Friday, October 31, 2008
Wall Street Journal: The Obama Dilemma
Lexington Herald-Leader: Kentucky's Senate race second only to presidential contest
Atlanta Journal-Constitution: Kentucky QB recruit “thinking hard” about Georgia Tech
Thursday, October 30, 2008
Frank Pastore: The Christian Case Against Barack Obama
AP via Forbes: Presidential candidates pan mountaintop mining
Fox News: Joe the Plumber Ponders His Future, but Dismisses Country Music Star Chatter
Wednesday, October 29, 2008
You saw the Obamercial. Now see John McCain's response. You won't hear any fluffy, cheesy statements. What you will see is McCain keeping his word and talking straight. McCain accepted federal campaign dollars while Obama broke his promise and refused the money, allowing unlimited private funds to smear and distort McCain through robocalls and slick 30-minute specials.
Tuesday, October 28, 2008
According to a study released by the University of Kentucky's Institute for Rural Journalism and Community Issues, Lexington-area TV stations aired nearly $3 million in ads while giving viewers few stories about the hotly-contested US Senate race between incumbent Republican Mitch McConnell and Democrat businessman Bruce Lunsford. (Hat tip: Pol Watchers, which stated that none of the Lexington-area news directors had any comment on the study.)
The study states that "[t]hrough Oct. 20, candidates bought 9,573 commercials for $2,393,347, and interest groups bought 1,475 for $519,305, for totals of 11,048 and $2,912,652. Most of the ads were 30 seconds long, but some of McConnell’s were 60 seconds. Even if all the ads had lasted 30 seconds each, the purchases would have amounted to 5,524 minutes of advertising, or just over 92 hours."
"From Sept. 1 through Oct. 20, on their regularly scheduled news programs, the four Lexington television stations aired 77 reports on the race, dealing with 26 news events or enterprise stories. Those reports consumed 44 minutes of broadcast time, a very small percentage of the 704 hours, minus commercial time, the stations devoted to news broadcasts during the initial study period. (The few news programs that were delayed because of sports broadcasts were not examined. Neither were WKYT news shows that appeared on the local CW affiliate when pre-empted by football games.)"
Click here to view the Institute's news release. Interestingly, the study stated that most Kentuckians do not read daily or weekly newspapers and rely more on television. However, as stated on this blog the past few months, the "mainstream" Old Media--including both over-the-air broadcast TV and newspapers--are in decline and more people are turning to alternative sources of news such as Fox News and the Internet, where there is more balance. Just today, Gannett, the owner of The Courier-Journal in Louisville, announced job cuts. The Christian Science Monitor announced that effective in April, it will no longer publish a daily version of its well-regarded paper and instead rely on the Internet and a weekly magazine.
The world found out over the weekend that Robert A. Schuller has been removed from the Hour of Power by his father, Robert H. Schuller, founder of the Crystal Cathedral, citing a lack of "shared vision." But why was there a lack of vision?
In his blog, evangelical Christian leader Albert Mohler quotes the L.A. Times in stating that the younger Schuller had focused his sermons on topics closer to evangelical Christianity--sin and the importance of the Bible, along with the usual self-esteem message that propagated from his pulpit. The elder Schuller focused more on self-esteem and less on the Word. Mohler states in his blog that the "gospel" of self-esteem, or possibility thinking, is contrary to the Word of God.
Galatians 1:9 (KJV) states "..if any man preach any other gospel unto you than that ye have received, let him be accursed." We are seeing the consequences of this at the Crystal Cathedral.
Monday, October 27, 2008
Fox News: Developing: Police Find Body of Boy in SUV Sought in Hudson Murder Case
Wall Street Journal: September New-Home Sales Jumped 2.7%, Prices Fell
Lexington Herald-Leader: Split-ticket voters will provide election drama
Sunday, October 26, 2008
Voice of America: Damascus: US Soldiers Attack Building in Eastern Syria, Killing 8 People
Jerusalem Post: Livni delays meeting with Peres
AP: Palin: Obama acts as if he's already won election
Saturday, October 25, 2008
Friday, October 24, 2008
AP: Stevens jury sent home, deliberations halted
NY Times: A Senate Leader’s Pork-Barrel Punch (This article deals with what Sen. Mitch McConnell has brought to Kentucky through projects and improvements and how Lunsford is trying to stop McConnell's efforts.)
