Archive for January, 2008

Don’t you hope the Wall Street Journal will accept the challenge?

Tuesday, January 29th, 2008
DAR asked:


http://news.yahoo.com/s/realclearpolitics/20070531/cm_rcp/nr_challenges_wsj_1

“The long-simmering internecine feud on the Right over immigration has taken an interesting turn. The editors of National Review, who embody the “enforcement-first” wing of the Right, have challenged the editors of the Wall Street Journal editorial page, who champion the “comprehensive” view, to a debate. …

The pot boiled over finally when the Journal editorial board, which has begun taping its editorial board meetings, went on an NR-bashing session last week. It is a bit beneath the reputation of the Journal editorial board to have done this, but that it did so perhaps explains something of the disconnect on the Right over immigration.

Today, the editors of NR responded:
We hereby challenge the Journal’s editors to debate the immigration bill in a neutral venue with a moderator of their choosing — two or three of us versus any two or three of them. We propose to do it in Washington next week so it will have the maximum impact on the Senate’s consideration of the most sweeping immigration reform in decades (time and place to be worked out in a mutually satisfactory fashion).

It shouldn’t be a problem for the Journal’s editors to take up this challenge, since opponents of the bill aren’t “rational” on the question, have no arguments, and are “foaming at the mouth,” as they explained in a videotaped session of one of their editorial meetings last week.

Here’s hoping the Journal’s editors accept the challenge, not only for the spectator value involved, but also — and more importantly — because this is a debate worth having, certainly from the top conservative editors in the country. ”

But the spectator value would be a joy too, don’t you think?
Curt, funny you should mention it. Last I heard they were nationalizing everything in sight.

Kenneth

Watergate and the Future: News for 2009

Thursday, January 24th, 2008
Russ Baker asked:


One of the fastest ways to raise eyebrows in politically savvy company is to suggest that Richard Nixon was not the villain of Watergate. Everyone knows that Nixon himself set loose the Watergate burglars and then oversaw the attempted cover-up that followed. We know this because the most famous journalists of the last fifty years — Bob Woodward and Carl Bernstein — made their careers on that story. I thought I knew it too.

Then I began the research that led to my new book, Family of Secrets: The Bush Dynasty, The Powerful Forces That Put it in the White House, and What Their Influence Means for America. I had no intention, when I started, of re-opening the Watergate inquiries. But the trail led there, as I sought to answer a question that somehow has escaped careful attention. Why did Richard Nixon repeatedly promote George H.W. Bush (Bush Sr., or Poppy, as he is known) for important political posts despite both his apparent lack of qualifications and Nixon’s own privately-expressed doubts about Bush’s mettle? Why, even when Nixon became so wary of so many of his appointees that he fired cabinet members en masse, did he continue to be solicitous of Bush Sr.?

Nixon named the obscure Poppy to be UN ambassador in 1970 and then chairman of the national Republican Party in 1972. Even earlier, in 1968, Nixon actually put Bush Sr. on his list of vice presidential running mate prospects — this not long after Poppy was first elected to the House of Representatives. Similarly, Nixon’s replacement, Gerald Ford, sent Poppy off as envoy to China and later made him CIA director, though by most accounts he was an odd choice for both of these sensitive jobs.

In short, in the Nixon era, Poppy Bush was the man who always seemed to be around, yet also managed to stay out of the main story. Digging way back, I came upon evidence that Nixon felt beholden to the Bush family and to the interests it represented. The reason: Bush Sr.’s father, Senator Prescott Bush, grandfather of George W. Bush, apparently helped launch Nixon’s political career in 1946 as a way of destroying his first opponent, liberal congressman Jerry Voorhis, an outspoken critic of the excesses of bankers and financiers. Given the current Wall Street disasters, and the role of Prescott’s grandson in enabling them, this revelation has obvious contemporary relevance.

Once I understood this special Nixon-Bush relationship, which is basically missing from all major Nixon biographies, I began to ask what exactly Poppy had been doing during the Watergate years. This led to the discovery that the Watergate break-in was almost certainly just one of a series of illegal acts that were engineered by people around Nixon, but not by Nixon himself. Far from defending Nixon’s interests, these people had been privately frustrated with him on a variety of fronts and were now looking to take him down.

