Karl Rove Admits He Lacks Nerve Endings

The funniest shit I have ever seen in my life was Bill O'rielly and Karl Rover talk about the bias of liberal media.

Not that liberal isn't just as biased as any other media but.

O'Rielly is good for a laugh if you can keep your head from exploding but I had to clean my shorts after his interview with Karl Rover about not showing up for senate hearing.

I'm starting to think these two guys are lover. Not whips and chains lover, but like an old married couple, who just love each others company.

BUT COME ON PLEASE!

They get into this nice comfortable rhythm an smile talking about 'how come people in LA are haters'

Get me a spoon so I can pop an eye out please. Fuckin Liberal critics in LA right! Bill will Sneer at you ALL!

Rove: "It was like Satan dropping into the southern baptist meeting, they weren't exactly pleased to see me but they were intrigued"

Karl.. Buddy what are you trying to say about southern Baptists? Satan intrigues them?

Calling the [liberal media] 'critics' in LA ill-informed. Karl FSN now this is the big time news, not weather buddy.

ROVE: "they said why do you refuse to testify, I said look I've not invoked any privilege. The White House has revoked an executive privilege."

Blaming the president because you forgot to set you alarm is UNCOOL, even if he's a dick and you bailed on him.

The Constitutional Authority... not to have his aids testify

Karl... please not testify doesn't mean ignore a subpoena it means stfu. You are supposed to go there and then STFU not break the law asshole. This is FSN bitch get your facts straight WTF.

It's about this point in the interview I am convinced O'Rielly has his dick in his hand, play it backwards you can hear him moaning in the background. No don't.

ROVE: blah blah blah

O'Rielly: "They want to get you up there and mock you"

Bill, my man, the country needs more excitement in congress, celebrity roast congress style, don't get in the way of progress.

It's hard to pause this shit I get still frames of these two looking at each other in that way it's freaking me out a little, not that I oppose gay marriage but, well they aren't pretty men.

O'Rielly: after talking about how long he's been a total ass "Why is the media, especially the print media so left wing in this country?"

When Rove inhales like this... I never said wind bag.

ROVE: "I think it's a relatively recent phenomenon, they're all well educated, they go to the same schools and they share the same values... they have a herd mentality and they are center left."

Haha Herd mentality. Are you guys going to let him talk to you like that. If I was part of your herd I would kick this old fucker in the head for talking down to my people like that, cut off his nuts.

Herd mentality haha owned.

O'Rielly: "How 'bout the hatred, how 'bout the hatred, how 'bout that. How 'bout the hatred."

Guys please stop hating on Bill he puts up a tough front but he's going to cry soon. Don't hate on Bills woman either, just stop being mean!

O'Rielly: "it's into, look O'Rielly we hate you, why do you hate me, it's the most successful program in cable history... We have lots of points of view, it's a fun thing..."

Shut up, SHUT UP, just shut up. Lots of points of view, this is the part when it all starts sounding like farting noses to me.

ROVE: "It's envy bitch, I'll make it go away baby I love you."

They know it's still OK for two men to get married in Cali. I think Mitt Romney's state too but I have to check, who the fuck is he again?

Ron Paul's Gives Bernanke a Pass But not the Fed

The only guy who hasn't flip-flopped on the economy is Ron Paul and he's starting to look like the only man in the game with a head on his shoulders for policies encouraging moral hazard.

Giving Ben Bernanke a bit of a pass and laying the blame on the Fed and it's ongoing policies extending extremely low short term longs to banks.

"I see the predatory lending coming from the federal reserve." Paul states in Congress. "Even as early as seven years ago I introduced legislation that would have removed the line of credit to the treasury, which was encouraging the moral hazard and the mal-investment."

Ron Paul had been much maligned for his comments about the federal reserve for years, and not fitting into the mainstream economic views of most US politicians.

But after surprising success in his bid to secure the republican nomination, more and more Americans are listening when he speaks even after McCain secured the spot.

For many Americans now clearly consider the economy to be the biggest concern, and both McCain and Obama are weak on the subject, both choosing to focus more on the war than the economic realities at home.

Subscribing to the Austrian school of economics, he points out this view on economic policies, has not only predicted the current crisis, but that is should have been "expected".

