Archive for Richard Cochrane
Richard Cochrane is trained in chemistry and metallurgy but is far more interested and practiced as a political and fund raising consultant, writer and amateur historian. He grew up in a Navy family and with his two younger brothers carried on its 500+ year tradition of naval service to Great Britain and the USA then enjoyed a career with one of the largest advertising and public relations agencies working with numerous Fortune 500 companies and many of America's premier educational institutions. He maintains friendships and acquaintanceships around the world. He lives in Santa Barbara, California.
Global Warming Theory Has Failed
(F)ear mongering clap-trap about human caused global warming a disservice to science.
“Global warming is over, and global warming theory has failed, there is no evidence that carbon dioxide drives world temperatures of any consequence climate change,” says Imperial College of London astrophysicist and long range forecaster Piers Corbyn wrote members of the British Parliament on October 28, 2008.
Winter arrived with the December 21 solstice as the world ending the coldest year in more than a decade. A half inch of snow brightened Malibu, California hills, and the northeast disappeared under a record ice storm that snapped power lines plunging millions into the cold and dark. Eight inches of snow fell on New Orleans and South Louisiana and three inches of snow blanketed Las Vegas, Nevada. Snow fell on London in October for the first time since 1922. In the southern hemisphere Brazil, for instance endured an exceptionally cold October.
In each of the last ten years global temperatures have dived while carbon dioxide levels have climbed. The National Snow and Ice Center found that aortic ice increased 13.2% this year.
Professor Noel Keenlyside, Leibnitz Institute of Marine Science says global temperatures have NOT increased over the last decade.
Dr. Martin Hertzberg a physical chemist and retired Navy Meteorologist says,” As a scientists and lifelong liberal Democrat, I find the constant regurgitation of the anecdotal, fear mongering clap-trap about human caused global warming to be a disservice to science.”
Iran Has Secret Network in Six Gulf States
“Iran has an undercover presence in the six GCC countries,” Assadi, who defected in 2001 and now lives in Sweden, said..
ABU DHABI — An Iranian defector and former ambassador said Iran’s Islamic Revolutionary Guards Corps has formed sleeper and operational cells in Gulf Cooperation Council states. The former ambassador, Adil Assadi, said some of the cells, consisting of Iranian laborers and foreign Shi’ite nationals, were formed soon after the Islamic revolution in Teheran in 1979.
“Iran has an undercover presence in the six GCC countries,” Assadi, who defected in 2001 and now lives in Sweden, said. “They used to send them through a third country with a recommendation to the immigration authorities not to stamp their passports on entering and leaving the country.”
In a recent interview with the Abu Dhabi-based Gulf News, Assadi confirmed assertions by officials in Bahrain, Kuwait and the United Arab Emirates of a growing Iranian presence in GCC states. Kuwait has assessed that IRGC maintains 30,000 operatives in the sheikdom.
“The [Iranian] Foreign Affairs Ministry and its institutions exist just to provide cover for their work and offer them diplomatic immunity,” Assadi said. “I stood at a crossroads: Either I had to agree to what the Revolutionary Guards and intelligence agencies used to do under the name of diplomacy, or leave office, which is what I opted for.”
Assadi said IRGC recruits operatives to collect intelligence in Iraq and GCC countries. Another group was said to have been trained by IRGC to conduct attacks in neighboring states.
“I think Teheran has enough manpower to destabilize the GCC countries, which is bad news,” Assadi said. “The good news is that Arab governments and people have become more alert about Iranian plots against the region after they were exposed in Iraq. Their role in Iraq was very successful from an Iranian point of view, but it severely damaged their prospective activities in other GCC countries.”
GCC officials have confirmed Assadi’s assertions. They said Iran increased its intelligence presence in such countries as Bahrain, Kuwait and the UAE in 2007.
“Iran has often had an ambivalent attitude towards the Gulf states, claiming to offer support and friendship, but at the same time, adopting antagonistic attitudes and seeking to interfere in domestic security issues,” Adel Al Mouawad, a member of the Bahrain parliament’s Defense Committee said. “Our countries urgently need to work together to address increasingly ominous menaces to destabilize them.”
Officials said Iran stationed an IRGC colonel in Kuwait to oversee surveillance operations in the GCC state, which contains at least 15,000 U.S. troops. They said the IRGC officer relayed an $8,000 bribe to a senior Kuwaiti security official to ensure that the Iranian could remain in the country.
“We have no reason to doubt that such networks will be used to destabilize the country as part of the Iranian plan to burn the Gulf in case of war,” Nasser Al Duweila, chairman of the Kuwaiti parliament’s Legislative Committee, said. “The GCC should have a strong and unified stance to clarify their position regarding a looming war in the region and convey it clearly to Teheran.”
