to protest this injustice!

 

Myanmar's Suu Kyi Released From Hospital 6-9-06

 

Berners-Lee: Web Is Ready To Evolve - Walaika K. Haskins, newsfactor.com Sun May 28, 1:15 PM ET

 

The mainstream Web is ready for the next step in its evolution, the father of the Internet proclaimed at this year's World Wide Web Conference (W3C).

 

Twenty years from now, we'll look back and say this was the embryonic period," Tim Berners-Lee, the man credited with creating the Web, said last week during the opening of conference. "The Web is only going to get more revolutionary."

 

Supporters of what is called the "Semantic Web" predict an entirely new Internet that enables computers to do more of the heavy lifting in terms of processing data and being able to better interpret the information found on Web pages.

 

Interactivity, Customization

 

The Semantic Web is characterized by a greater focus on interactivity and customization, and an emphasis on media content and social technologies. In terms of e-commerce and other functionality, experts say, the Semantic Web will bear little resemblance to the current Internet.

 

The higher level of performance will be achieved, in part, by new technologies that move well beyond traditional keyword-search strategies.

 

As fleshed out at the conference, Berners-Lee's vision of the next-generation Internet is one in which Web sites, links, media content, and databases are "smarter," having the ability to automatically provide more meaning than what is available to users today.

 

The Semantic Web would make better sense of the glut of data on the Internet and give it context.

 

More Automation

 

Using new programming languages, the technology would augment the Web with a "Semantic layer," explained Alex Linden, a former analyst at Gartner.

 

Linden explained that, for average Internet users, the technology initially will mean better searches. "Because of the additional data that can be processed better by computers, it will feed all kinds of search, analytics, and reporting," he said.

 

"More automation is always great," Linden said, pointing to Google's Froogle search engine as an early example of Semantic Web technology. The Semantic Web will be "a great improvement in user experience," he said.

 

"I think there's a chance actually that we can do better this time around," said Berners-Lee during a W3C panel discussion about the Semantic Web.

 

Sunday, May 28, 2006

• Volcano's Lake Turns From Blue to Red (11:58PM EDT)

 

Questions on a Palestinian referendum on Israel

Palestinian President Mahmoud Abbas has proposed that the Palestinians indirectly recognize a Palestinian state within the 1967 border boundaries and East Jerusalem.

Palestine-Israel, Analysis, 5/29/2006

 

Lebanon border fight with Israel following assassination

Al-Manar reported today that the launching of an attack against Israeli targets across from the Lebanese border, was done anonymously, and came following the assassination of a Palestinian Islam Jihad leader in south Lebanon Friday morining.

Lebanon-Israel, Military, 5/29/2006

 

South Iraq said to be lawless, report

The Philadelphia Inquirer reported yesterday that "Southern Iraq, long touted as a peaceful region that's likely to be among the first areas returned to Iraqi control, is now dominated by Shiite Muslim warlords and militiamen who are laying the groundwork for an Islamic fundamentalist government, say senior British and Iraqi officials in the area."

Iraq, Politics, 5/29/2006

 

Two Pakistanis kidnapped and killed in Iraq

Reports suggest that the kidnapped Pakistanis were working for a Kuwait-based American transport company. One section of the same company is also working in Iraq

Iraq-Pakistan, Local, 5/29/2006

 

Tamimi: Israel breaches international & human law against the Palestinians

Islamic Chief Judge Sheikh Tayssir Tamimi affirmed that Israel breaches international and human law in the Palestinian Territories.

Palestine-Israel, Politics, 5/29/2006

 

Poverty, unemployment worsen in Israeli-occupied Arab territories

4 out of every 10 Palestinians were living under the official poverty line of less than $2.10 a day.

Regional-Israel, Politics, 5/29/2006

 

Arab League backs Iran's peaceful nuclear activities

Moussa's at the Non-Aligned Movement (NAM) meeting in Malaysia said the Middle East region should be free from weapons of mass destruction, he said, adding that peaceful use of nuclear energy is Iran's inalienable right.

Regional-Iran, Politics, 5/29/2006

 

US Marines shot unarmed Iraqi civilians

..... surrounding a Nov. 19 incident in Haditha, Iraq, in which 24 Iraqi civilians, including women and children, were killed in the aftermath of a roadside bomb attack, the chairman of the Joint Chiefs of Staff said today.

Iraq-USA, Politics, 5/29/2006

http://www.arabicnews.com/

Barbara Ferguson, Arab News

WASHINGTON, 31 May 2006 — An internal military investigation has confirmed that US Marines killed as many as 24 Iraqis — including women and children — in the city of Haditha last November

http://www.arabnews.com/

 

British academic boycott of Israel welcomed

Palestinian academics have cordially welcomed a decision by the largest university and college lecturer's union in the United Kingdom to boycott Israeli academics and institutions that refuse to publicly condemn Israel's decades-old occupation of the Palestinian territories

Palestine-UK, Politics, 5/30/2006

 

Israel kills 7, bulldoze 2 Palestinian homes

Israeli occupation forces today killed seven Palestinians were killed and several others injured today, as they conducted four attacks in the Gaza and the West Bank.

Palestine-Israel, Military, 5/30/2006

 

Abbas condemns Israeli acts

Palestinian President Mahmoud Abbas condemned today the ongoing "Israeli massacres" against the Palestinian people, which caused in few hours the death of seven citizens and the injury of dozens others in the Gaza Strip and the West Bank.

Palestine-Israel, Politics, 5/30/2006

http://www.arabicnews.com/

 

Coalition forces, ie., some British officer(s), etc., express(es) outrage over criminal american war crimes and ie., states that if forced to choose, he would fight alongside russians against americans.

 

Memories That Should Never Fade

Muhammad Salahuddin, Arab News

A few days ago the Palestinian National Council commemorated the 85th anniversary of the Al-Nakba, the Zionist eviction of Arabs from Palestine, under the chairmanship of Saleem Al-Zaanoun in Amman,...

 

 

Israel targets Muslim charity in campaign to starve Palestinians

Islamic Relief has accused Israel of launching a smear campaign against the British-based charity after the freeing of its program manager for humanitarian projects in Gaza.

Palestine-Israel-UK, Politics, 5/31/2006

 

Israeli practices against Palestinians considered collective punishment

Israeli occupation forces swept today into Jericho city and arrested three citizens, sources said.

Palestine-Israel, Positive example, 5/31/2006

 

 

US Marine falsified report on killings of Iraqi civilians

Asked about the incident of US Marines killing of Iraqi unarmed civilians, US Deputy Director for Regional Operations, Joint Chiefs of Staff, Brig. Gen. Carter Ham said "two investigations under way."

Iraq-USA, Politics, 5/31/2006

 

U.S. troops kill pregnant woman in Iraq (AP)

 

U.S. troops kill pregnant woman in Iraq

By KIM GAMEL, Associated Press Writer

Wed May 31, 11:03 PM ET

BAGHDAD, Iraq - U.S. forces killed two Iraqi women — one of them about to give birth — when the troops shot at a car that failed to stop at an observation post in a city north of Baghdad, Iraqi officials and relatives said Wednesday. Nabiha Nisaif Jassim, 35, was being raced to the maternity hospital in Samarra by her brother when the shooting occurred Tuesday.

 

Haditha inquiry finds false reports: Washington Post

 

U.S. troops kill pregnant woman in Iraq (AP)

 

U.S. troops kill pregnant woman in Iraq

By KIM GAMEL, Associated Press Writer

Wed May 31, 11:03 PM ET

BAGHDAD, Iraq - U.S. forces killed two Iraqi women — one of them about to give birth — when the troops shot at a car that failed to stop at an observation post in a city north of Baghdad, Iraqi officials and relatives said Wednesday. Nabiha Nisaif Jassim, 35, was being raced to the maternity hospital in Samarra by her brother when the shooting occurred Tuesday.

 

Haditha inquiry finds false reports: Washington Post

 

WASHINGTON (Reuters) - A U.S. military inquiry into whether Marines tried to cover up the killings of Iraqi civilians in Haditha will conclude that some officers gave false reports to their superiors, who then failed to scrutinize the information, according to a newspaper report on Thursday.

 

The Washington Post, citing an unidentified Army official, said the three-month investigation was also expected to call for changes in how U.S. troops are trained for duty in Iraq.

 

The investigation is one of two ongoing military probes into the November 19 killings of 24 men, women and children in the town of Haditha, 125 miles northwest of Baghdad in an area that has seen much activity by Sunni Arab insurgents.

 

The newspaper reported that the Army official said there were multiple failures but declined to say whether he would characterize it as a 'coverup' as alleged by Rep. John Murtha (news, bio, voting record).

 

The Pennsylvania Democrat, a decorated retired Marine, is a vocal critic of the war in Iraq.....

 

US lawmaker John Murtha, pictured 22 May 2006, said that US Marines tried to "cover-up" the killings in November of some 24 unarmed civilians in the Iraqi town of Haditha.

 

Probe finds Haditha killings unprovoked Reuters - Wed May 31, 4:41 PM ET

 

A video provided to Reuters on March 21, 2006 by Hamourabi Human rights group shows bodies being loaded onto a truck, which Hamourabi says is of bodies of a family of 15 shot dead in their home in Haditha, in western Anbar province.

 

Report: False testimony in Haditha probe By NEDRA PICKLER, Associated Press Writer

 

Military investigators have evidence that points toward unprovoked murders by Marines in the Iraqi town of Haditha, a senior defense official said last week.

 

A U.S. military investigation will conclude that some officers gave false testimony to their superiors, The Washington Post reported on its Web site Wednesday night. The superiors then failed to scrutinize reports adequately, the Post reported.

 

Haditha Iraqi civilian shooting report will be public

The US military said the Haditha incident, in which Iraqi unarmed civilians are alledged to have been shot by US military forces on Nov 18th of last year as an act of revenge, was being investigated.

Iraq-USA, Military, 6/1/2006

 

Israeli settlers attack Palestinians in Hebron

Palestinian Hana Abu Haikal pointed out that the repressive acts of the settlers are taking place in front of Israeli soldiers who remain motionless and provide them protection, adding it is an attempt to force families to flee.

Palestine-Israel, Politics, 6/1/2006

 

7 Marines, Navy corpsman to Face Charges in Iraqi's Death From April; being held in solitary confinement.....

 

 

BBC CLAIMS NEW U.S. 'IRAQ MASSACRE' TAPE FROM MARCH

US soldiers charged with murder in Iraq(6-19-06) 

Scientist Recreates Mona Lisa's Voice (8:55PM EDT) Riiiiight! Suuuuure!

Who cares! The most over-rated piece of art in the history of this world!

 

NEW YORK Official-- State Comptroller Alan Hevesi Apologizes For Saying Bush Should Be Shot Between Eyes

 

REUTERS RUNS PHOTOS OF 'SHRINKING PRESIDENT'.....

 

What is Behind The Haditha Massacre?

Barbara Ferguson, Arab News

WASHINGTON, 3 June 2006 - An internal military investigation has confirmed that US Marines killed as many as 24 Iraqis - including women and children - in the city of Haditha last November and then... Full Story http://www.arabnews.com/

Editorial: Other My Lais

3 June 2006

Thirty-eight years ago, US troops massacred hundreds of Vietnamese civilians in the village of My Lai, most of them women and children. Initially there was a cover-up, but it got out a year later thanks... Full Story

 

Iraq war caused London bombs: Muslim leader

The outgoing secretary general of the Muslim Council of Britain (MCB) Sir Iqbal Sacranie suggested today that last year's London bombings would not have happened if the UK had not invaded Iraq.

Regional-UK, Politics, 6/2/2006

 

israeli provocators Building New West Bank Settlement

 

Christ-killing israeli jew Envoy Condemns Courageous and Appropriate Canadian Boycott

 

Analysis: Iraq War Ties U.S. Hands on Iran

WASHINGTON (Reuters) - A U.S. military inquiry into whether Marines tried to cover up the killings of Iraqi civilians in Haditha will conclude that some officers gave false reports to their superiors, who then failed to scrutinize the information, according to a newspaper report on Thursday.

 

The Washington Post, citing an unidentified Army official, said the three-month investigation was also expected to call for changes in how U.S. troops are trained for duty in Iraq.

 

The investigation is one of two ongoing military probes into the November 19 killings of 24 men, women and children in the town of Haditha, 125 miles northwest of Baghdad in an area that has seen much activity by Sunni Arab insurgents.

 

The newspaper reported that the Army official said there were multiple failures but declined to say whether he would characterize it as a 'coverup' as alleged by Rep. John Murtha (news, bio, voting record).

 

The Pennsylvania Democrat, a decorated retired Marine, is a vocal critic of the war in Iraq.....

 

US lawmaker John Murtha, pictured 22 May 2006, said that US Marines tried to "cover-up" the killings in November of some 24 unarmed civilians in the Iraqi town of Haditha.

 

Probe finds Haditha killings unprovoked Reuters - Wed May 31, 4:41 PM ET

 

A video provided to Reuters on March 21, 2006 by Hamourabi Human rights group shows bodies being loaded onto a truck, which Hamourabi says is of bodies of a family of 15 shot dead in their home in Haditha, in western Anbar province.

 

Report: False testimony in Haditha probe By NEDRA PICKLER, Associated Press Writer

 

Military investigators have evidence that points toward unprovoked murders by Marines in the Iraqi town of Haditha, a senior defense official said last week.

 

A U.S. military investigation will conclude that some officers gave false testimony to their superiors, The Washington Post reported on its Web site Wednesday night. The superiors then failed to scrutinize reports adequately, the Post reported.

 

Haditha Iraqi civilian shooting report will be public

The US military said the Haditha incident, in which Iraqi unarmed civilians are alledged to have been shot by US military forces on Nov 18th of last year as an act of revenge, was being investigated.

Iraq-USA, Military, 6/1/2006

 

Israeli settlers attack Palestinians in Hebron

Palestinian Hana Abu Haikal pointed out that the repressive acts of the settlers are taking place in front of Israeli soldiers who remain motionless and provide them protection, adding it is an attempt to force families to flee.

Palestine-Israel, Politics, 6/1/2006

 

7 Marines, Navy corpsman to Face Charges in Iraqi's Death From April; being held in solitary confinement.....

 

 

BBC CLAIMS NEW U.S. 'IRAQ MASSACRE' TAPE FROM MARCH

 

Scientist Recreates Mona Lisa's Voice (8:55PM EDT) Riiiiight! Suuuuure!

Who cares! The most over-rated piece of art in the history of this world!

 

NEW YORK Official-- State Comptroller Alan Hevesi Apologizes For Saying Bush Should Be Shot Between Eyes

 

REUTERS RUNS PHOTOS OF 'SHRINKING PRESIDENT'.....

 

What is Behind The Haditha Massacre?

Barbara Ferguson, Arab News

WASHINGTON, 3 June 2006 - An internal military investigation has confirmed that US Marines killed as many as 24 Iraqis - including women and children - in the city of Haditha last November and then... Full Story http://www.arabnews.com/

Editorial: Other My Lais

3 June 2006

Thirty-eight years ago, US troops massacred hundreds of Vietnamese civilians in the village of My Lai, most of them women and children. Initially there was a cover-up, but it got out a year later thanks... Full Story

 

Iraq war caused London bombs: Muslim leader

The outgoing secretary general of the Muslim Council of Britain (MCB) Sir Iqbal Sacranie suggested today that last year's London bombings would not have happened if the UK had not invaded Iraq.

Regional-UK, Politics, 6/2/2006

 

israeli provocators Building New West Bank Settlement

 

Christ-killing israeli jew Envoy Condemns Courageous and Appropriate Canadian Boycott

 

Analysis: Iraq War Ties U.S. Hands on Iran

 

dumsfeld: Illegal War May Alienate Muslim Nations.....dah!

 

peutin of Russia Challenges USA on Human Rights.....

 

GENERAL BLASTS DELAYS IN PROBING CIVILIAN DEATHS

 

US commanders knew Haditha deaths from gunfire: NYT

 

Kerry To Introduce Amendment Calling For 'Total Withdrawal' Of Troops From Iraq By End Of Year.....

 

U.S. Sailor Convicted of Murder in Japan

 

In this Wednesday, March 15, 2006 file photo, a relative carries the body of child, reportedly killed during a U.S. raid, to a hospital in the rural Ishaqi area, about 80 kilometers (50 miles) north of Baghdad in Iraq. Residents in the village of Ishaqi said 11 people, including at least five children, were killed in a March 15 U.S. raid on the Sunni-dominated area, whilst the American military confirmed the attack but said only four people died - a man, two women and a child, saying later that the incident was under investigation. (AP Photo/ Hameed Rasheed)

 

Army Charges 3 GIs With Murder in Iraq

 

But pollster John Zogby, who has catalogued Mr. Bush's loss of conservatives and his swiftly falling poll numbers -- the latest put him at just 31 percent approval -- said the administration's decision to revive a strategy that worked in '02 and '04 may not work this Election Day.

"It's a much different circumstance this time, for both the president and Republicans. They are clearly on the defensive, and unlike the other two years, they've lost a pretty substantial chunk of their base," Mr. Zogby said, noting that when Mr. Bush won in 2004, he was backed by 91 percent of Republicans, but now has approval from just 68 percent.

New Superman movie dazzles critics in first reviews

Scientist: China plans first human moon walk by 2024 Riiiiight.....in their fraudulent propaganda dreams along with fraudulent criminal americans!

Animal rights protest shuts restaurant

Mon Jun 19, 2006 9:14am ETBEIJING (Reuters) - Banner-wielding animal rights protesters swarmed into a restaurant serving cat meat in the southern Chinese city of Shenzhen and forced it to shut, Xinhua news agency said Sunday.

What a primitive bunch of neanderthals the failed ideological communist chinese are!

China plans first humans to walk on moon by 2024, top scientist tells Hong Kong paper Riiiiight.....in their fraudulent propaganda dreams (far and long enough away to sell the sizzle) along with fraudulent criminal americans (UFOetry: u.s. Never Went To The Moon - The Award-Winning Documentary/Music/Video by John Lee [The $40 Billion Scam (More than $100 Billion in today's worthless dollars)])!

New Superman movie dazzles critics in first reviews

The Hypocrisy of Democrats

Speaking yesterday before a union rally in Worcester, Massachusetts, Senator Edward Kennedy announced: “My vote against this misbegotten [Iraq War] is the best vote I have cast in the United States Senate since I was elected in 1962.” What Kennedy forgot to mention is that his vote against the Iraq War further proves that his belief structure adjusts to wind speeds, and Massachusetts can get mighty windy.

Speaking at the Johns Hopkins School Of Advanced International Studies only weeks before Kennedy cast his “nay” vote on the Iraq War, the senator remarked, “We have known for many years that Saddam Hussein is seeking and developing weapons of mass destruction.” (9/27/02)

Nine days later on CBS’ “Face the Nation,” Kennedy added: “Saddam Hussein is a dangerous figure. He’s got dangerous weapons.” (10/6/02)

By 2005, Kennedy was singing an altogether different tune:

“Instead of providing open and honest answers . . . the president reverted to the same manipulation of facts to justify a war we never should have fought.”

Of course, Kennedy is not the first (liberal) democrat to change his opinion when the polls began to indicate that the war was unpopular. In fact, between 1998 and 2003, the Iraq WMD song was quite the hit. For music lovers everywhere, I have assembled a compilation of democrats who proudly sang along.

Senator John Kerry–Blues

“I will be voting to give the President of the United States the authority to use force -- if necessary -- to disarm Saddam Hussein because I believe that a deadly arsenal of weapons of mass destruction in his hands is a real and grave threat to our security.” Oct. 2002

“Without question, we need to disarm Saddam Hussein. He is a brutal, murderous dictator, leading an oppressive regime ... He presents a particularly grievous threat because he is so consistently prone to miscalculation ... And now he is miscalculating America's response to his continued deceit and his consistent grasp for weapons of mass destruction ... So the threat of Saddam Hussein with weapons of mass destruction is real...” Jan. 2003

President Bill Clinton–Jazz Fest

“One way or the other, we are determined to deny Iraq the capacity to develop weapons of mass destruction and the missiles to deliver them. That is our bottom line.” Feb. 1998

"If Saddam rejects peace and we have to use force, our purpose is clear. We want to seriously diminish the threat posed by Iraq's weapons of mass destruction program." Feb. 1998

Al Gore–Monotone, I Mean Baritone

"We know that he has stored secret supplies of biological and chemical weapons throughout his country." Sept. 2002

"Iraq's search for weapons of mass destruction has proven impossible to deter and we should assume that it will continue for as long as Saddam is in power." Sept. 2002

Backup Singers

“We must stop Saddam from ever again jeopardizing the stability and security of his neighbors with weapons of mass destruction.” Madeline Albright, Feb. 1998

“He will use those weapons of mass destruction again, as he has ten times since 1983.” Sandy Berger, Clinton National Security Adviser, Feb. 1998

“[We] urge you, after consulting with Congress, and consistent with the U.S. Constitution and laws, to take necessary actions (including, if appropriate, air and missile strikes on suspect Iraqi sites) to respond effectively to the threat posed by Iraq's refusal to end its weapons of mass destruction programs.” Letter to President Clinton, (D) Senators Carl Levin, Tom Daschle, John Kerry, others, Oct. 1998

“Saddam Hussein has been engaged in the development of weapons of mass destruction technology which is a threat to countries in the region and he has made a mockery of the weapons inspection process.” Rep. Nancy Pelosi (D, CA), Dec. 1998

“Hussein has ... chosen to spend his money on building weapons of mass destruction and palaces for his cronies.” Madeline Albright, Clinton Secretary of State, Nov 1999

"We begin with the common belief that Saddam Hussein is a tyrant and a threat to the peace and stability of the region. He has ignored the mandate of the United Nations and is building weapons of mass destruction and the means of delivering them." Sen. Carl Levin (D, MI), Sept. 2002

"The last UN weapons inspectors left Iraq in October of 1998. We are confident that Saddam Hussein retains some stockpiles of chemical and biological weapons, and that he has since embarked on a crash course to build up his chemical and biological warfare capabilities. Intelligence reports indicate that he is seeking nuclear weapons..." Sen. Robert Byrd (D, WV), Oct. 2002

"There is unmistakable evidence that Saddam Hussein is working aggressively to develop nuclear weapons and will likely have nuclear weapons within the next five years ... We also should remember we have always underestimated the progress Saddam has made in development of weapons of mass destruction." Sen. Jay Rockefeller (D, WV), Oct. 2002

"In the four years since the inspectors left, intelligence reports show that Saddam Hussein has worked to rebuild his chemical and biological weapons stock, his missile delivery capability, and his nuclear program. He has also given aid, comfort, and sanctuary to terrorists, including al-Quaeda members ... It is clear, however, that if left unchecked, Saddam Hussein will continue to increase his capacity to wage biological and chemical warfare, and will keep trying to develop nuclear weapons." Sen. Hillary Clinton (D, NY), Oct. 2002

"We are in possession of what I think to be compelling evidence that Saddam Hussein has, and has had for a number of years, a developing capacity for the production and storage of weapons of mass destruction." Sen. Bob Graham (D, FL), Dec. 2002

And here I thought President Bush was behind the faulty intelligence. Impressive how he was able to manipulate his predecessor's intelligence as well while he was governing Texas.

This compilation was brought to you by Dr Politico Records, Inc., and special guest producer Glenn Beck. A source for each quote can be found here.

Getting back to Senator Kennedy, it’s worth mentioning that in the sea of inconsistencies that mark his public service, his vote against the Iraq War was a welcomed change. After all, in 1991, he voted against the Persian Gulf War as well. I guess liberating Kuwait from Saddam’s tyrannous grip did not meet his criteria for a “yea” vote. I wonder where that one falls on his list of favorite votes.

