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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?


To: Jim Willie CB who wrote (9665)11/21/2002 11:01:44 AM
From: lurqer  Read Replies (1) | Respond to of 89467
 
Something you might like from Ludwig von Mises Institute.

Message 18258813

lurqer



To: Jim Willie CB who wrote (9665)11/21/2002 11:19:40 AM
From: stockman_scott  Respond to of 89467
 
Wood sees need for audited energy pricing

chron.com



To: Jim Willie CB who wrote (9665)11/21/2002 11:33:22 AM
From: stockman_scott  Respond to of 89467
 
United Seeks Federal Loan Guarantee

By DAVE CARPENTER

11/21/2002 11:01:06 EST

CHICAGO (AP) - Mired in the aviation industry's worst slump, United Airlines has extracted an unprecedented $5.8 billion in tentative labor concessions from its employees.

Now, the carrier hopes Washington will help out in United's battle to avoid bankruptcy court by providing a $1.8 billion loan guarantee.

Cash-strapped United secured the key remaining link to its financial recovery plan Wednesday when its Machinists' union leaders agreed to $1.5 billion in wage and benefit concessions over 5 1/2 years following similar pacts with pilots, flight attendants and other employees.

The 37,500 mechanics, baggage handlers and public contact workers could still reject the tentative deal on wage cuts when they vote on it next Wednesday. And the Air Transportation Stabilization Board could reject or significantly shrink the amount United seeks in federal backing for a private loan.

But getting its largest and most resistant union to sign off on steep cuts was the most noteworthy achievement yet for United in its quest to slash costs and restructure its finances to set the stage for recovery.

Investors sent the stock of United parent UAL Corp. up 46 cents, or 14.8 percent, to $3.56 in morning trading Thursday on the New York Stock Exchange.

"The IAM, along with our other unions, has stepped up to the challenge by cooperating in an unprecedented way to set the framework for a stronger, more competitive airline," United CEO Glenn Tilton said.

The machinists were the only employee group not to have committed to its share of $5.8 billion in labor cutbacks over 5 1/2 years - the centerpiece of United's financial recovery plan.

The financially ailing carrier hopes the cuts are steep enough to persuade the government to grant the $1.8 billion loan guarantee it says it needs soon in order to avoid a Chapter 11 bankruptcy filing by year's end.

Despite the labor concessions and reductions, some analysts on Thursday reiterated their belief that the actions won't solve the problem of declining airline revenues and could be too little, too late to prevent the airline from having to take its restructuring plan into bankruptcy court.

The head of the pilots' union, Paul Whiteford, urged Washington to act.

"Each of United's labor unions has now stepped forward to provide the employee sacrifices necessary to stabilize the company and to support a federal loan guarantee," said Whiteford, who is also a UAL board member. "United's fate is now in the hands of the Air Transportation Stabilization Board, and we call on the ATSB to act promptly and fairly."

United's 8,800 pilots already have ratified $2.2 billion in cutbacks, and its flight attendants are voting on a tentative agreement for $412 million in wage reductions, with results to be announced next week. Salaried and management employees will contribute another $1.3 billion in labor savings.

The announced reductions are about $400 million short of the $5.8 billion target. United has said it is working on further labor savings, including promised contributions from the airline's top 40 executives. Spokesman Joe Hopkins said the carrier was working on a statement Thursday spelling out further details.

But the airline already was stepping up its campaign for federal assistance Thursday. United was delivering boxes to the ATSB containing 42,000 letters from employees, suppliers and other allies, urging that the loan guarantee be granted.

United is losing more than $7 million a day and has said it is preparing for the possibility of a bankruptcy filing if it doesn't receive the loan guarantee, although it has pledged to keep flying its normal daily schedule regardless.

The airline faces a $375 million debt payment on Dec. 2 that poses a stiff test of its dwindling cash reserves, and is working to arrange bankruptcy financing.

Details of the machinists' agreement were to be released later Thursday.

