Tag: Bill Clinton

The Mining Industry feels the pinch

It is not just the auto industry that is feeling the pinch of the economy, it seems that the mining industry is feeling it as well.

BIG mining companies have suffered an astounding reversal of fortunes in the past few months. As boom has turned to gloom, commodity prices have slumped, leaving mining firms with painful decisions to make. Rio Tinto is the latest to suffer. On Monday February 2nd the Anglo-Australian mining giant was forced to confirm press speculation, acknowledging that it is in talks with Chinalco, a state-owned Chinese aluminium maker. The Chinese firm may agree to a deal to help to alleviate Rio’s debts which were taken on before the credit crunch led to a foundering world economy.

Rio’s debt pile of some $40 billion was mostly run-up through its purchase of Alcan, a Canadian aluminium firm, in 2007. Around $9 billion is due later this year, and refinancing will be a tricky proposition given the parlous state of debt markets. Another $10 billion must be repaid in 2010. Rio has started a firesale of assets: it raised $1.6 billion last week by selling iron ore and potash businesses in Brazil and Argentina to Vale, a Brazilian rival. But prices are depressed and making a sale is not always possible—Rio has still not managed to offload Alcan’s packaging business, although it is reportedly in talks with a potential buyer.

via Rio Tinto, deeply indebted, seeks investment from China  The Economist.

More fall out from a concept floated by the Democrats, that was based entirely upon risk. Thank you Bill Cinton for ruining America. 🙄

The Obligatory Hillary Clinton "intervened in government issues directly affecting companies and others that later contributed to her husband's foundation" Posting

Seriously, why is anyone even remotely suprised by this?

Via AP:

Secretary of State appointee Hillary Rodham Clinton intervened at least six times in government issues directly affecting companies and others that later contributed to her husband’s foundation, an Associated Press review of her official correspondence found.

The overlap of names on former President Bill Clinton’s foundation donor list and business interests whose issues she championed raises new questions about potential ethics conflicts between her official actions and her husband’s fundraising. The AP obtained three of the senator’s government letters under the Freedom of Information Act.

Clinton was to begin her confirmation hearing Tuesday before the Senate Foreign Relations Committee.

Under an agreement with President-elect Barack Obama, Bill Clinton recently released the names of donors to his foundation, a nonprofit that has raised at least $492 million — including millions from foreign governments — to fund his library in Little Rock, Ark., and charitable efforts worldwide on such issues as AIDS, poverty and climate change.

The letters and donations involve pharmaceutical companies and telecommunications and energy interests. An aide to the senator said she made no secret of her involvement in many of the issues. Bill Clinton’s foundation declined to say when it received the donations or precisely how much was contributed.

I mean, after all, we are talking the Clinton’s here. Democratic ties to corruption and lobbyists; especially among the Clinton’s and other well-heeled Democratic figures goes all the way back the Kennedy era. I know, Obama promised change, and with Hillary we did not get it. One must remember though, if she’s not seated, Obama could lose his popularity among Hillary’s supporters.

Still it would be quite juvenile of me not to observe that this does represent a “walk back” of the mantra of hope and change that Obama promised during the campaign. The Clinton defeat was supposed to represent a defeat of the old Clinton guard within the Democratic Party. So much for that little bit of drama. 🙄

I’ve written it here a great number of times, but I believe it to be quite true, it is going to be a very interesting four to eight years in politics. 😀

Others: The Moderate Voice, CNN, NO QUARTER, Bloomberg, Wall Street Journal, NPR, Booman Tribune, Reuters, protein wisdom, CBS News, Associated Press, JammieWearingFool and The Politico

(via Memeornadum)

Toyota is feeling the pinch too.

So much for that stupid  Neo-Con line saying that the slump in auto sales is the automakers fault.

Via the New York Times:

TOKYO — Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday.

The Japanese auto giant said the suspension would affect production at all 12 of its directly operated domestic plants, which include four vehicle assembly plants and also factories that make transmissions, engines and other parts. The closings are in addition to a three-day shutdown this month at these plants that Toyota had already announced.

The move is unusual for a company that just a few months ago seemed unable to keep up with voracious global demand for its fuel-efficient vehicles. But even strong players like Toyota have failed to escape the drastic slowdown in the global auto industry.

The company said it would idle the plants to reduce stocks of unsold vehicles amid a relentless slide in sales, particularly in the United States, its biggest market. Last month, Toyota’s sales there dropped 37 percent, a larger decline than at its struggling American rivals General Motors and Ford.

Plunging sales and a stronger Japanese yen, which reduces the yen value of overseas profits, forced Toyota to forecast last month its first annual loss in 70 years at its vehicle-making operations.

Toyota did not say how many vehicles would be affected by the suspension announced Tuesday. The company said its four domestic assembly plants produced 1.5 million vehicles in 2007, the most recent year for which the company has figures. Toyota-brand cars are also made by other companies in the Toyota group.

