<HTML> <HEAD> <TITLE>Oil Burden Newsletter- June 7, 2008</TITLE> </HEAD> <BODY> “We need to solve our oil dependency once and for all. At this junction I consider it to be the highest national threat to our country. Editorials that speak of ‘oil bubbles’ will hinder our efforts for real solutions.” Carlos T Mock, MD Commodities Oil $138.54 Silver Bullion $17.53 Gold Bullion $901 Platinum Bullion $ $2074 Euro            $1.5756 Oil burden – Revisited By Carlos T Mock, MD.  June 7, 2007.  Last time the United States had an oil crises of this magnitude was in 1980. Even when adjusted for inflation, crude oil at $137 a barrel is more expensive than at the peak of the oil spike in 1980. That is an alarming statistic.  Instead of talking about Oil Bubbles we should be talking about Oil Burden: Véronique Riches-Flores of Société Générale measures the “oil burden” – the volume of oil consumed, multiplied by the average price and divided by nominal gross domestic product. This gives the proportion of the world economy devoted to oil and accounts for the way the world has reduced its reliance on oil since 1980.  The oil burden so measured has risen about 75 per cent during the past year, to its highest level in almost 25 years. This must soon have an economic impact if prices do not quickly reverse. But prices would need to reach about $190 before the burden regained its peak of 1980. It is not clear that prices are at a point where demand will fall.  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/oil-burden-revisited.html">http://iretiredfromnewsletters.blogspot.com/2008/06/oil-burden-revisited.html</a> Oil smashes to record above $137 a barrel By Chris Flood.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 13:37 | Last updated: June 6 2008 18:29.  Oil roared to a new record on Friday yesterday as hedge funds that had bet on a decline in crude prices were forced to exit their short positions.  Nymex July West Texas crude oil jumped $9.91 to a record of $137.70 a barrel, a record one-day gain in dollar terms, and taking the increase over the week to 8.1 per cent.  ICE July Brent leapt $10.13 to a peak of $137.35 a barrel, gaining 7.8 per cent this week.  The rally was also supported by comments from Israel’s transport minister suggesting an attack on Iran’s atomic facilities looked “unavoidable” given the failure of sanctions to curb Tehran’s nuclear ambitions.  Morgan Stanley warned oil prices could spike to $150 a barrel by Independence Day on July 4 as Middle East producers are sending record volumes to Asia, while supplies into the Atlantic are hitting “rock bottom”. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/oil-smashes-to-record-above-137-barrel.html">http://iretiredfromnewsletters.blogspot.com/2008/06/oil-smashes-to-record-above-137-barrel.html</a> Financial Times Editorial Comment: Perversity in the price of oil and gas.  Copyright The Financial Times Limited 2008.  Published: June 2 2008 19:29 | Last updated: June 2 2008 19:29.  One way of interpreting Indonesia’s long overdue departure from Opec is to say that the country became a net importer of oil because of poor management of supply: by failing to invest enough in exploration and development, Opec’s only Asia-Pacific member forfeited its place in the oil exporters’ cartel.  There is some truth in this. Indonesia, like many other territories endowed with oil and gas, has made life so awkward for foreign investors over the past two decades that its oil output has started falling sooner and declined faster than expected. It became a net importer in 2005 and quit Opec last week.  But many countries, alarmed by the recent rise of oil prices to as high as $135 a barrel, are belatedly realising that the demand side of the energy equation is at least as important. Several Asian and Middle Eastern governments are reacting – sensibly, if much too slowly – by cutting the illogical subsidies for energy consumption that are playing havoc with their budgets. This applies not only to Indonesia, which remains a net energy exporter because of its sales of natural gas, but also to significant energy importers such as India. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment.html">http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment.html</a> The Fed’s year of living dangerously By Clive Crook.  Copyright The Financial Times Limited 2008.  Published: June 1 2008 18:57 | Last updated: June 1 2008 18:57.  The remarkable ability of the Federal Reserve to coast above the turbulence of US politics has been tested lately. The central bank has been forced to deal with a financial crisis at least partly of its own making. It has rightly come in for some criticism; it has had to explain itself. Even so, the Fed and its policies are hardly front and centre in the debate between the presidential candidates.  Most voters say that they regard the economy and its troubles as the single most important issue facing the country. They want to hear what Senator Barack Obama and Senator John McCain propose to do about it but the Fed – where the real economic power resides – is mostly allowed to get on with the job unmolested.  I wonder if this will continue to be true. When a central bank has an uncomplicated recession to deal with, it can cut interest rates. When it faces a clear-cut case of inflation, it can raise them. The worst nightmare of any central banker – especially one with a tradition of political independence to defend – is stagflation, when raising interest rates to curb inflation will provoke a recession or deepen one that has already begun. It is a problem that the US has not had to confront for 30 years. In 2008, an election year, the conditions are falling into place. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/feds-year-of-living-dangerously.html">http://iretiredfromnewsletters.blogspot.com/2008/06/feds-year-of-living-dangerously.html</a> Financial Times Editorial Comment: Dollar not a dirty word for Bernanke. Copyright The Financial Times Limited 2008.  Published: June 5 2008 19:46 | Last updated: June 5 2008 19:46.  It was entirely reasonable – if somewhat risky – for US Federal Reserve chairman Ben Bernanke to imply in a speech that he does not want the dollar to weaken further. A falling currency increases inflation, all central banks worry about it and it is fine for the Fed to worry in public. Mr Bernanke’s remarks clarify the Fed’s thinking, even though they may do little to reduce the risk of dollar-driven inflation.  The exchange rate as such is no business of central banks: indeed, targeting an exchange rate usually means losing control over interest rates. But because a falling currency raises import prices, inflation, and maybe consumer expectations of future inflation, central banks must follow it closely.  Mr Bernanke’s comments fit with such a view. Mr Bernanke did not say: “We think the dollar is too low.” He said: “We are attentive to the implications of changes in the value of the dollar for inflation and inflation expectations.” Nor was Mr Bernanke disagreeing with the US Treasury – which would be stupid. His comments on the dollar mirrored, in milder form, comments made by Hank Paulson, the US Treasury secretary, a day earlier.  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment_06.html">http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment_06.html</a> Bernanke warns on weak dollar © Reuters Limited.  WASHINGTON, June 3 - US Federal Reserve chairman Ben Bernanke on Tuesday issued a rare warning on the risks that a weak dollar poses for inflation, but said U.S. interest rates are ”well positioned” for an economy facing both price pressures and threats to growth.  ”We are attentive to the implications of changes in the value of the dollar for inflation and inflation expectations and will continue to formulate policy to guard against risks to both parts of our dual mandate,” he said, referring to the U.S. central bank’s twin goals of ensuring sustainable growth and low inflation.  Bernanke said the Fed and the U.S. Treasury were continuing to ”carefully monitor” developments in currency markets.  The Fed’s interest rate cutting campaign -- which has taken benchmark rates to 2 percent from 5.25 percent since September -- and its infusion of billions of dollars into the financial system to ease a credit crunch have helped put a floor under the economy, he said. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/bernanke-warns-on-weak-dollar.html">http://iretiredfromnewsletters.blogspot.com/2008/06/bernanke-warns-on-weak-dollar.html</a> Act now to prick the oil price bubble By Meghnad Desai.  Copyright The Financial Times Limited 2008.  Published: June 5 2008 19:21 | Last updated: June 5 2008 19:21.  