Thursday, September 30, 2010

Las Vegas gambling revenue down for 5th consecutive month

CARSON CITY, Nev., Sept. 10 (UPI) -- The Nevada Gaming Control Board said gaming revenues in the state fell for the fifth consecutive month in July, decreasing 4.9 percent from the previous year.


The board said casinos in the state collected $829.7 million from customers during July, down from $872.7 million in July 2009, the Las Vegas Review-Journal reported Friday.
Casinos on the Las Vegas strip collected $461.3 million during July, about $12,000 more than the same month in 2009. Casinos in downtown Las Vegas recorded a 19 percent
decline from July 2009 while North Las Vegas casinos experienced a 23.6 percent decline.



Strip casinos were aided by a 32 percent increase in February, the gaming board said.
Downtown casinos saw gaming revenues decline 19 percent, casinos in North Las Vegas suffered a 23.6 percent decline, gaming revenues from Boulder Strip casinos were off 16.9 percent and the casinos in the Balance of Clark County suffered a 12.7 percent revenue decline.

Wednesday, September 29, 2010

Home prices to take hit next year in many markets

, On Tuesday September 28, 2010, 4:00 pm EDT
 
WASHINGTON (AP) -- Don't take the latest snapshot of U.S. home prices too seriously.

The Standard & Poor's/Case-Shiller 20-city index released Tuesday ticked up in July from June. But the gain is merely temporary, analysts say. They see home values taking a dive in many major markets well into next year.



That's because the peak home-buying season is now ending after a dismal summer. The hardest-hit markets, already battered by foreclosures, are bracing for a bigger wave of homes sold at foreclosure or through short sales. A short sale is when a lender lets a homeowner sell for less than the mortgage is worth.



Add high unemployment and reluctant buyers, and the outlook in many areas is bleak. Nationally, home values are projected to fall 2.2 percent in the second half of the year, according to analysts surveyed by MacroMarkets LLC. And Moody's Analytics predicts the Case-Shiller index will drop 8 percent within a year.



Among the areas likely to endure big price drops, according to Veros, a real estate analysis company:



-- Port St. Lucie, Fla., and Reno, Nev., where prices could fall 7 percent over the next year.

-- Orlando and Daytona Beach, Fla., which face price drops of at least 6 percent.

-- Las Vegas, which led all declines in the latest report, is also expected to post a 6 percent drop.



Home values there have already tumbled 57 percent from their peak four years ago.

Las Vegas has been hit by foreclosures and the loss of tourism and construction jobs. More than 70 percent of homeowners there owe more on their mortgages than their homes are worth, according to real estate data firm CoreLogic. And the city's unemployment rate is nearly 15 percent, one of the highest for major U.S. markets.



The outlook in Orlando is also grim. More than half of borrowers owe more on their mortgages than their properties are worth. The unemployment rate there is nearly 12 percent.

This year, about 2 million, or 41 percent, of the 5 million homes sold this year will be distressed sales, predict analysts at John Burns Real Estate Consulting in Irvine, Calif. Distressed sales include foreclosures and short sales.



For next year, that figure is on pace to hit 2.4 million homes, or 45 percent of all sales. Distressed sales are projected to make up at least a quarter of the market for the next four years. In healthy housing markets, distressed sales typically make up only 6 to 7 percent of annual sales.



A much brighter outlook is forecast for some areas of the country, especially major cities that never experienced an outsized housing boom -- and bust. Major cities in Texas, for example, have relatively healthy economies and low levels of foreclosures.



Dallas home prices fell only 11 percent from their peak in 2007 and bottomed out last year. They have since rebounded about 8 percent. Houston and Dallas are projected to rise about 3 to 4 percent over the next year.



Those markets "don't have the huge supply of homes that a lot of the coastal markets have," said Eric Fox, vice president of economic and statistical modeling at Veros.



Houston and Dallas both have jobless rates of under 9 percent, below the national average of 9.6 percent. And in both cities, fewer than 15 percent of borrowers owe more on their homes than their properties are worth.



Nationally, prices have risen nearly 7 percent from their April 2009 bottom. Yet they remain nearly 28 percent below their July 2006 peak.



Most experts predict about 5 million homes will be sold this year. That would be in line with last year and just above 2008, the worst sales performance since 1997.



The latest changes in the Case-Shiller national index represent a three-month moving average -- for May, June and July. Sales in May and June were inflated by government tax credits that have since expired.



July was the worst month for home sales in 15 years. August wasn't much better. The record number of foreclosures, job concerns and weak demand from buyers have combined to weigh down prices.



"The market, at best, is weak, and starting to decline," said Michael Feder, chief executive of Radar Logic Inc., which tracks the housing market.



Herron contributed to this report from New York.

Sunday, September 26, 2010

Clinton calls Bachmann ‘stupid,’ Bachmann calls Clinton ‘bizarre’

By Andy Birkey 9/21/10 12:21 PM



Rep. Michele Bachmann lashed out at Bill Clinton on conservative radio this weekend after the former president criticized Bachmann at a fundraiser for her DFL opponent Tarryl Clark last week. Both Clinton and Bachmann have been prolific with fundraising emails at the expense of each other over the last week as well. Clinton said it’s “stupid” for Bachmann to put ideology over evidence, while Bachmann called Clinton’s statements “bizarre.”



“That’s how I see Rep. Bachmann. She’s very attractive in saying all these things she says, but it’s pretty stupid,” Clinton said at a Clark fundraiser last week.