Kennedy’s Inconsistencies

On Abortion:

Until the passage of Roe v Wade, Kennedy held a pro-life position. In a letter dated August 3, 1971, Kennedy wrote to a colleague that the legalization of “abortion on demand” goes against “the value which our civilization places on human life.” Yet, with the flip of a switch, Kennedy has become one of the staunchest supporters of abortion rights.

In 1999, Kennedy voted “nay” on a bill that would ban “partial birth abortions,” the practice of which is both vile and gruesome.

On Immigration:

In 1965, President Lyndon Johnson signed into law the Hart-Celler Act, which dramatically changed US immigration policy. Kennedy voiced his support for the bill to the Subcommittee on Immigration and Naturalization:

“The bill will not flood our cities with immigrants. It will not upset the ethnic mix of our society. It will not relax the standards of admission. It will not cause American workers to lose their jobs.”

Today, Kennedy is the ranking Democrat on the Senate Committee on Immigration, and has become one of the strongest advocates for legal and illegal immigrants alike.

On Alternative Energy:

Kennedy has long been a staunch supporter of alternative energy development and has a long record of voting in support of that fact. Yet his support for such development ends where his neighborhood begins.

Today, the US Senate continues to debate a proposed Cape Cod wind energy project that would obstruct Kennedy’s million dollar view and those of his constituents. Thus, he is leading the battle against the project and has enlisted the support of his fellow, hypocritical democrats. According to John Passacantando, executive director of Greenpeace USA:

The maneuver to stop the wind farm “is clearly a backroom deal, and they're going to get called publicly on it. . . . The Democrats are going to kill the first big offshore wind farm in the United States because of their relationship with Ted Kennedy.” Boston Globe

Should the project be carried out, Kennedy’s Hyannis Port home would be within 8 miles of the 130-turbine, 24-square-mile cluster of windmills. Of course, you can’t really blame Kennedy. In all fairness, he never voiced support for the building of alternative energy sources in his own neighborhood; rather, Kennedy supported such construction in other people’s neighborhoods.

Posted by Dr Politico at June 3, 2006 02:16 PM

 

Mayor urged to address cocaine allegation By JOHN CHRISTOFFERSEN, Associated Press Writer Mon Jun 19, 10:42 PM ET STAMFORD, Conn. - Adversaries called on the mayor of Connecticut's largest city to resign Monday, while supporters urged him to specifically address allegations he used cocaine. Bridgeport Mayor John Fabrizi, a Democrat, was named in an FBI report that surfaced last week in which an alleged drug dealer claimed an associate had a videotape of the mayor using cocaine.

 

KENNEDY PLEADS GUILTY IN CAPITOL HILL CRASH.....

 

FEMA funds spent on divorce, sex change, booze, drugs, etc.

The huge pentagon fraud is ignored by the press, including instances of duffel bags of (taxpayers’) cash (in one case $9 BILLION) unaccounted for even as the money to Iraq, illegally destroyed by war criminals america, is not allocated for appropriate and promised reconstruction.

Despite bumbya dumbya’s lies and rhetoric to the contrary, war criminal america has already lost criminal america’s illegal diversionary/thieving/murderous “war”.

Three US soldiers charged with murder of Iraqi detainees(6-19-06)

 

 

Given the huge deficits, etc., there is no rational argument that favors the elimination of the estate tax at a cost estimated at $1 trillion over 10 years and that would inure to the benefit of only .75% of the people, particularly at a time when they are cutting programs such as medicare, etc., to the poor.

Indeed, the time has come to enforce disgorgement (of their criminally ill-gotten gains) provisions of criminal statutes which should be applied to crime families as, ie., the trumps, bushes, clintons, etc., for blatent violation thereof.

Israeli missile hits Gaza building (Reuters) (6-19-06)

Israeli bulldozers demolish 2 houses, wounds 2 brother

Israeli bulldozers demolished Monday morning two Palestinian houses in the West Bank city of Tubas, security sources said.

Palestine-Israel, Military, 6/5/2006

 

Israeli restrictions on expatriate Palestinians

"I really don't know why they are doing this to us. I am sure there is a special think-tank in Israel specialized in devising and inventing creative ways and means to torment us or make us suffer," said Adel Samara, a noted economist in the West Bank.

Palestine-Israel, Politics, 6/6/2006

 

Israeli soldier commits suicide inside Palestinian mosque

An Israeli soldier has committed Tuesday suicide inside a mosque in the east of the West Bank City of Tubas.

Palestine-Israel, Politics, 6/6/2006

 

Israeli occupation forces arrests 8 Palestinians

The Israeli occupation forces arrested today eight Palestinians in the West Bank cities of Nablus, Jenin and Tulkarem, security sources said.

Palestine-Israel, Military, 6/6/2006

 

Report: Israeli Air Force Fires Missiles

 

Israeli soldiers kill two Egyptian policemen

The bodies of two policemen were found Friday morning near the international borders in Sinai, a security source said.

Egypt-Israel, Politics, 6/3/2006

 

Saudi Arabia, Yemen says focus should be on Israel, not Iran

Saudi Arabia and Yemen declared that every country is entitled to access nuclear technology for peaceful purposes, including Iran.

Saudi Arabia-Iran, Politics, 6/3/2006

 

·Suicide bomber kills 28, wounds 62 in Iraq (AP)

·Haditha lawyer criticizes U.S. payments as Too Small(AP)

·Canada nabs 17 terror suspects in Toronto (AP)

·Suicide car bomber targets U.S.-led convoy (AP)

 

U.S. Misconduct Adds to Iraqi Woes

WATCH ILLEGALS CROSSING LIVE ON WEB

PAPER: Many more human-to-human infections of bird flu than authorities have previously acknowledged.....

Lion Kills Man Who Went Into Kiev Zoo Cage

By Associated Press

June 5, 2006, 10:38 AM EDT

KIEV, Ukraine -- A lion killed a man who climbed into its enclosure at the Kiev zoo, police said Monday. The lion attacked the 45-year-old Ukrainian late Sunday after he used a rope to climb down into an enclosure with four lions, said police spokesman Volodymyr Polishchuk.....

 

UK reminds Israel of UN call for complete withdrawal from West Bank

The British government has reminded the Zionist regime as well as the US that Israel must withdraw from all territories it seized in the 1967 war based on UN resolutions.

Palestine-Israel-UK, Politics, 6/7/2006

 

Israeli settlers beat up Palestinian woman

Israeli settlers assaulted today morning a woman in the West Bank (WB) city of Hebron, witnesses said.

Palestine-Israel, Politics, 6/7/2006

 

Israeli occupation forces assault Palestinian

The Israeli occupation forces assaulted one Palestinian and arrested eight others in the West Bank cities of Hebron, Nablus and Tulkarem, security sources said.

Palestine-Israel, Politics, 6/8/2006

 

UK to investigate Iraqi boy killing

Reports that British troops killed a 13-year- old Iraqi boy after firing at an angry crowd are to be investigated, the Ministry of Defence in London has announced.

Regional-UK, Military, 6/8/2006

 

Iraq war made world more dangerous, say most Britons
Twice as many Britons believe that the Iraq war has made the world more dangerous compared with those who hold the opposite view, according to a new survey.
Iraq-UK, Politics, 6/15/2006

Iraq war blamed for resignation of thousands of UK reservists
Some 50 percent of reservists have resigned from Britain's Territorial Army since the start of the Iraq war in 2003, according to detailed information obtained under the country's Freedom of Information Act.
Iraq-UK, Politics, 6/15/2006

Lebanese intelligence arrests Israeli spy network
Head of the Future Parliamentary Bloc MP Saad Hariri congratulated the Lebanese Army Command and the Intelligence Directorate for the great accomplishment they achieved in arresting members of the sabotage network, with ties to the Israeli intelligence, which committed a series of murders and terrorist explosions the last of which was the assassination of Martyrs Mahmoud and Nidal Majzoub in Sidon.
Lebanon-Israel, Politics, 6/15/2006

 

Lebanon accuses Israel of car bombing (AP)

 

 

GOOGLE FOUNDER ADMITS: Brin says search giant compromised principles with China deals.....

Indonesia volcano spews hot gas clouds

Expert: Meteor caused extinction

Record meteorite hit Norway

As Wednesday morning dawned, northern Norway was hit with an impact

comparable to the atomic bomb used on Hiroshima. 6-8-06

Rival Palestinians call truce; Israel kills three

 

World's who's who hold secret talks in Ottawa

Cats to compete in reality TV show in New York

 

Jun 09 9:57 PM US/Eastern

The world's political "elite", top "thinkers" and powerful business folk gathered here for an annual, ultra-secretive Bilderberg conference as heavy security kept conspiracy theorists and curious onlookers at bay. Reporter Alex Jones is illegally arrested on contrived charges to preclude his coverage of same.

 

ENGLAND FANS ARRESTED WITH SWASTIKAS AT WORLD CUP.....

U.S. Mad Cow Cases Are Mysterious Strain             By LIBBY QUAID AP Food and Farm WriterWASHINGTON (AP) -- Two cases of mad cow disease in Texas and Alabama seem to have resulted from a mysterious strain that could appear spontaneously in cattle, researchers say.

Cats to compete in reality TV show in New York By Sarah Coffey Mon Jun 12, 6:51 PM ET

NEW YORK (Reuters) - Ten cats in search of owners will spend the next 10 days in a New York store window, their every move caught on camera for a reality TV show on which they will compete for best sleeper and mouse-catcher. The show is the creation of a petfood company and will be shown on cable channel Animal Planet, as well as on the Web site www.MeowMixHouse.com where viewers will be asked to vote off one feline contestant each day.

 

UPDATE - G8 frets over growing inflation-Italy econ min - 14 hours ago

UPDATE - U.S.'s Snow says must watch out for inflation -

U.S.'s Snow notes global inflation rising - 

IMF's Rato says inflation expectations rising

 

Second Dancer calls Duke rape charges 'a crock'.....

Accuser had sex with at least four men and sexual device before party.....

Prosecutor's Silence on Duke Rape Case Leaves Public With Plenty of Questions.....

 

U.S. troops kill 7 RESISTANCE/FREEDOM-FIGHTERS AND 2 CHILDREN in raid (6-12-06)

Interrogators Cite Doctors' Aid at Guantanomo By NEIL A. LEWIS Published: June 24, 2005 Military doctors provided advice on how to increase stress levels and exploit fears, according to interrogators' accounts.

AMERICA'S DEATH SQUADS- THEY'RE MURDERING INNOCENTS IN IRAQ By: Justin Raimondo

Dead Messengers: How the U.S. Military Threatens Journalists
By Steve Weissman t r u t h o u t | Investigation Part II: Army Failed to Probe Its Attack on Palestine Hotel
Monday 28 February 2005 : "Journalists engaged in dangerous professional missions in areas of armed conflict shall be considered as civilians within the meaning of Article 50, paragraph 1. . . . They shall be protected as such under the Conventions and this Protocol. . . ." Additional Protocol I (1977) of the 1949 Geneva Conventions "There's nothing sacrosanct about a hotel with a bunch of journalists in it." Lt. Gen. Bernard E. Trainor, U.S. Marine Corps (Retired), The Washington Post, April 9, 2003.

US admits to shooting journo
From correspondents in Washington and Rome/ March 05, 2005
KIDNAPPED Italian journalist Giuliana Sgrena was set free in Iraq today, but then wounded as US troops shot at her vehicle. The US military confirmed its forces fired on and wounded the female journalist and killed another passenger.

FACIST america! Realize That Any Generals/Military With Any Honor Or Intelligence Left The Criminal american Military During the Criminal clinton Years. Global Criminal and Incompetent bush Has Made The criminal american Military a Cabal of Dumb Criminals Without Any Honor Whatsoever. 'The Scum of The Earth', the Criminal americans Are Indeed, Without A Doubt.

The Pentagon reports its own auditors admit the military cannot account for 25 percent of what it spends.

      They are criminals. They are dumb. They are cowards afraid to face uncertain future, regardless of their spin/propaganda/promotion. Note real threats such as communist China. The cowardly criminal americans know they'll get their "asses whupped" to use a vernacular they can understand so they pick on "major threats" such as Granada, Panama, Iraq, etc., because they're cowards/criminals just trying to maintain their economically wasteful budgets. They are pathetic.

US troops kill woman, kids
14/03/2005 13:09  - (SA)  
Baghdad - Three civilians were killed and another 10 injured, including five children.
Sick Criminal americans!

Bags Of Cash To Iraq - In Hands of the u.s. Troops For Distribution To Iraqis..... Right.....! $9 Billion is But One Example. Other u.s. Troops Selling Bullet Proof Vests Domestically to Drug Dealers - At Least They're Patriotic in Supporting A Criminal american Government Enterprise/Business. No Prosecutions for the u.s. Barbarians/Cowards/Criminals.

A YEAR IN AMERICA: 16,912 MURDERS; 92,837 RAPES

National Guard ordered to New Orleans 

Zarqawi's death not going to stop the violence

   At Least 15 Dead As 2 Car Bombs Hit Kirkuk

   Al-Qaida in Iraq Names New Leader
 

Abu Musab al-Zarqawi initially survived the June 7 air strike, the US said, but died from his wounds while laying on a stretcher shortly thereafter, a senior US military officer in Baghdad said today.

Iraq-USA, Politics, 6/9/2006

 

Germany says 'no' to US request for military trainers in Iraq

Germany-Iraq-US Germany will not send military trainers or troops to Iraq, deputy government spokesman Thomas Steg told the media in Berlin following a report that US Secretary of Defense Donald Rumsfeld had requested German military trainers in the war-torn Middle East country.

Iraq-Germany, Politics, 6/9/2006

 

US professor on how Zionism and apartheid are alike

Corcos: I am a University of California, Berkeley (Emeritus) Professor. I am not a practicing Jew and there are no such things as races. But if races don't exist, racism does. And that is what defines me as a Jew: I have come much closer to the gas chambers than Ariel Sharon, Shimon Perez and most of the Jews who see in the immemorial persecutions of our clan and in the Holocaust a sufficient justification for their defense of Zionism.

Palestine-Israel, Politics, 6/9/2006

 

Mubarak on rights of Egyptians killed by Israel

US Version of Gitmo Deaths Questioned Samir Al-Saadi, Arab News

JEDDAH, 12 June 2006 — The Interior Ministry yesterday identified the two Saudi detainees who died Saturday in Guantanamo Bay as 29-year-old Manie ibn Shaman ibn Turki Al-Habardi Al-Utaibi and 22-year-old.....

 

 

Given the huge deficits, etc., there is no rational argument that favors the elimination of the estate tax at a cost estimated at $1 trillion over 10 years and that would inure to the benefit of only .75% of the people, particularly at a time when they are cutting programs such as medicare, etc., to the poor.

Indeed, the time has come to enforce disgorgement (of their criminally ill-gotten gains) provisions of criminal statutes which should be applied to crime families as, ie., the trumps, bushes, clintons, etc., for blatent violation thereof.

 

Israeli bulldozers demolish 2 houses, wounds 2 brother

Israeli bulldozers demolished Monday morning two Palestinian houses in the West Bank city of Tubas, security sources said.

Palestine-Israel, Military, 6/5/2006

 

Israeli restrictions on expatriate Palestinians

"I really don't know why they are doing this to us. I am sure there is a special think-tank in Israel specialized in devising and inventing creative ways and means to torment us or make us suffer," said Adel Samara, a noted economist in the West Bank.

Palestine-Israel, Politics, 6/6/2006

 

Israeli soldier commits suicide inside Palestinian mosque

An Israeli soldier has committed Tuesday suicide inside a mosque in the east of the West Bank City of Tubas.

Palestine-Israel, Politics, 6/6/2006

 

Israeli occupation forces arrests 8 Palestinians

The Israeli occupation forces arrested today eight Palestinians in the West Bank cities of Nablus, Jenin and Tulkarem, security sources said.

Palestine-Israel, Military, 6/6/2006

 

Report: Israeli Air Force Fires Missiles

 

Israeli soldiers kill two Egyptian policemen

The bodies of two policemen were found Friday morning near the international borders in Sinai, a security source said.

Egypt-Israel, Politics, 6/3/2006

 

Saudi Arabia, Yemen says focus should be on Israel, not Iran

Saudi Arabia and Yemen declared that every country is entitled to access nuclear technology for peaceful purposes, including Iran.

Saudi Arabia-Iran, Politics, 6/3/2006

 

·Suicide bomber kills 28, wounds 62 in Iraq (AP)

·Haditha lawyer criticizes U.S. payments as Too Small(AP)

·Canada nabs 17 terror suspects in Toronto (AP)

·Suicide car bomber targets U.S.-led convoy (AP)

Taliban attacks kill 30 in Afghanistan(6-19-06)

Senate Democrats want vote on Iraq withdrawal (6-19-06)

China to put the first human on the moon by 2024 - expert

 U.S. Misconduct Adds to Iraqi Woes

WATCH ILLEGALS CROSSING LIVE ON WEB

PAPER: Many more human-to-human infections of bird flu than authorities have previously acknowledged.....

Lion Kills Man Who Went Into Kiev Zoo Cage

By Associated Press

June 5, 2006, 10:38 AM EDT

KIEV, Ukraine -- A lion killed a man who climbed into its enclosure at the Kiev zoo, police said Monday. The lion attacked the 45-year-old Ukrainian late Sunday after he used a rope to climb down into an enclosure with four lions, said police spokesman Volodymyr Polishchuk.....

 

UK reminds Israel of UN call for complete withdrawal from West Bank

The British government has reminded the Zionist regime as well as the US that Israel must withdraw from all territories it seized in the 1967 war based on UN resolutions.

Palestine-Israel-UK, Politics, 6/7/2006

 

Israeli settlers beat up Palestinian woman

Israeli settlers assaulted today morning a woman in the West Bank (WB) city of Hebron, witnesses said.

Palestine-Israel, Politics, 6/7/2006

 

Israeli occupation forces assault Palestinian

The Israeli occupation forces assaulted one Palestinian and arrested eight others in the West Bank cities of Hebron, Nablus and Tulkarem, security sources said.

Palestine-Israel, Politics, 6/8/2006

 

‘Yasser’s Body Bears Marks of Beating’ Samir Al-Saadi & Ali Al-Jibreel, Arab News/Eqtisadiah JEDDAH, 19 June 2006 — The father of Yasser Al-Zahrani, one of the Saudis who died in Guantanamo Bay recently, dismissed US claims that his son had committed suicide and said there were bruises on...  Full Story

UK to investigate Iraqi boy killing

Reports that British troops killed a 13-year- old Iraqi boy after firing at an angry crowd are to be investigated, the Ministry of Defense in London has announced.

Regional-UK, Military, 6/8/2006

How Long Will Israeli Crimes Continue? Essa bin Mohammed Al-Zedjali, Arab News

TV channels and newspapers provide us with news of the atrocious crimes being committed by Israel against Palestinians on a daily basis. The latest massacre of the Palestinian people, including...  Full Story

 

GOOGLE FOUNDER ADMITS: Brin says search giant compromised principles with China deals.....

Indonesia volcano spews hot gas clouds

Expert: Meteor caused extinction

Record meteorite hit Norway

   As Wednesday morning dawned, northern Norway was hit with an impact

   comparable to the atomic bomb used on Hiroshima. 6-8-06

Rival Palestinians call truce; Israel kills three

 

World's who's who hold secret talks in Ottawa

Jun 09 9:57 PM US/Eastern 

The world's political "elite", top "thinkers" and powerful business folk gathered here for an annual, ultra-secretive Bilderberg conference as heavy security kept conspiracy theorists and curious onlookers at bay. Reporter Alex Jones is illegally arrested on contrived charges to preclude his coverage of same.

U.S. sues New Jersey over phone company subpoenas

Second Dancer calls Duke rape charges 'a crock'.....

Accuser had sex with at least four men and sexual device before party..... 

 

Zarqawi's death not going to stop the violence

Abu Musab al-Zarqawi initially survived the June 7 air strike, the US said, but died from his wounds while laying on a stretcher shortly thereafter, a senior US military officer in Baghdad said today.

Iraq-USA, Politics, 6/9/2006

 

Germany says 'no' to US request for military trainers in Iraq

Germany-Iraq-US Germany will not send military trainers or troops to Iraq, deputy government spokesman Thomas Steg told the media in Berlin following a report that US Secretary of Defense Donald Rumsfeld had requested German military trainers in the war-torn Middle East country.

Iraq-Germany, Politics, 6/9/2006

 

US professor on how Zionism and apartheid are alike

Corcos: I am a University of California, Berkeley (Emeritus) Professor. I am not a practicing Jew and there are no such things as races. But if races don't exist, racism does. And that is what defines me as a Jew: I have come much closer to the gas chambers than Ariel Sharon, Shimon Perez and most of the Jews who see in the immemorial persecutions of our clan and in the Holocaust a sufficient justification for their defense of Zionism.

Palestine-Israel, Politics, 6/9/2006

 

Mubarak on rights of Egyptians killed by Israel

Egypt's President Hosni Mubarak asserted that Egypt would not give up any of its people's rights.

Egypt-Israel, Politics, 6/9/2006

 

Israeli air raid kills 4 in Rafah

Israeli occupation forces killed have killed four citizens in an air strike on the southern Gaza Strip city of Rafah, medical sources said.

Palestine-Israel, Military, 6/9/2006

 

 Israeli Gunboats Kill Palestinian Beachgoers

Hisham Abu Taha, Arab News

GAZA CITY, 10 June 2006 — Israeli forces yesterday killed 10 Palestinians, including a family of seven on the Gaza beach when the navy opened fire, in what Tel Aviv called retaliatory action. Palestinian.....

 

The world is on to war criminal america's war scam, to pillage/steal/plunder Iraqi oil, american taxpayer money, to provide corporate welfare to failed american companies, ie., haliburton, etc., benefit war criminals/families, ie., bushes, cheney, rumsfeld, etc., via, ie., stock, stock options, etc..

Indeed, the time has come to enforce disgorgement (of their criminally ill-gotten gains) provisions of criminal statutes which should be applied to crime families as, ie., the trumps, bushes, clintons, etc., for blatent violation thereof.

dumbya bush declares that Zarqawi had blood on his hands and justice was served.

War criminals/families, ie., bushes, cheney, rumsfeld, etc., have blood on their hands but why has justice been so elusive regarding their global and domestic crimes?

 

 

Three Guantanamo Bay detainees die of suicide

The US military said today that three detainees at US Naval Station Guantanamo Bay, Cuba, died of apparent suicides early this morning.

Regional-USA, Politics, 6/10/2006

 

Time to withdraw UK troops from Iraq, say families

Some families of British soldiers serving in Iraq launched a new petition today, calling on Prime Minister Tony Blair to withdraw "demoralized" troops from Iraq.

Iraq-UK, Politics, 6/10/2006

 

Israeli air raid kills 4 in Rafah

Israeli occupation forces killed have killed four citizens in an air strike on the southern Gaza Strip city of Rafah, medical sources said.

Palestine-Israel, Military, 6/9/2006

 

Israeli Gunboats Kill Palestinian Beachgoers

Hisham Abu Taha, Arab News

GAZA CITY, 10 June 2006 — Israeli forces yesterday killed 10 Palestinians, including a family of seven on the Gaza beach when the navy opened fire, in what Tel Aviv called retaliatory action. Palestinian.....

 

Israeli bombing leaves child parent-less

Palestinian President Mahmoud Abbas received tonight at the Presidential headquarters in Gaza, the child Huda Ghalia who lost yesterday 7 members of her family while they were enjoying their weekend at the shore of Gaza.