Between February and May of this year the oil price went from below $90 to $128 a barrel, a monthly growth of 9 per cent. If the rise continued at this rate, it would mean an unprecedented doubling in price every eight months. In recent days, after the price briefly touched a high of $135, there has been a bout of profit-taking. Although the price has now fallen it has not yet dropped much below $125.  The latest price rise has baffled many. What has happened to supply and demand to cause such a steep and sudden price rise? Gordon Brown, the UK prime minister, said last week that “the cause is clear: growing demand and too little supply”. China and India are buying more oil. Costs of exploration and extraction are going up. Nigeria and Venezuela are causing anxieties about supply. But these factors are not new. Nothing has happened in the real oil economy to justify such a sharp and steep rise in its price.  There is a growing feeling that the latest sharp upsurge in the price of oil may be a speculative bubble rather than an outcome of market fundamentals. The US Commodity Futures Trading Commission indicated last week that there may be “system risk” and George Soros, the veteran investor, in testimony on Capitol Hill on Tuesday, warned that commodity index funds, which treat oil as an asset rather than a commodity to be bought and sold for use, are creating a bubble. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/act-now-to-prick-oil-price-bubble.html">http://iretiredfromnewsletters.blogspot.com/2008/06/act-now-to-prick-oil-price-bubble.html</a> Your Lack of Money Oil surges and dollar slides on US jobs data By Michael Mackenzie in New York, James Politi in Washington and Chris Flood in London.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 18:58 | Last updated: June 6 2008 18:58.  Oil prices soared to a record high and the dollar slumped on Friday as the largest one-month rise in the US unemployment rate for 22 years tempered expectations of US interest rate rises later this year.  The dollar had stabilised recently as markets priced in a US rate hike by year’s end, but the May employment report forced investors to rethink their positions. This sparked a fall in the dollar and a dramatic surge in dollar-denominated commodities such as oil and gold.  Stocks fell sharply in Europe and the US as investors worried about a vicious cycle in which dollar weakness fuels higher oil prices, and rising energy costs further slow economic growth.  Alan Ruskin, strategist at RBS Greenwich Capital, said: “Dollar weakness and the rise in oil prices is very negative for the US and global economy. High oil prices are affecting parts of the world, such as Asia, that the credit crunch could not reach.” <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/oil-surges-and-dollar-slides-on-us-jobs.html">http://iretiredfromnewsletters.blogspot.com/2008/06/oil-surges-and-dollar-slides-on-us-jobs.html</a> Lehman targets up to $6bn in fresh capital By Ben White, Francesco Guerrera and Joanna Chung in New York.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 23:34 | Last updated: June 6 2008 23:34.  Lehman Brothers is working on plans to announce early next week that it is raising $5bn-$6bn in fresh capital as the bank discloses a large second quarter loss, people briefed on the matter said.  The earnings announcement, which had been expected for the week of June 16, is likely to be brought forward to address persistent rumours in the marketplace about Lehman’s financial condition. Lehman declined to comment on the timing of its earnings announcement or any capital raising plans.  People briefed on the matter said they expected Lehman to announce earnings and the capital infusion at the same time, perhaps as early as Monday or Tuesday. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/lehman-targets-up-to-6bn-in-fresh.html">http://iretiredfromnewsletters.blogspot.com/2008/06/lehman-targets-up-to-6bn-in-fresh.html</a> State bankruptcy filings jump 27.2 percent in first quarter By Becky Yerak.  Copyright © 2008, Chicago Tribune.  4:51 PM CDT, June 3, 2008.  More than 12,500 individuals and businesses filed for bankruptcy in Illinois in the first quarter of 2008, a 27.2 percent jump that mirrors national trends amid rising household debt.  Consumer filings in the state increased 27.5 percent to 12,248, while business bankruptcies rose 14.5 percent to 260.  Nationally, the total number of bankruptcies filed during the first three months of 2008 rose 26.9 percent, to 245,695, over the same period in 2007 in all bankruptcy court districts, according to data released Tuesday by the Administrative Office of the U.S. Courts.  "This ninth consecutive quarterly increase in filings since Congress attempted to restrict access to bankruptcy relief demonstrates again the influence of rising household debt," Samuel Gerdano, executive director of American Bankruptcy Institute, said in a statement.  The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted in late 2005. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/state-bankruptcy-filings-jump-272.html">http://iretiredfromnewsletters.blogspot.com/2008/06/state-bankruptcy-filings-jump-272.html</a> United Airlines to cut a fifth of its fleet By Daniel Pimlott in New York.  Copyright The Financial Times Limited 2008.  Published: June 4 2008 13:30 | Last updated: June 4 2008 17:19.  United Airlines said on Wednesday it would ground more than a fifth of its fleet, slash its domestic capacity by as much as 18 per cent by the end of next year, and cut as many as 1,600 jobs in the latest sign of the crisis gripping the US airline industry amid record oil prices and a slowing economy.  The move to cut flights by the second largest US carrier comes as a drastic follow-up to merger talks with two rivals, United Airways and Continental, that both failed in little more than a month.  United will now reduce its 460 strong fleet of aircraft by 100, 70 more than it had previously revealed in April, and cut its 55,000 workforce by nearly 3 per cent, including 500 jobs the company had already said it would axe.  The shrinking in domestic flight capacity, which will be focused on marginal routes, is the biggest cut this year by any major US airline, exceeding the 12 per cent contraction that American Airlines unveiled last month in response to higher fuel costs and weaker demand. Delta Airlines has also been forced to cut capacity by 11 per cent, while smaller low fare carriers Airtran and JetBlue have both deferred buying new aircraft. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/united-airlines-to-cut-fifth-of-its.html">http://iretiredfromnewsletters.blogspot.com/2008/06/united-airlines-to-cut-fifth-of-its.html</a> GM to close four truck plants By Bernard Simon in Toronto.  Copyright The Financial Times Limited 2008.  Published: June 3 2008 13:39 | Last updated: June 3 2008 15:16.  General Motors plans to close four sport-utility vehicle and pick-up truck plants in North America as part of an accelerated plan to shift its focus towards smaller, more efficient vehicles in its core US market.   The Detroit-based carmaker also announced that it may sell Hummer, long identified with behemoth gas-guzzlers, as part of a strategic review of the brand.  Higher gasoline prices, now approaching a record $4 a gallon, “are changing consumer behaviour, and rapidly”, Rick Wagoner, GM’s chief executive, said in a speech ahead of the company’s 100th annual meeting on Tuesday.  He said that the shift had big implications not only for the mix of GM’s products but also its profitability. SUVs and pick-ups are among carmakers’ biggest money-spinners.  Mr Wagoner said that, as a result of the production cutbacks, the proportion of cars in GM’s North American output would rise from 50 per cent to 60 per cent within the next three years. Eighteen out of GM’s 19 forthcoming vehicle launches are cars and crossover vehicles, which look like SUVs but are built on car platforms.  Two of the four plants to be closed are in the US, one in Canada and one in Mexico. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/gm-to-close-four-truck-plants.html">http://iretiredfromnewsletters.blogspot.com/2008/06/gm-to-close-four-truck-plants.html</a> Housing Illinois Average Rates 6/7/08 - 10:46 PM 30 Yr Fixed                    6.08% 15 Yr Fixed                    5.63% 30 Yr Fixed Jumbo        7.26% Toll urges action to lift US housing market By Daniel Pimlott in New York.  Copyright The Financial Times Limited 2008.  Published: June 3 2008 13:56 | Last updated: June 3 2008 13:56.  Toll Brothers, the largest US builder of luxury homes and apartments, on Tuesday called for greater government action to help boost demand for homes as it reported its third consecutive quarterly loss.  