“Your opponent,” Clinton told Clark according to Salon, “is the ultimate example of putting ideology over evidence.”



“I respect people with a conservative philosophy,” he continued. “This country has been well-served by

having two broad traditions within which people can operate. If you have a philosophy, it means you’re generally inclined one way or the other but you’re open to evidence. If you have an ideology, it means everything is determined by dogma and you’re impervious to evidence. Evidence is irrelevant.”



Bachmann didn’t appreciate the characterization — or Clinton’s visit to Minnesota. “Bill Clinton was in campaigning against me this week,” she told conservative radio host Mark Levin. “This is a major effort. I’ve always been about the number one target for Nancy Pelosi to defeat.”



“Emily’s List has made me their number one target, the League of Conservation Voters has made me their number one target,” she said. “But this is almost bizarre what the former President of the United States has said.”



“He is saying that I am the epitome of a trend that that is profoundly dangerous to the nation’s future and he said that my comments are pretty stupid.”



She then defended herself and the tea party movement. “He said our party has moved closer to Michele Bachmann. He’s calling us segregationists. He’s saying that the things that they tea party is saying, that I’m saying in particular, are stupid, that we don’t stand for evidence, we stand for ideology.”



Then she took him on directly.



“So, I would just ask the President of the United States, is it ideology or is it evidence that Barack Obama and Nancy Pelosi have spent us 3.6 trillion of failed stimulus and bailouts that didn’t get us anywhere? Is it ideology or evidence that we have persistent unemployment at 9.6 percent? is it ideology or evidence that we have lost 3 million jobs?”



She added, “Who is he charging bases our assertion on ideology over evidence?”



In a fundraising pitch, Bachmann said, “This is yet another example of how the liberal Democrat [sic] establishment has put a target on my back for defeat. They’ll say and do anything. The comments from Bill Clinton have hit a new low and I must have the resources to defend myself and fight back.”



She continued, “I am proud of my record and I refuse to be bullied into silence by Bill Clinton. Liberals across the country believe if they defeat me in November, the Tea Party movement will be eliminated.”



In a followup, Bachmann wrote, “Bill Clinton is the latest liberal to get involved in this race and has attacked me and other Tea Party activists. In 24 hours, thanks to the generosity of activists Bill Clinton attacked, we’ve raised more than $42,000 to fight back against these attacks.”



And Clinton is still pulling for Clark. In an email pitch yesterday, the former president wrote, “The people of the 6th district deserve a leader who will deliver results instead of divisive partisan rhetoric; who will roll up her sleeves and get to work on the critical issues instead of just getting people wound up about them.”



Here are Bachmann’s remarks on the Mark Levin show:



Tuesday, September 21, 2010

Study: Obesity Is More Expensive for Women

As Obamacare kicks in, plan on more articles about heath being released, pointing us in the right direction, to save our country's health costs. Here's one that I found today. by Lauren Frayer.



(Sept. 21) -- Obesity hurts your health, but it also hurts your wallet.



That's the conclusion of a new study by George Washington University scholars who've tabulated the cost of being obese, compared to merely being overweight. The results found that obesity costs women almost twice as much as men. And it's more than nine times as costly for women to be obese, rather than just overweight.





Researchers tabulated the cost of medical bills, employee sick days, health insurance, lost productivity and even the need for extra gasoline to fuel cars carrying heavier passengers. In total, they found that the average yearly cost of being obese in America is $4,879 for a woman and $2,646 for a man.



Sponsored Links
When they factored in the idea that obesity can cut short a lifespan, the lost productivity from premature death pushed the figures higher, to $8,365 a year for women and $6,518 for a man. That's much more expensive than just being a few pounds overweight, which researchers found cost $524 for women and $432 for men.



As for why obesity is more expensive for women, the study's co-author Christine Ferguson told The Associated Press that previous research shows that fat women earn less on average than slim ones, but that there's no wage gap between fat and trim men. "This indicates you're not that disadvantaged as a guy, from a wage perspective," she said.



The study, called "A Heavy Burden: The Individual Costs of Being Overweight and Obese in the United States," is being released today in a webcast on GWU's website. Its results were first reported by the AP and The Washington Post.



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Speaking Of That

Monday, September 20, 2010

Urgent Lessons from Japan on Economy, Debt and Stocks Bear Market

Economics / US Debt Sep 20, 2010 - 08:55 AM

Imagine a world where the economy never emerges from recession.

Imagine a time and place in which economists talk first of a double-dip recession, then about a triple-dip recession … and ultimately admit the dire reality of a long, multi-decade depression.



Imagine chronically high unemployment, overwhelming government indebtedness, shrinking population, spreading poverty — even growing rates of homelessness among college graduates.

Think about a 20-year period in which stock investors continually lose fortunes and retirees get nearly zero income on their savings, with no end in sight.



A future scenario? No! It’s the here-and-now scenario that I am personally witnessing

— in Japan, where I am now.



And it’s the result of government policies that Washington is now also adopting — lock, stock and barrel.



I know because I can compare the Japan of today with the Japan of thirty years ago — when I worked here as an economic analyst. I can see clearly precisely how Japan has sunk into this abyss. And I can see how the U.S., despite its many differences with Japan, is heading down a very similar path.



Tokyo, 1978-1980
Elisabeth and I first went to live in Japan in 1978 so that I could complete fieldwork for my doctoral dissertation on the Japanese financial smarkets.

