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New York - Shares of mortgage finance giants Fannie Mae and Freddie Mac soared Monday after the Treasury Department announced what essentially amounts to a blank check for their bailouts.
[We refuse to learn.]
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[Meanwhile, in our professional media...]
On CNN's American Morning today, anchor Carol Costello advanced a theory on who's responsible for the Let's Make a Deal environment permeating the Senate as it stumbles to completion of a health care bill. Here is part of her exchange with CNN political analyst and GOP strategist Ed Rollins:
COSTELLO: Might (the) Republicans blame in part themselves for this, because none of them were going to vote? Didn't they sort of force Senator Reid's hand in making some of these sweetheart deals?
Green believers give no indication of slowing their quest for carbon dioxide control
On December 9, news reports said "the Obama administration is warning Congress that if it doesn't move to regulate greenhouse gases, the Environmental Protection Agency will take a 'command-and-control' role over the process in a way that could hurt business." The threat is to use the Clean Air Act.
This ploy is basically extortion. As an experienced lawyer, I bristle at this brutish tactic to induce business to plead for the mercy of the regulatory guillotine instead of being drawn and quartered.
Most Americans do not understand the chokehold carbon dioxide control would give government over almost everything we do. Giving government the power to allot carbon dioxide gives it essential control over most means of production. This is "the road to serfdom" that the great F.A. Hayek warned about.
If Waxman-Markey passes, the federal government will supervise all forms of industrial, residential, and commercial energy use. That bill will charge for carbon, impose a "cap-and-trade" system, and mandate renewable energy standards and energy efficiency requirements for American business and industry. There will be a tight nationwide system of federal supervision and regulation of energy use and climate control efforts reaching down to local building codes and housing inspectors. The 1,427 pages of the bill are a monument to the ambition of some to have rules for everything.
Indeed, even some of the most ardent alarmists say that the bill will do little to change the future climate. However, it will cost staggering sums and countless wasted man-hours. Furthermore, the emphasis on "green energy" in the bill is an engineering pipe dream because the "green" sources relied on and subsidized are inherently inadequate for the task on a national scale, and emphasis on them also would cause hardship in the third world.
The threat to use the Clean Air Act to control carbon dioxide has a somewhat hollow ring to me. I would call the administration's bluff... [snip]
This is the fight that will define the twenty-first century as either a time when mankind advances due to honest enterprise, quality science, and technical achievement...or we are subjugated by government micro-regulation from manipulative control freaks based on false and slanted data from grant recipients with no scruples...
[Recommended > ]
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Last week's announcement by ExxonMobil that it would acquire XTO Energy in an all-stock transaction (with debt assumption) valued at $41B marks the most significant energy-related news event of the year for Americans. With Copenhagen hypocrites humbled but not destroyed, and cap-and-trade legislation still lurking in Congress, we needed something to cheer about.
This domestic transaction is the largest Exxon has made since its merger with Mobil Oil in 1999. By acquiring XTO, ExxonMobil is declaring to the world just how highly it values domestic natural gas assets and the expertise to extract it from non-traditional sources. Natural gas already contributes 24% to the country's total energy usage and heating half of our homes.
So far, users of hydro-fracing have escaped the wrath of the Clean Water Act because the affected shale deposits are much deeper than aquifers and the industry has a generally excellent record in sealing wells from contact with groundwater. But that exclusion could be in jeopardy.
Democrats led by Edward Markey will hold hearings next year to determine if hydro-fracing merits this ongoing exclusion. Exxon is sufficiently concerned to have inserted an escape clause in their XTO acquisition terms to allow it to scuttle the deal if any new laws make hydro-fracing commercially impractical...
[Ever looking for new ways to commit energy suicide, while the rest of the world laughs at us (most especially our enemies, who's efforts against us we finance...]
[Highly Recommended > ]
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A vast reservoir of clean-burning natural gas could be available at reasonable cost in the coming years, freeing us from some of our dependence on imported energy. Yet, there are those who see such a development as a threat. A small group of billionaires (and mere multi-millionaires), formed under the aegis of the Democracy Alliance
But why would the politically active Sandlers suddenly enter the media world? Perhaps it's because they realize the political and financial benefits that can flow from influencing the news. We may be seeing a sample of this type of handiwork now.
Among the first "exposés" Pro Publica undertook was an attack on energy companies for developing the Marcellus Shale, a vast natural gas reservoir stretching across several states. The "exposé" focused on putative environmental effects that might result from tapping these reserves. The technology used to unleash this natural gas from the shale in which it is trapped is called "fracking." Energy companies inject water, sand, and drilling fluids into the rock to "crack" it and release the natural gas. The potential for this technology is huge: America is a vast storehouse of this type of gas. Much of this is located not just in the Marcellus formation, but throughout the Rocky Mountain states. Also, the Barnett Shale region of Texas and the Bakken Shale region of North Dakota are rich with this type of natural gas.
