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


To: Jim Willie CB who wrote (51989)7/25/2004 12:37:47 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
jw: thanks for sharing your insights...you're a good writer...so is The New York Times' Columnist Maureen Dowd...here's her latest...

Spinning Our Safety
By MAUREEN DOWD
OP-ED COLUMNIST
THE NEW YORK TIMES
July 25, 2004

Maybe it's because I've been instructed to pack a respirator escape hood along with party dresses for the Boston convention. Maybe it's because our newspaper has assigned a terrorism reporter to cover a political convention. Maybe it's because George Bush is relaxing at his ranch down there (again) while Osama is planning a big attack up here (again). Maybe it's because there are just as many American soldiers dying in Iraq post-transfer, more Muslims more mad at us over fake W.M.D. intelligence and depravity at Abu Ghraib, and more terrorists in more diffuse networks hating us more.

Maybe it's because the F.B.I. is still learning how to Google and the C.I.A. has an acting head who spends most of his time acting defensive over his agency's failure to get anything right. Maybe it's because so many of those federal twits who missed the 10 chances to stop the 9/11 hijackers, who blew off our Paul Reveres - Richard Clarke, Coleen Rowley and the Phoenix memo author - still run things. Call me crazy, Mr. President, but I don't feel any safer.

The nation's mesmerizing new best seller, the 9/11 commission report, lays bare how naked we still are against an attack, and how vulnerable we are because of the time and money the fuzzy-headed Bush belligerents wasted going after the wrong target.

Even scarier, the commissioners expect Congress, which they denounced as "dysfunctional" on intelligence oversight, to get busy fixing things just as lawmakers are flying home for vacation.

The report offers vivid details on our worst fears. Instead of focusing on immediately hitting back at Osama, Bush officials indulged their idiotic idée fixe on Saddam and ignored the memo from their counter-terrorism experts dismissing any connection between the religious fanatic bin Laden and the secular Hussein.

"On the afternoon of 9/11, according to contemporaneous notes, Secretary Rumsfeld instructed General Myers to obtain quickly as much information as possible," the report says. " The notes indicate that he also told Myers that he was not simply interested in striking empty training sites. The secretary said his instinct was to hit Saddam Hussein at the same time - not only bin Laden."

At the first Camp David meeting after 9/11, the report states, "Deputy Secretary Wolfowitz made the case for striking Iraq during 'this round' of the war on terrorism."

Six days after the World Trade Center towers were pulverized, when we should have been striking Osama with everything we had, the Bush team was absorbed with old grudges and stale assumptions.

"At the September 17 N.S.C. meeting, there was some further discussion of 'phase two' of the war on terrorism," the report says. "President Bush ordered the Defense Department to be ready to deal with Iraq if Baghdad acted against U.S. interests, with plans to include possibly occupying Iraqi oil fields."

President Bush was unsure of himself, relying too much on a vice president whose deep, calm voice belied a deeply cracked world view.

He explained to the commissioners that he had stayed in his seat making little fish faces at second graders for seven minutes after learning about the second plane hitting the towers because, as the report says, "The president felt he should project strength and calm until he could better understand what was happening."

What better way to track the terror in the Northeast skies than by reading "My Pet Goat" in Sarasota?

The commissioners warn that the price for the Bush bullies' attention deficit disorder could be high: "If, for example, Iraq becomes a failed state, it will go to the top of the list of places that are breeding grounds for attacks against Americans at home. Similarly, if we are paying insufficient attention to Afghanistan, the rule of the Taliban or warlords and narcotraffickers may re-emerge and its countryside could once again offer refuge to Al Qaeda, or its successor."

And, if that's not ominous enough, consider this: "The problem is that Al Qaeda represents an ideological movement, not a finite group of people. It initiates and inspires, even if it no longer directs."

"Yet killing or capturing" Osama, the report says, "while extremely important, would not end terror. His message of inspiration to a new generation of terrorists would continue."

