By Russell D. Longcore
International: Mr. Ghaddafi, where are you??? Are we going to find you in a “spider hole” Like Saddam Hussein?
International II: Eighty One (81) Congressmen…that’s one-fifth of the House…are headed to Israel on a week-long expense-paid junket funded by an AIPAC affiliate – the American Israel Education Foundation (AIEF). Those crazy Jews…they always know a bargain when they see one. A week of sightseeing and some in-country lobbying, and they make sure funding for Israel keeps coming.
The Nation: If you subscribe to the fallacy of the broken window, you must be THRILLED about Hurricane Irene! She’s delivering a stimulus package all her own from the tip of Florida to the Canadian border. Look at all the jobs in construction that will be created!! And remember…FEMA and other DC agencies will promise Federal money for payment of damage. Where will it come from? Also remember that many of the states up the East Coast have high-risk insurance pools that will take monstrous hits from storm damage. Most of those state pools are one storm away from insolvency. This might be that storm.
The Nation II: Irene part 2 – A storm surge into Manhattan, Brooklyn, Queens and Staten Island could easily shove 8-15 feet of seawater a mile inland, and fill up the New York Subway tunnels, damaging the structure, the electrical systems and the subway cars. The storm surge entering Long Island Sound gets trapped and has nowhere to go. And heavy rains inland would not be able to drain into rivers or Long Island Sound if it’s flooded. If buildings are flooded with seawater in August up to their second floor, what do you think will happen when the water subsides? Mold growth, usually not covered in insurance policies. The financial impact of the losses that stretch from Florida to Canada will likely destroy some major insurance companies.
The Nation III: Irene part 3 – Insurance companies have large investment portfolios. If Irene losses mount up, the insurers may be forced to liquidate stock and bond holdings to raise cash. Too many bonds dumped onto the world bond market could cause the bond market to collapse. Stocks dumped could cause the stock market to crash too. If it ain’t one thing, it’s another.
Economy: For yet another week, over 400,000 new unemployment claims were filed. That’s 20 weeks in a row, or over 8 million people who have lost their jobs just since March. And Washington still only admits to a 9.2% unemployment rate. Never trust ANYTHING that comes from DC.
Economy II: Gold retreats a little, ending the week above $1,800, silver above $40. Some weird gyrations this week, as gold hit $1880 at one point. Buy on dips, friends.
Business: Steve Jobs announced he is stepping down as CEO of Apple, mostly due to health reasons. He and Bill Gates probably changed the world more than any two people in the last 500 years.
Sports: Nevin Shapiro, a University of Miami booster and Ponzi scheme conman, admits to providing hookers, money, even one abortion…for 72 UM football players from 2000 to 2010. He even offered a $5,000 bounty to any player that took out Florida Gator QB Tim Tebow in a game. Question is whether UM coaches knew about this. The NCAA is not amused.
Entertainment: French actor Gerard Depardieu was on an Air France flight on 8-16, just backing away from the terminal. He got up to use the bathroom, and was told by flight attendants that the bathroom would not be available until the plane was in the air. So the actor unzipped and peed on the aisle carpet. The plane returned to the terminal for cleaning. I wonder if anyone rolled up a newspaper and hit Depardieu on the nose with it. Worked with my puppy.
DumpDC. Six Letters That Can Change History.
© Copyright 2011, Russell D. Longcore. Permission to reprint in whole or in part is gladly granted, provided full credit is given.