Furious archbishop warns ruling ANC to ‘watch out’ after Tibetan spiritual leader is denied visa to attend birthday party Archbishop Desmond Tutu, visibly shaking with anger, compared the South African government unfavourably with the apartheid regime and threatened to pray for the downfall of the African National Congress (ANC) yesterday after the Dalai Lama said he was forced to pull out of Tutu’s 80th birthday celebrations because he had not been granted an entry visa. “Our government is worse than the apartheid government because at least you would expect it with the apartheid government,” Tutu told a press conference in Cape Town. “Our government we expect to be sensitive to the sentiments of our constitution.” In a tirade that stunned South African journalists, he went on: “Let the ANC know they have a large majority. Well, Mubarak had a large majority, Gaddafi had a large majority. I am warning you: watch out. Watch out. “Our government – representing me! – says it will not support Tibetans being viciously oppressed by China. You, president Zuma and your government, do not represent me. I am warning you, as I warned the [pro-apartheid] nationalists, one day we will pray for the defeat of the ANC government.” Tutu had invited his fellow Nobel peace laureate to deliver a lecture to mark his milestone birthday in Cape Town on Friday. Officials from the archbishop emeritus’s office started the visa application processin June but met a series of bureaucratic delays . On Tuesday the Dalai Lama’s office finally gave up on the application for the 76-year-old. “His holiness was to depart for South Africa on 6 October, but visas have not been granted yet,” a spokesperson for the office said. “We are, therefore, now convinced that, for whatever reason or reasons, the South African government finds it inconvenient to issue a visa to … the Dalai Lama.” Tutu said he was still struggling to make sense of what had happened. “I have to say I can’t believe it, I really can’t believe it,” he exclaimed. “Wake me up and tell me this is actually happening here. It’s quite unbelievable. The discourtesy they have shown to the Dalai Lama. The Dalai Lama! “The Dalai Lama, anywhere in the world, they have problems finding a venue that can contain the people who want him. He goes to New York and Central Park is overflowing. The discourtesy is mindblowing.” Asked if he felt the Tibetan spiritual leader had in effect been banned from the country, Tutu replied: “To all intents and purposes, yes. This is the Dalai Lama. Incredible. “Many, many people are appalled in many parts of the world, especially people who supported us during the struggle. They are weeping and saying, ‘South Africa? It can’t be.’” Tutu’s daughter, Mpho, said the government’s actions had not matched “what we dreamed we would be, who we hoped we would become as a country and as a people”. Clearly overcome with emotion, she added: “It is with great sadness that we sit here.” A candlelit vigil outside the South African parliament in Cape Town on Monday drew about 250 people demanding the Tibetan spiritual leader be allowed into the country. There was bitter disappointment on Tuesday morning when it was announced that the eight-day trip had been called off. Civil rights activists blamed the government. Ela Gandhi , who planned to present the Dalai Lama with a peace prize in the name of her grandfather, Mahatma Gandhi, said: “I’m very disappointed. We were looking forward to him coming and to presenting the award. I really feel the whole situation has been handled so badly. It’s discourteous for a person of his stature to be told to wait for so long. For a person of peace to be treated like this is wrong.” She added: “Everybody thinks this is because of pressure from China. It’s very sad another country is allowed to dictate terms to our government. It’s going back to apartheid times. I am ashamed of my own country.” South African foreign ministry officials have consistently denied accusations they have been bowing to pressure from Beijing. Asked for his reaction to the Dalai Lama’s decision, a spokesman, Clayson Monyela, said: “We don’t have a reaction. He’s cancelled his trip and that’s it. We have not said no. We’ve not