Palestine-Israel, Politics, 6/10/2006

 

Israel's former PM tried to kill Adenauer: German report
The late Israeli prime minister Menachem Begin, before he became prime minister, tried to kill former West German chancellor Konrad Adenauer in 1952, DPA quoted a report in the daily Frankfurter Allgemeine Zeitung, due to hit the newsstands on Tuesday.
Israel-Germany, Politics, 6/12/2006

Peace activists protest beach massacre
"We call on all peace-loving people around the world to pressure Israel to stop this slow-motion genocide against our people. They are killing us one baby at a time, one family at a time. We rely on international public opinion for protection against this evil occupation of our country."
Palestine-Israel, Politics, 6/12/2006

Parliament condemns Israeli killing of two Egyptian policemen
Egypt's People's Assembly condemned yesterday the killing of two policemen by Israeli soldiers on June 2 on the international borders between Egypt and Israel.
Egypt-Israel, Politics, 6/12/2006

Iran's parliament: Zionist regime committed a new crime against Palestinians
Some 240 members of Iran's parliament on Sunday expressed outrage at horrible crimes "the Zionist regime" committed against Palestinians on June 10.
Palestine-Iran, Politics, 6/12/2006

 

Eleven Die as Israeli Missiles Hit Rescuers Hisham Abu Taha, Arab News

GAZA CITY, 14 June 2006 — Israel killed 11 Palestinians, nine of them civilians, in airstrikes in the Gaza Strip yesterday. Witnesses said that an Israeli aircraft targeted a van carrying activists

 

Israel Strike in Gaza Kills 8 Civilians

 

10 murdered in Gaza, 4 of them paramedics
Medical sources said that the number of the Palestinian citizens murdered in the Israeli raids has climbed to ten, including paramedics and children.
Palestine-Israel, Military, 6/13/2006

HR organization: Child killed by Israel is war crime
"The tragedy of Huda's Family is a war crime and should be treated as war crime of the first place, and what is most important is to work on presenting the Israelis entangled in this case to the court," Al-Dameer said.
Palestine-Israel, Politics, 6/14/2006

Israel to decide on kicking US citizen out for peaceful support of Palestinians
The International Solidarity Movement (ISM) said Paul Larudee, the 60 year-old piano tuner and ISM peace activist will get tomorrow morning a court hearing to decide whether or not Israel will succeed in its efforts to deny his entry to Palestine.
Palestine-Israel-USA, Politics, 6/14/2006

 

Israeli military collaborates with settlers
International Solidarity Movement (ISM) revealed today that the Israeli military, police, and secret service are collaborating with Beit Ayn settlers to seize Palestinian land in Hebron.
Palestine-Israel, Politics, 6/14/2006

Its Origins and Growth

The Power of the Israel Lobby

By KATHLEEN and BILL CHRISTISON
Former CIA analysts

Editors' Note: Ten, even five years ago, a fierce public debate over the nature and activities of the Israeli lobby would have been impossible. It was as verboten as the use of the word Empire, to describe the global reach of the United States. Through its disdain for the usual proprieties decorously observed by Republican and Democratic administrations in the past , the Bush administration has hauled many realities of our political economy center stage. Open up the New York Times or the Washington Post over the recent past and there, like as not, is another opinion column about the Lobby.

CounterPunch has hosted some of the most vigorous polemics on the Lobby. In May we asked two of our most valued contributors, Kathy and Bill Christison, to offer their evaluation of the debate on the Lobby's role and power. As our readers know, Bill and Kathy both had significant careers as CIA analysts. Bill was a National Intelligence Officer. In the aftermath of the September, 2001, attacks we published here his trenchant and influential essay on "the war on terror". Kathy has written powerfully on our website on the topic of Palestine. Specifically on the Lobby they contributed an unsparing essay on the topic of "dual loyalty" which can bed found in our CounterPunch collection, The Politics of Anti-Semitism.

In mid May they sent us the detailed, measured commentary, rich in historical detail, that we are delighted to print below in its entirety. Which is the tail? Which is the dog? asked Uri Avnery in our newsletter, a few issues back, apropos the respective roles of the Israel Lobby and the US in the exercise of US policy in the Middle East. Here's an answer that will be tough to challenge.

-- A.C./J.S.C.

John Mearsheimer and Stephen Walt, the University of Chicago and Harvard political scientists who published in March of this years a lengthy, well documented study on the pro-Israel lobby and its influence on U.S. Middle East policy in March , have already accomplished what they intended. They have successfully called attention to the often pernicious influence of the lobby on policymaking. But, unfortunately, the study has aroused more criticism than debate ­ not only the kind of criticism one would anticipate from the usual suspects among the very lobby groups Mearsheimer and Walt described, but also from a group on the left that might have been expected to support the study's conclusions.

The criticism has been partly silly, often malicious, and almost entirely off-point. The silly, insubstantial criticisms ­ such as former presidential adviser David Gergen's earnest comment that through four administrations he never observed an Oval Office decision that tilted policy in favor of Israel at the expense of U.S. interests ­ can easily be dismissed as nonsensical . Most of the extensive malicious criticism, coming largely from the hard core of Israeli supporters who make up the very lobby under discussion and led by a hysterical Alan Dershowitz, has been so specious and sophomoric, that it too could be dismissed were it not for precisely the pervasive atmosphere of reflexive support for Israel and silenced debate that Mearsheimer and Walt describe.

Most disturbing and harder to dismiss is the criticism of the study from the left, coming chiefly from Noam Chomsky and Norman Finkelstein, and abetted less cogently by Stephen Zunes of Foreign Policy in Focus and Joseph Massad of Columbia University. These critics on the left argue from a assumption that U.S. foreign policy has been monolithic since World War II, a coherent progression of decision-making directed unerringly at the advancement of U.S. imperial interests. All U.S. actions, these critics contend, are part of a clearly laid-out strategy that has rarely deviated no matter what the party in power. They believe that Israel has served throughout as a loyal agent of the U.S., carrying out the U.S. design faithfully and serving as a base from which the U.S. projects its power around the Middle East. Zunes says it most clearly, affirming that Israel "still is very much the junior partner in the relationship." These critics do not dispute the existence of a lobby, but they minimize its importance, claiming that rather than leading the U.S. into policies and foreign adventures that stand against true U.S. national interests, as Mearsheimer and Walt assert, the U.S. is actually the controlling power in the relationship with Israel and carries out a consistent policy, using Israel as its agent where possible.

Finkelstein summarized the critics' position in a recent CounterPunch article ("The Israel Lobby," May 1, http://www.counterpunch.org/finkelstein05012006.html), emphasizing that the issue is not whether U.S. interests or those of the lobby take precedence but rather that there has been such coincidence of U.S. and Israeli interests over the decades that for the most part basic U.S. Middle East policy has not been affected by the lobby. Chomsky maintains that Israel does the U.S. bidding in the Middle East in pursuit of imperial goals that Washington would pursue even without Israel and that it has always pursued in areas outside the Middle East without benefit of any lobby. Those goals have always included advancement of U.S. corporate-military interests and political domination through the suppression of radical nationalisms and the maintenance of stability in resource-rich countries, particularly oil producers, everywhere. In the Middle East, this was accomplished primarily through Israel's 1967 defeat of Egypt's Gamal Abdul Nasser and his radical Arab nationalism, which had threatened U.S. access to the region's oil resources. Both Chomsky and Finkelstein trace the strong U.S.-Israeli tie to the June 1967 war, which they believe established the close alliance and marked the point at which the U.S. began to regard Israel as a strategic asset and a stable base from which U.S. power could be projected throughout the Middle East.

Joseph Massad ("Blaming the Israel Lobby," CounterPunch, March 25/26, http://www.counterpunch.org/massad03252006.html) argues along similar lines, describing developments in the Middle East and around the world that he believes the U.S. engineered for its own benefit and would have carried out even without Israel's assistance. His point, like Chomsky's, is that the U.S. has a long history of overthrowing regimes in Central America, in Chile, in Indonesia, in Africa, where the Israel lobby was not involved and where Israel at most assisted the U.S. but did not benefit directly itself. He goes farther than Chomsky by claiming that with respect to the Middle East Israel has been such an essential tool that its very usefulness is what accounts for the strength of the lobby. "It is in fact the very centrality of Israel to U.S. strategy in the Middle East," Massad contends with a kind of backward logic, "that accounts, in part, for the strength of the pro-Israel lobby and not the other way around." (One wonders why, if this were the case, there would be any need for a lobby at all. What would be a lobby's function if the U.S. already regarded Israel as central to its strategy?)

The principal problem with these arguments from the left is that they assume a continuity in U.S. strategy and policymaking over the decades that has never in fact existed. The notion that there is any defined strategy that links Eisenhower's policy to Johnson's to Reagan's to Clinton's gives far more credit than is deserved to the extremely ad hoc, hit-or-miss nature of all U.S. foreign policy. Obviously, some level of imperial interest has dictated policy in every administration since World War II and, obviously, the need to guarantee access to vital natural resources around the world, such as oil in the Middle East and elsewhere, has played a critical role in determining policy. But beyond these evident, and not particularly significant, truths, it can accurately be said, at least with regard to the Middle East, that it has been a rare administration that has itself ever had a coherent, clearly defined, and consistent foreign policy and that, except for a broadly defined anti-communism during the Cold War, no administration's strategy has ever carried over in detail to succeeding administrations.

The ad hoc nature of virtually every administration's policy planning process cannot be overemphasized. Aside from the strong but amorphous political need felt in both major U.S. parties and nurtured by the Israel lobby that "supporting Israel" was vital to each party's own future, the inconsistent, even short-term randomness in the detailed Middle East policymaking of successive administrations has been remarkable. This lack of clear strategic thinking at the very top levels of several new administrations before they entered office enhanced the power of individuals and groups that did have clear goals and plans already in hand ­ such as, for instance, the pro-Israeli Dennis Ross in both the first Bush and the Clinton administrations, and the strongly pro-Israeli neo-cons in the current Bush administration.

The critics on the left argue that because the U.S. has a history of opposing and frequently undermining or actually overthrowing radical nationalist governments throughout the world without any involvement by Israel, any instance in which Israel acts against radical nationalism in the Arab world is, therefore, proof that Israel is doing the United States' work for it . The critics generally believe, for instance, that Israel's political destruction of Egypt's Nasser in 1967 was done for the U.S. Most if not all believe that Israel's 1982 invasion of Lebanon was undertaken at U.S.behest, to destroy the PLO.

This kind of argumentation assumes too much on a presumption of policy coherence. Lyndon Johnson most certainly did abhor Nasser and was not sorry to see him and his pan-Arab ambitions defeated, but there is absolutely no evidence that the Johnson administration ever seriously planned to unseat Nasser, formulated any other action plan against Egypt, or pushed Israel in any way to attack. Johnson did apparently give a green light to Israel's attack plans after they had been formulated, but this is quite different from initiating the plans. Already mired in Vietnam, Johnson was very much concerned not to be drawn into a war initiated by Israel and was criticized by some Israeli supporters for not acting forcefully enough on Israel's behalf. In any case, Israel needed no prompting for its pre-emptive attack, which had long been in the works.

Indeed, far from Israel functioning as the junior partner carrying out a U.S. plan, it is clear that the weight of pressure in 1967 was on the U.S. to go along with Israel's designs and that this pressure came from Israel and its agents in the U.S. The lobby in this instance ­ as broadly defined by Mearsheimer and Walt: "the loose coalition of individuals and organizations who actively work to shape U.S. foreign policy in a pro-Israel direction" ­ was in fact a part of Johnson's intimate circle of friends and advisers.

These included the number-two man at the Israeli embassy, a close personal friend; the strongly pro-Israeli Rostow brothers, Walt and Eugene, who were part of the national security bureaucracy in the administration; Supreme Court Justice Abe Fortas; U.N. Ambassador Arthur Goldberg; and numerous others who all spent time with Johnson at the LBJ Ranch in Texas and had the personal access and the leisure time in an informal setting to talk with Johnson about their concern for Israel and to influence him heavily in favor of Israel. This circle had already begun to work on Johnson long before Israel's pre-emptive attack in 1967, so they were nicely placed to persuade Johnson to go along with it despite Johnson's fears of provoking the Soviet Union and becoming involved in a military conflict the U.S. was not prepared for.

In other words, Israel was beyond question the senior partner in this particular policy initiative; Israel made the decision to go to war, would have gone to war with or without the U.S. green light, and used its lobbyists in the U.S. to steer Johnson administration policy in a pro-Israeli direction. Israel's attack on the U.S. naval vessel, the USS Liberty, in the midst of the war ­ an attack conducted in broad daylight that killed 34 American sailors ­ was not the act of a junior partner. Nor was the U.S. cover-up of this atrocity the act of a government that dictated the moves in this relationship.

The evidence is equally clear that Israel was the prime mover in the 1982 invasion of Lebanon and led the U.S. into that morass, rather than the other way around. Although Massad refers to the U.S. as Israel's master, in this instance as in many others including 1967, Israel has clearly been its own master. Chomsky argues in support of his case that Reagan ordered Israel to call off the invasion in August, two months after it was launched. This is true, but in fact Israel did not pay any attention; the invasion continued, and the U.S. got farther and farther embroiled.

When, as occurred in Lebanon, the U.S. has blundered into misguided adventures to support Israel or to rescue Israel or to further Israel's interests, it is a clear denial of reality to say that Israel and its lobby have no significant influence on U.S. Middle East policy. Even were there not an abundance of other examples, Lebanon alone, with its long-term implications, proves the truth of the Mearsheimer-Walt conclusion that the U.S. "has set aside its own security in order to advance the interests of another state" and that "the overall thrust of U.S. policy in the region is due almost entirely to U.S. domestic politics, and especially to the activities of the 'Israel Lobby.'"

As a general proposition, the left critics' argumentation is much too limiting. While there is no question that modern history is replete, as they argue, with examples of the U.S. acting in corporate interests ­ overthrowing nationalist governments perceived to be threatening U.S. business and economic interests, as in Iran in 1953, Guatemala in 1954, Chile in 1973, and elsewhere ­ this frequent convergence of corporate with government interests does not mean that the U.S. never acts in other than corporate interests. The fact of a strong government-corporate alliance does not in any way preclude situations ­ even in the Middle East, where oil is obviously a vital corporate resource ­ in which the U.S. acts primarily to benefit Israel rather than serve any corporate or economic purpose. Because it has a deep emotional aspect and involves political, economic, and military ties unlike those with any other nation, the U.S. relationship with Israel is unique, and there is nothing in the history of U.S. foreign policy, nothing in the government's entanglement with the military-industrial complex, to prevent the lobby from exerting heavy influence on policy. Israel and its lobbyists make their own "corporation" that, like the oil industry (or Chiquita Banana or Anaconda Copper in other areas), is clearly a major factor driving U.S. foreign policy.

There is no denying the intricate interweaving of the U.S. military-industrial complex with Israeli military-industrial interests. Chomsky acknowledges that there is "plenty of conformity" between the lobby's position and the U.S. government-corporate linkage and that the two are very difficult to disentangle. But, although he tends to emphasize that the U.S. is always the senior partner and suggests that the Israeli side does little more than support whatever the U.S. arms, energy, and financial industries define as U.S. national interests, in actual fact the entanglement is much more one between equals than the raw strengths of the two parties would suggest. "Conformity" hardly captures the magnitude of the relationship. Particularly in the defense arena, Israel and its lobby and the U.S. arms industry work hand in glove to advance their combined, very compatible interests. The relatively few very powerful and wealthy families that dominate the Israeli arms industry are just as interested in pressing for aggressively militaristic U.S. and Israeli foreign policies as are the CEOs of U.S. arms corporations and, as globalization has progressed, so have the ties of joint ownership and close financial and technological cooperation among the arms corporations of the two nations grown ever closer. In every way, the two nations' military industries work together very easily and very quietly, to a common end. The relationship is symbiotic, and the lobby cooperates intimately to keep it alive; lobbyists can go to many in the U.S. Congress and tell them quite credibly that if aid to Israel is cut off, thousands of arms-industry jobs in their own districts will be lost. That's power. The lobby is not simply passively supporting whatever the U.S. military-industrial complex wants. It is actively twisting arms ­ very successfully ­ in both Congress and the administration to perpetuate acceptance of a definition of U.S. "national interests" that many Americans believe is wrong, as does Chomsky himself.

Clearly, the advantages in the relationship go in both directions: Israel serves U.S. corporate interests by using, and often helping develop, the arms that U.S. manufacturers produce, and the U.S. serves Israeli interests by providing a constant stream of high-tech equipment that maintains Israel's vast military superiority in the region. But simply because the U.S. benefits from this relationship, it cannot be said that the U.S. is Israel's master, or that Israel always does the U.S. bidding, or that the lobby, which helps keep this arms alliance alive, has no significant power. It's in the nature of a symbiosis that both sides benefit, and the lobby has clearly played a huge role in maintaining the interdependence.

The left's arguments also tend to be much too conspiratorial. Finkelstein, for instance, describes a supposed strategy in which the U.S. perpetually undermines Israeli-Arab reconciliation because it does not want an Israel at peace with its neighbors, since Israel would then loosen its dependence on the U.S. and become a less reliable proxy. "What use," he asks, "would a Paul Wolfowitz have of an Israel living peacefully with its Arab neighbors and less willing to do the U.S.'s bidding?" Not only does this give the U.S. far more credit than it has ever deserved for long-term strategic scheming and the ability to carry out such a conspiracy, but it begs a very important question that neither Finkelstein nor the other left critics, in their dogged effort to mold all developments to their thesis, never examine: just what U.S.'s bidding is Israel doing nowadays?

Although the leftist critics speak of Israel as a base from which U.S. power is projected throughout the Middle East, they do not clearly explain how this works. Any strategic value Israel had for the U.S. diminished drastically with the collapse of the Soviet Union. They may believe that Israel keeps Saudi Arabia's oil resources safe from Arab nationalists or Muslim fundamentalists or Russia, but this is highly questionable. Israel clearly did us no good in Lebanon, but rather the U.S. did Israel's bidding and fumbled badly, so this cannot be how the U.S. uses Israeli to project its power. In Palestine, Finkelstein himself acknowledges that the U.S. gains nothing from the occupation and Israeli settlements, so this can't be where Israel is doing the U.S.'s bidding. (With this acknowledgement, Finkelstein, perhaps unconsciously, seriously undermines his case against the importance of the lobby, unless he somehow believes the occupation is only of incidental significance, in which case he undermines the thesis of much of his own body of writing.)

Owning the Policymakers

In the clamor over the Mearsheimer-Walt study, critics on both the left and the right have tended to ignore the slow evolutionary history of U.S. Middle East policymaking and of the U.S. relationship with Israel. The ties to Israel and earlier to Zionism go back more than a century, predating the formation of a lobby, and they have remained firm even at periods when the lobby has waned. But it is also true that the lobby has sustained and formalized a relationship that otherwise rests on emotions and moral commitment. Because the bond with Israel has been a steadily evolving continuum, dating back to well before Israel's formal establishment, it is important to emphasize that there is no single point at which it is possible to say, this is when Israel won the affections of America, or this is when Israel came to be regarded as a strategic asset, or this is when the lobby became an integral part of U.S. policymaking.

The left critics of the lobby study mark the Johnson administration as the beginning of the U.S.-Israeli alliance, but almost every administration before Johnson's, going back to Woodrow Wilson, ratcheted up the relationship in some significant way and could justifiably claim to have been the progenitor of the bond. Significantly, in almost all cases, policymakers acted as they did because of the influence of pro-Zionist or pro-Israeli lobbyists: Wilson would not have supported the Zionist enterprise to the extent he did had it not been for the influence of Zionist colleagues like Louis Brandeis; nor would Roosevelt; Truman would probably not have been as supportive of establishing a Jewish state without the heavy influence of his very pro-Zionist advisers.

After the Johnson administration as well, the relationship has continued to grow in remarkable leaps. The Nixon-Kissinger regime could claim that they were the administration that cemented the alliance by exponentially increasing military aid ­ from an annual average of under $50 million in military credits to Israel in the late 1960s to an average of almost $400 million and, in the year following the 1973 war, to $2.2 billion. It is not for nothing that Israelis have informally dubbed almost every president since Johnson ­ with the notable exceptions of Jimmy Carter and the senior George Bush ­ as "the most pro-Israeli president ever"; each one has achieved some landmark in the effort to please Israel.

The U.S.-Israeli bond has always had its grounding more in soft emotions than in the hard realities of geopolitical strategy. Scholars have always described the tie in almost spiritual terms never applied to ties with other nations. A Palestinian-French scholar has described the United States' pro-Israeli tilt as a "predisposition," a natural inclination that precedes any consideration of interest or of cost. Israel, he said, takes part in the very "being" of American society and therefore participates in its integrity and its defense. This is not simply the biased perspective of a Palestinian. Other scholars of varying political inclinations have described a similar spiritual and cultural identity: the U.S. identifies with Israel's "national style"; Israel is essential to the "ideological prospering" of the U.S.; each country has "grafted" the heritage of the other onto itself. This applies even to the worst aspects of each nation's heritage. Consciously or unconsciously, many Israelis even today see the U.S. conquest of the American Indians as something "good," something to emulate and, which is worse, many Americans even today are happy to accept the "compliment" inherent in Israel's effort to copy us.

This is no ordinary state-to-state relationship, and the lobby does not function like any ordinary lobby. It is not a great exaggeration to say that the lobby could not thrive without a very willing host ­ that is, a series of U.S. policymaking establishments that have always been locked in to a mindset singularly focused on Israel and its interests ­ and, at the same time, that U.S. policy in the Middle East would not possibly have remained so singularly focused on and so tilted toward Israel were it not for the lobby. One thing is certain: with the possible exceptions of the Carter and the first Bush administrations, the relationship has grown noticeably closer and more solid with each administration, in almost exact correlation with the growth in size and budget and political clout of the pro-Israel lobby.

All critics of the lobby study have failed to note a critical point during the Reagan administration, surrounding the debacle in Lebanon, when it can reasonably be said that policymaking tipped over from a situation in which the U.S. was more often the controlling agent in the relationship to one in which Israel and its advocates in the U.S. have increasingly determined the course and the pace of developments. The organized lobby, meaning AIPAC and the several formal Jewish American organizations, truly came into its own during the Reagan years with a massive expansion of memberships, budgets, propaganda activities, and contacts within Congress and government, and it has been consolidating power and influence for the last quarter century, so that today the broadly defined lobby, including all those who work for Israel, has become an integral part of U.S. society and U.S. policymaking.

The situation during the Reagan administration demonstrates very clearly the closeness of the bond. The events of these years illustrate how an already very Israel-centered mindset in the U.S., which had been developing for decades, was transformed into a concrete, institutionalized relationship with Israel via the offices of Israeli supporters and agents in the U.S.

The seminal event in the growth of AIPAC and the organized lobby was the battle over the administration's proposed sale of AWACS aircraft to Saudi Arabia in 1981, Reagan's first year in office. Paradoxically, although AIPAC lost this battle in a head-on struggle with Reagan and the administration, and the sale to the Saudis went forward, AIPAC and the lobby ultimately won the war for influence. Reagan was determined that the sale go through; he regarded the deal as an important part of an ill-conceived attempt to build an Arab-Israeli consensus in the Middle East to oppose the Soviet Union and, perhaps even more important, saw the battle in Congress as a test of his own prestige. By winning the battle, he demonstrated that any administration, at least up to that point, could exert enough pressure to push an issue opposed by Israel through Congress, but the struggle also demonstrated just how exhausting and politically costly such a battle can be, and no one around Reagan was willing to go to the mat in this way again. In a real sense, despite AIPAC's loss, the fight showed just how much the lobby limited policymaker freedom, even more than 20 years ago, in any transaction that concerned Israel.

