Oil Prices Down For Fear Of Recession, Rupert Murdoch Against The NY Times, GOP Takes On Earmarks, And Malaysia Goes After Christians

Lots going on today as "Black Tuesday" rolls onward. Markets around the world slid yesterday on fears of a U.S. recession. Our markets were closed due to the MLK holiday but opened to expected losses, until the Fed cut interest rates by three-quarters of a point and now the market is on the rise again. I'm not sure how well that is going to play out since I am not an economist, but do I seem to recall that slashing the rates like that devalues the dollar which in turn leads to higher prices for us abroad.

That means that foreign markets will be losing confidence in the U.S. economy and it is already showing.

Here are the market indices from Asia yesterday:



But we've also found out that the price of oil is going down. Many people will see that as a positive sign, but I think it is a portent of more troubles ahead.

From the Associated Press:

Oil futures dropped sharply Tuesday on mounting concerns that the U.S. economy may be heading toward a recession that would dampen demand for crude. While the Federal Reserve’s interest rate cut helped crude futures recover some of their earlier losses, many investors doubt the move will stave off a serious slowdown. “Whenever you see a rate cut of that magnitude between (Fed) meetings ... it conjures up images of desperation,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill. ... High energy prices also have been cited as a force pushing the economy toward recession. If oil prices continue to fall, as many analysts now expect, that could relieve some pressure on the economy. At the pump, gas prices have mostly fallen in recent weeks after rising sharply earlier in the month as oil set a new record above $100 a barrel. Overnight, the average national price of a gallon of gas held steady at $3.01 a gallon, according to AAA and the Oil Price Information Service. But prices have fallen 2.3 cents a gallon since Friday. Other energy futures also fell Tuesday. February heating oil futures dropped 4.74 cents to $2.46 a gallon on the Nymex, while February gasoline futures fell 4.59 cents to $2.2575 a gallon. February natural gas futures dropped 17.6 cents to $7.817 per 1,000 cubic feet. In London, Brent crude futures for March delivery fell 4 cents to $87.47 a barrel on the ICE Futures exchange.

Did you get all that? Although it looks like prices are trying to stabilize themselves in the free market, the truth is that this is a sign of decreased spending potential and decreased amounts of capital in the overall economy. That will lead to higher unemployment and then to a recession.

Get ready. It's coming. (But, I really do hope I am wrong.)

You can access the complete article on-line here:

Oil Prices Sink On Fears Of A Recession
Associated Press via MSNBC
January 22, 2008

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Ed Lasky at the American Thinker gives us some great scoop on Rupert Murdoch and his plan to unseat the New York Times as the nations' "newspaper of record." Given how poorly the Times has been managed over the last few years, it shouldn't be hard for Mr. Murdoch to accomplish.

From Mr. Lasky's column:

Legendary media baron Rupert Murdoch has just completed his purchase of the Wall Street Journal - a paper that also enjoys nationwide reach, but one that has heretofore focused on the world of business. Change is afoot. Murdoch is a man who makes no "small plans"; he makes "big plans". ... Murdoch's goal is to transform the Journal into a rival of the Times, and then surpass it, making the Journal the nation's preeminent general interest newspaper. Given Murdoch's history, zeal, resources and talents -- all qualities sadly lacking in the fourth generation of Sulzbergers, as symbolized by Pinch -- the Times will be toppled. The downfall of the Times was almost pre-ordained once family members placed Pinch Sulzberger in control of the paper. He had no real world experience to prepare him to lead the Times. He had two brief sinecures working for other companies (he was a reporter with the Raleigh Times and the London correspondent for the Associated Press) before joining the family paper. Once he was "promoted" to be both the publisher and Chairman of the Board (duties that many believe should be divided between two people for ethical as well as business reasons), he was uniquely positioned to do double the damage to the paper. And damage he has done. Indeed, his greatest "accomplishment" seems to be his ability to drive the paper and his extended family fortune into the ground. ... One can envision something of what the future will bring when the Wall Street Journal enjoys all the benefits that other parts of News Corporation will provide. As it is transformed into a paper geared toward all the American people, features that are developed at other Murdoch properties can be easily "parachuted" into the printed pages of the Journal. Entertainment news? No problem. News Corporation has wonderful connections via its Twentieth Century Fox operations. More religious coverage for an increasingly religious America? News Corporation recently purchased Belief.Net, a key website for people who want to better understand their faith (an acquisition that would be unlikely to pass muster at the religiously secular New York Times). More local news, more international news? Easy access with ownership of over 100 newspapers around the world and Fox radio and TV outlets throughout America. The News Corporation can be its own in-house Associated Press combining the people in place with the wherewithal to put even more of them in place) to report from outposts around the world.

