Monthly Archives: November 2010

Economy, Europe, Politics, Russia

Restructure, It Worked For Russia

In fact, it worked for Russia and Argentina. In fact, to keep ‘bailouts’ on the table for countries that are currently set up to spend more than they take in is, I’ll use a technical word here, crazy. It is a waste of everyone else’s money and does not solve the problem.

Socialist states must restructure. The post WWII boom days are over. The demographics are nothing like they were 50 years ago. And ‘reform’ means ‘taking away.’

The cure means a new economic model for Europe. The lesson for the United States is that transforming America into the image of Europe is not only the absolute wrong direction for our country, but is antithetical to President Obama’s responsibility of being the steward of the country and the Constitution.

Link:  In European Debt Crisis, Some Call Default Better Option |  The State Of The Welfare State

Judiciary, Politics, War On Terror

Attorney General Holder’s Glaring Incompetence

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Atty General Eric Holder (foreground)

It should come as no surprise that Ahmed Ghailani was acquitted on 285 of 286 charges relating to his involvement in the 1998 US embassy bombings in Kenya and Tanzania, which killed 262 people. This trial highlights the fact that the American criminal justice system is no place to try Guantanamo Bay detainees, aka enemy combatants. It also is the cause of criticism directed to Attorney General Holder to step down.

Bringing Club Gitmo detainees to trial in New York is just a continuance of Eric Holder’s defense (as opposed to prosecution) of these enemy combatants. Defending them is what he did at his New York law firm Covington & Burling. That the trial of these Islamic extremists is more politically motivated (in Obama’s mind) than constitutionally motivated (to protect and defend) is evident when you consider that eight years ago, Holder was of the position that the Gitmo detainees did not qualify for protection under the Geneva Convention. The right and only place for their trials is via a military tribunal at Club Gitmo.

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Economy, Europe, Politics

Ireland Asks EU For Bailout

What happens when markets are interferred with? Like when ‘too big to fail’ becomes the excuse to fake a ‘market correction?’ In our case, we see how well that worked out. It hasn’t. Instead, what it has done is cripple the markets, paralyze investement and economic growth.

Ireland has been brought to the brink of bankruptcy by its fateful 2008 decision to insure its banks against all losses – a bill that is swelling beyond euro50 billion ($69 billion) and driving Ireland’s deficit into uncharted territory.

Economists question whether the economies of Ireland, Portugal, Spain and Greece will grow sufficiently to build their tax bases and permit them to keep financing, never mind paying down, their debts.

Unfortuanetly for Ireland, they bought in to that same excuse. Problem for them is, with their much smaller economy, the consequence is more severe. Ireland, Portugal, Spain and Greece are all in the same boat. Hit with the financial perfect storm of unsustainable social welfare economies and handicapped free-markets, the European dominos are all in line to fall.

Link: Ireland swallows bitter pill, asks EU for loan

UPDATE: 11/23/2010 In European Debt Crisis, Some Call Default Better Option

Uncategorized

Merck Wins Fosamax Case

Merck & Co. on Friday won one of several bellwether product-liability cases over its osteoporosis drug Fosamax. Not a good day for the slip and fall lawyers.

On another marathon Merck matter, Vioxx, New Orleans federal district court Judge Eldon Fallon ordered a payout of $315,250,000 to “all attorneys who performed common benefit work” in the case. That amounts to 6.5 percent of the $4.85 billion settlement.

Russ Herman of Herman, Herman, Katz & Cotlar, plaintiffs liaison counsel, praised Fallon’s decision, which he said was “succinct” and “well-reasoned.”

Andy Birchfield Jr. of Beasley, Allen, Crow, Methvin, Portis & Miles, who was co-lead counsel in the Vioxx MDL, did not return a call for comment. Nor did Arnold Levin of Levin, Fishbein, Sedrad & Berma, a member of the plaintiffs’ steering committee. Among the other attorneys benefiting from Fallon’s ruling are Chris Seeger of Seeger Weiss; Thomas Kline of Kline & Specter; Richard Arsenault of Neblett, Beard & Arsenault; Shelly Stanford of Sanford Barlow; Elizabeth Cabraser of Lieff Cabraser Heimann & Bernstein; Gerald Meunier of Gainsburgh, Benjamin, David, Meunier & Warshauer; Troy Rafferty of Levin Papantonio Thomas Mitchell Rafferty; Mark Robinson Jr. of Robinson, Calcagnie & Robinson; Drew Ranier of Ranier, Gayle & Elliot; and Christopher Tisi of Ashcraft and Gerel.