The United Arab Emirates has acknowledged an Iranian intelligence network. Officials said the UAE was monitoring its huge Iranian community in Dubai.
“My advice to them is to keep their agents sleepy because it is not in the interests of Iranians in the region to destabilize their host countries,” UAE Lt. Gen. Dahi Khalfan Tamim, commander of Dubai police, said.
Detritus
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With Friday’s death of 115 year-old Maria de Jesus in Portugual, researchers say the oldest person in the world is now a 114 year-old Los Angeles resident. The “Los Angeles Times” reports Gertrude Baines lives in the Western Convalescent Hospital, south of downtown L.A. Mrs. Baines was born to former slaves in Atlanta in 1894, when Grover Cleveland was president and the U.S. flag had 44 stars. She made news two months ago as the oldest African American to cast a ballot in the presidential election. Baines voted for Barack Obama.
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A mixed-race British couple has repeatedly defied the odds - by producing two sets of twins in which one is black and the other white
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A former Fort Lauderdale city commissioner who helped create a program to combat bicycle theft stopped to help at a traffic accident, and had his own bike stolen. No good deed goes unpunished.
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A 23-year old New York state woman flunked her driving exam when she lost control of her car pinning a bystander against his care as he watched her careening exam unfold. The 33-year bystander was admitted to a nearby hospital will shoulder and leg pain. He wants to be notified when the woman takes a retest so he can get out of her way.
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Shilly-shally (SHIL-ee-shal-ee) adverb: Hesitantly; irresolutely. adjective: Hesitant; vacillating. noun: Hesitation; vacillation. verb intr.: To vacillate; to dawdle. ETYMOLOGY:From reduplication of the question Shall I?
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An 89-year-old Cincinnati-area woman was arrested for petty theft for confiscating a neighbor kid’s football after it repeatedly landed in her yard is now suing the boy’s parents. The

prosecutor later dropped the case. The lawsuit against parents seeks unspecified monetary damages. More stupidity in an age heaped with it.
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A Carlisle, Pennsylvania judge has sentenced a 53-year old retired Army colonel to a 23-month prison term for arranging for a classmate at the Army War College to take a paternity test in his place. He was trying to avoid paying child support for his 10-year old daughter. His co-conspirator was not charged.
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The first photos of the son born to Sarah Palin’s daughter Bristol have reportedly been sold to People magazine for around $300,000.
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Call it creative drug-dealing Athens, Alabama police have a 38-year-old man in custody for allegedly accepting gift cards for payment for crack cocaine and prescription drugs. When police searches the man’s house they seized crack cocaine, Xanax pills, $899 cash and $175 in gift cards he’d accepted as payment for drugs.
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Seriatim (seer-i-AY-tim) adverb: One after another; in a series. ETYMOLOGY: From Latin seriatim, from Latin series, from serere (to join). Ultimately from the Indo-European root ser- (to line up) that is also the source of words such as insert, assert, desert (to abandon), desert (a dry sandy region), sort, consort, and sorcerer.
More Details About Gaza And Fighting There.
This has has much to do with with Iran that before the end of his year will have a nuclear weapon.
As predicted here the Israel defense forces entered GAZA on Saturday. At least 30 Hamas gunmen were reported killed as Israeli Defense Force troops swept into the northern Gaza Strip on Saturday night, encountering fierce resistance from Hamas forces entrenched in fortifications just over the border. Dozens more Hamas fighters have been killed but no number has been released at this writing.
An IDF soldier was killed and 32 have been wounded as fighting continues in the Gaza Strip.
According to dispatches from the Jerusalem Post soldiers from the Armored Corps - 150 tabnks are reported near Gaza City, Engineering Corps, and Paratroopers, Givati, Golani brigades were participating in the fighting, with at least four brigades’ worth of troops inside the Gaza Strip. Israeli Airforce warplance continued to strike targets in Gaza.
Before the ground incursion began, IDF artillery, for the first time in several years, began pounding open areas in northern Gaza to “soften up” the area and destroy land mines and Hamas fortifications
Engineers are likely clearing bobby traps and land mines under the protection of others brigades so armor could move in with impunity.
One of the major aims of the operation was also to deliver a serious blow to the Hamas military wing, which the IDF estimated had not been severely weakened under the air campaign and deny Hamas sites where most of the rocket launches have taken place.
The IDF will not enter Gaza City or the refugee camps, defense officials said, and it was likely that on Monday - when French President Nicolas Sarkozy arrives and the international pressure is expected to escalate - Israel would begin scaling back the operations. Before that Israel will gain as much ground that it can most easily hold to deny Hamas rocket launch sites.
Israeli sources predict a “lengthy” operation, and warned that there will likely be Israeli casualties.
At least 80 rockets pounded southern Israel so far this weekend scoring direct hits on homes.
