Misery Index

Harris, who said she was the victim in all of this because of the way the video was edited, has recently stated that she has received death threats and has lost 15 pounds over the incident. 

She has also stated that if she had to do it over again, there are things she would change.  “I would change the comment that I made toward Cathy by saying that your father could stay in the military for a hundred years.”

Last month Harris stated that an internal investigation of her conduct cleared her of violating state law or Cumberland County Board of Education policy and gave her a reprimand letter.  The school system has said it will not release the result of the investigation because of personnel laws.

However this past Monday, Harris is now acknowledging that she was found to have violated a Cumberland County school policy, contrary to what she said after getting a reprimand letter in November, a policy which she states she had never heard of before.

She said the policy she is accused of violating addresses political activity in schools.

PREVIOUS POSTS:

• Second Teacher In NC Under Investigation, 18NOV08
• N.C. Teacher Diatha Harris Blames Videographers For Making Her Look Bad., 10NOV08
• Update on Diatha Harris, Teacher Who Belittled Fifth Grade McCain Supporter on Video, 07NOV08
• Teacher Who Is Obama Supporter Belittles McCain Student On Camera, 06NOV08

SOURCES:

• “Teacher says talk violated school rules”, The Fayetteville Observer, 09DEC08
• “The Fayetteville Observer, N.C., Myron Pitts column:  YouTube teacher has traveled rough road.”, Trading Markets, 02DEC08
• “YouTube political teacher receives letter,” ABC11, 30NOV08

To the American Taxpayer,

As part of my commitment to oversee how federal agencies in Washington, D.C. spend your money, I am releasing a series of oversight reports on federal spending. 

[…]

With billions of taxpayer dollars spent on low-priority and questionable projects, 2008 was a banner year for wasteful Washington spending.  In a time when the government is spending huge sums to address a struggling economy, Congress needs to ensure efficient use of our own resources before turning to taxpayers and asking for more.

[…]

With your help, we can begin making a difference and change the way Washington works.

The report shows examples of double money such as the Frank M. Charles Memorial Park in New York, which received $1 million in 2008 to repair tennis courts and to install Astroturf on a single baseball field.  The same park received a $1 million grant in 2000 for similar upgrades, but the money was squandered, leaving the park in a state of disrepair and in need of more federal funds.

A $500,000 was given to the “B In Tune” youth music program in 2008 to teach kids about “funk music and Nobel peace laureates.”  No proof was ever furnished to show the money was used for its intended purpose.  When asked why, the organization’s director said that a senior consultant became “ill”.  An additional $430,000 grant was given to the organization also in 2008, in which the director said it would be used to teach kids how to be a DJ or how to produce a TV show.

In the misappropriations, California used $3 million in federal funds intended for nutrition programs in the San Diego school district to assist low-income students by giving the funds as bonuses to San Diego employees leaving the district.  The Department of Education has not yet decided on whether the school district would be required to pay back the funds.

OTHER EXAMPLES

Just a thought here, are AIG’s accountants the same as those used by the U.S. government?  The complete list includes 65 examples [PDF] of wasteful spending.  Below are my favorites.  At least there aren’t any $400 hammers and toilet seats this year…..

• Bike paths, museums, scenic route, and roadside greenery, $800 million.  The funds were suppose to be used to fix federal highways and bridges.
• An IRS mailing notifying taxpayers that they were getting a stimulus check, $42 million.  This does NOT include the stimulus checks.  This is simply the cost to mail notices that their checks would be there soon.
• The National Park Service Centennial Party in 2016.  Congress authorized $24.6 million for 2008 with a build up to spend $1 billion overall on the celebration.
• To build an art museum in Iraq, $13 million.
• Medicare continuing to purchase brand name medication while generic is available, $6.5 million.
• A retractable shade canopy for Haddad Riverfront Park in West Virginia, $2.4 million.
• Training classes for casino workers in Kansas, $784,000.
• Clevelands Botanical Gardens “Green Corps”, which is a work study program that teaches teens to make salsa from the plants they grow, and then sell it as a money maker for the Gardens, $517,000.
• An inflatable alligator and under-the-sea waterslide in Texas, $367,000.
• FCC-sponsored NASCAR events to promote the digital TV transition, $350,000.
• Search for Alaskan Ice Worms in New Jersey, $326,733.
• For specialty potatoes at high-end restaurants, $300,000.
• EPA Administrators Junket Trip to Australia, $280,000.
• Funding for the “Lobster Institute” to promote the lobster industry throughout Maine, in part by deploying an underwater LobsterCam, $188,000.
• Six portraits for the Secretary of Defense, the Secretary of Commerce, the NASA Administrator, the Commandant of the Coast Guard and even the director of the National Cancer Institute, $167,290.
• A state barn census in Vermont, $150,000.
• Remounting the worlds largest fish in New York, $135,000.
• Studying American and Chinese Video Game Habits in California, $100,000.
• A non-functioning gas station shaped like an airplane, in Tennessee, $9,000.
• Money given to the Westfield Washington Public Library in Indiana for the purchase of a Nintendo Wii console, tv, camcorder and games”, $3,905.