As part of the research plan, I was invited by a leading Japanese firm to join them full time. And I became the first U.S. analyst working inside the Japanese securities industry.



Meanwhile, however, our parents back home were bewildered. They had no personal experience with life in East Asia. They had difficulty staying in touch with us from the other side of the world. And they could never quite fathom why we chose to be so far away for so long.

Today, we’re getting a taste of our own medicine: Now, it’s our son Anthony who lives in Tokyo, and now WE are the parents living on the other side of the world.



Much like we did years ago, Anthony has adapted well to the language, culture, and tight spaces. He goes to a Japanese university, works for a Japanese company and plays on a Japanese sports team. And like we did years ago, he often gets so engrossed in his life here, he neglects to stay in touch as often as we’d like him to.



Fortunately, we have some advantages that our parents didn’t have when we used to live here. From our home in Florida, we can video-chat with our son via the Internet whenever we see him online. We can hop on a plane and join him within 24 hours. And whenever we’re here, we can relive old times — browsing our old neighborhood, visiting old friends, comparing then with now.

And it’s that comparison — between the Japan of 1980 and the Japan of 2010 — that offers some of the most urgent lessons for all Americans.



The Rise and Fall of a World Leader
Thirty years ago, Japan was on its way to becoming the world’s number one economy — not necessarily in terms of GDP, but in many other key aspects: It led the world in technology. Its massive trading companies and financial institutions were the largest in the world. Its trade surpluses and cash savings exceeded those of any other nation on the planet.



But today, Japan is number three in GDP, surpassed this year by China and slipping on nearly every single front where it was leading before — technology, trade and cash.

Thirty years ago, more than 99 percent of college graduates were employed during the critical April hiring season; if more than 1 percent failed to get work, it was considered shocking. Reason: Unlike their counterparts in the U.S., once they miss that window, most become unemployable. Companies view them as rejects, failures. In the next hiring season, it becomes almost impossible for them to get another interview.



Today, approximately 20 percent of college graduates are failing to get a job … crawling into a corner at their parents’ home, or worse, on the streets … and never re-entering the job market. In the Japanese context, this is TWENTY times more shocking than anything ever seen in prior generations.



When we lived here 30 years ago, homelessness was virtually non-existent. Today, although still small compared to homelessness in the U.S. and parts of Europe, you can see shanties along Tokyo’s river banks, people living under bridges, and the jobless college grads loitering around major train stations.



The crime rate, also still low by U.S. standards, is dramatically higher than it was back then. Prostitution among middle class teens, unheard of thirty years ago, is a real problem. Teenage suicide has soared. Health care, once among the best in the world, has deteriorated.

Casual observers rarely see this. All they typically see is a still-ultramodern, efficient, bustling society.



And indeed, Japan boasts a dazzling array of technology … the world’s most literate population … and even the world’s largest network of lost-and-found offices.



But most foreign observers don’t know the Japan of 1980 like we did.

Nor do they venture far beyond the hotels, guided tours or formal business meetings.

Moreover, it’s the hard financial facts that tell the true story of Japan today:



Fact #1. Permanent recession. Since 1990, Japan’s economy has been in a permanent catatonic state — wavering from subpar growth to mild recession. An old friend, formerly director of a major Japanese economic research institute, calls it “the 20-year recession that never really ended and the 20-year recovery that never really began — in other words, a depression.”



Fact #2. Banking dinosaurs. Every major bank that has collapsed in the past 20 years has been patched up with mega-mergers and government aid. In 1999, for example, we saw the massive three-way marriage of the Industrial Bank of Japan, Dai-Ichi Kangyo, and Fuji Banks — all weak institutions loaded with toxic assets. Since then, we’ve seen several more. All have failed to revive the banking sector.



Fact #3. 20-year bear market! Near the end of 1989, Japan’s benchmark Nikkei 225 Index reached an all-time peak of 38,957, promptly crashing by 47 percent in less than nine months … and ever since then, it has failed to recover those losses.



To the contrary …

• At its recent lows in 2009, the Nikkei was down to 7,021, a loss of 82 percent from its all-time high.





• Even after the global stock market recovery that began in March of last year, the Nikkei is at just 9,321, still down 76 percent from its highs!



• Since its first bust in late 1989, the Nikkei has enjoyed five major rallies. Each one raised investor hopes for an end to the 20-year bear market. And each one has given way to the dire economic realities — a new plunge, new all-time lows, plus big additional losses for investors.



Where Did Japan Go Wrong?


Japan was — and still is — a vibrant modern society of motivated, hard-working individuals. Its chronic malaise is not rooted in its culture or its people. It’s primarily caused by misguided government policy driven by political pressure to achieve the impossible.

Japan was the first major industrial nation to drop interest rates to practically zero and keep them there almost indefinitely.



Japan was the first to bail out so many large banks so consistently.

And Japan has also been the “leader” of fiscal stimulus. Japan launched a stimulus package of 10.7 trillion yen in August 1992 … another for 13.2 trillion in April 1993 … 6.2 trillion in September 1993 … 15.3 trillion in February 1994 … 14.2 trillion in September 1995 … 16.7 trillion in April 1998 … 23.9 trillion in November 1998 … and 18 trillion in November 1999 … plus many more such programs in the 2000s.



Yet after each government-engineered “recovery,” the economy fell back into recession; and after each government-inspired stock market rally, the Nikkei plunged again, falling to still lower lows.