The plea for help came as the builder of high-end homes said that buyers were still scarce in most of its markets in the second quarter.  “We believe Congress should jump-start demand for new homes with an initiative that will bring buyers off the sidelines and into the market, and thereby stop the downward spiral of home prices,” said Robert Toll, the company’s founder, chairman and chief executive.  “With a little motivation, the new home market could turn around, which would have a very positive impact on banks, bond prices and many other areas of the economy.” <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/toll-urges-action-to-lift-us-housing.html">http://iretiredfromnewsletters.blogspot.com/2008/06/toll-urges-action-to-lift-us-housing.html</a> International Fulbright scholarships restored to 7 Gaza students By MARK LAVIE.  Copyright 2008 Associated Press.  1:13 PM CDT, June 2, 2008.  JERUSALEM - The U.S. has reinstated the Fulbright scholarships of seven Gaza Strip students blocked by Israel from leaving the Hamas-ruled territory, the State Department said Monday.  The students were informed Thursday that their scholarships for the upcoming academic year would be deferred because they couldn't get out of Gaza, which Israel blockaded after the Islamic militants seized power a year ago.  State Department spokesman Sean McCormack said the U.S. reversal came on orders from Secretary of State Condoleezza Rice, who first heard about the scholarship snafu on Friday.  "She wasn't pleased," McCormack said.  Israel and the United States have tried not to point fingers in public over the scholarship incident, but each government clearly thinks the other made mistakes early on. Israeli officials say U.S. diplomats didn't ask for special exemptions for the Fulbright students, while U.S. officials say Israel should have recognized immediately that these were a special case. U.S. officials also blame themselves. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/fulbright-scholarships-restored-to-7.html">http://iretiredfromnewsletters.blogspot.com/2008/06/fulbright-scholarships-restored-to-7.html</a> Mess-o-potamia Financial Times Editorial Comment: Demographic time-bomb in Mideast.  Copyright The Financial Times Limited 2008.  Published: June 3 2008 19:22 | Last updated: June 3 2008 19:22.  The bombs and the bluster in the Middle East are tediously familiar. Less so is what is arguably the most daunting strategic challenge facing the Arab countries: the youth bulge.  As a special report in the Financial Times this week spelled out, up to two-thirds of Arabs are under 25 and more than one in four have no job, in a deeply troubled region with the world’s worst employment rate. A World Bank study on the Middle East and North Africa five years ago reckoned the region would need to create 80m-100m jobs by 2020.  The future may become very bleak, not only for the region but for the world, if the generational transformation needed to meet this challenge is not attempted with at least some success. That sea change is not just about economics. Obviously, Arab governments need to do things such as invest more in infrastructure and enact a modern investment framework, as, for example, some of the Gulf city states have done. But the reasons for relative Arab failure to develop go very deep, as a seminal series of Arab Human Development reports begun in 2002 by the United Nations Development Programme – written by Arab professionals and intellectuals – unflinchingly laid bare.  If one has to identify three overarching problems, they are a woeful education system, political autocracy and the absence of the rule of law – and they are all related. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment_04.html">http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment_04.html</a> Senate report hits at prewar Iraq intelligence By Daniel Dombey in Washington and Demetri Sevastopulo at Guantánamo Bay.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 02:59 | Last updated: June 6 2008 02:59.  The Bush administration made unfounded claims about Iraq in the run-up to the 2003 war and failed to convey doubts and caveats about some of the intelligence it used, a US Senate committee charged on Thursday.  But the long-awaited report, which comes after more than four years of studying the quality of the intelligence behind the war, was attacked by several of the Republicans on the committee as a partisan exercise.  The US election campaign is already largely taken up by debate on future plans in Iraq and charges by Barack Obama, the presumptive Democratic presidential nominee, that the war should never have been authorised or waged. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/senate-report-hits-at-prewar-iraq.html">http://iretiredfromnewsletters.blogspot.com/2008/06/senate-report-hits-at-prewar-iraq.html</a> Just whose Iraq is it, anyway? By Steve Chapman.  Copyright © 2008, Chicago Tribune.  June 5, 2008.  “I think the Iraqi people owe the American people a huge debt of gratitude," President Bush said last year, a bit resentfully. "That's the problem here in America: They wonder whether or not there is a gratitude level that's significant enough in Iraq."  Apparently not. It seems the rarest person in the world is a grateful Iraqi. This week, the Baghdad government said it would reject any agreement on U.S. forces that "violates Iraq's sovereignty." That came days after tens of thousands of Shiites took to the streets to protest a proposed deal that would keep American troops there for years to come.   Followers of radical cleric Moqtada Sadr, who rejects any such accord, turned out to hear a sheik who warned, "The cancer has spread and has to be removed." Afterward, reports The Washington Post, they chanted, "Get out, get out, occupier."   Cancer? Occupier? That's not quite how it looks to American supporters of the war.   They see the United States as the savior of the ordinary Iraqis who survived Saddam Hussein only to be victimized by violent extremists. We certainly have made some sacrifices on their behalf, including more than 4,000 troops killed in the war and hundreds of billions of dollars spent on it. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/just-whose-iraq-is-it-anyway.html">http://iretiredfromnewsletters.blogspot.com/2008/06/just-whose-iraq-is-it-anyway.html</a> Israel may strike Iran, deputy PM says By Tobias Buck in Jerusalem and Daniel Dombey in Washington.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 12:01 | Last updated: June 6 2008 19:01.  A senior member of the Israeli government has stated that an attack on Iran is becoming “unavoidable” if Tehran is to be stopped from acquiring nuclear weapons.  The blunt warning that Israel’s government is ready to strike at its chief rival in the region was given by Shaul Mofaz, transport minister and a deputy prime minister, in a press interview published Friday.  He said: “If Iran continues with its programme for developing nuclear weapons, we will attack it. The sanctions are ineffective.”  The Iran-born Mr Mofaz added that “attacking Iran, in order to stop its nuclear plans, will be unavoidable”. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/israel-may-strike-iran-deputy-pm-says.html">http://iretiredfromnewsletters.blogspot.com/2008/06/israel-may-strike-iran-deputy-pm-says.html</a> Syria to allow probe of alleged nuclear site By GEORGE JAHN.  Copyright 2008 Associated Press.  11:18 AM CDT, June 2, 2008.  VIENNA, Austria - Syria will allow in U.N. inspectors to probe allegations that the country was building a nuclear reactor at a remote site destroyed in an Israeli airstrike, the International Atomic Energy Agency said Monday.  IAEA head Mohamed ElBaradei did not say whether his inspectors would be granted access to the site during the planned June 22-24 visit. But a senior diplomat familiar with the details of the planned visit said agency personnel had been told they could visit the facility. The diplomat said agency experts were also interested in two other locations with possible undeclared nuclear facilities.  The diplomat, who spoke on condition of anonymity because of the sensitivity of the matter, told The Associated Press that agency experts will also be asking for information on the possible existence of two plutonium reprocessing facilities separate from the destroyed building. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/syria-to-allow-probe-of-alleged-nuclear.html">http://iretiredfromnewsletters.blogspot.com/2008/06/syria-to-allow-probe-of-alleged-nuclear.html</a> Car bombings in Baghdad leave at least 6 dead By SAMEER N. YACOUB.  Copyright 2008 Associated Press.  9:59 AM CDT, June 7, 2008.  BAGHDAD - A suicide car bomb and another car packed with explosives targeted Iraqi police patrols Saturday on opposite sides of Baghdad, killing at least six people, police said.  