And remember, this same government wants to give money to the Big 3?  They gave to AIG, and look what they did with the money.  Party time!

THE LOCATION

People who live in the neighborhood say this particular location has had it’s share of problems.  “Around here people get robbed here in this store all the time and a lot of people are cautious about coming in there because they like I might walk in there I might get robbed because people always hear about people getting robbed in there,” Kolin Cooper who lives in the neighborhood says.

THE PROSECUTION

In a December 1st court hearing, prosecutor Jen Rallo said “[The victim] is left crumpled on the floor of the carryout, bleeding.”  “He is left to live or die on his own.  … No one helps [him],” Rallo said.  “He is in pain.  He asks to go behind the counter because he is afraid these individuals will return and shoot him again.  And the store actually continues serving customers as [the victim] is bleeding on the floor.”

Two 17-year-old entered the store – first one, then the other – with blue bandannas covering parts of their faces, Rallo said in court, describing the video to the judge.  They rummaged through the customer’s pockets, held guns pointed at his head and then both shot at him, striking him in the left knee, Rallo said.

“The victim could have lost his life,” the prosecutor added.  “There was no need to shoot this victim.  There was no need to attack this man.”

The two 17-year-olds are Darren Brown, of the 3300 block of Ellerslie Avenue, and David Jefferson, of the 2700 block of Tivoly Avenue.  After the judge viewed the video, he ordered the two teens to be tried as adults with first-degree murder, a charge in Maryland that carries a maximum penalty of life in prison.  They are scheduled to go to trial for the shooting in February.

Rallo said that Brown’s admitted full time job – drug dealing – shows he’s acting as an adult.  “He was selling drugs, making $200 a day.”

THE DEFENSE

Lewyn Garrett, Darren Brown’s attorney, said his client should be tried as a juvenile, keeping with a recommendation from court medical services.  He said Brown suffers from lead poisoning and has a learning disability.  [Yea, as IF those conditions stopped him from robbing a man, and shooting him.  If he’s capable of doing said act, then he’s capable of serving time in the big house.”]

Garret has also complained that the prosecution has not turned over the names of their witnesses to him, calling them “phantom” witnesses.  [Umm, yea, as IF there are witnesses needed to show an act of crime…]

During Wednesday’s meeting of Baltimore’s Criminal Justice Coordinating Council, Mayor Shelia Dixon condemned the girls in the video, saying “It’s like business as usual.  Clearly … we have some very mentally disturbed individuals in the city.”  She has also said the video is quote, “an unfortunate reminder that we must treat some violent juveniles as adults in the criminal justice system.”

THE VICTIM

The 46-year-old man who was shot is undergoing physical therapy.  He is also suffering from post-traumatic stress disorder, according to prosecutor Rallo.

RANT

Yep, both “boys” should be tried as adults.  Drug dealing “boys” who robs and shoots an unarmed man, who is not threatening to them, because “times are hard” deserves time at the Big House.

And I’d also be looking at the two young girls laughing, as I’d be willing to bet, they are in on it.  They stood by, giggling and laughing, acting like nothing is wrong.  And anyone want to bet these two girls are minors?  Why are they out after midnight?  Where are all of these kids parents?

And if there was any way to legally shut down the restaurant, I’d do it.  I don’t know any restaurant that can’t be shut down if a Health Department actually does their job.

As for the Mayors comment about “we have some very mentally disturbed individuals in the city,” my comment would be YA THINK? And, if that is news to the Mayor, then she really needs to get out more.

The video is NOT complete as the one that seems to be shown in court.  And if the below video “disappears”, as it has once already, here is another link.  And one more link.  And I found one more, just incase.