Perhaps the most bizarre weekend event happened Sunday morning when U. S. Senate Majority leader Harry Reid (D) Nevada called the Israel-Hamas fighting a “civil war” during his ramblings on NBC’s MEET THE PRESS. On the same program Andrea Mitchell said the U. S. and Israel are “isolated” from other who has called for a ceasefire.
Members of the U. S. ARMY Corp of Engineers are quietly in Egypt advising it what can be done about the tunnel network that has defacto implicated it in Iran’s arming of Hamas from its territory.
It is apparent to most that the timing of Israel’s GAZA invasion involving both the unswerving support by the outgoing Bush administration and has much to do with with Iran that before the end of his year will have a nuclear weapon.
Legendary Rainbow Room, Symbol of Optimism In Great Depression Closed
John D. Rockefeller Sr. Opened Rainbow Room To Show Optimism 74 Years Ago.
New York City’s ritzy Rainbow Room that ironically opened during the great Depression on October 3, 1934 will shutter its famed Rainbow Grill restaurant – at least temporarily — while keeping the establishment’s bar, banquet space and dinner-dancing going on the 65th floor of the RCA building at 30 Rockefeller Plaza. It became legendary as where the elite and influential of New York could gather to socialize over cocktails, dine on fine cuisine, and dance to the strains of legendary big bands on a revolving floor.
The Rainbow Room’s opening was testimony to a confidence that John D. Rockefeller Sr. wanted to project in the darkest hours of the Great Depression. The Rainbow Room has symbolized glamour for 74 years from its perch above the tourist-attracting Rockefeller Center skating rink.
WNBC-TV in NYC is reporting Cipriani International chief operating officer John Higgins that the decision was “due to the current economic crisis” and a lease dispute.
A spokeswoman for landlord Tishman Speyer didn’t immediately respond to a call seeking comment Saturday.
The closing due in part to landlord-tenant disputes maybe a harbinger of things to come on main street across America as property owners, used to a decade of an almost unlimited ability to raise rents clash with businesses faced with economic reality and close or move.
Predictions 2009; Sobering - Next Stop November 2010
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(O)ptimism remains in predictably short supply. So let’s face the facts and let realism be our guide.
At this time of year there is no dearth of opinions and predictions. Among the more erudite is World Tribune writer and U.N. correspondent for diplomatic and defense issues John J. Metzler whose perspectives are particularly worthwhile..
I have edited for brevity, added a few comments and summarized his view below:
He says “Given the financial meltdown and the global economic doldrums, optimism remains in predictably short supply. So let’s face the facts and let realism be our guide in viewing some key issues” including:
Global Economy: The Autumn 2008 Financial meltdown has done irreparable damage to the USA and the world in general. The individual Wall Street crooks who in many cases created this crisis should be unceremoniously indicted, prosecuted, and punished if guilty. The economy has drifted into rocky shoals not seen since the late 1970’s. This was not a failure of free market capitalism as is so glibly stated, but the long-looming outcome of casino capitalism, fueled by play money, and marinated in a cozy relationship of gazillionaries with politicians.
Now we are stuck with the results—and the bill. The new Democrat answer will be a repackaged “New Deal” which will probably, as in FDR’s case in the 1930’s, make matters worse. Massive profligate big government spending is certain to stoke inflationary embers and deepen the public debt. The good news is that petroleum prices have significantly fallen over last summer’s highs. Equally the American unemployment numbers are far below Europe’s.
East Asia: The story is China and China. The tough hurdles ahead are economic. Slowdown in the West (read where Chinese exports flood) means factory closings and massive unemployment on the Mainland.
There’s no great social net to help workers either, so there’s a large mass of unemployed and rootless labor shifting around China. Citizens who were duly impressed, and politically bought-off by the People’s Republic’s economic (or at least statistical) achievements, may now look to the political sorcerers. China’s ruling Communist Party (CCP) will have to confront this dilemma and find scapegoats.
Which brings us to the other China; shall Beijing use the economic downturn to stoke nationalism and bully tactics? The Republic of China on Taiwan is being maneuvered into a situation which threatens its freedom and sovereignty in not daring to displease the dragon.
South Asia: Afghanistan and Pakistan are fertile grounds for destabilization. The recent terror attacks in India, growing violence in Afghanistan, and tensions in divided Kashmir, fought over by both nuclear-armed Pakistan and India, remains a political tinderbox and cause for Islamic jihadis with regional implications.
Middle East: Iraq, now far better off after the U.S. military surge, has room to build and improve. Yet Hamas violent incitements in Gaza will keep the pot boiling with Israel. In Lebanon Hizbullah, via Iran’s hidden hand, is poised for serious mischief. The Islamic Republic of Iran will “celebrate” the 30th anniversary of the shroud of political gloom which the mullahs pulled over once proud Persia. They will revel in their nuclear gains, and spitefully show the West that they got away with it.