At first, Japanese economists thought what they were witnessing was a “double-dip” recession just like the one we’re beginning to see in the U.S. today. But after subsequent rounds of stimulus also failed, it made little sense to call it a “triple-dip” or “quadruple-dip” recession. Ultimately, they were forced to admit that it was really one long, protracted depression.



Bottom line: Despite all the banking bailouts, stimulus programs, money printing and zero interest rates, all the emperor’s horses and all the emperor’s men could not put the Japanese miracle back together again.



The Japanese economy still suffered two lost decades of deflation, lackluster growth and declining stock prices.



Corporate earnings still fell. Consumers were still pinched.

Japan’s status as a world economic power continued to decline.

Investors lost fortunes and then lost still more fortunes — again and again.

The Wall Street Journal recently explained it this way:

“Keynesian ‘pump-priming’ in a recession has often been tried, and as an economic stimulus, it is overrated. The money that the government spends has to come from somewhere, which means from the private economy in higher taxes or borrowing. The public works are usually less productive than the foregone private investment.”

Several years ago, top Washington officials flew to Tokyo to lecture their Japanese counterparts about the futility and danger of their policies. Yet now, Treasury Secretary Geithner and Fed Chairman Bernanke are pursuing virtually the same policies:



They try to keep dying companies alive.

They want to outlaw the business cycle.

They chase an elusive dream of creating eternal prosperity and an unending bull market.



This Obviously Didn’t Work in Japan. It Won’t Work in the U.S. Either. 


In the real world, companies are born and companies must die. The economy expands and it must also contract. Investors buy and they must also sell.



No government, no matter how powerful, can change this reality. No government can stop the march of time, fool Mother Nature or repeal the law of gravity.





Most people in Japan now see this clearly. They now know how much they’ve been lied to — over and over again.



That’s why Japan has had five prime ministers in the last four years and is going on a sixth. It’s why voters have permanently kicked the ruling party out of office for the first time in modern history. And it’s why they’re now equally mad at the new party in power.



Most Americans are also beginning to see the light: Despite $3.7 trillion in bailouts and money printing … despite a constant barrage of happy talk from Washington … and even after a series of feeble rally attempts on Wall Street … the average American knows that the economy is not passing even the most basic smell test.



Mike Larson has shown you how the housing market stinks to high heaven — a huge, new surge in foreclosures and repossessions … the most people ever on food stamps … the worst overall poverty rate in half a century. The entire concept of middle class is being challenged.



Like in Japan of recent years, this is having dramatic political consequences in America. Nearly anyone in office — whether Democratic or Republican — is vulnerable to severe attacks. A third party is emerging, with the potential to challenge our two-party system of democracy. The entire premise of monetary and fiscal policy — including the powers of Federal Reserve itself — is in its most precarious state since the Great Depression.



If you disagree — if you believe our government has the financial and political superpowers to achieve its Herculean goals — it would make sense to dramatically increase your exposure to financial risk.



But if you agree — if you can see as clearly as I do that the government’s recent adventures are doomed to failure — then you must …



1. Recognize that the latest stock market rally has no legs to stand on.



2. Use it as a SELLING opportunity — to dramatically reduce your exposure to vulnerable investments.



3. For investments that you keep, build a protective shield around your portfolio, including carefully selected hedge positions that are designed to appreciate as markets fall.



4. For money you can afford to play with, aim for large speculative profits from the decline.



Good luck and God bless!



Martin

This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.

Saturday, September 11, 2010

Ground Zero Mosque Cancelled ... by Media




The site of a proposed mosque on Park Place in lower Manhattan,
New York is seen

If you thought that the media was making a meaningless big deal over nothing; about a small time preacher burning a few Korans - ink on paper - you're right. But the country and the whole world was easily duped into thinking that World War III was about to start. It was the leading story on every radio news report that I heard for two days.


Most thinking people understood that

the administration, the Democratic party and their propaganda machines (ABC, NBC, CBS, CNN and MSNBC) simply found another opportunity to paint conservatives as a hateful and bigoted lot. And how sweet they must of thought it was when they found out that the crazy pastor of 40 went to the same high school that Rush Limbaugh attended!


But that Ground Zero Mosque story; that's a real issue, right? Nope. Turns out that the supposed mosque builders don't have any money to even start a fund raising effort. And chances are they never will. But to listen to the media they're breaking ground in a couple of months. What a joke.


Look. It's political season. And the left will do anything to paint the right in what they perceive is a bad light and the right will seize any issue to fire-up their voting base. Both sides and the media may end up with egg on their face for having made such a big deal over the so-called ground zero mosque. The ground zero mosque controversy was started by the media and soon, with their silence on the subject, they will cancel it. In the meantime, what's Obama and the Democrats really up to?


The following is an article written by Maggie Haberman and Ben Smith as it appeared in Politico on August the 18th, 2010. So it's not exactly breaking news but it sure didn't get much attention at the time. But it should have. Our media is so screwed up!




When President Barack Obama turned the battle over a planned New York Islamic center into a national debate over religious freedom, he unwittingly allied himself and his party with an ill-planned, long-shot development project described by one of its most prominent allies as “amateur hour.” 


The efforts to launch the $100 million Cordoba House (now dubbed Park51) two blocks north of the World Trade Center site have been an uphill battle from the start, and not just because of controversy. And even as the “Ground Zero Mosque” emerges as a hotly debated national symbol, New York government officials and real estate insiders are privately questioning whether the project has much chance of coming to fruition. 