If the Bush crowd hadn't been besotted with the idea of smoking Saddam, they could have stomped Osama in Tora Bora. Now it's too late. Al Qaeda has become a state of mind.

nytimes.com



To: Jim Willie CB who wrote (51989)7/25/2004 1:19:08 PM
From: stockman_scott  Respond to of 89467
 
2004 Election Remains a Tossup as Conventions Get Underway

gallup.com



To: Jim Willie CB who wrote (51989)7/25/2004 1:23:57 PM
From: stockman_scott  Respond to of 89467
 
Kerry opens lead in Florida poll

_____________________________

BY WILLIAM E. GIBSON
South Florida Sun-Sentinel
Posted on Sat, Jul. 24, 2004

thestate.com

(KRT) - Powered by a clear shift among independent voters, Democratic candidate John Kerry has taken a slight lead in the presidential race in Florida just before his party's national convention, according to a statewide poll conducted for the South Florida Sun-Sentinel and Florida Times-Union.

Kerry gained ground in the nation's largest swing state, apparently bolstered by his selection of running mate John Edwards and helped by a gradual erosion of support for President Bush. The results also indicated that Vice President Dick Cheney has become a drag on the Republican ticket, weighed down by his high "unfavorable" rating.

The poll of 600 likely Florida voters, conducted by the independent polling firm Research 2000, found Kerry leading Bush 49 percent to 44 percent in a two-way matchup...........

.......Bush, who has governed as a forceful conservative on most matters, now appears to be losing many of the moderate, independent voters of Florida who could make a decisive difference in a close election. Both he and Kerry, however, are expected to use their national conventions to fashion a more moderate image with these voters in mind.



To: Jim Willie CB who wrote (51989)7/25/2004 1:45:32 PM
From: stockman_scott  Respond to of 89467
 
Decades of Bad Iran Policy
________________________

LEAD EDITORIAL
THE LOS ANGELES TIMES
July 25, 2004

The report of the independent 9/11 commission, aside from demolishing the idea that Iraq collaborated with Al Qaeda, points the finger elsewhere — including at Tehran. Not only was Iran potentially in league with Al Qaeda in the June 1996 Khobar Towers bombing that killed 19 Americans and wounded 372, says the report released Thursday, but it also probably "facilitated the transit of Al Qaeda members into and out of Afghanistan before 9/11." Iran may not have been aware of the 9/11 plot — it denied any such knowledge Thursday and said it had arrested "a large number" of Al Qaeda members — but it probably rendered vital assistance. It doesn't take precise knowledge of a crime to turn you into an accomplice.

The Iran-Al Qaeda link is thinner than Iran's nuclear ambitions, but it's further evidence that the Bush administration chose to see only what would bolster its obsession with toppling Saddam Hussein. Such hypocrisy has been at the heart of U.S. relations with Iraq and Iran for decades, often with lethal consequences.

During the 1980s, the Reagan administration cozied up to Hussein even as he was gassing Iranian soldiers in the Iran-Iraq war. At the same time, the White House went ahead with the so-called Iran-Contra deal, which supplied the mullahs with arms (as well as a Bible signed by President Reagan and a cake that were supposed to demonstrate U.S. goodwill) as part of a complicated scheme to fund Nicaraguan anti-communist Contra rebels. At the time, Congress forbade direct U.S. aid to the Contras.

Then, in the aftermath of the 1991 Gulf War, President George H.W. Bush stood by listlessly as Hussein used helicopter gunships to gas Kurds and Shiites. More than a decade later, President George W. Bush went to war to destroy those weapons of mass destruction, after they no longer existed.

Meanwhile, Vice President Dick Cheney's former company, Halliburton, is being investigated by a grand jury for possibly violating federal sanctions by operating in Iran during Cheney's time as CEO. Today, Cheney is the last major holdout claiming extensive Al Qaeda ties with Hussein.