Vice Preisdent-elect Biden’s warning that its time to “get used” to a nuclear armed Iran is sad and fatally dangerous.
Russia: Despite the neo-imperial impulses by Vladimir Putin, the good news is that the petrodollars flowing into Kremlin coffers are dwindling and cutting Russia’s global clout. But watch Ukraine; it can certainly be bullied by the Bear over natural gas supplies, and moreover through political subversion from Russia. While Georgia’s Summer war was a tragic surprise, the chess piece on the board Putin covets remains Ukraine.
Latin America: Despite the danger of Hugo Chavez, the good news is oil prices are down which diminishes Venezuela’s role. Cuba celebrates the 50th anniversary of Castro’s takeover; ushering in 50 years of dictatorship. Despite this, major democratic gains have been consolidated throughout most of Latin America, including Columbia.
Humanitarian: The United Nations is simply overwhelmed with disasters ranging from famines, both natural and self-inflicted as in Zimbabwe, as well as civil wars which haunt the African continent. Sudan’s ongoing Darfur tragedy, the horrors of the Congo, and the lawlessness of Somalia are but a few cases.
American Administration: All eyes are on Washington. Domestic political optimism and global giddiness remains high on the verge of the Age of Obama. While many media pundits assume the new president can walk on water; possible for Canadian politicians in winter but decidedly more difficult on the Potomac in Washington, a brewing crisis of expectations will bedevil Barack Obama. Internecine battles inside his own Democrat dominated Congress and administration will hamper him as much as gathering political gales internationally.
The Congressional election in November 2010 will be a bellwether for Obama and his political executioners will be logged in by Christmas.
In the midst of all this, Happy New Year 2009!
Fuel Efficiency Latest Excuse For New Tax
…drive more miles and use less gas, then they tax miles.
As fuel efficiency rises and gasoline consumption falls as people conserve, bureaucrats are grasping at anything they can to keep their entitled status afloat no matter the costs.
Oregon is among a growing number of states trying to find ways to tax drivers based on the number of miles driven instead of how much gas or diesel fuel is used, even going so far as to install GPS monitoring devices in 300 vehicles to test their scheme. The idea first emerged nearly 10 years ago as Oregon lawmakers worried that fuel-efficient cars such as gas-electric hybrids could pose a threat to their take.
The scheme is not without critics, including drivers who are concerned about privacy and others who fear the tax could eliminate the financial incentive for buying efficient vehicles. They all so point out that fuel tax revenues have consistently been raided rather than used for street, roads, highway, bridges and such as intended.
Oregon is ahead of the nation in exploring the idea, even though it will probably be years before any mileage tax is adopted. Some worry that even the federal ‘bailout’ loans could be used to force automakers to install tracking devices in cars and trucks.
Congress is talking about it, too. A congressional commission has envisioned a system similar to the prototype Oregon is testing. The National Commission on Surface Transportation Infrastructure Financing (NCSTIF) is considering calling for higher gas taxes it says to keep highways, bridges and transit programs in good shape something we’ve been repeatedly told before.
Over the long term, commission members say, the nation should consider taxing mileage as drivers use more fuel-efficient and electric vehicles. Long haul trucks already face a version of this sort of use taxes - you often see plaques on commercial vehicles whining about how much they pay.
As cars burn less fuel, “the gas tax isn’t going to fill the bill,” said Rep. Peter DeFazio of Oregon, a member of the House Transportation and Infrastructure Committee. He think the next Congress “could begin to set the stage, perhaps looking at some much more robust pilot programs, to begin the research, to work with manufacturers.”
The bottom line is Americans are about to be punished for buying more fuel efficient vehicles so Congress and an assortment of nincompoops in various state capitols want to punish them for doing so. So forget your scooter that gets 80 MPG or even your bicycle these nitwits want to tax you anyway. Next could be an ankle pedometer that will report your steps and will get a bill. Cute.
Hamas Declares ‘Day of Wrath’ - Israel Said To OK Ground Attack
Israel Goes on High Alert
According to a report by Agence France Presse. On Friday Hamas ordered a “day of wrath” against Israel over the killing of a senior commander. “Israeli Police have been placed on a heightened state of alert throughout the country, just under the maximum level that is in effect in war time,” police spokesman Micky Rosenfeld told AFP. The police re stationed around likely terror targets across the nation.
The army also locked down the West Bank for 48 hours, with movement in and out of the territory prohibited except for emergencies and special cases.
According to AFP Hamas called a “day of wrath” after an Israeli air strike killed Nizar Rayan, a firebrand hardliner, and several of his wives and children. At least 422 Palestinians have now been killed in Israel’s seven-day-old blitz.
