Sunday, May 11, 2008

Phil Donahue, 'Body of War' battle to get into theaters

chicagotribune.com

Phil Donahue, 'Body of War' battle to get into theaters
Former talk show host makes truth his mission, now on other side of the camera

By Stevenson Swanson
Tribune correspondent
May 11, 2008
NEW YORK

That emphatic, empathetic baritone voice, still familiar after all these years, echoes off the walls of the penthouse apartment. " 'A gun smokes only after it's fired,' " Phil Donahue says, his voice rising in volume until it's booming with anger. " 'The longer we wait, the more dangerous he becomes.' And, 'Inaction is worse than action.' " Donahue, his piercing blue eyes open wide the way they used to on his Chicago-based afternoon talk show during moments of high drama, is reciting some of the lines that one senator after another intoned during the October 2002 debate on a resolution authorizing President Bush to use military force against Iraq. That "debate"—Donahue's sarcastic tone makes it clear he thinks it was a debate in name only—forms one-half of the story in "Body of War," an anti-war documentary that Donahue produced and directed with filmmaker Ellen Spiro, his biggest project since MSNBC yanked his ill-fated evening talk show in early 2003. The other half of the feature-length film, which opens Friday in Chicago at the Century Centre Cinema, tells the story of Tomas Young, a Kansas City, Mo., man who is living with the consequences of that debate. Inspired by President Bush's vow to take action against the terrorists who plotted the Sept. 11, 2001, attacks, the 22-year-old Young enlisted in the Army, and, five days after arriving in Iraq in 2004, was shot through the spine. He was left paralyzed from the chest down. " 'Little Miss Sunshine' it ain't," Donahue said. "This is not a take-your-girl-to-the-pictures kind of film." Sparing no detail, the film opens with Young struggling to pull on his pants and goes on to show how every facet of his life has been turned upside down, along with the lives of his newlywed wife and mother. Along the way, he becomes an outspoken opponent of the war in Iraq. But despite the indignities and humiliations Young endures, he holds onto a sense of humor. At one point during the 2006 midterm election campaign, he tells a group, "I hope my fellow soldiers are beginning to understand that supporting President Bush is a little like the chickens voting for Col. Sanders." "Body of War" weaves these two strands together by switching between C-SPAN footage of the Senate debate and the story of Young's convalescence, which were filmed by Spiro, a veteran documentary filmmaker who won an Emmy award for "Are the Kids Alright?" about the crisis in children's mental health. "He comes home from Iraq a broken person, and he comes out of that," said Spiro, who worked without a film crew to shoot the most intimate scenes, such as a moment when Tomas' mother has to help him urinate. Despite such material, she calls "Body of War" a "hopeful, up-from-the-ashes hero's journey." The film's two stories mirror Donahue's long-standing interests. His pioneering talk show, which started in Dayton in 1967 before moving to Chicago in 1974, capitalized on his ability to identify with his audience in the studio and at home, especially when it came to personal issues, such as troubled marriages, abusive spouses and abortion. In the early days of the women's movement, he was the archetypal "sensitive man." But over the show's 29-year run—he moved the program in 1985 to New York, where it took its final bow in 1996—he devoted considerable air time to public issues, interviewing presidential candidates and doing shows on AIDS and the savings and loan crisis. The seeds of "Body of War" were sown when Donahue's friend Ralph Nader, the consumer advocate and third-party presidential candidate, took him to Walter Reed Army Medical Center in Washington in 2004 to meet Young, who admired Nader for speaking out against the Iraq war. Struck by the cruel fate Young had been dealt, Donahue felt he could not, as he put it, "Pat him on the head and say, 'Have a nice life.' " Donahue and his wife, actress Marlo Thomas, visited Young several weeks later, after he had returned to Kansas City, and from that meeting, "Body of War" gradually took shape. "It shows not only the pain of war, but how we got there," said Donahue, sitting in a book-lined nook in his Fifth Avenue aerie, its tall windows providing a bird's-eye view of a verdant Central Park and the skyline of Manhattan. "You see how well-orchestrated was this effort to raise the pulse of the nation and inject an industrial dose of war fever into our bloodstream." Donahue, who at 72 has lost some of the bounce but none of the passion that he brought to his talk show, opposed the Iraq war from the start. He's convinced the anti-war tone of his MSNBC talk show, which aired for a little more than six months, contributed to its demise. An NBC memo that was leaked after the cancellation noted that his show presented a "difficult public face" as the nation prepared for war. But unlike other films or books critical of the war, "Body of War" focuses blame not on the Bush administration but on Congress, and especially the Senate. Donahue said Congress' role has not gotten the attention it deserves, especially because that's the branch of government that the U. S. Constitution endows with the power to declare war. It last did so in 1941, when the U.S. entered World War II. "Our film takes the radical position that we should obey the United States Constitution," Donahue said. "I believe if we had obeyed the Constitution, Tomas Young would be walking today." Donahue's passion has not blinded him to the reality that anti-war films have not done well at the box office. And "Body of War" has had trouble finding widespread distribution since it premiered at last year's Toronto film festival, where it was the runner-up for an audience award. It has been featured at a number of film festivals, including South by Southwest in Austin, Texas, and the film has been picked up by Landmark Theatres, the largest theater chain specializing in independent films, with showings so far in cities on the East and West Coasts. As part of the Chicago premiere at Landmark's Century Centre, Donahue will take part Friday in a question-and-answer session at the theater. "I'll jump out of cakes, wherever you want; I'll park cars; I'll go door-to-door, whatever it takes," Donahue said of his efforts to publicize the film, which he financed. "I think Phil's done all of those things," said Andrew Herwitz, head of the Film Sales Co., which is distributing "Body of War." "He's at a place in his career where he doesn't have to be doing this." Donahue and Herwitz say deals are in the works for the documentary to air on a cable channel and go to DVD, but their efforts are focused for now on making sure it reaches as many theater screens as possible. If that means not talking about certain subjects, the voluble Donahue is fine with that too. So, Mr. Donahue, whom are you supporting for president? "I'm not saying who because I don't want to make any more enemies," he said. "I'm trying to promote a movie. It's a PR thing I'm doing here. So waterboard me. At least I'm telling you the truth." soswanson@tribune.com