SOURCES:

• “Video clip shows girls laughing during shooting”, The Baltimore Times, 12DEC08
• “Man Robbed And Shot While Bystanders Laugh”, WMAR, UNK Date

THE WHITE HOUSE AND THE UAW

The Senate failed to pass the $14 billion bailout and the head of the UAW,  Ron Gettelfinger, blamed the Senate Republicans stating, “This was just simply subterfuge on the part of the minority in the Republican Party who wanted to tear down any agreement that we came up with, the auto industry around the world is in peril.”

“The current weakened state of the economy is such that it could not withstand a body blow like a disorderly bankruptcy in the auto industry,” White House press secretary Dana Perino said today.

Treasury spokeswoman Brookly McLaughlin said, “Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry.”

Obama said he was disappointed that the Senate failed to act.  “My hope is that the administration and the Congress will still find a way to give the industry the temporary assistance it needs while demanding the long-term-restructuring that is absolutely required,” he said in a statement.  Yet on this Sunday’s past “Meet the Press” Obama stated, “We don’t want government to run companies.  Generally, government historically hasn’t done that very well.”  Is this “change” your mind, or another instance of “double speak”?

According to Congress, the Emergency Economic Stabilization Act which created the $700 billion fund known as the Troubled Asset Relief Program, or TARP, could be used for the $14 billion bridge loan to the Big 3.

In recent weeks however, Paulson has resisted the idea of using TARP funds for the Big 3 since it was created to provide liquidity to the financial sector, not the auto industry.

Speaker Nancy Pelosi said she would never support an auto bailout that used money originally set aside to help the Big 3 develop fuel-efficient vehicles.  Then Pelosi “changed” her mind and clamed she wouldn’t support a bailout bill unless the Big 3 promised to drop their lawsuit against California’s emissions requirements.  Then Pelosi “changed” her mind again, this time saying she is willing to support the bailout without the Big 3 dropping the lawsuit, but only if Republican lawmakers support the bill. 

SORRY, ITS ILLEGAL

About $15 billion from the first half of the $700 billion remains uncommitted since about $335 billion has already been used for banks and insurance companies.  To begin tapping the second half of the bailout, the administration would first have to notify Congress, which could block it or put new conditions on how the money is used.

The Treasury lacks the statutory authority to direct TARP dollars to the automakers.  While the statue, passed by Congress in October, grants the secretary extremely broad discretion to decide how to employ the funds, it clearly limits the recipients to “financial institutions.”  And the definition of that term is quite clear:

FINANCIAL INSTITUTION – The term ‘financial institution’ means any institution, including, but not limited to, any bank, saving association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Island, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.

Now one could say that GMAC qualifies under this, well it doesn’t.  GMAC is not a bank.  Providing customer financing is a function that many non-financial institutions, from department stores to bars, engage in regularly.  In other words, they self finance without being a bank.  If GMAC would offer loans to anyone for any purchase, then that would be a different matter.

Even The Heritage Foundation says that bailing out the Big 3 is a bad idea and illegal:

“Even if the Administration were inclined to do so, it simply lacks the power under the statute passed by Congress to tap TARP funds to prop up auto manufacturers.  This makes sense:  why else would have Congress spent the past month taking testimony from auto executives and then crafting politically contentious bailout legislation if the whole thing was unnecessary, because it had already passed the bailout back in October?

The Administration must reject calls for it to trample the law, and accomplish an end-run around our represented democracy, by moving forward with a bailout.  Giving in would be both unprincipled and, ultimately, illegal.

Worst of all, it would be counterproductive.  Reorganization in bankruptcy continues to represent the best chance for General Motors and Chrysler to survive and prosper.

THE CONSTITUTION

The Wall Street Journal reports that banks and bankruptcy experts were all in a huff over a line in the Monday draft of the bill providing that the government gets its money “senior and prior to all obligations, liabilities, and debts of any such holding company or company that controls a majority stake in the eligible automobile manufacturer.”

This might be a violation of the Fifth Amendment, which guarantees just compensation for taking private property, bankruptcy and constitutional law experts told the Journal:

“It really sounds like a clear violation of the taking cause in the Constitution, to put the government ahead of all the other lenders.  To go this route is a treacherous path riddled with all sorts of constitutional issues,” said Don Workman, head of the restructuring practice at the law firm of Baker Hostetler.

On the other hand, Congress might argue that the bailout is actually keeping the car companies out of bankruptcy, and if the taxpayers are ponying up, then they should get some guarantees.

OBAMA’S OPINION

Obama has also said in the past that even if Congress does not bailout the Big 3, he will push for federal help once he is sworn in.