With Israeli tanks and troops massed for a threatened ground offensive around Gaza and no ceasefire in sight, the army allowed foreigners to leave the battered enclave. Fox News reported around noon EST that a go ahead to invade Gaza has been given but that has not been officially confirmed.
Israeli warplanes pounded Gaza for a seventh day, carrying out some 20 strikes overnight, bombing rocket launching sites and Hamas buildings, official sources said..
The Islamist movement kept firing back, sending a handful of rockets slamming into Israeli territory overnight without causing casualties.
Israeli Foreign Minister Tzipi Livni reiterated that Israel does not think the time is yet ripe for a truce after talks in Paris on Thursday with President Nicolas Sarkozy and other French leaders.
Otherwise peace moves are stalled at the UN Security Council even though UN Secretary General Ban Ki-moon said the conflict had become “a dramatic crisis.” President Bush called the U. N. Secretary-General to the White House for consultations.
AFP reports, “The majority of the Israeli public is supporting the Gaza offensive, with some 95 percent of Jewish residents backing the strikes according to a survey published on Friday in the Maariv daily. Maariv (Hebrew: מַעֲרִיב, lit. Evening) is a popular middle-market daily newspaper published in Israel,.’
Flex-fuel Foul Up Furball
Feds and many states mandated to buy flex-fuel vehicles to make pols look green even though fuel is not available and costs too much.
For ten-years 75% of new vehicles bought by the government had to be flex fuel. In fact the Federal government did buy 116,000 and states bought more. But they continue to burn – you guessed it – gasoline 92% of the time. It also wasted nearly $100,000,000.
Why?
First, there are few places to buy ethanol fuel and it costs much more than gasoline, even when it was at its highest prices.- so of course nobody bought it so nobody build places to sell it. Second there was no mandate to use so-called alternative fuel in the flex fuel vehicles anyway so nobody did even though government was paying the higher bill.
So why do it. So, nincompoop politicians could claim they were “going green” but, of course the green was squandered taxpapers’ money – as usual.
Other studies show a similar effect on civilian flex-fuel vehicle buyers. You can’t find the stuff, and it cost too much.
It does appear that there is a creep upwards in outlets but costs are still prohibitive.
Earthquake Swarms at Yellowstone Alert Scientists
Caldera Blew Its Top In Atom Bomb Sized Blast 640,000 Years Ago - Landslide After 1959 Quake Killed 28.
Seventy thousand years ago was the last time Yellowstone’s volcano erupted. In the last few days swarms of tremors have been detected there – up to 250 small earthquakes. No one’s predicting Yellowstone is about to blow its top but scientists are interested, since a eruption is always possible.
Such swarms are frequent in Yellowstone but it is unusual to have them occur over several days, says University of Utah geologist Robert Smith. Smith directs the Yellowstone Seismic Network, which operates seismic stations around the park. He said the quakes have ranged in strength from barely detectable to one of magnitude 3.8 that happened Saturday. A magnitude 4 quake is capable of producing moderate damage.
“This is an active volcanic and tectonic area, and these are the kinds of things we have to pay attention to,” Smith said. “We might be seeing something precursory.
Yellowstone is the caldera of a volcano that last erupted 70,000 years ago. Yellowstone remains very geologically active — and its famous geysers and hot springs are a reminder that a pool of magma still exists five to 10 miles underground. “That’s just the surface manifestation of the enormous amount of heat that’s being released through the system.”
A caldera is a cauldron-like volcanic feature usually formed by the collapse of land following a volcanic eruption. They are sometimes confused with volcanic craters. The word comes from Spanish caldera, and this from Latin CALDARIA, meaning “cooking pot”. In some texts the English term cauldron is also used.
Yellowstone has had significant earthquakes as well as minor ones in recent decades. In 1959, a magnitude 7.5 quake near Hebgen Lake just west of the park triggered a landslide that killed 28 people. Yellowstone Caldera last erupted some 640,000 years ago, it released about 1,000 km3 of dense rock equivalent (DRE) material, covering a substantial part of North America in up to two metres of debris. By comparison, when Mount St. Helens erupted in 1980, it released ~1.2 km3 (DRE) of ejecta.
Australians Say Parasite Could Kill Mosquitoes Before They Can Spread Disease.
20,000,000 Unnecesary Deaths Due To DDT Hoax and Ban.
Scientists have been racing to genetically engineer mosquitoes to become resistant to diseases like malaria and dengue fever that plague millions around the world, as an alternative to mass spraying of insecticides. A new report Friday suggested a potentially less complicated approach: Breeding mosquitoes to carry an insect parasite that causes earlier death.
