Financial News Update – 05/20/10

Thanks To 3 Senators, China Entrenched In Iraqi Oil For 20 Years

Roubini: Stocks to Tumble Another 20%, Cash the Safest Place

Strains Accumulate

DOW -376

Fed official: Europe’s crisis poses risks to USA

Is Your IRA or 401K a Target of Government Appropriation? (Hat Tip: Brian B.)

House Republicans Push Back Against Job-Killing Value-Added Tax (Hat Tip: Kim Priestap)

Eurozone Crisis At Point Of Maximum Danger, Great Depression II? (Hat Tip: Jean Stoner)

With Local Gold Inventories Depleted, Panicking German Dealers Stage Run On Krugerrands (Hat Tip: Brian B.)

Union Pension Bailouts are Coming (Hat Tip: Brian B.)

Editorial: Climate bill would strangle economic recovery

Economic Freedom Remains Elusive to Our Neighbors to the South

UPDATE 2-Germany, France renew vows on multi-national bank tax

BEACH: The connection of debt and dependency

Morning Bell: Dodd Bill is Just the Beginning of ‘Too Big to Fail’

Investment Guru Russell: Stocks Risk Meltdown

The German Government Has Had Enough (Hat Tip: Brian B.)


Next year’s budget sinking in deep red ink

Mortgage delinquencies, foreclosures break records

State pensions becoming federal issue; Bail-out cost potentially more than $1T

Disabled Face Hard Choices as States Slash Medicaid

US Stocks Fall Sharply as Jobless Claims Jump

TD Ameritrade clients locked out of accounts

Unemployment spike largest in 3 months

German Finance Minister: Markets Out of Control

Greeks strikers march on parliament against cuts


Europeans scramble to restore unity

CNBC Cramer: Europe to Collapse in 48 Hours – or Never

Euro slips, German ban keeps markets under tension

Senate Dems Try Again to Advance Wall St. Bill


Illinois Doesn’t Pay Bills; Crisis Pushes Businesses to Edge of Bankruptcy

Germans lead gold rush frenzy

GM wants more subprime buyers; will lender agree?

Landscapers find workers choosing jobless pay

Lloyd’s of London Warns of “Perfect Storm” Threat to Insurers

Markets Plunge as Merkel Delivers Euro Warning and Bans Short Selling

Congress Blocks Indiscriminate IMF Aid to Europe

US Housing Starts Jump, Wholesale Prices Fall

Stocks Slide After Investors Focus on Europe Woes

Federal Reserve Sees Slightly Better 2010 Economy

Consumer Inflation Vanishes, a Boon for Borrowers

Mortgage Delinquencies Drag on Economic Recovery

Oil Settles Close to $70, Halting 16-day Slide

One in Seven US Homeowners Paying Late or in Foreclosure


Kiwi Komrades KeyWiki’d

By: Trevor Loudon
New Zeal

While our sister site KeyWiki, focuses largely on the U.S. left, we do cover some deserving cases from New Zealand and elsewhere.

Our KeyWiki profile of Marxist/Muslim Auckland University Law lecturer Mohsen al Attar has received over 800 “hits” and comes up second on Google rankings.

We’ve just begun two more profiles of prominent New Zealand socialists, Matt McCarten and Mike Treen.

Comrades Treen and McCarten run the radical Unite union from Auckland and between them have an impressive list of radical contacts in Australia, the United States, Venezuela and Bolivia.

Stand in awe of Mike’s unswerving support for the Soviet invasion of Afghanistan and stirring defense of the Soviet Union. Thrill to Matt’s soaring admiration for the noble ideals of Marxism-Leninism.

Don’t take my word for it though, check out their pages and link to them on your blogs. Let’s see how far we can drive their KeyWiki profiles up the Google rankings.

If you’d like us to profile more local activists, nominate your favorite Kiwi Komrade in the comments section below.


Trevor L


The New Free Speech Movement – Draw Mohammed Edition

By: Terresa Monroe-Hamilton

Zombie has a great new post up for ‘Everybody Draw Mohammed Day:’

The New Free Speech Movement

In honor of ‘Everybody Draw Mohammed Day,’ I’ve taken the above from Zombie for NoisyRoom since drawing is not one of my strengths and this does justice to the movement for the day.

I realize that not everyone supports today. But with me it is the principle of the matter. This is based on several things for me:

  • Above all, I believe that Freedom of Speech applies to everyone and that no religion or group of people should be able to hold the world hostage because they believe they have a right to be offended.
  • Although I believe Muslims have a right to worship however they wish and I would fight for that right, I believe their religion is broken and flawed and that murderous radicals control their religion worldwide and will not rest until we convert, subjugate ourselves or die. It is a violent perversion of true religion.
  • I find the mosque being built in New York next to where the Twin Towers stood to be an insult to all those who died on 9-11 and all Americans in general. Now I understand a second mosque will be built near there as well. This is an arrogant, thumb-your-nose slap-in-the-face to America to show that Islam has conquered the American spirit. Think again, because Americans will not be conquered and will not kneel to anyone.

