Late-Breaking Bad News

Photo by Flickr user XISMZERO used under a Creative Commons license

Senator Jay Rockefeller has confidently predicted that immunity for the telecom corporations who participated in the NSA domestic spying program will be approved by Congress. How is he so confident? Because he's a sponsor, and he made sure the bill was swiftly approved through his committee.

Thanks for nothing, Democrats. And Senator, fuck you and your family. You're one of the only "Democrats" in that corporate-sponsored family anyway.

"I think we will prevail," Senate Intelligence Committee Chairman John Rockefeller, a West Virginia Democrat and a chief sponsor of the bill, told reporters.

Who the fuck are "we"? We're not AT&T, Verizon, or Sprint (the three companies which stand to be protected by the bill). We're being spied upon by the Bush junta. "We" are fucked. Would it surprise anyone that AT&T has contributed $20,000 to Jay Rockefeller in the last 6 months (up from $300 in the previous 6 years)? He also voted to repeal habeas corpus. And he was one of only two Congressional Democrats briefed about the administration's torture policies. Also, he knew about the CIA torture videotapes before they were destroyed, but doesn't support a Senate investigation of their destruction, saying that it is up to the CIA to investigate itself. Like I said....fuck him.

Not all Democrats are against their own constituents. Russ Feingold, Barbara Boxer, Patrick Leahy, and Christopher Dodd are going to try to stop it. Please support Senator Dodd in his attempt to stage a filibuster that would kill the bill on the Senate floor. He was able to block it on December 17th. But with Harry Reid and Jay Rockefeller pushing it through, I don't think he can stop it again.

And in other news tonight, if you own oil or gold, you are sitting pretty. Note, I didn't say you are sitting pretty if you own oil stocks. Although some oil stocks are doing quite well. One is Exxon Mobil. The street is getting excited because it is expected the Exxon Mobil will report a new record for biggest annual profit ever for any corporation. If they report 4th quarter earnings of $10.37 Billion as expected, they will have made $39.2 Billion for all of 2007, a new record. That would mean that Exxon collected $75,000 in profits each minute of calendar year 2007. If Exxon Mobil beats street estimates, it could even beat its own record for largest quarterly profit ever.

Exxon is likely to have record quarterly earnings," said Fadel Gheit, a senior energy analyst at Oppenheimer. "For every $1 [increase] in the price of oil, Exxon makes [another] $125 million for the quarter.

Now contrast that to your current economic situation,and how much you pay for gasoline. I think most of you would be a little upset. Considering the pinko-commie content of this blog, and you're still reading it, I think you would be.

Her's a question, do you think the Supreme Court is going to let a the $2.5 Billion in remaining unpaid punitive damages stand for the 1989 Exxon Veldez oil spill when it rules on the case this year? They took the case. You know what that means....the fix is in. At least Justice Alito has recused himself from the case, because he owns an estimated $200K in Exxon Mobil stock.

Turbulent Day On Wall Street

Just got a memo this morning at 08:42AM:

Due to the projected high volume of trading that is expected today, Tuesday January 22nd...

Wha? I just finished my first coffee. What's up? Then I see this:

FED Makes Unscheduled .75% Interest Rate Cut

One analyst said the Fed was "obviously panicked" by the threat of recession.
The last time the Fed cut rates as much as three-quarters of a percentage point was in August 1982, almost 26 years ago.

"This is huge," said the BBC's business editor Robert Peston.

"And it is a big risk. If this doesn't work, then people will say they have nothing left in their locker."

The US economy is in recession. It could be a very painful one. With a credit and debt crisis bearing on middle-class Americans, it has the ingrediants of being the worst recession since WWII (there have been 11 recessions since the end of WWII, and this would be the 12th). I don't think US stock markets will react to this shocking rate cut with much enthusiasm. If they interpret the FED as panicking, then the markets will also panic. In this age of hyper-sensitive volatility, today is going to be a messy, high-volume, big loss day.

UPDATE, 16:00 EST: The DOW recovered to close about 128 points lower today. We will see what the next few days bring.