RANT ON AGAIN

Why do we even have Congress, a President and such if no one listens?  And ultimately, if what the highest in power wants, that person gets?  That is Democracy?

Part One

Maybe just maybe Mr. Gettelfinger the reason the GOP Senate said no was because they don’t want to pile debt on top of debt.  And maybe just maybe the reason they said no was because they don’t agree that a certain part of our population in the United States should get “special” treatment.  I am referring to not the pay the workers receive, but their benefits, which include health care for retirees.  Why should one industry be given special treatment when so many others have nothing right now, not even a job.  The UAW should be willing to make temporary sacrifices, such as cutting health care benefits to a minimum, in order for reduce costs until the Big 3 can get on their feet again.  But as usual, the UAW thinks they should have their cake and eat it too while the rest of the nation eats dirt.

And where is all the money going to come from to buy these cars?  Currently all U.S. automakers are seeing the worst sales slump in 26 years.  GM today announced, after the fact of learning they weren’t going to get a bailout, that they were going to temporarily close 20 production plants.  But don’t worry, those who are laid off will get their unemployment benefits, and additional money from the Big 3 to compensate to make sure they get 95% of their weekly income.  Oh, and they still have insurance benefits this whole time.  So basically GM is saying okay, let unemployment support them, yes we still have to pay then according to our UAW contract to make sure they make 95% of their normal income, but hey, it’s less money for us to pay! So, that’s a nice Christmas present for all the UAW workers impacted by the temporary close…….  Did you get a paid month off of work for Christmas?

No one has the money to make a new purchase of a new vehicle.  So millions of new cars are going to be sitting in lots doing nothing but gathering dust all because you think your workers deserve special treatment.  So tell me, where’s the profit in this bailout for me?  Remember, the new mentality is about “sharing the wealth”, so where’s my share in all of this?  Will I get a car at cost?  Will I get a full warranty on everything on that new car for the next 10 years?  Because I as a tax payer will be paying for YOUR bailout, especially if you can’t pay it back, for the next 20 years!  High risk with no high payback is bad business.  Isn’t that how Wall Street collapsed?  Isn’t that how the real estate industry collapsed?  By giving high risk loans to those who they knew couldn’t afford it.

And since no one is buying new cars, where are the Big 3 going to get the funds to pay back this loan?  And what about them coming back asking for more money?  The Big 3 are going to end up being just like AIG, asking for more and more and more money, turning into a super black hole sucking the life out of our taxpayer funded accounts.

And why are the big wigs being bailed out?  Banks, investment firms, insurance companies and now possibly the Big 3.  And I’m going to take a Socialist attitude here since that seems to be the “new way”.  When is it time to help those who pay for all this?  Where’s my bailout?  How about not having to pay federal taxes for an entire year?  If the government has all this money to spread around, then why can’t we get a break? 

Why doesn’t the Big 3 have to go through what everyone else is?  Filing for bankruptcy reorganization and start over again.  In bankruptcy court, the process allows the auto industry to negotiate with creditors, stakeholders and unions.  The auto industry spent nearly $50 million lobbying Congress in the first nine months of this year while unions spent hundreds of millions to put Democrats in Washington.

And maybe, if maybe twenty years ago, there had been a national healthcare system put in place, like every other major country of the world, then the UAW and the Big 3 wouldn’t have this contract for health care benefits.  This is the ONLY point so far that I agree with that Obama should do.

Ultimately, the Big 3 bailout is nothing more than dividing the classes further and a continuation of destroying our economy. 

Part Two

So obviously another law is going to be broken on a bill that the taxpayers never wanted to pass.  But this seems to be the new rage among many these days.  Now you might think, well this is nothing new, all politicians are crooks.  Well, being a crook is one thing, breaking Federal law and ignoring the Constitution is another matter. 

• Bush wants TARP funds to bailout the Big 3, which is illegal.
• Hillary Clinton has been appointed Secretary of State in Obama’s new Administration, although according to the Constitution she can not take the position legally. [Here also.]
• Obama wants a mandatory “America Serves” program, a violation of the 13th Amendment.
• We are two states away from rewriting the Constitution.
• Oh and lets not forget that the Democrats in Congress want to seize your 401K which could be considered a violation of the 5th Amendment of eminent domain.

Oh, and one other small newline.  Obama is planning on raising taxes and sending the money to Kuwait.

And I could always bring up the Obama birth certificate issue……..

