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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?


To: Kenneth E. Phillipps who wrote (693087)7/20/2005 11:50:09 PM
From: Hope Praytochange  Read Replies (1) | Respond to of 769670
 
Democrats Say Nominee Will Be Hard to Defeat

By Peter Baker and Charles Babington
Washington Post Staff Writers
Thursday, July 21, 2005; A01

The White House and its allies opened their campaign to confirm Judge John G. Roberts Jr. to the Supreme Court with a mix of soft-sell persuasion and hard-pitch pressure yesterday as Senate Democrats plotted strategy for responding to a nomination they conceded could be hard to defeat.

After meeting President Bush for coffee at the White House in the morning, Roberts headed to Capitol Hill for the ritual of convivial courtesy calls not seen in 11 years, while Republican operatives began television advertising to push the Senate to approve the appellate judge. Bush called for a "fair and civil process" that would put Roberts on the bench by the time the court reconvenes Oct. 3.

An array of interest groups on the left began mobilizing opposition to Roberts, but reticent Senate Democrats demonstrated little eagerness for an all-out war against him. Some Democratic senators laid the groundwork for a struggle focused on prying loose documents related to Roberts's career in government and using any resistance by the administration against him. Yet as the day progressed, Democrats seemed increasingly resigned to the notion that they cannot stop his appointment.

The key barometer came from members of the Gang of 14 senators who forged a bipartisan accord in May to avoid a showdown over lower-court appointments. Two Republican members of the group, John McCain (Ariz.) and John W. Warner (Va.), said the Roberts selection would not trigger the "extraordinary circumstances" clause of the agreement that would justify a Democratic filibuster.

Under Senate rules, a filibuster would be the only procedural way the minority party could stop the nomination. By the end of the day, though, Democrats held out little prospect of a filibuster.

"Everybody ought to cool their jets on this and let the process work," said Sen. Ben Nelson (Neb.), a Democratic member of the group. "Going in, it looks good" for Roberts, he said.

Bush introduced his nominee in a prime-time White House ceremony Tuesday night, choosing a practiced appellate lawyer to replace retiring Justice Sandra Day O'Connor. Roberts, who served in the Ronald Reagan and George H.W. Bush administrations and earned a reputation as one of the most successful lawyers in the Supreme Court bar, was appointed by the current president to the U.S. Court of Appeals for the D.C. Circuit in 2003.

Senate Judiciary Committee Chairman Arlen Specter (R-Pa.) said yesterday that he expects hearings on Roberts's nomination in early September after the August recess, although he added that they could be moved up to late August if needed. He promised "extensive hearings" and predicted that Roberts "will have the answers" to senators' questions.

White House officials and Republican strategists exuded confidence, saying they had found the most confirmable conservative to put forward. "I think he's ultimately going to sail through," said Jay Sekulow, chief counsel to the American Center for Law and Justice, who has been advising the White House on court strategy.

"There'll be a battle because all Supreme Court nominations are battles, but this is not a holy war," said Kenneth M. Duberstein, a Reagan White House chief of staff who steered the previous two Republican nominations onto the court for Bush's father. "I don't think the passion from the far left will be felt by all these Democratic senators."

Democrats prepared for a strategy that recently has served them well on contentious nominations: focusing on a nominee's refusal to answer questions or provide documents rather than just the person's political beliefs.

Senate Democrats have bottled up John R. Bolton's nomination to be U.N. ambassador by insisting on State Department documents that the administration refuses to yield. And they successfully filibustered Miguel Estrada's court nomination in Bush's first term by emphasizing his refusal to answer questions about judicial philosophy.

But key differences could frustrate Democrats. Bolton was portrayed as a divisive figure before the document issue emerged, feeding the notion that he may have something to hide. Even some Democrats agreed that Roberts is "a very affable individual," as Sen. Barbara Boxer (Calif.) put it yesterday, undermining any claim that he is concealing dark secrets.

Throughout the day, Democrats stressed that Roberts, 50, could spend 30 or more years on the court and that it is essential to scrutinize his record and philosophies. "A preliminary review of Judge Roberts's record suggests areas of significant concern that need exploration," Sen. Patrick J. Leahy (Vt.), the Judiciary Committee's top Democrat, said in a floor speech. "We need to know what kind of Supreme Court justice John Roberts would be. I hope the White House and the nominee will work with us and cooperate so that all relevant matters can be constructively explored."