In fact The Austrian school boys have been there at pretty much every economic disaster in US, to say we told you so.

RON PAUL TO BERNANKE: Federal Reserve july 16 2008

NATO strikes inside Pakistan

NATO forces in Afghanistan respond to yesterdays rocket attack with artillery and aircraft, striking across the Pakistan border today.

Tensions are high as yesterday another strike from suspected militant forces across the Pakistan border that left 9 Afghan soldiers wounded.

Today NATO responded by striking at a location across Afghanistan's border with Pakistan.

NATO's International Security Assistance Force said in a statement released today, "The troops identified a (compound) as the point of origin of the attacks and responded in self-defence with a combination of fire from attack helicopters and artillery into Pakistan."

Afghanistan officials have blamed Pakistani agents for continued attacks across their borders in recent days.

While fighting escalates NATO denied it had any intention of mounting any incursion onto Pakistani.

"There is not, nor is there going to be, an incursion of NATO troops into Pakistan. There is no planning for, no mandate for, an incursion of NATO troops into Pakistan," according to NATO spokesman James Appathurai, but stated NATO forces "have the right to fire back in self-defence into Pakistan."

Gay Marrage Vote to Proceed in California

California Legal battle over gay marriage will proceed in a vote to amend the state constitution.

The states supreme court has declined to remove "Prop 8" from November ballots. The propositions aim amend the states constitution to define marriage as "between a man and a woman".

It's a bitter court battle that began with the courts ruling that banning gay marriage was unconstitutional last month.

The initiative requires a simple majority to pass.

California was the second state after Massachusetts to allow gay marriage and has taken criticism for issuing licenses to couples from other states.

This is just the latest in a series of bitter legal battles and if the initiative passes it will leave the question of what happens to marriages that are now constitutionally accepted.

Ron Paul Calls out the Fed and Banking Cartels

Calling the Banks Cartels, Blaming the Fed and Federal government. He's calling everyone out. Is Ron Paul getting pissed off?

He's demanding a halt to the regulatory process that's gearing up and demanding new regulations on the Federal reserve.

Linking rising energy prices foreign policy and the debasement of the dollar, and he's not timid about it.

Instead of tightening banking regulations, Paul calls for tighter regulations and oversight over the Federal Reserve and the Treasury, singling out Paulson on his economic policies as they relate to China.

Paul says economic policy makers are "scurrying around".

Ron Paul has been increasingly pushing his wait around in Washington and the people who dismiss him are starting to look like the fools.

Ron Paul on Financial Services Hearing - July 10, 2008

Does Natural Gas expansion mean Cheap Oil

Peak Oil use for US home owners comes in the winter as demand for heating oil is at it's peak. Increasing numbers of Americans are converting there homes to natural gas looking to save money.

Economic pressures and a renewed interest in abundant US deposits of natural gas with new buzz generated by the Pickens Plan has many more Americans looking to gas and shying away from oil, investors are keeping an eye on this too.

Rapidly expanding Natural Gas use and investor concern over the stability of inflated oil prices may already be having an effect on oil prices as speculators pull back from the market.

A Reuters article highlights a growing trade in left over oil from people who have recently made the switch.

Vehicle conversions for natural gas and companies across the US and Canada offer cost effective conversion kits for vehicles as well as home heating.

Natural Gas supply lines exists in much of the nation and by many it's considered part of an ideal stop gap measure to both deal with rising fuel costs and energy independence for the nation.

For some Americans it already means up to $3 in savings on home heating oil if they stock up now.

A quick shot of government incentives would have a major impact in spurring a national switch to natural gas.

Bank Collapses and Fraud FBI looks deeper

“Failed banks are a lagging indicator, not a leading indicator,” said William Isaac, chairman of the Secura Group. “So you will see more troubled, more failed banks this year.”

Only 6 lenders have failed so far but as far back as 1994 the FDIC had almost 600 banks it's been keeping a close eye on, that number has almost trippled and it has a watch list of 90 banks it considers to be in danger of imminent failure.

IndyMac was not on this list. Yet it is the second largest bank failure in US history. How could they miss this coming.

Bernanke is under increasing criticism for failing to take even basic measures to address a long recognized issue of fundamentally flawed mortgage practices, practices it seems that had continued even as the crisis was gripping the nation.