Here's the real story: Overthrowing Hussein has opened up Iraq to Iran, which has, among other things, allowed Al Qaeda agents to infiltrate Iraq. The Iraqi defense and interior ministers both accuse Iran of fomenting terrorism and have threatened military retaliation inside Iran.

With the U.S. military stretched tightly, it has no capability to back up such bluster even if it wanted to. Washington already has to turn a half-blind eye to the nuclear ambitions of North Korea and ignore the Taliban ties of many Pakistani officials and warlords.

Perhaps Iran really is reforming internally, as a newly released Council on Foreign Relations study headed by former national security advisor Zbigniew Brzezinski and former CIA Director Robert M. Gates argues. Perhaps the U.S. should more urgently seek dialogue with the government in Tehran and hope that diplomacy will produce better results than it has so far.

Given the resources the administration has squandered in Iraq, it might have no other choice.

latimes.com



To: Jim Willie CB who wrote (51989)7/25/2004 2:39:45 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
Michael Moore's movie has hit over $100 Million in domestic box office sales...

boxofficemojo.com

$103,356,000 in sales on over 1850 screens.

btw, I saw The Bourne Supremacy last night and it was very good (IMO, it may have even been better than Ludlum's book)...Here's Roger Ebert's review...

suntimes.com



To: Jim Willie CB who wrote (51989)7/25/2004 4:45:52 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
Here is a book that is worth reading: "Tinderbox: U.S. Middle East Policy and the Roots of Terrorism." It is by Stephen Zunes, who is an associate professor of politics and chair of the Peace & Justice Studies Program at the University of San Francisco, and serves as the Middle East editor for the Foreign Policy in Focus Project (online at fpif.org ).

Here's a review of Tinderbox from Amazon's website...

amazon.com

<<...Tinderbox Brings Us Up-to-date on Current Crises, November 15, 2002
Reviewer: John E. Kimber (Seaside, CA United States) - See all my reviews
Tinderbox is the first book I know of that successfully integrates all aspects of today's Middle East problems: U.S. foreign policy, Iraq, Israel-Palestine, and Islamic terrorism. And Stephen Zunes does the job superbly. His new book is at the same time a readable journalistic effort--a page turner--as well as a scholarly political science and history work. This is combined journalism, political science, and history writing at its best. This is truly a landmark book on US-Middle East relations.

An important feature of this book is that most of its chapters are self-contained in the sense that they can be profitably read separately, like a handbook, without reading the whole book. For example, you can go to the chapter on The Israeli-Palestinian Conflict and get an excellent 65-page up-to-date analysis of that subject...>>



To: Jim Willie CB who wrote (51989)7/25/2004 4:59:47 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
Paying the Price: The Mounting Costs of the Iraq War
_____________________

A Study by the Institute for Policy Studies and Foreign Policy In Focus

Full report with citations available at:

ips-dc.org

Paying the Price: The Mounting Costs of the Iraq War

Key Findings:

fpif.org

FPIF Special Report
June 24, 2004
Paying the Price: The Mounting Costs of the Iraq War
Foreign Policy In Focus www.fpif.org

Key Findings
(I. Costs to the United States / II. Costs to Iraq / III. Costs to the World)

I. Costs to the United States

A. Human Costs

U.S. Military Deaths: Between the start of war on March 19, 2003 and June 16, 2004, 952 coalition forces were killed, including 836 U.S. military. Of the total, 693 were killed after President Bush declared the end of combat operations on May 1, 2003. Over 5,134 U.S. troops have been wounded since the war began, including 4,593 since May 1, 2003.

Contractor Deaths: Estimates range from 50 to 90 civilian contractors, missionaries, and civilian worker deaths. Of these, 36 were identified as Americans.

Journalist Deaths: Thirty international media workers have been killed in Iraq, including 21 since President Bush declared the end of combat operations. Eight of the dead worked for U.S. companies.