The Australian scientists knew that one type of fruit fly often is infected with a strain of bacterial parasite that cuts its lifespan in half. So they infected the mosquito species that spreads dengue fever — called Aedes aegypti –with that fruit-fly parasite, breeding several generations in a tightly controlled laboratory.
Once a mosquito encounters dengue or malaria, it takes roughly two weeks of incubation before the insect can spread that pathogen by biting someone, meaning older mosquitoes are the more dangerous ones.
Voila: Mosquitoes born with the parasite lived only 21 days compared to 50 days for regular mosquitoes, University of Queensland biologist Scott O’Neill reported in the journal Science.
Theoretically, it could spread: This bacterium, called Wolbachia, is quite common among arthropod species, including some mosquito types _ just not the specific types that spread dengue and malaria, the researchers noted. And Wolbachia strains are inherited only through infected mothers, with an evolutionary quirk that can help them quickly gain a foothold in a new population.
Next month, O’Neill’s team begins longer studies in special North Queensland mosquito facilities that better mimic natural conditions to see how well the wMelPop strain persists as more mosquitoes are born, and what happens when they’re exposed to dengue.
“By killing old mosquitoes, wMelPop could thus impact on dengue transmission,” Pennsylvania State University specialists Andrew Read and Matthew Thomas concluded in an editorial accompanying the work, which they called “a major step.”
It’s possible that dengue viruses could evolve to incubate more rapidly if their mosquito hosts die younger, they noted, although that likely would be less of a problem than today’s insecticide resistance.
Still, “determining whether it can remove enough infectious mosquitoes to be useful will be a challenge,” the duo cautioned.
There is hope this could be the biggest advance in vector control since the ill-advised ban on DDT promulgated by a scientific fraud by Rachel Carson (1907-1964) who erroneously claimed in her 1962 book SILENT SPRING that it thinned egg shells contributing to the eradication of entire wild bird species. Her research proved bogus but facilitated the ban of the pesticide DDT in 1972 in the United States spreading worldwide. The World Health Organization demanded the ban be lifted after it showed more than 20 million unnecessary deaths had resulted and the claim of damage to egg shells was a hoax.
Final ‘08 Toll: $6.9 Trillion Wiped Out
… many try to catch the falling knife - some predict 15% gains in 2009.
After months of tortuous trading, Wall Street rang out its worst year since the Great Depression New Year’s Eve leaving shareholders $6.9 trillion the poorer and has begun the 2009 trading year quietly. .
The losses in 2008 were so broad and deep that every sector in the Standard & Poor’s 500-stock index took a double-digit hit, and the financial sector lost more than half of its value. The Dow Jones industrial average, an index of 30 blue-chip stocks, and the S&P, a broader index watched by market professionals, were down 34 percent and 38 percent, respectively, their deepest losses since the 1930s. The tech-heavy Nasdaq composite index was down 41 percent, its worst year since the exchange was created in 1971.
Overseas, the year was just as dismal. In Germany, stocks were down 40 percent, in Japan, 42 percent, in Brazil, 41 percent. Taken together, all of the world’s stocks lost 48 percent last year.
Traders endured unprecedented turmoil last year as Lehman Brothers, an icon of the financial industry, teetered then collapsed, while other firms were saved by government intervention or disappeared into the arms of competitors. By the end of 2008, the Dow had set new records for its three largest single-day point gains and two steepest point losses after swinging hundreds of points an hour during some sessions.
Investors now have turned from the wreckage of the past year to focus on the prospects for President-elect Barack Obama’s proposed stimulus package to revive the economy, analysts said. The Dow closed yesterday up 1.3 percent, or 108 points, at 8776.39, while the S&P climbed 1.4 percent, or 12.61 points, to close at 903.25. The Nasdaq was up 1.7 percent, or 26.33 points, at 1577.03.
The year ended with relatively positive economic news, though analysts said it will have limited impact. The Labor Department said jobless claims fell by 94,000 last week to a seasonally adjusted 492,000, a bigger drop than expected, but unemployment remains historically high. And rates for a 30-year, fixed-rate mortgage fell to 5.1 percent this week from 5.14 percent the week before — the lowest since Freddie Mac began tracking that data in 1971. But the housing market remains weak and home values have plummeted.
With the economy expected to sour further during the first half of the year and poor corporate earnings likely to pile up as businesses account for the losses from the financial crisis and housing downturn, a stock market recovery will be bumpy, analysts said.
It has traditionally taken about five years for stocks to recover from a “mega-meltdown,” said Sam Stovall, chief investment strategist for Standard & Poor’s Equity Research. If the S&P does not revisit the low levels it reached in November, it could gain 15 percent in 2009, making a dent in 2008’s losses, he said.
But “if we find the recession is deeper and longer than we currently expect, if there are more financial land mines that are unanticipated, there is no guarantee” stocks will not collapse again, Stovall said.