The AWACS imbroglio galvanized AIPAC into action, at precisely the time the administration was subsiding in exhaustion, and under an aggressive and energetic leader, former congressional aide Thomas Dine, AIPAC quadrupled its budget, increased its grassroots support immensely, and vastly expanded its propaganda effort. This last and perhaps most significant accomplishment was achieved when Dine established an analytical unit inside AIPAC that published in-depth analyses and position papers for congressmen and policymakers. Dine believed that anyone who could provide policymakers with books and papers focusing on Israel's strategic value to the U.S. would effectively "own" the policymakers.

With the rising power and influence of the lobby, and following the U.S. debacle in Lebanon ­ which began with Israel's 1982 invasion and ended for the U.S. with the withdrawal of its Marine contingent in early 1984, after the Marines had become involved in fighting to protect Israel's invasion force and 241 U.S. military had been killed in a truck bombing ­ the Reagan administration effectively handed over the policy initiative in the Middle East to Israel and its American advocates.

Israel and its agents began, with amazing effrontery, to complain that the U.S. failure to clean up in Lebanon was interfering with Israel's own designs there ­ from which arrogance Reagan and company concluded, in an astounding twist of logic, that the only way to restore stability was through closer alliance with Israel. As a result, in the fall of 1983 Reagan sent a delegation to ask the Israelis for closer strategic ties, and shortly thereafter forged a formal strategic alliance with Israel with the signing of a "memorandum of understanding on strategic cooperation." In 1987, the U.S. designated Israel a "major non-NATO ally," thus giving it access to military technology not available otherwise. The notion of demanding concessions from Israel in return for this favored status ­ such as, for instance, some restraint in its settlement-construction in the West Bank ­ was specifically rejected. The U.S. simply very deliberately and abjectly retreated into policy inaction, leaving Israel with a free hand to proceed as it wished wherever it wished in the Middle East and particularly in the occupied Palestinian territories.

Even Israel, by all accounts, was surprised by this demonstration of the United States' inability to see beyond Israel's interests. Prime Minister Menachem Begin had attempted from early in the Carter administration to push the notion that Israel was a strategic Cold War asset to the U.S. but, because Israel did not in fact perform a significant strategic role for the U.S. and was in many ways more a liability than an asset, Carter never paid serious attention to the Israeli overtures. Begin feared that the United States' moral and emotional commitment to Israel might ultimately not be enough to sustain the relationship through possible hard times, and so he attempted to put Israel forward as a strategically indispensable ally and a good investment for U.S. security, a move that would essentially reverse the two nations' roles, altering the relationship from one of Israeli indebtedness to the U.S. to one in which the United States was in Israel's debt for its vital strategic role.

Carter was having none of this, but the notion of strategic cooperation germinated in Israel and among its U.S. supporters until the moment became ripe during the Reagan administration. By the end of the Lebanon mess, the notion that the U.S. needed Israel's friendship had so taken hold among the Reaganites that, as one former national security aide observed in a stunning upending of logic, they began to view closer strategic ties as a necessary means of "restor[ing] Israeli confidence in American reliability." Secretary of State George Shultz wrote in his memoirs years later of the U.S. need "to lift the albatross of Lebanon from Israel's neck." Recall, as Shultz must not have been able to do, that the debt here was rightly Israel's: Israel put the albatross around its own neck, and the U.S. stumbled into Lebanon after Israel, not the other way around.

AIPAC and the neo-conservatives who rose to prominence during the Reagan years played a major role in building the strategic alliance. AIPAC in particular became in every sense of the word a partner of the U.S. in forging Middle East policy from the mid-1980s on. Thomas Dine's vision of "owning" policymakers by providing them with position papers geared to Israel's interests went into full swing. In 1984, AIPAC spun off a think tank, the Washington Institute for Near East Policy, that remains one of the pre-eminent think tanks in Washington and that has sent its analysts into policymaking jobs in several administrations. Dennis Ross, the senior Middle East policymaker in the administrations of George H.W. Bush and Bill Clinton, came from the Washington Institute and returned there after leaving government service. Martin Indyk, the Institute's first director, entered a senior policymaking position in the Clinton administration from there.

Today, John Hannah, who has served on Vice President Cheney's national security staff since 2001 and succeeded Lewis Libby last year as Cheney's leading national security adviser, comes from the Institute. AIPAC also continues to do its own analyses in addition to the Washington Institute's. A recent Washington Post profile of Steven Rosen, the former senior AIPAC foreign policy analyst who is about to stand trial with a colleague for receiving and passing on classified information to Israel, noted that two decades ago Rosen began a practice of lobbying the executive branch, rather than simply concentrating on Congress, as a way, in the words of the Post article, "to alter American foreign policy" by "influencing government from the inside." Over the years, he "had a hand in writing several policies favored by Israel."

In the Reagan years, AIPAC's position papers were particularly welcomed by an administration already more or less convinced of Israel's strategic value and obsessed with impeding Soviet advances. Policymakers began negotiating with AIPAC before presenting legislation in order to help assure passage, and Congress consulted the lobby on pending legislation. Congress eagerly embraced almost every legislative initiative proposed by the lobby and came to rely on AIPAC for information on all issues related to the Middle East. The close cooperation between the administration and AIPAC soon began to stifle discourse inside the bureaucracy. Middle East experts in the State Department and other agencies were almost completely cut out of decision-making, and officials throughout government became increasingly unwilling to propose policies or put forth analysis likely to arouse opposition from AIPAC or Congress. One unnamed official complained that "a lot of real analysis is not even getting off people's desks for fear of what the lobby will do"; he was speaking to a New York Times correspondent, but otherwise his complaints fell on deaf ears.

This kind of pervasive influence, a chill on discourse inside as well as outside policymaking councils, does not require the sort of clear-cut, concrete pro-Israeli decisions in the Oval Office that David Gergen naively thought he should have witnessed if the lobby had any real influence. This kind of influence, which uses friendly persuasion, along with just enough direct pressure, on a broad range of policymakers, legislators, media commentators, and grassroots activists to make an impression across the spectrum, cannot be defined in terms of narrow, concrete policy commands, but becomes an unchanging, unchallengeable mindset, a sentimental environment that restricts debate, restricts thinking, and determines actions and policies as surely as any command from on high. When Israel's advocates, its lobbyists, in the U.S. become an integral part of the policymaking apparatus, as they have particularly since the Reagan years ­ and as they clearly have been during the current Bush administration ­ there is no way to separate the lobby's interests from U.S. policies. Moreover, because Israel's strategic goals in the region are more clearly defined and more urgent than those of the United States, Israel's interests most often dominate.

Chomsky himself acknowledges that the lobby plays a significant part in shaping the political environment in which support for Israel becomes automatic and unquestioned. Even Chomsky believes that what he calls the intellectual political class is a critical, and perhaps the most influential, component of the lobby because these elites determine the shaping of news and information in the media and academia. On the other hand, he contends that, because the lobby already includes most of this intellectual political class, the thesis of lobby power "loses much of its content". But, on the contrary, this very fact would seem to prove the point, not undermine it. The fact of the lobby's pervasiveness, far from rendering it less powerful, magnifies its importance tremendously.

Indeed, this is the crux of the entire debate. It is the very power of the lobby to continue shaping the public mindset, to mold thinking and, perhaps most important, to instill fear of deviation that brings this intellectual political class together in an unswerving determination to work for Israel. Is there not a heavy impact on Middle East policymaking when, for instance, a lobby has the power to force the electoral defeat of long-serving congressmen, as occurred to Representative Paul Findley in 1982 and Senator Charles Percy in 1984 after both had deviated from political correctness by speaking out in favor of negotiating with the PLO? AIPAC openly crowed about the defeat of both men ­ both Republicans serving during the Republican Reagan administration, who had been in Congress for 22 and 18 years respectively. Similarly, does not the media's silence on Israel's oppressive measures in the occupied territories, as well as the concerted, and openly acknowledged, efforts of virtually every pro-Israeli organization in the U.S. to suppress information and quash debate on the Palestinian-Israeli conflict, have an immense impact on policy? Today, even the most outspoken of leftist radio hosts and other commentators, such as Randi Rhodes, Mike Malloy, and now Cindy Sheehan, almost always avoid talking and writing about this issue.

Does not the massive effort by AIPAC, the Washington Institute, and myriad other similar organizations to spoon-feed policymakers and congressmen selective information and analysis written only from Israel's perspective have a huge impact on policy? In the end, even Chomsky and Finkelstein acknowledge the power of the lobby in suppressing discussion and debate about Middle East policy. The mobilization of public opinion, Finkelstein writes, "can have a real impact on policy-making ­ which is why the Lobby invests so much energy in suppressing discussion." It is difficult to read statement except as a ringing acknowledgement of the massive and very central power of the lobby to control discourse and to control policymaking on the most critical Middle East policy issue.

Interchangeable Interests

The principal problem with the left critics' analysis is that it is too rigid. There is no question that Israel has served the interests of the U.S. government and the military-industrial complex in many areas of the world by, for instance, aiding some of the rightist regimes of Central America, by skirting arms and trade embargoes against apartheid South Africa and China (until the neo-conservatives turned off the tap to China and, in a rare disagreement with Israel, forced it to halt), and during the Cold War by helping, at least indirectly, to hold down Arab radicalism. There is also no question that, no matter which party has been in power, the U.S. has over the decades advanced an essentially conservative global political and pro-business agenda in areas far afield of the Middle East, without reference to Israel or the lobby. The U.S. unseated Mossadegh in Iran and Arbenz in Guatemala and Allende in Chile, along with many others, for its own corporate and political purposes, as the left critics note, and did not use Israel.

But these facts do not minimize the power the lobby has exerted in countless instances over the course of decades, and particularly in recent years, to lead the U.S. into situations that Israel initiated, that the U.S. did not plan, and that have done harm, both singly and cumulatively, to U.S. interests. One need only ask whether particular policies would have been adopted in the absence of pressure from some influential persons and organizations working on Israel's behalf in order to see just how often Israel or its advocates in the U.S., rather than the United States or even U.S. corporations, have been the policy initiators. The answers give clear evidence that a lobby, as broadly defined by Mearsheimer and Walt, has played a critical and, as the decades have gone on, increasingly influential role in policymaking.

For instance, would Harry Truman have been as supportive of establishing Israel as a Jewish state if it had not been for heavy pressure from what was then a very loose grouping of strong Zionists with considerable influence in policymaking circles? It can reasonably be argued that he might not in fact have supported Jewish statehood at all, and it is even more likely that his own White House advisers ­ all strong Zionist proponents themselves ­ would not have twisted arms at the United Nations to secure the 1947 vote in favor of partitioning Palestine if these lobbyists had not been a part of Truman's policymaking circle. Truman himself did not initially support the notion of founding a state based on religion, and every national security agency of government, civilian and military , strongly opposed the partition of Palestine out of fear that this would lead to warfare in which the U.S. might have to intervene, would enhance the Soviet position in the Middle East, and would endanger U.S. oil interests in the area. But even in the face of this united opposition from within his own government, Truman found the pressures of the Zionists among his close advisers and among influential friends of the administration and of the Democratic Party too overwhelmingly strong to resist.

Questions like this arise for virtually every presidential administration. Would Jimmy Carter, for instance, have dropped his pursuit of a resolution of the Palestinian problem if the Israel lobby had not exerted intense pressure on him? Carter was the first president to recognize the Palestinian need for some kind of "homeland," as he termed it, and he made numerous efforts to bring Palestinians into a negotiating process and to stop Israeli settlement-building, but opposition from Israel and pressures from the lobby were so heavy that he was ultimately worn down and defeated.

It is also all but impossible to imagine the U.S. supporting Israel's actions in the occupied Palestinian territories without pressure from the lobby. No conceivable U.S. national interest served ­ even in the United States' own myopic view ­ by its support for Israel's harshly oppressive policy in the West Bank and Gaza, and furthermore this support is a dangerous liability. As Mearsheimer and Walt note, most foreign elites view the U.S. tolerance of Israeli repression as "morally obtuse and a handicap in the war on terrorism," and this tolerance is a major cause of terrorism against the U.S. and the West. The impetus for oppressing the Palestinians clearly comes and has always come from Israel, not the United States, and the impetus for supporting Israel and facilitating this oppression has come, very clearly and directly, from the lobby, which goes to great lengths to justify the occupation and to advocate on behalf of Israeli policies.

It is tempting, and not at all out of the realm of possibility, to imagine Bill Clinton having forged a final Palestinian-Israeli peace agreement were it not for the influence of his notably pro-Israeli advisers. By the time Clinton came to office, the lobby had become a part of the policymaking apparatus, in the persons of Israeli advocates Dennis Ross and Martin Indyk, both of whom entered government service from lobby organizations. Both also returned at the end of the Clinton administration to organizations that advocate for Israel: Ross to the Washington Institute and Indyk to the Brookings Institution's Saban Center for Middle East Policy, which is financed by and named for a notably pro-Israeli benefactor. The scope of the lobby's infiltration of government policymaking councils has been unprecedented during the current Bush administration. Some of the left critics dismiss the neo-cons as not having any allegiance to Israel; Finkelstein thinks it is naïve to credit them with any ideological conviction, and Zunes claims they are uninterested in benefiting Israel because they are not religious Jews (as if only religious Jews care about Israel). But it simply ignores reality to deny the neo-cons' very close ties, both ideological and pragmatic, to Israel's right wing.

Both Finkelstein and Zunes glaringly fail to mention the strategy paper that several neo-cons wrote in the mid-1990s for an Israeli prime minister, laying out a plan for attacking Iraq these same neo-cons later carried out upon entering the Bush administration. The strategy was designed both to assure Israel's regional dominance in the Middle East and to enhance U.S. global hegemony. One of these authors, David Wurmser, remains in government as Cheney's Middle East adviser ­ one of several lobbyists inside the henhouse. The openly trumpeted plan, crafted by the neo-cons, is to "transform" the Middle East by unseating Saddam Hussein, and the notion, also openly touted, that the path to peace in Palestine-Israel ran through Baghdad grew out of the neo-cons' overriding concern for Israel. Both Finkelstein and Zunes also fail to take note of the long record of advocacy on behalf of Israel that almost all the neo-cons (Paul Wolfowitz, Richard Perle, Douglas Feith, David Wurmser, Elliott Abrams, John Bolton, and their cheerleaders on the sidelines such as William Kristol, Robert Kagan, Norman Podhoretz, Jeane Kirkpatrick, and numerous right-wing, pro-Israeli think tanks in Washington) have compiled over the years. The fact that these individuals and organizations are all also advocates of U.S. global hegemony does not diminish their allegiance to Israel or their desire to assure Israel's regional hegemony in alliance with the U.S.

The claimed interchangeability of U.S. and Israeli interests ­ and the fact that certain individuals for whom a primary objective is to advance Israel's interests now reside inside the councils of government ­ proves the truth of the Mearsheimer-Walt's principal conclusion that the lobby has been able to convince most Americans, contrary to reality, that there is an essential identity of U.S. and Israeli interests and that the lobby has succeeded for this reason in forging a relationship of unmatched intimacy. The "overall thrust of policy" in the Middle East, they observe quite accurately, is "almost entirely" attributable to the lobby's activities. The fact that the U.S. occasionally acts without reference to Israel in areas outside the Middle East, and that Israel does occasionally serve U.S. interests rather than the other way around, takes nothing away from the significance of this conclusion.

The tragedy of the present situation is that it has become impossible to separate Israeli from alleged U.S. interests ­ that is, not what should be real U.S. national interests, but the selfish and self-defined "national interests" of the political-corporate-military complex that dominates the Bush administration, Congress, and both major political parties. The specific groups that now dominate the U.S. government are the globalized arms, energy, and financial industries, and the entire military establishments, of the U.S. and of Israel ­ groups that have quite literally hijacked the government and stripped it of most vestiges of democracy.

This convergence of manipulated "interests" has a profound effect on U.S. policy choices in the Middle East. When a government is unable to distinguish its own real needs from those of another state, it can no longer be said that it always acts in its own interests or that it does not frequently do grave damage to those interests. Until the system of sovereign nation-states no longer exists ­ and that day may never come ­ no nation's choices should ever be defined according to the demands of another nation. Accepting a convergence of U.S. and Israeli interests means that the U.S. can never act entirely as its own agent, will never examine its policies and actions entirely from the vantage point of its own long-term self interest, and can, therefore, never know why it is devising and implementing a particular policy. The failure to recognize this reality is where the left critics' belittling of the lobby's power and their acceptance of U.S. Middle East policy as simply an unchangeable part of a longstanding strategy is particularly dangerous.

Kathleen Christison is a former CIA political analyst and has worked on Middle East issues for 30 years. She is the author of Perceptions of Palestine and The Wound of Dispossession.

Bill Christison was a senior official of the CIA. He served as a National Intelligence Officer and as Director of the CIA's Office of Regional and Political Analysis. He is a contributor to Imperial Crusades, CounterPunch's history of the wars on Iraq and Afghanistan.

They can be reached at kathy.bill@christison-santafe.com.

 

 

(6-28-06)The foregoing CIA Analysis reveals the underpinnings of the current conflict in the Mideast owing to the undeniable propensity of the lawless Christ-killing israelis to foment destabilization and conflict consistent with their continuing violation of International Law, UN Resolutions, Non(nuclear) proliferation treaties, etc.

Seizing Upon or provocatively creating Incident To Foment Conflict Which Ultimately Will Inure to the Detriment of america Among Other Nations, the Christ-killing jews reject an eminently reasonable trade, viz., the release of women and children prisoners for the israeli soldier/existing/probable/potential war criminal. The meaningfully lawless war criminal americans have financed the lawless war criminal Christ-killing israelis. Indeed, their over-reaction to the natural consequence of their continued violation of International Law, UN Resolutions, Non(nuclear) proliferation treaties, etc., provides yet another means by which they escalate the conflict in the Mideast to the ultimate and substantial detriment and cost to the West and america particularly. Criminal america can?t afford, economically and geopolitically, the criminal acts of the lawless, ab initio, criminal israelis. Why should the West, including america, and the people of said nations pay and incur damage for the Christ-killing criminal israeli lawless way.

 

If bush really meant protecting american people was his priority, he would not be a shill for, and operative of the Christ-killing israelis, jew lobbies, neo cons, etc., in carrying out israeli policy which is contraindicated to american interests which have, are, and will be substantially damaged thereby.

Lest We Forget

This is #33 in AMEU?s

Public Affairs Series

Americans for Middle East

Understanding

March, 2006

Many of the events catalogued here have been

treated in depth in AMEU's bimonthly publication,

The Link. See our website: www.ameu.org.

Lest We Forget

The Israeli lobby in Washington has successfully influenced

the U.S. Congress to give billions of non-

-repayable dollars each year to Israel on the premise

that Israel?s loyalty and strategic importance to

the United States make it an ally worthy of such unprecedented

consideration.

Is it?

In his Farewell Address, George Washington warned

Americans to avoid a passionate attachment to any

one nation because it promotes "the illusion of an

imaginary common interest in cases where no real

common interest exists."

In 1948, U.S. Secretary of Defense James Forrestal,

an opponent of the creation of a Jewish state in Palestine,

warned that, even though failure to go along

with the Zionists might cost President Truman the

states of New York, Pennsylvania, and California, ?it

was about time that somebody should pay some

consideration to whether we might not lose the

United States.?

Israeli actions over the past 53 years involving U.S.

interests in the Middle East seriously challenge the

"strategic asset" premise of the Israeli lobby. Some

of these actions are compiled in the list that follows:

September 1953: Israel illegally begins to divert the waters

of the Jordan River. President Eisenhower, enraged, suspends

all economic aid to Israel and prepares to remove the taxdeductible

status of the United Jewish Appeal and of other Zionist

organizations in the United States.

October 1953: Israel raids the West Bank village of Kibya,

killing 53 Palestinian civilians. The Eisenhower administration

calls the raid "shocking," and confirms the suspension of aid to

Israel.

July 1954: Israeli agents firebomb American and British cultural

centers in Egypt, making it look like the work of the

Egyptian Muslim Brotherhood in order to sabotage U.S.-

-Egyptian relations.

October 1956: Israel secretly joins with England and France

in a colonial‑style attack on Egypt?s Suez Canal. Calling the

invasion a dangerous threat to international order, President

Eisenhower forces Israel to relinquish most of the land it had

seized.

1965: 206 pounds of weapons grade uranium disappear from

the Nuclear Materials and Equipment Corporation plant in

Pennsylvania. Plant president is Zalmon Shapiro, a former

sales agent for the Israel Defense Ministry. C.I.A. Director

Richard Helms later charges that Israel stole the uranium.

June 1967: Israel bombs, napalms and torpedoes the USS

Liberty, killing 34 Americans, wounding 171 others, and nearly

sinking the lightly armed intelligence ship. The Chairman of the

Joint Chiefs of Staff, Admiral Thomas Moorer, charges that the

attack "could not possibly have been a case of mistaken identity."

June 1967: Against U.S. wishes Israel seizes and occupies

Syria's Golan Heights.

June 1968: Israeli Prime Minister Golda Meir rejects U.S. Secretary

of State William Rogers? Peace Plan that would have required

Israel to withdraw from the occupied territories; she

calls upon Jews everywhere to denounce the plan.

March 1978: Israel invades Lebanon, illegally using U.S. cluster

bombs and other U.S. weapons given to Israel for defensive

purposes only.

1979: Israel frustrates U.S.‑sponsored Camp David Accords

by building new settlements on the West Bank. President

Carter complains to American Jewish leaders that, by acting in

a "completely irresponsible way," Israel's Prime Minister Begin

continues "to disavow the basic principles of the accords."

1979: Israel sells U.S. airplane tires and other military supplies

to Iran, against U.S. policy, at a time when U.S. diplomats

are being held hostage in Teheran.

July 1980: Israel annexes East Jerusalem in defiance of U.S.

wishes and world opinion.

July 1981: Illegally using U.S. cluster bombs and other equipment,

Israel bombs P.L.O. sites in Beirut, with great loss of

civilian life.

December 1981: Israel annexes Syria's Golan Heights, in violation

of the Geneva Convention and in defiance of U.S.

wishes.

June 1982: Israel invades Lebanon a second time, again using

U.S. cluster bombs and other U.S. weapons. President

Reagan calls for a halt of all shipments of cluster bomb shells

to Israel.

September 1982: Abetted by Israeli forces under the control

of Defense Minister Ariel Sharon, Lebanese militiamen massacre

hundreds of Palestinians in Beirut's Sabra and Shatila refugee

camps. President Reagan is ?horrified? and summons the

Israeli ambassador to demand Israel's immediate withdrawal

from Beirut.

September 1982: Israeli Prime Minister Menachem Begin rejects

President Reagan's Peace Plan for the occupied territories.

January‑March 1983: Israeli army "harasses" U.S. Marines

in Lebanon. Defense Secretary Caspar Weinberger confirms

Marine commandant's report that "Israeli troops are deliberately

threatening the lives of American military personnel . . .

replete with verbal degradation of the officers, their uniforms

and country."

March 1985: Israeli lobby in Washington pressures the U.S.

Congress to turn down a $1.6 billion arms sale to Jordan, costing

the U.S. thousands of jobs, quite apart from the financial

loss to American industry. Jordan gives the contract to Russia.

A frustrated King Hussein complains: "The U.S. is not free to

move except within the limits of what AIPAC [the Israeli

lobby], the Zionists and the State of Israel determine for it."

October 1985: Israeli lobby blocks $4 billion aircraft sale to

Saudi Arabia. The sale, strongly backed by the Reagan administration,

costs the U.S. over 350,000 jobs, with steep financial

losses to American industry. Saudi Arabia awards contract to

England.