Sen. Trent Lott (R-Miss.) said Democrats would not get far with such a strategy. "I'm sure that Schumer and Durbin and the usual suspects, Kennedy, will make a fuss over that," he said, referring to the three Democrats who opposed Roberts's appointment to the appellate court in 2003, Charles E. Schumer (N.Y.), Richard J. Durbin (Ill.) and Edward M. Kennedy (Mass.). "But if that's all they've got to hang their hat on, it's not very much."

Sen. Orrin G. Hatch (R-Utah) put it more colorfully. "It's a little bit like biblical Pharisees, you know, who basically are always trying to undermine Jesus Christ," he said on Fox News. "You know, it goes on the same way. If they can catch him in something, they can then criticize and the outside groups will go berserk."

Some of the outside groups wasted little time yesterday airing their dissent. NARAL Pro-Choice America, Americans United for Separation of Church and State, and MoveOn.org said they will oppose Roberts because of his views on abortion, school prayer and other issues, while Planned Parenthood staged a small protest outside the Supreme Court building.

"Clearly there is an obligation on the Senate, and a burden on the part of Roberts, to come to grips with what his judicial philosophy is, especially regarding [abortion] and privacy," said Marcia D. Greenberger, co-president of the National Women's Law Center.

Their opposite numbers rallied behind Roberts with e-mail blitzes, new Web sites, and radio and television advertising. A $1 million commercial buy by Progress for America, a group allied with the White House, praises Roberts and calls on the Senate to endorse him expeditiously. "Shouldn't a fair judge be treated fairly?" the ad asks.

C. Boyden Gray, founder of the Committee for Justice, another group with ties to the White House, said more ad buys will depend on how aggressively the other side attacks Roberts. "It's apparent that the Democrats are going to hold back a little bit," he said. "I don't see where their traction comes from, myself. There's not going to be any filibuster."

The day after his nomination, Roberts began his quest for confirmation with an early-morning coffee with Bush. The president declared that the nomination was "off to a very good start" and vowed to "push the process forward because he and I both agree that it's important that he be sworn in prior to the court reconvening in October."

At a speech in Baltimore later in the day, Bush prodded the Senate further. "I urge the Senate to rise to the occasion, to provide a fair and civil process and to have Judge Roberts in place before the next court session begins," he said.

Roberts took off for Capitol Hill, squired by former senator Fred D. Thompson (R-Tenn.), now an actor. After Roberts chatted privately for 30 minutes with Majority Leader Bill Frist (Tenn.), Majority Whip Mitch McConnell (Ky.) and Specter, the four briefly sat for photographers .

"I appreciate and respect the constitutional role of the Senate in the appointment process," Roberts said. "And I'm very grateful to the senators for accommodating me and having me over here today just the day after the announcement of the nomination."

Roberts later paid brief visits to Minority Leader Harry M. Reid (D-Nev.) and Leahy. He will return to call on other Judiciary Committee members today, but Democrats already seemed interested in changing the subject as Reid scheduled a morning news conference on defense matters.



To: Kenneth E. Phillipps who wrote (693087)7/21/2005 12:04:18 AM
From: steve dietrich  Read Replies (1) | Respond to of 769670
 
Have you seen the latest Harris poll on WSJIE? Bush support falls to 37%, lowest since they started polling.http://online.wsj.com/article/0,,SB111634361873335840.html



To: Kenneth E. Phillipps who wrote (693087)7/21/2005 7:06:28 AM
From: DuckTapeSunroof  Respond to of 769670
 
Joke of the Day (we saw this one coming, it's the new UNIVERSAL EXCUSE): Feds claim Media Shield Law would 'undermine War on Terrorism' :)

Feds: Media Law Would Undermine Terror War

By LAURIE KELLMAN, Associated Press WriterWed Jul 20, 8:31 PM ET
news.yahoo.com

The fight against terrorism would be undermined by a law to protect reporters from going to jail when they refuse to reveal their sources, the Bush administration said Wednesday.