refused him a visa; the visa was still being processed. It’s only on 20 September that he submitted his full paperwork. In some countries a visa can take two months. I don’t know why people are criticising the government.” The Dalai Lama visited South Africa in 1996, meeting Nelson Mandela, but was prevented from attending a Nobel laureates’ conference in the country two years ago , when the government said his visit would distract from World Cup preparations. At the time, Tutu called the decision disgraceful, and accused the authorities of bowing to pressure from China. South Africa’s official opposition has added its voice to the criticism of the stalled visa. Stevens Mokgalapa, shadow deputy foreign minister for the Democratic Alliance, said: “The inescapable conclusion is that the South African government has predictably strung the Dalai Lama along to make it impossible for him to plan his trip. That way it could avoid making a decision that would either upset the Chinese or upset millions of peace-loving South Africans and citizens around the globe. “But by delaying [the visa decision] the government made its choice: it allowed China to dictate foreign policy. This is a sad day for those of us who believe in a sovereign foreign policy based on ubuntu [a humanist philosophy] and human rights. It is not acceptable that the government has allowed a breach of this sovereignty by bowing to pressure from a foreign power.” While the Dalai Lama is excluded, other leading international activists will join three days of birthday events. The U2 singer Bono is expected to speak at the launch of a biography, Tutu: The Authorised Portrait, in Cape Town on Thursday. Bono has also reportedly been invited to join former the US president Jimmy Carter, the former UN secretary general Kofi Annan, and the British businessman Richard Branson at a picnic at a vineyard on Friday. A public church commemoration will be held earlier that day. South Africa Africa Tibet Dalai Lama David Smith guardian.co.uk
Continue reading …Joy Behar once again showed how totally ignorant of history she is. When she absurdly told GOP presidential candidate Herman Cain on Tuesday's “The View,” “The Republican Party hasn't been black friendly over the many centuries in this country,” co-host Elisabeth Hasselbeck smartly replied, “Should we begin with Lincoln?” (video follows with transcript and commentary): ELISABETH HASSELBECK, CO-HOST: You said that if you do run against Obama, you probably get about a third of the African-American vote. But the other two thirds you said to Wolf Blitzer are brainwashed into voting for Obama again. You received backlash as well. Do you stand by that statement? HERMAN CAIN, REPUBLICAN PRESIDENTIAL CANDIDATE: I absolutely do, and here's why. I'm glad that you pointed that out, and I said this in my statement. The good news is a lot of black Americans are thinking for themselves. Now, there are some that are so brainwashed that they won't even consider a conservative idea. HASSELBECK: What do you do about that? CAIN: Well, you save the savable, and if they’re not, they don't even want to hear about my idea about my 999 plan. I tried to give that to some people and they didn’t want it because they saw me as a Republican, they saw me as a conservative. I call that being brainwashed, not being open-minded to another idea. JOY BEHAR, CO-HOST: Well it hasn’t exactly, the Republican Party hasn't been black friendly over the many centuries in this country. CAIN: I never said that. BEHAR: Well I’m saying that. HASSELBECK: Should we begin with Lincoln? BEHAR: I’m sorry? HASSELBECK: I just think that there is, like, that's not necessarily true. Of course it's not true. What ignoramuses in the media like Behar refuse to accept or acknowledge is that blacks in this country following the ratification of the 15th amendment in 1870 largely supported Republican candidates because of Lincoln. This was the case until the 1960s. Furthermore, if it wasn't for Republicans, the Civil Rights Act of 1964 would not have passed. Farbeit for someone like Behar to know this. For more on the commonplace misnomers concerning politics and race in this country, please see Bob Park's ” The Democrat Race Lie .”