November 1985: Jonathan Jay Pollard, an American recruited

by Israel, is arrested for passing highly classified intelligence to

Israel. U.S. officials call the operation but "one link in an organized

and well‑financed Israeli espionage ring operating

within the United States." State Department contacts reveal

that top Israeli defense officials "traded stolen U.S. intelligence

documents to Soviet military intelligence agents in return for

assurances of greater emigration of Soviet Jews."

December 1985: U.S. Customs in three states raid factories

suspected of illegally selling electroplating technology to Israel.

Richard Smyth, a NATO consultant and former U.S. exporter, is

indicted on charges of illegally exporting to Israel 800 krytron

devices for triggering nuclear explosions.

April 1986: U.S. authorities arrest 17 persons, including a retired

Israeli General, Avraham Bar‑Am, for plotting to sell

more than $2 billion of advanced U.S. weaponry to Iran (much

of it already in Israel). General Bar‑Am, claiming to have had

Israeli Government approval, threatens to name names at the

highest levels. U.S. Attorney General of New York calls the plot

?mind-boggling in scope.?

July 1986: Assistant Secretary of State Richard Murphy informs

the Israeli ambassador that a U.S. investigation is under

way of eight Israeli representatives in the U.S. accused of

plotting the illegal export of technology used in making cluster

bombs. Indictments against the eight are later dropped in exchange

for an Israeli promise to cooperate in the case.

January 1987: Israeli Defense Minister Yitzhak Rabin visits

South Africa to discuss joint nuclear weapons testing. Israel

admits that, in violation of a U.S. Senate anti‑apartheid bill, it

has arms sales contracts with South Africa worth hundreds of

millions of dollars. Rep. John Conyers calls for Congressional

hearings on Israel‑South Africa nuclear testing.

November 1987: The Iran‑Contra scandal reveals that it was

Israel that had first proposed the trade to Iran of U.S. arms for

hostages. The scandal becomes the subject of the Tower Commission

Report, Senate and House investigations, and the

Walsh criminal prosecution inquiries.

April 1988: Testifying before U.S. Subcommittee on Narcotics,

Terrorism and International Operations, Jose Blandon, a

former intelligence aide to Panama's General Noriega, reveals

that Israel used $20 million of U.S. aid to ship arms via Panama

to Nicaraguan Contras. The empty planes then smuggled

cocaine via Panama into the United States. Pilot tells ABC reporter

Richard Threlkeld that Israel was his primary employer.

The arms‑for‑drugs network is said to be led by Mike Harari,

Noriega's close aide and bodyguard, who was also a high officer

in the Israeli secret services and chief coordinator of Israel's

military and commercial business in Panama.

June 1988: Mubarak Awad, a Palestinian-American advocate

of nonviolence, is deported by Israel. The White House denounces

the action, saying, "We think it is unjustifiable to deny

Mr. Awad the right to stay and live in Jerusalem, where he was

born."

June 1988: Amnesty International accuses Israel of throwing

deadly, U.S.-made gas canisters inside hospitals, mosques,

and private homes. The Pennsylvania manufacturer, a major

defense corporation, suspends future shipments of tear gas to

Israel.

November 1989: According to the Israeli paper Ma?ariv, U.S.

officials claim Israel Aircraft Industries was involved in attempts

to smuggle U.S. missile navigation equipment to South

Africa in violation of U.S. law.

December 1989: While the U.S. was imposing economic

sanctions on Iran, Israel purchased $36 million of Iranian oil in

order to encourage Iran to help free three Israeli hostages in

Lebanon.

March 1990: Israel requests more than $1 billion in loans,

gifts, and donations from American Jews and U.S. government

to pay for resettling Soviet Jews in occupied territories. President

Bush responds, ?My position is that the foreign policy of

the U.S. says we do not believe there should be new settlements

in the West Bank or East Jerusalem.?

June 1990: Officials in the Bush administration and in Congress

say that Israel has emerged as leading supplier of advanced

military technology to China, despite U.S.?s expressed

opposition to Israeli-Chinese military cooperation.

September 1990: Israeli Foreign Minister David Levy asks the

Bush administration to forgive Israel?s $4.5 billion military debt

and dramatically increase military aid. Israeli Defense Minister

Moshe Arens expresses concern over expected $20 billion in

U.S. arms sales to Saudi Arabia and asks for an additional $1

billion in military aid to Israel. Facing rising congressional opposition,

White House backs off from plan to sell Saudi Arabia

over $20 billion in military hardware. Bush administration

promises to deliver additional F-15 fighters and Patriot missiles

to Israel, but defers action on Israel?s request for more than

$1 billion in new military aid. Arens questions U.S.?s commitment

to maintain Israel?s military advantage in the Middle

East.

October 1990: ?Aliya cabinet? chair Ariel Sharon encourages

increase in settlement of Soviet Jews in East Jerusalem, despite

his government?s assurances to the U.S. that it would not

do so. Bush sends personal letter to Prime Minister Shamir

urging Israel not to pursue East Jerusalem housing. Shamir

rejects appeal.

November 1990: In his new autobiography, former President

Reagan says Israel was the instigator and prime mover in the

Iran-Contra affair and that then-Prime Minister Shimon Peres

?was behind the proposal.?

January 1991: White House criticizes Israeli ambassador Zalman

Shoval for complaining that U.S. had not moved forward

on $400 million in loan guarantees and that Israel ?had not

received one cent in aid? from allies to compensate for missile

damage (in Gulf War).? U.S. says comments are ?outrageous

and outside the bounds of acceptable behavior.?

February 1991: Hours after long-disputed $400 million loan

guarantees to Israel are approved, Israeli officials say the

amount is grossly insufficient. Next day, Israel formally requests

$1 billion in emergency military assistance to cover

costs stemming from the Gulf War.

March 1991: Israeli government rejects President Bush?s call

for solution to Arab-Israeli conflict that includes trading land

for peace. In a report to Congress, U.S. State Department says

Soviet Jewish immigrants are settling in the occupied territories

at a higher rate than the Israeli government claims. During

tour of West Bank settlements, Housing Minister Sharon

says construction of 13,000 housing units in occupied territories

has been approved for next two years. Plans contradict

statement by Prime Minister Shamir, who told President Bush

that the Israeli government had not approved such plans.

April 1991: Prime Minister Shamir and several members of his

cabinet reject U.S. Secretary of State Baker?s suggestion that

Israel curtail expansion of Jewish settlements in the occupied

territories as gesture for peace. U.S. calls new Jewish settlement

of Revava ?an obstacle? to peace and questions Israel?s

timing, with Secretary Baker due to arrive in Israel in two

days. Hours before Baker arrives, eight Israeli families complete

move to new settlement of Talmon Bet. U.S. ambassador

to Israel William Brown files an official protest with the Israeli

government about establishment and/or expansion of settlements

in the West Bank. Housing Minister Sharon says Israel

has no intention of meeting U.S. demands to slow or stop settlements.

Secretary Baker, in a news conference before leaving

Israel, says Israel failed to give responses he needed to put

together a peace conference.

May 1991: Israeli ambassador to U.S. Zalman Shoval says his

country will soon request $10 billion in loan guarantees from

Washington to aid in settling Soviet Jewish immigrants to Israel.

Secretary Baker calls continued building of Israeli settlements

?largest obstacle? to convening proposed Middle East

peace conference.

May 1991: President Bush unveils proposal for arms control in

Middle East. U.S. administration confirms that Israel, which

has not signed the Nuclear Non-Proliferation Treaty, has objected

to provision on nuclear weapons.

June 1991: Prime Minister Shamir rejects President Bush?s

call for Israeli acceptance of a greater United Nations? role in

proposed Arab-Israeli peace talks.

July 1991: Israeli Housing Minister Sharon inaugurates the

new Israeli settlement of Mevo Dotan in the West Bank one

day after President Bush describes Israeli settlements as

?counterproductive.?

September 1991: President Bush asks Congress to delay

considering Israeli loan guarantee request for 120 days. Ignoring

pleas of U.S. administration, Israel formally submits its request.

Prime Minister Shamir says U.S. has a ?moral obligation?

to provide Israel with loan guarantees, and that Israel

would continue to build settlements in the occupied territories.

October 1991: The Washington Post reports that President

Bush waived U.S.-mandated sanctions against Israel after U.S.

intelligence determined that Israel had exported missile components

to South Africa.

November 1991: Hours after concluding bilateral talks with

Syria, Israel inaugurates Qela?, a new settlement in the Golan

Heights. Secretary of State Baker calls the action

?provocative.?

February 1992: Secretary of State Baker says U.S. will not

provide loan guarantees to Israel unless it ceases its settlement

activity. President Bush threatens to veto any loan guarantees

to Israel without a freeze on Israel?s settlement activity.

March 1992: U.S. administration confirms it has begun investigating

intelligence reports that Israel supplied China with

technical data from U.S. Patriot missile system.

April 1992: State Department Inspector issues report that the

department has failed to heed intelligence reports that an important

U.S. ally ? widely understood to be Israel ? was making

unauthorized transfers of U.S. military technology to China,

South Africa, Chile, and Ethiopia.

May 1992: Wall Street Journal cites Israeli press reports that

U.S. officials have placed Israel on list of 20 nations carrying

out espionage against U.S. companies.

June 1992: U.S. Defense Department says Israel has rejected

a U.S. request to question former General Rami Dotan, who is

at center of arms procurement scandal involving U.S. contractors.

July 1992: General Electric Company pleads guilty to fraud

and corrupt business practices in connection with its sale of

military jet engines to Israel. A GE manager had conspired

with Israeli Gen. Rami Dotan to divert $27 million in U.S. military

aid with fraudulent vouchers. U.S. Justice and Defense

Departments do not believe that Dotan was acting in his own

interest, implying that the government of Israel may be implicated

in the fraud, which would constitute a default on Israel?s

aid agreements with the U.S.

June 1993: U.S. House of Representatives passes bill authorizing

$80 million per year to Israel for refugee settlement; bill

passes despite $10 billion in U.S. loan guarantees to Israel and

against evidence from Israeli economists that Israel no longer

needs U.S. aid.

October 1993: CIA informs Senate Government Affairs Committee

that Israel has been providing China for over a decade

with ?several billion dollars? worth of advanced military technology.

Israeli Prime Minister Rabin admits Israel has sold

arms to China.

November 1993: CIA Director James Woolsey makes first

public U.S. acknowledgement that ?Israel is generally regarded

as having some kind of nuclear capability.?

December 1993: Time magazine reports convicted spy Jonathan

Pollard passed a National Security Agency listing of foreign

intelligence frequencies to Israel that later was received

by Soviets, ruining several billion dollars of work and compromising

lives of U.S. informants.

December 1994: Los Angeles Times reports Israel has given

China information on U.S. military technology to help in joint

Israeli-Chinese development of a fighter jet.

January 1995: When Egypt threatens not to sign the Nuclear

Non-Proliferation Treaty because Israel will not sign, the U.S.

says it will not pressure Israel to sign.

July 1995: U.S. Ambassador to Israel Martin Indyk demands

Israel abolish import barriers that discriminate against U.S.

imports.

November 1995: Israel grants citizenship to American spy

Jonathan Pollard.

April 1996: Using U.S.-supplied shells, Israel kills 106 unarmed

civilians who had taken refuge in a U.N. peace-keeping

compound in Qana, southern Lebanon. U.N. investigators,

Amnesty International, and Human Rights Watch condemn the

shelling as premeditated. The U.N. Security Council calls on

Israel to pay reparations. Resolution is vetoed by the United

States.

June 1996: U.S. State Department hands Israeli defense officials

classified CIA report alleging Israel has given China U.S.

military avionics, including advanced radar-detection system

and electronic warfare equipment.

December 1996: Israeli cabinet reinstates large subsidies,

including tax breaks and business grants, for West Bank settlers.

U.S. says the move is ?troubling? and ?clearly complicates

the peace process.? Israeli government rejects President

Clinton?s criticism of the settlements and vows to strengthen

them.

February 1997: FBI announces that David Tenenbaum, a mechanical

engineer working for the U.S. army, has admitted that

for the past 10 years he has ?inadvertently? passed on classified

military information to Israeli officials.

March 1997: U.S. presses Israel to delay building new settlement

of Har Homa near Bethlehem. Prime Minister Netanyahu

says international opposition ?will just strengthen my resolve.?

June 1997: U.S. investigators report that two Hasidic Jews

from New York, suspected of laundering huge quantities of

drug money for a Colombian drug cartel, recently purchased

millions of dollars worth of land near the settlements of

Mahseya and Zanoah.

September 1997: Jewish settlers in Hebron stone Palestinian

laborers working on a U.S.-financed project to renovate the

town?s main street. David Muirhead, the American overseeing

the project, says the Israeli police beat him, threw him into a

van, and detained him until the U.S. Consulate intervened.

U.S. State Department calls the incident ?simply unacceptable.?

September 1997: Secretary of State Albright says Israel?s

decision to expand Efrat settlement ?is not at all helpful? to the

peace process. Prime Minister Netanyahu says he will continue

to expand settlements.

May 1998: 13 years after denying he was not its spy, Israel

officially recognizes Pollard as its agent in hopes of negotiating

his release.

June 1998: Secretary of State Albright phones Prime Minister

Netanyahu to condemn his plan to extend Jerusalem?s municipal

boundaries and to move Jews into East Jerusalem, particularly

in the area adjacent to Bethlehem. Ignoring U.S. protests,

Israel?s cabinet unanimously approves plan to extend Jerusalem?s

municipal authority.

August 1998: Secretary Albright tells Prime Minister

Netanyahu that the freeze in the peace process due to the settlement

policy is harming U.S. interests in the Middle East and

affecting the U.S.?s ability to forge a coalition against Iraq.

September 1998: Dutch newspaper NRC Handelsblad reports

that the Israeli airliner that crashed in Amsterdam in 1992 was

not carrying ?gifts and perfume,? as the Israelis claimed, but

three of the four chemicals used to make sarin nerve gas. According

to the plane?s cargo manifest, the chemicals were sent

from a U.S. factory in Pennsylvania to the top secret Israeli

Institute for Biological Research.

November 1998: Israeli Foreign Minister Sharon urges Jewish

settlers to ?grab? West Bank land so it does not fall under Palestinian

control in any final peace settlement.

May 1999: U.S. denounces Israel?s decision to annex more

land to the Ma?ale Adumim settlement.

June 1999: The Israeli company Orlil is reported to have stolen

U.S. night-vision equipment purchased for the Israeli Defense

Forces and to have sold it to ?Far Eastern? countries.

April 2001: Prime Minister Sharon announces plans to build

708 new housing units in the Jewish settlements of Ma?ale Adumim

and Alfe Menashe. U.S. State Department criticizes the

move as ?provocative.?

May 2001: The Mitchell Committee (headed by former U.S.

Senator George Mitchell) concludes that Jewish settlements

are a barrier to peace. Prime Minister Sharon vows to continue

expanding the settlements.

May 2001: U.S. is voted off the United Nations Commission

on Human Rights for the first time since the committee?s establishment

in 1947. The Financial Times of London suggests

that Washington, by vetoing U.N. resolutions alleging Israeli

human rights abuses, showed its inability to work impartially in

the area of human rights. Secretary of State Colin Powell suggests

the vote was because ?we left a little blood on the floor?

in votes involving the Palestinians.

September 2001: Six days after the 9/11 terrorist attacks on

America, Secretary of State Powell, when asked why America

is hated in the Arab and Muslim world, acknowledges that the

deep resentment and anger toward the United States is due to

the Palestinian crisis.

November 2001: Secretary of State Colin Powell calls on Israel

to halt all settlement building which he says ?cripples

chances for real peace and security.? Benny Elon, a right-wing

minister in the Sharon government, says the settlers aren?t

worried. ?America has a special talent for seeing things in the

short term,? he says, explaining that what Powell said he said

only to get Arab support for America?s anti-terrorism coalition

against Afghanistan.

March 2002: U.N. Sec. Gen. Kofi Annan calls for immediate

withdrawal of Israeli tanks from Palestinian refugee camps,

citing large numbers of Palestinians reported dead or injured.

U.S. State Dept. says the United States has contacted Israel to

?urge that utmost restraint be exercised in order to avoid

harm to the civilian population.?

April 2002: President Bush repeatedly demands an immediate

halt to Israel?s military invasion of the West Bank. Prime Minister

Sharon rebuffs the President?s withdrawal demands, saying

the United States and other nations should not ?put any pressure

upon us.?

April 4, 2002: President Bush demands that Israel halt its

March 29 incursion into the West Bank, withdraw immediately,

and cease all settlement building. Three days later, Secretary

of State Powell says Bush?s ?demand? was a ?request.?

June 10, 2002: Prime Minister Sharon visits White House.

When reporters ask about Israel?s ongoing incursions into Palestinian

towns, President Bush says ?Israel has a right to defend

herself.?

September 30, 2003: President Bush signs the Foreign Relations

Authorization Act, which identifies Jerusalem as Israel?s

capital.

November 25, 2002. Israel asks the U.S. for $4-billion in

military aid to ?defray the costs of fighting terrorism,? plus

$10-billion in loan guarantees to support its struggling economy.

May 29, 2003: Israel announces construction of a new Jewish

settlement of 230 housing units in East Jerusalem.

July 29, 2003: Sharon rejects President Bush?s appeal to halt

construction of a separation wall that Israel is building on occupied

Palestinian land.

October 22, 2003: Former Navy lawyer Ward Boston, who

had helped lead the military investigation into Israel?s 1967

attack on the USS Liberty, files a signed affidavit stating that

President Johnson and Secretary of Defense Robert McNamara

had ordered those heading the naval inquiry to ?conclude that

the attack was a case of ?mistaken identity,? despite overwhelming

evidence to the contrary.?

March 21, 2005: Prime Minister Sharon approves construction

of 3,500 new housing units in the Israeli settlement of

Ma?ale Adumin to link it to East Jerusalem. The U.S. State Department

has no comment.

May 2005: Newsweek reports that in the late 1990s, lobbyist

Jack Abramoff diverted more than $140,000 from charity contributions

by Indian tribes to the Israeli settlement of Beitar

Illit for sniper equipment and training of settler militias.

AMEU Board

of Directors

Jane Adas (Vice President)

Hugh D. Auchincloss, Jr.

Atwater, Bradley & Partners, Inc.

Edward Dillon

John Goelet

Richard Hobson, Jr.

Anne R. Joyce

Kendall Landis (Treasurer)

Robert L. Norberg

(President)

Hon. Edward L. Peck

Former U.S. Ambassador

Lachlan Reed

President, Lachlan International

Talcott W. Seelye

Former U.S. Ambassador to Syria

Donald L. Snook

James M. Wall

AMEU National Council

Hon. James E. Akins

Isabelle Bacon

William R. Chandler

David S. Dodge

Paul Findley

Dr. Cornelius B. Houk

Cynthia Infantino

O. Kelly Ingram

Moorhead Kennedy

Ann Kerr

John J. McCloy II

David Nes

Mary Norton

C. Herbert Oliver

Marie Petersen

Dr. John C. Trever

Don M. Wagner

Miriam Ward, RSM

AMEU Executive Director: John F. Mahoney

AMEU grants permission to reproduce ?Lest We Forget? in part or in whole.

AMEU must be credited and one copy forwarded to our offices at 475 Riverside

Drive, Room 245, New York, New York 10115-0245. Telephone: 212-

870-2053; E-mail: AMEU@aol.com; website: www.ameu.org.

 

Aug. 9, 2006 ?Report: US sailor spied for Israel
By DAVID KEYES
A US Navy sailor, Ariel J. Weinmann, is suspected of spying for Israel and has been held in prison for four months, according to an article published Monday in the Saudi daily Al-Watan. It reported that Weinmann is being held at a military base in Virginia on suspicion of espionage and desertion. According to the navy, Weinmann was apprehended on March 26 "after it was learned that he had been listed as a deserter by his command." Though initial information released by the navy makes no mention of it, Al-Watan reported that he was returning from an undisclosed "foreign country." American sources close to the Defense Department told Al-Watan that Israel was the country in question. "The US Navy concluded Article 32 proceedings [a pretrial investigation] in the case of Fire Control Technician Third Class Ariel J. Weinmann on July 26, 2006," Ted Brown, a media relations officer at the US Fleet Forces Command, told The Jerusalem Post on Tuesday. The US Fleet Forces Command is the "convening authority of the case... and will make the decision with respect to what charges, if any, will be referred to a general court-martial." The veracity of Al-Watan's claim that Weinmann is suspected of spying for Israel remains in question, and military and Pentagon spokesmen are remaining tightlipped. A public affairs officer at the Office of Naval Intelligence told the Post that he was unaware of the allegations against Weinmann. Al-Watan speculated that if Weinmann spied on behalf of the Mossad, it would be the biggest espionage case since Jonathan Pollard's arrest. Pollard, who worked as a civilian intelligence analyst for the US Navy, was caught in 1985 and convicted of spying for Israel. He is currently serving a life sentence in the US. According to the navy, "Weinmann was assigned to the USS Albuquerque (SSN 706) and had deserted on or about July 3, 2005." The Albuquerque is a Los Angeles-class attack submarine. Though the navy's initial press release contained no reference to Israel, Brown stated that more detailed information about the case would be released shortly.

 

(7-13-06) The war criminal israelis?/americans? induced global recession/depression like a scourge is upon the world. All the Christ-killing war-mongering jews had to do was to release the women and children prisoners held by the lawless militant Christ-killing jews in exchange for the war criminal israeli soldier being held.

 

Switzerland: Israel Violating Law in Gaza (7-4-06)

 

U.N. Council Rebukes Israeli Operation

 

Ex-GI Accused in Brutal Rape and Murderof Young Iraqi girl, and Killings of family members

 

Israel Arrests Deputy Palestinian PM

Israeli planes buzz home of Syrian leader (AP)

WILL THIS MAN olmert TRIGGER WAR IN THE MIDDLE EAST?