Democrats, meanwhile, continued to pelt the White House over presidential adviser Karl Rove's role in the leak of an undercover CIA officer's identity. The Senate legislation has gained attention with the recent jailing of a New York Times reporter who declined to testify in the federal investigation into the leak.

"The bill would create serious impediments to the department's ability to effectively enforce the law and fight terrorism," Deputy Attorney General James Comey said in prepared testimony to the Senate Judiciary Committee.

"It would bar the government from obtaining information about media sources — even in the most urgent of circumstances affecting the public's health or safety or national security," Comey wrote.

Sen. Christopher Dodd (news, bio, voting record), D-Conn., questioned that premise. He asked opponents of the bill for examples in which shield laws in 31 states and the District of Columbia had brought about any great threats to public safety.

Legislation by Sen. Richard Lugar (news, bio, voting record) and Rep. Mike Pence (news, bio, voting record), both Indiana Republicans, would protect reporters from being imprisoned by federal courts.

The Senate committee quickly scheduled a hearing on the proposal after a federal judge sent Times reporter Judith Miller to jail two weeks ago for refusing to divulge who told her that Valerie Plame, the wife of former Ambassador Joseph Wilson, was a CIA officer.

The bill would stop short of giving reporters absolute immunity. The sponsors added an exception for cases where source identification is essential for protecting national security.

Comey, who skipped the hearing to meet with leaders of the House on renewing the Patriot Act, said in his remarks that it was unfair to equate the bill with state shield laws.

"None of the states deals with classified information in the way that the federal government does," he said. "And no state is tasked with defending the nation as a whole or conducting international diplomacy."

A journalist who published Plame's identity, Matt Cooper of Time, said the patchwork of state shield laws and the absence of a federal statute make it confusing for reporters promising sources anonymity in exchange for information.

"We need some clarity," he said. "I'd like to know better what promises I can legally make and which ones I can't."

New York Times columnist William Safire told the committee the bill is necessary to prevent law enforcement from turning reporters into its agents. "Journalists are not the fingers at the end of the long arm of the law," he said.

Some senators said the bill should draw a brighter line between "good leaks," whose exposure improves public life, and "bad leaks," such as the one in the Plame case, where the leak itself may have broken laws.

Sen. Chuck Schumer, D-N.Y., said "99 percent of leaks are good, and 1 percent are bad."

But Lee Levine, a media lawyer, told the committee, "One person's whistle-blower is another person's slander monger."

Democrats are demanding that President Bush fire Rove, who Cooper said gave him the first idea that the wife of Bush administration Wilson worked for the CIA.

Maintaining a Democratic drumbeat against Rove, California Sen. Barbara Boxer (news, bio, voting record) said the disclosure of Plame's identity was damaging to efforts by the CIA and other government agencies to attract more women.

"Karl Rove and this administration sought to destroy Wilson's wife. Now is that the way we treat women who risk their lives for their country?" she said.

___

On the Net:

Senate Judiciary Committee: judiciary.senate.gov

Copyright © 2005 The Associated Press. All rights reserved.



To: Kenneth E. Phillipps who wrote (693087)7/21/2005 8:32:16 AM
From: Hope Praytochange  Respond to of 769670
 
A SIGN OF THE BULL OR THE BEAR?



WHAT YOU ARE ABOUT TO READ IS A TRUE STORY…the same sort of thing is indeed happening everywhere across America but to get the real “SCOOP” we decided to go straight to the source of the unlikely origin of this phenomenon to better understand the global effects on our world trade today. (please read with a smile)



SOUTH LAKE TAHOE, CA – 12:25 PDT July 20, 2005 (even the reporting time was ironic) Four bears have been killed along highways in South Lake Tahoe in the past 10 days, and bear advocates say three of them were killed where signs used to warn motorists to watch for the animals. There is currently a mad rush to STEAL signs across our state that say “CAUTION BEARS” or “BEAR CROSSING” – the department of transportation cannot replace them fast enough to save the animals from the dangers that are present before them.