martscan
2 hrs ago

Why is it that conservatives are pro WAR?
Why is it that conservatives love KILLING?
Why is it that conservatives love CRIMINAL INVASIONS?
Why is it that conservatives love DEATH and DESTRUCTION?
Why is it that conservatives love FORCE?
Why is it conservatives love KILLING MACHINES?
Why is that conservatives are CHRISTIANS?

Zoey
2 hrs ago

non of your bisness MARTSCAN

martscan
2 hrs ago

zoey:

BRING IT ON BIG GUY/GAL!!

TAKE YOUR "BOOK", YOUR RELIGION, YOUR WAR AND KILLING, THIS CRIMINAL ADMINISTRATION AND SHOVE THEM UP YOUR IRAQ!


Florida Jim
4 hrs ago

Who cares what Phil Donahue has to say? He is a socialist who hates America. He became an icon television years ago but as he aged we came to know the real Phil Donahue who is another far left-wing kook who has made his millions in America and now, like Michelle Obama,can find nothing good about it. He was, is and always will be disgusting, why don't I ever run into these jerks?

martscan
2 hrs ago
Florida Jim:

You first have to fail out of your own circle jerk. You, of course, keep coming in first and third.


Alz
2 hrs ago

Donahue is kind of like the Jimmy Carter of talk show hosts - except Phil doesn't build houses.

For you liberals out there, I'll translate: he was awful as a talk show host and he is awful now.

Phil is a Modern Liberal. I rge people to watch the video "How Modern Liberals Think". Please watch all of it, including the Q&A. It's a phenomenal talk on what makes these people tick. I've watch parts of it many times.

http://www.youtube.com/watch...

Enjoy!

martscan
2 hrs ago
Alz:

Before you start translating for liberals, why don't you learn how to write a declaratory sentence? Try this for openers: See Spot run.

larry
6 hrs ago

way to go phil just put your hands up and wave the white flag. if you want it that way move to france they do things that way.

martscan
2 hrs ago

larry from glen ellen:

Chances are, the United States would not exist if it wasn't for the French. What is it with no-class, uneducated slobs that get off bum rapping the French? For one thing, they have a better standard of living than we do. So there!!

martscan
2 hrs ago
As a bleeding heart, knee jerk liberal I'm sick and tired of reading inane, vacuous, imbecilic, juvenile comments and remarks from oat meal brained conservatives, and I'm not going to take it any more!

Let's hear your best shots!!

ejhickey
15 hrs ago

I am glad there were no horribly disabling injuries suffered by US soldiers in WWII. I am not interested in seeing this film . even if I thought the Iraq war was a good idea, this film woildn't change my mind.

martscan
2 hrs ago

ejhickey:

Why does it not surprise me that even if you DID WATCH this film, it wouldn't change your mind? Simply because conservatives have oat meal for brains, i.e., they don't THINK, refuse to think, won't think, have closed minds, refuse to read a book but know the contents by its cover....ooh, you are so cool!!

B K Ray
2 hrs ago

I am always amazed by those who support the war in Iraq, as though there were ever any reason to go to war in Iraq. The delusion of these people absolutely amazes me. I love America and I took my turn in the defense of the Constitution, the very same one the the Bush administration is burning. This administration has lied with contempt for the American people and the Constitution, and the only reason the administration gets away with this is the utter gullibility of people who foolishly believe that the president, the nation and the Constitution are the same thing. Bush is a bad, bad president, he is leaving the nation in ruins, like he was the Antichrist or something. The defense of America should be the defense of the Constitution, not the defense of an incorrigible president and his administration of evil.

martscan
2 hrs ago

B K Ray:

Way to go, bro!!!

martscan
2 hrs ago

The Truth:

Do they still pay a bounty on progressives in Lake Forest?




Nelson
1 hr ago

To the average Afghan or the average Iraqi, the USA delivers hope for a secure future. If we were to pull out, chaos would reign in each of the nations. Their economies would collapse and they would be ruled locally by murderous, repressive warlords. There would be no real central government and the nations would splinter. Our standing in the world would take a nose dive. Energy prices would spike and the dollar would decline further. In short, hundreds of millions of people would suffer, including, and most especially, us.

The media does a disservice by not acknowledging some of the simple truths I've mentioned. It's incredible how out of touch most of the comments in this blog seem.

I wish I could show you just one Afghan laborer, digging with a shovel in the hot sun, while wearing a NY Yankees ball cap, who stops his work to wave and smile at any American vehicle he sees go by. Have you seen footage of this type on the network news? Of course not. It's a common occurrence. That is the true sentiment of the majority of Afghans.

It is awful when a soldier is murdered or wounded.(Soldiers are not usually killed in action, given the tactics by the terrorists, rather they are murdered by cowards who use tactics such as sniper shots or IEDs.) It should deepen our resolve to destroy the terrorist cells who did this.