Simply put, once Nixon attained the presidency, he struggled for his independence, and began doing things that displeased his former sponsors.

I explored in particular a little-known matter called the Townhouse Affair. It turns out to be an important precursor to Watergate. Townhouse and Watergate both had earmarks of involvement by CIA figures.

And I looked at something that has barely emerged in public, but which was discussed by Nixon and his advisers: his ongoing struggle with the CIA. Combined with other evidence I developed of Poppy Bush’s longstanding involvement with the CIA (back to the 1950s), it becomes apparent that there was more to Watergate than Richard Nixon’s paranoia. There is not space here for all the particulars I lay out in Family of Secrets. But a few highlights:



Townhouse appears in retrospect to be an elaborate effort to frame Nixon for financial wrongdoing, by orchestrating a ridiculously shady-looking fundraising operation (and purported political blackmail scheme) headquartered in a basement office in a D.C. townhouse. The people who conjured up and ran Townhouse were tied to Poppy Bush.





Wealthy independent oilmen who backed Bush felt anger and distrust toward Nixon, who proved to be less than entirely reliable on their key issues, such as a tax giveaway called the Oil Depletion Allowance.





Many figures in Nixon’s White House had CIA ties, and appear to have been keeping an eye on him, even as they worked for him. (The role of the security services raises suggestive questions as a new president prepares to take office — namely, how free is any president to pursue the agenda he promised the voters? The ghosts of the Bushes and what they represent will hang over a new President Obama in ways we have never imagined.)





Poppy Bush had extensive secret ties to the intelligence apparatus before he became CIA director in 1976. This connection has not previously been reported, and it provides an answer to a question that puzzled observers at the time — namely, what had Poppy Bush ever done to prepare him to lead the nation’s premier spy agency?





After being named Republican national chairman, Poppy Bush used that position to monitor and help shape the unfolding Watergate affair.





John Dean was much more than a whistleblower. It appears that he was aware of or even a key figure in the White House covert activities that brought Nixon down, yet encouraged Nixon to take the blame for them.





There is evidence suggesting a connection between Poppy Bush and Dean. Records show that Bush actually called the then-obscure Dean from his UN office in New York during the earliest days of these events. Why would the UN ambassador be speaking to a White House counsel?





The rookie reporter Bob Woodward began working at the Washington Post, and on Watergate in particular, with job recommendations from high officials in the White House who knew him from his days in Naval intelligence work.





A handful of famous Watergate tape excerpts were misconstrued — or in some cases, misleadingly edited — by some in academic, media, legislative and judicial arenas to convey a false impression of what Richard Nixon actually knew — and of how culpable he was.





Watergate special prosecutor Leon Jaworski, a key figure in the ousting of Nixon, was a close Texas friend of Poppy Bush — and steered clear of evidence that pointed to Poppy’s involvement.





Even the notion of “Deep Throat,” purportedly Woodward’s main source (identified as the recently-deceased FBI man W. Mark Felt), may have been part of a CIA-style “psyops” scheme to create the impression of Nixon’s culpability. Some key figures claim that there was in fact no “Deep Throat” at all.





Nixon suspected the CIA of surrounding him and then setting him up. From his own days supervising covert operations as vice president, he recognized that the Watergate burglars and their bosses were seasoned CIA hardliners with ties to the Bay of Pigs invasion and events linked to the assassination of John F. Kennedy. Nixon battled the CIA for files on what he called the “Bay of Pigs thing,” but never could get access to them.



In sum, I found that the very people who created Nixon and used him to advance their own political interests ended up destroying him. Nixon’s famous paranoia, in other words, had a basis in reality.

All of this, and much more, arose directly from my research, which is carefully documented in Family of Secrets and in more than 1000 source notes.

©2008 Russ Baker

Author Bio

Russ Baker is the author of Family of Secrets: The Bush Dynasty, The Powerful Forces That Put it in the White House, and What Their Influence Means for America (Published by Bloomsbury Press; 978-1596915572). For more information on his book and the research behind it, please visit www.familyofsecrets.com. As an award-winning investigative reporter, Baker has a track record for making sense of complex and little understood matters. He has written for the New Yorker, Vanity Fair, the Nation, the New York Times, the Washington Post, the Village Voice and Esquire. He has also served as a contributing editor to the Columbia Journalism Review. Baker received a 2005 Deadline Club award for his exclusive reporting on George W. Bush’s military record. He is the founder of WhoWhatWhy/the Real News Project, a nonpartisan, nonprofit investigative news organization, operating at whowhatwhy.com.