The company had already announced that it would shut down truck production at two United States plants for three months

Its American rivals — General Motors, Ford Motor and Chrysler — have also idled plants across North America in response to the slowdown.

For once, I am in agreement with a Liberal, and yes, it is the same knuckle-headed liberal that insulted Conservatives. Hey, I am one that praises when it’s due and bitches when it’s due too; At least I’m fair. 😉 😀 😛

Matthew Yglesias Weighs in:

This is the conceptual problem with efforts to “save” the car industry through bailouts or union busting or whatever you like. One assumes demand for cars will get higher than it is right now, but the industry has a whole just has more capacity to build cars than there is demand for new cars. Which is fine. When you look across the developed world and try to take stock of the medium- and long-run problems facing the OECD nations there’s just no way you’re going to reach the conclusion that an automobile shortage is a big concern. But obviously it’s not fine for the companies that make cars. There’s going to be a need for some shrinkage.

Yeah, I know, most likely some of the Conservatives who are basically scraping my blog for content are going to try and deride me as a fake conservative, because I stick up for the middle class and because I happen to be the son of retired General Motors Worker and U.A.W. member. Well, I got two words; screw you and the rest of the asshole Madison Ave. Conservatives. 😡

Anyhow, I happen to agree with Matthew here, I live here in the Detroit Area. If the auto industry dies, so does this area. That will cause my parents to suffer, they need the health insurance, as they are both diabetic and the amount of medications that they take is staggering.  Anyhow, this article above disproves and basically strikes down the “Meme” that was going around in the Conservative Blogosphere that the issues with the auto industry was the fault of the automakers. Which I totally dismissed as abject bullshit of the highest order. It was the fault of President Clinton for putting pressure on the loan companies to give those toxic subprime loans to those who were considered high risk. That is what started this whole thing. Of course, equal blame can be given to the Republican Congress of 2003 for not changing the laws, after all, they were warned by the Bush White House to do something; and they did nothing at all.

Best thing they could do, was have a hearing, of which the CEO of Freddie Mac pulled the race card, and congress backed off. So, all the blaming of the Auto Companies was nothing more than a feeble attempt by the Republicans at scapegoating the wrong damned people.

Here’s hoping that Japan’s auto industry totally collapses and people, both American and otherwise, have to buy American products, for a change!

The Automotive Bailouts: The Other Side of the Story

I have been sitting here, trying to keep out of this. But I have sat and looked at the Republican and Neo–Conservative Spin on this Story and I’m sick of it. 😡

So, I am giving you, the other side of the story, from the horses mouth; without commentary from me.

I did not ask that you agree, I simply ask that you listen and hear this man out. Now I am almost sure, that the Blogs, that I have linked to, will remove my trackback, like the Neo-Con Fascists that they are. I mean, it is all about controlling the message with those guys.  🙄

Here we go:

Part 1:

Part 2:

Media Q & A:

Media Q & A Part 2:

Media Q & A Part 3:

There you have it. The other side of the story. You decide.

(Source UAW.ORG)

Well, they did call them "High Risk" Loans…

Seems that the people that defaulted on their mortgages, have defaulted again, even after all this aid that has been tossed around. So reports Reuters:

Recent data suggests that many borrowers who received help with mortgage modifications earlier this year tended to re-default on their payments, a top U.S. banking regulator said on Monday.

“The results, I confess, were somewhat surprising, and not in a good way,” said John Dugan, head of the U.S. Office of the Comptroller of the Currency, in prepared remarks for a U.S. housing forum.

“Put simply, it shows that over half of mortgage modifications seemed not to be working after six months,” he said.

Dugan said based on data collected from some of the biggest U.S. institutions, like Bank of America, Citibank and JPMorgan Chase, home foreclosure starts fell 2.6 percent in the three months ended in September.

However, data which is to be issued by the OCC and the Office of Thrift Supervision (OTS) next week could throw cold water on a push by some U.S. policymakers for loan modifications as the key remedy for the ailing U.S. financial and economic crisis.

Dugan said recent data showed that after three months, nearly 36 percent of borrowers who received restructured mortgages in the first quarter re-defaulted.

The rate of re-default jumped to about 53 percent after six months and 58 percent after eight months, Dugan said, without providing an explanation for the trend.

Regulators speaking at an OTS-housing forum did not provide any explanations for the causes behind the data.

“We don’t know the answers yet, but these are the types of questions that we have begun asking our servicers in detail,” Dugan said.

Sheila Bair, chairman of the Federal Deposit Insurance Corp, who has been pushing for fast and systematic loan modifications, said regulators need to examine re-default data more closely.

“I think it’s very important to look at this data carefully and know what it says and what it doesn’t say,” Bair said.

Dugan said the third-quarter report will show many of the same disturbing trends as other recent mortgage reports, as credit quality continued to decline across the board and delinquencies rose for subprime, alt-A and prime mortgages.

He said the report will also show that the greatest delinquencies were in prime mortgages.