ADDITIONAL SOURCES:

• “White House may tap Wall Street funds for autos”, MSNBC, 12DEC08
• “United Auto Workers Lash Out at GOP Senators Over Bailout Collapse”, FOX News, 12DEC08

BACKGROUND

Caylee Anthony disappeared in mid-June of 2008 when she was 2 years old, but she was not reported missing by her mother, Casey Anthony, 22, until a month afterward on July 15th.  The case began with an emergency call from Anthony’s mother, Cindy Anthony.  On the tape,s he can be heard saying, “I can’t find my granddaughter. … There’s something wrong,” Cindy Anthony said.  “I found my daughter’s car today and it smelled like there’s been a dead body in the damn car.”

At the time, Casey allegedly told her family and police she had not seen her daughter for 31 days.   Investigators said Casey had begun given them changing and inaccurate information.  At the time, George Anthony, Casey’s father, stated that Casey’s behavior was unusual around the time Caylee went missing.  According to a FOX News report, Casey was described by friends as a “habitual lair”. 

Casey told police the last time she saw her child was when she dropped her off at a friend’s house, but had since lost contact with her friend.  Casey also told police that her daughter wasn’t at the baby sitter’s house when she went to pick the child up, so she started her own investigation.  She went to clubs that the baby sitter frequented and identified her as Zenaida Gonzalez.  But when police went to the apartment Anthony said belonged to the alleged baby sitter, they learned it has been vacant for almost five months.

Casey also told police she worked at Universal Studios, and gave names of people who could vouch for her, according to the Orlando-Sentinel.  But officials later learned she never worked at the theme part – and neither did the people she mentioned.

The day after Casey reported Caylee missing, she was arrested on charges including child neglect and for providing false information to law enforcement.  The judge told Casey that “You left your 2-year-old child with a person who does not exist at an apartment you cannot identify and you lied to your parents about your child’s whereabouts,” said Judge John Jordan.  “You cared so little about your child.”

But Casey soon became a stronger person of interest in Caylee’s disappearance after police found traces of chloroform and strands of hair similar to those of the little girl’s in the car last driven by Casey.

For weeks, search teams, panned out across central Florida looking for any trace of the young girl.  Forensic lab results would show that the hair strand found in the trunk of Casey’s car showed “characteristics of apparent decomposition.”  The hair was “microscopically similar” to hair strands found on Caylee’s brush, but the report said it could not conclusively say the hair in the trunk came from Caylee.

The state attorney’s office released an air sample report from a lab that found chemical compounds consistent with body decomposition.  Chemicals in air samples were “consistent with a decompositional event that could be of human origin,” the report said.

The tests also found chloroform residue on portions of the trunk.

By this time, Cindy Anthony had also retracted the statement about her daughter’s car smelling like a dead body, saying that the smell in the car could have been from garbage.

Meanwhile, Gonzalez, the woman Casey said was the last person who she saw Caylee was found by police.  The woman denied any involvement in the case, saying she didn’t even know the family and was cleared.  Because of the claim, Gonzales lost her job, stated she could not find an apartment and received threats from Anthony supporters.  She filed a defamation lawsuit against Casey.

Casey was officially charged for first-degree murder October 14th.  She has  been charged with child abuse, aggravated manslaughter, four counts of lying to investigators about Caylee’s disappearance and a “slew of check fraud charges” for forgery by this point.  She has pleaded not guilty to the charges ranging from first-degree murder to lying to investigators.  She faces life in prison if convicted.  Prosecutors have said they won’t seek the death penalty in the case.

She remains in the Orange County Jail without bail.

RANT

If the remains are found to be Caylee’s between the duct tape around the mouth area, and the use of chloroform, this shows serious pre-meditation.  I wouldn’t be surprised if the prosecution changes their mind about seeking the death penalty, and I would have to agree if they did.  No plea bargains in this case should be allowed if the remains are found to be Caylee’s, as Casey has lied more times than can be counted combined with the use of chloroform and duct tape around the mouth area in a plastic bag is a horrible death for anyone, especially a toddler, with suspected cause of death (in my opinion) of suffocation, based upon the evidence and press released as to date.

Of course, if the remains are found to be Caylee, then the defense will bring up the psych defense.  But there’s one problem with this.  Why would  this course of defense be brought up after the fact (which has not been proven at this moment) that the remains are Caylee’s?  That’s too weak, and convenient timing.

And one thing really “irks” me about this case.  Casey and Caylee lived with Casey’s parents.  For over five weeks, Casey’s parents never saw their grandchild, although it is reported that Casey and Caylee lived with them.  That just seems… odd.  But what would they, the grandparents, have to gain out of Caylee’s death?

