Novak Told to Take a Break...
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WASHINGTON, May 20 - Alan Greenspan, chairman of the Federal Reserve, suggested on Friday that the red-hot housing market is becoming a little too exuberant for its own good.
"Without calling the overall national issue a bubble, it's pretty clear that it's an unsustainable underlying pattern," Mr. Greenspan told the Economic Club of New York at the Hilton New York hotel in Midtown.
Mr. Greenspan emphasized that he sees no sign of a nationwide housing bubble, but he acknowledged concerns over "froth" in the market and pointed to a big increase in speculation in homes - particularly in second homes. As a result, he said, there are "a lot of local bubbles" around the country.
The comments of the Fed chairman were the closest he has come to acknowledging the possibility that housing prices may be poised for a fall in some parts of the country.
The issue is sensitive for the Federal Reserve, because its policy of keeping interest rates low has helped propel housing prices upward even when the rest of the economy was dragging.
But the housing issue highlights an unusual quandary for the central bank: even though it has raised short-term interest rates eight times since last June, long-term interest rates and mortgage rates are actually lower than they were one year ago.
The group seeking compromise is headed on the GOP side by Arizona Sen. John McCain, Virginia Sen. John Warner, Ohio Sen. Mike DeWine and South Carolina Sen. Lindsey Graham, and on the Democratic side by Sen. Ben Nelson of Nebraska and Sen. Mark Pryor of Arkansas.
Any deal that allows some Bush appeals court nominees to be "thrown overboard" would be unacceptable to Frist, but if six Republicans went along with the Democrats on this, then Frist would be powerless to stop it.
If Frist put the filibuster rule change to a vote next Tuesday, and six GOP senators voted 'no,' the majority leader would have failed. Frist, whom some in Washington think has presidential ambitions, has placed his credibility at stake by arguing so strongly in favor of giving every judicial nominee an up-or-down vote.
Democratic Leader Harry Reid of Nevada said he was ready. “The time has come for Republican senators to decide whether they will abide by the rules of the Senate, or break those rules for the first time in 217 years,” he said in a written statement.
Ingesting antioxidents or raising the human body's ability to produce them may be the key to longer life.
Mice engineered to produce high levels of an antioxidant enzyme lived 20% longer and had less heart and other age-related diseases, they found.
If the same is true in humans, people could live beyond 100 years.
The University of Washington work in Science Express backs the idea that high reactive oxygen molecules, called free-radicals, cause ageing.
More....Conservative watch-dog group Judicial Watch is calling for an investigation of Senator Hillary Rodham Clinton (D) NY. The group, made famous by its constant dogging of the Clintons, alleged she knew of
A conservative watchdog group with a history of dogging the Clintons urged a Senate panel on Monday to investigate Sen. Hillary Rodham Clinton over a Hollywood fundraiser for which a former staffer faces charges.
The fundraiser is the focus of a federal trial set to begin Tuesday in Los Angeles.
Prosecutors charge that former finance director David Rosen understated the cost of the star-studded August 2000 gala, which raised money for Clinton's senatorial campaign. Rosen denies the charges.
Under the campaign finance laws then in effect, underreporting the cost of the event would have given the Clinton campaign more money to spend on the race. The senator has not been charged in the case.
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Schumer, D-New York, delivered his party's weekly radio address Saturday, in which he decried "a whiff of extremism in the air the likes of which we haven't seen in decades."
Without naming any, Schumer criticized "small groups ... trying to undermine the age-old checks and balances that the Founding Fathers placed at the center of the Constitution."
Democrats have blocked 10 of Bush's appellate court choices with the threat of filibusters, which means those nominees would need 60 votes to be confirmed. Republicans are considering using their majority to change rules to require a simple majority vote for confirmation.But Republicans in the House have not run from Tom DeLay, who, like Bill Clinton before him, has defied political gravity in recent months. Three of his former aides have been indicted in an investigation of campaign fund-raising practices; a close lobbyist friend is under criminal investigation; the House ethics committee is preparing to reconsider allegations that Mr. DeLay and his staff members violated travel rules.