Appalachian News-Express: Coal mine death in Perry County under investigation
Thursday, October 23, 2008
Wednesday, October 22, 2008
Google Finance: BREAKING: Dow drops 514
Voice of America: Al-Qaida Linked Militants Confirm Commander's Death in Iraq
AP: Favre denies giving Lions any info to use vs. Pack
There have been early reports of shots fired at Western Kentucky University at Bowling Green. However, those reports may have been exaggerated. Here is the latest from the WKU website:
"The South Campus building on Nashville Road was evacuated earlier following reports that one or more persons were observed in the building with weapons. WKU Police, Bowling Green Police and State Police have conducted an extensive search of the building and the premises. At this time, the police have been unable to find any witnesses or evidence to support earlier reports that weapons were present.
"Following this, WKU PD received an unconfirmed report of shots fired in the vicinity of Pearce Ford Tower on the WKU main campus. Police have confirmed that there was a physical altercation not involving weapons between individuals that occurred in or near PFT, but the police are interviewing witnesses on the scene to determine if weapons were or are present, or if shots were fired.
"At this time, the campus emergency warning system has been activated. Students and employees have been advised to remain indoors, in secure areas, until an "all clear" is issued. We will provide additional information as it becomes available."
The campus newspaper is reporting one man was injured trying to break up the fight. PRAY for those on the WKU campus.
UPDATE at 4:27pm ET: Campus officials issued the "all-clear" and ended the lockdown. Four people are in custody for questioning. Classes have been canceled for the rest of the evening. A news conference will be held at 5pm ET (4pm CT).
Drudge Report: Election Rejection: Network news slumps; viewership fades
CNET: T-Mobile delivers the G1 (aka Android) phone
Lexington Herald-Leader: Cats will be shorthanded on visit to The Swamp
Tuesday, October 21, 2008
Wall Street Journal: Obama Cancels Campaign Events To Visit Ailing Grandmother
Voice of America: Sarkozy Proposes Series of Summits on Financial Crisis
AP: Rule advances to ease mining waste dumping
Monday, October 20, 2008
Bloomberg: Bernanke Backs More Stimulus, Citing `Weak' Outlook
Business First of Louisville: Long John Silver’s now serving fish sans guilt
AP via Sporting News: Kentucky's Locke to have MRI on knee on Monday
Sunday, October 19, 2008
RINO (Republican in Name Only) Colin Powell has endorsed Barack Obama today on NBC's "Meet the Press." Powell stated that he would not want two conservative justices on the Supreme Court (Hat tip: Kentucky Progress). How can a man who honorably served his country endorse someone who would openly negotiate with our enemies?
AP: Abducted 6-year-old boy found alive in Las Vegas
Lexington Herald-Leader: Wildcats show some Hartline: QB finds Cobb for two TDs in final 4:15
MLB.com: Red Sox, Rays roll a 7 in epic ALCS
Saturday, October 18, 2008
Fox News: Bush to Call World Summit to Address Economic Crisis
AP: Search continues for Nevada boy abducted from home
National Weather Service: Frost Advisory overnight, early Sunday morning for Eastern Kentucky
Friday, October 17, 2008
Human Events: McCain Promises No Compromise on Supreme Court, Will Visit ANWR
Bloomberg: Ohio Democrats Win at Top U.S. Court in Voting Fight
Voice of America: Five Countries Elected to UN Security Council
MarketWatch: Housing starts fall to second-lowest rate in 50 years
Fox News: Palin to Appear on SNL
AP via Sporting News: Petrino's back in Kentucky as Hogs face Wildcats
Thursday, October 16, 2008
Fox News: Obama and ACORN: Relationship May Be More Extensive Than Candidate Says
Wall Street Journal: Yahoo Shares Jump on Ballmer's Remarks
AP: Ex-Yankee Tom Tresh dies at 71
John McCain has put out a new ad exposing Barack Obama's lack of experience:
UPDATE at 10:05am: McCain just released another new ad, entitled "Fight":
UPDATE at 4:33pm: Yet another new ad, this time about Joe the Plumber:
AP via Fox News: Social Security Benefits to Rise 5.8 Percent Next Year
Courier-Journal: McConnell, Lunsford raise $25 million
Sports Network: Red October: Phils down Dodgers to win NL pennant
Wednesday, October 15, 2008
I am finally back home after a busy day on the road...it is also a busy news day as well. Another Dow crash, tonight's Presidential debate, health scares for Vice President Dick Cheney and former First Lady Nancy Reagan, and the divorce of Madonna and Guy Ritchie. Post your thoughts about current events in the comments section. Keep it civil and clean. :)
I am heading out of town today. I will return to blogging in time for the final Presidential debate between McCain and Obama.