And FBI inquiry into fraudulently mortgage practices with mention of mortgage back securities inconsistencies may shed some light.

The SEC is also under the microscope for failing to enforce the lax regulations on the books now and there is growing pressure form lawmakers to tighten the noose.

The phrase moral hazard is being thrown around more and more. Is widespread fraud and corruption a major part of the economic crisis, the FBI thinks at least as far as IndyMac there may be some truth to this. It's not the first place the FBI has looked.

“The FBI currently has 21 investigations related to the sub-prime market industry," FBI spokesman Richard Kolko said. "We receive information from a variety of sources on a daily basis, and we have an obligation to review each allegation on its merits. Given the volatility of today’s subprime market, we have seen an increase in sub-prime related complaints."

One of the most publisized of these investigations involved two former Bears Stearns managers on conspiracy and securities and wire fraud charges. Allegations they lied to hedge fund investors. The first criminal charges on Wall Street involving the subprime mortgage crisis.

Not enough busses in Los Angeles

With fuel costs sky high and rapidly growing inflation, many Americans are feeling the pinch, and more and more are turning to public transportation. In LA as in many parts of the nation mass transit is overloading.

Los Angeles is a city of driver, and the impact is already being felt in the city with arguable one of the nations worst mass transit infrastructures.

LA Metro Transit Authority has been under fire for years for bad planning and wasteful spending. Expansion of new bus routes has been extremely slow.

Millions have been spend in the last few years sprucing up Metro link entrances with fancy works of art and the fleet of articulated buses that where purchased in 2005 was criticized for having LCD monitors installed. While many at the time suggested the 200 new buses would barely make a dent.

Population estimates in Los Angeles range around 10. million. Transit Authority claims capacity of 1.25+ million, but some bus routes have been at capacity for years and seen no relief.

As more and more LA residents are force to offset rising costs by taking the bus it's becoming clear how poorly planned and how few major bus routes the city has.

As inflation mounts and fuel costs remain at levels remain at record levels demand for public transportation will continue to rise, and like most of the nations cities, there is not enough money to have any significant impact on capacity.

Indymac Fraud FBI probe

Details are just coming out about a possible FBI probe into allegations of fraud involving IndyMac.

In the second largest bank failure in US history federal regulators seized Indymac Bankcorp.

The Office for Thrift Supervision, IndyMac's regulator, said IndyMac
"is unlikely to be able to meet continued depositors' demands" and thus
was "in an unsafe and unsound condition."

Now it seems unsafe and unsound conditions might be the least of the problems.

A criminal probe has been launch by the FBI to investigate potential cases of widespread fraud at IndyMac, but no details have been release as to the specifics of the investigation so far.

Inexcusable on the part of the Fed

Bernanke hammered for inaction, the video speaks for itself.

Boeing closes major sale to Air China 45 planes

Air China confirms purchase of 15 Boeing 777 and 30 Boeing 737 aircraft, announcing one one of the Chinese Flag carriers biggest order.

Total price tag for the planes to be delivered between 2001 and 2015, is US$6.3, but Air China officials expect to receive concessions that will lower the final price according to a company statement.

The purchase will raise Air China's carry capacity by 35% from 2007 figures and is part of a greater push to make Beijing a major domestic and international air hub.

Air China is expecting delivery of 15 787 Dreamliners from an earlier acquisition.

More good news for Boeing who sold 35 737's to Kuala Lumpur-based Malaysia Airlines, in a deal ink on July 16th.

As the dollar continues to slide more Asian carriers are considering purchases in spite of rising fuel costs. But in many cases Malaysia Airlines it's because of them. They will be replacing older 737-400s with new more fuel efficient 737-800s.

Pressure is on US carriers to ground there older fuel guzzling planes and purchase the next generation aircraft, something cash strapped American carriers have always been slow to do.

New fuel tank ignition safety standards adopted by the FAA may help to spur new purchases in the US.

Light sweet crude hitting the fan

Is this the last bubble popping? Remarks made today in senate hearings and further comments by Bernanke regarding further declines in US demand and the second sputter, the second largest dump of oil prices since 1991.