It's time to realize that we cannot turn back from the war. We must throw our full weight as a nation behind the effort until we get the job done of stabilizing Iraq and Afghanistan so the people there can live in peace. We cannot allow Afghanistan to be a haven for terrorist organizations again, nor can we ever allow any such organization to establish itself and flourish in any corner of the globe.

martscan
1 hr ago

sick of this crap:

I can't understand why you feel sorry for liberals...unless of course you were merely being a typical conservative dullard, lacking any creativity in the art of insult. I believe its generally accepted that liberal progressives are better educated, hipper, better dressed, better looking, cooler than the typical Bermuda shorted, argyle socked, Hush Puppied, Blatz drinking slob.

To Terry
1 hr ago

Molly Ivins was the most conservative of all columnists who was pitching the Bush agenda in this article.She is part of the breed of journalists who sold their souls to the devil for the "insiders" status in the corrupt Cheney/Bush regime.
Terry wrote:
Between 1980 when he came to power and 2003 when he was deposed the Saddam Hussein regime killed at least 300,000 people - the most CONSERVATIVE estimate. As of July 14, 2005 allied forces had found 271 mass graves.
Source - Chicago Tribune, July 14, 2005.
Writer - Molly Ivins


martscan
1 hr ago

Terry:

How many people has the United States killed in Iraq?
A CONSERVATIVE figure will do. Are these dead bodies in mass graves or are they in single graves?


ejhickey
1 hr ago
martscan wrote:
ejhickey:
Why does it not surprise me that even if you DID WATCH this film, it wouldn't change your mind? Simply because conservatives have oat meal for brains, i.e., they don't THINK, refuse to think, won't think, have closed minds, refuse to read a book but know the contents by its cover....ooh, you are so cool!!
Good question. Why doesn't it surprise you that this film would not change my mind about the war.? Could it be the reason is that I am already opposed to the war as I indicated in my post? If you would have read it rather than just reacting in rage , you would have understood this. I read the article about Donohue's film. The film's argument sounds simplistic, shortsighted and unconvincing. Donohue's film adds nothing to the anti _Iraq war argument and actually detracts from it becaiuse of it's simplistic approach. And so do you. Both you and Phil give the anti-Iraq war movement a bad name.
martscan
40 min ago

Nelson:

Please, spare us the maudlin, pseudo-patriotic propaganda.

If the average Iraqi thought the US offered them hope, for anything, why, according to their own polls, do 70% of them want us out of their country? You have no idea what the average Afghan or Iraqi thinks of "hope", especially relative to the US.

Neither you, nor anyone else, has any idea what conditions in either country would be were we to pull out. If you take the prognostications of our officials on this supposed scenario, you rely on fools that predicted hurrahs as our being liberators and the botched PR flacks that proclaimed "victory". True or false?

"Their economies would collapse......." Surely you can't be serious? What are the unemployment rates of the countries? What are their respective GDPs? What are the economic effects of mass emigration by those that can afford it? What are the existing economic effects of the lack of sufficient utilities and services? Fact: Their economies are presently in chaos.

"There would be no central government...." Your ignorance of the situation there is amazing, especially since you present yourself as an "insider." Shiias are fighting Shiias, Sunnis are fighting Sunnis, Sunnis are fighting Shiia, gangsters are fighting everyone, Sadre "City" is an enclave unto itself...with its own ruler...Kurds are virtually in their own country...Basra is practically barricaded...and you contend there is a "central government"? You're nuts.

"Our standing in the world would take a nose dive." This is impossible...our "standing" does not exist...if you mean reputation or integrity..supine would be a more apt description. Read a foreign newspaper.

Mercy! As a lifelong White Sox fan, I would be suspect of any Afghan laborer wearing a Yankee cap, particularly one smiling and waving at American troops...for all you know he is cursing us under his breath and preparing an IED.

What is this soldier "murdered" and "cowards" crap? For Christ's sake, this IS a war isn't it? In war, dead is the name of the game..and dead is dead..who cares how you bring it about, just do more of it to them than do to you. Do you think if they had F-16s they wouldn't use them?

I can't go on.....your pap sucks.

CIA
26 min ago

Martin Scanlan: You're psychotic.

martscan
25 min ago
ejhickey:

I read, and understood, your initial comments. I'll stand by my remarks. You make your judgment calls on supposition and conceptions garnered from a third party which, in my view, compounds, and perhaps distorts, your lack of direct knowledge of the film. Sorry hickey, I can't see it any other way but your doing a slide.







Tuesday, May 06, 2008

Market Snapshot

Market Watch



U.S. stocks shed losses on Fannie Mae turnaround
Dow advances after triple-digit decline in earlier trading
NEW YORK (MarketWatch) -- U.S. stocks on Tuesday shook off early declines, with investors heartened by Fannie Mae's calming words to investors about its financial situation and by thinking Microsoft Corp and Yahoo Inc. might continue merger discussions after all.
Chart of $INDU
"The reversal in Fannie Mae was the main catalyst, it lifted financials off the floor, maybe on the belief the worst is over - obviously the whole bet that the worst is over is just a bet, but in a heavily shorted stock," said Peter Boockvar, equity strategist at Miller Tabak.
After triple-digit losses early on, the Dow Jones Industrial Average ($INDU:
Dow Jones Industrial Average ($INDU 13,028.57, +59.03, +0.5%) rose 49.42 points to 13,018.96, with 20 of its 30 components trading in the green, led by Alcoa Inc. (AA: 37.89, +1.00, +2.7%) , up 2.4%.