B. Security Costs

Terrorist Recruitment and Action: According to the London-based International Institute for Strategic Studies, al Qaeda's membership is now at 18,000, with 1,000 active in Iraq. A former CIA analyst and State Department official has documented 390 deaths and 1,892 injuries due to terrorist attacks in 2003. In addition, there were 98 suicide attacks around the world in 2003, more than any year in contemporary history.

Low U.S. Credibility: Polls reveal that the war has damaged the U.S. government's standing and credibility in the world. Surveys in eight European and Arab countries demonstrated broad public agreement that the war has hurt, rather than helped, the war on terrorism. At home, 54 percent of Americans polled by the Annenberg Election Survey felt that "the situation in Iraq was not worth going to war over."

Military Mistakes: A number of former military officials have criticized the war, including retired Marine General Anthony Zinni, former commander of the U.S. Central Command, who has charged that by manufacturing a false rationale for war, abandoning traditional allies, propping up and trusting Iraqi exiles, and failing to plan for post-war Iraq, the Bush Administration made the United States less secure.

Low Troop Morale and Lack of Equipment: A March 2004 army survey found 52 percent of soldiers reporting low morale, and three-fourths reporting they were poorly led by their officers. Lack of equipment has been an ongoing problem. The Army did not fully equip soldiers with bullet-proof vests until June 2004, forcing many families to purchase them out of their own pockets.

Loss of First Responders: National Guard troops make up almost one-third of the U.S. Army troops now in Iraq. Their deployment puts a particularly heavy burden on their home communities because many are "first responders," including police, firefighters, and emergency medical personnel. For example, 44 percent of the country's police forces have lost officers to Iraq. In some states, the absence of so many Guard troops has raised concerns about the ability to handle natural disasters.

Use of Private Contractors: An estimated 20,000 private contractors are carrying out work in Iraq traditionally done by the military, despite the fact that they often lack sufficient training and are not accountable to the same guidelines and reviews as military personnel.

C. Economic Costs

The Bill So Far: Congress has already approved of $126.1 billion for Iraq and an additional $25 billion is heading towards Congressional approval, for a total of $151.1 billion through this year. Congressional leaders have promised an additional supplemental appropriation after the election.

Long-term Impact on U.S. Economy: Economist Doug Henwood has estimated that the war bill will add up to an average of at least $3,415 for every U.S. household. Another economist, James Galbraith of the University of Texas, predicts that while war spending may boost the economy initially, over the long term it is likely to bring a decade of economic troubles, including an expanded trade deficit and high inflation.

Oil Prices: Gas prices topped $2 a gallon in May 2004, a development that most analysts attribute at least in part to the deteriorating situation in Iraq. According to a mid-May CBS survey, 85 percent of Americans said they had been affected measurably by higher gas prices. According to one estimate, if crude oil prices stay around $40 a barrel for a year, U.S. gross domestic product will decline by more than $50 billion.

Economic Impact on Military Families: Since the beginning of the wars in Iraq and Afghanistan, 364,000 reserve troops and National Guard soldiers have been called for military service, serving tours of duty that often last 20 months. Studies show that between 30 and 40 percent of reservists and National Guard members earn a lower salary when they leave civilian employment for military deployment. Army Emergency Relief has reported that requests from military families for food stamps and subsidized meals increased "several hundred percent" between 2002 and 2003.

D. Social Costs

U.S. Budget and Social Programs: The Bush administration's combination of massive spending on the war and tax cuts for the wealthy means less money for social spending. The $151.1 billion expenditure for the war through this year could have paid for: close to 23 million housing vouchers; health care for over 27 million uninsured Americans; salaries for nearly 3 million elementary school teachers; 678,200 new fire engines; over 20 million Head Start slots for children; or health care coverage for 82 million children. Instead, the administration's FY 2005 budget request proposes deep cuts in critical domestic programs and virtually freezes funding for domestic discretionary programs other than homeland security. Federal spending cuts will deepen the budget crises for local and state governments, which are expected to suffer a $6 billion shortfall in 2005.