This story was both a sad and an eerie one to me as market bears nationwide have INDEED been slaughtered if they’ve been trading without stops in a market environment that has known little rhyme or reason over the last 10-11 trading days. It again performed with surprising strength post a quite negative response by INTC to is earnings release after Tuesday's closing bell. The first real sign that the market might recover was the lack of more than just a 10-15 handle pullback on the NQ trade from its lofty levels. Once it established double bottom support and worked through 1593.50 it SOARED to the upside in the afternoon slaughtering the last of the living bears one by one with a slingshot move that should have anyone who was short covered by now. The ES ALSO stretched itself to an upper area of resistance that will be an ULTRA KEY area for trade in the AM at 1240.



Today’s testimony by Alan Greenspan offered everything the bullish side wanted after early mentions of ENERGY issues causing an “ever surprising” negative turn in price which could offer a 1-2-3 pullback that may surprise this market in a wicked way with a slingshot towards highs. Stocks than really should not have broken out today DID and stocks that have in the past been “bulletproof” such as HANS AND WFMI saw rotation.



After hours response to earnings was mixed but they were still overall more favorable than not. Watch for any break above the Globex 1238.50 and 1240 ES along with the NQ1615 ultra key zone as a line in the sand determining factor as to whether or not we're headed for even further gains through today's session.



The charts below provide an interesting picture on where we are at in regards to resistance. Some levels of specific note are the ES 1240, the NASDAQ 2196.50, the Dow 10,698 in the SPY 123.56. Breakouts above these levels are favorable and failure to breakout above them will offer solid resistance from those points of trade.



bestrades.net ES 240 all sessions chart



bestrades.net COMPX weekly chart



bestrades.net DOW daily chart



bestrades.net SPY weekly chart





ECONOMIC DATA/MARKET MOVERS FOR THE WEEK: THURSDAY: Initial Claims (exp. 336K) Leading Indicators (exp. 0.5%) Philadelphia Fed (exp. 9.0) -12 EST. and FOMC Minutes 2:30 EST.



EARNINGS TO NOTE: WED: COF-ET- EBAY –FFIV –QLGC – QCOM – THURS: NXTL (AM)- BRCM – FDRY –GOOG –SNDK – TQNT – VTSS – XLNX – FRI: HAL (am)



Best of Trading,

Christine Grace



To: Kenneth E. Phillipps who wrote (693087)7/21/2005 8:35:04 AM
From: Hope Praytochange  Respond to of 769670
 
smra.com
Stone & McCarthy (Princeton)--In clear and unambiguous language, Federal Reserve Chairman Alan Greenspan today testified that the Federal Reserve will continue to remove monetary accommodation at a measured pace. In concluding his prepared testimony before the House Financial Services Committee, Greenspan said the following:
In conclusion, Mr. Chairman, despite the challenges that I have highlighted and the many I have not, the U.S. economy has remained on a firm footing, and inflation continues to be well contained. Moreover, the prospects are favorable for a continuation of those trends. Accordingly, the Federal Open Market Committee in its June meeting reaffirmed that it

". . . believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability."

While Fed chairman Greenspan did not offer any clues to when the Fed might stop raising rates, we interpret his remarks to mean that the Federal Open Market Committee will continue to raise the target on the federal funds rate in 25 bps increments at every policymaking meeting this year. With four FOMC meetings still on tap until year-end, the federal funds rate would finish the year at 4.25%.

"Our baseline outlook for the U.S. economy is one of sustained economic growth and contained inflation pressures. In our view, realizing this outcome will require the Federal Reserve to continue to remove monetary accommodation. This generally favorable outlook, however, is attended by some significant uncertainties that warrant careful scrutiny," testified Greenspan.

The Fed chairman then went on to speak about the risks to the economic outlook such as those posed by high energy prices, the unusual behavior of long-term interest rates and froth in some local housing markets. Interestingly, Greenspan believes there is limited room for bond yields to fall further.

"The trend of mortgage rates, or long-term interest rates more generally, is likely to be influenced importantly by the worldwide evolution of intended saving and intended investment. We at the Federal Reserve will be closely monitoring the path of this global development few, if any, have previously experienced. As I indicated earlier, the capital investment climate in the United States appears to be improving following significant headwinds since late 2000, as is that in Japan. Capital investment in Europe, however, remains tepid. A broad worldwide expansion of capital investment not offset by a rising worldwide propensity to save would presumably move real long-term interest rates higher. Moreover, with term premiums at historical lows, further downward pressure on long-term rates from this source is unlikely," testified Greenspan.