Rather than try to protect themselves and engineer a coup, Republican members are throwing a tribute party for him this week. President Bush is also standing firm, even taking him along on Air Force One.
Raising a simple question: Why?
His supporters say that Mr. DeLay, the House majority leader, has done nothing wrong - that he's the target of unfair attacks from Democrats bent on partisan revenge. Yet the volume of outspoken support also speaks to the strong personal loyalty many have for Mr. DeLay. How is it that he is more popular among Republicans than, say, President Bush's proposals for Social Security?
More...Negroponte is moving swifty to set up the new shop at the New Federal Office Building.
One of John Negroponte's first moves was to set up an organization that includes four deputies for intelligence collection, analysis, coordination with government consumers of intelligence, and overall management of the spy community.
With two weeks on the job, Negroponte has chosen people for all but one of those four slots, according to the senior officials familiar with the new structure, who spoke on condition of anonymity.
That includes the promotion of Thomas Fingar, who has run the State Department's intelligence office since July 2004, to be the deputy for intelligence analysis.
Fingar has been interviewed by Senate investigators regarding how analysts working under him have been treated by John Bolton, the embattled nominee to be U.N. ambassador.
New rules from the U.S. Forest Service cover some of the most pristine federal land in 38 states and Puerto Rico.
Ninety-seven percent of it is in 12 states: Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming.
Governors can submit petitions within 18 months to stop road building on some of the 34.3 million acres where it would now be permitted, or request that new forest management plans be written to allow the construction on some of the other 24.2 million acres.
More... But now there's a fear in our beer. Last week, two leading beer companies reported disappointing results. Anheuser-Busch, which claims more than half the U.S. beer market, announced it was suffering from falling demand and rising costs. The volume of Bud and Michelob sold in the U.S. fell 2.7 percent from the year-ago quarter. Newly merged cross-border beer powerhouse Molson Coors reported a loss, with net sales in the U.S. down 2 percent, and U.S. operating income off by nearly one-third. The most recent trading statement of Miller, the No. 2 U.S. beer brand now owned by SABMiller, showed marginal growth. In the past two years, according to Gary Hemphill, managing director of Beverage Marketing Corp., beer volume has risen at a meager 0.5 percent annual rate.
Condiliza Rice got tough with the North Koreans after they tested a short range missile. In her statement, the Secretary of State said there's no doubt the United States can defend its allies in Asia, mainly Japan, Taiwan, and South Korea. Does Ms. Rice really believe we remain in Iraq, keep Iran at bay with its own nuclear issue, hunt Al Qaeda, protect Taiwan, and use the chainsaw favored by Mr. Bush and his inner circle (see Ms. Bush's comments below.) The answer is no, and the Koreans know it.
Responding to reports that North Korea launched a short-range missile into the Sea of Japan on Sunday, Rice said, "I don't think there should be any doubt about our ability to deter whatever the North Koreans are up to."
And, in reassuring South Korea, Japan and other allies in the Pacific area, Rice told reporters: "This is not just between the United States and North Korea."
A suggestion Thursday by Vice Adm. Lowell E. Jacoby, director of the Defense Intelligence Agency, that North Korea might be able to strike American territory with a nuclear-tipped missile also has raised tensions and concerns.
Bob Hunter, one of the founders of Greanpeace, Defender of the Environment, dies at 63...
He helped to found Greenpeace in 1971 and went on to draw global attention with campaigns against nuclear testing and pollution of the world's oceans.
Mr Hunter, 63, was also well-known for his work as a journalist and author.
"Bob was an inspirational storyteller, an audacious fighter and an unpretentious mystic," Greenpeace Canada Chairman John Doherty said.
"He was serious about saving the world while always maintaining a sense of humour."
Former President lashes out at Bush Administrataion oil policies, but urges support Democracy in Iraq.
Former President Bill Clinton lashed out at the Bush administration's energy policies Friday, criticizing them as "dumb economics" during a wide-ranging speech to a friendly crowd at Brown University.