Sue

Wall Street Conventional Wisdom and Stock Market Corrections

Wednesday, January 23rd, 2008
Steve Selengut asked:


During every correction, I encourage investors to avoid the destructive inertia that results from trying to determine: how low can we go; how long will this last? Investors who add to their portfolios during downturns invariably experience higher Market Values during the next advance. For just as surely as there is a Santa Claus for every five year old, there is another “value stock” rally for every fingernail biting fifty-five year old. Value Stocks have entered the sixth month of a broad downturn, and nearly 50% of all Investment Grade companies are now down more than 15% from their highs. Seventy percent of those are down more than 20%. Working Capital Model users should be running out of cash about now, while they add more issues to their portfolios, and more shares to existing holdings. Investors know that good companies rarely close their doors, or even cut their dividends.

Corrections are as much a part of the normal Market Cycle as rallies, and they can be brought about by either bad news or good news. (Yes, that’s what I meant to say.) Investors always over-analyze when prices become weak and lose their common sense when prices are high, thus perpetuating the “buy high, sell low” Wall Street lunacy. Waiting for the perfect moment to jump into a falling market is as foolish a strategy as taking losses on investment grade companies and holding cash. Corrections in both Equity and Income securities produce the same kind of hysteria as a spring sale at Macy’s… but in reverse. The fundamental quality of value securities does not change simply because their prices fall in response to market conditions. When all value stocks are moving lower, it’s an opportunity, not a problem. When all [insert: bank, insurance, agriculture, oil, entertainment, travel, transportation, advertising] are lower, it’s an opportunity, not a problem.

During every correction, I’m amazed at the shocked reaction of the Media, the confused explanations emanating from the Market Gurus, and the incredibly poor advice streaming forth from the Oracles of Wall Street… every last one of them. It’s no wonder that the average investor is in a state of panic! If they could buy a new car, a new business suit, or a new house for half price, they would be ecstatic! Why does a lower price for a share of a high quality stock make them go bonkers? The Conventional Wisdom from Wall Street makes it so; the Conventional Wisdom from CPA land reinforces it; the Conventional Wisdom from financial advisors preys upon it. Experienced Investor Wisdom is boldly different. For example: (1) Corrections are always buying opportunities, the broader the correction, the better. Wall Street thrives on the fear and suffering. (2) Rallies are always selling opportunities. Wall Street would rather stroke your greed button with visions of upward only prices. Your accountant doesn’t want you to take profits, and has you convinced that losses are really better than gains. (3) Higher Interest rates are good for investors… so are lower interest rates. Wall Street doesn’t really care. They push short-term vehicles to address investors’ fear of price fluctuation, and shun simplex income producing strategies while they promote complex derivatives that always unwind badly. (4) The calendar year is of no particular investment relevance. (5) Investment performance analysis should be an objective based program monitor instead of 365-day horse race with irrelevant Market indicators. Wall Street used to agree with (4) and (5). Since then they have learned that they make more money from unhappy investors.

Repetition is good for your CPU, so forgive me for reinforcing what I’ve said in the face of every correction since 1979… if you don’t love corrections, you really don’t understand the financial markets. Don’t be insulted, very few financial professionals want you to see it this way and, in fact, Institutional Wall Street loves it when individual investors panic in the face of uncertainty. But uncertainty is the regulation playing field for investors, and hindsight isn’t welcome in the stadium. Rarely do corrections kill good companies, no matter how bad the news, how big the scandal, or how troubled the economic outlook. If you’ve been investing in quality companies and have a secure cash flow within your portfolios, you will weather any storm. Loss taking is never smart, savvy, or necessary… even if it cuts the tax bill. Buy more of lower priced good companies while maintaining smart diversification according to the Working Capital Model. Add to lower priced income securities to reduce the cost per share. Make your retirement plan contributions yesterday!