Continue reading …Joy Behar once again showed how totally ignorant of history she is. When she absurdly told GOP presidential candidate Herman Cain on Tuesday's “The View,” “The Republican Party hasn't been black friendly over the many centuries in this country,” co-host Elisabeth Hasselbeck smartly replied, “Should we begin with Lincoln?” (video follows with transcript and commentary): ELISABETH HASSELBECK, CO-HOST: You said that if you do run against Obama, you probably get about a third of the African-American vote. But the other two thirds you said to Wolf Blitzer are brainwashed into voting for Obama again. You received backlash as well. Do you stand by that statement? HERMAN CAIN, REPUBLICAN PRESIDENTIAL CANDIDATE: I absolutely do, and here's why. I'm glad that you pointed that out, and I said this in my statement. The good news is a lot of black Americans are thinking for themselves. Now, there are some that are so brainwashed that they won't even consider a conservative idea. HASSELBECK: What do you do about that? CAIN: Well, you save the savable, and if they’re not, they don't even want to hear about my idea about my 999 plan. I tried to give that to some people and they didn’t want it because they saw me as a Republican, they saw me as a conservative. I call that being brainwashed, not being open-minded to another idea. JOY BEHAR, CO-HOST: Well it hasn’t exactly, the Republican Party hasn't been black friendly over the many centuries in this country. CAIN: I never said that. BEHAR: Well I’m saying that. HASSELBECK: Should we begin with Lincoln? BEHAR: I’m sorry? HASSELBECK: I just think that there is, like, that's not necessarily true. Of course it's not true. What ignoramuses in the media like Behar refuse to accept or acknowledge is that blacks in this country following the ratification of the 15th amendment in 1870 largely supported Republican candidates because of Lincoln. This was the case until the 1960s. Furthermore, if it wasn't for Republicans, the Civil Rights Act of 1964 would not have passed. Farbeit for someone like Behar to know this. For more on the commonplace misnomers concerning politics and race in this country, please see Bob Park's ” The Democrat Race Lie .”
Continue reading …‘It can’t be a good thing for London to be sleepwalking towards Johannesburg’, conference warned London’s schools are “sleepwalking” into segregation, with classrooms in some parts of the capital teaching almost exclusively black or Asian pupils, a leading headteacher has warned. David Levin, vice-chair of the Headmasters’ and Headmistresses’ Conference (HMC) – an association of 250 public schools and leading private schools – said he was alarmed at the way the capital was dividing into ghettoes and “becoming a silo society”. Levin, who grew up in South Africa under apartheid, said his school, City of London school for boys, collaborated with one school, Stepney Green in east London, where 97% of pupils were of Bangladeshi heritage. Other schools, in south London, took an “overwhelmingly” high proportion of pupils of west African descent, he said. Speaking at the beginning of the HMC annual conference in St Andrews, Scotland, Levin said it “can’t be a good thing for London to be sleepwalking towards Johannesburg”. He added: “They aren’t mixing with people from different faiths and backgrounds. I have lived pre- and post-apartheid and one of the things I have learnt is that your imagination is stronger than the reality. If you know people who are different to you, you don’t fear them.” He said education could bring children together. His school, where fees are £4,350 a term, holds private tutoring sessions for boys from Stepney Green in physics, chemistry, maths and English once a week. He said the state school would “enjoy having pupils from different backgrounds and races”. Meanwhile, Kenneth Durham, chair of the HMC and head of University College school in north London, urged the public to “take the independent sector seriously” and not to dismiss the schools as a “special interest group”. He said: “It is time that, as a nation, we stopped regarding the independent education sector as some peculiar historical aberration, as a repository of outdated social privilege, a sort of irrelevant and slightly embarrassing annex to our national education system and recognised it is something very different to that.” Durham said a quarter of pupils at private schools were from ethnic minorities and 40% of parents had not themselves been privately educated. Race in education Schools Secondary schools Race issues London Jessica Shepherd guardian.co.uk