Below are additional excerpts on the risks to the economic outlook.

With regard to the outlook for inflation, future price performance will be influenced importantly by the trend in unit labor costs, or its equivalent, the ratio of hourly labor compensation to output per hour. Over most of the past several years, the behavior of unit labor costs has been quite subdued. But those costs have turned up of late, and whether the favorable trends of the past few years will be maintained is unclear. Hourly labor compensation as measured from the national income and product accounts increased sharply near the end of 2004. However, that measure appears to have been boosted significantly by temporary factors. Other broad measures suggest that hourly labor compensation continues to rise at a moderate rate.

Energy prices represent a second major uncertainty in the economic outlook. A further rise could cut materially into private spending and thus damp the rate of economic expansion. In recent weeks, spot prices for crude oil and natural gas have been both high and volatile. Prices for far-future delivery of oil and gas have risen even more markedly than spot prices over the past year. Apparently, market participants now see little prospect of appreciable relief from elevated energy prices for years to come. Global demand for energy apparently is expected to remain strong, and market participants are evidencing increased concerns about the potential for supply disruptions in various oil-producing regions.

The third major uncertainty in the economic outlook relates to the behavior of long-term interest rates. The yield on ten-year Treasury notes, currently near 4-1/4 percent, is about 50 basis points below its level of late spring 2004. Moreover, even after the recent widening of credit risk spreads, yields for both investment-grade and less-than-investment-grade corporate bonds have declined even more than those on Treasury notes over the same period.

This decline in long-term rates has occurred against the backdrop of generally firm U.S. economic growth, a continued boost to inflation from higher energy prices, and fiscal pressures associated with the fast approaching retirement of the baby-boom generation. The drop in long-term rates is especially surprising given the increase in the federal funds rate over the same period. Such a pattern is clearly without precedent in our recent experience.

Considerable debate remains among analysts as to the nature of those market forces. Whatever those forces are, they are surely global, because the decline in long-term interest rates in the past year is even more pronounced in major foreign financial markets than in the United States.

Such perceptions, many observers believe, are contributing to the boom in home prices and creating some associated risks. And, certainly, the exceptionally low interest rates on ten-year Treasury notes, and hence on home mortgages, have been a major factor in the recent surge of homebuilding, home turnover, and particularly in the steep climb in home prices. Whether home prices on average for the nation as a whole are overvalued relative to underlying determinants is difficult to ascertain, but there do appear to be, at a minimum, signs of froth in some local markets where home prices seem to have risen to unsustainable levels. Among other indicators, the significant rise in purchases of homes for investment since 2001 seems to have charged some regional markets with speculative fervor.

Economic Projections for 2005 and 2006

There were a few surprises in the Fed's revised projections for economic growth and inflation in both 2005 and 2006. The central tendency of the FOMC participants' forecasts for real GDP growth was revised lower, particularly for 2006, in which we were looking for an upward revision. For the civilian unemployment rate, projections for both 2005 and 2006 were lowered, but only by very modest amounts, and not as low as the 4.5%-4.75% we were expecting. Finally, the projection for inflation was actually raised to 1.75%-2% for both this year and next year, versus the February 2005 projection of 1.5%-1.75%. To us, this is an indirect signal from the Fed that they intend to keep raising rates, which was actually communicated by Fed Chairman Greenspan in today's prepared remarks.

"In conjunction with the FOMC meeting at the end of June, the members of the Board of Governors and the Federal Reserve Bank presidents, all of whom participate in the deliberations of the FOMC, were asked to provide economic projections for 2005 and 2006. In general, Federal Reserve policymakers expect the economy to continue to expand at a moderate pace and core inflation to remain roughly stable over this period. The central tendency of the FOMC participants' forecasts for the increase in real (that is, inflation adjusted) GDP is 3 1/2 percent over the four quarters of 2005 and 3 1/4 percent to 3 1/2 percent in 2006. The civilian unemployment rate is expected to average 5 percent in both the fourth quarter of 2005 and the fourth quarter of 2006. FOMC participants project that the chain-type price index for personal consumption expenditures excluding food and energy will increase between 1 3/4 percent and 2 percent both this year and next," stated the Monetary Policy Report (July 20, 2005).
Report (July 20, 2005).