The market’s volatility spilled into traditionally stable parts of the economy, increasing demand for government bonds, for example. The yield for one-month Treasury bills started at about 2.6 percent in 2008, but unprecedented demand pushed it into negative territory before it finished at 0.01 percent yesterday. The smaller yields mean that investors were willing to earn little on the bonds, and when the yields plunged into the red, do without any return and pay the Treasury Department to keep their money safe from market turbulence.
Skittishness could also be seen in the market for crude oil. After surging to $147 a barrel in the summer, prices began a precipitous slide as economic concerns spread and demand dropped. The price climbed 14 percent to $44.60 a barrel on the New York Mercantile Exchange just before the New Year but has fallen about 70 percent from its peak and finished down about 50 percent for the year.
The fall in crude was faster and deeper than expected, analysts said, and prices could still plummet to $25 a barrel bringing per gallon gasoline prices to und4ra dollar per gallon.
“This (2008) is a year that people will go back and look back and study for the next 100 years,” said Phil Flynn, oil analyst at Alaron Trading in Chicago.
Random, ridiculous, infuriating and simply silly.
…a few things to end one year and begin a new one.
1. An 89-year-old Cincinnati-area woman arrested for petty theft for confiscating a neighbor kid’s football after it repeatedly landed in her yard is now suing the boy’s parents. The prosecutor later dropped the case. The lawsuit against parents seeks unspecified monetary damages. More stupidity in an age heaped with it.
2. Call it creative drug-dealing Athens, Alabama police have a 38-year-old man in custody for allegedly accepting gift cards for payment for crack cocaine and prescription drugs. When police searches the man’s house they seized crack cocaine, Xanax pills, $899 cash and $175 in gift cards he’d accepted as payment for drugs. He’s in jail.
3. The first photos of the son born to Sarah Palin’s daughter Bristol have reportedly been sold to People magazine for around $300,000.
4. A Carlisle, Pennsylvania judge has sentenced a 53-year old retired Army colonel to a 23-month prison term for arranging for a classmate at the Army War College to take a paternity test in his place. He was trying to avoid paying child support for his 10-yearold daughter. His co-conspirator was not charged.
- The country has gotten where it is in spite of politics, not because of it. – Will Rogers 1932.
6. A retired New York police officer got his “GETOSAMA” license plates in time for Christmas.. He ordered and received it in 2007 and then the DMV ordered it returned fearing someone might find it objectionable. The man sued and the DMV relented overnighting his registration so he can put the plates on his car.
7. DNA in a trail of tobacco spit led investigators to 33-year old Randy Shoopman in Merced, Ca. who was arrested and charged with at least five burglaries across eastern Oklahoma. Shoopman was arrested in Merced on stolen property charges setting off alarm bells and landing him in the calaboose. Damned Mailpouch anyway.
Why Kiss The Castros’ Butts Now?
50th Anniversary of Castro’s Coup Show Decrepit, Failing Cuba
January 1, 2009 marks the 50th Anniversary of Castro’s 1958 Cuban coup points out a paper released today by the Brookings Institution. Cuba is decrepit; its leaders are ill, dead or nearly so it rightly says…
“Everything that needs to be said has been said on Cuba,” opines Brookings’ writers.
.”Too much time-a half-century-and too much change on both sides of the Florida Straits has passed. Why add another word, another admonition to change U.S. policy, or another plea for a democratic Cuba? Is there anything new that will convince Miami and Havana that it is time to end this feud?”" For the tenth time since Fidel Castro rode into Havana, a new American administration is rolling into Washington, and Miami and Havana are again full of hope and fear in equal measures. Indeed they have reason. Cuba rhetoric did not dominate the presidential debate in Florida and Raul-not Fidel-Castro holds power. President-elect Obama’s campaign promise to lift restrictions on Cuban-American travel and remittances would be a welcome New Year’s gift to separated families. And, Raul Castro has offered up several olive branches. Although no longer wrapped in the usual rhetoric, they are heavy with demands for the return of Guantanamo Bay and Cuba’s “Five Heroes.”
But if past is prologue, a change of American administrations is not enough to change the dynamic between the United States and Cuba. Cuba who found succor from the old Soviet Union is once again courting the ruble crowd; hosting Russian warships and flirting with Hugh Chaves, Venezuela’s current nutcase.
Brookings recounts the mishmash of Cuban American relations as follows with my own clarification and addition:.
- President Kennedy adopted and modified a scheme for invading Cuba from the Eisenhower administration taking care to buy up as many Cubvan cigars as he could find before shutting off relations.
That Bay of Pigs fiasco gave the Soviet Union an excuse to protect its newest client in the Americas, resulting in a confrontation between the United States and the Soviet Union that brought us to the brink of nuclear war over the Cuban Missile Crisis.