The suicide attacker rammed into a police patrol mid-afternoon in Nisoor Square on the capital's west side, killing a civilian and a policeman, police said. Another five people were wounded.  The other explosion took place nearly simultaneously across town at a crowded bus stop where passengers were lining up to catch rides to eastern Shiite neighborhoods, though police said the target was the passing convoy of a top Iraqi police general.  Four people were killed and 18 wounded, Brig. Gen. Nazar Majeed among them, said an officer on condition of anonymity because he was not authorized to talk to media. Three of the dead were policemen, he said. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/car-bombings-in-baghdad-leave-at-least.html">http://iretiredfromnewsletters.blogspot.com/2008/06/car-bombings-in-baghdad-leave-at-least.html</a> Despair mounts in Afghan food crisis - Insurgency, drug trade fuel intensifying hardship By Kim Barker.  Copyright © 2008, Chicago Tribune.  12:26 AM CDT, June 2, 2008.  KABUL, Afghanistan — Faced with skyrocketing food prices and no job, Mohammad Daud decided he had suffered enough. The 27-year-old swallowed 100 sleeping pills and died.  His decision late last month reflects panic in this war-torn country over the price of food, especially wheat, the staple of the Afghan diet. Afghanistan, landlocked and drought-ridden, depends on aid and food imports to survive, and the world's food crisis has hit hard.  "He became so disappointed, he killed himself," said Shuja Ullah, Daud's brother-in-law, who said Daud took care of his mother, his 11-year-old son and the four orphans of his two late brothers. "If he had food, why would he kill himself? He wouldn't. He could not afford to buy food for his family. Everyone felt so bad for him. But the government didn't."  Few countries have suffered from the global squeeze on food like Afghanistan, one of the world's poorest nations, where most of the agricultural land is devoted to poppies. While other countries also struggle with supply and demand, the crisis here is compounded by the Taliban-led insurgency and the drug trade. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/despair-mounts-in-afghan-food-crisis.html">http://iretiredfromnewsletters.blogspot.com/2008/06/despair-mounts-in-afghan-food-crisis.html</a> Deadly blast strikes Danish Embassy in Pakistan By Kim Barker.  Copyright © 2008, Chicago Tribune.  9:00 AM CDT, June 2, 2008.  ISLAMABAD, Pakistan - A powerful car bomb exploded just outside the Danish Embassy on Monday afternoon, killing at least eight people and raising questions about the lack of security for the embassy, which has been under threat since Danish newspapers published controversial cartoons about the Prophet Muhammad.  The blast ended almost three months of calm in the restive country's capital, the same day that security was supposed to be tight. The army was deployed Monday in Islamabad as President Pervez Musharraf drove to Islamabad from his home in neighboring Rawalpindi. After the blast, the convoy of Musharraf, himself the target of three assassination attempts, immediately left the capital.  There was no immediate claim of responsibility, but Al Qaeda leaders — thought to be hiding along the border of Pakistan and Afghanistan — have threatened Danish and other European targets recently because of the cartoons.  Analysts said the attack was aimed not just at the Danish, but at the new Pakistani government, which has been trying to sign peace deals with militants since winning office in February. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/deadly-blast-strikes-danish-embassy-in.html">http://iretiredfromnewsletters.blogspot.com/2008/06/deadly-blast-strikes-danish-embassy-in.html</a> Australian PM attacks decision to join war in Iraq By ROD McGUIRK.  Copyright 2008 Associated Press.  10:50 AM CDT, June 2, 2008.  CANBERRA, Australia - Prime Minister Kevin Rudd accused his predecessor of abusing intelligence information to justify entering the Iraq war, saying Monday that the Australian people were misled.  In remarks to parliament on the withdrawal of troops from Iraq, which began Sunday, Rudd said the nation must learn from the errors of former Prime Minister John Howard, who sent 2,000 troops to support U.S. and British forces in the 2003 invasion.  "We must learn from Australia's experience in the lead-up to going to war with Iraq and not repeat the same mistakes in the future," Rudd said.  He criticized Howard's government for going to war without accurate information or a full assessment of the consequences.  "Of most concern to this government was the manner in which the decision to go to war was made: the abuse of intelligence information, a failure to disclose to the Australian people the qualified nature of that intelligence," Rudd said.  Before the invasion, Howard argued that Saddam Hussein had to be toppled to prevent the spread of weapons of mass destruction and terrorism. The weapons were not discovered and no definite links were established between Saddam and al-Qaida or other terror networks. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/australia-ends-iraq-combat-operations.html">http://iretiredfromnewsletters.blogspot.com/2008/06/australia-ends-iraq-combat-operations.html</a> National Chicago Tribune Editorial - A chance to clear the air.  Copyright © 2008, Chicago Tribune.  June 3, 2008.  By now, most Americans are aware of global warming and accept the predictions of what will happen if something isn't done about carbon dioxide emissions. Global warming is real, created in part by humans, and we need to get serious about leading a global effort to muffle its worst potential effects.  But what shape should that effort take? On Monday, the U.S. Senate began to take up a bill, sponsored by Independent Sen. Joe Lieberman and Republican Sen. John Warner, that is an ambitious starting point.   The law would create what's known as a cap-and-trade system to cut carbon dioxide emissions. The government would set an annual limit, or cap, on how much carbon dioxide could be spewed from a range of sources, including power plants, heavy industry, manufacturing and transportation. The government would auction or otherwise distribute those allowances to companies. If a company produced less than its allotted allowance, it could sell that allowance or trade it to another company, allowing some to pollute above the cap. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-chance-to.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-chance-to.html</a> Storms bring new round of destruction to Midwest By DAVE KOLPACK.  Copyright 2008 Associated Press.  12:50 AM CDT, June 7, 2008.  EMMAVILLE, Minn. - Strong storms smashed houses, deluged neighborhoods and left thousands without power across the Midwest on Friday in the latest round of fierce weather. Hot temperatures baked the region even as residents coped with the lack of electricity.  A tornado raked a half-mile-wide path of destruction in northwestern Minnesota, where a house overlooking Pickerel Lake near Emmaville was destroyed, it's contents spilling down the hill. Wooden chairs and tables floated below.  Flooding forced the evacuation of about a dozen homes in the central Iowa town of Cambridge.  Heavy rains that began Thursday night seeped into most basements and at least one foundation collapsed, said Lori Morrissey, Story County's emergency management coordinator.  "The ground is just fully saturated," Morrissey said. "The runoff from the community just all comes to that part of town."  In Illinois, the Chicago Department of Aviation said high winds and storms were causing delays and cancellations at airports. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/storms-bring-new-round-of-destruction.html">http://iretiredfromnewsletters.blogspot.com/2008/06/storms-bring-new-round-of-destruction.html</a> Universal Studios fire damage blamed on low water pressure. Copyright 2008 Associated Press.  June 2, 2008.  UNIVERSAL CITY, Calif. -- Firefighters patrolled fire-damaged Universal Studios early Monday for flare-ups while authorities considered whether the blaze that gutted some of Hollywood's most famous backdrops was made worse by low water pressure.  At one point, Sunday's fire was two city blocks wide, and low water pressure forced firefighters to get reserves from lakes and ponds on the 400-acre property. The blaze was contained to the back lot, but burned for more than 12 hours before the final flames were extinguished.  "The water pressure situation was a challenge," Los Angeles County Fire Chief Michael Freeman said. "This fire moved extremely fast."  County Supervisor Zev Yaroslavsky said authorities would investigate the water problems to see whether they reflect a larger shortfall in the area.  "There's no question that there was a lack of adequate water pressure at least in the perception of a lot of firefighters," he said. "We're going to find out what the problem was."  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/universal-studios-fire-damage-blamed-on.html">http://iretiredfromnewsletters.blogspot.com/2008/06/universal-studios-fire-damage-blamed-on.html</a> Bush Whacking “Ever since the Fed began its rapid interest rate cuts last September, the danger has been that it would lose its inflation-fighting credibility. One expression of that would be investors dumping the dollar in order to protect the purchasing power of their money. That has been largely avoided, but the weak dollar has contributed to inflation, not least through the oil price. The employment report was the second blow for the dollar this week. On Thursday, the European Central Bank strongly indicated it would raise rates this summer owing to inflation worries, triggering fresh dollar selling and higher oil prices.” Carlos T Mock, MD The Sad State of Our Republic By Carlos T Mock, MD.  June 7, 2008.  Seven more months left in the Bush presidency and I can’t but pray he causes no more harm.  Truth is, the Republic has never been in worst shape.  After presiding over the largest attack to American soil ever, Mr. Bush has managed to turn the sympathy and respect of the entire world population into disdain and hate for our country.  After setting to capture the perpetrator of the destruction caused by Osama Bin Laden in Afghanistan Mr. Bush— haunted by past insecurities and pushed by oil executives and Cheney's Haliburton—started an unprovoked war against Iraq. In the fall of 2003, a few months after Saddam Hussein's overthrow, U.S. officials began to despair not finding stockpiles of Iraqi weapons of mass destruction. The resulting embarrassment caused a radical shift in administration rhetoric about the war in Iraq. President Bush no longer stressed Saddam's record or the threats from the Baathist regime as reasons for going to war. Rather, from that point forward, he focused almost exclusively on the larger aim of promoting democracy. This new focus compounded the damage to the president's credibility that had already been caused by the CIA's errors on Iraqi WMD. The president was seen as distancing himself from the actual case he had made for removing the Iraqi regime from power. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/sad-state-of-our-republic.html">http://iretiredfromnewsletters.blogspot.com/2008/06/sad-state-of-our-republic.html</a> Now he's apologizing? By Clarence Page.  Copyright © 2008, Chicago Tribune.  June 1, 2008.  WASHINGTON—Here's what President Bush's press secretary had to say about the latest former administration official to write a book that is sharply critical of the Bush White House:   "Ask yourself why, one and a half years later, after he left the administration, he's all of a sudden, coming forward with these grave concerns?" the press secretary said. "If he had such grave concerns, why didn't he come out with them sooner?"   No, that was not Bush's current press secretary, Dana Perino, talking about former press secretary Scott McClellan's new tell-all book, "What Happened: Inside the Bush White House and Washington's Culture of Deception."   No, the press secretary quoted above is McClellan in a March 2004 news conference. He was responding to another book, "Against All Enemies: Inside America's War on Terror," by Richard A. Clarke, the former White House counterterrorism adviser.   History repeats itself in ironic ways in Washington. Clarke's book charged that the Bush administration failed to take timely action against Al Qaeda before the Sept. 11, 2001, terrorist attacks. It criticizes the war in Iraq as a hindrance and distraction from the real war against terror.  It sounds, in short, a lot like McClellan's book. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/now-hes-apologizing.html">http://iretiredfromnewsletters.blogspot.com/2008/06/now-hes-apologizing.html</a> Funnyman Cheney By Dennis O'Toole.  Copyright © 2008, Chicago Tribune.  June 5, 2008.  Vice President Dick Cheney is a comedy machine. On Tuesday, the VP showed up at the National Press Club's open mic and just killed it. I mean, he tore the roof off the place.   Talking about his family history, he said: "We had Cheneys on both sides of the family and we don't even live in West Virginia . . . [Here he paused like a pro, then chuckled with the crowd.] You can say those things when you're not running for re-election."  Oh, snap! That's funny on so many levels. Here's how this joke works: Cheney is implying that incest is common in West Virginia. Get it? HAHAHAHA!   Clearly, we are witnessing one of the finest comedians at the top of his game. Cheney is up there with greats like Chris Rock, Ellen DeGeneres and Michael Richards.   Now, that said, I do have a few quibbles. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/funnyman-cheney.html">http://iretiredfromnewsletters.blogspot.com/2008/06/funnyman-cheney.html</a> Indecision 2008 "Like Bush, Clinton created a tightly controlled campaign backed by her party's establishment and based on the idea that she was the inevitable Democratic nominee." Bloomberg.com Hillary Clinton’s real lesson for women By Chrystia Freeland.  Copyright The Financial Times Limited 2008.  Published: June 3 2008 17:32 | Last updated: June 3 2008 17:32.  This will probably be the week when Barack Obama finally clinches the Democratic nomination for this year’s US presidential election. The topsy-turvy contest has been humbling for the punditocracy, but I remain willing to predict one reaction to Mr Obama’s slow-motion victory with certainty – many of Senator Hillary Clinton’s supporters will denounce the result as evidence that the US remains deeply sexist.  The “iron my shirt” heckler who confronted Mrs Clinton in New Hampshire will be recalled, as will the infamous “Hillary Nutcracker” whose black pant-suit-clad thighs are “promised to crack even the toughest nut” and which you can buy on Amazon for $19.67. The assertion by Gloria Steinem, the feminist, that “gender is probably the most restricting force in American life” will be cited as prescient, and former vice-presidential candidate Geraldine Ferraro’s warning that Mrs Clinton’s treatment “sends a direct signal that sexism is OK in all of society” will become a rallying cry for her aggrieved backers.  It is true, disappointing and unsurprising that Mrs Clinton has faced some sexist opposition in her quest to become the first female president of the US. But bias against women is not the reason Mrs Clinton will not get the nomination this year – blame instead the catastrophic mismanagement of her campaign if you are looking for a single reason why the once inevitable candidate has become the runner-up. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/hillary-clintons-real-lesson-for-women.html">http://iretiredfromnewsletters.blogspot.com/2008/06/hillary-clintons-real-lesson-for-women.html</a> Clinton to concede to Obama By Edward Luce in Washington DC.  Copyright The Financial Times Limited 2008.  Published: June 4 2008 23:30 | Last updated: June 5 2008 09:59.  Hillary Clinton announced she would concede the Democratic nomination race to Barack Obama.  In an email sent on Thursday the former First Lady said she would deliver on her earlier campaign promise to support Mr Obama if he became the Democratic nominee. It followed a feverish day in which Mrs Clinton was widely attacked for having taken her time to publicly concede defeat.  ”On Saturday, I will extend my congratulations to Senator Obama and my support for his candidacy,” she said in the email. ”This has been a long and hard-fought campaign, but as I have always said, my differences with Senator Obama are small compared to the differences we have with Senator McCain and the Republicans....In the past few days, you have shown that support once again with hundreds of thousands of messages to the campaign, and again, I am touched by your thoughtfulness and kindness. I can never possibly express my gratitude, so let me say simply, thank you.” <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/clinton-to-concede-to-obama.html">http://iretiredfromnewsletters.blogspot.com/2008/06/clinton-to-concede-to-obama.html</a> Financial Times Editorial Comment: An Obama-Clinton dream ticket? Copyright The Financial Times Limited 2008.  Published: June 4 2008 19:44 | Last updated: June 4 2008 19:44.  