Freedom Fighters demand end to Israeli offensive

Israel rejects demands to free 1,000 women and children prisoners

UK civil rights groups condemn Israel's terrorism
Israel's ongoing military operations in the occupied territories are "nothing less than the collective punishment of an entire civilian population," said a group of human rights, civil society and NGO organizations in the UK.
Palestine-UK, Politics, 7/1/2006

Israel attack on Gaza raises death toll to 12
Israeli forces have now moved deep into northern Gaza on the ninth day of the offensive, which has seen food, fuel and electricity supplies cut off from the occupied territories.
Palestine-Israel, Politics, 7/6/2006

Israeli military actions criticized at first UN Human Rights Council
Dozens of speakers yesterday denounced Israel's military operations in the occupied Palestinian territory, calling them violations of international humanitarian and human rights law, at the first-ever special session of the new United Nations Human Rights Council, while the country's representative countered that the meeting was politically motivated.
Palestine-Israel-UN, Politics, 7/6/2006

Israeli bulldozers devastate Palestinian Arable lands
Israeli Bulldozers devastated Thursday vast areas of arable lands in Beit Lahya and Khan Younis in the Gaza Strip, witnesses said.
Palestine-Israel, Military, 7/6/2006

Human Rights group says Israel violate Geneva convention
"Israel's actions constitute collective punishment against the Gazan population, reaching to 1.6 million persons. Collective punishment is prohibited according to Article 33 of the Fourth Geneva Convention, said the Network in a statement.
Palestine-Israel-European Union, Politics, 7/5/2006

Israeli warplanes bombarded a house in Gaza, injure child
Palestinian Presidency Spokesperson, Nabil Abu Rdaina said today the decision of the Israeli Security Cabinet to bring the Israeli army to populated areas in the Gaza Strip is a dangerous and ascending escalation to reoccupy the Gaza Strip.
Palestine-Israel, Politics, 7/5/2006

Albright says Iraq war biggest mistake in US history
She pointed out that Washington did not take into account the repercussions of the Iraq war
Iraq-USA, Politics, 7/5/2006

UN agencies concern over humanitarian conditions in Gaza
United Nations agencies yesterday expressed concern at the humanitarian conditions in the Gaza Strip, at a time when more than half of the area's power supply has been knocked out, and roads and water pipes have also been damaged by Israeli air strikes.
Palestine-Israel-UN, Politics, 7/1/2006

Syria rejects US accusations
Syria condemned Israel's haughty practices in the Palestinian occupied territories saying "The Israeli military escalation poses a real threat to the worlds' security and stability, Israel, paying no heed to the international legitimacy resolutions
Syria-USA, Politics, 7/1/2006

Iran criticizes US for violating Palestinians' rights
Iran's Deputy foreign minister for legal and international affairs Seyed Abbas Araqchi today strongly criticized the US and deplored that as a permanent member of the UN Security Council, US fails to comply with its commitment and constantly violates Palestinian rights by misusing its right of veto.
Palestine-Iran, Politics, 7/1/2006

Gulf states condemn Israeli attacks
The six-nation Gulf Cooperation Council today condemned Israel's air and ground raids on Palestinian lands, saying occupiers' brazen crimes are clear instances of the rule of jungle.
Gulf-Palestine, Politics, 7/1/2006

US army investigates Iraqi family's deaths
The Army's Criminal Investigation Command is looking into allegations that coalition soldiers killed an Iraqi family of four in their home near Mahmudiyah, Iraq, military officials said yesterday.
Iraq-USA, Politics, 7/1/2006

Iranian rejection to nuclear talks with US
Iran's Deputy head of Majlis National Security and Foreign Policy Commission Mohammad-Nabi Roudaki today said that the deadline for Iran to respond to European package of incentives has been set under US pressure.
Iran-UN, Politics, 7/1/2006

Israel Invades Gaza Strip Hisham Abu Taha, Arab News

GAZA CITY, 29 June 2006 ? Vowing to use ?extreme measures?, thousands of Israeli troops, backed by warplanes and tanks, invaded the Gaza Strip yesterday and Israeli warplanes buzzed the seaside home.....

 

Israel Rejects Demand of Captors, Threatens Attack

Seizing Upon Incident To Foment Conflict Which Ultimately Will Inure to the Detriment of america Among Other Nations

Hisham Abu Taha, Arab News

GAZA CITY, 27 June 2006 ? Israeli Prime Minister Ehud Olmert yesterday ruled out negotiations with the Palestinian captors of an Israeli soldier, rejecting their demand to free jailed women and minors . Rational View: Eminently reasonable to request the release of women and children.

Israeli army launches Gaza assault ? Christ-killing jews want no peace and america among other nations and peoples pay the price for their militance.

Israeli troops enter Gaza; Bridges hit (AP) ?? Christ-killing jews want no peace and america among other nations and peoples pay the price for their militance.

Christ-killing israelis widen Lebanon attacks, 22 civilians die

Al-Awda Tells Israel to End Siege of Palestinian Areas Arab News

NEW YORK, 2 July 2006 ? Al-Awda, the Palestinian Right to Return Coalition, has strongly condemned the Israeli war crimes that are presently being committed against Palestinians, in the on-going siege

Christ-killing Israelis strike hits Palestinian PM's office
Palestinian Prime Minister Ismail Haniyeh from Hamas, second from left, is escorted by bodyguards after an Israeli missile hit his office in Gaza City, Sunday, July 2, 2006. Israeli aircraft fired missiles at the Hamas leader's Gaza office early Sunday. (AP Photo/Hatem Moussa)

Israeli Missiles and Shells Kill 21
Hisham Abu Taha, Arab NewsGAZA CITY, 7 July 2006 ? Israeli tanks moved deeper into Gaza Strip and its forces killed at least 21 Palestinians yesterday in the bloodiest day since the Jewish state invaded Gaza on June 28

A Question of Accountability Reem Al Faisal, Arab News

We begin with aggression and conquest directed against two sovereign nations and the subsequent death and destruction of life and land. Belligerence directed at most of the nations of the world....      Illegal renditions in Europe, warrants for CIA officers The European Parliament approved Thursday an interim report of its Temporary Committee on the use of European countries by the CIA for the transport and illegal detention of prisoners by 389 to 137 with 55 abstentions. Regional-European Union, Politics, 7/6/2006

Guantanamo: A Disgrace to Humanity Essa bin Mohammed Al-Zedjali, Arab News

In a recent appearance on German TV, US President George Bush showed a desire for closing down the accursed Guantanamo prison. This is no surprise considering the spate of criticism coming almost daily   Anti-American Sentiments Not Confined to One Particular Region Hassan Tahsin, hassan_tahsin@hotmail.com American citizens should do some soul-searching to find out why they are being hated by most of the people in the world. The anti-American feeling is not a sentiment confined to the Muslim or Arab nations but is ubiquitous.     Baghdad Car Bomb Kills Scores

BAGHDAD, 2 July 2006 ? At least 66 people were killed by a car bomb in a busy Baghdad market in a Shiite neighborhood yesterday, despite a massive security crackdown in the Iraqi capital.

 

Israeli Aircraft Hit Palestinian Ministry

 

Israel acts violate Geneva Convention; international silence
Palestinian Center for Human Rights (PCHR) strongly condemned Thursday the Israeli occupation forces detention of Palestinian Cabinet Ministers, legislative council in the West Bank.
Palestine-Israel, Politics, 6/29/2006

International calls on Israel to halt Gaza attack
The UN International Meeting, in Vienna, convened by the Palestinian Rights Committee, condemned the Israeli intensified military strikes, attacks and extra judicial assassinations against the Palestinian people.
Palestine-Israel, Politics, 6/29/2006

Israel abducts of 8 Palestinian ministers, parliamentarians
Head of the Palestinian Liberation Organization negotiations department, Saeb Ereikat condemned Thursday the Israeli abduction of 8 ministers and 20 Parliamentarians.
Palestine-Israel, Politics, 6/29/2006

Palestinian -Israeli conflict at impasse
Mahmassani said the Israeli-Palestinian conflict was basically a conflict over Israeli occupation of Palestinian land
Palestine-Regional, Politics, 6/29/2006

Israeli violations against Syria denounced
Council of Arab League today strongly condemned the new Israel provocation representing by violation of Syrian airspace.
Syria-Israel, Politics, 6/29/2006

Egyptian Council condemn Israeli attack
Egyptian Council for Foreign Affairs: The Israeli assault is an attempt by the Israeli government to collectively punish the Palestinians for their democratic choice, the council said today
Egypt-Palestine, Politics, 6/29/2006?

http://www.arabicnews.com

 

War Criminal americans have no rational position:

USA position on Israeli attack on Gaza
US White House spokesman Tony Snow yesterday was asked that "the Israelis have bombed a power plant -- that harms innocent civilians. Haven't they, like, clearly gone beyond what you've just described here?"
Palestine-Israel-USA, Politics, 6/29/2006

 

Lebanon Accuses Israel in Bombing

 

9 Palestinians killed by Israeli strikes
Two Israeli airstrikes killed today early morning nine Palestinians in the Gaza City neighborhood of Sheikh Radwan, medical sources and witnesses said.
Palestine-Israel, Military, 7/12/2006

Leading UK companies implicated in Israeli war crimes
Leading British companies are implicated in Israel's war crimes against the Palestinian people, according a new report on corporate complicity in the occupied territories.
Palestine-Israel-UK, Politics, 7/12/2006

UK minister denounces Israel killing of mother and child
The Islamic Educational, Scientific and Cultural Organization -ISESCO- the "Israeli barbaric" aggression against civilians, schools, universities, vital facilities and infrastructure in the Gaza Strip and the West Bank.
Palestine-Israel-UK, Politics, 7/12/2006

Israel to continue Gaza raids despite botched strikes (AFP) ?(6-22-06)

Israel Seizes Palestinian Cabinet Ministers Hisham Abu Taha, Arab News

GAZA CITY, 30 June 2006 ? One day into its invasion of the Gaza Strip, Israel yesterday arrested dozens of Palestinian politicians in an attempt to use them as bargaining chips in negotiations for.....

Lunatic war-mongering nation israel is imposing a sea and air blockade on Lebanon

Chavez Lashes Out at U.S. Over Mideast

By Associated Press July 15, 2006, CARACAS, Venezuela -- Venezuelan President Hugo Chavez said Friday that American support of Israel is responsible for flaming tensions in the Middle East. Israel launched its attack on Lebanon after Hezbollah carried out a brazen cross-border raid Wednesday, capturing two soldiers. The fundamental blame falls again on the U.S. empire. It's the empire that armed and supported the abuses of the Israeli elite, which has invaded, abused and defied the United Nations for a long time, Chavez said. The Venezuelan president said Israel was using excessive force -- destroying critical civilian infrastructure and killing and injuring civilians.....

France Criticizes Israel Attack on Lebanon(7-14-06)

AFP- Major US allies condemned the ferocity of Israel's military attack on Lebanon, revealing a clear split with Washington's moderate call for restraint.

Only Israel Responsible for the Crisis in Mideast Hassan Tahsin, hassan_tahsin@hotmail.com

The Palestinian people?s choice of Hamas to govern them was an expression of the worsening situation in the occupied territories. Since the Madrid conference following the Gulf War II, the Palestinian

Hamas Defiant as Israel Raids Gaza Hisham Abu Taha, Arab News

GAZA CITY, 1 July 2006 ? A defiant Hamas vowed yesterday it would not be cowed down by Israel after fighter jets blitzed Gaza, hitting the Interior Ministry building in the latest assault aimed at...

IT'S WAR, SAY MILITANT CHRIST-KILLING LUNATIC ISRAELIS

Israel's Hamas Tactics Have Backfired

Palestinian PM Lashes Out at Israelis.....

Monument to Late John Paul II Unveiled

Limbaugh detained at Palm Beach airport (for bottle of Viagra in his possession without a prescription). The sheriff's office plans to file a report with the state attorney's office. Miller said it could be a second-degree misdemeanor violation. Limbaugh reached a deal last month with prosecutors who had accused the conservative talk-show host of illegally deceiving multiple doctors to receive overlapping painkiller prescriptions. Under the deal, the charge, commonly referred to as "doctor shopping," would be dismissed after 18 months if he continues to submit to random drug tests and treatment for his acknowledged addiction to painkillers.

Hillary Booed At 'Take Back America' Conference; Kerry Says Politicians 'Cannot Have It Both Ways' On Iraq.....

 

Hu Calls on Communists to Stop Corruption

 

Communist China Cracks Down on Blogs, Search Engines.....

 

The world is on to war criminal america's war scam, to pillage/steal/plunder Iraqi oil, american taxpayer money, to provide corporate welfare to failed american companies, ie., haliburton, etc., benefit war criminals/families, ie., bushes, cheney, rumsfeld, etc., via, ie., stock, stock options, etc..

Indeed, the time has come to enforce disgorgement (of their criminally ill-gotten gains) provisions of criminal statutes which should be applied to crime families as, ie., the trumps, bushes, clintons, etc., for blatent violation thereof.

dumbya bush declares that Zarqawi had blood on his hands and justice was served.

War criminals/families, ie., bushes, cheney, rumsfeld, etc., have blood on their hands but why has justice been so elusive regarding their global and domestic crimes?

Bush ignores laws he inks, vexing Congress

Japan still open to U.S. beef imports even as u.s. declares cutting back on its already low 1 in 1,000 inspection rate which probably explains the lack of rationality, increasing alzheimers cases, etc. 

PEW POLL: Global image of America has slipped further.....

 

Editorial: Afghan Woes 29 June 2006

The tensions between the Afghan government of President Hamid Karzai and both his NATO allies and his neighbor Pakistan are a clear sign that the rising tide of Taleban and Al-Qaeda violence is disturbing.....

 

Flooding cripples Washington June 26, 2006.

FBI: Violent crime in U.S. on rise in 2005

13 DAYS, 14 HOMICIDES IN DC.....

Amnesty calls for investigation Guantanamo deaths
The European Union repeated calls Monday for closure of the US detention center at Guantanamo Bay, Cuba, after three inmates reportedly committed suicide on Sunday.
Regional-USA, Politics, 6/12/2006

dumbya bush confirms status as embarrassingly dumb war criminal in press conference with malapropisms, faulty grammar, non- responsive faulty ?logic?, etc.. 6-14-06

UPDATE: Bush, Cheney assail media over bank-data program.....(Hardly_a_bastion of credibility, bush/cheney when it comes to all things related to war scams/diversion/incompetence, etc.)???

(7-4-06) While there may come a day when people within and without america decide to forget and forego so-called principles founded upon supposed underpinnings of so-called ie., american ?democracy?, it should not be this day, with this (successor to criminals clinton, et als) war criminals bush/cheney/rumsfeld, et als regime!

Top Sunni Asked Bush for Pullout Timeline

Reinterpreting Iraq: US Propaganda Campaign Under Way Ramzy Baroud, Aljazeera.net English.

To their credit, top US Pentagon officials cautioned journalists and the public, since the Iraq war?s early days, that the dissemination of misinformation would be a vital weapon in their war strategy.....

 

Gitmo Lawyer Counters US Remarks Samir Al-Saadi & Somayya Jabarti, Arab News

JEDDAH, 14 June 2006 ? As the suicide of three Guantanamo detainees re-ignites the debate over the legitimacy of an offshore US prison facility, the lawyer for two Tunisian detainees told Arab News

(6-13-06)War Criminal dumbya bush Sneaks Into Iraq Like the Thief in the Night and Murderous War Criminal He Is

Top court declares Guantanamo tribunals illegal 

EU-US "partners in crime" on CIA flights: Amnesty 

Marine Glorifies Child Killings Arab News WASHINGTON, 14 June 2006 ? An Internet video showing a Marine singing a song glorifying the killing of Iraqi children was condemned yesterday by the Council on American-Islamic Relations   These are sick, bottom of the barrel/lowered standard/ lowered threshold criminal recruits for criminal war.

Most-Wanted Iraq Terrorist Al-Zarqawi Dead.....

Some Dems call killing a stunt.....

$25M bounty 'will be honored'.....

Al-Qaida vows to continue 'holy war'.....

Father of beheaded man blames Bush.....

U.S. Mad Cow Cases Are Mysterious Strain..... http://www.drudgereport.com

FLOOD, USA

 

Zarkawi killed (less than 3-10% of the "terrorists" are from outside Iraq, and Zarkawi had already lost favor owing to his anti-Shiite bent and some even opine that the deal-$25 million worth- was done as was Zarkawi pre-bombing, he did look pretty good for post two 500 pound direct hit bombs, and will be or already has been eagerly replaced).

Several different 'versions/explanations" surrounding the death have been "floated". Take the one they expect you want to believe.

Pentagon says al-Zarqawi's death may trigger attacks/

officials cautioned of violence ahead ? and a string of blasts proved that prediction almost immediately.

Iraq attacks kill 43 (6-18-06)

More than 2,500 U.S.soldiers have died in Iraq since the U.S.invasion in 2003.(6-18-06)

Four US Marines killed in Iraq(6-21-06)

Troops charged with murdering Iraqi civilian(6-21-06)

Rambling rick santorum announces chemical WMDs found unused in Iraq.....daaaaah!.....They say made in criminal america and were and to be used on the Kurds with criminal america?s blessing, and for which former american criminal buddy saddam hussein is currently being prosecuted(6-21-06)

Non-transparent regimes? nuclear tests; is war criminal bush referring to meaningfully lawless war criminal nation usa?

Soldiers missing in Iraq found dead?

US Army Withheld News of Troops? Deaths Barbara Ferguson, Arab News

WASHINGTON, 23 June 2006 ? Army officials waited almost nine months after completing an investigation into the deaths of two US soldiers before informing their families the men were murdered by insurgents...

Bodies of 2 missing GIs recovered in Iraq

Three children killed by Israel air strike on Gaza

US expects more Afghan violence

AP: Iraqi troops killed 2 U.S. soldiers

21,000 troops notified for Iraq deployment

Israeli air strike kills three children in Gaza (AFP)

Army Charges 3 GIs With Murder in Iraq

GIs eyed in new rape, murders in Iraq

US probes troops in Iraq rape-murder case 

Switzerland: Israel violating law in Gaza 

GIs May Planned Iraq Rape, Slayings

Nominating an Arab for the Post of UN Secretary-General
V. Balaji Venkatachalam, Arab News A Wise Move

Israel attacked Palestinian prime minister's office
The secretary-general of the Organization of the Islamic Conference (OIC), Ekmeleddin Ihsanoglu, in Saudi Arabia Monday condemned the Zionist regime's air raid on the office of Palestinian Prime Minister Ismail Haniya, referring to it as a crime.
Palestine-Israel, Politics, 7/3/2006

PLO criticizes Arabs' silence on Palestine incidents
The PLO representative said, "On June 28, 2006, the Zionist regime kidnapped 64 Hamas officials, who were elected in the recent democratic election, including eight ministers and 24 members of parliament." Turning to the arrested officials as the leaders of Palestinian people, Zaki said that Israel is furious over the free election in Palestine and could not tolerate it.
Palestine-Regional, Politics, 7/3/2006

Meshaal: Israeli attacks increase Palestinian will against occupation
The two sides further called on the world's Muslims to continue their support for the oppressed people of Palestine.
Palestine-Israel, Politics, 7/3/2006

Palestinian killed, farmers' lands threatened by Israeli bulldozers
Israeli bulldozers came back early Monday to destroy agricultural lands in the village of Beit Ummar, after they were blocked by the people of yesterday.
Palestine-Israel, Politics, 7/3/2006

5 Palestinians killed in Israeli raids
Four Palestinians were killed in an Israeli air raid on the northern Gaza Strip town of Beit Hanoun, while a fifth was killed in East of Gaza, witnesses and medical sources said.
Palestine-Israel, Military, 7/10/2006

UN urged register Palestinian damages from Israeli wall
Four human rights centers condemned Israel's continued illegal construction of the Wall in the Occupied Palestinian Territories, including East Jerusalem and, requesting that the UN Secretary-General accelerate the establishment of a register of damage caused to all natural or legal persons by the construction of the Wall.
Palestine-Israel-UN, Politics, 7/10/2006

Iran's judiciary chief: Israeli atrocities are state terrorism
"The so-called advocates of democracy and human rights are supporters of the murderers and Israeli state terrorism," he said.
Palestine-Iran, Politics, 7/10/2006

Israeli ambassador criticized for meddling in Poland's affairs
Polish politicians lashed out at Israel's ambassador to Warsaw David Peleg for meddling in that country's internal affairs, DPA reported today.
Israel-Poland, Politics, 7/10/2006

Israel Pounds Gaza With More Deadly Strikes Hisham Abu Taha, Arab News

GAZA CITY, 11 July 2006 ? Prime Minister Ehud Olmert defended the massive military offensive in the face of international criticism and calls for restraint as Israel pounded Gaza with more deadly airstrikes

Don?t Play Into Israel?s Hands, Cabinet Cautions Palestinians Arab News

JEDDAH, 11 July 2006 ? Saudi Arabia yesterday emphasized the need for drawing international attention to the importance of establishing peace and stability in the Middle East to ensure global security....

Gaza: Israel Deserves Scolding Not Coddling Linda Heard, sierra12th@yahoo.co.uk

During a summit held in Iran last Friday, Arab foreign ministers jointly rounded on Israel for upping its aggressive tactics against the Palestinian people. They further expressed sadness at the international...

General sees troop cuts in Iraq this year (6-22-06)

FBI arrests seven in terrorism plot: source (6-22-06)

FBI SEARCH OF CONGRESSMAN'S OFFICE RULED LEGAL.....

Egg narrowly misses Phony Tony Blair..... (6-22-06)

Kingdom Blasts Israel for ?Collective Punishment? of Palestinians Arab News

JEDDAH, 4 July 2006 ? On the day of Egyptian President Hosni Mubarak?s visit to the Kingdom, Saudi Arabia yesterday condemned Israel?s recent incursions into the occupied Palestinian territories, calling...

Why Is the World Deaf to Gaza?s Cries? Linda Heard, sierra12th@yahoo.co.uk

How much longer must the Palestinian people be bombed, starved, humiliated and abused before the international community speaks up with one voice? How much longer will world leaders avert their eyes...

Yemenis Protest Israel?s Gaza Incursion Khaled Al-Mahdi, Arab News

SANAA, 4 July 2006 ? Thousands of protesters took to the streets in the Yemeni capital Sanaa yesterday to protest the Israeli incursion in the Gaza Strip and to demonstrate solidarity with the Palestinians. Protesters...

 

Israel Has No Right to Fix Its Borders Without Regard to Its Neighbors Sir Cyril Townsend, Arab News

On June 12 Israel?s new Prime Minister Ehud Olmert made his first official visit to the United Kingdom, and had talks with Prime Minister Tony Blair in No. 10 Downing Street. His visit followed hot..... (6-22-06)  Poll: Lawless, greedy, bloodthirsty Christ-killing israelis/jews Back Campaign in Lebanon

Army officer refuses deployment..... (6-22-06)

HILLARY CLINTON, MCCAIN HELD VODKA-DRINKING CONTEST.....at least they can do something.

Schwarzenegger Denies Bush Troop Request(6-23-06)

Miami group charged with Sears Tower bomb plot(6-23-06)
?? It is amazing that some are disparaging the FBI?s prudent, competent action when the reality is, and I believe it was also their intent to show, that many such enemies/terrorists within the nation are predisposed to such criminal acts; look at the crime stats; the highest crime rate in the world is in meaningfully lawless criminal america.

FBI says suspects sought to form own army (6-23-06)

FBI Disrupts New York City Tunnel Plot..... (7-7-06)

Analysis: CIA program expands Bush's power (6-23-06)
? I warned against the illegal Iraq war/occupation debacle. I warned against giving war criminal bush war powers. I also had set forth an optimal course for meaningfully lawless criminal america as a matter of good faith and comity prior to yet another typically meaningfully lawless abomination of a ruling. My warnings and sound advice has gone unheeded to the detriment of even those who have ignored the truth/reality among many, many others. (Conveying reality and truth has been very costly to me in light of the proclivity of the criminals to cover-up, retaliate, corrupt, and continue in their criminal ways.) Need I say more?  

A Deadly Week for U.S. Forces in Iraq(6-24-06)

 Israeli Troops Launch Incursion in Gaza(6-23-06)

Senile murdoch does fundraiser for criminal clinton

?                   Planespotting:Rupert Murdoch is a Bum

Backlash emerges against Latino culture 

US Warns of Rise in Domestic Terror Cells Barbara Ferguson, Arab News

WASHINGTON, 25 June 2006 ? Florida-based terrorists sought explosives and guns to wage war on the United States, pledged loyalty to Al-Qaeda and plotted to topple Chicago?s soaring Sears Tower, US...   FBI Foils Attack on New York Tunnel Barbara Ferguson, Arab News WASHINGTON, 8 July 2006 ? The FBI has discovered a terrorist plot to bomb New York?s Holland Tunnel and flood the Wall Street financial district. The FBI said it thwarted preliminary plans by a group...

U.S. drafts plan for steep troop cuts in Iraq: NYT(6-24-06)

Children Killed in Israeli Missile Attack Hisham Abu Taha, Arab News

GAZA CITY, 21 June 2006 ? Israel killed three Palestinian children, two of them siblings, in a missile attack on the Gaza Strip yesterday hours after its defense minister vowed to step up military...  Full Story  ?                   ?                   2nd botched Israeli airstrike kills 2 (AP) ?                   ?                   Botched Israeli air strike kills 2 in Gaza (Reuters) ?                   ?                   Palestinian civilians killed in fresh Israel air strike (AFP) ?                   ?                   American-Israeli indicted for smuggling arms (AFP) Arab Anger Flares.....