There is an Investment Mindset Solution for the problems that most people have dealing with corrections, recessions, inflation and the Red Sox. Bad news creates opportunities; so does good news. I’ve never understood why yard-sale prices in the stock market are so scary. And recession? Most people don’t realize that a recession is just two consecutive quarters of lower GDP. Not a big deal until it happens, and then, really good things get done to fix it! In recent years, Wall Street and the media have turned the process of investing into a competitive event. What was once a long-term, goal-directed activity has become a series of monthly and quarterly sprints. The direction of the market isn’t nearly as important as the actions we take in anticipation of the next change in direction. Performance evaluation needs to be “rethunk” in terms of cycles!

The problems, and the solutions, boil down to focus, understanding, and retraining. You need to focus on the purposes of the securities in the portfolio. You need to understand and accept the normal behavior of your securities in the face of different environmental conditions. You need to overcome your obsession with calendar period Market Value analysis, and embrace a more manageable asset allocation approach that centers on your portfolio’s Working Capital. You need to stop looking at your account on line so frequently and go to the movies. You need to elect new people who know how to connect the economic dots and who will restructure the tax code to eliminate all taxation of investment earnings. Corrections fuel rallies, it’s just a matter of time. But for now, relax and enjoy this correction. It’s your invitation to the fun and games of the next rally, when you will see that correction is spelled o-p-p-o-r-t-u-n-i-t-y after all.

Note: The 2nd Edition of “Brainwashing” is here!



Michelle

Old Journalism’s Demise: Good News for Us!

Saturday, January 19th, 2008
Richard Laermer asked:


I am writing to you from 35,000 feet where American and something badly branded as Go Go In Flight has given me access to the Internet. I mean, welcome to the 2000s right?

Today the NYT announced another 500 cut. Last month the SacBee hit some 75 percent of their folks. And a huge layoff happened just now at the St Petersburg daily. What does it mean?

Everyone I know wonders whether these papers (and a whole host of magazines) firing just about anyone who’s not a star will affect our little PR industry. They’re asking:

1. Will their cuts be followed by mega-ones on our side?

2. Does this mean talented reporters will take the good jobs in PR?

3. Finally: Who will we be pitching?

Print outlets have been dying, okay let’s call it changing, for a while. Unlike most of us, owners have not been paying attention to a wide world of newish (free for everyone) media. While most recognized that Web properties are two-way streets, venerable newspapers and ages-old magazines kept thinking they ruled our worlds.

I laughed (out loud) earlier this year when writing to compliment Tom Friedman. In the absence of a comment board area, I clicked on his email “link,” sent my message and received this:



Your message has been received and will be forwarded to the reporter…Please note that messages are delivered once per day, at 8 a.m. (EST). Because of the high volume of responses we get from readers, not all communications can be responded to personally. But be assured that we want to hear your thoughts



Let’s call it what it is: “We will do what we’ve been doing for years and hope everyone will fail to notice there are FREE ways to get our online subscription efforts.”

All of us in PR can learn from old media self-importance. As a guy who wrote for dozens of newspapers in the 1980s, I can report (get it?) that the attitude from then remains: Editors were always telling me that they knew better. “People will read what we say because our reporting is what everyone wants-period.”

Now, in these recessionary days, here is the news. In the recent past, thousands of journalists have become unemployed:

 Seventy people cut from the News-Observer in Raleigh. A while back over 100 gone from The New York Times including almost all the second-string critics and long-lost colleague Barnaby Feder, a science guy who has been there since, well, anyone was a reporter. The Los Angles Times, Orlando Sun-Sentinel, Newsday, Baltimore Sun hemorrhaging crucial staffers. The Dallas Morning News cutting 500 jobs in the next month. The Star-Ledger says if there are no takers of cuts, the parent will sell! Fortune Small Business drops its entire staff, The Wall Street Journal cuts a variety and Fortune kills off dozens. The Record in NJ closes down its (?) headquarters and makes everyone work at home. An Atlanta Journal-Constitution staffer tells us that they’re having daily meetings now…and that if we have any stories pending, to hurry up and get them written.