Social Costs to the Military: Thus far, the Army has extended the tours of duty of 20,000 soldiers. These extensions have been particularly difficult for reservists, many of whom never expected to face such long separations from their jobs and families. According to military policy, reservists are not supposed to be on assignment for more than 12 months every 5-6 years. To date, the average tour of duty for all soldiers in Iraq has been 320 days. A recent Army survey revealed that more than half of soldiers said they would not re-enlist.

Costs to Veteran Health Care: About 64 percent of the more than 5,000 U.S. soldiers injured in Iraq received wounds that prevented them from returning to duty. One trend has been an increase in amputees, the result of improved body armor that protects vital organs but not extremities. As in previous wars, many soldiers are likely to have received ailments that will not be detected for years to come. The Veterans Administration healthcare system is not prepared for the swelling number of claims. In May, the House of Representatives approved funding for FY 2005 that is $2.6 billion less than needed, according to veterans' groups.

Mental Health Costs: A December 2003 Army report was sharply critical of the military's handling of mental health issues. It found that more than 15 percent of soldiers in Iraq screened positive for traumatic stress, 7.3 percent for anxiety, and 6.9 percent for depression. The suicide rate among soldiers increased from an eight-year average of 11.9 per 100,000 to 15.6 per 100,000 in 2003. Almost half of soldiers surveyed reported not knowing how to obtain mental health services.

II. Costs to Iraq

A. Human Costs

Iraqi Deaths and Injuries: As of June 16, 2004, between 9,436 and 11,317 Iraqi civilians have been killed as a result of the U.S. invasion and ensuing occupation, while an estimated 40,000 Iraqis have been injured. During "major combat" operations, between 4,895 and 6,370 Iraqi soldiers and insurgents were killed.

Effects of Depleted Uranium: The health impacts of the use of depleted uranium weaponry in Iraq are yet to be known. The Pentagon estimates that U.S. and British forces used 1,100 to 2,200 tons of weaponry made from the toxic and radioactive metal during the March 2003 bombing campaign. Many scientists blame the far smaller amount of DU weapons used in the Persian Gulf War for illnesses among U.S. soldiers, as well as a sevenfold increase in child birth defects in Basra in Southern Iraq.

B. Security Costs

Rise in Crime: Murder, rape, and kidnapping have skyrocketed since March 2003, forcing Iraqi children to stay home from school and women to stay off the streets at night. Violent deaths rose from an average of 14 per month in 2002 to 357 per month in 2003.

Psychological Impact: Living under occupation without the most basic security has devastated the Iraqi population. A poll by the U.S. Coalition Provisional Authority in May 2004 found that 80 percent of Iraqis say they have "no confidence" in either the U.S. civilian authorities or in the coalition forces, and 55 percent would feel safer if U.S. and other foreign troops left the country immediately.

C. The Economic Costs

Unemployment: Iraqi joblessness doubled from 30 percent before the war to 60 percent in the summer of 2003. While the Bush administration now claims that unemployment has dropped, only 1 percent of Iraq's workforce of 7 million is involved in reconstruction projects.

Corporate War Profiteering: Most of Iraq's reconstruction has been contracted out to U.S. companies, rather than experienced Iraqi firms. Top contractor Halliburton is being investigated for charging $160 million for meals that were never served to troops and $61 million in cost overruns on fuel deliveries. Halliburton employees also took $6 million in kickbacks from subcontractors, while other employees have reported extensive waste, including the abandonment of $85,000 trucks because they had flat tires.

Iraq's Oil Economy: Anti-occupation violence has prevented Iraq from capitalizing on its oil assets. There have been an estimated 130 attacks on Iraq's oil infrastructure. In 2003, Iraq's oil production dropped to 1.33 million barrels per day, down from 2.04 million in 2002.

Health Infrastructure: After more than a decade of crippling sanctions, Iraq's health facilities were further damaged during the war and post-invasion looting. Iraq's hospitals continue to suffer from lack of supplies and an overwhelming number of patients.