General Motors Corp. (GM: 22.05, -0.31, -1.4%) fronted blue-chip declines, with shares of the automaker dropping 1.6%.

The turnaround in U.S. equities came even as crude-oil futures lingered in record territory. The spot contract marked another record close of $121.84 a barrel, up $1.87, after climbing to a new record high of $122.73 earlier on the New York Mercantile Exchange. Read Futures Movers.

The S&P 500 ($SPX: 1,419.04, +11.55, +0.8%) gained 10.82 points to 1,418.31, with the financial sector heartened by Fannie Mae's conference call.

"U.S. equities reversed losses and are back in the green after Fannie Mae's conference call turned investor frowns upside down, encouraging the view that the quasi-government-backed mortgage giant was getting a handle on its balance sheet after announcing a $2.1 billion loss, dividend cut, recapitalization, etc.," said analysts at Action Economics.

The technology-laden Nasdaq Composite (COMP: 2,481.23, +17.11, +0.7%) also shed earlier losses, gaining 20.29 points to 2,484.41.

Tech stocks were bolstered as hopes were revived that Yahoo (YHOO: 25.53, +1.16, +4.8%) might attempt to revive talks with would-be suitor Microsoft (MSFT:29.84, +0.76, +2.6%) , which ended discussions during the weekend. See Tech Stocks.

Shares of Yahoo gained 6.9%, while Microsoft was up 2%.


"Some economists believe more volatile times and market corrections may lie ahead."
— Alex Meister, Wachovia Corp.
Fed factor
A warning from Federal Reserve Chairman Ben Bernanke weighed on sentiment earlier in the session, after he said late Monday that increasing home foreclosures could further harm the economy. Read The Fed.
"Bernanke stated housing price declines and mortgage delinquencies may have substantial spillover effects into other markets, hurting the overall economy," said Alex Meister, an analyst with Wachovia Corp., in a report.
Although investors have been buying riskier assets lately, noted Meister, "some economists believe more volatile times and market corrections may lie ahead."
Financial- and housing-sector results weren't warmly received.

Legg Mason Inc. (LM: 57.56, -5.20, -8.3%) shares fell 7.5% after the Baltimore firm posted its first quarterly loss as a public company. Read full story.

Builder D.R. Horton (DHI:16.67, +0.70, +4.4%) , among the nation's largest home builders, reported a $1.3 billion quarterly loss on housing weakness and turmoil in mortgage markets. See full story.

Troubled Swiss banking group UBS (UBS: 33.88, -0.43, -1.2%) said it will cut 5,500 jobs and sell $15 billion in risky mortgage assets to BlackRock Inc. (BLK: 219.16, +3.76, +1.8%) to offset first-quarter losses of nearly $11 billion. Read full story.

Other results on the earnings front included Emerson Electric Co. (EMR: 56.13, +2.71, +5.1%) upping its profit forecast for the year, Joy Global Inc. (JOYG: 78.99, +0.35, +0.5%) trimming its yearly estimate, and Qwest Communications International Inc. (Q: 5.09, -0.27, -5.0%) reporting a 35% profit drop.
After the close, Walt Disney Co. (DIS:33.74, +0.45, +1.4%) and Cisco Systems Inc. (CSCO: 26.36, +0.08, +0.3%) are slated to report quarterly figures.

Kate Gibson is a reporter for MarketWatch, based in New York.




Comments:


Knipfty 3 hours ago

Perhaps the credit crunch not being as bad as once thought. Employment remaining strong. The economy picking up some steam. Earnings continuing to build. Exports increasing at a faster rate than imports.

The Olympics. The Yankees winning another world series. It's not all doom and gloom. Many parts of the economy are just fine.

martscan 3 hours ago

Wish I could agree with you...but I can't. No one really believes the BLS employment figures. One of the certainties you can expect from a govt, any govt, is that it lies. Employment and inflation figures that this govt publishes are a case in point.

I don't see the economy "picking up some steam". On the contrary, earnings figures have at least a 3 month lag time so current #s can be discounted. And, California represents about 14% of the country's GDP, given its size and diversity, easily the most important state barometer of the economy in the country, and the latest unemployment rate has shot up to 6.2% despite the state's positive export business. Yes, construction represents a large segment of this but the size of the latest increase indicates a general spilling over into all facets of the economy. If it wasn't for the competitive value of the dollar, vis-a-vis the currency pool, our balance of trade would be worse and our national GDP would be negative. Stick with the White Sox.

jackkreg 3 hours ago

Go Angels, just had to get in my take on the race.
Knipfty, you have got it right, there are a lot of positives, but many bad news to justify there negative opinions.
Martscan, "no one really believes the BLS". well I am sure that there are more than a few, probably the ones that are buying the market, What do they know that the rest of us don't? Actually, nothing, the difference is that they actually believe the information and news, all of it, they are objective, not predetermind.
Maybe the market is right? certainly a possibility.


martscan 2 hours ago

Alas, regardless of the economic pablum the govt feeds the media, we have to trade on the perception.

Take two, and hit to right.


downwego 4 hours ago

Has anybody read this article today?
getting ready to go to level 4? which is self destruct?

Merrill Says Level 3 Assets Jump 70% in First Quarter (Update2)

By Joyce Moullakis

May 6 (Bloomberg) -- Merrill Lynch %26 Co. said so-called Level 3 assets climbed 70 percent in the first quarter, as the largest U.S. brokerage reclassified commercial mortgages and other assets as hard to value.

Merrill's Level 3 assets, the firm's most difficult to value, rose to $82.4 billion as of March 28 from $48.6 billion at the end of December, according to a regulatory filing today. The New York-based company's ratio of Level 3 to total assets rose to 8 percent from 5 percent.

