The Way I See It
By cj pollick
The Iditeroid - Since 1973 the world's largest and most famous dog sled race has been held in Alaska, it is called The Iditeroid. This year's Iditeroid has 67 dog sled teams that will race from Anchorage to Nome, Alaska, covering 1,100 miles.
Lance Mackey will defend his crown as a repeat champion.
This popular race is held in memory of an event in 1925 when dog sled teams from Anchorage delivered to Nome much needed medical supplies due to an outbreak of diphtheria.
The winner of this year’s event will receive $69,900 plus a new truck. (The prize is one-third lower than last year due to lower advertising revenues.)
The Global Economy Suffers - According to the Washington Post, we are in the worst global recession since WWII.
Ironically, investors from around the world are moving funds to US Treasury bills for security. The US dollar, therefore, is growing in support when compared to the Euro, Pound, or other foreign currencies. The World Bank also reported that 94 of 116 developing countries have been hit by the global recession and may not be able to handle basic needs of its people. Places such as Cambodia and India, which had reflected business growth over the past years, have recently lost over 500,000 jobs.
In Mexico, drug lords are expanding their war against government troops in order to expand drug markets into the US. It was reported that over 1,000 people were killed in drug wars the first two months of this year. The mayor of Tijuana, Mexico, stated that," We are in a real war... I'm not kidding."
GM May File Bankruptcy - Auditors of GM stated that GM might be forced to file for bankruptcy protection due to continued losses. In the last three years, GM lost $82 billion and continues to lose money.
Congress approved giving GM a loan of $13.4 billion, but the automaker reported that it may need more than $30 billion to meet current cash needs.
Ironically, last year while GM was losing nearly $31 billion, the CEO was paid a compensation package of about $15 million.
All of the accumulated GM debt and financial need for continued taxpayer/government funding makes some folks wonder why GM just doesn't file for bankruptcy protection and reorganize. Of course, the argument in Washington is that any failure by GM would cause a ripple effect through other smaller vendors. “We’re afraid there would be thousands of lost jobs,” say leaders in the Democrat-controlled Congress.
On the other hand, the same generous Congress (to big business) is doing little to help thousands of small businesses that are fighting for survival in this deep recession. Employees are lost every day in the small business environment and few, if anyone, seems to care in Washington and, as more than one source had stated, the backbone of America is small business.
If we lend GM $50 billion, how much more should we lend small business?
AIG Is Bust - Taxpayers/US Government owns over 80% of AIG and the percentage of government ownership is growing. "Can't afford to let them fail," said politicians in Washington.
However, the great government giveaway to AIG has resulted in many Congressional leaders talking a different tune since AIG recently requested more taxpayer/government money. "Credit default coverage is what has caused most of AIG's financial trouble," said officials at New York's Insurance Office and US government treasury officials. Yet, the same regulators have stated that this type of financial investment went unnoticed since it was questioned whether it was an insurance regulatory issue or a security issue.
Thus, no regulator looked at whether those large AIG credit default investments were risky and needed to be curtailed years ago.
On the other hand, what has surprised many people is the lack of interest by AIG to reconcile with its major stockholder, Maurice Greenburg, who might have been able to limit several of these large credit default issues. Now that AIG is a penny stock, hindsight has revealed many bonehead decisions by top AIG management. Thus, the largest corporate mess in history has Congressional officials asking how this could have happened.
T.O. - He wanted his name to be known as T.O., instead of Terrell Owens. This magnificient football talent self-promoted himself to ... recent dismissal by another NFL football team, the Dallas Cowboys. Not a team player, they say, too disruptive in the locker room.
Where might T.O. end-up playing football in 2009?
Buffalo Bills. Yes, T.O. ended-up in Buffalo with even more money than he earned in Dallas.
Republicans In Congress Demand No Stimulus Funds For Illegals – Seventy-five members of Congress asked Democrat leaders, such as Speaker Nancy Pelosi, to close a loophole allowing billions of US tax dollars to go to over 300,000 illegal construction workers in the country. Rep. Cliff Stearns (R-FL) said, “We owe it to the American workers and taxpayers to ensure that their money does not go to employ illegal workers.” Thus, the GOP asks: Should US taxpayer funds be used to help over 300,000 illegal workers in America?
Quarrel – A long dispute means that both parties are wrong. – Voltaire.
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