Eve of Destruction: Age of Insomnia

I was perusing sites talking about the middle east, B.H. Obama, and the economy. Normal stuff. I was interested to see how our friends' economies were doing. Apparently, the Arabs were less immune than they thought.

I read Soros' people have the king's ear and we will see a U.S. movement toward conciliatory action with Hamas against the bad Israel. This is pretty good hustling for a guy whose traditional hedge fund has lost money three years in a row.

Then, I read of an ad stating how happy a reader would be buying in Abu Dabi, the fantasy place, only three days before articles and columns finally understood the financial crises and attacked the United States as leading the world into hell. The good news is they will start retracting investments. Let us hope the do so in the next year, so they can take a big hit. Those who just have money givern to them, don't usually have the brains to understand it.

Anyway, here is the tempering article, just in case you thought you were dealing with rational people.

Tuesday, October 7, 2008

Hamas: Jews caused financial crisis

According to a Ha'aretz headline: Hamas: Jewish Lobby in U.S. to blame for global financial crisis.

The Hamas financial expert explained it all:

The Hamas militant group on Tuesday accused the United States Jewish Lobby for fomenting the global financial crisis.

The crisis was the result of "bad administrative and financial management and a bad banking system put into place and controlled by the Jewish lobby," Hamas spokesman Fawzi Barhum said in a statement.

Barhum said that despite approving a bailout plan of $700 billion dollars, the U.S. government was ignoring the role of "the Jewish lobby that put the U.S. banking and financial sector into place."

This lobby, said Barhum, "controls the U.S. elections and defines the foreign policy of any new administration in a manner that allows it to retain control of the American government and economy."

If only the US had stuck to Sharia financing, this would never have happened, and the US would have a nice flourishing economy like that of Sudan or Yemen. There! We knew it was the fault of the Jews, right? And Snoopy the Goon exposed the Jewish - Iranian conspiracy, which is the real reason for the crash.

Bravo for the moderate Hamas.

Ami Isseroff
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Of course, Sharia financing would have avoided the recent crises, especially after all the famines and plagues that killed off the people in America who were living in tents. I see it is the U.S. that is not following Sharia financing and is evil, not those Arab businesses now screaming holy hell. I guess they are true believers of Sharia.

I wonder how Osama's holdings are doing. It may be this collapse may knock down funding quite a bit. Silver lining?

So, we should all thank Chuck Schumer for starting the entire chain reaction with an intentional run on IndyMac Bank. I think the economic surprise did elect Obama by creating an economic crises, taking terrorists off the front page, and gave him an opportunity to reign in hell.

Lest you think I make things up, LA Times blog:

An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.

So, we have Schumer and Kennedy-Shlossberg representing us. Tell me we are not on the eve of destruction.

Ms. K-S:

While Kennedy hasn't strongly voiced her opinions on the day's major issues, she has said her ideologies fit perfectly with the Democratic party.

"I feel I like I am a Kennedy Democrat, a Clinton Democrat," she said recently. "Chuck Schumer, Barack Obama: these are leaders whose values I share."

OK. She is more perfect than Obama, a pure tabula rasa: no track record, no job, no books or articles, no interest in voting, no speeches. She is an unknown Kennedy, Clinton, Schumer, Obama democrat, which permits her to raise taxes, lower taxes, promote business and commerce, or crash banks, all with an engaging smile.

Perfect choice in the Age of Insomnia.

The Great Dissembler

OK, want to know why I detest Chuck Schumer?:

NY Times, 1999, on releasing strategic reserves...

Mr. Schumer said the United States should begin selling a few hundred thousand gallons a day from the Strategic Petroleum Reserve, which now contains 571 million gallons. ''A relatively modest amount of oil released from our oil reserves will keep prices flat and actually reduce them,'' he said.

April 30, 2008

Senator Schumer, responding to Bush’s ANWR proposal: ““And what does the President do? He takes out the old saw of ANWR. ANWR wouldn’t produce a drop of oil in 10 years, and its estimated that if they drilled in ANWR in twenty years it would reduce the price one penny.

You should know ANWR will produce 1 million barrels a day.

May 14, 2008

“If Saudi Arabia were to increase its production by 1 million barrels per day that translates to a reduction of 20 percent to 25 percent in the world price of crude oil, and crude oil prices could fall by more than $25 dollar per barrel from its current level of $126 per barrel,” Schumer insisted during a speech on the Senate floor.

“In turn, that would lower the price of gasoline between 13 percent and 17 percent, or by more than 62 cents off the expected summer regular-grade price – offering much needed relief to struggling families,” he added.

It doesn't matter what the truth is, only what it should be.

Of note, you won't have read in the news, President Bush recently contacted Saudi Arabia and asked for an increase in output. The country said it will increase 300,000 bbls a day.

Schumer made the recent comments in the current show trial of the oil industry. Exxon said it takes $22 million to run the largest company in the world (equal to, what, three Representatives). Just to put things into perspective, if the entire company waived its costs and salaries, gas would drop something like .001 cents.

Who owns Exxon? We do - 42% is held by mutual funds as part of IRA's, etc. What an outrage, we are shoring up our retirements. Big Oil is the teacher's fund.

We need to stop thinking like simpletons.

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When Schumer was in Congress in the 1990s, he was on the committee looking into President Clinton's actions and comments. (The impeachment) He howled on TV, it was for the Senate to look into all the detail, not part of the House's role; that the information was part of mud-slinging (the context). A few months later, he became NY's Senator.

After being sworn in and put on the Senate judicial committee hearing the case against Clinton, he protested the Senate should not be hearing (on TV) all sorts of damning evidence because it was the House's job, i.e. that all the bad information was mad-slinging.

That is when I lost interest in him. I guess Brooklyn likes this sort of dissembling. For some, honor means getting what you want.
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Today's Tidbit: Our strategic reserve is 702 million barrels, plus 90 days of oil from private companies, purchased at an average of $28 per barrel. (I would sell it, now, surreptitiously. When it gets out we are selling the price will collapse in confusion and we would have made billions - but that is not how bureaucrats think.)