 

Anyone working with any technology these days (even scissors) saw this coming. For me, it started two years ago, when The New York Times was still haughtily running a weekly “Circuits” section, even as every story had a tech angle. Like all news junkies, when I find a Fortune magazine, I read it. I think: “Why is every story about Apple or Google or Microsoft?” If I did not know better, I’d think “Payola!” It’s like a business of celebrities-it appears only the companies with the best ratings are granted real estate!

On the other end of the spectrum, blogs, podcasts, push/pull e-newsletters and every kind of live streaming service cover what is fascinating to its “participants,” and that’s much more beguiling than hearing the same found-everywhere repeats. Oh, and far more interesting in PR tactic-dom too.

Most of the stories in PaidContent, TechCrunch, News.com, Mashable and even hip oldsters like CSMonitor.com are so viral we can’t live without them. And as we have learned, what’s shared or passed-along brings in hard-pressed ad dollars.

The take away for PR is clear: You need to look for every other place but the print media to pitch, because ink-stained pages are only picked up if you step on them after they are dropped in public places.

PR practitioners have to go for newfangled online sources. If you’re (still?!?) spending all day pitching old media, you are soon going to be stuck with very little to do.

If your boss or client wants to “be in the paper” and doesn’t count anything that doesn’t kill trees as real media, now you just have to buy a better printer. Soon, he or she isn’t going to be able to count much except what’s online.

The metrics are changing faster than I can type this. The old fogeys who can’t figure why a blog post is better than a few words in the Atlanta Journal-Constitution are going to have the point proven expediently. Stop them in their tracks by showing them Technorati rankings and compare them to the 200,000 readers of the Atlanta Journal Constitution (and for a kicker, show them the paper’sonline rankings, which are probably lower than most uber-popular blogs).

Those of us who “PR” for a living have the numbers at our fingertips. We had a client (the CEO of an online company) last year who got mad because a guy from WSJ.comwanted to interview him. He yelled: “It has to be in the paper!” We pointed out that ten times more people would see it online. The guy ultimately became a former client.

Let’s all learn from print’s fall from grace. All they needed was to make the content exciting and get the reader “involved,” and really participate. But no, it appears that was not in the paper cards.

In PR, we’ve always known that communication works both ways. Give and receive. Speak and listen. And that trying to make folks pay for what they can uncover for free is, well, just bad business.

Every day, smart PR folks uncover another online bigmouth to get our messages out there and wave buh-bye to what once ruled.

Hail to the cheap.



Vanessa

When will the economy make progress and start to recover?

Thursday, January 17th, 2008
The REAL Superman! asked:


It doesn’t seem to matter what is going on, things are just falling apart. Even if there is good news wall street will take a dive…I really hope for the best and hope we can all work together to improve things.

Reginald

While you or these are laid off, and Wall Street bankers take bonuses from bailouts, are you still a?

Monday, January 14th, 2008
Pluto C. Rat asked:


…rich class Republican Party sycophant?

http://news.yahoo.com/s/ap/20090207/ap_on_bi_ge/unemployed_couples
Wrong. You’re poor as born into oppression, and not extended education or opportunity.

There are no poor sections of town in Japan. Proof.
http://www.tysknews.com/images/obama_photos/obama_slum.jpg

http://www.affordablehousinginstitute.org/blogs/us/Slum_South_Bronx_3_small.jpg

http://www.danhagerman.com/images/Bronx%20Ghetto.jpg

http://www.lockhartsteele.com/images/surface/viewne.jpg

http://blog.lib.umn.edu/zerot001/architecture/ghetto.jpg

http://www.strath.ac.uk/Departments/CBE/Chicago%20visit/Photographs%20from%20Chicago/Cabrini%20Green%20Social%20Housing/Small%20Size/Cabrini%20Green%20social%20housing%20in%20Chicago%20(3).jpg

http://laughingsquid.com/wp-content/uploads/detroit-packard-plant-20080815-171843.jpg

Wendy

Can a group of central banks save wall street?

Wednesday, January 9th, 2008
Dictshiro asked:


No more big bankruptcy?
AIG, WAMU’s customers should be relieved?