The Cordoba Initiative hasn’t yet begun fundraising for its $100 million goal. The group’s latest fundraising report with the state attorney general’s office, from 2008, shows exactly $18,255 — not enough even for a down payment on the half of the site the group has yet to purchase. 


The group also lacks even the most basic real estate essentials: no blueprint, architect, lobbyist or engineer — and now operates amid crushing negative publicity. The developers didn't line up advance support for the project from other religious leaders in the city, who could have risen to their defense with the press. 


The group’s spokesman, Oz Sultan, wouldn’t rule out developing the site with foreign money in an interview with POLITICO — but said the project’s goal is to rely on domestic funds. Currently, they have none of either. 


“They are in the process of hiring an architect — but here’s the thing, you’re not going to get the architect or the engineer because they don’t want to be involved in this,” Sultan, the new media consultant hired to handle some of the project’s imaging — mostly via Twitter — told POLITICO. 


For all its problems, the project does have a solid chance of accomplishing one thing: further embarrassing the president. 


But to veterans of New York real estate wars, Park51 provides an object lesson in how not to handle development politics in a city in which, even under the mildest of conditions, construction projects are fraught with potential peril. 


Weeks into the controversy, Sultan told POLITICO that the project's developers are hoping to get their "talking points" together.


"Give us a little time," he pleaded. 


“They could have obviously done a lot better in explaining who they are if they really wanted to get approval,” said publicist Ken Sunshine, a veteran of New York’s development wars. “There’s a real question as to whether there's money behind this." 


“As I understand it, there’s no money there,” said another prominent business official.
A prominent supporter of the project was blunt: “This is amateur hour,” he said.
“That’s why the idea that this is some big conspiracy is so silly,” said the supporter. “Yes, you could say this is not a well-oiled machine.” 


There is, in fact, a textbook for high-profile New York developments, even less risky ones — and the effort by Park51, whose messaging has relied almost entirely on Sultan’s often-snarky Twitter feed, isn’t it. 


“They needed to talk to all the right people and they never did. That's a normal part of building any building in Manhattan,” said George Arzt, a longtime public relations man in New York who was Mayor Ed Koch’s press secretary.


“Normally what they would have done would be to get the architect, the PR, the government operation, community outreach all together in a team,” said Arzt. “They would have reached out to elected officials and the community to tell them what they’re doing. Then they would have had an idea about how much resistance they were getting and what they needed to do.” 


Sultan said the project is now in the phase of trying to engage with its critics to answer questions. Yet while he joined just five weeks ago, he wasn’t familiar with basic history POLITICO tried to ascertain.




“You’d have to talk to Sharif,” he said of the developer, Sharif El-Gamal, who has refused repeated requests for comment from POLITICO. 


El-Gamal and the project’s religious anchor, Imam Feisal Rauf and his wife, Daisy Khan, have at times offered conflicting information. They don’t have a single person handling their message, and are often setting up their own interviews. Khan, a Sufi who serves on an informal advisory group for the official Sept. 11 memorial, casually mentioned to Mayor Mike Bloomberg at a Ramadan event in September 2009 her embryonic dream of the Islamic center downtown, but that was the extent of outreach to City Hall. The imam is now traveling in Malaysia and unreachable. 


In an interview with The New York Observer published today, El-Gamal told the weekly of the former Burlington Coat Factory, which was damaged in the attack, "I never wanted anything so badly, and it took me four years to buy it." He did so after several aborted attempts in July 2009 for nearly $5 million, a pot of money whose source critics question.


The American Society for Muslim Advancement, another nonprofit founded by the imam involved in Cordoba House, reportedly has assets of less than $1 million.
In liberal New York, the group appears to have reached out to none of the progressive religious groups who would be natural allies, many of whom now support the project, who could have been plausible surrogates to speak to their intentions amid backlash questioning how moderate the Cordoba planners are. Imam Rauf, for instance, sits on the board of the liberal Interfaith Center of New York — but even his fellow board members learned of the project from The New York Times, said the Rev. Chloe Breyer, its executive director. 


“They were taken unaware by the response and whether you fault them for it or whether you fault just a rapidly changing and more polarized political environment than anyone expected, I don’t think I can answer that,” said Breyer, who backs the project.
Other liberal clerics who might be natural allies told POLITICO they’d heard nothing of the project in advance. 


The group also botched its outreach to the families of victims of Sept. 11, who continue to hold enormous symbolic sway over ground zero.
The families Cordoba engaged in advance appear to have been members of September Eleventh Families for Peaceful Tomorrows, a left-leaning, anti-war segment that has tense relations with other, larger family organizations.




The Cordoba Initiative’s entire political outreach, meanwhile, appears to have been a call to Manhattan Borough President Scott Stringer earlier this year, who suggested they visit Community Board 1 merely to measure support. The step was unnecessary — they can build on the site as of right — and was, in retrospect, a mistake. 


The hearing gave the impression nationally that there was some kind of government approval required, when in fact that wasn’t the case. A subsequent New York City Landmarks Preservation Commission hearing was forced by opponents trying to stop it.




The plan received support from a Community Board subcommittee, but the chair of the board, Julie Menin, advised El-Gamal to hold a larger town hall forum, where nuances could be addressed and broader groups heard from.
He never did. 


“If they would have done the town hall from the get-go, you would have at least had a real opportunity to get in front of it and explain what they were trying to do and address head-on the misinformation,” she said.
At one of the meetings, the word “mosque” was used, and that gave a hook to the project’s deepest objectors. 