While many subprime-related assets that lost almost 100 percent of their value since July were categorized in Level 3, other holdings such as private-equity stakes, real estate and rarely traded corporate debt are also included because market prices for them aren't available. More assets have become difficult to value in the last three months as investors shunned a wider array of credit, freezing the trading of securities.

``Valuation-related issues confronted by ourselves and market participants since the second half of 2007 include uncertainty resulting from a drastic decline in market activity for certain credit products,'' Merrill said in the filing.

Merrill fell $1.75, or 3.4 percent, to $49.65 as of 10:15 a.m. in New York Stock Exchange composite trading.

The company transferred $5.6 billion of European commercial mortgages and $12.2 billion of credit derivative assets to Level 3 from Level 2, the filing showed.

Merrill's Level 3 assets include mortgage-related holdings which sit within trading assets of $9.3 billion, according to the filing. Derivative assets accounted for $20.6 billion, loans measured at fair value for $12.5 billion, credit derivatives for $18 billion and private equity and principal investments for $4.3 billion, it said.

Goldman, Morgan Stanley

Other New York-based securities firms have also had a rise in Level 3 assets. Goldman Sachs Group Inc.'s holdings of the assets surged 39 percent to $96.4 billion in the fiscal quarter ending in February. Morgan Stanley reported a 6.1 percent increase to $78.2 billion.

Citigroup Inc., the biggest U.S. bank, yesterday said Level 3 assets rose by 20 percent in the first quarter to $160.3 billion.

Merrill also said it's received requests from government departments for information on auction rate securities and the recent failure of auctions, the filing said. The firm is ``cooperating'' with the requests.

jmoullakis@bloomberg.net

Last Updated: May 6, 2008 10:21 EDT

martscan 3 hours ago

No, I hadn't read it. Thank you for bringing it to my attention. Why don't traders realize that anyone connected with Wall Street, when commenting for public consumption, always sees things through rose colored glasses? It is the arcane, esoteric information, such as you bring to light here, that is indicative of the true condition of the situation, much as the internist diagnoses an unseen cancer in the bowels of the patient.


Knipfty 3 hours ago

All this doom and gloom and for what? The price of oil? According to BLS statistics, the price of gasoline makes up just 5.5% of the typical household budget. That is up from 4% one year ago. The typical household earns 50k.

That means the typical household has seen the cost of fuel go from $167 to $230. That is just $63 per month increase.

$63 is not the end of the world. If it is, then I'd suggest that there are other things going on inside your family budget. The most likely explanation is that for the typical family, it's no big deal. Witness how well iron man did this weekend. Or the people lining up for grand theft auto. People apparently have some money to spend, even with higher gasoline costs.

All this doom and gloom is nothing but a bunch of hot air.

LostHoosier 3 hours ago

Here's the problem Knipfty. I'll make it simple. People are managing to get by for the most part, but those of us without pom poms don't see things getting a whole lot better in the near term. We see our home equity evaporating as the cost of everything (food, transportation, health care, taxes etc. continues its unabated rise). That concerns us, as it would any prudent person, and it explains why consumer confidence is at a 40 year low. As for your $63/month comment, well, that's laughable. So you believe in government statistics...good for you! How many other posters do?

martscan 2 hours ago

I agree with Knipfly. The true measure of the cost of gasoline to a consumer, relative to what a standard might be, is not its price, per se. It is the per cent of disposable income one has to pay for it. Adjusting both income and expense for inflation, simply stated and all things being equal, would you rather pay $1.00/gal for gas and earn $5,000/yr or pay $4.00/gal and earn $40,000/yr? Figure it out.


Knipfty 2 hours ago

A tax rate of 30%? Please. A typical family of 4 or 5 will pay almost no federal income taxes. That leaves 7.65% for FICA, your state income tax if any, and property taxes. May be 10% to 15% in taxes. Maybe.

I didn't say anything about how well people live on 50k. I just said it was typical.

DubyaDeeBee 46 minutes ago

JustPlainBill - looks like you're the one in Never Never land. With household income of $50k, worst case scenario (std deduction, only 2 exemptions, high tax state, etc) would put net at about $40k (fed income tax about $4400, FICA about $3600, state income tax about $2000). For the majority of Americans, household income of $50k would net closer to $42000. Granted, not enough to live the "high life", but I know alot of folks getting by just fine on less.


garelj 3 hours ago

And here I thought the rise in gasoline had alot to do with the rise in prices for food....thanks Knipfty for pointing out it doesnt.


martscan 2 hours ago

The rise in the price of gasoline/oil does contribute to the increased prices of food. to the extent that the cost of energy needed to produce the food increases.

The increased allocation of tillable acreage to the production of corn, for the production of ethanol (a bust) which has caused a lessening of acreage available for the production of other food crops, has caused the increase in food prices.


Jailtheinsiders 3 hours ago

Actually Knipfty I read that the "average" family is spending upwards of 200.00 dollars extra per month. That is 2,400.00 per year my friend. And when your wages aren't going up say that is a big time problem. One can get by as long as the job is there. What if you worked for FM today and got layed off? UH OH!!!

And inflation is only going to get worse by this time next year that average could be 400.00. Thank the Fed when you see gas at 5 bucks next year.


jackkreg 2 hours ago

I know, lets raise taxes on the rich, and use the tax money to subsidize gas, tax the greedy oil companies. Then we can lay down all the gloom and doom, and life will be happy, we can watch the rich whining about high taxes and oil CEO's getting pay cuts. That should make us all happy.