In short, look for the Wall Street Journal to supplant the NYT in the years ahead.

Think it can't happen? Notice that the New York Post, also owned by Murdoch, already has a larger circulation in New York City than the Times has.

You can access the complete article on-line here:

Toppling The Times: Rupert Takes On Pinch
Ed Lasky
The American Thinker
January 21, 2008

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During the 2006 Congressional midterm campaigns, the Dems loudly proclaimed that they would put and end to Congressional earmarks. But alas, they've done no such thing. According the Jed Babbin at Human Events:

The process of earmarking -- despite conservatives’ efforts this year and Democratic leadership promises to the contrary -- was kept concealed from the public’s view last year. Congressmen such as John Murtha (D.-Pa.) -- the uncrowned king of earmarks -- have fought successfully against disclosure because they do not want any accountability for what most observers agree is the waste of billions of tax dollars. Now, a small group of Republican House conservatives is planning a move that could force reform on House Democrats and the Senate. These conservative members -- including Representatives Jeb Hensarling (Tex.), Mike Pence (Ind.) and Jeff Flake (Ariz.) -- are planning a major initiative against congressional earmarks on which they will try to get conference-wide agreement at the Republican retreat scheduled for Wednesday through Friday of this week at the Greenbrier Resort. According to a congressional source, the conservatives plan to ask the entire Republican House Conference to agree to a yearlong moratorium on earmarks.

Will this plan work? Jed goes on:

The impact of this moratorium could be significant. First, it would demonstrate the commitment of House Republicans to real reform of how the peoples’ money is spent. Second, if it is followed by the appointment of Flake to the Appropriations Committee, it would be, in the words of our source, “putting our fox in the henhouse.” The source also said that the House GOP meeting at which committee members will be chosen was, only last Thursday, postponed until after the retreat, which opens the window of opportunity wider for the conservatives’ move. If the conservatives succeed in obtaining agreement to the moratorium and then in getting Flake on the Appropriations Committee, the Democrats will be under enormous pressure. They will be Flake’s only targets.

Sounds good to me! Looks like someone on the GOP side of the ailse finally got some brains and a backbone to go with them. I, for one, will be very anxious to see how the Dems respond if the GOP can actually get this plan into place.

You can access the complete column on-line here:

House GOP Prepares One-Two Punch On Earmarks
Jed Babbin
Human Events Online
January 22, 2008

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And finally, we have more disturbing news coming out of an Islamic dominated nation. (Are you really surprised by this?) Malaysia is confiscating Christian Children's books because they violate Sharia Law. From the Washington Times:

Malaysian authorities confiscated Christian children's books, claiming the illustrations of prophets such as Moses and Abraham violate Islamic Shariah law. The independent news agency Malaysakini reported the Internal Security Ministry confiscated the literature from bookstores in two cities and one small town in mid-December. ... The Rev. Hermen Shastri, general secretary of the Malaysian Council of Churches, confirmed the report and accused the government of persecuting Christians. "The officials have offended the sensitivities of Christians because their publications and depictions of their Biblical personalities have now become targets of unscrupulous Muslim officials bent on curtailing religious freedom in the country," Mr. Shastri said. "Immediate steps should be taken to amend administrative rules and regulations, especially in the Internal Security Ministry, that give a free hand to enforcement officials to act on their whim and fancies," he said. Christians, Hindus and other religious groups in Malaysia say they are increasingly being targeted as the nation gradually cedes jurisdiction to Shariah courts.