It took off in the right-wing blogosphere and in the tabloids, and questions were raised about Rauf’s political beliefs and whether he renounces terror groups like Hamas.
Sultan’s @park51 Twitter feed also drew criticism when it joked in one tweet that an Israeli newspaper would be better off telling Yiddish fables, and in another that a critic who identified himself as Amish should have gone back to churning butter. Both reflected more a snarky New York Web sensibility than a dour Islamist threat, but the former produced an apology and a fired intern. 


“They can threaten to kill us, you can call us every single nasty name in the book, but we can’t have a little fun with it?” complained Sultan. 


In printed interviews, El-Gamal has expressed frustration with critics, yet he has, based on behavior, been unwilling to engage in responding at the level the project now requires, including to bat back misperceptions that are shaping national public opinion. 


A major piece of misinformation is the idea that government has a role in stopping the center, which is patterned on the $85 million Jewish Community Center on the upper West side. 


The project is a completely as-of-right project, meaning it requires no governmental approvals. 


“The mosque has no money, the politicians have no money, the politicians have no say about the money because it's a charitable institution,” said Hank Sheinkopf, a Democratic strategist who has long observed New York political footballs, who accurately noted that no elected official will give this group money going forward because the outpouring of rage would be overwhelming. 


And while New York’s weathered development machine tends to keep its eye on the ball, Sultan’s goals seem almost abstract. 


“Part of this is engagement, part of this is building a basement by which we build a community,” he said. “If you build moderate Muslim communities, that’s what’s going to fight extremism.”



Source: Mosque a long shot to be built
















Friday, September 10, 2010

Dear President Obama, For The Love of Freedom, Hear Us!

This is the video that received over 5 million hits in just two days. But the hits keep coming. Anybody with a love of Freedom written in their heart should watch it. And please send it on to others. The time for action is now!




Pentagon Attempts to Block Book on Afghan War




The Defense Intelligence Agency has blocked a book about
 the tipping point in Afghanistan and a controversial pre-9/11
 data mining project called "Able Danger.
FOX NEWS EXCLUSIVE: by Catherine Herridge

On the eve of Sept. 11, Fox News has learned the U.S. Defense Intelligence Agency has attempted to block a book about the tipping point inAfghanistan and a controversial pre-9/11 data mining project called "Able Danger."



In a letter obtained by Fox News, the DIA says national security could be breached if
"Operation Dark Heart" is published in its current form. The agency also attempted to block key portions of the book that claim "Able Danger" successfully identified hijacker Mohammed Atta as a threat to the United States before the Sept. 11, 2001, terror attacks.

In a highly unusual move, the Department of Defense is now negotiating with the publisher, St. Martin's Press, to buy all 10,000 copies of the first printing of the book to keep it off shelves -- even after the U.S. Army had cleared the book for release.
Specifically, the DIA wanted references to a meeting between Lt. Col. Tony Shaffer, the book's author, and the executive director of the 9/11 Commission, Philip Zelikow, removed. In that meeting, which took place in Afghanistan, Shaffer alleges the commission was told about "Able Danger" and the identification of Atta before the attacks. No mention of this was made in the final 9/11 report. 
Shaffer, who was undercover at the time, said there was "stunned silence" at the meeting after he told the executive director of the commission and others that Atta was identified as early as 2000 by "Able Danger." 
"Dr. Philip Zelikow approached me in the corner of the room. 'What you said today is very important. I need you to get in touch with me as soon as you return from your deployment here in Afghanistan'," Shaffer said.  
Once back in the U.S., Shaffer says he contacted the commission. Without explanation, the commission was no longer interested. An inspector general report by the Department of Defense concluded there was no evidence to support the claims of Shaffer and others. But Fox News has obtained an unredacted copy of the IG report containing the names of witnesses, who backed up Shaffer's story when contacted for comment.
Atta was the alleged ringleader of the Sept. 11 hijackers and piloted American Airlines Flight 11 into the World Trade Center. 
Shaffer spoke to Fox News before he was asked by the military not to discuss the book.  He confirmed efforts to block the book and other details.
Calling the move "highly unusual," he explained that the book had already been cleared for release when the DIA stepped in. 
"Apparently, Defense Intelligence Agency took exception to the way the Army cleared the book," he told Fox News. 
The documents and exclusive interviews, including an Army data collector on the Able Danger Project, are part of an ongoing investigation by the documentary unit "Fox News Reporting" which uncovered new details about American cleric Anwar al-Awlaki and efforts by the FBI to track and recruit him for intelligence purposes after 9/11.








Capitol Hill Employees Owed 9.3 Million Dollars in Back Taxes!

Excerpts from an article by W.W. Farnam as it appeared in The Washington Post, September 9th, 2010





A link to Federal Staffers owing back taxes appears at the end of this post.





Nationwide, federal employees owed over a billion dollars in back taxes at the end of 2009. Capitol Hill employees made up 9.3 million of that amount. And 41 employees at the Executive Office of the President owed $831,000 altogether .





... The debt among Hill employees has risen at

a faster rate than the overall tax debt on the government's books, according to Internal Revenue Service data. It comes at a time when some Republican members are pushing for the firings of government workers who owe the IRS and President Obama has urged a crackdown on delinquent government contractors.





... The average unpaid tax bill is $12,787 among the Senate's delinquent taxpayers and $15,498 among those working in the House.