But Clinton encouraged Americans to support democracy in Iraq, and said they should encourage the Bush administration to work with the rest of the world in bringing peace to the region.
The former president said those who opposed going to war with Iraq had to put those feelings aside. "You should want it to work now," he said.
Clinton -- received enthusiastically by more than 4,000 students, politicians and top state Democratic fundraisers -- called Bush's energy policy selfish. "I also think it's really dumb economics," he said.
A Bush administration-backed bill passed by the House this month includes tax cuts and subsidies to energy companies, and would open a wildlife refuge in Alaska to oil exploration.
"We'd like to see more cooperation from the Democrats," Card said. "We have some serious problems in this country that must be addressed. We'd like to see the Democrats be part of the solution rather than just carp about the problem," he told "Fox News Sunday."
In his speech, Cuomo points out that more people voted for Democratic Senators than Republican ones. This is possible because the Senate actaully represents the states in Congress. That's why Montana, with a population of 902,194 (Wikipedia) has the Same number of senators as New York, with a population of 19,190,115 (Wikipedia).
Cuomo, in the Democratic Party's weekly radio address, said Senate Republicans "are threatening to claim ownership of the Supreme Court and other federal courts, hoping to achieve political results on subjects like abortion, stem cells, the environment and civil rights that they cannot get from the proper political bodies."
"How will they do this? By destroying the so-called filibuster, a vital part of the 200-year-old system of checks and balances in the Senate," Cuomo said.
Laura Bush complained about the President's sleeping habits (too much) at the White House Correspondents' Association's annual dinner. Notice her reference to Rumsfield and Cheney in her quip about the chainsaw solution her husband likes. Seems to me the Fist Lady knows who the bad guys in the administration are, namely those that may have pushed her husband into hasty decisions, perhaps based on les than credible information.
When Laura Bush wisecracked at the White House Correspondents' Association's annual dinner on Saturday night that she was a "desperate housewife" married to a president who was always sound asleep by 9 p.m., the popular first lady accomplished two things. She brought down a very tough house, and she humanized her husband, whose sagging poll numbers are no match for her own.
Judging from the laughter in the Washington Hilton ballroom at Mrs. Bush's words - "George's answer to any problem at the ranch is to cut it down with a chain saw, which I think is why he and Cheney and Rumsfeld get along so well" - Mrs. Bush has a future in political stand-up comedy.
Whether her cheeky one-liners will shore up her husband as he struggles with Social Security, gas prices and combative Democrats is another question entirely. But her zingers showed how much the White House relies on her to soften her husband's rough edges at critical moments, much as she did with her extensive travels and fund-raising in the 2004 campaign.
They tried yesterday to portray him as just another cruel, rich Republican for suggesting any cuts in future benefits, but that's not what the prime-time audience saw on Thursday night. By proposing to shore up the system while protecting low-income workers, Mr. Bush raised a supremely awkward question for Democrats: which party really cares about the poor?
For decades Democrats have pointed to Social Security as a triumph of communal generosity, proof that Americans (or at least non-Republican Americans) will work together to make sure that no widow is reduced to eating cat food. The program has been wonderful for liberals' self-esteem. What it has actually done for the poor is another matter.
Now he's trying to sell a Social Security plan that would cut future benefits for all but low-income retirees giving opponents fresh ammunition. Even before Bush unveiled his new proposal and despite a 60-day sales campaign a majority of Americans thought he had mishandled Social Security, too.
Along with his other troubles, Bush has had to prop up two endangered Republicans: House Majority Leader Tom DeLay, accused of ethical lapses, and John Bolton, the president's choice for U.N. ambassador, criticized for his judgment and treatment ofSaying the retirement program is headed for "bankruptcy," a term his opponents say is an exaggeration, Mr. Bush edged tentatively - but for the first time explicitly - into the most politically explosive aspect of the debate over how to assure Social Security's long-term health: the benefit cuts or tax increases needed to balance the system's books as the baby boom generation ages and life expectancy increases.