The news that Barack Obama had crossed the finishing line, had secured the Democratic nomination, and was thus quite likely the next president of the United States was slow to reach Hillary Clinton. While Mr Obama was telling his ecstatic supporters that “this is the moment” – did he even promise to lower the oceans? – Mrs Clinton was thanking her troops for her own historic victory (in the popular vote, correctly measured), explaining how they had made it possible, and asking their advice on what to do next, since she had noticed confusion in some quarters about who the winner really was.  Predictably, therefore, as the Democrats chose for the first time a black man to run for the White House – a historic moment, indeed – Mrs Clinton contrived to make herself the main story. She has also become the biggest test so far of Mr Obama’s ability to lead. How he deals with his disappointed rival and her avid followers over the coming days is the most important decision he has to make between now and the general election. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment-obama.html">http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment-obama.html</a> I Am Not a Bargaining Chip, I Am a Democrat By Hilary Rosen.  Copyright by the Huffington Post.  Posted June 4, 2008 | 09:54 AM (EST).  Like this story? Get Alerts of big news events. Enter your email address.  Senator Clinton's speech last night was a justifiably proud recitation of her accomplishments over the course of this campaign, but it did not end right. She didn't do what she should have done. As hard and as painful as it might have been, she should have conceded, congratulated, endorsed and committed to Barack Obama. Therefore the next 48 hours are now as important to the future reputation of Hillary Clinton as the last year and a half have been.  I am disappointed. As a long time Hillary Clinton supporter and more importantly, an admirer, I am sad that this historic effort has ended with such a narrow loss for her. There will be the appropriate "if onlys" for a long time to come. If only the staff shakeup happened earlier; if only the planning in caucus states had more focus; if only Hillary had let loose with the authentic human and connecting voice she found in the last three months of the campaign. If only. If only. I have written many times on this site about the talents of Hillary Clinton and why I thought she'd make a great President.... But not my vote. I will enthusiastically support Barack Obama's campaign. Because I am not a bargaining chip. I am a Democrat. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/i-am-not-bargaining-chip-i-am-democrat.html">http://iretiredfromnewsletters.blogspot.com/2008/06/i-am-not-bargaining-chip-i-am-democrat.html</a> Interactive map: Nomination race Published: February 4 2008 21:17 | Last updated: June 4 2008 16:26.  Copyright The Financial Times Limited 2008.  <a href="http://www.ft.com/cms/s/0/c27416ba-d33c-11dc-b861-0000779fd2ac.html">http://www.ft.com/cms/s/0/c27416ba-d33c-11dc-b861-0000779fd2ac.html</a> It Could Happen To You <a href="http://www.youtube.com/watch?v=aIUBqVMaOT4">http://www.youtube.com/watch?v=aIUBqVMaOT4</a> Financial Times Editorial Comment: US presidential election starts over.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 19:48 | Last updated: June 6 2008 19:48.  With the terms of Hillary Clinton’s surrender unclear, it is too soon to say that Barack Obama can turn his full attention to John McCain. He needs to deal with that distraction soon – by telling Mrs Clinton, with elaborate courtesy, that she will not be his running mate – and focus on his last remaining opponent. The debate that the United States wants over the next few months is between him and Mr McCain. Their differences are real and often stark. They have a lot to talk about.  So far, they have fought a phoney war. Mr Obama has described the prospect of a McCain presidency as four more years of George Bush. That line delights Democrats, but does not move voters at large – though one must admit that Mr McCain, with Republican loyalists in mind, has lately tried to validate the charge. Most voters are sick of Mr Bush, yet the polls show Mr Obama and Mr McCain running neck and neck. This White House is not, by default, going to drag the Republican down. Mr McCain will have to choose that defeat for himself, by turning into John McSame. Otherwise, Mr Obama will need another strategy. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment-us.html">http://iretiredfromnewsletters.blogspot.com/2008/06/financial-times-editorial-comment-us.html</a> The world wants a vote in an epic presidential contest By Philip Stephens.  Copyright The Financial Times Limited 2008.  Published: June 5 2008 20:17 | Last updated: June 5 2008 20:17.  These are times when everything is measured against prior expectations, when tomorrow’s news was discounted yesterday, and when to be anything but cynical is to be credulous. So perhaps we should not get too excited by the long-awaited confirmation that Barack Obama will lead the Democratic party into this November’s presidential election.  We have known for many weeks – some would say months – that the senator from Illinois would win his party’s race. The big question has been when, and how, Hillary Clinton would reconcile herself to defeat. By this weekend we should have the answer.  As for Mr Obama, surely he has lost his shine. His victory in Iowa, 50-odd primaries ago, mesmerised the world well beyond the US. The vaulting rhetoric, the legions drawn in from beyond politics, the ringing appeal for America to change: politics, it seemed, had been turned on its head.  January was a lifetime ago. Familiarity has taken its toll. The fact that Mr Obama is black no longer seems, well, quite so extraordinary. After months in the trenches against Mrs Clinton, the man bidding to be the first African-American to win the White House now has some political mud on his shoes. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/world-wants-vote-in-epic-presidential.html">http://iretiredfromnewsletters.blogspot.com/2008/06/world-wants-vote-in-epic-presidential.html</a> Race, gender: Dueling discontents bubble up By Clarence Page.  Copyright © 2008, Chicago Tribune.  June 4, 2008.  Now that Sen. Barack Obama has gathered enough delegates to clinch the Democratic presidential nomination, a new opponent has appeared on his horizon: the grievance reflex.  That's a quirky trait in us human beings that makes us keenly aware of any unfair edge that somebody has over us—and just as easily ignores any unearned advantage that we might happen to have over them.  You could see the grievance reflex at work during the final days of the Democratic nomination marathon.   For example, the primaries ended as they began, with apologies. Remember when Sen. Joe Biden, the former Democratic presidential hopeful from Delaware, found himself apologizing for what he thought was a compliment? He referred to Obama as "clean" and "articulate," terms quickly condemned as condescending by some of us hypersensitive black folks, among other critics.  That was child's play compared with Obama's recent resignation from his South Side church, Trinity United Church of Christ, after YouTube picked up video of a guest minister, the Rev. Michael Pfleger. With his clownish mockery of Sen. Hillary Clinton, the white South Side priest reignited the firestorm of controversy that Trinity's retired pastor, the Rev. Jeremiah Wright Jr., lit under Obama's campaign in March. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/race-gender-dueling-discontents-bubble.html">http://iretiredfromnewsletters.blogspot.com/2008/06/race-gender-dueling-discontents-bubble.html</a> Chicago Tribune Editorial - Obama vs. McCain. Copyright © 2008, Chicago Tribune.  June 4, 2008.  Enough with all that tedious math over delegate counts. The 2008 primary season is now over and the surviving Democratic and Republican candidates can focus squarely, and only, on each other. Five months from Wednesday, Americans will elect Barack Obama or John McCain to the presidency of the United States of America.  What a grand contest this promises to be. We've rooted openly for these two since we endorsed them for their respective party nominations before the Illinois primary: They're energetic, electrifying politicians who got where they are by flouting their parties' protocols of succession. They owe little to the establishment pols who often dictate whose turn to be nominated has arrived. These two are indebted only to themselves and to the millions of voters who believed in each of them when their prospects looked insurmountably bleak.  One man makes history simply by prevailing: Illinois' Barack Obama is the first African-American that either major party has set forth as its presidential candidate. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-obama-vs.