___

On the Net:

United: united.com



To: Jim Willie CB who wrote (9665)11/21/2002 2:18:23 PM
From: stockman_scott  Respond to of 89467
 
Bush at War: An Interview with Bob Woodward this week on PBS

GWEN IFILL: Award-winning author Bob Woodward takes us inside the war-planning rooms at the White House in his latest book, "Bush at War." Using notes and transcripts from secret meetings and extensive interviews with the President and his war cabinet, Woodward tells the story of a White House caught almost completely off guard by the nation's worst incident of domestic terrorism, and he tells the story of the war that followed. I spoke with him earlier today.

GWEN IFILL: Bob Woodward, welcome.

BOB WOODWARD: Thank you.

GWEN IFILL: What was the biggest surprise for you as you were researching and writing this book?

BOB WOODWARD: That it's real. That all of the things that happened in any organization happened in the White House situation room; that there's doubt. There are tempers flying, there are disagreements. There is grave uncertainty in the course of this war and that in the end somebody at the top-- in this case, Bush-- has to make the decisions.

GWEN IFILL: What's interesting to me about this book, and as a journalist speaking to a journalist, I hesitate to even ask you this question. But you had access to all the National Security Council files, minutes, notes, verbatim descriptions of conversations. How did you do that?

BOB WOODWARD: Just by going to sources I've known and new sources and piecing it together, giving a hint about what occurred on a certain day. There is not a Daniel Ellsberg in all of this who wheels in a grocery cart of documents. You said I had access to all of it; I indeed did not have access to all of it. I wish that were the case. But you can then see the reality of how sometimes, for instance, early in the war before the bombing started, they needed combat search-and-rescue to rescue downed pilots. They did not want to have hostages. And it all hinged on getting permission from Uzbekistan, and they spent days debating this. As Condi Rice indicated, this was the enabling condition, the one thing on which it all turned. And it's surprising, but all of us who run around and said, "only for a screwdriver I'll be able to survive," that's what they needed. So it struck me all as quite real, sometimes painful, and sometimes full of staggering doubt.

GWEN IFILL: You didn't feel like they were giving you only the information they wanted you to know to make them look good?

BOB WOODWARD: What I was able to do is look through notes, so I... a couple of places things were left out. I left out a couple of sensitive things, but I know that there is a sequence there. So, you know, again you never know what you don't know, but this is a pretty comprehensive story.

GWEN IFILL: Among some of the things I found surprising in this book was the fact that on September 22, 11 days after 9/11, the President and his war cabinet found out that there were 331 people on the domestic watch list, which is to say 15 times the number of people who had been involved in the actual hijackings and terrorist attacks on 9/11. You say the President was floored.

BOB WOODWARD: Yes, and that watch list... they could have been in the United States. They didn't know they were looking for them. They had some sort of intelligence or information, people, named people had come into airports. When I interviewed the President he just said, "I'm floored." The idea that there would be that number, as he said, of cold-blooded al-Qaida-type killers in the United States...

GWEN IFILL: Potentially?

BOB WOODWARD: Yes, is frightening. And, of course, as you know, he releases lots of numbers. We've done this. He's a numbers guy. He's a scorecard guy, an old baseball team owner. This is a number he intentionally did not release.

GWEN IFILL: When you talk about scorecards, the biggest face on that scorecard was Osama bin Laden. We've discovered in the last week, this the last few days that the U.S. Government confirms that he is probably still alive because his voice was on a tape released last week. They went way out on a limb saying they wanted his head in a box, they wanted his head on a pike. Did they go too far?

BOB WOODWARD: No, I mean, he's the leader. I did locate through various sources the point and the date in Tora Bora where they think he escaped from Afghanistan, possibly into Pakistan or a cave, and that was the middle of December, last year. A lot of people thought he was dead. The President kind of thought he was dead because he said, "well, a megalomaniac like that, how can he be quiet for nine months?" Well, now we know on the tenth or the eleventh month, he is not quiet.