The uncertainty has helped spur a recent compromise offer from Democrats and a go-slow approach by Republican leaders, even as an anticipated vacancy on the Supreme Court draws nearer. The push to persuade the small cluster of holdouts to support a ban on filibusters of judicial nominees is seen as a crucial test of Majority Leader Bill Frist's tenure as the chamber's top Republican, senators in both parties say.
The nation's gross domestic product, the broadest measure of goods and services produced in the United States, grew at an annual clip of 3.1 percent, to $187.9 billion, compared with forecasts of 3.5 percent growth. That was its weakest performance since the first quarter of 2003, when it rose only 1.9 percent.
Today's report, issued by the Commerce Department, is the latest in a series of economic reports that have pointed to slower growth in the second quarter.
Like lemmings rushing into the fjords, Congress cannot seem to resist a leap into the dollar-coin money pit.
Despite two wildly unsuccessful attempts to introduce a dollar coin, legislators are trying again.
On Wednesday, the House of Representatives passed a bill to create a new $1 coin, which would accompany the current Sacagawea piece. The measure enjoyed enormous bipartisan support, passing by a vote of 422 to 6. Assuming a companion bill makes it through the Senate, the nation would be on its way to taking another stab at a dollar coin.
This time, however, lemmings might fly.
The Presidential $1 Coin Act was led in the House by Michael Castle (R-Del.) and Carolyn Maloney (D-N.Y.). In the Senate, shepherds are John Sununu (R-N.H.) and Minority Leader Harry Reid (D-Nev.).
Supporters realize that the dollar coin is the Rodney Dangerfield of American money. So they make clear that any new coin would augment -- not replace -- paper currency.
Wading into the political fight that has roiled the Senate, the 2000 Democratic presidential candidate and former Tennessee senator warned that altering rules that have served the nation for 230 years would result in a breakdown in the separation of powers.
"What makes it so dangerous for our country is their willingness to do serious damage to our American democracy in order to satisfy their lust for one-party domination of all three branches of government," Gore said of the GOP in a speech. "They seek nothing less than absolute power."
The Senate is bracing for a showdown over Republicans' threat to use their majority to change the parliamentary rules to ban judicial filibusters a tactic in which opponents can prevent a vote on a nomination with just 41 votes in the 100-member body.
Minority Democrats have used the filibuster to block confirmation votes on 10 of President Bush's appeals court choices, arguing that the nominees are too conservative for lifetime appointments.
More...In his second major speech on energy policy, the resient will announce plans to use closed army bases to create more refineries. Recent polls have shown that more than fifty percent of Americans do not aprove of the way Mr. Bush is handling the energy crisis. Saudi Arabias Crown Prince visited Mr. Bush at his Crawford Branch, yet the visit generated more headlines of teh two leaders holding hands than any tangible result.
Under pressure over high energy prices, President Bush on Wednesday will propose tackling the root causes of the problem by encouraging new oil refineries be built at closed military bases and jumpstarting construction of new nuclear power plants.
In a speech, Bush will also propose giving federal regulators the lead authority to decide where to locate terminals for processing imported natural gas. States have increasingly been taking the lead on this issue.
And the president will propose adding vehicles that use clean-burning diesel fuel to the list of automobiles eligible for $2.5 billion in tax credits over 10 years to encourage further use of this technology. Other eligible vehicles are hybrids powered by gasoline and electricity and fuel-cell vehicles.
Senior Bush administration officials unveiled details of the president's proposals on Tuesday night. It will be his second energy speech in a week.
Despite President Bush's support of Tom DeLay yesterday, House Republicans have signaled that they will roll back the ethic rule change created to protect Mr. DeLay.
Former Sen. Dole calls for an up and down vote on judicial nominations.
IN the coming weeks, we may witness a vote in the United States Senate that will define the 109th Congress for the ages. This vote will not be about war and peace, the economy or the threat from terrorism. It will focus instead on procedure: whether the Senate should amend its own rules to ensure that nominees to the federal bench can be confirmed by a simple majority vote.
