In “Taliban resurgence pushes troops to change tack,” Al Jazeera‘s Josh Rushing joins U.S. troops on the frontline in Afghanistan. Watch this and then ask yourself: Why isn’t this as freely available on your cable as CNN or Fox News? And yes, you’ve heard Rushing’s name; he’s the former Marine flack during the Iraq invasion who was featured in the documentary Control Room and then defied the Pentagon by talking about his experiences with Al Jazeera. Now he works for Al Jazeera.
Unlike Wall Street’s short-sellers, I hate to burst anyone’s bubble, but capitalism is not dead, despite the moaning and groaning from Davos to D.C.
The International Monetary Fund predicts that the global economy will come to “a virtual halt.” No, not yet and not for everybody. For evidence, see “What Red Ink? Wall Street Paid Hefty Bonuses” in the Times:
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.
While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high.
On the other hand, you can say that capitalism is in trouble, judging by the surprisingly cynical, lively tone of Ben White‘s above story.
In fact, this is one of the rare moments when a Times story is sharper and more skeptical than the tabloids’ stories on the same topic. Compare this morning’s Daily News story: “City takes hit as Wall St. bonuses cut.” Or the Post‘s: “WALL STREET BONUSES DROP TO LOWEST IN 30 YEARS.”
Yes, the fact that the bonuses sharply fell indicates trouble on Wall Street. But the main thing it indicates is that the bonuses in past years have been staggeringly unconscionable and are now falling back to being merely unconscionable.
In any case, Barack Obama, the nation’s first Kenyan-Kansan president, has already used his bully pulpit to preach social responsibility and rail against greed. Looks as if he might have to summon these Wall Street gangsters to the basketball court and posterize them. You know, add them to his In-Your-Facebook.
And you can just ignore the caterwauling by Capitol Hill’s Republicans about Obama’s stimulus plan. Even the Wall Street Journal reports that corporate types look favorably on Obama’s package.
For those of us accident victims bleeding after being run over on Wall Street or gasping for breath at the foot of Capitol Hill, that stimulus package can’t come too soon. The depression is finally hitting home: I almost dropped my laptop when I heard that profits earned by my Sony baby daddy dropped by 95 percent. Poor little laptop overheats as it is.
If yours still works (and if you’re reading this, it is), click on these items…
NO PARTICULAR ORDER:
N.Y. Post: ‘MTA BOARD FARES BADLY AT HEARING’
Members of the MTA board were called “callous” and “oppressors” at a fare hearing in Brooklyn last night that drew nearly 500 people.
Wall Street Journal: ‘Continuing Jobless Claims Hit Record’
N.Y. Times: ‘What Red Ink? Wall Street Paid Hefty Bonuses’
Despite crippling losses in 2008, employees at financial companies in New York collected an estimated $18.4 billion in bonuses for the year.
N.Y. Post: ‘DEAD LETTER DAY IS LOOMING: POSTAL SERVICE LICKED BY $6B DEFICIT, LOOKS TO SLASH DELIVERIES’
N.Y. Daily News: ‘Mobster put body in acid, then gave boss the finger — in soup’
N.Y. Post: ‘CONEY ISLAND’S ROCKET SPARED’
Astroland Park’s popular Rocket won’t be blasting out of Coney Island after all. City officials confirmed yesterday that the park’s longtime operator, the Albert family, has donated…
N.Y. Times: ‘House Passes Stimulus Plan Despite G.O.P. Opposition’
Without a single Republican vote, President Obama won House approval for an $819 billion economic plan as Democrats sought to temper their own differences.
Wall Street Journal: ‘U.S. Moves to Aid Credit Unions’
Bloomberg: ‘Gore Says Stimulus Package’s Investments Will Help Combat Global Warming’
N.Y. Post: ‘DA: #!@ ATT’Y $CAMMED SICK
MORGY CURSIN’ MAD OVER LOST MILLIONS’
It takes a special kind of thief to get Morgy this mad. Manhattan’s gentlemanly district attorney, Robert Morgenthau, yesterday needed a pair of profanities to describe a big-shot…
N.Y. Times: ‘Youth Charged With More Attacks on Latinos’
The seven defendants in the deadly assault on Marcelo Lucero, an Ecuadorean immigrant, are accused of assaulting or attempting to assault a total of eight other Latino men.