Central Banks in U.S., Europe, Japan, Canada Pump Cash Into Credit Markets
http://bloomberg.com/apps/news?pid=20601087&sid=aFtYei.gesn0&refer=home

Steve

Investing News Good or Bad

Monday, January 7th, 2008
Chad Surges asked:


As I become more and more involved with the world of investing, I have noticed one thing that causes me to get a little annoyed. That one thing is how financial news is reported. In a world that has everyone connected and up-to-date with so much information; I have begun to wonder how much that impacts the stock market.

In my opinion, too much news has played upon the fears of many investors. This has turned an already risky game into an extremely volatile game. This is because to many investors simply react out of emotion instead of finding the facts out for themselves. I also think some of the professional investors on Wall Street play on the emotions of the small investors.

So I do pose the question as to whether the markets may become too volatile in the future as people are connected 24 hours a day through so many new technologies. Will this constant access to information make it better or worse for the average investor? In the old days before the internet and 24 hour news channels; I would think less irrational selling of stocks based on news and information would have occurred. Today anyone who invests in stocks online is slammed with news good and bad. Some may say that all this information is a good thing, and investors need to do their own research before putting money in or taking money out of the stock market. I do agree that every investor is responsible for their own actions. However, I think there is increasing number of new investors who will fall victim to their emotions based on too much information.

I realize financial news stories and the technologies that distribute them can not be stopped. However, I do feel that media outlets need to put greater care into what they publish. Comments that may make a stock price go up or down quickly that are not based on realities, or may be over-exaggerated could be playing on the emotions of many investors.



Antonio

The Newest Hot Spot in Europe, Dubrovnik!

Sunday, January 6th, 2008
Travel Writer, Dunhill Vacation News asked:


Dubrovnik, also known as “the Pearl of the Adriatic” is a city on the Adriatic Sea coast in the extreme south of Croatia.  The name originates from the Proto-Slavic term for an oak forest, which was abundantly present in the hills north of the walled city of Dubrovnik by the end of he 11th century. 

The history that surrounds this city goes back to the 7th century, where on a rocky island named Laus, Dubrovnik was discovered.  Between the 14th century and 1808, Dubrovnik ruled itself as a free state.  The Republic had its peak in the 15th and 16th centuries, when its thalassocracy (Ancient Greek term meaning ‘rule of the sea’) rivaled that of the Republic of Venice and other Italian maritime republics.  As early as 1272, the Republic of Dubrovnik received its own Statues which among other things codified Roman practice and local customs.

Today, visitors and Croats alike enjoy fabulous museums, festivals, restaurants and a whole tourist explosion that has become one of the prominent destinations on the Adriatic.  Admittedly, I was a tad bit skeptical about visiting Croatia; after all when one decides to travel cross the big pond, Croatia is not what comes to mind for many Americans. But it should be!

I was determined to see everything and armed with my tour map, I ventured to do just that.  My first stop was the Lovrjenac Fort.  The people of Dubrovnik built this fort in order protect the western sea to the City, particularly from the Venetian fleet.  Construction was begun in 1080 and it wasn’t until the 16th century when it was completed.  In Latin, above the entrance the inscription “NON BENE PRO TOTO LIBERTAS VENDITUR AURO” – Freedom is not sold for all the gold in the world.   St. Lawrence, a chapel, is housed here – it has become a magical venue for theatrical performances.  A large number of plays have been performed here during the Dubrovnik Summer Festival – which runs from July 10 – August 25.

Before entering the city, stroll the 15th century seaward promenade Brsaljie – the first one constructed outside the city.  The Brsaljie terrace offers a magnificent view over a portion of the city walls and the Lovrjenac Fort at the foot of which lies a picturesque suburb with a little harbor.  You enter through double city gates, into a whole new world.   A good rule of them is to get here early.  Like any other tourist attraction, the City does get packed with tourists. 

By this time, hunger pains started controlling my every thought and I was interested in dinning on some authentic Croatian cuisine.  Within the city walls I came across a family owned restaurant named Lokrum.  I decided to dine outside and admire the beautiful city and do a little bit of people watching.  I couldn’t make up my mind on what to indulge in, so I choose the mixed grill platter, promising myself that I will order seafood for dinner.  The mixed grill platter consisted of beef, pork and sausage which was exquisite and went very well with a bottle of Karlovacko; a favorite local beer.  The food was matched only by the owner and her son, both of which spent a moment welcoming me to their beautiful city.  The prices for the meals range from $11 - $20; about average for this local theme restaurant. 