I have publicly urged caution in this matter. Amending the Senate rules over the objection of a substantial minority should be the option of last resort. I still hold out hope that the two Senate leaders will find a way to ensure that senators have the opportunity to fulfill their constitutional duty to offer "advice and consent" on the president's judicial nominees while protecting minority rights. Time has not yet run out.
Those to be interviewed include a former deputy director of central intelligence and a former assistant secretary of state. The two officials, John E. McLaughlin and John S. Wolf respectively, have not spoken publicly about Mr. Bolton's nomination, but both have been described by others as having clashed with him on personnel matters related to intelligence.
Mr. Bush is near the end of a 60-day series of personal forays around the country to build support for his efforts to overhaul the Social Security system and offer workers the chance to divert some of their payroll taxes into personal investment accounts that they would manage for themselves. With opinion polls showing only tepid public support for the plan, Congress began hearings today on ways to overhaul Social Security, and Democratic leaders held rallies in New York and Washington to express opposition to the president's proposals.
More...Maybe the Republicans actually believe that the Democrats are a dad party that will never again challenge for majority rule. Why else would they forget how much they loved the filibuster?
The days were as dark for Republicans then as they are for Democrats today.
Bill Clinton had defied the odds and his scandalous reputation to unseat an incumbent Republican president. Worse still, the Democrats had gained control of both houses of Congress.
I remember seeing Sen. Bob Dole of Kansas, the GOP minority leader, interviewed soon after the 1992 election. He was dour and trying to salvage some kind of hope for his party out of the stunning results. All he could cling to, really, was that it took 60 votes to get just about anything done in the Senate, and his party would have the power to stop most legislation.
Asked about using the filibuster, Dole mentioned specifically the Workplace Fairness Act.
This bill was everything Democrats dreamed of, and all that Republicans loathed. It was a sop to organized labor, giving workers the right to strike without fear of being permanently replaced. It held out the possibility of greatly strengthening labor's hand and perhaps reversing its decline within private-sector workplaces.
In the labor vs. capital equation, the GOP believed at its core that the way to strengthen the economy was to tip the balance in favor of Capital, aka, employers. Moreover, the Workplace Fairness Act would add considerable muscle to the Democratic base.
On June 15, 1993, it passed the U.S. House 239-190. In the Senate, 53 of the 100 senators favored it. But it didn't become law because Senate rules said it took 60 votes to end debate and force a final vote on the bill. The Workplace Fairness Act died, and Labor's long, slow decline has continued, much to the delight of the GOP.
Leave it to Slate writer (in this case Timothy Noah) to figure things out from a different perspective. Noah writes:
Why the Christian right would be nuts to eliminate the filibuster.
I stand with Senate Majority Leader Bill Frist in favoring elimination of the filibuster. As I explained in an earlier column (and elaborated in a radio debate with Slate editor Jacob Weisberg), the filibuster is anti-democratic because it thwarts the will of the Senate majority by routinely requiring a 60-vote supermajority to bring legislation and nominations to the Senate floor. This is more or less what Frist said in yesterday's "Justice Sunday" speech, which Christian conservatives broadcast yesterday to hundreds of like-minded churches. (To watch the video, click here.) "I don't think it's radical to ask senators to vote," Frist said. Frist isn't willing to extend the "simple majority rules" principle beyond judicial nominations, but it's entirely logical to do so, and if Frist succeeds it will only be a matter of time before the filibuster is eliminated for legislation, too. I'm all for it.
What I can't figure out is why the Christian right is for it, too. "This simulcast would not be necessary if the Senate's most liberal members would distance themselves from the interest groups that hold them in thrall," says an April 23 statement by Tony Perkins, president of FRC Action, the Family Research Council's lobbying arm. But if any special-interest group is playing a role in the battle over Bush's judicial nominations, it's the Christian right itself. The Christers' failure to recognize that their policies appeal only to a minority of the electorate has led them to favor a Senate rule change that would damage their interests severely over the long term.