Link:  Merck Wins Fosamax Case |  Lead Vioxx Plaintiffs Lawyers Awarded $315 Million of $4.85 Billion Settlement

Politics, Venezuela

Chavez Prepares For 2012 Coup

In what critics are calling a “major insult to democracy” in Venezuela, (the hemisphere’s idiot) President Hugo Chavez  has promoted to his nation’s highest military level a controversial general who has vowed not to cooperate with opposition leaders if they win the presidential election in 2012.
Henry Rangel Silva will take over as General-in-Chief, Chavez said on state television. The military won’t tolerate an opposition government because it would try to “sell” the country, the general said in a November 8 interview published in Caracas Ultimas Noticias.
Chavez is getting his military coup in place for when he gets defeated in the 2012 elections. That is, if he is not completely successful in fixing them.
Economy, Politics

Members of Congress Get Richer Despite Sour Economy

‘The most popular investment among congressional members reads as a who’s who list of the most powerful corporate political forces in Washington, D.C. — companies that each spend millions, if not tens of millions of dollars each year lobbying federal officials,’ states the CRP report. In addition to Bank of America, Goldman Sachs, Wells Fargo, JPMorgan Chase and Citigroup were popular holdings. All of them received funding under the TARP.

Ahh yes. Now there’s change we can believe in.

Link:  Members of Congress Get Richer Despite Sour Economy

Uncategorized

Palin E-mail Hacker Sentenced

David C. Kernell, 21,was sentenced to a year in a halfway house for his hacking into Sarah Palin’s Yahoo email account. His defense said he has suffered from depression since he was 11, and that’s why he is being sent to a halfway house, where he can get some mental health care. David is the son of son of veteran state Rep. Mike Kernell, D-Memphis.

Sounds like a classic case of BDS (Bush Derangement Syndrome?)

Link: Pensacolanewsjournal – Palin e-mail hacker sentenced to year in custody.

Uncategorized

What’s New In City Hall?

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Among other topics to be discussed at the Pensacola City Council meeting today is whether to hire a law firm to sue BP for damages. You will recall that days before the recent local election, it was disclosed that there was a good possibility that the City might hire the Levin, Papantonio law firm to represent them in a suit against BP for ‘damages.’

The knee jerk reaction to that story was immediate and contrary. The Pensacola News Journal pulled the story and issued a correction. The nexus being that the name of the law firm (a huge advertiser in the paper) was not mentioned by city councilman Larry Johnson.

Councilman Johnson does have a connection to a local environmental group known as the Emerald Coastkeepers. He is on their board of trustees. And the chairman of the Emerald Coastkeepers is none other than mass tort lawyer and liberal talk radio host Mike Papantonio. Who, just days after the explosion made it known that it was his goal to hold Dick Cheney and the Bush administration responsible.

What happened next? “City Manager Al Coby said several firms have contacted city officials.” Really? Would Councilman Johnson be one of them? Would Levin, Papantonio be one of the firms?

Another blog known to be ‘up’ on local politics had this to say about it.

BP Legal Counsel: Staff has been meeting with the Levin firm and is recommending them to handle the city’s BP claims on a contingency basis. The Levin firm supported Ashton Hayward. Wiggins and Diane Mack rarely vote against a staff recommendation. Will they this time?

Why sue BP? File your claim already. There is $20 billion set aside for you. Why enrich the slip and fall lawyers anyway when a public adjuster is all you might need?

But of course, should the city council decide to sue, the law firm would be one with no connections to Levin, Papantonio, City Councilman Johnson, or the Emerald Coastkeepers club. Right?

After all, this recent election was all about getting rid of this good old boy network behavior wasn’t it?

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