Continue reading …Joy Behar once again showed how totally ignorant of history she is. When she absurdly told GOP presidential candidate Herman Cain on Tuesday's “The View,” “The Republican Party hasn't been black friendly over the many centuries in this country,” co-host Elisabeth Hasselbeck smartly replied, “Should we begin with Lincoln?” (video follows with transcript and commentary):
Continue reading …Joy Behar once again showed how totally ignorant of history she is. When she absurdly told GOP presidential candidate Herman Cain on Tuesday's “The View,” “The Republican Party hasn't been black friendly over the many centuries in this country,” co-host Elisabeth Hasselbeck smartly replied, “Should we begin with Lincoln?” (video follows with transcript and commentary):
Continue reading …Fed chairman blames euro crisis, uncertainty over jobs market and political battles in Washington for gloomy economic outlook Federal reserve chairman Ben Bernanke has warned that US economic recovery is “close to faltering”, and that a “disorderly” default in the Greek debt would have a serious impact. In testimony to Congress, Bernanke was repeatedly quizzed about the impact of the European crisis on America. He said the US was an “innocent bystander” in the eurozone debt standoff and that US banks were not heavily exposed to Europe’s most troubled economies. But he warned that Europe’s economic woes were already having a negative impact on US stock markets. “Unless the European situation is brought under control, it could be a much more serious situation for the US economy,” he said. Bernanke also warned that political warfare in Washington was a threat to the US economy. He told the Joint Economic committee that the recent row over raising the debt ceiling had been very unhelpful at a time of increasing economic uncertainty. “It’s no way to run a railroad,” he said. In written testimony and during a question-and-answer session, Bernanke told Congress that the Federal reserve has acted forcefully to support growth and was prepared to take further action if necessary. But he warned that political infighting was a risk to the fragile US economic recovery. “Monetary policy can be a powerful tool, but it is not a panacea for the problems currently faced by the US economy,” Bernanke said. “Fostering healthy growth and job creation is a shared responsibility of all economic policymakers.” Bernanke was asked about the Occupy Wall Street protests, now in their third week in New York and spreading across the US. “I would just say that very generally people are quite unhappy about the state of the economy,” said Bernanke, and with “some justification”. “At some level I can’t blame them. Nine percent unemployment and slow growth is not a good situation,” he said. Senator Bernie Sanders of Vermont asked Bernanke: “In light of the protests, did Wall Street’s greed and recklessness lead to the crisis?” Bernanke said: “Excessive risk-taking had a lot to do with it.” So did the failures of regulators, he said. Bernanke said the US economy had grown more slowly than expected, in part because of unexpected setbacks like the Japanese earthquake and Europe’s debt crisis – but also because of the US’s own problems, especially in the jobs market. “The recovery from the crisis has been much less robust than we hoped.” “Probably the most significant factor depressing consumer confidence, however, has been the poor performance of the job market,” Bernanke said. “Private payrolls rose by only about 100,000 jobs per month on average over the summer — half of the rate posted earlier in the year – and state and local governments have continued to shed jobs,” he said. Moreover, recent indicators, including new claims for unemployment insurance and surveys of hiring plans, point to the likelihood of more sluggish job growth in the period ahead, he said. “We need to make sure that the recovery continues and doesn’t drop back,” Bernanke added. US economy Ben Bernanke US economic growth and recession US unemployment and employment data European debt crisis United States Dominic Rushe guardian.co.uk
Continue reading …Wall Street was an actual wall once. In the 1600s, Dutch occupiers needed to keep out the natives, pirates, and unwanted dregs. You learned the Dutch stole the island for $24, but they really paid 60 guilders, which is over $1,000 in today-money. Still a steal, for Manhattan. In 2011, the rent is too damn high…unless you’re willing to sleep in the park. I boarded a Greyhound in Buffalo on Friday night. Sleep didn’t happen. (It’s my theory that their seats are designed by cheap extraterrestrial laborers who have no knowledge of human anatomy.) Hopped the A train to Fulton St. and found my way, past the brightly lit WTC construction, to a rain-soaked Zuccotti Park by about 4 am. Dubbed “Liberty Square,” the park is home to Occupy Wall Street. And it’s not a park. It’s got a few small trees and a couple flowerbeds, but