In light of this, I will not be silenced by murderous thugs who try to bully and/or murder those who don’t agree with them. As far as I am concerned, they can pound sand. And in light of our President’s anti-semitic views and his overt threats to Israel while coddling the Muslim world, I am doubly in favor of today. May those mosques not be built and not stand. Insha’ Allah…

Islam does not get to dictate what is provocative and I am sick and tired of Americans defending something that is clearly wrong and promotes the Ummah and Sharia Law.

Americans dragged themselves from England, fought, died and sacrificed all so that we could have freedom of religion and speech. So we could live without fear of being punished for what we say and think. America will not stand for laws against blasphemy and the heavy handed justice meted out by a religion straight out of the dark ages.

Zombie in her piece is calling for a new free speech movement and it is way past time that such a thing occur. Especially since the FCC and Obama’s minions are threatening to crack down on free speech on the web, radio and television.

A final word from Zombie who gets it right:

Islamic extremists still seem to think that banning Facebook or threatening to kill the Everybody Draw Mohammed Day organizers will somehow make the problem of blasphemy go away. They don’t yet understand that we in the West have spent the last 600 years not merely earning the right to be blasphemous, but more importantly creating a society and a worldview in which there is no such thing as blasphemy, because all forms of speech are permitted and religious bullies no longer get to determine what is forbidden.

Read all of Zombie’s post. Then pull out the Constitution, the Bill of Rights and the Declaration of Independence and read those. We have to choose between our founding father’s light of freedom and Islam’s dark creed of oppression.


Draw Mohammed Day: Muslims Can Still Kiss My Ass

By: Snarky Basterd
Feed Your ADHD

Since I couldn’t draw to save my life, even if a Muslim held a sword to my neck and screamed “Draw, infidel, or I’ll cut off your head … Allahu Akbar,” rather than try to submit some half-assed Photochop for my official Draw Mohammed Day post I’ll instead reconfigure something I put together last year and honor the religion of pieces in the most fitting way I know.


Time and time again, Mohammad told his goat, Sharif, to stay away during prayer time, but Sharif, the naughty little basterd he is, couldn’t stop hitting that ass even if Allah himself walked into the room.

After the Sharif incident, Mohammad’s rear-end was sore, and, needing time alone to recover, he decided to go see what he thought would turn out to be his favorite new movie.

But all of the characters in the movie were infidels, and this angered Mohammad so much, he joined a group of peace lovers assembling outside the theater in a little discussion of culture.

The crowd grew as time went on, but unbeknown to Mohammad, the organizers passed out signs meant for a different group.

At first Mohammad worried he was soon going to meet his 72 virgins, secretly hoping they all looked and talked like Bawney Fwank. But after a while he realized who was pResident of the United States and knew he had nothing to fear. So he became carefree again and found Sharif, and the lovers went home for a little afternoon delight.


KeyWiki Profiles “Tea Party Express ” Endorsed Democrat, Walt Minnick

By: Trevor Loudon
New Zeal / KeyWikiBlog

The Idaho “Tea Party Express” has bucked the trend to endorse an incumbent Democratic Congressman.

Writes conservative blogger Terresa Monroe-Hamilton:

It was with a sinking heart and something akin to grief that I heard the Tea Party Express endorse Walt Minnick here in Idaho. It should be noted that the Tea Party Express is not the actual Tea Party of Idaho – they are located in Boise and do not support Minnick.

Minnick is a member of the United States House of Representatives, representing the 1st congressional district of Idaho. He will be running for office in Idaho in 2010 against primarily two Conservative opponents: Raul Labrador and Vaughn Ward.

While Minnick has a business background and a reputation for fiscal responsibility (by Democratic standards), there is little in his record to merit endorsement by a movement known for its anti “Progressive” and pro-liberty, pro-Constitution outlook.

According to Monroe-Hamilton;

Minnick has had numerous stances that I consider to be Progressive in nature and is supported by Progressive groups in Idaho.

He is strongly supported by the Unions in Idaho. This would include the Teamsters, the Teachers’ Union (NEA), the Carpenters & Joiners Union and a list of others as well.

Minnick was a donor to Earthjustice, a legal group that uses litigation to force far left environmental policies through the courts, while destroying good paying jobs. Earthjustice is a non-profit public interest law firm, (formerly the Sierra Club Legal Defense Fund). In Earthjustice’s 2003 annual report, Minnick was listed as being a member of their “Advocates Circle,” their mid-level donor membership level.

He is a strong environmentalist and he is pro-choice with a strong record supporting NARAL and Planned Parenthood. Minnick served on the Governing Board of The Wilderness Society for 16 years as well.

Minnick has strong ties to Congressman Steny Hoyer. Hoyer has contributed substantially to Minnick’s campaigns through AMERIPAC: The Fund for a Greater America.

He seems to be getting contributions from the left and the right, but there are some heavy players on the left that give to Walt Minnick including the law firm of Arnold & Porter, LLP which is a left-wing law firm from DC. If you follow the ties that bind, this firm is connected to individuals such as Charles Halpern, Sarah Bloom Raskin, Thurman Arnold and Jeremy Karpatkin.

Check out Walt Minnick’s KeyWiki profile here.