- Bill Clinton thought he could balance domestic politics while unraveling the embargo, but Fidel Castro sunk his good intentions with two made-in-Cuba crises: the shoot down of the Brothers’ to the Rescue aircraft and turning little Elian Gonzalez-the Cuban child returned by U.S. courts to his father-into a Cuban hero and a Cuban-American disaster. Another fiasco for feel good grouping.
- When George W. Bush took office he initially continued the liberal travel polices of the Clinton administration and even flirted with the idea that greater contact, outreach, and bilateral talks might promote change in Cuba. But Jeb Bush’s re-election campaign intervened.
Florida’s powerful Cuban Liberty Council demanded that the Bush administration increase Cuba’s isolation and return to the politics of regime change-revolution not evolution. The resulting hard-line politics of the Bush administration cutoff its access, thereby aiding a smooth succession to what has become a split presidency in which both Castro brothers rule.
- Enter Obama and his more than ample hyperbole. When push comes to shove and Jeb Bush is running to keep the swing seat in the U. S. Senate in Republican hands all that high-faluten high-horseness will desolve into partisan politics.
But, before that Russia is going to play a trump card like the Soviet’s did with JFK and get things it wants in exchange for U. S. concessions like Kennedy taking U. S. nukes out of Turkey in 1963 it will be Obama blocking the Missile shield in Europe and more.
The Czechs are used to getting the wet willie in their ear by American Presidents since FDR backed Neville Chamberlin at Munich and ceded it to Hitler, and Truman left them peering over the Iron Curtain for half century. But, to their credit they saw this one coming and are sitting on an OK of their part of the shield until they see which way Barack’s banner blows.
Cuba’s “friends”-Venezuela, Brazil, Mexico, China, Spain, and again Russia-are extending credit based on grabbing up some of its vast offshore crude oil reserves and most of them just to stick their finger in the USA’s eye not friendshipwith or trust of trhe Castro boys. They’d be there now had not crude oil prices collapsed.
Brooking thinks, “U.S. sanctions now serve more to punish the Cuban people and harm our image than hurt the Cuban government. Our influence is at its nadir having been drained away by Venezuelan oil subsidies to Chavez’s regional acolytes, the potential of Cuban deep-sea oil, and our adventures in the Middle East.”Brookings writers ask, “How many times has it been said that if we hope to help give Cubans a voice in their future we will have to jettison our policy of regime change and engage the Cuban government? But this is a family feud in which the protagonists are shouting, not listening nor understanding that there is no victory, no winners, and only losers between the protagonists who share a common heritage.”
The papers conclusiion advances the thought that, ” a changed world offers opportunities to those Cuban Americans and Cubans bold enough to bury the past and build a future friendship among all Cubans and Americans. ”
Logic notwithstanding here’s my own simplistic syllogism– I ask what does the U. S. gets, except for a few cigars, in kissing the Castros’ wrinkled butts now? The Castros and their henchmen are enfeebled and dying out. So, be patient, send lillies, and act decisively to promote and support a genuine Cuban democratic republic there permanently removing Russia’s local toy isolating and hopefully engineering the removal of the America’s biggest nincompoop — Hugo Chavez.
Admittedly that will take a lot more than president-elect Obama’s Rodney King diplomatic philosophy; or Hillary’s waddling her way toward the White House in 2012 as a pretend Secretary of State while Obama spends a lot of time watching his back front and both sides.
Iran Supplied, Chinese Made Rockets Rain On Israel
Pro-Hamas Anti-Israel Protest In USA and Elsewhere - Anti-Semitic Hate Crimes Reported.
The unguided Grad-model Katyusha rockets that were fired into Beersheba on Wednesday were manufactured in China and smuggled into Gaza after the Sinai border wall was blown up by Hamas in January, Israeli defense officials said.
The Chinese rockets have a range of 40 kilometers (about 25 miles). They are very similar to the 122 mm (almost 5 inches) Soviet-made Katyusha that was used extensively by Hizbullah during the Second Lebanon War and are slightly more sophisticated than an Iranian-made Grad-model Katyusha that is also in Hamas’ arsenal.
The four rockets that hit Beersheba this week had warheads filled with metal balls that can scatter up to 100 meters from the impact site, officials said. These rockets have also been fired into other cities.
The three countries that manufacture Grad-model Katyushas are China, Russia and Bulgaria.
Defense officials told The Jerusalem Post the rockets were smuggled into Gaza in the 12 days after Hamas blew a hole in the border wall between Gaza and Egypt on January 23.
“Huge quantities of weaponry were smuggled into Gaza then from above ground, including the Grad rockets,” an official said, adding that even after the border wall was sealed, Hamas continued to smuggle the long-range rockets into Gaza via tunnels under the Philadelphi Corridor.