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-obama-vs.html</a> Misplaced disdain - Candidates' attacks may come back at them By Steve Chapman.  Copyright © 2008, Chicago Tribune.  June 1, 2008.  John McCain and Barack Obama are savvy politicians who have won numerous elections and stand poised to capture the biggest office of all. So obviously, each has a good ear for what will persuade voters and what won't. But even Pavarotti sometimes missed a high note. And lately both candidates have been noticeably off-key.  McCain's bad moment came after Obama expressed bewilderment at his opposition to a new GI Bill expanding educational benefits for veterans. Instead of explaining the genuine flaws in the legislation, McCain decided to climb on his high horse. "And I will not accept from Sen. Obama, who did not feel it was his responsibility to serve our country in uniform, any lectures on my regard for those who did," he said, dripping with contempt.  You catch more flies with honey than with vinegar, and McCain's jibe demonstrated that his personality has an excess of acid content. Angry young men may be indulged, but angry old men tend to get dismissed.  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/misplaced-disdain-candidates-attacks.html">http://iretiredfromnewsletters.blogspot.com/2008/06/misplaced-disdain-candidates-attacks.html</a> Chicagoland Chicago makes cut, has Olympic-size to-do list By Kathy Bergen and Jon Hilkevitch.  Copyright © 2008, Chicago Tribune.  June 5, 2008.  Chicago made it into the final phase of the competition to host the 2016 Olympics, but it has some heavy barbells to hoist if it is to capture the gold.  The Second City ranks only third of the four finalists selected Wednesday in Athens by the International Olympic Committee's executive committee. Technical evaluations by an IOC working group cited weak spots in Chicago's transportation plan; construction budgets that appear to be too low; and financial guarantees that don't meet IOC requirements.  Apparently United States Olympic Committee Chairman Peter Ueberroth was on target this spring when he said the Chicago bid is nowhere near being No. 1 in the race for the Summer Games.  Tokyo was judged to be the leader on technical issues, followed by Madrid. Rio de Janeiro followed Chicago. The IOC executive committee eliminated Prague; Doha, Qatar; and Baku, Azerbaijan.  Being No. 1 at this phase is hardly essential: Both London and Sochi, Russia, were No. 3 at this point in their separate competitions, and they went on to win the 2012 Summer Games and 2014 Winter Games, respectively. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-one-of-four-finalists-for-2016.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-one-of-four-finalists-for-2016.html</a> Chicago Tribune Editorial - Get just one thing right.  Copyright © 2008, Chicago Tribune.  June 2, 2008.  Find the logic here:  The people who run the Illinois legislature passed a budget over the weekend and largely ignored everything Gov. Rod Blagojevich wanted. No surprise there. It was clear way back in February, when the governor served up his annual budget address, that he wasn't going to be a factor this year. When nobody trusts you—nobody trusts you.  But in passing a budget that is way out of whack (lawmakers have pretty much admitted they don't have the money to pay for all the spending they approved) they have managed to make Blagojevich relevant again.  Suddenly, he's Mr. Responsibility. He has to use his veto power to balance this budget.   Imagine that. You have to go some to make Blagojevich look like the adult in Springfield. But that's what the legislature did. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-get-just-one.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-get-just-one.html</a> Lawmakers back campaign cash crackdown Posted by Ray Long, Ashley Wiehle, and Jeffrey Meitrodt.  Copyright © 2008, Chicago Tribune.  Updated at 9:54 p.m. with Blagojevich comment.  Without a single dissenting vote, Illinois lawmakers sent Gov. Rod Blagojevich on Saturday a measure aimed at reining in the widespread practice of pay-to-play politics that often allows big campaign contributors to land lucrative state contracts.  The proposal is largely inspired by the Democratic governor, whose campaign fund has collected huge amounts of cash from state contractors.  Despite the criticism, Blagojevich attempted to spin the bill’s passage as a positive, asking “what took them so long?”  “I am looking forward to, with great enthusiasm, acting in a very positive way on that bill,” Blagojevich said. “But I will say there’s a lot more work to do on that issue. In fact there’s significant things that I think we can do and hopefully move that process forward.”  The legislation does not restrict contributions to lawmakers, critics noted, and may leave a loophole that would let the governor or others circumvent the restrictions. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/lawmakers-back-campaign-cash-crackdown.html">http://iretiredfromnewsletters.blogspot.com/2008/06/lawmakers-back-campaign-cash-crackdown.html</a> Chicago Tribune Editorial - Rezko's guilty. Who's next? Copyright © 2008, Chicago Tribune.  June 5, 2008.  The Justice Department's prosecution of Antoin "Tony" Rezko was always about prelude, never about climax. The jury's conviction of Rezko Wednesday on 16 criminal counts is one more point on a long investigative arc—an arc now pointed directly at Gov. Rod Blagojevich and other of his associates.  That arc reaches beyond the horizon to points none of us can see. But prosecutor Christopher Niewoehner unequivocally—and forcefully—told the Rezko jurors during closing arguments where federal authorities now are concentrating: "This is a crime that involves the highest levels of power in Illinois."  All of us have seen before how the office of U.S. Atty. Patrick Fitzgerald follows these investigative arcs in pursuit of official corruption (among others, see Ryan, George, and Sorich, Robert, both in extended engagements with the U.S. Bureau of Prisons). The feds now can exploit Rezko's conviction to learn whatever he or other political players will divulge about the Illinois culture of political sleaze.  As Rezko abruptly transitions from newly christened convict to object of speculation—Will he seek to cut his prison time by cooperating with the FBI?—there is much for the 12 million people of Illinois to ponder: <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-rezkos-guilty.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-tribune-editorial-rezkos-guilty.html</a> Rezko is not just Obama's problem—he's the GOP's By John Kass.  Copyright © 2008, Chicago Tribune.  June 5, 2008.  Will Sen. Barack Obama declare that, if elected president, he would not pardon his fundraiser and personal real estate fairy, Tony Rezko, who was convicted Wednesday of multiple corruption charges in a Chicago federal court?  Obama is Mr. Reform, isn't he? And that's a legitimate question, isn't it?  The National Republican Party is making a big deal out of Rezko, with a snazzy new Barack-Rezko video, questioning Obama's judgment for buying that $1.6 million dream house, with the Rezkos purchasing the lot next door on the very same day in what looked like an old-fashioned back-scratching.  "On the day Barack Obama hoped to unite his party after wheezing over the finish line and claiming the Democratic nomination, a jury in his hometown of Chicago convicted his longtime friend and fundraiser Tony Rezko of multiple felonies," said Republican National Committee Chairman Robert M. "Mike" Duncan. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/rezko-is-not-just-obamas-problemhes.html">http://iretiredfromnewsletters.blogspot.com/2008/06/rezko-is-not-just-obamas-problemhes.html</a> GLBT California Supreme Court refuses to delay gay marriage - The ruling, on a 4-3 vote, means same-sex couples could tie the knot later this month. By Maura Dolan and Jessica Garrison.  Copyright © 2008, The Los Angeles Times.  June 5, 2008.  SAN FRANCISCO - Gay couples in California rushed to set wedding dates Wednesday after the California Supreme Court's unusually quick rejection of challenges to its historic decision permitting same-sex couples to wed.  By rejecting petitions asking for reconsideration of the May 15 ruling, the court, in a 4-3 vote, removed the final obstacle to same-sex marriages starting June 17.  The court also refused to delay enforcement of the decision until after the November election, when voters will decide whether to reinstate a ban on same-sex nuptials. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/california-supreme-court-refuses-to.html">http://iretiredfromnewsletters.blogspot.com/2008/06/california-supreme-court-refuses-to.html</a> Gay marriage ban qualifies for California ballot.  