Poor but happy.


martscan 2 hours ago

The Fed doesn't have a d*** thing to do with the rate of oil consumption in emerging countries.World markets determine oil prices.


BabaJ 3 hours ago

Read Nouriel Roubini at RGEmonitor.com/ btw this guy is one of the few to have been right all along. After analysis of why Ben's bailout isn't working, he concludes:

"...So the liquidity crunch remains severe in spite of all of the extreme policy actions by the Fed and other central banks. In forthcoming note we will show why the recent stock market rally is just a bear market sucker’s rally; and why the credit crunch is getting worse rather than getting better. The worst is still ahead of us both for the real economy that is spinning into a more severe recession and for financial markets where unrecognized losses are much larger ahead than the losses that have been already recognized."

martscan 2 hours ago

You have it right BabaJ.........Roubini is worth every penny of his counsel.








Monday, May 05, 2008

Crude surges to above $120 for first time on supply concerns

By Moming Zhou
Last update: 11:25 a.m. EDT May 5, 2008


SAN FRANCISCO (MarketWatch) - Crude oil futures surged nearly $4 Monday to above $120 a barrel for the first time on concerns about supply disruptions in Nigeria and weakness in the U.S. dollar. Crude oil for June delivery soared $3.89 to an intraday high of $120.21 a barrel on the New York Mercantile Exchange in mid-morning trading, a new record high for a front-month contract. Nigeria's rebel group Movement for the Emancipation of the Niger Delta, or MEND, said Sunday it was responsible for an attack on a Shell oil flow station in the south of the country, according to media reports. The dollar index fell 0.3% to 73.26 Monday, boosting oil's dollar-denominated prices.






dryheavesdaily:

Who Will Tell the People?

By THOMAS L. FRIEDMAN

Traveling the country these past five months while writing a book, I’ve had my own opportunity to take the pulse, far from the campaign crowds. My own totally unscientific polling has left me feeling that if there is one overwhelming hunger in our country today it’s this: People want to do nation-building. They really do. But they want to do nation-building in America.

They are not only tired of nation-building in Iraq and in Afghanistan, with so little to show for it. They sense something deeper — that we’re just not that strong anymore. We’re borrowing money to shore up our banks from city-states called Dubai and Singapore. Our generals regularly tell us that Iran is subverting our efforts in Iraq, but they do nothing about it because we have no leverage — as long as our forces are pinned down in Baghdad and our economy is pinned to Middle East oil.

Our president’s latest energy initiative was to go to Saudi Arabia and beg King Abdullah to give us a little relief on gasoline prices. I guess there was some justice in that. When you, the president, after 9/11, tell the country to go shopping instead of buckling down to break our addiction to oil, it ends with you, the president, shopping the world for discount gasoline.

We are not as powerful as we used to be because over the past three decades, the Asian values of our parents’ generation — work hard, study, save, invest, live within your means — have given way to subprime values: “You can have the American dream — a house — with no money down and no payments for two years.”

That’s why Donald Rumsfeld’s infamous defense of why he did not originally send more troops to Iraq is the mantra of our times: “You go to war with the army you have.” Hey, you march into the future with the country you have — not the one that you need, not the one you want, not the best you could have.

A few weeks ago, my wife and I flew from New York’s Kennedy Airport to Singapore. In J.F.K.’s waiting lounge we could barely find a place to sit. Eighteen hours later, we landed at Singapore’s ultramodern airport, with free Internet portals and children’s play zones throughout. We felt, as we have before, like we had just flown from the Flintstones to the Jetsons. If all Americans could compare Berlin’s luxurious central train station today with the grimy, decrepit Penn Station in New York City, they would swear we were the ones who lost World War II.

How could this be? We are a great power. How could we be borrowing money from Singapore? Maybe it’s because Singapore is investing billions of dollars, from its own savings, into infrastructure and scientific research to attract the world’s best talent — including Americans.

And us? Harvard’s president, Drew Faust, just told a Senate hearing that cutbacks in government research funds were resulting in “downsized labs, layoffs of post docs, slipping morale and more conservative science that shies away from the big research questions.” Today, she added, “China, India, Singapore ... have adopted biomedical research and the building of biotechnology clusters as national goals. Suddenly, those who train in America have significant options elsewhere.”

http://tinyurl.com/6nxxg3


Enigmafan420:
Thank God Thomas Friedman is generally considered a left wing lunatic-he should move to Singapore-It is people like him that are causing this "oil shortage" by refusing to allow American Ingenuity and manufacturing prowess to develop domestic energy sources.


martscan:


1. How, exactly, does Friedman prevent "American ingenuity" from doing anything?

2. What/where are domestic energy sources?


Enigmafan420:
To Martscan:

Let us count the ways Sir Thomas and his ilk prevent energy independence:

1: No drilling in Alaska

2: No drilling in Dakota

3: No drilling in Gulf of Mexico

4: No drilling on West Coast

5: No new Nuclear Power

6: No Coal to Oil Conversion

7: "Windfall Profits tax" on Oil corporations-because EVERYONE knows that corporations actually pay taxes-NOT.

Liberals always want us to "conserve" our way to prosperity but can't point to one society where that has actually worked. If today's liberals had been around in the late 1800s, one wonders if the industrial revolution would have occured.