Tolerance? Diversity? Religion of peace? Hello?

You can access the complete article on-line here:

Malaysia Seizes Christian Books
Elizabeth Eldridge
The Washington Times
January 22, 2008

A Different Look At Two GOP Candidates

So, how much do you know about the GOP field? I'm willing to bet that most people don't know very much more than what they've been told through Old Media soundbites on CNN or some other news outlet. When I workout at the gym, the gym TVs are always on CNN so I am stuck watching Wolf Blitzer while I'm churning away on the Cross-Country Ski machine. What I normally see is Wolf fawning over Democrats for any reason and criticizing the GOP for any reason.

Thus, it is a good idea to not listen to liberal newsreaders like Blitzer and actually get information from those who know what they are talking about.

I am going to present here two different columns about two GOP Candidates that actually look at the qualities of each rather than automatically assume the worst just because they are Republicans (ala CNN style). The first is about Fred Thompson.

(Disclaimer: My first choice candidate was Tom Tancredo. My second choice is Fred Thompson and my third choice is Mitt Romney.)

Jed Babbin, writing for Human Events Online has this to say about Fred Thompson:

Among the serious contenders in South Carolina is Fred Thompson. Is he the unifying force around which conservatives can rally? His record is based more on personal choices than on alliances with liberals. Thompson’s ability to unify Republicans stems from two things. First, his gut-level conservatism. Which leads to the second, trust. When asked a question, Thompson reacts comfortably without pausing to ponder which focus group will react in which way. He seems comfortable in his own skin. His avuncular style is a bit too folksy at times, but his answers are consistent and – in a way voters will see – principled. Which means people will trust Thompson. This year the American electorate is more angry and disgruntled than I have seen it in more than four decades of study. Neither the President nor Congress – having failed to win the war, secure our borders or control reckless government spending – have the voters’ trust. The biggest issue this year may not be the war, or taxes, or the economy. Trust could overwhelm them all. And people trust Fred Thompson. Fred Thompson is running an insurgent campaign in South Carolina. Having taken a pass in New Hampshire and Michigan, Thompson is operating without the media propulsion that benefit McCain, Romney and Huckabee. But South Carolina is historically friendly to insurgents: the most famous and successful American insurgent of all – General Francis Marion, the Swamp Fox – was a South Carolinian.

Yes, Fred does have all of those qualities and more. In fact, I've read more on-line endorsements for Fred Thompson than any other GOP candidate.

You can access Jed's complete column on-line here:

Thompson Can Unify Republicans
Jed Babbin
Human Events Online
January 18, 2008

And Ann Coulter used her latest column to talk up Mitt Romney. Here is what she wrote:

One clue that Romney is our strongest candidate is the fact that Democrats keep viciously attacking him while expressing their deep respect for Mike Huckabee and John McCain. ... Turn on any cable news show right now, and you will see Democratic pundits attacking Romney, calling him a "flip-flopper," and heaping praise on McCain and Huckleberry -- almost as if they were reading some sort of "talking points."

See my comments above.

Ann continues:

At worst, Romney will turn out to be a moderate Republican -- a high-IQ, articulate, moral, wildly successful, moderate Republican. Of the top five Republican candidates for president, Romney is the only one who hasn't dumped his first wife (as well as the second, in the case of Giuliani) -- except Huckabee. And unlike Huckabee, Romney doesn't have a son who hanged a dog at summer camp. So there won't be any intern issues and there won't be any Billy Carter issues. It's also possible that Romney will turn out to be a conservative Republican -- at least more conservative than he was as governor of Massachusetts. Whatever problems Romney's Mormonism gives voters, remember: Bill Clinton came in third in heavily Mormon Utah in 1992.

So, since Tom Tancredo is out, I am pushing for Fred Thompson. And if Fred fails to get in, it's going to be Mitt Romney.