N.Y. Post: ‘”BIZ BILK” GAL WANTS LOOT BACK FROM FEDS’
The wealthy Upper West Side woman charged with bilking $80 million from Fortune 500 firms is complaining that she can’t live without her Rolex, Warhol and MontBlancs…
Bloomberg: ‘Mitchell’s Firm Lobbied For Dubai’s Ruler to Help Quash Camel Jockey Suit’
George Mitchell, President Barack Obama’s special Middle East troubleshooter, was chairman of a law firm that was paid about $8 million representing Dubai’s ruler in connection with a child-trafficking lawsuit.
CBS: ‘CIA Officer In Algeria Accused Of Rape’
N.Y. Times: ‘Backers of Mayoral School Control Face Resistance’
N.Y. Post: ‘BEEF AT GAY INSULT: VEGETARIAN SUES’
N.Y. Daily News: ‘15,000 school jobs may go: Klein’
N.Y. Times: ‘Friends, Until I Delete You’
As your circle of friends on Facebook widens, you may wonder if there’s an etiquette to “defriending” someone, just in case.
FOX: ‘Curvy Kim Kardashian Thinks Curvy Jessica Simpson “Looks Hot”‘
N.Y. Times: ‘On Iraq, Obama Faces Hard Choices’
In redefining the nation’s mission in Iraq, President Obama must decide between abandoning a campaign promise and risking a rupture with the military.
Wall Street Journal: ‘Chinese Premier Blames Recession on U.S. Actions’
CBS: ‘LA Cardinal Subject Of Federal Probe’
N.Y. Times: ‘Stimulus Package’s Components Vary in Speed and Efficiency’
The impact of the $819 billion economic stimulus package will be felt within weeks once the final version becomes law, but estimating its effectiveness is far more complex.
N.Y. Times: ‘After the War on Terror’ (Roger Cohen)
In his first White House televised interview, with the Al Arabiya news network, President Obama buried the lead: The war on terror is over.
N.Y. Times: ‘Blagojevich to End Boycott of His Own Trial’
N.Y. Times: ‘White House Unbuttons Formal Dress Code’
N.Y. Times: ‘Musicians Hear Heaven in Tully Hall’s New Sound’
‘JPMorgan Exited Madoff-Linked Funds Last Fall’
From the Times:
…the bank suddenly began pulling its millions out of [funds that invested with Madoff] in early autumn, months before Mr. Madoff was arrested, according to accounts from Europe and New York that were subsequently confirmed by the bank. The bank did not notify investors of its move, and several of them are furious that it protected itself but left them holding notes that the bank itself now says are probably worthless.
N.Y. Post: ‘MADOFF: I’M WEAKENED AT BERNIE’S’
He’s “The Prisoner of Park Avenue.”
Bernie Madoff is whining to anyone who’ll listen that he’s being held captive in his palatial penthouse and unable to traipse around the Big Apple as he did before being busted for running a $50 billion Ponzi scheme, a source familiar with the scam artist told the Post.
“I’m a prisoner in my own house!” Madoff fumed. “I can’t go anywhere! I’m stuck here all day!”…
In recent days, The Post has learned, private contractors have been moving at the request of federal authorities to install wiretaps on Madoff’s apartment phones and computers.
“If he surfs the Web or makes a call, it’s going to be tracked,” a source said.
NY1: ‘Queens Warehouse May Be Linked To Madoff Scheme’
Bloomberg: ‘Madoff’s Tactics Date to 1960s When Father-in-Law Was Recruiter’
Bloomberg: ‘Ex-Madoff Worker Objects to $58,000 Bill for Boss’s Mercedes’
Wall Street Journal: ‘Painting the Scene of Madoff’s Operation’
Forbes: ‘Wells Fargo becomes the first major U.S. bank to report Madoff-related loan losses’
CNBC: ‘Accused Swindler Cosmo Owed Thousands to Mob’