If you have any comments about this blog, post them in the comments section. Thank you for your loyalty.
Wall Street Journal: McCain Puts New Tax Cuts on the Table
CBC: Canada's Harper handed strengthened minority government
Courier-Journal: Kentucky Space's rocket is launched
Tuesday, October 14, 2008
Monday, October 13, 2008
The Courier-Journal is reporting that Dicky Lyons Jr., wide receiver for the UK Wildcats, is out for the rest of the season due to a torn MCL and PCL and will require surgery. This is a HUGE blow to the Cats. Your thoughts???
AP: US moves to get rescue plan started; stocks rise
Voice of America: Critics of US-North Korea Nuclear Deal Say US Concedes Too Much
Courier-Journal: Developing: Derby winner Big Brown out of Breeders’ Cup
AFP: India's Christians welcome pope's condemnation of violence
AP: All is forgiven; McCain returning to Letterman
Atlanta Journal-Constitution: LaGrange (GA) LB Merritt will commit to Kentucky
Sunday, October 12, 2008
Saturday, October 11, 2008
Friday, October 10, 2008
The finance ministers of the G-7 countries are meeting in Washington. The first announcements on the meetings will come this weekend. It is not too extreme to say that the outcome of these meetings could redefine how the financial markets work, certainly for months and perhaps for a generation. The Americans are arguing that the regime of intervention and bailouts be allowed to continue. Others, like the British, are arguing for what in effect would be the nationalization of financial markets on a global scale. It is not clear what will be decided, but it is clear that this meeting matters.
The meetings will extend through the weekend to include members of the G-20 countries, which together account for about 90 percent of the global economy. This meeting was called because previous steps have not freed up lending between financial institutions, and the financial problem has increasingly become an economic one, affecting production and consumption in the global economy. The political leadership of these countries is under extreme pressure from the public to do something to solve — or at least alleviate — the problem.
Underlying this political pressure is a sense that the financial class, people who run global financial institutions, have failed to behave responsibly and effectively, and have therefore lost their legitimacy. The expectation, reasonable or not, is that the political system will now supplant these managers and impose at least a temporary solution. The finance ministers therefore have a political mandate, almost global in scope, to act decisively. The question is what they will do?
That question then divides further into two parts. The first is whether they will try to craft a single, global, integrated solution. The second is the degree to which they will take control of the financial system — and inter-financial institution lending in particular. (A primary reason for the credit crunch is that banks are currently afraid to lend — even to each other.) Thus far, attempts at solutions on the whole have been national rather than international. In addition, they have been built around incentivizing certain action and increasing the available money in the system.
So far, this hasn’t worked. The first problem is that financial institutions have not increased interbank lending significantly because they are concerned about the unknowns in the borrower’s balance sheet, and about the borrowers’ ability to repay the loans. With even large institutions failing, the fear is that other institutions will fail, but since the identity of the ones that will fail is unknown, lending on any terms — with or without government money — is imprudent. There is more lending to non-financial corporations than to financial ones because fewer unknowns are involved. Therefore, in the United States, infusions and promises of infusion of funds have not solved the basic problem: the uncertain solvency of the borrower.