GWEN IFILL: The other interesting thing I think this book unveiled was the incredible degree of involvement from the CIA. I don't think Americans thought, at least not until Mike Spann was killed in Afghanistan, that the CIA had soldiers on the ground, was that intimately involved.

BOB WOODWARD: These are not soldiers technically. They're paramilitary officers. Lots of them are retired U.S. Military people.

GWEN IFILL: Was the war won by the CIA?

BOB WOODWARD: I think when you look at the facts, it was absolutely critical. They were the first in, and, of course, the big surprise is they won it with money. At one point, the undercover head of Special Ops for the CIA, a man named Hank-- and I did not give his last name in the book for obvious reasons-- went to General Franks, head of the central command before the bombing started, and said, "General, we'll buy more of these people than you'll kill." And that's exactly what happened.

GWEN IFILL: How much money are we talking about?

BOB WOODWARD: Only $70 million.

GWEN IFILL: Only?

BOB WOODWARD: Only. Well, what's a life worth? A lot. And when I asked Bush about this number, he said, "that's quite... that's a bargain." And asked the question rhetorically, "I wonder how much the Soviets spent on their disastrous war in Afghanistan?"

GWEN IFILL: And we're not talking about wire transfers. We're talking about cash on the barrel head, cash on the table.

BOB WOODWARD: Exactly. Hundred dollar bill stacks, delivered on table to leaders, to Fahim, who is now the defense minister in Afghanistan. "Here's a million dollars. Buy weapons, buy what you need, but it's yours."

GWEN IFILL: Let's talk about some of the characters in the book, if we can call them that. The President of the United States got involved in this because he saw this as a moral imperative. He talked about this... he talked about leaders around the world in that way when he talked about North Korea, when he talked about Iraq, but especially when he talks about the U.S. Role and its humanitarian role as well in Afghanistan.

BOB WOODWARD: One of the things he said when I went and talked to him and went over the chronology and the details of what was in these meetings, he said, "I will seize the opportunity to achieve big goals." And during the two-and-a-half hours, he made it very clear that-- and I say, this is almost a grandiose notion almost like Woodrow Wilson. He's going to remake the world because of the starving children, the people who were being tortured by the North Koreans and so forth.

GWEN IFILL: Even if it meant the U.S. did it by itself?

BOB WOODWARD: Well, that's what he said at one point. He said, you know, "if we seize the leadership, nations and leaders around the world will fall in"-- it's kind of a nice term-- "the slip stream behind us." This was before he decided to take the internationalist route in confronting Iraq. So there's a tension in him, in his war cabinet, in his administration. When do you seize and act? And Bush is somebody who loves to act, likes solutions. When do you pull back and say let's bring the world along.

GWEN IFILL: Let's talk about some of the tension in the war cabinet, most notably between Secretary of State Colin Powell and Defense Secretary Donald Rumsfeld, and to a different degree even the Vice President was involved in that.

BOB WOODWARD: That's correct. Powell, whose account is the world as Secretary of State, knows all of these people. I think one of the most important moments in all of this perhaps in the recent history of our country and certainly in the Bush administration, was August 5 of this year, when Powell said, essentially insisted, "I want to meet the President alone." Condi Rice, the national security advisor, was there. Powell went through a list and said, "These are the consequences of war with Iraq, and the realities are you may want to go alone but you can't do it. It won't work." And ranging from the economic to the impact on Israel to just the sheer geography and distance, he laid out a very compelling case.

GWEN IFILL: Condoleezza Rice was the go-between, often. Was she the go-between as much between Powell and Rumsfeld and their disagreements as between the President and everyone else?

BOB WOODWARD: I think what she does is he talks to the President, takes his temperature, see what he... sees what he's thinking and feeling, and then talks to each of the individuals and then will kind of say, "okay"-- to the President in private-- "we need to address this issue;" like when it looked like things were not moving in Afghanistan -- very dramatic moment -- she went up to Bush in the residence in the evening just after he had finished exercising and really said, "we need to consider alternatives. This is not working." He was kind of surprised. And she said, "you need to really explain what you're thinking." And I think academics will look at this and say she's doing exactly what a national security advisor should do.