Editorial: Price of Divisions 26 June 2006

The number of Palestinians killed by the Israeli Army since the beginning of this month is more than 40, most of them civilians. That figure includes the Ghalia family, slaughtered while on picnic.ArabNews

Kingdom Blasts Israel for ?Collective Punishment? of Palestinians Arab News

JEDDAH, 4 July 2006 ? On the day of Egyptian President Hosni Mubarak?s visit to the Kingdom, Saudi Arabia yesterday condemned Israel?s recent incursions into the occupied Palestinian territories

Why Is the World Deaf to Gaza?s Cries? Linda Heard, sierra12th@yahoo.co.uk

How much longer must the Palestinian people be bombed, starved, humiliated and abused before the international community speaks up with one voice? How much longer will world leaders avert their eyes.....

 4 more charged with rape, murder in Iraq
Neighbor and eyewitness Hussein Mohammed, 33, points to the charred ground where clothing of the young Iraqi girl who was raped then killed along with family members was burned outside of their home, Thursday, July 6, 2006, in Mahmoudiya, south of Baghdad, Iraq. Former US Army Pfc. Steve D. Green was charged Monday in federal court in Charlotte, North Carolina, with rape and four counts of murder. At least four other U.S. soldiers still in Iraq are under investigation in the attack. (AP Photo/Ali al-Mahmouri)

On Israel's violation of the Geneva Convention
With the latest attacks by Israel against Palestinian lands in Gaza, and property, Israel has once again broke the Geneva Convention, as it has done in the past, according to the most respected international human rights organizations, that includes Amnesty International and the Red Cross among others.
Palestine-Israel, Editorial, 7/4/2006

Switzerland: Israel has violated international humanitarian law
Switzerland added "A number of actions by the Israeli Defense Forces in their offensive against the Gaza Strip have violated the principle of proportionality and are to be seen as forms of collective punishment, which is forbidden. For the DFA, there is no doubt that Israel has not taken the precautions required of it in international law to protect the civilian population and infrastructure."
Palestine-Israel-Switzerland, Politics, 7/4/2006

Israeli attacks 'war crimes', says Amnesty International
Britain's leading human rights group warned Israel Monday that "deliberate attacks by Israeli forces against civilian property and infrastructure in the Gaza Strip violate international humanitarian law and constitute war crimes."
Palestine-Israel, Politics, 7/4/2006

Israel Hits Beirut Airport for 2nd Time(7-13-06)

Lebanon Says It Doesn't Control Hezbollah(7-13-06)

Israeli Warplanes Attack Beirut Airport(7-13-06)

Israeli Jets Hit Beirut-Damascus Highway(7-13-06)

Iraqi Parliament Speaker Accuses the Christ-killing 'Jews'(7-13-06)

Israel Blasts Beirut's Airport, Highways(7-13-06)

Egypt, Saudi Arabia call Israel to stop demolition of Palestinian facilities
Egypt's President Hosni Mubarak returned home last night after a flight visit to Saudi Arabia. Egypt and Saudi Arabia Monday stressed the importance of bringing the situation in the Palestinian territories back to normal, stop targeting the Palestinian infrastructures and intervention by the international community represented by the Quartet for resuming peace process.
Regional-Israel, Politics, 7/4/2006

Israeli soldiers kill Palestinian in Jenin
A Palestinian was killed Tuesday as the Israeli Occupation Forces (IOF) opened fire at citizens while assaulting the West Bank City of Jenin.
Palestine-Israel, Military, 7/4/2006

Palestinian children not sure if international law can protect them
Khalil Abu Shammala, Director of AL-Dameer Association for Human Rights, said the children of Gaza are not sure now that the International Law and Conventions capable of protecting them.
Palestine-Israel, Politics, 7/7/2006

UN Human Rights Council fact-finding mission to occupied Palestinian territory
Gravely concerned over the impact of Israel's current military operations, the new United Nations Human Rights Council yesterday decided to "urgently dispatch" a rights expert to undertake a fact-finding mission on the human rights situation in the occupied Palestinian territory, as it concluded its first-ever special session in Geneva.
Palestine-Israel-UN, Politics, 7/7/2006

Boy killed by Israeli troops in Jenin
A Palestinian 17-year-old boy was shot dead by Israeli troops in Jenin Refugee Camp.
Palestine-Israel, Military, 7/7/2006

Palestinian military operations against enemies not terrorist acts
Palestinian Ambassador to Iran, Salah al-Zawawi, said that those speaking about international terrorism should note that military operations against enemies are not considered as terrorist acts, but killing members of a family are actually terrorism.
Palestine-Israel, Politics, 7/7/2006

Belgian peace activists protest Israeli aggression in Gaza
Several Belgian peace and human rights groups held a demonstration in front of the Belgian Foreign Ministry in Brussels Thursday to protest the ongoing Israeli aggression in Gaza.
Israel-Belgium, Politics, 7/7/2006

Police report blames Iraq war for instigating terrorism
The war in Iraq has had a "huge impact" on motivating acts of terrorism, according to a UK police report compiled by anti-terrorist specialists.
Regional-UK, Politics, 7/8/2006

4 GIs Charged in Iraq Rape-Slaying Case

Group claims 3 GIs killed over rape-murders

13 DAYS, 14 HOMICIDES IN DC.....
Call for closing of US detention in Guant?mo
Five independent United Nations human rights experts have renewed their call for the speedy closure of the United States detention centre at Guant?mo Bay, noting that it still holds more than 450 prisoners in breach of international human rights law five months after they first urged that it be shut.
Regional-USA, Politics, 7/8/2006

Iran's president blames US for chaotic Iraq
Iran's President Mahmoud Ahmadi-Nejad today said that the current chaotic situation in Iraq emanated from presence of foreign troops in the country.
Iraq-Iran, Politics, 7/8/2006

Ahmadi-Nejad: Israel is root problem of Muslim nations
Iran's President Ahmadi-Nejad said that regional states and Muslim nations should mobilize their resources to deal with Israel.
Iran-Regional, Politics, 7/8/2006

Israel launches strikes after rebuffing ceasefire: Christ-killing israelis don?t want peace and are cost this nation and the world thereby.(7-8-06)

Israel Using the Extremists as an Excuse to Avoid Negotiations Gwynne Dyer, Arab News

The Europeans have rediscovered their backbones. ?The EU condemns the loss of lives caused by disproportionate use of force by the Israeli Defense Forces and the humanitarian crisis it has aggravated,?...  The Christ-killing jews always have an excuse other than their inherent greedy, thieving, blood-thirsty, Christ-killing ways.

Hamas Rejects ?Prisoner Offer?
Hisham Abu Taha, Arab NewsGAZA CITY, 8 July 2006 ? Israeli troops killed seven Palestinians in the Gaza Strip yesterday, a day after killing 24 over a soldier?s capture. But in a possible attempt to find a way out of the crisis,...  

Mother, daughter killed by Israeli attacks
Medical sources reported Saturday that two Palestinians were wounded in an Israeli airstrike on al-Sheja'iya neighbourhood, east of Gaza City.
Palestine-Israel, Politics, 7/8/2006

Israel offers deal to Hamas
Hamas rejected suggestions from Israel's Public Security Minister Avi Dichter that some Palestinian prisoners would be freed in return for freeing an Israeli captured soldier.
Palestine-Israel, Military, 7/8/2006

Isarel continues Palestinian land seizure
It added that large swathes of land were seized and annexed to nearby settlements. Meanwhile, in Hebron district the Israeli occupation continues to steal land necessary for the construction of its Apartheid Wall.
Palestine-Israel, Politics, 7/8/2006

Israel's threats to assassinate Palestinian officials to be taken seriously
The official in charge of the Political Department of Palestine Islamic Jihad Movement in Lebanon, Ali Abu Shahin, said today that Israel's threat to assassinate Palestinian officials, specially Prime Minister Ismael Haniya should be approached as a serious issue.
Palestine-Israel, Politics, 7/8/2006

ADC Condemns Israeli Escalating Military Operation
The American-Arab Anti-Discrimination Committee (ADC) condemned Israel's escalating military siege, dubbed "Operation Summer Rains," in the Gaza Strip.
Palestine-Israel-USA, Politics, 7/8/2006

British Jews: Israel 'terrorizing' entire Palestinian nation
Some 300 prominent British Jews Friday condemned Israel for its brutal invasion of Gaza and urged the UK government to achieve an immediate ceasefire.
Palestine-Israel-UK, Politics, 7/8/2006

Israel kills 28 Lebanese civilians; bombs civilian airport
Israel violated the Lebanese territory an made attacks on the country's infrastructure installations.
Lebanon-Israel, Military, 7/13/2006

Iran condemns Israeli attack on Lebanon
Iran's Foreign Ministry spokesman Hamid-Reza Asefi today strongly condemned Israel's attacks on Lebanese territory and and infrastructure installations.
Lebanon-Israel, Politics, 7/13/2006

Israel beyond acceptable standards, says Lib Dem leader
Liberal Democrat leader Sir Menzies Campbell today became the first leader of Britain's three main political parties to condemn Israel following its latest invasion of Lebanon after committing more war crimes in Gaza.
Palestine-Israel-UK, Politics, 7/13/2006

European Socialists condemn arrest of Palestinian leaders by Israel
Europe's Socialists are calling for the immediate release by Israel of Palestinian Doctor Hassan Khrreishe, vice-president of the policy committee of the Euro-Mediterranean Parliamentary Assembly said.
Palestine-Israel-European Union, Politics, 7/13/2006

Israeli attack on Lebanon aimed at igniting Mideast war: German MP
Israel's latest act of military aggression in Lebanon is aimed at igniting a new war in the Middle East region, DPA today quoted a lawmaker of Germany's Left Party (Die Linke).
Palestine-Israel-Germany, Politics, 7/13/2006

Israel bombs Palestinian foreign ministry wounding 10
At least ten citizens were wounded when Israeli air strike targeted the building of Palestinian Ministry of Foreign Affairs in Gaza city.
Palestine-Israel, Military, 7/13/2006

Israeli Strikes Demolish Beirut Suburb

Lahoud stresses unity against Israel's aggressions
Lebanon's President Emile Lahoud stressed yesterday that "We want nothing except materialization of our rights and we will resist and insist on this."
Lebanon-Israel, Politics, 7/14/2006

Mottaki gives aid pledge to Lebanon
"The world should not be indifferent towards these atrocities and aggressions," he said, adding that "attacking civilians and civilian regions is against the international rules."
Lebanon-Iran, Politics, 7/14/2006

Cleric urges Muslims, oppressed to support Lebanese resistance
Iran's Substitute Friday prayers leader of Tehran Ayatollah Mohammad Emami-Kashani today called on the world Muslims and the oppressed to support Lebanese Hizbullah and resistance.
Lebanon-Regional, Politics, 7/14/2006

Egypt says Israeli attacks violate international law
"Targeting civilians under the pretext of combating terror is neither acceptable nor justified," Abul Gheit said, saying the Israeli practices violated international laws.
Egypt-Lebanon, Politics, 7/14/2006

American-Arab calls for halt to Israeli military rampage
ADC noted that Article 33 of the Fourth Geneva Convention states, "No protected person may be punished for an offense he or she has not personally committed."
Lebanon-Israel-USA, Politics, 7/14/2006

Norway condemns Israeli attacks on Lebanon
"We also condemn the Israeli attacks against Lebanon, including the bombing of the Beirut Airport and the naval blockade of Lebanese waters. This is completely unacceptable, and amounts to a dangerous escalation of the situation," Stoere said.
Lebanon-Israel-European Union, Politics, 7/14/2006

EU Presidency: Israel blockade of Lebanon against international law
EU Presidency: "The imposition of an air and sea blockade on Lebanon cannot be justified. Actions, which are contrary to international humanitarian law"
Lebanon-Israel-European Union, Politics, 7/14/2006

Council of Europe: Israeli aggression on Lebanon inappropriate
"Deliberate destruction of the infrastructure in the Gaza Strip, indiscriminate retaliation affecting civilians, and military operations against non-military installations in neighboring Lebanon are unlikely to help the liberation of Corporal Gilad Shalit and his colleagues or deter future terrorist actions against Israel," he said.
Lebanon-Israel-European Union, Politics, 7/14/2006

German deputy: Israel's brutal attacks violate international law
"What has the foreign ministry or an electric power plant in Gaza to do with cutting off supply routes?," asked Kolbow who returned Thursday from a four-day trip to Israel and the Palestinian-run territories.
Palestine-Israel, Politics, 7/14/2006

Pakistan condemns Israel's attack on Beirut airport
Pakistan yesterday strongly condemned the Zionist attack on Beirut airport resulting in loss of many innocent lives and widespread damage to property and infrastructure.
Lebanon-Israel-Pakistan, Politics, 7/14/2006

European Parliament criticizes Israel's disproportionate response
The President of the European Parliament, Josep Borrell yesterday said that "Israel's disproportionate response can only lead to a worsening of the crisis."
Lebanon-Israel-European Union, Politics, 7/14/2006

Ahmadi-Nejad warns Israel on Syria
Iran's President Mahmoud Ahmadi-Nejad said any aggression against Syria means aggression against the world of Islam.
Syria-Iran, Politics, 7/14/2006

Ahmadi-Nejad: Zionist regime unable to survive in peace
The chief executive said that the "recent barbaric attacks of the Zionist regime in southern Lebanon and assassination of defenseless women and children are rooted in the aggressive nature of the Zionists."
Lebanon-Iran, Politics, 7/14/2006

Scores Martyred in Israeli Attack Sam F. Ghattas, Associated Press

BEIRUT, 14 July 2006 ? Israel intensified its attacks against Lebanon yesterday, blasting Beirut?s airport and army bases in its heaviest air campaign against its neighbor in 24 years. Scores of civilians

Anger and Fear for Loved Ones Stuck in the Lebanon Carnage
Siraj Wahab & Somayya Jabarti, Arab News JEDDAH, 14 July 2006 ? Anger and fear for loved ones stuck in Lebanon after Israel bombed Beirut?s airport yesterday morning, were some of the feelings expressed by Saudis and expatriates in the Kingdom

Editorial: Carnage 14 July 2006

Despite growing international calls for restraint from the Europeans and the Russians, Israeli military aggression was last night threatening to unleash more chaos and bloodshed and ratchet up tension..... Everything about this Israeli response first in Gaza and now in the Lebanon is utterly disproportionate. Two weeks ago an Israeli soldier was seized by Hamas who demanded the release of Palestinian women and children held in Israeli jails in return for the soldiers freedom. Instead of talking, as has suited them in the past, the Israelis prepared themselves for two days and then launched massive punitive raids into Gaza, none of which brought them an inch closer to finding the captured soldier.Then Hezbollah seized two more Israeli soldiers and made a similar demand for Lebanese prisoners held in Israeli prisons. Almost immediately the government of Ehud Olmert unleashed a string of clearly long-planned assaults on Lebanese territory but if this was also part of an attempt to save the lives of its two soldiers, it was a misjudged maneuver, since in the course of these actions, eight Israeli soldiers were killed.

 

Hizbullah TV station shows new rocket group says will hit 'strongholds of Zionist enemy'... Iran warns of 'fierce response' should Israel strike at Syria... US vetoes UN resolution urging end to Israeli attacks in Gaza... Beirut-Damascus road hit... Israel Intensifies Attacks Against Lebanon... Olmert orders more strikes... Has not ruled out sending in ground forces... http://www.drudgereport.com/   Racism, Not Ignorance, Plagues the Media Covering Palestine Ramzy Baroud, Aljazeera.net English.

Racism is ?the belief that one ?racial group? is inferior to another and the practices of the dominant group to maintain the inferior position of the dominated group. Often defined as a combination

Between Jerusalem and Andalusia Muhammad Salahuddin, Msalahuddin@makpublish.com.

In the last few years, the cries for help and assistance from Arabs and Muslims living in occupied Palestine and especially from within Jerusalem (Al-Quds) have be heard echoing repeatedly. Jerusalem?s   Iraqis to unite asking US to leave? Regional-USA, Analysis, 7/15/2006 Hizbullah declares extensive war against Israel's aggressions Lebanon-Israel, Politics, 7/15/2006 PCHR calls on Switzerland to lead in stopping Israeli breaches of International Law The Palestinian Center for Human Rights (PCHR) today called on both the Swiss government to take a leading role in acting to stop the Israeli grave breaches of international law in the Gaza Strip (GS), and on the High Commissioner for Human Rights to issue a statement strongly condemning Israel's grave breaches in the Occupied Palestinian Territory (OPT). Palestine-Israel-Switzerland, Politics, 7/15/2006 Israel devising long-term attacks: Syrian observer Abud noted that the Israelis were preparing the ground for the ouster of the Hizbullah and resistance movement by bombing Lebanese infrastructure and causing great economic loss to the country. Lebanon-Israel, Politics, 7/15/2006 Israeli kills Palestinian, wounds 10 others in Gaza Israeli jet-fighter fired at least two missiles on a building that belongs to Younis family in as-Sahaba street in Gaza city, where the Palestinian Omar Younis was killed and ten others were wounded, including newly born, women and elders. Palestine-Israel, Politics, 7/15/2006 Iranian official: those quite help Israel's aggression "The US multifaceted support for Israel makes it an accomplice in the crimes committed by the Zionists and the American officials should be accountable to the international community for it," he added. Lebanon-Israel, Politics, 7/15/2006 OIC condemns savage Israeli aggression in Lebanon Secretary-General of the Organization of the Islamic Conference Ekmeleddin Ihsanoglu yesterday condemned the massive Zionist bombardments on Lebanon which have killed dozens of innocent civilians and injured scores more, describing the bombings as "savage." Lebanon-Israel, Politics, 7/15/2006 Indian Left strongly condemns Israel's aggression on Lebanon "International sanctions should be applied on Israel for its brazen violation of international law," CPI(M) demands. Lebanon-Israel-India, Politics, 7/15/2006 Moussa: Peace is dead due to Israel's aggression "The Middle East peace process has failed. The whole process should now be sent back to the Security Council for a complete overhaul," said Arab League Secretary-General Amr Moussa. Lebanon-Israel, Politics, 7/15/2006 Ahmadi-Nejad: Iran would quit Nuclear Treaty if rights not protected Iran warned that it would leave the Nuclear Proliferation Treaty if the treaty is abused by the enemies of Iran who would try to take Iran's rights under the treaty. Iran-UN, Politics, 7/15/2006   Journalists condemns Israeli attack on Al-Manar station The International Federation of Journalists Friday condemned the Israeli bombing of the Lebanese broadcaster Al-Manar, warning that the attack follows a pattern of media targeting that threatens the lives of media staff, violates international law and endorses the use of violence to stifle dissident media. Lebanon-Israel, Politics, 7/15/2006

Christ-kiliing israelis say No Targets in Lebanon Are Immune(7-13-06)

Christ-killing israelis expand Gaza offensive(7-11-06)

Israel Bars Arab-Americans From Visiting West Bank, Gaza Strip Barbara Ferguson, Arab News

WASHINGTON, 12 July 2006 ? For the first time since Israel captured the West Bank and Gaza Strip in 1967, the Zionist state has begun a policy of preventing Palestinians with foreign citizenship

Loud Explosions Rock Beirut Suburbs

Israeli Strike in South Lebanon Kills 9

Israel Fires on Port of Beirut

8 Canadians Killed in Israeli Airstrike

1,000 israelis rally in Tel Aviv; protest 'terrorist nation israel's aggressions'.....

Oil surges after weekend of Mideast violence.....

?Israel acting like Hitler.....

Israeli President in Spiraling Sex Scandal(7-11-06)

Crazy terrorist jew Suspected in NYC Building Collapse Dies.....

Stock market staggers, but investors still may be too optimistic

Commentary: Newsletters react to stock markets' losing week
By Peter Brimelow, MarketWatch? 12:04 AM ET Jul 17, 2006
Investors may still be too optimistic
NEW YORK (MarketWatch) -- First, a proprietary word: on Friday night, the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest, stood at plus-23.8%. This was certainly below the 31.4% it showed on Tuesday night, when Mark Hulbert worried, presciently we must say, that it was too strong from a contrary opinion point of view. But it's still above its 12.6% reading at end of June, although, Mark pointed out, the stock market had declined in the interim. And since Mark wrote, the Dow Jones Industrial Average has had three triple-digit down days.

Not good.

Dow Theory Letters' Richard Russell wrote Friday morning: "If the Dow breaks support at 10,760, I think we could have some nasty action, even some crash-type action." But, perhaps significantly, Russell did not quite hit the panic button when the Dow did indeed close at 10,739 Friday night.

He simply remarked, supporting the contrary opinion view: "Three days in a row with the Dow down over 100 points each day -- you don't see that very often. But still no signs of real fear, no capitulation, no panic -- just down, down, and down. The key consideration here is that there is still no sign of big money coming into this market. In fact, the big money has been leaving this market all year. ... The longer the market continues down without a panic decline, the worse the ultimate panic will be when it arrives."

Lebanon Reels Under Deadly Attacks BEIRUT, 17 July 2006 ? Lebanon reeled yesterday under devastating Israeli bombardment and Hezbollah leader Hassan Nasrallah vowed an unrestrained campaign as eight people were killed in rocket attacks...

Israeli Tanks, Troops Again Enter Northern Gaza Strip Hisham Abu Taha, Arab News GAZA CITY, 17 July 2006 ? Three Palestinians were killed as Israeli troops re-entered Gaza in its ongoing offensive against Palestinians who captured an Israeli soldier three weeks ago and exchanged...

 

War Criminal bush's foreign friends fading fast
Most of the leaders who defied criticism at home to stand with him on Iraq and win his friendship are no longer players on the world stage, or are on their way out. And it was a small band of brothers to begin with. British Prime Minister Tony Blair has said he'll step down before the next national election and is coming under increasing pressure from his own party to do it sooner. Japanese Prime Minister Junichiro Koizumi paid a farewell visit to the United States last week. He is leaving office in September.

War criminal dumbya bush defends war criminal/terrorist israeli attacks in Lebanon

Orlando Set to Shatter Homicide Record...

UPDATE: Serial Slayings Have Put Phoenix Residents on Edge...

Outcry Over US Bombs to Israel Siraj Wahab, Arab News

JEDDAH, 23 July 2006 ? The report about the Bush administration?s decision to rush precision-guided bombs to Israel was met with an outcry in the Muslim world. Political analysts say it will only add...

UN Agency Head ?Horrified? by Gaza Destruction Hisham Abu Taha, Arab News

GAZA CITY, 23 July 2006 ? The head of the United Nations agency for Palestinian refugees Karen Abu Zeid said yesterday she was ?a bit horrified? by the extent of the destruction caused by the Israelies

The Hiroshima of Our Times Dr. Azmi Bishara, abishara@knesset.gov.il

Any comparison between Israeli Prime Minister Ehud Olmert?s and Hezbollah chief Nasrallah?s political rhetoric must conclude that the latter is the more rational. His speeches are more consistent with...

