This is not a huge surprise considering Matthew Simmons said last week that the spill might be as large as 120,000 bpd. But the internal documents provide more proof that BP executives, including yacht-racing afficionado Tony Hayward, have been strategically lying and low-balling the figures since day one.
More photos inside.
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Al Qaida militant Adam Gadahn, (2008 photo), released a new video Sunday attacking President Obama and listing the terror group's demands for peace.
Video: Obama song by Guy Magic Fingers
Relax, it's Friday. Four short songs -- five minutes total.
And before you send me those emails. There are no favorites here. These 4 individuals are among the worst politicians our country has ever seen. Each one a partisan hack in a 1-party system. Next.
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Have you heard:
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Video: Ron Paul demands a FULL audit of the Federal Reserve -- June 9, 2010
Compromise article from the WSJ, 3 short clips and a transcript.
PBS News Hour Video: Taleb & Roubini discuss the odds of a very lengthy recession -- June 15, 2010
Terrific clip from Tuesday night. Have been saving it all week. Transcript is inside.
In a WSJ op-ed, Greenspan turns his back on Krugman & Keynes.
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There are 2 fair reactions to Greenspan's editorial published this morning at the WSJ:
1. You accept his voice now firmly on the side of fiscal restraint.
OR
2. You ignore him because he was an architect of the bubble.
I'm going with option #1. Anyone who takes on Krugman, Delong, Yglesias & Keynes gets my support. For the record, Keynes advocated fiscal discipline and surpluses during growth periods to be balanced by deficit spending during recessions. But fiscal discipline has never existed in Washington, being counter-intuitive to a lobbying culture built on spending and government giveaways.
Henry Blodget still thinks both sides of the deficit debate are simply shouting 'over each other.' I have pointed out that he is missing the more fundamental aspect of the debate -- our side, that of fiscal restraint, does NOT accept the basic premise of our opponents -- namely, that government spending, at least in this debt-deleveraging recession, actually creates any meaningful private sector jobs.
The stimulus just isn't working. (Economist Eric Falkenstein explains the failure.) Pardon the language but we're pissing into the wind, and it's blowing right back at us in the form of the ever-expanding national debt ($5 billion more each and every day) to be handed to your children.
We've tried and spent, and then spent some more. And nothing. It's time for the New Zealand approach (please read it). And I'll take Greenspan, despite his past sins. We can despise him all we wish, but the fact remains that the MSM still respects him and his word, and so he is a useful voice on the side of fiscal sanity.
Quotes and links inside.
And if the U.S. stock market doesn't return to old highs soon, the problem is going to get much worse, very quickly.
Oops.
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NEW YORK -- Erroneous trades briefly prompted shares of The Washington Post Co. to more than double in value Wednesday afternoon, triggering for the first time new circuit breakers put in place by the Securities and Exchange Commission after the "flash crash" that sent markets plunging last month.
A NYSE Euronext official said that trading in Post Co. stock was halted at 3:07 p.m. after three apparently erroneous trades went through NYSE Arca, an all-electronic trading platform. Two of the trades were for $919.18 per share, and another went through at $929.18 per share.
The company's shares had been trading at roughly $455 before the three transactions. Trading in Post Co. stock resumed five minutes later, at $453.25 a share.
It is still unclear exactly how the error occurred. NYSE Euronext officials say that millions of transactions take place daily and that a small fraction mistakenly take place at a price that neither the seller nor buyer intended.
It's not nearly as crazy as you might think. We have thoughts on the unthinkable from Matt Yglesias, Chris Whalen, Bruce Bartlett and John Tamney. The ultimate collection of deficit hawks, well except for Bartlett and Yglesias.
Jun 21, 2010 at 2:39 PM