Support for the filibuster, remember, is premised on the idea that the government shouldn't be susceptible to the tyranny of the majority. But I find very little evidence to support the idea that majority opinion in the United States is particularly tyrannical. The real problem in American politics, if you ask me, is the tyranny of the minority—or rather, of a variety of different minorities, known collectively as interest groups, which use a variety of means (including the filibuster) to exert power beyond their number. That's true going back to the origins of the republic, when a minority of slaveholders in the South managed to exert their will over the rest of the country. Today, the most powerful interest group, or at least the most obnoxious, is the Christian right.
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President Bush, looking very un-Texan, woos Saudi prince, both risk looking like Girly Men. | |||
Bush national security adviser Stephen Hadley called Bush's meeting with Crown Prince Abdullah "good news for the markets" - but there was no evidence the Saudis had offered anything new but a long-term plan to boost production by 2009. As Bush appealed for help from his frail, longtime oil pal, the President faced a job disapproval rating that climbed to 49% in a new Gallup Poll. "The crown prince understands that it is very important ... to make sure that prices are reasonable," Bush said before Welcoming Abdullah again at his Texas ranch. |
But Democrats can’t pass anything in the House, and they have trouble getting media attention. What they need is a compelling personality to carry the message. The ultimate irony is that it could be Gingrich. Who better to run for president against the discredited Republican establishment?
There's some confusion as to what to call the new Popemobile...
Not your father's popemobile ...
After his inaugural speech, the new pope took a victory lap around St. Peter's Square. But there's some confusion about how to refer to his ride. The LAT calls it an "an open-backed Fiat sport-utility vehicle." The WP and USAT both call it "Jeep-like." The WSJ twice refers to it as a "white open-topped vehicle." The NYT calls it simply a "popemobile." But unlike JP2's popemobile, this vehicle has no bulletproof glass. "It was not the same 'popemobile' that John Paul used," writes the LAT, "but it made a similar point."
Jay Dixit is a writer in New York. He has written for the New York Times and Rolling Stone. |
Happy 15th, Hubble! Two Stunning New Pictures By SPACE.com Staff posted: 22 April 2005 03:05 pm ET |
The Hubble Space Telescope has taken about 750,00 images in its 15 years in space. Celebrating the launch on April 24, 1990, Hubble officials released two more pretty pictures.
The images were to be released Monday, but they were provided in advance to the media and were posted to a British web site Friday afternoon. SPACE.com contacted the Space Telescope Science Institute, which operates Hubble, to verify that an embargo had been broken.
While Hubble's future is uncertain, its capabilities are unquestioned as the sharp-eyed observatory continues to produce stunning photographs of faraway places.
The new images are fresh views of two of the most famous objects previously photographed by Hubble.
Open source means you can fix it yourself, if you like |
The Firefox open source browser is full of bugs, some of which are rather serious. In March Danish security firm Secunia reported that it had found eight. Some could be used to trick users into giving away confidential information. Others could let hackers get access to people's computers.
Every few days there are new ones.
The company reiterated that its full-year profit would rise. Net income rose to 70 million euros ($92 million) from 26 million euros, Volkswagen said in a statement to the Frankfurt stock exchange. Profit beat the median estimate of 57 million euros of eight analysts surveyed by Bloomberg News.
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Sales fell 2.4 percent, to 21.1 billion euros.
"As expected, the most important automotive markets experienced a relatively difficult start to 2005," the company said in the statement. "We believe that price pressure will continue unabated."
Patrick Juchemich, an analyst at Sal. Oppenheim in Frankfurt, commented, "This will bring a bit of relief to shareholders who have feared that the situation would get worse." Mr. Juchemich, who has a neutral rating on the stock, added, "The outlook is at least realistic that pricing pressure isn't going away."
Bernd Pischetsrieder, Volkswagen's chief executive, plans to cut 3.1 billion euros in costs this year and has frozen wages in Germany to stem the earnings slide. The Western European market, where the company gets more than half its sales, shrank 2.5 percent in the first quarter, while rebates in the United States and competition in China are putting pressure on profit.
In case you want to see some pretty Russian swindlers....
Here's a sample:
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