I can tell you exactly what the answer is. You do not hand out mortgages to people that you know damned well that they cannot pay for them. That is the answer!  This is why the Country, The Big Three and Wall Street are in the mess that they are in now, in the first place. Because fucking Bill Clinton and his team of morons decided to FORCE lending companies to gives loans to HIGH RISK persons, and they’re called that for a reason, they’re known not to pay their bills!

High Risk is called High Risk for a reason! Duh! Man, I could have told them that and I am a High School Drop out with A.D.H.D. 🙄

“Clue needed on Asle 5, Clue needed on Asle 5 Please.”

(Thanks Q & O)

Little late for that!

Here I go, talking out of both sides of my ass mouth again! 😛

Looking over at NRO’s Blog row, I find this little gem.

From NRO’s Planet Gore…. “Big Three Set to Become Green-Church Converts”

Oy. Why weren’t the Big Three doing this crap in the 1990’s? Could it be because the OIL companies were lobbying for them NOT to persue this sort of agenda?


ZOMG! Obama didn't go to Church

Oh my Lordy…. Now the stupidity has started.

Via Politico:

President-elect Barack Obama has yet to attend church services since winning the White House earlier this month, a departure from the example of his two immediate predecessors.

On the three Sundays since his election, Obama has instead used his free time to get in workouts at a Chicago gym.

Asked about the president-elect’s decision to not attend church, a transition aide noted that the Obamas valued their faith experience in Chicago but were concerned about the impact their large retinue may have on other parishioners.

“Because they have a great deal of respect for places of worship, they do not want to draw unwelcome or inappropriate attention to a church not used to the attention their attendance would draw,” said the aide.

Both President-elect George W. Bush and President-elect Bill Clinton managed to attend church in the weeks after they were elected.

In November of 1992, Clinton went to services in Little Rock, Ark., on the three weekends following his election, taking pre-church jogs on the first two and attending on the third weekend a Catholic Mass with the Rev. Jesse Jackson, with whom he was trying to smooth over lingering campaign tensions.

I know I might be a little late to the troff here, but honestly, does this even remotely matter? I mean, honestly. 🙄

….and I thought I was reactionary. Yeeesh…

Others, idiots included: Gateway Pundit, Political Machine, Shakesville, Scared Monkeys, Firedoglake, The Caucus, Lost in Transition, The Democratic Daily, Below The Beltway, Outside The Beltway, Flopping Aces and THE ASTUTE BLOGGERS

An Eye Opening C.I.A. Report

An interesting article via Reason Hit & Run about a plane shot down by the Peruvian Air Force. Which had missionaries in it from Michigan.

The quote from this Blog entry that very much I agree with is this: (emphasis mine)

Collateral damage—and let’s face it, that’s how the CIA and federal drug warriors view Veronica and Charity Bowers—has always been an accepted part of drug prohibition, but this callous disregard for the loss of life and human rights seems particularly egregious in our foreign interdiction efforts.  See the House of Death case, where federal agents looked the other way while one of their Mexican informants participated in a series of brutal and entirely preventable murders.  See our pre-September 11 anti-narcotics alliance with the Taliban, or our continued drug interdiction aid to Thailand after the government mass executed thousands of suspected drug offenders, sans trial.

Collateral damage. That is how the Government viewed the victims at Waco, Ruby Ridge, The FLDS Children, and every other place that the United States Government; whether directly or indirectly; caused death and/or Destruction. All because some sort of supposed moral law could be upheld.

What this writer has to wonder aloud, how long will it be, before this new messianic President-Elect, will make the fatal mistake of using the Military power of the United States against an United States Citizen, all to uphold a so called, “Moral Law?” If Bill Clinton’s Presidency is any indication, it will be sooner than later.

Say What? Hillary Clinton for Secretary of State?

I’m a bit late to the press here on this one. My apologies.

But it appears that little miss cackle-a-lot might be our next secretary of state. So, says the Washington Post:

There’s increasing chatter in political circles that the Obama camp is not overly happy with the usual suspects for secretary of state these days and that the field might be expanding somewhat beyond Sen. John Kerry (D-Mass.), Gov. Bill Richardson (D-N.M.), Sen. Chuck Hagel (R-Neb.) and maybe former Democratic senator Sam Nunn of Georgia.

There’s talk, indeed, that Sen. Hillary Rodham Clinton (D-N.Y.) may now be under consideration for the post. Her office referred any questions to the Obama transition; Obama spokesman Tommy Vietor declined to comment.

The pick of the former presidential contender and Senate Armed Services Committee member would go a long way toward healing any remaining divisions within the Democratic Party after the divisive primaries. Also, Clinton has long been known for her work on international women’s issues and human rights. The former first lady could also enhance Obama’s efforts to restore U.S. standing amongst allies worldwide.

And Obama could put her in his speed-dial for a 3 a.m. phone call every morning.

So much for all that talk of Hope and Change eh? Instead we’re getting left overs from the last Democratic Administration; Wonderful. 🙄

I guess Obama did not defeat the Clinton political machine after all.

The Children that parished at the Waco compound siege were unavailable for comment. 😡