Fracking is a proven technology. Energy experts are now predicting this technology will help free us from dependency on foreign sources of natural gas. The quantity is so vast that there is even potential for substituting natural gas for petroleum in cars and trucks. Natural gas is a clean-burning fuel that can replace coal in electric power plants. Already, the impact of this technology is beneficial. The prospect of this huge resource being tapped for years to come has brought down the price of natural gas, both in the spot market (where it is priced now) and in the futures market (where it is priced for future delivery). Indeed, the price has come down so much that the publicly held exploration and production companies that focus on natural gas have seen their share prices weaken.
Exxon Mobil was so entranced with the prospects of this technology that it has offered $31 billion dollars for XTO Energy, an energy company that has vast reserves of shale gas that can be tapped at a relatively small cost through fracking.
But there is one potential snag in the deal: Exxon can walk away if laws are passed that restrict the use of fracking...
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Citing all those who “camped out” for the Sarah Palin book signings, Mitchell denigrated her appeal as evidence of how
“they are so hungry for a symbol for anyone who can give them answers” it shows “there's an anger out there” she hasn't seen since George Wallace in 1968. And that, she maintained, “is the angry populism which is not fact-based, it's just furious at everybody; angry at Democrats, at Republicans.”
Mich. Muslims join Jews for Christmas Day Mitzvah
DETROIT -- Many Jews consider Christmas Day an opportunity to serve their community while Christian neighbors celebrate their holiday. This year, what's also known as Mitzvah Day in southeast Michigan is getting an added boost from Muslims. For the first time, about 40 Muslims are expected to join 900 Jews for what they call their largest annual day of volunteering. Leaders say it's a small but significant step in defusing tensions and promoting good will...
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The attempt to blow up an airliner as it approached Detroit airport is being reported in America with heavy emphasis on reports of the Nigerian suspect’s education at University College, London.
A Telegraph report three years ago established that London Metropolitan University had been extremely careless, to put it mildly, about providing facilities for jihadists...
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[No worse than here;
Academic Cheerleaders for Terrorists
Professors with favorable regard for terrorists and a somnolent disconnect from their victims have shown themselves impervious to shame
Fort Hood and the Academic Apologists
The media has turned to Middle East studies "experts" for enlightenment on Major Hasan...if by "enlightenment," you mean moral relativism and obfuscation
Islamic Speakers Bureau Backed By Radical Profs
A California nonprofit dedicated to "teaching about Islam & Muslims" at U.S. high schools and college campuses features a board of advisors that is stacked with some of the most controversial activist professors in the field of Middle Eastern studies today...
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The son of a prominent Nigerian banker, who allegedly attempted to blow up a transatlantic flight over America, was barred from returning to Britain earlier this year.
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Government knew for two years he had terror ties...
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Tough questions need to be asked of not just the US security agencies – such as the CIA and the FBI – but also of Britain's MI6, MI5 and the Metropolitan Police's counter-terrorist unit.
How can a Muslim student, whose name appears on a US law enforcement database, be granted a visa to travel to America, allegedly acquire an explosive device from Yemen, a country awash with al-Qaeda terrorists, and avoid detection from the world's most sophisticated spy agencies?
[A: It's government. Health care anyone?]
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No suggestion that the bomber was improperly screened...
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[HT:ON]
The puzzlement of the press is ludicrous.
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Imagine that there had been a series of three incidents in which members of a [invented for present purposes] fanatical Jewish sect had attempted to bring down airliners from Arab countries.
In reporting on the latest attempt and describing the previous ones, do you think the New York Times might have mentioned the religion of the perpetrators? So do I.
But with the legerdemain required to describe a spiral staircase without using one's hands, the Gray Lady has managed in its article today to report the attempt to bring down a NWA airliner, and the earlier attempts by Richard Reid [the "shoebomber'] and the those who plotted to bring down as many as ten jets leaving the UK for the United States, without using the word "Muslim."
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It has been interesting watching the Associated Press reports on the attempted takedown of Flight 253 devolve in the past 12-plus hours.
In its 8:56 a.m. report (likely dynamic and subject to change), it looks like the assemblage of AP writers who worked on the story have succeeded in:
- As Mark Finkelstein noted earlier this morning in the case of the New York Times, ridding the report of the M-word ("Muslim").
- Minimizing to nearly zero the possible relevance of the suspect's home country of residence and of the possibility that he might be affiliated with what one publication refers to as the "Nigerian Taliban."
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Umar Farouk Abdulmutallab lived a life of extraordinary privilege before he turned to terror. The son of a wealthy Nigerian banker, Abdulmutallab was educated at top schools in Africa and Britain - and dwelled in homes worth millions, his relatives said. The baby-faced extremist's last known address was a $4 million flat in one of London's poshest neighborhoods."At school he quickly acquired a reputation as a devoted Muslim."
There, they said it, the unspeakable M word.
[Again and again: the extremists within our midsts {i.e., here or capable of getting here} aren't the 'disenfranchised poor' the left tries to convince us of. It's the product of western liberal education centers...]
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