not one soft blade of grass. The concrete was lined with roughly 150 mummified protesters, rolled up in tarps, ominously looking like a fresh crime scene. Cops in raincoats, walking the perimeter. The gatekeepers. enlarge Credit: Ian Murphy I don’t want to say this, but my first impression – after rolling up in my own tarp and failing to sleep for a few hours – was that the place looked, and smelled, like the parking lot of a Phish concert. Patchouli does not a movement make. And as much as I want to say reports, like this much-derided New York Times piece , have cast an unfair light on these young occupiers, they’re not entirely inaccurate. My first contact was with a woman named Chris. “You want a vitamin? You want a chewable Airborne?” I took them, not having the heart to tell her that Airborne cold “remedy” does absolutely nothing. Was Airborne a perfect metaphor for #OccupyWallStreet? I cynically wondered. Chris was a medic volunteer. The medic station is accompanied by the kitchen, the media area, the comfort area (dedicated to sleeping bags, socks, etc.), and the General Assembly. There are other volunteer duties, such as sanitation and security, which consist of walking around with a garbage bags and walkie-talkies, respectively. You’ve no doubt heard about the General Assembly. It’s how the protesters communicate, organize, and reach something resembling consensus. “Mic check!” someone will call. “Mic check!” the crowd responds. They communicate this way because the police cracked down on the use of sound amplifiers. It’s an elegant, albeit annoying, solution. The press has generally portrayed the protest as disorganized. Some protesters even expressed their frustration over the disorganization to me during the weekend. But without any sort of hierarchical structure, it’s amazing and inspiring that anything gets done at all. People are being fed, clothed, sheltered (as much as the no tent law allows), live-streaming speeches and Tweeting the latest developments, and receiving medical attention if they need it. It’s a real ground up grassroots thing, powered by personal responsibility to participate in the democratic process. “The lack of focus is unfortunate,” a woman named Christine told me, “but I think if we stay here long enough, other groups will be pulled in.” That’s essential, and it’s happening as I type. Hippies thrive in protest environments, and they can even be useful in procuring humus, for instance, but the face of this movement can’t be obscured with dreadlocks. It’s what wonks call “bad optics.” “It would appear to a lot of people that it’s disorganized,” said Mark Jacobs, the head of a nonprofit from Sante Fe, “but it’s not.” The organic nature of the occupation makes traditional reporting nearly impossible. No one’s in charge; there’s no spokesperson; there are no agreed-upon talking points. And a lot of the time, people have no idea what’s happening. “There’s a lot of misinformation,” a guy named Fumaini told me. “I heard that Blackwater was here.” That was probably my fault, as I was wearing a Blackwater baseball hat. Don’t ask. “People are fed up,” Fumaini said. “They don’t know what to do, and they’re looking for an outlet.” *** The crowd grew steadily all day, with less resemblance to a jam band concert every passing hour. The drums beat. The saxophone wailed. Tai Chi circle. Some sort of meditation. Lots of pizza. Too much pizza, really. “Free hugs!” offered by a Justin Bieber doppelganger. Woody Guthrie all over the damn place. The rain. Signs and tourists. The goddamn rain. And still, morale was high. After last weekends’ pepper spraying Bologna, the movement’s gained steam and a steady flow of coverage, but the day’s media presence was minimal – compared to what it would look like in 24 hours. A little after 3 pm, the balloons arrive. A massive bunch of multicolored helium jobbers on a long string. This means the march is imminent. They’re also functional, giving those near the back of the parade an idea where things are headed. Today, the march headed down Broadway toward the Brooklyn Bridge. Several thousand strong. “Occupy Wall Street!” they chant. “All day! All week!” More cowbell. Across the street, I’ve scurried, limped parallel to the front of the procession. Back already in spasms, this clubfooted reporter gives up the chase, letting the dissenting throng pass by. A few minutes later, a sizable contingent of New York’s Finest hurry past, in what looks like an attempt to handle a crowd bottleneck, as the protesters proceed from the wide sidewalk to the narrower bridge walkway. But the cops don’t corral, and they don’t use the walkway. They’re walking on the roadway. Amazing, I think; with many protesters in tow, the cops are leading the march across the bridge