The second problem is the international character of the crisis. An example from the Icelandic meltdown is relevant. The government of Iceland promised to repay Icelandic depositors in the island country’s failed banks. They did not extend the guarantee to non-Icelandic depositors. Partly they simply didn’t have the cash, but partly the view has been that taking care of one’s own takes priority. Countries do not want to bail out foreigners, and different governments do not want to assume the liabilities of other nations. The nature of political solutions is always that politicians respond to their own constituencies, not to people who can’t vote for them.
This weekend some basic decisions have to be made. The first is whether to give the bailouts time to work, to increase the packages or to accept that they have failed and move to the next step. The next step is for governments and central banks to take over decision making from financial institutions, and cause them to lend. This can be done in one of two ways. The first is to guarantee the loans made between financial institutions so that solvency is not an issue and risk is eliminated. The second is to directly take over the lending process, with the state dictating how much is lent to whom. In a real sense, the distinction between the two is not as significant as it appears. The market is abolished and wealth is distributed through mechanisms created by the state, with risk eliminated from the system, or more precisely, transferred from the lender to the taxing authority of the state.
The more complex issue is how to manage this on an international scale. For example, American banks lend to European banks. If the United States comes up with a plan which guarantees loans to U.S. banks but not European banks, and Europeans lend to Europe and not the United States, the integration of the global economy will very quickly shatter, leading to significant limitations on international trade, currency convertibility and so on. You will nationalize economies that can’t stand being purely national.
At the same time, there is no global mechanism for managing radical solutions. In taking over lending or guarantees, the administrative structure is everything. Managing the interbank-lending of the global economy is something for which there is no institution. And even with coordination, finance ministries and central banks would find it difficult to bear the burden — not to mention managing the system’s Herculean size and labyrinthine complexity. But if the G-7 in effect nationalize global financial systems and do it without international understandings and coordination, the consequences will be immediate and serious.
The G-7 is looking hard for a solution that will not require this level of intrusion, both because they don’t want to abolish markets even temporarily, and more important, because they have no idea how to manage this on a global scale. They very much want to have the problem solved with liquidity injections and bailouts. Their inclination is to give the current regime some more time. The problem is that the global equity markets are destroying value at extremely high rates and declines are approaching historic levels.
In other words, a crisis in the financial system is becoming an economic problem — and that means public pressure will surge, not decline. Therefore, it is plausible that they might choose to ask for what FDR did in 1933, a bank holiday, which in this case would be the suspension of trading on equity markets globally for several days while administrative solutions are reached. We have no information whatsoever that they are thinking of this, but in starting to grapple with a problem of this magnitude — and searching for solutions on this scale — it is totally understandable that they might like to buy some time.
It is not clear what they will decide. Fundamental issues to watch for are whether they move from manipulating markets through government intrusions that leave the markets fundamentally free, or do they abandon free markets at least temporarily.
Another such issue is whether they can find a way to do this globally or whether it will be done nationally. If they do go international and suspending markets, the question is how they will unwind this situation. It will be easier to start this than to end it and state-controlled markets are usually not very attractive in the long run. But then again, neither is where we are now.