IRS debt among government workers has surfaced repeatedly as a political issue over the years, most recently when Rep. Jason Chaffetz (R-Utah) introduced legislation this year to fire federal workers who owe back taxes unless they have entered into a payment plan. Eight Republicans co-sponsored the bill. No Democrats have signed on, and some have said firings would reduce the government's prospects of being paid.







Some tax experts and watchdog groups say that Capitol Hill employees have an added obligation to settle IRS debts.



"Congress and their staff - because they are the people who write the tax laws and because they work for the public - have to be held to a higher standard," Steve Ellis, vice president of the watchdog group Taxpayers for Common Sense, said when told of the IRS numbers.

"These are hard times, but they are on the government payroll," said Mortimer Caplin, an IRS commissioner for presidents John F. Kennedy and Lyndon Johnson and a founding partner of the Caplin & Drysdale law firm. "The idea of paying taxes is kind of fundamental to a sound democracy, and they certainly have a special obligation in that regard."



Aides to Senate Majority Leader Harry M. Reid (D-Nev.) declined to comment, and aides to House Speaker Nancy Pelosi (D-Calif.) did not respond to a request for comment.









The Staffers Who Owe the IRS: Interactive Table

An interactive table that shows federal workers who owed money to the Internal Revenue Service in 2009













The Government Declares War on Small Business

This excellent article by Mark Rassmussen was top top ranked on The Market Oracle, one of my favorite sites. I reproduce it here because I believe that the business people that follow  Gary Bryan blog-spot will find it as profoundly revealing and informative as I did.



The government DOES NOT "create" productive, value added, sustainable "jobs", Small Business Does! To help set the stage, let's look at some important stats from the

Small Business Administration (SBA). Small businesses:



  • Represent 99.7% of all employer[s]

  • Employ just over half of all private-sector employees

  • Pay 44% of total U.S. private payroll

  • Have generated 64% of net new jobs over the past 15 years

  • Create more than half of the nonfarm private gross domestic product (GDP)

  • Hire 40% of high-tech workers (such as scientists, engineers and computer programmers)

  • Are 52% home-based and 2% franchises

  • Made up 97.3% of all identified exporters and produced 30.2% of the known export value in FY 2007.

  • Small firms produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large-firm patents to be among the 1% most cited.

Further, if you look to the Kauffman Foundation, startup firms are the "sole engine" of job creation in the U.S. economy.  Kauffman crunched a data set from the Census Bureau covering the years 1977-2005. In all but seven years during that period, existing businesses cut an average 1 million jobs… while firms in existence for a year or less created 3 million.







“Policymakers tend to focus on changes in the national or state unemployment rate, or on layoffs by existing companies,” explains Kauffman VP of Research and Policy Robert Litan. “But the data from this report suggest that growth would be best boosted by supporting startup firms.” Instead, these small firms are being strangled. Let me count the ways...





According to the National Business Group on Health, the typical large business will see its health insurance costs rise 9% next year.   But for small businesses, the numbers are rising faster. Small employers in California are looking at increases of 12-23%, on average, according to the Los Angeles Times -- one got notice of a 76% increase.  It’s an acceleration of a long-standing trend.  The government has skewed health insurance costs in favor of larger businesses for decades… and now the “health reform” law signed this year is tilting the scales that much further.



 



Due to the “financial reform bill”: Starting in 2012, every business must issue a Form 1099 to every vendor from whom it buys more than $600 in goods or services every year.  So, if you’re a small businessperson and you order $601 in office supplies from Staples over the course of a year (better keep a running total), you must issue a 1099 to Staples.



26 million sole proprietorships alone will be caught up in this net. SMC Business Councils, a business networking group, reckons its typical member currently files about 10 1099s a year. Under the new rules, SMC estimates the number could reach 200.

The idea behind this requirement is to increase compliance with existing tax law. The unintended consequence is it will bury small businesses in paperwork.

Very small firms with fewer than 20 employees already spend 45% more per employee than larger firms to comply with federal regulations, according to the SBA.



A study released by the Transactional Records Access Clearinghouse at Syracuse University shows the IRS has increased its audit hours of small businesses (those with less than $10 million in assets) by 30% over the last five years.  At the same time, large corporations’ audit hours are down 33%.



The average amount of “underreporting” found for each audit hour of a small- or midsized business was $1,025. For a large corporation, it was $9,354.



That’s a good trend if you’re a lawyer at a Fortune 500 firm. It's bad if you're a small business.



Individual sectors are also getting hit hard…

  • The financial reform law is hitting small community banks with big regulatory hurdles. “We will no longer be able to evaluate loan applications based solely on the creditworthiness of the borrower,” complains Sarah Wallace, chairwoman of a small thrift in Ohio, in The Wall Street Journal. “We will be making regulation compliance decisions, instead of credit decisions”

  • The requirements buried in a “food safety” bill likely to pass Congress this month will have a devastating impact on small farmers. “This could make farmers markets go away,” farmer Scott Frost tells the Portland Oregonian. “The only guys left standing in the room will be the big gorillas." That’s because the big boys can easily absorb the record-keeping requirements (and annual fees) that come with the bill.





It's not just the Feds looking for a piece of these guys. Small businesses are looking juicy to revenue-starved state governments. To wit…

  • Pennsylvania is looking to add a 6% sales tax to plumbing and electrical services

  • Wristwatch repair may become subject to a 4% sales tax in New York

  • Four states are looking to join the 26 that already tack on a tax or fee at bowling alleys

  • Want to go horseback riding in Arizona? The stable owner may soon have to charge you a 5.6% sales tax

  • Three states may opt to start taxing interior decorating services.