Education: UNICEF estimates that more than 200 schools were destroyed in the conflict and thousands more were looted in the chaos following the fall of Saddam Hussein. Largely because of security concerns, school attendance in April 2004 was well below pre-war levels.

Environment: The U.S-led attack damaged water and sewage systems and the country's fragile desert ecosystem. It also resulted in oil well fires that spewed smoke across the country and left unexposed ordnance that continues to endanger the Iraqi people and environment. Mines and unexploded ordnance cause an estimated 20 casualties per month.

Human Rights Costs: Even with Saddam Hussein overthrown, Iraqis continue to face human rights violations from occupying forces. In addition to the widely publicized humiliation and abuse of prisoners, the U.S. military is investigating the deaths of 34 detainees as a result of interrogation techniques.

Sovereignty Costs: Despite the proclaimed "transfer of sovereignty" to Iraq, the country will continue to be occupied by U.S. and coalition troops and have severely limited political and economic independence. The interim government will not have the authority to reverse the nearly 100 orders by CPA head Paul Bremer that, among other things, allow for the privatization of Iraq's state-owned enterprises and prohibit preferences for domestic firms in reconstruction.

III. Costs to the World

Human Costs: While Americans make up the vast majority of military and contractor personnel in Iraq, other U.S.-allied "coalition" troops have suffered 116 war casualties in Iraq. In addition, the focus on Iraq has diverted international resources and attention away from humanitarian crises such as in Sudan.

International Law: The unilateral U.S. decision to go to war in Iraq violated the United Nations Charter, setting a dangerous precedent for other countries to seize any opportunity to respond militarily to claimed threats, whether real or contrived, that must be "pre-empted." The U.S. military has also violated the Geneva Convention, making it more likely that in the future, other nations will ignore these protections in their treatment of civilian populations and detainees.

The United Nations: At every turn, the Bush administration has attacked the legitimacy and credibility of the UN, undermining the institution's capacity to act in the future as the centerpiece of global disarmament and conflict resolution. The recent efforts of the Bush administration to gain UN acceptance of an Iraqi government that was not elected but rather installed by occupying forces undermines the entire notion of national sovereignty as the basis for the UN Charter.

Coalitions: Faced with opposition in the UN Security Council, the U.S. government attempted to create the illusion of multilateral support for the war by pressuring other governments to join a so-called "Coalition of the Willing." This not only circumvented UN authority, but also undermined democracy in many coalition countries, where public opposition to the war was as high as 90 percent.

Global Economy: The $151.1 billion spent by the U.S. government on the war could have cut world hunger in half and covered HIV/AIDS medicine, childhood immunization and clean water and sanitation needs of the developing world for more than two years. As a factor in the oil price hike, the war has created concerns of a return to the "stagflation" of the 1970s. Already, the world's major airlines are expecting an increase in costs of $1 billion or more per month.

Global Security: The U.S.-led war and occupation have galvanized international terrorist organizations, placing people not only in Iraq but around the world at greater risk of attack. The State Department's annual report on international terrorism reported that in 2003 there was the highest level of terror-related incidents deemed "significant" than at any time since the U.S. began issuing these figures.

Global Environment: U.S.-fired depleted uranium weapons have contributed to pollution of Iraq's land and water, with inevitable spillover effects in other countries. The heavily polluted Tigris River, for example, flows through Iraq, Iran and Kuwait.

Human Rights: The Justice Department memo assuring the White House that torture was legal stands in stark violation of the International Convention Against Torture (of which the United States is a signatory). This, combined with the widely publicized mistreatment of Iraqi prisoners by U.S. intelligence officials, gave new license for torture and mistreatment by governments around the world.