If the remains are shown to not be Caylee, then a new murder investigation begins about the death of an unknown toddler.

Either outcome is very, very sad.

 SOURCES:

• “’Compulsive Liar’ Florida Mother Arrested in Toddlers Disappearance Last Month”, FOX News, 17JUL08
• “Mom Charged With Murder in Caylee Anthony Case” – ABC News, 14OCT04
• “Report:  Evidence of Body Decomposition in Casey Anthony’s Trunk” – ABC News, 24OCT08
• “Skull of a Young Child Found Near Home of Caylee Anthony’s Grandparents” – ABC News, 11DEC08
• “Small Child’s Remains Found Near Home of Caylee Anthony’s Family” – FOX News, 11DEC08
• “Remains appear to be Caylee Anthony, says researcher” – Orlando Sentinel, 11DEC08
• “[Timeline] Caylee Anthony Saga Has Taken Many Turns” – Tampa Bay Online, 12DEC08

THE NEW YORK TIMES

The New York Times, the third-largest U.S. newspaper, is facing a $400 million debt repayment in May and may borrow as much as $225 million against its Manhattan headquarters although it only owns 58% of the building.

The NYT, which finished the third quarter with $46 million in cash and equivalents, must refinance or repay a $400 million credit line that expires in May.  The company has about $366.3 million remaining under a second credit agreement that becomes payable in June 2011.

Last month, the NYT said October ad revenue at its newspapers fell 17.2% and classified sales dropped nearly 35%.

In the third quarter, NYT’s total advertising revenue dropped 14% and classified sales dropped 29%.

What the NYT Has (Short Term)

  ■  $46 million in cash
  ■  $366 million owned to it by advertisers

What the NYT Owes (Short Term)

  ■  $398 million of short-term debt due in May
  ■  $161 million of accounts payable (Newsprint, travel, etc.)
  ■  $100 million of payroll 
  ■  $159 million of other expenses
  ■  $50 million owned on long-term debt and rent

Grand total:  $865 million

Short Term Bottom line:  The NYT owes $453 million more than it has, thus it has a negative net wroth in the hundreds of millions.

What the NYT Has (Long Term)

  ■  $1.355 billion of buildings, real-estate, printing presses, trucks, etc.
  ■  $146 million of investments in joint ventures (Red Sox, etc.)

Total:  $1.501 billion

What the NYT Owes (Long Term)

  ■  $673 million of long-term debt
  ■  $7 million of long-term rent
  ■  $284 million of pension benefits
  ■  $214 million of retiree healthcare and other benefits
  ■  $290 million of other liabilities

Total:  $1.468 billion

Bottom Line:  The NYT has only about $33 million more than it owes.

CHICAGO TRIBUNE, LOS ANGELES TIMES, BALTIMORE SUN, ORLANDO SENTINEL

The publisher of the Chicago Tribune and the Los Angeles Times declared bankruptcy on Monday.  Tribune Co., which owns eight major daily newspapers and several television stations, filed for Chapter 11 bankruptcy protection after collapsing under a heavy debt load just a year after real estate mogul Sam Zell took it private.  It too is suffering from declining advertising revenue and circulation and maybe just bad business.

A year ago Zell loaded up the privately held publisher with about $8 billion in additional debt when he took the company private in a transaction largely financed by company contributions to an employee stock option plan.

As it sits, Tribune Co. had about $7.6 billion in assets and $12.97 billion in debt as of December 8, according to its bankruptcy filing.

The filing however, does not include Tribune’s Chicago Cubs Major League Baseball team or its ballpark, Wrigley Field – both of which Zell has struggled to sell.

Tribune Co. has said its unsecured creditors include J.P. Morgan Chase & Co’s JPMorgan Chase Bank with an $8.57 billion claim under a senior faculty, and Merrill Lynch & Co Inc’s Merrill Lynch Capital Corp with a $1.6 billion claim under a bridge loan facility.

Tribune Co. wholly owns “ForSalebyowner.com”, and partially owns CareerBuilder and Topix.  They are also owners of the Chicago Cubs and Wrigley Field, Tribune Media Services, Brass Ring, Zap2it, Chicago Magazine, Channel Guide Magazine, and partial owners of Classified Ventures, LLC.