The NFIB is the largest small business organization representing over 600,000 businesses and millions of employees  in the U.S.  and was excluded from "The Obama Jobs Summit" last fall, along with the National Chamber of Commerce.



The National Federation of Independent Business puts out a monthly “Optimism Index” of small-business owners it surveys. Last month, that number sat at 88.1. The last time the number stayed above 90 for longer than three months was early 2008. It was over 100 as recently as October 2006.



“The persistence of Index readings below 90 is unprecedented in survey history,” says the NFIB. Contrast its readings over the last five years with, for instance, the big-business ISM manufacturing index, which has pointed to expansion for over a year now…



When NFIB (National Federation of Small Business) survey participants were asked what is the single-most-important problem facing their business, a plurality of 29% said “poor sales.” But right behind that…

  • 22% cited taxes

  • 15% cited “government regulations and red tape”

  • 7% cited “cost and availability of insurance” -- as we’ve seen, a government-created problem.

Only 4% cited availability of credit. Good thing we spent trillions in bank bailouts to keep the lines of credit open, isn't it?







Here is the offer The Government has made that Small Business can't refuse.



If You’re going to start a business or expand the one you’ve got now. It doesn’t really matter what you do or what you’re going to do. The government is your partner no matter what business you’re in – as long as it’s legal (there are exceptions to this).  But the government won't give you any capital – you have to come up with that on your own. The Government won’t give you any labor – that’s definitely up to you.  What The government will do, however, is demand you follow all sorts of rules about what products and services you can offer, how much (and how often) you pay your employees, and where and when you’re allowed to operate your business.  That’s half of your profits. Now in return for The government rules, The government is going to take roughly half of whatever you make in the business each year. Half seems fair, doesn’t it?. Of course, that’s half of your profits.  You’re also going to have to pay The government about 12% of whatever you decide to pay your employees because you’ve got to cover The government expenses for promulgating all of the rules about who you can employ, when, where, and how.



The government is your partner. It’s only “fair”. Now, after you’ve put your hard‐earned savings at risk to start this business, and after you’ve worked hard at it for a few decades (paying me my 50% or a bit more along the way each year), you might decide you’d like to cash out – to finally live the good life. Whether or not this is “fair” – some people never can afford to retire – is a different argument.  As your partner, The government is happy for you to sell whenever you’d like…because the partnership agreement says, if you sell, you have to pay The government an additional 20% of whatever the capitalized value of the business is at that time.  Yes, you put up all the original capital. You took all the risks. You put in all of the labor. That’s all true but but, The government has done its part too.  The government has collected 50% of the profits each year. And The government has always come up with more rules for you to follow each year. Therefore, The government deserves another, final 20% slice of the business.



Oh…and one more thing… Even after you’ve sold the business and paid all of The government fees…You should probably buy lots of life insurance. You see, even after you’ve been retired for years, when you die, you’ll have to pay be 50% of whatever you estate is worth.  After all, The government has lots of partners and not all of them are as successful as you and your family. The government doesn't think its “fair” for your kids to have such a big advantage but, if you buy enough life insurance, you can finance this expense for your children.  All in all, if you’re a very successful entrepreneur…if you’re one of the rare, lucky, and hard‐working people who can create a new company, employ lots of people, and satisfy the public…you’ll end up paying The government more than 75% of your income over your life.



The government believes this is a reasonable and fair offer that all Small Business people should be happy with, but it doesn’t really matter how you feel about it because if you ever try to stiff The government – or cheat The government on any of The fees or rules‐ The government won't hesitate to break down your door in the middle of the night, threaten you and your family with heavy, automatic weapons, and throw you in jail.  That’s how civil society is supposed to work right? This is America, isn’t it? That’s the offer America gives its entrepreneurs.





Still wonder why multi-national companies have been moving jobs offshore?  Small business can't escape and is a convenient captive victim of government?



 What is the Government really doing for Jobs/Employment?



107 million privately employed Americans support 22 million government employees and the Federal Government pays twice as much for government jobs.











At what Cost? 



There are certain essential costs a society must bear; these costs are represented by approximately one-third of our GDP.  This number exceeds 50% when you consider state, regional and local spending.  At some point, expenditures become burdens. Beyond this point, each dollar of government spending has a greater than one dollar of negative affect on society.  The negative effects include allocating capital to the administrative public sector and removing the capital from the productive private sector, that pays for the public sector.  This is like burning your furniture to stay warm in the winter or bleeding someone with leeches if they have anemia.  These simple truths are not taught in Community Organizing School.



The bailouts, stimulus efforts (TARP, TALF, PBGC, HAMP, HAFA, FDIC and alphabet soup)  were nothing other than a cocktail of Nitroglycerine, Digitalis, Epinephrine, Crystal Meth and LSD injected directly into the heart of the economy and then for good measure, The Federal Reserve applied apx. 3.4 trillion volts of electricity (dollars).  Is it any surprise that the economic body bounced off of the table?  Is it now healthy?







One very large cause of our high long term unemployment is that we have too many people educated, trained and experienced in the credit/consumption, spend ourselves rich Frankeneconomy?  It is time we refer to ourselves as producers/savers/ants and not consumers/locusts and repudiate the paradigm that we spend, they save; we borrow, they lend; we consume, they produce; we think, they sweat.







By Mark B. Rasmussen

Mark is a real estate appraiser/broker by profession

Copyright © 2010 Mark B. Rasmussen



Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.



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