And don't give me any c*** about Western Euorope-The Whole continent is smaller than the USA-OF COURSE smaller cars and mass transit work better there-when you can drive across an entire country like the UK or France in under 12 hours-Takes me 24 just to get 1/2 way across the USA. And-anyone tried to take a train across country lately? You can do it, of course, if you don't mind the one a day schedule, and the 4 days it takes to do so. Amtrak is great, if getting there is part of your vacation-but for business travel, not so much.


sivere:
Thank you Enigmafan, and let me add:

we are in the midst of a total financial collapse (see www.siv0.com ). Let's set aside the speculation about "global warming", and not let CO2 release be an issue in developing these sources. Let's develop what we can as quickly as possible, and give the scientists another couple hundred years to figure out if global warming is real or myth, and in the mean time save our nation!

let's also:

www.TakeBackTheFed.com



martscan:
Enigmafan:

What does Friedman have to do with preventing "American ingenuity"?

What/where, exactly, are the domestic energy sources?



Enigmafan420 :
I just gave you the facts-you choose to ignore them...

Which party is it, exactly, that is refusing to increase domestic energy production? Which party is it that thinks if CAFE standards are 38 MPG that everything will be okay?

And what c*** about Europe? Are you REALLY going to deny the geographical differences between the 2 continents?

Your 500,000 oil rig count, where did that come from? And currently operating rigs in this country are mostly mature. It is not like in Arabia (Uncle worked for ARAMCO for 20 years) where you can almost literally put a pipe in the ground and get an oil flow.

You sir, are confirming that you are fool-YOU are the one speaking with no substantiation. Just because you don't like mine doesn't mean I didn't provide any.

And by the way, I do my part-I drive a Hybrid Civic-it is just that I believe the answer is two fold-increased efficiency coupled with increased production. Most liberals oppose any increase in production, at least domestically.


martscan:
Enigmafan:

You are full of it. You right wing-nut, neocon holy rollers controlled all 3 branches of govt for 6 years and its you, incompetent underachievers that you are, that have failed to do anything constructive about energy, a Wall Street driven beyond sanity by greed, growing erosion of the middle class and our standard of living, a sham security policy built on fear, a criminal invasion of a sovereign, non-aggressive country, murder of 4,000+ American kids and untold innocents and you have the temerity to shoot your mouth off about liberals...you should be ashamed of yourself and this government that doesn't have a clue how to govern.


Enigmafan420 :
Underachiever? I am a CPA-what are you? You can't even spell or use punctuation.

And, in typical liberal fashion-you resort to name calling when you loose an argument.

Post any replies you like-you are continuing to show your ignorance.


martscan :
We presently have over 500,000 oil wells in the U.S., they produce an avg of 10.5 bbls a day, is there an oilman in this country that wouldn't give his eyeteeth to in crease production if he could? ANWR will take 7 years to produce to capacity of about 875,000/bbls a day...that is about 3.7% of our daily consumption, hardly a panacea. We will need oil, the very life blood of our economic existence, for at least 50 years...and that oil is in the middle-east and Russia, and we sure as h*** aren't going to get it in Russia...that is why we invaded Iraq and that is why we will eventually either invade Iran or effect a tractable regime change in Iran...anyone that thinks the U.S. is acting in terms of "freedom and liberty" for anyone but ourselves is ignorant of history. Countries do NOT act in terms of ideology, they act in terms of their own self economic interest. All the rest is BS.


martscan:
Enigmafan:

For Christ's sake, get off your high horse and Google some facts...YOU tell me, how many oil rigs are in the U.S.? And, goody two shoes, what the h*** are doing driving a Japanase car if you're so big on things American? You b**** about buying foreign oil then buy a foreign car to put it in...you are a fraud. I suppose you also eat Brie and drink chablis.


Duo :
I do believe we nearly have a flame war here folks, do you mind taking it to PM's?


martscan :
Enigmafan: You are quite comical, in fact, you have me in stitches! A CPA? WOW!! How bout that!! Do you actually admit to it? Don't CPAs have the second highest rate of suicide, next to dentists? Its certainly understandable, given the nature of the work. One looks at rotten teeth all day, the other looks at numbers all day, same thing. Were you crowing from the standpoint of income? Please, enough laughter for today. Have you ever considered stand up comedy...or perhaps therapy? You've got to get out of the office more...you need some fresh air.

"........you can't even spell or use pronunciation." I beg your pardon? Did you actually write this...or do you have a talented pet dog? While I am loath to presume what's inside an oatmail brain, I think I'm on safe ground presuming you failed to properly convey your thought..ill conceived though it be....I'll go easy on you, you did mean to say ".....spell correctly or use proper pronunciation.", did you not? Its not your fault...its probably a congenital flaw. Poor baby, petulance does not become you.

As to arguments, again, I'm on safe ground stating that I have never "loosed" an argument. I can't say the same for some CPAs.


Sunday, May 04, 2008

Go figure: Pro athletes giving in to temptation

www.chicagotribune.com/sports/chi-04-sub-morrisseymay04,0,7348244.story
chicagotribune.com

Rick Morrissey
IN THE WAKE OF THE NEWS
May 4, 2008



Moms and dads out there: Do you really want your kids to grow up to be professional athletes?

Some of you see it as the ultimate accomplishment. This is obvious from the amount of time, money and obsessiveness you devote to your budding LeBron James and your soon-to-be Derek Jeter. You like the idea of your talented child competing at the highest level. You see it as the culmination of a dream, yours and your kid's. And maybe, just maybe, you see it as hitting the jackpot.

I see Roger Clemens.

I know, I know: that's a terrible, awful, unfair example. Not all professional athletes are accused of being cheaters on and off the field. But let's just say the temptation to walk a crooked line is much more intense for a star athlete than it is for most of us everyday oafs.