The newspapers that Tribune Co owns are:  AM New York, Los Angeles Times, Chicago Tribune, RedEye (Chicago), Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, Hartford Courant (CT), Morning Call (Allentown, PA), Daily Press (Newport News, VA), Hoy (Chicago, Los Angeles), and El Sentinel (Orlando, South Florida).

In addition to owning the WGN-720 radio station, Tribune Co. also has assets in TV shows such as Andromeda, Mutant X, BeastMaster, Family Feud, South Park, Soul Train, Candid Camera, Ron Hazleton:  House Calls, Pet Keeping, City Guys, and Earth:  Final Conflict.

Tribune Co, owns 23 television stations, which are expected to be hit by the typical advertising declines that follow major elections and also owns Chicagoland’s Television, better known as CLTV, a 24-hour cable news station based in Oak Brook, IL.

The stations that Tribune Co owns are:

OTHER NEWSPAPERS

Media reports say McClatchy Co has approached potential buyers about a sale of the Miami Herald; The Minneapolis Star-Tribune is restructuring while its owner, private equity firm Avista Capital Partners, has skipped debt payments.

SOURCES:

• Bloomberg
• Silicon Alley Insider
• Market Watch
• Reuters
• Wipikedia

FIRST BROKEN PROMISE

In what is now officially Obama style, he gave strong indications that he’s backing off his stance on two promises that he made during his campaigning.  SURPRISE!  The first is whether to repeal Bush’s tax cuts for the rich, something Obama’s economic advisors have quietly been saying for weeks.

“My economic team right now is examining – do we repeal that through legislation?” 

“Do we let it lapse so that, when the Bush tax cuts expire, they’re not renewed when it comes to wealthiest Americans?”

This doesn’t include him saying that he’s now not going to tax the oil industry because oil is less than $40 a barrel.  Hmm.. what about all those records of income that the oil industry made last spring and summer? Anyway…..

SECOND BROKEN PROMISE

The second possible broken campaign promise is his call for bringing U.S. combat troops home from Iraq in 16 months.  As if those of us who never believed a word he promised find this surprising.   

He only said he wanted to do so “as quickly as we can do to maintain stability in Iraq, maintain the safety of U.S. troops, to provide a mechanism so that Iraq can start taking more responsibility as a sovereign responsibility for its own safety and security, ensuring that you don’t see any resurgence of terrorism in Iraq that could threaten our interests.”

Brokaw asked Obama directly about the rumors of “residual force”  of how many troops are going to be left in Iraq, with that number being 35,000 to 50,000.  Brokaw asked him, “Is that a fair number?”

Well, well I’m not gonna speculate on the numbers. [Why can’t this man EVER answer a direct question with a direct answer instead of rehashing what he has said before? While if a news reporter does the same, then he is accused of Obama of trying to stir up trouble.]

Uh, what I said is that we are gonna maintain a large enough force uh, in the region to assure that uh, our civilian troops, or our, our, our civilian personnel and our embassies are protected to make sure that we can uh, ferret out any remaining terrorist activity in the region, in cooperation with the Iraqi government.  That we are providing training and logistical support maintaining the integrity of uh Iraq as necessary.  And one of the things that I’ll be doing is evaluating  the kind of numbers required to meet those very limited goals.”

Now this confuses me.  First Iraq just passed a new law in conjunction with the Bush Administration that all US troops are to be removed by 2011.  And in fact, this new law will be taken and if that fails to subscribe to the withdrawal, the U.S. troops may be forced to leave earlier.  But Obama is saying that he wants to leave troops in Iraq, not commenting on the numbers, in cooperation with the Iraqi government.  Didn’t they just vote and pass a law that they want all US troops out?  And didn’t Obama say he was going to “end the war” in Iraq and bring ALL the troops home from Iraq?  Can you say “double speak” boys and girls?  So I guess that would be a “no” that all the troops aren’t coming home, with guestimates of 35,00 - 50,000 troops staying beyond 2011.  Right now there are about 15 birgades defined as combat forces, but the overall number of troops is more than 50 brigade equivalents, for total of 146,000 troops.  So, if 30,000 – 50,000 stay behind or are rotated around, that means that 20% to 34% of the troops remain past 2011.  Is that what Obama call’s bringing our troops home from Iraq?

And on another note, has Obama said anything about removing troops in Afghanistan? Which by the way, are getting about 3,500 to 4,000 more troops early next year to be deployed near Kabul.  With the Defense Department planning to add more than 20,000 troops to Afghanistan over the next 12-18 months.  Right now, there are about 32,000 U.S. troops in Afghanistan.