Light, sweet crude dropped from $146.43 to $140.26 on the day. The first dump happened on the 8th. Has the monstrous velocity of oil, on a near steady climb from $86.81on 12/05/07 finally hit it's ceiling. Is a massive dump around the corner?

While OPEC and specifically the Saudis have been under mounting pressure to increase output, they have maintained output levels are fine.

Global fears about the world banking system are mounting and global confidence in the Freddy/Fan bail out is buckling under the pressure and the US Dollar takes another nose dive against the Euro. $1.6038 against the Euro, a record low.

The German ZEW is in a tailspin and the Bank of France business index is at a 5 year low.

"Sentiment is really fragile," said Louis Wong, research director with Phillip Securities. "Investors are worried that there might be more bank failures, especially small banks in the United States."

the MSCI's main world stock index is at a 21-month low and an 11 day tailspin and the pan-Eoripean FTSEEurofirst 300 closed down 1.2%

Japan's Nikkei average closed down almost 2% and the Euro thunders on climbing past it's record in April of $1.6018.

Market in balance and a growing realization that the credit crunch and mortgage explosion is just beginning to hit have panic spreading across global markets.

If oil continues to plummet many fear the other commodities will begin to falter. The results would be catastrophic failure after failure of global markets as contagion sweeps the globe, and this time around with bail-out prices in the trillions no force on earth could stop it.

Why would commodities go down? That's just stupid... We have been down this road before. Don't forget S&L.

Aside from picking a few key institutes to shore up and unfortunately, raising interest rates there isn't much Bernanke can do, and as far as rates go, soon he will have no chose as the Dollar continues to fall and inflation begins to pick up steam. As he admits the housing market and economy will "bottom out and begin a slow recovery as credit conditions gradually improve" over the next two years.

With growing liquidity problems, American banks are turning to outside investment as internal options disappear. As global confidence in American banks fails, these sources will dry up, and Bernanke can only do so much.

The Fed and Senate Lawmakers need to act before the last ounce of global confidence vanishes in a puff of logic.

But Bernanke is caught between a rock and a hard place. If rates go up to fast the spread between the cost of money and the rate of return on assets will be a problem. But if he doesn't raise them inflation will continue to rise and the dollar will continue to fall. Have fun Ben, I'm rooting for you!

The Senators need to get over there egos now and drop there hardline economic models, they don't work it's to big now. Basic common sense rules need to be put in place but to much regulation will shut the economy down.

Simple stuff, no lying, no shorting vehicles without borrowing them stiff jail terms for the crooks, but oppressive regulations will stifle the economy.

While Democratic economic guru, and Obama adviser Paul Volker is truly the man in regards to his massive round house to the face of stagflation, he also in the same fell swoop sent the nation into the worst unemployment since the big one. It wasn't the glowing success it's painted to be.

To many Volker's sharp change in policy spelled utter doom, and the Volker Fed faced the harshest criticism since The Great Depression. And he'll do it again in a heartbeat.

Volker had been President of the Fed before taking the Chairman roll and inflation peaked at 11% in 1974. Unemployment was beginning to take hold in much of the nation.

Though he had killed one half of stagflation, the inflation, the second half being unemployment exploded and with it debt, and in many ways the final blow to American family farms. Symbolized when indebted farmers blockaded the Eccles building with there trackers.

Beauty is in the eye of the beholder. For the ultra rich the years that followed were a bonanza, while tax payers struggled to pick themselves off the ground and the wealthy hid there income in offshore accounts.

But this time around law enforcement is pushing it's weight around. reaching with post 9/11 authority into these once safe havens, and with them follows the most frightening entity on earth, the IRS.

Securities Exchange Commission Chairman Cox put it, they are "law enforcement" but he's been reluctant to use if and is criticized during his tenure, naked short selling has been rampant with no or little enforcement.

He's effectively taken Fanny and Freddy, along with 19 other lending institutions including BoA and Citigroup out of the speculative shorting mess, requiring short sellers to pre-borrow shares before shorting.

Until now no one has addressed the speculators who are largely responsible for oil prices and in part bank liquidity. Who are doing it with no money down.

But Cox has largely sat by and allowed this mess to develop, and many believe his actions barely scratch the surface. Pressure on Cox to start doing his job.