Headline Report for Nov. 3, 2010

The top news long-term, continues to be the following ISSUES:

    * Financial Crisis

    * GWOT

    * Cultural War (between the left and right)

Short-term top news centers on the following EVENTS:

    * Election follow-up

Financial Crisis: The Fed today announced it will buy $600 billion more in bonds by next summer in an attempt to breath life into the economy (Fed to Spend $600 Billion More To Help Boost US Economy). The US dollar promptly fell against the euro and also pared gains against the yen. “Kansas City Fed President Thomas Hoenig continued his streak of dissents, saying the risk of additional securities purchases outweighed the benefits.” With a just-announced 2% third quarter GDP and our main creditors (China, Russia and India) long past fed up with our debt levels (Will China Keep Buying Our Debt?) we see this as a purely political move.

Of course the $600 billion over the next six or so months is in addition to the billions the U.S. will borrow just to fund the government from October to December (Treasury estimates $362B in borrowing for quarter). At least 40 cents of every dollar the Federal government spends each and every day is now borrowed money. “‘This nation is on a course where if we don’t do something about it, get federal situation, the fiscal policy [under control], we’re Greece. We’re a banana republic,’ said Sen. Judd Gregg, (R-N.H.) to CNBC ('We're Greece' in a Few Years: Sen. Gregg). ‘Our status as a nation is threatened by what we’ve got coming at us in the area of deficit and debt. And it’s only a few more years, at the most, that we have to work with here before the market says, “Sorry, your currency is something we can not continue to defend.””

Yesterday’s election of conservatives didn’t have any effect either: “‘The rest of the world, including Asia, is looking at the United States and seeing no real effective policy measures in bringing the economy back on track,’ said Bart Van Ark, the chief economist at the Conference Board, which measures U.S. economic indicators. ‘That is making the U.S. lose its legitimacy in the global economic community as a leader in terms of providing solutions’” (Shift in Washington Stirs Economic Jitters Abroad).

So it’s no surprise after the last 2 years that Home ownership at lowest level in a decade. “About 18.8 million homes, or 14.4 percent of all houses and apartments, were vacant, according to the government survey.”

It looks like the financial crisis isn’t confined to the western world as “Cuban President Raul Castro told unionists to accept layoffs and reforms that open the way for private enterprise as necessary for the survival of socialism” (Accept reforms or “we will fall off the cliff” warns Raúl Castro).

GWOT: Tangle.com has An Alarming video every Westerner should see. The speaker is Abdallah Fahd Abd Al''Azia Al-Nafisi', speaking to a supportive crowd. The video was aired on Al Jazeera TV.

Cultural War: Oklahoma yesterday became the first state to ban Shariah laws and courts (Voters decide to banish Islamic law). The action comes in the wake of 85 separate Shariah courts in the UK for Muslims “that operate in parallel with the Crown courts of the nation, and one judge in New Jersey already has cited Shariah in a defense of a man accused of assaulting his wife.”

Not only did Oklahoma ban Shariah they shouted “No” to the ObamaCare (Oklahoma votes to gut Obamacare), voting 65 to 35 percent to amend the state constitution to declare mandates to purchase health insurance illegal.

A federal appellate judge Monday blasted administration lawyers in a hearing, expressing “deep skepticism Monday about a Justice Department lawsuit challenging Arizona's new immigration law” (Judge questions Justice Department's lawsuit against Arizona immigration law). What’s very telling about this action is the judge is a member of the U.S. Court of Appeals for the 9th Circuit in San Francisco, by far the most liberal court in the county.

2010 election: Where Do Democrats Go Next?, as Few Democrats survive healthcare vote, Obama Appeals for 'Common Ground' After Democrats Lose House and Boehner Claims Mandate to Nix Health Care Bill. It did, however, have a dark side: Election Day fraud found all over U.S., Voting oddities, irregularities across the nation, and Sharron Angle files voter intimidation complaint. The aftermath may be just as ugly: After electoral drubbing, Democrats must now deal with ethics trials, Republicans promise an era of limited government, Pressure Builds on Obama to Shake Up Inner Circle, Democrats Lose Obama's Former Senate Seat, DeMint digs at GOP establishment, and Tea time: GOP near locking up House control.

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