proper. Have the gatekeepers opened the gate? enlarge Credit: Ian Murphy So I’m milling around the sprawling sidewalk area directly across from the entrance to the outbound, smoking and wheezing — not necessarily in that order – when I get a text from Trotsky. He’s a mysterious figure, who’s always on the front lines of the revolution. I last saw him in Madison, Wisconsin at the height of their continuing occupation. “I’m at Nazi Bankers,” it reads. “Where are you?” “Nazi Bankers” was a large sign held by a man at Liberty Square – in accordance with Godwin’s Law. A few texts back and forth. More cigarettes. The passing throng. Another large wave of cops casually huddle up, and stroll down the outbound. I don’t think much of it at the time, but I now realize this was the second line in a variation of a pincer movement. It’s a trap! While some 700 people were being arrested on the bridge, I was abdicating my journalistic responsibility, shooting the breeze with Slate reporter and MSNBC contributor Dave Weigel. “You going across?” he asked. “Hell no.” enlarge Credit: Ian Murphy “You’re going to have to move,” a cop told us. We couldn’t see what the hell was going on down the bridge, but the cops were clearing the line-of-sight just the same. Although it was a public sidewalk, we didn’t put up a fight and walked back to Liberty Square, terrible reporters we are. I kid. I sort of talked him out of going because if he went I’d have felt guilty. And fat – more fat. Weigel mentions that he just got tossed a Paul Ryan interview on the side, and I told him to ask Ryan why he’s such a douche. So look out for that #gamechanger. “All these assignments are just killing time until Romney becomes president,” he says, “and the Obama ‘Hope’ poster becomes completely ironic – officially ironic, more so than it already is.” “Jesus,” I say. “You really think he’ll win?” “Yeah,” he deadpans. I honestly couldn’t tell if he was joking. *** The funny thing about reporting, on the ground, from a modern movement is that people all over the world knew what happened on the bridge before I did via Facebook and Twitter. And even if I’d dragged my gimpy ass across the span, I’d of had no way of reporting the event live, anyway. I take the bus; I don’t have an iPhone; I am the 99 percent – the 60 percent, really. I hooked up with Trotsky and his friend Emily. She was in town for the Slut Walk that took place in Union Square, but decided to check out the occupation, too. More goddamn rain. And it’s getting dark. The police presence at the park thickens, and the protesters who’ve stayed behind to hold the fort look skittish. “$h!t’s about to go down, man,” one guy frantically tells me. “You can just feel it!” Tactically, it would have been a good time for the cops to clear the park, but they didn’t. They just stood there, while news of the arrests reached Liberty Square, silent, arms folded. Gatekeepers. Deliriously tired by this point, and up to my eyes with urine (where the hell do people in Manhattan pee?), I engaged in a vicious, diuretic cycle of Starbucks coffee, bathroom, coffee, bathroom. Corporate coffee is definitely not in line with the spirit of the occupation, but sometimes a dude just needs a pee break. The lack of public restrooms surrounding Liberty Square seems to this small-bladder blogger the biggest obstacle to success. I’d been on a de facto fast, despite easy access to free pizza, for a very tangible threat that I might crap my pants. I’m sorry, but those were the facts on the ground. And unlike the Times coverage of the Battle for the Brooklyn Bridge, I’m sticking to the facts. There will be no rewrite, dear readers. enlarge The rain. Damn the damn rain. Damn. Rain. I found the closest thing to dry cement I could, grabbed an empty water bottle (if nature called, yet again), and crawled into my sleeping bag, silently cursing the goddamn hippie jerk who’d lifted my tarp while I was gone. During the night, some anonymous occupier had wrapped me in another tarp – tarp 2, and left several miniature candy bars near my head. A large cheer rang out through the park into my dreams. Why is that field of sunflowers yelling at me!? Oh, their friends who were arrested, by evil squirrels, have been released. Of course. I stubbornly, sorely woke up, ate the candy bars, and discretely filled the water bottle (don’t judge me!) before realizing I was surrounded by hundreds of splayed out signs and even more protest tourists snapping pictures. It was noon. And I’d shamefully entered hobo territory – faux-bo territory. Credit: Ian Murphy And then Geraldo Rivera’s mustache walked by. It may or may not have been attached to Geraldo Rivera. I was too groggy to tell. A CNN van was parked across the street. Press passes dangled. Notebooks were open. Pens