 

After bidding my new friends good-bye I strolled around the main street Placa or Stradum.  The harmony of the Old City of Dubrovnik is reflected here.  The uniform Baroque architecture of the houses line up to greet you down the approximately 300 meters that made up this street.  Their “knee like” entrances got its present day form in the restoration of the City that took place after the disastrous earthquake of 1667.  The limestone pavement, worn by use, shines like glass after rainfall.   The shops here are a little out of the ordinary, in Western standards; the “na koljeno” type consists of a door and a window in one frame spanned by a semi-circular arch.  Although some of these stores do have the tourist laden tacky t-shirts and coffee mug places, there are some very nice shops as well selling different fashions and hand crafts.

One of the best known convents at the time, Covenant of St. Claire is located here.  Once serving as a shelter for abandoned children back in the 13th century although it no longer serves that purpose, is still just as breathtaking. 

Everything from the food, to the history and architecture, to all the museums that align this city romance me.  The people here are warm and friendly and welcome you as one of their own; I felt like part of the family at the family-owned restaurants, if only for a little while.  The hospitality made me realize what the rest of Europe has known for quite a while; that Dubrovnik, Croatia is a hot spot in vacations. 

The moment that I checked into the Hotel Petka; in the western part of Dubrovnik in port Gruz, I was at home.  My 4 days here were made complete with the free breakfast that awaited me every morning.  The transfer to and from the airport, which is only a 22km trip, was also included in the $99per person price tag plus I got discounted airfare here.

Being dependant on the sea for everything makes this place a one of a kind stop.  Hearing people talk about the many tales of life makes you realize that we are not all that different from one another, just some of us know how to tell the story better.



Mitchell

January Wall Street Crash

Saturday, January 5th, 2008
Ernie Fitzpatrick asked:


It’s official, trading for the month of January is now officially over and the news is wrose than expected. Stocks wrapped up their worst January on record with a final plunge on Friday.The Dow Jones Industrial Average finished January down 8.84% on the month. Perviously, the worst January for the Dow had been that of 1916, when it fell 8.64%. That’s 1916! 

Friday, the Dow dropped 148.15 points to 8000.86 after briefly dipping below the 8000 mark. The Dow has fallen five straight months and in 12 of the last 15.

We have anew president but that’s not changing the mess we’re in any time soon. In fact, it’s going to get much worse before it gets better. Obama says his plan would ensure corporate chief executives do not siphon away tax dollars to fund big bonuses, expressing outrage again at reports of big pay-outs in 2008 despite massive job cuts, financial losses and government bailouts. “We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008,” the president said.

The president said he would insist on “unprecedented transparency, rigorous oversight, and clear accountability” for funds that went toward stabilizing the financial system. “While I’m committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed.”

The S&P 500-stock index lost 2.28% Friday to end at 825.88, for cumulative losses in January of 8.57%. Until Friday, its worst January from 1929 onward occurred in 1970, when it lost 7.65%. Both stock-market indexes are off by more than 40% from their 2007 highs. Traders cited fears that plans wouldn’t go forward for a so-called bad bank to soak up toxic assets from financial institutions, and bleak economic news, in particular Friday’s report of a 3.8% contraction in fourth quarter GDP.

A slew of layoff announcements, skepticism of the Obama stimulus plan, and a series of bleak earnings reports all crunched U.S. stock markets over the course of the week. Those developments left investors who exited stocks last year with little desire to put their money to work in the markets, limiting any stock rallies. “I don’t think anyone is willing to put money to work until we get clarity out of the new government,” said Matthew Cheslock, managing director at Cohen Capital Group LLC.

Investors have grown wary of efforts to right the ship. The Obama stimulus plan has received a lukewarm reception among market participants and buzz about the possible creation of a “bad bank” to soak up toxic assets has waxed and waned, perplexing investors. After a three-day jump to start the week, the bottom dropped out for stocks on Thursday and Friday.

The  bottom line is that we’re not in control and we’re finally coming to that realization.



Norman