Arrested Bush dissenters eye courts

Truth too much for criminal/terrorist israelis as they Detain Al-Jazeera Journalist

Silence on Palestinian Issue Sends a Loud Message Samar Fatany, Arab News

In the name of God stop the bombs terrorizing women and children in Lebanon. It is inhumane of US President George W. Bush, who takes pride in being a man of God, to refuse to ask Israel to curb its terrorist ways. Two Die in Fresh Raids on Gaza Strip Hisham Abu Taha, Arab News GAZA CITY, 16 July 2006 ? Two Palestinians were killed as Israel pounded Gaza with fresh air raids yesterday. ME Peace Process Is Dead: Moussa CAIRO, 16 July 2006 ? Foreign ministers of 18 Arab countries passed a unanimous resolution yesterday calling on the UN Security Council to intervene to stop escalating Mideast fighting.

Christ-killing israelis Step Up Assault on Beirut Suburbs

Bloodthirsty terrorist nation israel Steps Up Assault; Death Toll Rises

The Rational Approach and Final Solution for Peace in the Middle East: A Reuters witness said demonstrators were chanting "death to Israel" and "death to Zionists", while some carried placards bearing the image of Hizbullah leader Hassan Nasrallah. Police said around 1,200 people took part in the protest at the German capital's famous landmark, not far from a major memorial to the millions of Jews killed in the Holocaust.

UN official: we come to Lebanon to declare our solidarity
This comes amid very wide condemnation of the Israeli attacks on Lebanese civilians, and civilian infrastructure such as Lebanon's main civilian airport (Rafiq al-Hariri International Airport), bridges, roads, and a sea and air blockade to destroy the civilian and economic life of the country.
Lebanon-Israel, Politics, 7/17/2006

Lebanese abroad denounce Israel's aggressions on Lebanon
Many of the protests, which included such slogans as "Israel terrorist" and "George Bush terrorist," were directed against the British Government, not only for failing to condemn Israel but for condoning the humanitarian crisis being caused.
Lebanon-Israel, Politics, 7/17/2006

Three-day-old baby and his mom bombed by Israel
The three-day-old baby, Mohammed, and his mother Asam 23, were sleeping in their room when an Israeli missile hit their house early today morning in the heart of Jabalia refugee camp, north of Gaza.
Palestine-Israel, Politics, 7/17/2006

Mubarak: Israel will fail by its mistake
Israel will not emerge as a victor in this war, it will only create more enemies, President Mubarak added.
Lebanon-Israel, Politics, 7/17/2006

German Minister : bombing civilians and civilian installations completely unacceptable
German Development Aid Minister Heidemarie Wieczorek-Zeul said "To bomb civilian installations and civilians in another state is completely unacceptable in terms of international law."
Lebanon-Israel-Germany, Politics, 7/17/2006

US blocking UNSC action on Israel over Lebanon aggression
The US is blocking the UN vote at a time when at least 116 Lebanese civilians and several hundred people were killed in fresh waves of Israeli violence against Lebanon and indiscriminate attacks on Lebanese residential areas in the past week.
Lebanon-Israel-USA, Politics, 7/17/2006

Swedish minister: The Israeli attacks disproportionate
Brussels, Swedish Foreign Minister Jan Eliasson said "the images seem to me to be disproportionate." "
Lebanon-Israel-European Union, Politics, 7/17/2006

Iran fm says ceasefire, exchange of hostages with Israel can be considered
Iran's Foreign Minister Manouchehr Mottaki in Syria said that ceasefire and exchange of hostages with Israel should be taken into consideration.
Lebanon-Iran, Politics, 7/17/2006

Iranian MP dismisses Iran's role in Palestine, Lebanon
Turning to the "mischief of the Zionist regime and affiliated media' in the recent events in Lebanon, he said that Israel's current actions, which are supported by the US, are exactly like terrorism, as was said by the United Nations Secretary General Kofi Annan."
Lebanon-Iran, Politics, 7/17/2006

Israel continues aggression on Lebanon
Israeli air strikes on southern Lebanon killed yesterday alone 36 people, including a whole family, taking the death toll since the start of its onslaught to 180 people.
Lebanon-Israel, Politics, 7/18/2006

Israeli pilot, co-pilot killed in Lebanon airspace
Pilot and co-pilot of an Israeli F-16 warplane have been killed after it was shot down in eastern Beirut.
Lebanon-Israel, Politics, 7/18/2006

Merkel spokesman dismisses Jewish group's criticism
"To bomb civilian installations and civilians in an other state is completely unacceptable in terms of international law," she had said.
Lebanon-Israel-Germany, Politics, 7/18/2006

Peace activists call end Israeli aggression on Lebanon
"US and Israel are terrorist states," read one placard carried by the demonstrators.
Lebanon-USA, Politics, 7/18/2006

Ahmadi-Nejad: Rage against arrogant powers on verge of eruption
Iran's President Mahmoud Ahmadi-Nejad today referring to the crimes of Israel in the region said that the volcano of the rage of nations facing the tyranny of the arrogant powers is on the verge of eruption.
Regional-Iran, Politics, 7/18/2006

Iran MPs express abhorrence at Israeli violence against Lebanon, Palestine
Iran's parliament today expressed abhorrence at Israeli violence against Lebanon, Gaza Strip and the West Bank.
Regional-Iran, Politics, 7/18/2006

German expert on the Palestinian prisoners in Israel
Two renowned German Middle East experts, called on Israel to release Palestinian prisoners who are being held in Israeli jails for years without a trial.
Lebanon-Israel-Germany, Politics, 7/18/2006

British Muslims condemn London's silence on Israeli war crimes
The Muslim Council of Britain (MCB) today condemned the continuing failure of the British government to bring the Zionist regime to account over its latest war crimes in Lebanon.
Lebanon-Israel-UK, Politics, 7/18/2006

Majlis speaker: Israel symbolizes US hostility to Muslims
Iran's Majlis Speaker Gholam Ali Haddad-Adel today said that Israel is the symbol of US hostility towards the world of Islam.
Palestine-Israel, Politics, 7/18/2006

EU calls on Israel to release arrested Palestinian officials
The European Union said yesterday that it "remains particularly concerned about the detention of elected members of the Palestinian Government and legislature and calls for their immediate release."
Palestine-Israel-European Union, Politics, 7/18/2006

Greek activist supporting the Palestinians celebrates birthday in Israeli jail
Maria was in 2005 in the West Bank village Bil'in where she participated in the non-violent struggle against the Israeli seperation Wall.
Palestine-Israel-Greece, Politics, 7/18/2006

U.N. Estimates Nearly 6,000 Iraqi Civilians Died in 2 Months - NY Times
The United Nations released a report today estimating that nearly 6,000 civilians were killed in May and June as sectarian violence surged across Iraq, an announcement that was underscored by a suicide bombing that killed 53 people and wounded more than 100 in the Shiite city of Kufa today.
Iraq-UN, Politics, 7/18/2006

Turkey Signals It's Prepared to Enter Iraq - Washington Post
Turkish officials signaled Tuesday they are prepared to send the army into northern Iraq if U.S. and Iraqi forces do not take steps to combat Turkish Kurdish guerrillas there _ a move that could put Turkey on a collision course with the United States.
Iraq-Turkey, Politics, 7/18/2006

Israeli Troops Enter Lebanon BEIRUT, 20 July 2006 ? Israeli airstrikes on Lebanon killed 61 civilians and a Hezbollah fighter yesterday, the deadliest toll of the eight-day-old war, as thousands of villagers fled north and more...

13 Palestinians Killed in Fresh Incursion Hisham Abu Taha, Arab News

GAZA CITY, 20 July 2006 ? Launching a new ground incursion into the central Gaza Strip yesterday and a raid at the Palestinian security headquarters in the West Bank city of Nablus, Israeli troops...

Where Are Those Voices of Reason Now? Khaled Almaeena, almaeena@arabnews.com

The rumble of cannon, the thumping blades of helicopters, the piercing whistles of fighter bombers and the chest-rattling thuds of bombs and rockets will grace Gaza and southern Lebanon for the seventh...   The grand march: Palestinians crash Israel's border Many Palestinians and Arabs have celebrated the reactions of Hizbullah to Israel's aggressiveness, when Arab leaders seem to be able to do little but talk, the Arab public perceives. Lebanon-Israel, Analysis, 7/20/2006 UN Human Rights Council calls for independent inquiry into Israeli war crimes in Gaza "In these circumstances, I strongly recommend that, as a matter of urgency, an independent inquiry be made to determine whether or not the recent attack on Gaza's electricity power station was a war crime. Palestine-Israel-UN, Politics, 7/20/2006 UK Archbishop condemns Israel's destruction of Lebanon Archbishop of Canterbury Rowan Williams said "My condemnation of this resort to violence is unequivocal," Lebanon-Israel-UK, Politics, 7/20/2006 500 thousand Lebanese displaced by Israel's aggression Hizbullah major missile attacks will target Tel Aviv soon, but residents will be given one hour's notice to flee, a Palestinian news agency said on Wednesday. Lebanon-Israel, Politics, 7/20/2006 German party: Israeli acts are barbarism in Lebanon and Gaza Germany's opposition Left Party (Linke) strongly criticized Israel's military onslaught in Lebanon and Gaza, branding it an "act of barbarism," Lebanon-Israel-Germany, Politics, 7/20/2006 MPs condemn Blair's failure to insist on Israeli ceasefire The all-party group warned that Israel had "gone far beyond defending itself" by heavily targeting civilian infrastructure, the Lebanese army, and Christian areas of Lebanon. Lebanon-Israel-UK, Politics, 7/20/2006 Palestinian death toll from Israeli acts reach 12 in Gaza Hospital sources said that Abu Libda is the third citizen murdered by Israeli occupation army today. Palestine-Israel, Politics, 7/20/2006 Israel uses chemical weapons in aggression on Lebanon: doctors Michel Aoun, former Lebanese prime minister and current head of the "Free Patriotic Movement" also spoke directly from Lebanon by mobile phone. He said 650 people have been killed till now and over 1,000 injured by the Israeli aggression in Lebanon. Lebanon-Israel, Politics, 7/20/2006   Iraqi Prime Minister Denounces Israel?s Actions - NY Times Prime Minister Nuri Kamal al-Maliki of Iraq on Wednesday forcefully denounced the Israeli attacks on Lebanon, marking a sharp break with President Bush?s position and highlighting the growing power of a Shiite Muslim identity across the Middle East Iraq-Lebanon, Politics, 7/20/2006 Syrians defiant, outraged at Lebanon's destruction - Washington Post Next to the Umayyad mosque in old Damascus, Samir Hamsho plastered a Hizbollah flag and a picture of its leader Sayyed Hassan Nasrallah outside his antique textiles and carpets shop. Syria-Lebanon, Politics, 7/20/2006   Shoura Condemns Israeli Brutality on the Lebanese Arab News RIYADH, 24 July 2006 ? In a statement released yesterday, the Shoura Council condemned Israel?s brutal attacks on the Lebanese and Palestinian people and denounced the targeting of civilian infrastructure...   Editorial: Dampening Expectations 24 July 2006 Even before she begins her Middle East talks today aimed at ending the Israeli onslaught on Lebanon, US Secretary of State Condoleezza Rice had already lowered expectations of a speedy end to the fighting,... UN Slams Israel Over Lebanon Brutality Nayla Razzouk, Agence France Presse BEIRUT, 24 July 2006 ? The UN relief chief condemned Israel yesterday for ?violating humanitarian law? over its blistering raids on Lebanon as the Jewish state killed more civilians in another wave... Gaza Palestinians Fire Rockets Despite Reports of Cease-Fire Hisham Abu Taha, Arab News GAZA CITY, 24 July 2006 ? Despite reports earlier that Palestinians in Gaza had agreed to halt firing rockets into Israel, they fired five rockets at Israel early yesterday. Palestinian officials... Will Olmert?s Stupidity Open a Window of Opportunity? Gwynne Dyer, Arab News Can good come from evil? Is it possible that out of the current carnage in Lebanon, the Gaza Strip and northern Israel could come a sober recognition on all sides that victory is impossible and that...     Kingdom Affirms Need for Immediate Mideast Truce Arab News TAIF, 25 July 2006 ? Saudi Arabia has affirmed the need for an immediate cease-fire in Lebanon and Palestine in a weekly meeting of the Council of Ministers held at the Hawiyah Palace in Taif yesterday. Custodian...  Full Story  War on Lebanon: OIC Against Focusing Only on 1559 Siraj Wahab, Arab News JEDDAH, 25 July 2006 ? The secretary-general of the 57-member Organization of the Islamic Conference (OIC) has called for a comprehensive approach to solve problems affecting the Middle East. In...  Full Story  It Is Time the Focus Shifted to the Saudi Peace Plan Michael Saba, sabamps@aol.com While attending a recent conference in Houston on US Arab relations, I joined a luncheon hosted by a group of prestigious, influential Texas women. They were hosting a luncheon for Dr. Selwa Al-Hazzaa,...  Full Story  From Bang to Whimper Linda Heard, sierra12th@yahoo.co.uk Ten days ago, Israel?s leaders were out to crush the Lebanese resistance no matter the cost so sure were they of their military?s overwhelming power. No one then was interested in a cease-fire or a...  Full Story  Woman and Grandson Die in Gaza Tank Fire Hisham Abu Taha, Arab News GAZA CITY, 25 July 2006 ? A woman and an 11-year-old boy were among five Palestinians killed yesterday by Israeli tank fire in the northern Gaza Strip in two separate incidents. A 60-year-old...  Full Story  American Lawmakers Give Israel Their Vote of Confidence Barbara Ferguson, Arab News WASHINGTON, 25 July 2006 ? As many in the Middle East struggle to comprehend Israel?s assault on Lebanon, it is important to examine what has been happening here in Washington. While US, European...  Full Story  All Politics Is Local, and So Is the Assault on Lebanon Sarah Whalen, sawhalen@gmail.com ?All politics is local.? So said the late, great Tip O?Neill, Democratic speaker of the US House of Representatives. Israel?s assault on Lebanon? For US President George W. Bush and Israeli Prime...  Full Story  Editorial: Delaying Tactic! 25 July 2006 Israel's incessant criticism of the Europeans for being lukewarm supporters and soft on ?terrorism? is apparently forgotten. Just as Israel was about to invade southern Lebanon in a seek-and-destroy...  Full Story    Sultan Blasts Israeli Atrocity in Lebanon Paul Michaud, Arab News PARIS, 21 July 2006 ? Crown Prince Sultan, deputy premier and minister of defense and aviation, criticized Israel?s continued bombardment of Lebanon that has killed hundreds. ?We cannot let Israel...     Editorial: Humanitarian Crisis 21 July 2006 Israel's systematic destruction of Lebanon?s infrastructure has completely disrupted normal life in the south of the country, as it was supposed to do. Devastated roads and communications mean the... Three Palestinians Killed as Israel Warns Gaza Strip Civilians Hisham Abu Taha, Arab News GAZA CITY, 21 July 2006 ? Israel yesterday pressed on with its air, sea and ground offensive on the Gaza Strip, where nearly 100 people have been killed in two weeks, and warned civilians that homes   Warplanes Batter South Beirut Once Again   Top Iraqi leaders ready to ask the US to leave Iraq's prime minister Nouri al-Maliki yesterday in London suggested that foreign troops could leave Iraq within months rather than year Iraq-USA, Politics, 7/24/2006 President: Lebanese army, groups to defend Lebanese lands Lebanon's president had told CNN that the Lebanese army will join Hizbullah to defend Lebanese lands if Israel entered into Lebanon. That was echoed by the Lebanon's parliament speaker who is also the leader of the Amal movement Lebanon-Israel, Politics, 7/24/2006 Syria will react to any Israel military moves near its borders Syria threatened to wage war against Israel if its military forces continue massive strikes on Lebanon and areas close to the Syrian borders. Syria-Israel, Politics, 7/24/2006 Israel has ignored over 1,000 UN resolutions - Syrian envoy A Syrian official said today said Israel is trying to materialize the UN Security Council's resolution 1559 while it has ignored over 1,000. Syria-Israel, Politics, 7/24/2006 US top official on sudden trip to Lebanon US Secretary of State Condoleezza Rice made today a surprise visit to Beirut, Lebanon, to express US support for the government of Prime Minister Fouad Siniora and to discuss the humanitarian needs of the Lebanese people as hostilities continue between the Israeli Defense Forces and Hizbullah militants in the south of Lebanon. Lebanon-Israel-USA, Politics, 7/24/2006 Lebanon invasion overshadows Iraqi-UK PMs briefing Blair was forced at a joint conference to defend criticisms of his government's support for Israel, while escaping any questions about the continuing carnage in Iraq. Lebanon-Israel-UK, Politics, 7/24/2006 UK reverses stance, follows US in calling for ceasefire in Lebanon There was "needless carnage" on the streets, Howells said in an interview from Jordan after visiting Lebanon and Israel over the weekend. Lebanon-Israel-UK, Politics, 7/24/2006 Israel kills child, his grandmother in Gaza Witnesses said that the old Palestinian woman and the child were leaving their filed when and Israeli shell hit their donkey cart Palestine-Israel, Politics, 7/24/2006 Anti-Israel protests continue in Belgium Protest demonstrations and gatherings against the Israeli aggression against Lebanon are held nearly every day in some parts of the Belgian capital. Lebanon-Israel, Politics, 7/24/2006 MP: Regional states spectators to massacre of defenseless people Iran's Member of Majlis National Security and Foreign Policy Commission, Hossein Sobhaninia, yesterday said that while proponents of Israel support it, unfortunately, regional and Islamic states just watch the massacre of the defenseless Palestinian and Lebanese peoples. Lebanon-Israel, Politics, 7/24/2006 ANC Condemns Israeli Attacks on Palestine, Lebanon "The massive destruction of vital life-supporting infrastructure, and the displacement of over half a million people can never be justified," The African National Congress said. Lebanon-Israel, Politics, 7/24/2006 As death toll in Lebanon mounts, UN's top relief chief heads to region As the death toll in Lebanon surpassed 350, including large numbers of children, the United Nations Emergency Relief Coordinator headed to the country as part of his bid to facilitate 'humanitarian corridors' to allow relief aid to reach besieged residents, while UN agencies worked to shore up their own aid efforts. Lebanon-Israel-UN, Politics, 7/24/2006 US likes to blame Iran instead of Israel on Lebanon: Iranian official "The (Israeli) war is against all international and human principles which should not be permitted," Elham told reporters. Lebanon-Israel, Politics, 7/24/2006 Iran: No pre-condition acceptable in nuclear case Iranian spokesman said "Currently, we make no prediction and prejudgment but will show reaction according to what the other party adopts." Iran-UN, Politics, 7/24/2006 Heavy Fighting Continues..... Blair: Lebanon crisis a catastrophe..... The Rational Approach and Final Solution for Peace in the Middle East: A Reuters witness said demonstrators were chanting "death to Israel" and "death to Zionists", while some carried placards bearing the image of Hizbullah leader Hassan Nasrallah. Police said around 1,200 people took part in the protest at the German capital's famous landmark, not far from a major memorial to the millions of Jews killed in the Holocaust. PAPER: U.S. doubts Israeli figures about damage of air war... Tel Aviv police arrest 3 suspects in plan to carry out terror attack... Tel Aviv: Rally against war... Jerusalem gay parade called off... Evacuations From Beirut Pick Up Speed... Israel Hastily Musters Its Citizen Army   Americans Fleeing Lebanon Express Regret By LAUREN FRAYER and HAMZA HENDAWI Associated Press Writers July 21, 2006, 11:25 PM EDTBEIRUT, Lebanon -- Anxious Americans hauled bulging suitcases down a rocky Lebanese beach and into the waiting hold of a U.S. Navy landing craft Friday as the accelerating U.S. evacuation moved thousands away from unrelenting Israeli airstrikes.... 7-22-06 Criminal americans surreptitiously rush war criminal/terrorist israelis armaments/munitions which have (and will cause in the furture) caused death and destruction of innocent civilians and infrastructure, respectively, miscalculating in a very big way substantial detriment in the future. Buchanan: No, this is not 'our war'.....The time has come to effect the final solution as to the greedy, belicose, bloodthirsty Christ-killing jews. It wouldn?t take much and global benefit would be substantial.   Thousands march in protest against Israeli attacks     US Media Promote Their Pro-israeliVersion in Lebanese Conflict Tariq A. Al-Maeena, close_encounters@gawab.com Hezbollah fighters in Lebanon captured two Israeli soldiers along their southern border. Provocations had been running high for some time. The Israeli Defense Forces response was to start a murderous campaign which has been planned for quite some time.     Four More Palestinians Killed Hisham Abu Taha, Arab News GAZA CITY, 22 July 2006 ? Four more Palestinians were killed yesterday as the death toll from Israel?s Gaza offensive shot to over 100 and UN Secretary-General Kofi Annan renewed calls for an end to   Can you imagine the audacity of the typical hypocritical jew dan gillerman complaining about enforcement of U.N. resolutions when enforcement of numerous resolutions as to the lawless israelis would have precluded the death and destruction by the terrorist war criminal israelies.   Casualties mount..... Thousands of Israeli troops operating in S. Lebanon..... Lebanese Army may join forces with Hezbullah..... Israel pounds Lebanon as civilian casualties mount(7-21-06) Spain's prime minister says Israel using 'abusive force'; wears Palestinian kaffiyeh.....

Israel pounds Lebanon with american financed/supplied artillery, civilians fear worse to come, 7/19/2006

Israeli Censor Wielding Great Power(7/19/2006)
JERUSALEM -- Here's some news you may never hear about Israel's war against Hezbollah: a missile falls into the sea, a strategic military installation is hit, a Cabinet minister plans to visit the front lines. All these topics are subject to review by Israel's chief military censor, who has -- in her own words -- "extraordinary power." She can silence a broadcaster, block information and put journalists in jail. "I can, for example, publish an order that no material can be published. I can close a newspaper or shut down a station. I can do almost anything," Col. Sima Vaknin said Wednesday. Israel believes that as a small country in a near constant state of conflict, having a say over what information gets out to the world is vital to its security. Critics say the policy is a slippery slope not fit for a democracy.

dumbya bush is sooooo coooool as he shocks merkle with gratuitous backrub, then shows his selflessness by vetoing (his first) stem cell bill which might have benefited him in light of his depleted/destroyed (years of alcohol/drug abuse) brain cells.

Israeli Troops Push Into South Lebanon...
Attempts to assassinate Hezbullah leadership...
PAPER: Israeli assault will backfire...
Lebanon 'has been torn to shreds'...

Israeli Strikes Flatten Lebanese Villages 7/19/2006

CNN's DOBBS BLASTS U.S. ISRAEL POLICY...

? BUCHANAN: 'Israel policy violates international law, is un-American and un-Christian'...

Mideast Casualties at a Glance

By The Associated Press July 18, 2006, More than 250 people have been reported killed in Lebanon and Israel since fighting broke out July 12 between Israel forces and Hezbollah freedom fighters.

US vetoes UN demand that Israel leave Gaza

Nazareth Residents Blame Israel for Attack

UN Blasts Israel for Excessive Force Hisham Abu Taha, Arab News

GAZA CITY, 26 July 2006 ? Citing it as a ?clear? example of disproportionate use of force, UN humanitarian coordinator Jan Egeland yesterday blasted Israel?s strike last month on the sole power plant   (7-25-06) War criminal Israelis retaliate by bombing U.N. observer post, murdering four U.N. workers/monitors. Despite spurious denials by war criminal/terrorist israelies (what do expect the Christ-killing jews to say), Annan correctly posits the murders by the israelies as deliberate.   (7-25-06) niggerponte, also known as negroponte, as in Honduras, has marshalled the death squads in Iraq which has become a humanitarian disaster of bush/cheney/rumsfeld/neocon/jew/israeli making.

Abdullah Warns of Mideast War Risk Arab News

JEDDAH, 26 July 2006 ? Custodian of the Two Holy Mosques King Abdullah called yesterday for the international community to press for an end to Israeli attacks in Lebanon, warning that the crisis could escalate.