How do we know that when the troops leave Iraq, if they are going to leave Iraq, that they aren’t going to head straight to Afghanistan?  Well Brokaw questioned Obama about Afghanistan quoting Jim Jones, Obama’s new national security advisor.  He said that when he first talked to Jones when the U.S. first went into Afghanistan he said “I know how we’re going to get into Afghanistan, I don’t know how we’re going to get out of Afghanistan.”  Brokaw asked Obama about what he was telling him today of how we are going to get out of Afghanistan.  Obama stuttered and clamored for a few seconds before answering this question.

“I think were starting to see a consensus, uh that uh, we have to have more effective military action and that means additional troops but also means more coordination with our NATO allies.  Uh, it means we have to have much more effective uh, diplomacy in the region. We can’t solve Afghanistan without solving Pakistan, and working more effectively with that country and we are gonna have to make sure that India and Pakistan are uh, normalizing their relationship if we are going to effective in some of these other areas.  And we’ve got to really ramp up our development approach to Afghanistan, I mean part of the problem that we’ve had is that the average Afghan farmer hasn’t seen any improvement in his life.  Uh, we haven’t seen the kinds of infrastructure improvements.  We haven’t seen the security improvements.  We haven’t seen uh, the uh, reduction in narco trafficking.  We haven’t see a reliance on rule-able law in Afghanistan that would make people  feel confident that the uh, central government   can infact uh, deliver on it’s promises and if we combine effective development, more effective military work, as well as more effective diplomacy, then I think we can stabilize the situation.  Our number one goal has to be to make sure that it can not be used as a base to launch attacks against the United States and we’ve got to get bin-Laden.  And we’ve got to get al-Qaeda.” 

When questioned about India, Brokaw quoted Obama that the United States “has the right to go after terrorists in Pakistan if you have targets of opportunity” and then questioned Obama if India was now included in that right.  Obama flatly stated that he was not going to comment “on that.” In a CNN poll, 8 out of 10 believe the U.S. should side with neither country.  In a side note, things in Pakistan are heating up a bit.  Over 160 vehicles, including dozens of Humvees, thought to cost about a cool $100,000 each, destined for U.S. and allied forces in Afghanistan were torched today.

Also what you probably don’t know about Afghanistan, is that the U.S. has been on a building spree, planning a $100 million airfield expansion in Kandahar and a $50 million prison facility near Bagram Air base. 

What you probably also don’t know is that on Feb 27, 2008m, after two days of meetings in New Delhi, U.S. Defense Secretary Robert Gates quietly announced negotiations between the U.S. and India to develop a missile defense shield program on Indian soil.

But he stated he was going to re-state, again in typical Obama fashion, repeating the same things over and over again, that each country has a right to defend itself against terrorism, that we the United States need diplomacy between all countries in the region, and;

“as I’ve stated before, we can’t continue to look at Afghanistan isolation, we have to see it as a part of a regional problem that includes Pakistan, that includes India, that includes Kashmiere, that includes Iran, and the kind of foreign policy I want to shape  is one in which we have tough direct diplomacy combined with more effective military operations focused on what is the number one threat against US interests and US lives, and that’s al Quaeda and their various affiliates, and we are going to go after them fiercely in the years to come.” 

BTW, if you missed that, it means “Yes we might leave Iraq for now, but guess what, we are going to go elsewhere in the middle east or have to go back to Iraq for specialized operations.” But he’s still pushing that he’s teams will come up with strategies to “fix” all these problems.  And that Hillary Clinton will be able to “rebuild alliances” and  “send a strong signal that we going to do business differently and place an emphasis on diplomacy.”  He’s still in his little bubble that setting up “meetings” and talking in a civilized manner will “fix” and “change” everything.

People, it’s time for a reality check.  Yes, some troops are going to leave Iraq and head straight for Afghanistan, especially since fingers are pointing towards Pakistan for the bombing and recent terror raid in India.  Then we have the whole nuclear deal in Iran.  We are NEVER going to get out of that “region” at least NOT in the next 4 years, much less the next 8 years.  Wars in the name of religion and God have been going on in that region since the beginning of time.  Why do you think that Obama can end that which has been going on since the beginning of time?  Please tell me how he is different from so many others over time.

ONE OTHER COMMENT

Obama pledged to not smoke in the White House.

Also, did anyone else notice how tired Obama looked?  The man actually had circles under his eyes, and for the fist time, I noticed gray in his hair.

Here’s the entire episode of December 7th, “Meet the Press”.