If I told you Clemens is the rule, I'd be lying. But I do know he's not the exception, not by a long (vitamin B-12) shot.

We might never get all the answers on Clemens' guilt or innocence, but if someone is indeed out to get him, it's the conspiracy of all conspiracies. A former trainer has accused him of being a committed user of steroids and human growth hormone. The New York Daily News reported last week that Clemens had a lengthy affair with country music singer Mindy McCready, as well as a romance with the former wife of golfer John Daly. McCready confirmed the affair; Clemens' representatives deny it. Daly's ex-wife said she and Clemens were friends and declined to discuss it further.

The accusations of infidelity certainly conflict with the wholesome picture of Clemens' wife, Debbie, sitting with a yellow rose behind her husband as he testified before Congress in February. Imagine the pain the entire Clemens family is going through as the unsavory allegations slowly, methodically become public.

The ends that someone will go to to keep up a charade make for a fascinating study of human behavior. Faced with what Clemens is facing, most of us would say: OK, you caught me red-handed. What can I say? I wanted to be the best, and steroids helped me do that. And as far as being unfaithful, it's part of the lifestyle of being a pro athlete. To the victors go the, ahem, booty.

Let me amend my earlier question. Moms and dads: Do you really want your daughters to marry pro athletes?

The same lack of conscience that allowed Clemens to throw 95-m.p.h. fastballs to within an inch of the bill of a hitter's cap allowed him to carry on another life. And it's that same lack of conscience that apparently is driving him to defend himself in the face of evidence that suggests he should retreat to a cave for 10 years.

If power corrupts, then fame and fortune absolutely do. Look, if there are women waiting at the team hotel every time you arrive on a trip, how long before you start thinking it's like room service? And if you've been getting away with murder since you were a kid, why would you think it would stop when you were an adult? Maybe O.J. Simpson can answer that question for us.

Folks, it's not just Clemens. Not even close.

Tim Montgomery, the former world record-holder in the 100-meter dash, was arrested last week on charges of dealing heroin. He disputed the allegations but told the Virginian-Pilot of Norfolk: "You get caught up in the achievements. You get blinded and make really bad mistakes."

He's already awaiting sentencing for his part in a check-cashing conspiracy.

Kalvin Pearson, a safety for the Lions, was charged last week with aggravated battery on a pregnant woman and domestic battery by strangulation.

Trust me, I could go on.

Being an elite athlete does not automatically make someone a candidate for Ogre of the Year. You don't become a womanizer the moment you sign a pro contract. But it's a lot easier to become one if you happen to play pro baseball or basketball or football. It's just part of the deal.

That's not the surprise. The surprise is how many parents are pushing their kids with the idea of college scholarships or lucrative careers in sports. The pursuit of excellence is a reflection of the best and worst in us, and it's been leaning toward the worst for a while.

I have some advice for the parents. Watch professional sports the way you watch the lions in the zoo. Keep your hands and your children away from the cage. Oh, and one other suggestion: accountants. The world could use a few more accountants.

rmorrissey@tribune.com

Copyright © 2008, Chicago Tribune


martscan:Arcadia

As an avid sports participant and fan growing up, living and dying (mostly dying) with the White Sox....the Bears and Notre Dame, I prided myself on knowledge of arcane records, histories, trivia, etc, and reveled in winning bar bets and heated arguments for many years. With retirement came leisure time, constant cable sports shows, my increased attendance at events...and more bar bets and arguments. While I didn't exactly have an epiphany..I began to see sports in a different light...and I didn't like it. Simply stated, to me, the average fan is a sucker...the never ending gouging of fans..the same dumb interviews with the same dumb cliches repeated over and over by the same dumb athletes..."well Jim, we're just taking it one game at a time, ya know?", the fact that an oat meal brained kid gets invited to a White House state dinner, simply because he can kick a soccer ball or throw a baseball...but wouldn't know a declaratory sentence if it hit him in the **** galls the crap out of me...$8.00 for a warm beer is an insult...renaming Comiskey Park was a sacrilege...advertisements everywhere...Clemens lying through his teeth before Congress and being indignant to boot....jerks like Bonds making obscene amounts of money.....and on and on....the whole deal of pro sports...and that includes big time colleges...sucks. Count me out.

martscan: Arcadia

Roger Clemens, the epitome of an American sports "hero", is, in the patois of the true, loyal, red blooded American sports fan, is a bum.

What decent parent would want their kid to emulate a bum? End of story.



Mtgolfer: Kansas City, MO

HGH wrote:
Whatever you do, don't ever push your kids towards politics...that's the worst...

LOL, you have that right. Politicians have been looked down on since at least Roman times.......for good reason.

Still, with a reasonably bright kid, I would steer him away from most sports as a way to make a living. There are much more productive and rewarding pursuits.

Of the team sports, hockey would be better than any of the others. You see far fewer arrests among hockey players.



martscan: Arcadia

The only 'sport' I would encourage my kids to play, only if they were so inclined, would be golf. Though I played hockey in a huff and puff league well into my late 50s, I'd rather have a lower handicap...and I've never had a fist fight or been hit in the mouth playing golf.


Come to think of it, I also got laid once on the 18th green at a club in KC....I never did that on a hockey rink.

I thereafter called it the 20th hole.



Mark: Hinsdale, IL

martscan wrote:
I thereafter called it the 20th hole.

Amusing, but slightly obscene.



martscan: Arcadia

Mark from Hinsdale:

I was raised in Riverside....my remark was meant to be obscene. Though, at the time I thought it was wonderful.