Month: July 2006

Article: Reign of Error

1984
Photo: 1984, by George Orwell

From the July 28, 2006 NYT:

Reign of Error
By PAUL KRUGMAN

Amid everything else that’s going wrong in the world, here’s one more piece of depressing news: a few days ago the Harris Poll reported that 50 percent of Americans now believe that Iraq had weapons of mass destruction when we invaded, up from 36 percent in February 2005. Meanwhile, 64 percent still believe that Saddam had strong links with Al Qaeda.

At one level, this shouldn’t be all that surprising. The people now running America never accept inconvenient truths. Long after facts they don’t like have been established, whether it’s the absence of any wrongdoing by the Clintons in the Whitewater affair or the absence of W.M.D. in Iraq, the propaganda machine that supports the current administration is still at work, seeking to flush those facts down the memory hole.

But it’s dismaying to realize that the machine remains so effective.

Here’s how the process works.

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Article: Failure Upon Failure

Happybushsadam
From the July 27, 2006 NYT:

Failure Upon Failure
By BOB HERBERT

Imagine a surgeon who is completely clueless, who has no idea what he or she is doing.

Imagine a pilot who is equally incompetent.

Now imagine a president.

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Income Gap to Grow Wider As Dubya’s Buddies Cut Estate Taxes for the Rich

Bushenomics13aug
From the July 29th Washington Post:

Minimum Wage Hike Passed By House, GOP Bill Also Cuts Estate Tax
By Jonathan Weisman
Washington Post Staff Writer

The House last night voted to boost the minimum wage for the first time in nearly a decade while also permanently slashing the estate tax, a coupling that GOP leaders calculated might garner enough Senate support to become law.

House lawmakers also approved the biggest overhaul of the nation’s pension laws in 30 years.

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Joke – Little Johnny’s Example of a Tragedy

Bush_in_the_classroom
Here’s one of those ‘Lil Johnny jokes going around the internet that finally made its way to WHM. Don’t know who to attribute it to, but they deserves four stars on their report card!

The teacher asks the President if he would like to lead the class in the discussion of the word “tragedy.”

So Bush asks the class for an example of a “tragedy.”

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A Sports Car With A Lawnmower Engine

Qqqq2006724
The Cubes (NASDAQ: QQQQ): 6:47 AM NYC time, July 25th: Just a quick post to note Monday’s action, which looked impressive on the outside (good percentage gain and close near the highs) but had nothing under the hood (unimpressive volume). As mentioned in previous posts…

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Crocs vs. LL Bean Coastal Clogs

Llbeancoastalclogs
Crocs, Inc. (NASDAQ: CROX): 1:55 PM NYC time, July 24th: Just a quick post to note some of the Crocs competition coming on strong. This is page 11 out of LL Bean’s fall catalog. However, you won’t find these Bean’s Coastal Clogs listed on the LL Bean website right now because demand for them is so strong they can’t keep them in stock. Just some food for thought. CROX chart does show accumulation as the stock etches what appears to be the lower right side of a base. See continuation of this post for the chart and the exact email from LL Bean’s customer service to me earlier today. Cheers!

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Article: The Price of Fantasy

Jail_bird_bush

From the July 21st NYT:

The Price of Fantasy
By PAUL KRUGMAN

Today we call them neoconservatives, but when the first George Bush was president, those who believed that America could remake the world to its liking with a series of splendid little wars — people like Dick Cheney and Donald Rumsfeld — were known within the administration as “the crazies.” Grown-ups in both parties rejected their vision as a dangerous fantasy.

But in 2000 the Supreme Court delivered the White House to a man who, although he may be 60, doesn’t act like a grown-up. The second President Bush obviously confuses swagger with strength, and prefers tough talkers like the crazies to people who actually think things through. He got the chance to implement the crazies’ vision after 9/11, which created a climate in which few people in Congress or the news media dared to ask hard questions. And the result is the bloody mess we’re now in.

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Cubes Update – Likely Failed Hammer

Qqqq2006721
The Cubes (NASDAQ: QQQQ): 9:23 AM NYC time, July 22nd: Just a quick follow up on Tuesday’s post, noting the hammer candlestick (point 1 on the chart). In that posting, we pointed out that the hammer had to be confirmed by a higher open the following day, and then a higher close. That didn’t happen. Instead…

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Article: Article: The Rise of the Super-Rich

Doodooeconomics_2

From the July 19th NYT:

Talking Points
The Rise of the Super-Rich
By TERESA TRITCH

The gap between rich and poor is unfortunately an old story.

It is the stuff of parables and literature. It is a force in social history and political economy, from electoral campaigns to reform movements and revolutions.

But in the United States today, there’s a new twist to the familiar plot. Income inequality used to be about rich versus poor, but now it’s increasingly a matter of the ultra rich and everyone else. The curious effect of the new divide is an economy that appears to be charging ahead, until you realize that the most of the people in it are being left in the dust. President Bush has yet to acknowledge the true state of affairs, though it’s at the root of his failure to convince Americans that the good times are rolling.

The president’s lack of attention may be misplaced optimism, or it could be political strategy. Acknowledging what’s happening would mean having to rethink his policies, not exactly his strong suit.

But the growing income gap — and the rise of the super-rich — demands attention. It is making America a less fair society, and a less stable one.

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Cubes Update – Hammer Time

Qqqq2006718
The Cubes (NASDAQ: QQQQ): 5:10 PM NYC time, July 18th: No, not MC Hammer (is that guy still around?), candlestick hammer, as in a candle shaped like today’s and coming after a downtrend (I think 10% down eight trading days qualifies as a downtrend). The hammer itself means nothing unless…

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