To: Jim Willie CB who wrote (51989)7/25/2004 11:19:28 PM
From: stockman_scott  Respond to of 89467
 
Another interesting electoral map - that also has Kerry winning:

centerforpolitics.org

and this one:

electoral-vote.com



To: Jim Willie CB who wrote (51989)7/26/2004 2:12:33 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
Message 20346026



To: Jim Willie CB who wrote (51989)7/26/2004 2:22:22 PM
From: stockman_scott  Respond to of 89467
 
GOOGLE'S IPO

________________________

DOW JONES REPRINTS

July 26, 2004 1:05 p.m. EDT




Google's IPO Valuation Makes
Sense Compared With Its Peers

By RAYMOND HENNESSEY
DOW JONES NEWSWIRES
July 26, 2004 1:05 p.m.

NEW YORK -- Google Inc. may have too much demand for its IPO. But it doesn't have an outsize valuation, at least when compared with its peers.

Early Monday, Google, the Internet search giant based in Mountain View, Calif., said it planned to sell 24.6 million shares at $108 to $135 a share. (See article.1) That will ensure that Google has the highest offering price for an IPO in recent history. Only Genentech Inc. came close, selling its shares at $97 each in July 1999.

On the surface, the per-share price seems high. Actually, though, it's quite reasonable, particularly when compared with competitor Yahoo Inc. For instance, Yahoo started Monday with a market capitalization of $40.84 billion. At the midpoint of the filing range, Google would come to market with a market cap of $32.6 billion.

Given the prepricing demand for the Google shares, it's unlikely the deal, which will be sold under a modified auction format, will price at the midpoint. But even the high end of estimates would yield a market capitalization of $36.24 billion.

It's easy to make the argument that Yahoo deserves the higher market cap. For one thing, it is bigger by most metrics. Over the first half of this year, it booked $1.59 billion in revenue, compared with Google's $1.35 billion. Net income over the first six months of this year was $213.7 million at Yahoo, compared with $143 million at Google.

Yahoo is also growing faster than Google. Revenue at Yahoo year-over-year rose at a 163% clip over the first half of this year. At Google, that revenue growth rate was 141%. Google's net income did rise faster, at 146% vs. 119% for Yahoo.

Google's per-share price may have raised some eyebrows because of its size, but it's a necessary evil because of the nature of the IPO, according to bankers working on the IPO. Google has been insistent on selling its shares through an auction (though it has reserved the right to simply set its own price once all the bids are in). The big criticism of auctions has been that they are easily manipulated and can be overpriced. For instance, buyers could place extraordinarily large bids, known as "outliers," to help ensure that they get shares. At W.R. Hambrecht & Co., which pioneered the use of auctions for IPOs, such bids are typically discarded in establishing the price.

But the fear with Google was that there would be so many people bidding for shares that outlier bids would have to be factored into the auction and the price would be artificially high.

A high per-share price, though, eases some of that concern. It's one thing to have an offering price range on an auction of between $10 and $14 a share. Bidding to, say, $20, wouldn't be that far of a stretch for the vast majority of investors.

But placing a $150 bid on a deal with an upper range of $135 a share takes more money. That squeezes out smaller investors who might otherwise try to place outliers, particularly since Google is setting a minimum bid size of five shares.

Institutional investors could likely use their size to drive the price higher, but they are also likely to be the most price-sensitive during the auction price, and will be looking to bid lower, not higher.

Whether the bids come in high or low, existing investors will come out well ahead, as many are selling -- and cashing in on a big payday. Not one of the major investors is selling an especially large portion of their holdings, but the total shares sold by existing holders will represent about 43% of the shares offered in the IPO.

Venture-capital firms Kleiner Perkins Caufield & Byers and Sequoia Capital are selling 2.1 million and 2.4 million, respectively. Company founders Sergey Brin and Larry Page are selling 962,226 shares and 964,830 shares, respectively.

Combined, those investors paid $2.24 million, or 35 cents a share on average, for the shares they are now selling, according to offering documents filed with the Securities and Exchange Commission. At the midpoint of the range, those shares would be valued at $777.6 million, or 347 times their original investment.

Write to Raymond Hennessey at raymond.hennessey@dowjones.com2