writing. Microphones listening. Quotes demonstrating the immoral nature of the American kleptocracy were being taken, soon to be made into news. The press was suddenly interested in Occupy Wall Street, and the oligarchs who’ve been robbing us all blind. And it only took several hundred arrests to get their attention. The crowd was a respectable thousand or so. It wasn’t a Phish concert. It was like Kenny Rogers was in town. I saw flannel and gray beards – and not just on pizza-seeking homeless gentlemen. A group of teachers were occupying the Northwest corner of the park. This was good. I hung around a while, talking to older people from all over the country, sipping coffee, erasing my tired cynicism, singing Woody Guthrie. My work here was done. The Occupy Together movement has spread, organically, spontaneously to a growing 125 cities worldwide, most in the U.S. And it all started with a whimsical Adbusters poster, and a little marketing help from Anonymous. Even about 50 people showed up to Niagara Square in Buffalo while I was busy having back spasms in Manhattan. The last time I was in Niagara Square, I was unlawfully arrested, for filming a gatekeeper. Next Saturday, I’ll be back with my camera – maybe a guitar, too. That machine kills fascists, I hear. The rules of essay structure now dictate that I tell you, Wall Street is still a wall. In a lot of ways. The very structure of our economic system is meant to keep out the poor, and make more of them, so the wealthy can skim all the cream. Our democracy’s been usurped by the ultra-wealthy to serve at the behest of the same – to the point that their risk has been socialized, absorbed by the taxpayer. The widening chasm between the haves and the have-nots has become too large to ignore, and with this comes the slow realization that the have-nots have all the power. If we just stick together, persist, and demand that things change. Frankly, they should have expected us. It won’t happen overnight, and it won’t be easy, but that’s just how it goes. For all the negative press the occupation has gotten, and how sloppy it truly is in some respects, it’s important to remember the wise words of Donald Rumsfeld, “Democracy is messy.” Ian Murphy is the editor of The BEAST . He sometimes uses something called Twitter .
Continue reading …For the 33rd consecutive day, ABC's Good Morning America on Tuesday omitted any mention of the Obama administration's Solyndra scandal, even though co-host George Stephanopoulos asked the President about it in an interview on Monday and elicited a newsworthy defense of the more than $500 million loan to the now-bankrupt company. Tuesday's show instead focused on other questions from the ABCNews.com/Yahoo online interview, like the best piece of advice the President has received from his wife and whether or not he would stop Bank of America's new monthly debt card fee. Stephanopoulos pressed Obama on Monday about his touting of Solyndra as a cornerstone of his stimulus program not even 18 months before it declared bankruptcy. In fact, he even included the exchange in his segment on that evening's ABC World News. “And for the first time, President Obama had to answer for Solyndra, the solar panel company which failed despite half a million dollars in government loans from the Energy Department,” Stephanopoulos touted on Monday's World News. “President Obama had held it up as a model for green jobs and clean energy.” “Do you regret that?” Stephanopoulos asked the President about the Solyndra loan. “No I don't, because if you look at the overall portfolio of loan guarantees that have been provided, overall it's doing well,” Obama answered. “And what we always understood was that not every single business is going to succeed in clean energy,” he added, noting that “hindsight is always 20/20.” Good Morning America didn't include that exchange but did air Stephanopoulos lobbying the President from the left to “put a stop” to Bank of America's new debit card fee – something NewsBusters reported on yesterday. “More than 40,000 questions came in online for the President, most expressing anxiety and anger about the economy, including outrage about Bank of America's five dollar debt card fee,” Stephanopoulos reported Tuesday morning. “Vicki Menkel wrote, 'Those are the types of things government should get involved in and put a stop to.'” ABC then played his question to the President: “Can you put a stop to that?” “Well you can stop it,” Obama answered, “because if you say to the banks you don't have some inherent right just to get a certain amount of profit, if your customers are being mistreated – and my hope is that you're going to see a bunch of the banks who say to themselves, you know what? This is actually not good business practice.”