You can access Ann's column on-line here:

The Elephant In The Room
Ann Coulter
TownHall.com
January 16, 2008

CNN's Dishonesty During GOP YouTube Debate

Okay. I saw about fifteen minutes of the GOP YouTube debate last night on Headline News. Fortunately, the programming switched over to Nancy Grace shortly thereafter but it would not have mattered. I was getting ready to turn it off anyway. Not because of what the candidates were saying, but because of how CNN was treating the candidates in general and how biased CNN was in it's coverage.

I happened to catch the part about gays in the military and was stunned by what I saw. The one guy that was responding admitted that he was a U.S. Army retiree and was gay. I thought, "How convenient is that?" Pretty convenient as it turns out.

CNN also had a live panel of "Registered Republicans" that were participating in a tracking poll during the debate. The CNN newsreader covering the panel just happened to pick one woman "at random" and asked who she would vote for. The woman responded, "John Edwards." At that point, the gay guy became too convenient and it was clear that this woman on the panel was also planted there by CNN.

There is no way a true Republican would choose a liberal like John Edwards over the entire field of GOP candidates. Further, if John Edwards were to their taste, the field of Dem candidates would certainly be more palatable than any in the GOP field. The woman was definitely a plant.

But about that gay guy.

Check this out from NewsBusters:

Like Rudy and Romney going after each other over immigration last night at the GOP debate, MSNBC was taking some jabs at rival CNN this morning on the issue of the gay questioner who turned out to be a member of Hillary Clinton's campaign. "Morning Joe" host Joe Scarborough scoffed at the notion that no one at CNN was aware of retired Brigadier General Keith Kerr's involvement with the Clinton campaign. JOE SCARBOROUGH: This is twice now in a couple of weeks that CNN has been ensnarled in a Clinton controversy. Before with James Carville sitting there giving his opinions despite the fact that he's contributed to Hillary Clinton, obviously worked for Bill Clinton, he sent out letters saying we really need to fight hard for Hillary Clinton. They didn't even mention it. And again, the damndest thing. And last night, not only do they have this guy delivering a YouTube video, they also had him there sitting in the audience, they had a shot with him [more than a shot. Anderson Cooper asked whether he was satisifed with the answers he had received and grilled Romney over his answer. Kerr himself made an extended comment from the floor]. It's Bill Bennett [who was a CNN post-debate panelist], it is up to Bill Bennett to explain to CNN, and don't tell me that CNN didn't know, that some people at CNN did not know, that he was part of the Clinton campaign. Don't lie to me. Maybe Anderson Cooper didn't know, but somebody at CNN that put this guy in the video knew that.

Somehow, I knew my suspiscions from last night were correct. It was too convenient.

CNN needs to acquire some integrity and admit that they are in reality pro-Dem and anti-Republican. At least then, they won't look like such complete idiots when they pull a ridiculous, irresponsible stunt like this.

You can access the NewsBusters article on-line here:

Scarborough: 'Total Crap' CNN Didn't Know Gay Questioner Is Hillary Campaigner
Mark Finkelstein
NewsBusters.org
November 29, 2007

The Washington Times has this:

Clinton Plant Infiltrates CNN Debate
The Washington Times
November 28, 2007

It is yet another reason why fewer rationally thinking people trust Old Media anymore.

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And Michelle Malkin has more about the plants at the debate:

Concerned Undecided Gay Military Retiree Brig. Gen. Keith H. Kerr = Hillary/Kerry supporter and anti-”Don’t Ask, Don’t Tell” activist Keith H. Kerr Concerned Undecided Mom LeeAnn Anderson = Activist for the John Edwards-endorsing United Steelworkers union LeeAnn Anderson Concerned Undecided Log Cabin Republican supporter David Cercone = Obama supporter David Cercone Concerned Young Undecided Person “Journey” = John Edwards supporter “Journey”

How many others could there be? Maybe CNN would like to come forward and admit to engineering this whole farce, that is if they learned anything at all from Dan Ra^ther's fakery.

You can access Michelle's complete article (with photographic evidence) on-line here:

Digging Out More CNN/YouTube Plants
Michelle Malkin
MichelleMalkin.com
November 29, 2007

Be sure to check back at Michelle's site for updates. I'm sure more plants will come to light.