GWEN IFILL: I was struck toward, the end of the book by the numbers. You talked about the scorecard. The numbers total Taliban, total people it took to overthrow the Taliban, on the ground, not including the air support, 110 CIA officers, 316 Special Forces. It doesn't sound like a lot.

BOB WOODWARD: And a lot of heavy bombing.

GWEN IFILL: And a lot of heavy bombing. But not on the ground, not the boots on the ground they were talking about.

BOB WOODWARD: That's right, but they got the Northern Alliance, the opposition force to the Taliban, to take up arms, and they supplied them and they gave them lots of money. And they did, to a certain extent, the dirty work on the ground, and so there was less risk to the Americans now.

GWEN IFILL: But if by your account and President's account, 16 of the 22 al-Qaida leaders who were on his little scorecard, are still at large, including Osama bin Laden, was this war a success really?

BOB WOODWARD: Good question; and the answer is we don't know. And no one knows, and it hinges on the question, I think, will we be hit again in a big way by terrorists? I asked the President about this, and his response was somewhat chilling. And he said, "Well, maybe they have a four-year planning cycle," meaning something that might happen this year was concocted and planned in 1998. They have a very different sense of time and timing. And whether we get hit again and if we do in a spectacular way--as now the intelligence is showing--all that happened in the last 14 months could be erased.

GWEN IFILL: That's the answer to that question. Bob Woodward, thank you very much for joining us.

BOB WOODWARD: Thank you, Gwen.



To: Jim Willie CB who wrote (9665)11/21/2002 3:19:03 PM
From: SOROS  Read Replies (3) | Respond to of 89467
 
Really never thought I'd see another lunacy like late 1999-early 2000. But look at the garbage fly.

Wireless Holders run from 27 to 39
Telecom Holders run from 20 to 30
Software Holders run from 20-30
Semi Holders run from 17-28
Internet Infrastructure from 1.13 - 2.57
Internet Arch. from 18-28
Internet Holders from 17-27
B2B from 1.27 - 2.61
Broadband from 5.50 - 8.90

On an individual basis, you can find dozens of companies that will be lucky to survive that have run up 100-300% in the past 5 weeks. Gambling reigns until you can't pay your debts, and they break your legs. Lots of people going to be needing wheelchairs by the look of the debt being accumulated, and in many cases, once again being poured into stocks. It's the "double or nothing" gambit run amok.

Look at PMCS -- $2.70 on 10/9 with book value of $1.35 Now over $8.00 with same book, same losing money, same debt.

Typical attitudes in a frenzy of "trying to make it back" are:

Fact -- Cisco options would have cut profit 60 percent

Response -- "I don't think it carries so much value," said Raj Srikanth, a networking equipment analyst with Deutsche Bank-North America.

"Eat, drink, and party, for tomorrow we die!" America's new slogan since 1992 continues to be true today.

I remain,

SOROS



To: Jim Willie CB who wrote (9665)11/23/2002 12:48:26 PM
From: Mannie  Respond to of 89467
 
JW, forgive me for interrupting the flow of economic discussion and jackass utterances for a moment..

I have mentioned before on this and other threads, the water projects that I have been involved with in Vietnam. We have recently completed the work required to establish a tax deductible nonprofit entity (The Care to Help Project), and we now are gearing up to tackle our next big project.

I have just printed up a fund raising letter that explains in text and photos our organization, our successes, and our next project. If anyone might be interested in helping us to help some folks that are in dire need, please PM me your address and I will send you some information.

Here a couple of photos of kids in the village that first stole our hearts:
photo.net
photo.net
photo.net

Here are photos from the first two well projects we tackled and completed:
photo.net

And here are some shots from the next project, which is a well established Leper Colony high in the mountains outside of Da Lat,
Vietnam. Their well has gone bad, we are going to drill a new one, and build one or two pump stations, as required to get the water up
to the colony...
photo.net

Thank you for considering helping out with these projects, 100% of the funds raised are applied to construction costs.
Scott