Continue reading …As global markets suffered another rout, with the FTSE 100 flirting with bear market territory and finishing below 5000 for the first time since July 2010, Tesco was one of a handful of risers ahead of its figures on Wednesday. The supermarket, which recently launched a price cutting campaign, is widely expected to record its worst six monthly performance for twenty years. But analysts at UBS raised their rating on the business in the expectation of better things to come. Analysts Mike Tattersal moved his recommendation from neutral to buy and his price target from 410p to 510, saying: Tesco management has become intensely focused on driving higher levels of capital efficiency across the business, in our view. As early actions become more evident over the coming 12 months, we believe this theme will become central to the investment case. In the near term, Tesco’s UK business remains the key determinant of sentiment towards the shares and we believe there are compelling reasons to believe that the freakishly challenging conditions that have prevailed in 2011 in the UK grocery industry will not be repeated next year. Fierce headwinds (VAT and fuel) will annualise, which, together with self-help initiatives, should deliver much healthier like-for-like sales growth from the core business in 2012. Tesco shares closed 9.6p higher at 380.1p making it the biggest riser in the leading index, one of only five companies in positive territory. As EU officials delayed a much needed bailout to Greece, and worries grew about the impact of the country’s financial woes on bank balance sheets, the FTSE 100 suffered another volatile day before finishing 131.06 points lower at 4944.44, a 2.58% decline which wiped £34bn off the value of Britain’s top companies. It is the fifth consecutive fall for the leading index. At its worst the FTSE 100 had fallen to 4868, putting it perilously close to the 4843 level which would mark bear market territory, a 20% fall from its recent peak at the beginning of July. Meanwhile in the US the S&P 500 did record a 20% drop from its recent high, while Germany’s Dax lost 2.9% and France’s CAC fell 2.6%. The prospect of a bailout at Franco-Belgian Dexia and a profit warning from Deutsche Bank sent the whole banking sector lower, with Barclays down 11.9p at 144.35p and Lloyds Banking Group 1.655p lower at 31.8p. Angus Campbell, head of sales at Capital Spreads, said: All across Europe equities were sold off as fears over the eurozone debt crisis mounted. It was a lack of liquidity causing investor concern, [since this] ultimately led to the nationalisation of Northern Rock in the UK and the destruction of Bear Sterns and Lehman Brothers in the US at the height of the last crisis. This time it is Dexia which is on the verge of being taken onto the government’s books even after having received a bailout back in 2008. Miners continued to fall on demand concerns, with Credit Suisse cutting its target prices across the sector by 5% to 40%. The bank said: Recent pricing in commodity markets has been driven overwhelmingly by macro sentiment, with fears of an economic implosion in Europe and, to a lesser degree the US, weighing heavily. Although the outlook is even more murky than normal, continued solid Chinese demand should provide “base-load” support for many commodities. However, this is unlikely to be enough to support pricing in the short term, with marginal demand and sentiment likely to continue to be driven primarily by events in the North Atlantic. So Rio Tinto dropped 107p to 2712.5p and Xstrata lost 26.9p to 764p. International Consolidated Airlines Group , the merged British Airways and Iberia, fell 5.2p to 149.3p on worries about the financial position of its US partner American Airlines, while Hargreaves Lansdown lost 35.3p to 412.6p on worries about the effect of the current market volatility on its investment business. Home Retail led the mid-caps higher, up 3.1p to 121.7p on continued bid talk, with Wal-Mart one name mentioned. But Nick Bubb at Arden poured cold water on the idea: These stories pop up every so often with Home Retail, to discomfort the shorts, and then soon die away. The fact is that Wal-Mart have put catalogue showroom chains like Argos out of business in the US and there is no way they would allow Asda to buy it, whilst this is the wrong time in the cycle for a structurally challenged operation like Argos to be attractive to private equity. Sell, while the ducks are quacking. But Rentokil Initial closed 4.15p lower at 66.35p after a sell note from RBS. Analyst Justin Jordan said: RBS hosted a salesdesk meeting with Rentokil management. We fear the City Link recovery is behind schedule and, with an uncertain outlook across other divisions, we reduce our 2012 pretax profit forecast by 7% and downgrade to sell [from hold]. On City Link, the parcels delivery business, in particular he said: Although City Link recently secured Marks & Spencer as a customer, we sense that converting prospects into customers is a frustratingly slow process that may slip into the first quarter of 2012. In addition, the business has not as yet reached 75% employed drivers. Visibility is low, with overall profitability highly dependent upon peak December trading. Tesco Barclays Lloyds Banking Group Rio Tinto Xstrata International Consolidated Airlines Group Hargreaves Lansdown Home Retail Rentokil Initial Nick Fletcher guardian.co.uk
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