Voice of America: Bush Attempts to Reassure Americans as G-7 Finance Ministers Gather in Washington
Bloomberg: Crude Oil Drops Below $80 as Equities Slump on Credit Freeze
Sports Network: Phils try to go two up on Dodgers in NLCS
Thursday, October 9, 2008
Google Finance: BREAKING: Dow falls below 8600
NewsBusters: Time Tries to Gin Up 'Pentecostal Problem' for Palin
AP via Rivals.com: Southeast Missouri fires AD, puts coach on leave
I had a hunch that Obama would go to his Big Media buddies and ask for a block of airtime:
The Live Feed blog: Obama buys half-hour of network primetime
Wednesday, October 8, 2008
MarketWatch: Fed, major central banks slash rates
AP: Lawmaker's son indicted in Palin e-mail hacking
Business First of Louisville: AT&T announces nearly $500,000 in grants for Kentucky schools
Tuesday, October 7, 2008
While other schools are cutting back on programs in these tough times, my alma mater is expanding its business offerings. Click below to read more:
WKYT: Business Programs To Expand At Alice Lloyd College
Monday, October 6, 2008
Fox News: Middle School Teacher Suspended for 'Obama Frat' Spat
Catholic Citizens of Illinois: The Chickens Have Come Home to Roost: Obama, ACORN, and the Catholic Campaign for Human Development
Times of London (UK): Pope says world financial system 'built on sand'
L.A. Times: 10 killed, 38 injured in Greyhound bus crash
Fox News: With 10 Vulnerable GOP Seats, Senate Democrats Could Win Filibuster-Proof Majority
Wall Street Journal: SNL Rides High on Campaign Satire
Sunday, October 5, 2008
AFP: Modern culture is destroying faith, pope warns
Bloomberg: Wells Fargo Says Takeover Agreement With Wachovia Still Stands
Dayton Daily News: Looking ahead to 2009 Reds
Saturday, October 4, 2008
Friday, October 3, 2008
Albert Mohler: Are We Promised Prosperity?
Voice of America: US Says North Korea Continues Steps to Restart Nuclear Program
AP via Sporting News: Wildcats aim for upset against No. 2 Tide
The US House has passed the bailout by a vote of 263-171. Even though I did not like the bailout, I'll have to live with it. Here is how Kentucky's congressmen voted (Click here to see the full yeas and nays):
2nd District: Ron Lewis (R)
3rd District: John Yarmuth (D; voted against original version on Monday)
5th District: Hal Rogers (R)
1st District: Ed Whitfield (R)
4th District: Geoff Davis (R)
6th District: Ben Chandler (D)
Thursday, October 2, 2008
Post your thoughts on what some experts say could be the most-watched Vice-Presidential debate ever. As always, keep it civil and clean.
10:38pm ET: Quick post-debate analysis: Clear debate winner: Sarah Palin. She delivered several knockout blows. I believe that Joe Biden's days as a running mate of Obama may be numbered. The presidential race is definitely NOT over.
Rasmussen Reports just released the new Kentucky poll numbers for the presidential race:
According to Rasmussen, "Obama leads McCain 49% to 40% among unaffiliated voters in Kentucky, but McCain picks up 28% of Democrats in the state and leads by nineteen points among white voters in Kentucky. Obama is overwhelmingly supported by black voters, 98% to 2%...Though his party has been criticized in the midst of the current economic crisis, McCain is still trusted more than Obama by Kentucky voters when it comes to the economy by a 49% to 42% margin...Just 8% of Kentucky voters give the economy good or excellent ratings, while 58% rate it as poor. Additionally, just 4% say the economy is getting better, while 84% believe it is only getting worse."
So much for The Courier-Journal's silly sampling method. The new Rasmussen Reports poll shows that Senator Mitch McConnell has a nine-point lead over Democrat Bruce Lunsford. In addition, Rasmussen now says that McConnell has a 70% chance of re-election.
The same Rasmussen poll also shows that only 37% of Kentuckians approve of Governor Steve Beshear's job performance, compared to 60% in the Courier-Journal's misweighted poll. Rasmussen will release the presidential numbers at 5pm ET today. I expect McCain to maintain his sizable lead over Obama here in Kentucky.
AP: Sheriff: Search teams find Fossett wreckage
WJLA (Washington, DC): GOP Assails Kaine on Virginia State Police Chaplain Prayer Policy
Wall Street Journal: Kentucky Horse Race: McConnell's Rival Pulls Even
Wednesday, October 1, 2008
The Senate is about to vote on the monster bailout...post your thoughts.
9:07pm: The vote begins.
9:21pm: 74-25 in favor of the monster bailout. While I personally oppose a bailout, I believe that something needs to be done to fix the economy.
9:25: The previous vote was on the Dodd Amendment. The vote right now is on final passage.
9:39: Looks like they will have enough votes to pass the final bill.
WYMT: Kentucky Senate President Williams demands apology from Mongiardo
National Post (Canada): Canadian MP under fire for views linking foreign aid to Christianity
Fox News: Hurricane Experts Predict Three Big Storms for October