Copyright 2008 Associated Press.  4:47 AM CDT, June 3, 2008.  SAN FRANCISCO - California's Secretary of State says an initiative that would again outlaw gay marriage in the state has qualified for the November ballot.  Debra Bowen says a random check of signatures submitted by the measure's sponsors showed that they had gathered enough for it to be put to voters.  The measure would amend the state constitution to define marriage as a union "between a man and a woman."  It would overturn the recent California Supreme Court ruling that legalized same-sex marriage in the state if it is approved by a majority of voters on Nov. 4. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/gay-marriage-ban-qualifies-for.html">http://iretiredfromnewsletters.blogspot.com/2008/06/gay-marriage-ban-qualifies-for.html</a> Chicago Sun-Times Editorial - OK of gay marriage is up to lawmakers, courts -- not N.Y. gov. Copyright by The Chicago Sun-Times.  June 2, 2008.  Ellen DeGeneres and her girlfriend Portia de Rossi are engaged. She made the announcement on her talk show last month after the California Supreme Court overturned a ban on same-sex marriage.  Ellen is flush with excitement over the prospect of wedded bliss, and she has asked recent guests on her TV show to help her plan the nuptials. This has included Sen. John McCain, whom she asked to walk her down the aisle. She also had Laura and Jenna Bush on the other day, and they talked about the first daughter's recent wedding at the Bushes' Texas ranch.  "Can we borrow it for our wedding?" DeGeneres asked. "Can we get the ranch?"  Ellen is adept at using humor to drive home a larger point: Gay people should be allowed to marry. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-sun-times-editorial-ok-of-gay.html">http://iretiredfromnewsletters.blogspot.com/2008/06/chicago-sun-times-editorial-ok-of-gay.html</a> Gay rights activists defy authorities with rallies.  Copyright 2008 Associated Press.  6:06 AM CDT, June 1, 2008.  MOSCOW - Gay rights activists held small, scattered protests in Moscow on Sunday, flouting repeated refusals from city authorities for permission to hold parades or demonstrations.  Activists repeatedly have tried to hold parades and rallies in the Russian capital to call attention to gay rights. Moscow Mayor Yuri Luzhkov, who has called homosexuality "satanic," has refused them permission.  On Sunday, a small group of protesters gathered outside the famed Tchaikovsky music conservatory, chanting "No to homophobia" and other slogans, organizer Nikolai Alexeyev told Ekho Moskvy radio. Hundreds of riot police and journalists ringed the square in front of City Hall just a few blocks away in anticipation of a larger protest that had been promised but never materialized.  Supporters unfurled a banner from a building over the square reading "Rights For Gays and Lesbians!" before police pulled it down. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/gay-rights-activists-defy-authorities.html">http://iretiredfromnewsletters.blogspot.com/2008/06/gay-rights-activists-defy-authorities.html</a> Out and proud, but hardly comprehensive - Look at Chicago gay life is missing a few things By Misha Davenport - mdavenport@suntimes.com.  Copyright by The CHICAGO SUN-TIMES.  June 1, 2008.  <a href="http://www.suntimes.com/entertainment/television/981741,SHO-Sunday-out01.article.">http://www.suntimes.com/entertainment/television/981741,SHO-Sunday-out01.article.</a>  He who controls the past commands the future. -- George Orwell.  Having been around, participated in and reported on various gay, lesbian, bisexual and transgendered events and issues over the years, I'd be the first to tell you that no one will ever be able to meet the needs of everyone in such a diverse community.   Jane Lynch narrates “Out & Proud in Chicago,” a documentary about 150 years of gay life in the Windy City.   "Out & Proud in Chicago" attempts to distill nearly 150 years of Chicago's LGBT history into a 90-minute documentary.   "The documentary is driven by personal voices and personal stories," producer Dan Andries told me. "That's it's guts. That's its basic structure. Ultimately, it's also got to be 90 minutes long."  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/out-and-proud-but-hardly-comprehensive.html">http://iretiredfromnewsletters.blogspot.com/2008/06/out-and-proud-but-hardly-comprehensive.html</a> Bomb Threat at WTTW Offends All of Chicago. The Chicago Commission on Human Relations, through its Chairman and Commissioner Dana V. Starks, condemns the bomb threat received by WTTW11 in clear reference to its upcoming television program “Out & Proud in Chicago,” a presentation of the history of the lesbian, gay, bisexual and transgender (LGBT) community in Chicago.  “It is shameful and disgusting that this is how our LGBT community  can be treated in Chicago. While we would like to believe that this kind  of homophobia was a thing of the past, unfortunately it continues —this time at the expense of WTTW, Northeastern Illinois University, and also the entire LGBT community,” said Starks. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/bomb-threat-at-wttw-offends-all-of.html">http://iretiredfromnewsletters.blogspot.com/2008/06/bomb-threat-at-wttw-offends-all-of.html</a> Living Trusts – A Smart Way to Avoid Probate By Roger McCaffrey-Boss.  Copyright by Gay Chicago Magazine and Roger McCaffrey-Boss.  June 3, 2008.  The last four articles concerned what to do when someone dies and the legal responsibilities of being an executor for a probate estate of someone who dies. Being an executor of an estate can be a thankless, time-consuming and sometimes costly job and can involve considerable time, sometimes stretching over a period of up to three years.  More and more LGBT couples are using revocable living trusts as a way to efficiently pass on their assets to their partners upon death and to insure that their partners will handle their personal affairs if they ever become incapacitated. A revocable living trust is a legal arrangement where a person executes a written trust document naming themselves as the trustee of their own trust and while alive they transfer their property to their trust so that the trust holds legal title to all their assets. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/living-trusts-smart-way-to-avoid.html">http://iretiredfromnewsletters.blogspot.com/2008/06/living-trusts-smart-way-to-avoid.html</a> Health Care Medicare drug plan costing seniors more By Ricardo Alonso-Zaldivar.  Copyright © 2008, Los Angeles Times.  June 5, 2008.  WASHINGTON — As if soaring prices for food and gasoline weren't enough of a worry, most senior citizens in Medicare's prescription program are paying considerably higher monthly premiums for coverage this year, according to a study to be released Thursday.   Those in the 10 largest plans — which account for nearly three-fourths of seniors signed up for drug coverage—are paying an average of $26.39 a month, or 16 percent more than last year, according to the analysis by Avalere Health, an information company serving the health-care industry.   The rise is modest in dollar terms, and some of the top plans actually lowered their premiums for 2008. But on average, the percentage increase for the prescription plan is greater than the change in Medicare's Part B premium for outpatient care, which rose 3 percent in 2008.   "A 16 percent increase is significant in and of itself, because premiums are rising rapidly at a time when Medicare beneficiaries are finding it harder to afford it," said Dan Mendelson, president of Avalere. "These are individuals on a fixed income who are facing rapidly rising prices elsewhere in the economy."  <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/medicare-drug-plan-costing-seniors-more.html">http://iretiredfromnewsletters.blogspot.com/2008/06/medicare-drug-plan-costing-seniors-more.html</a> Technology Apple relents on iPhones subsidy By Andrew Parker in London, Paul Taylor in New York and Richard Waters in San Francisco.  Copyright The Financial Times Limited 2008.  Published: June 6 2008 22:39 | Last updated: June 6 2008 22:39.  The new version of the Apple iPhone is set to be sold at significantly lower prices than the existing one, in a tacit acknowledgement by the US technology company that its previous sales strategy was not sustainable.  Apple has bowed to pressure from mobile phone operators and agreed they can subsidise the latest iPhone, expected to be unveiled by Steve Jobs, Apple’s chief executive, on Monday.  The subsidy arrangements should increase Apple’s chances of hitting its target of selling 10m iPhones during 2008. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/apple-relents-on-iphones-subsidy.html">http://iretiredfromnewsletters.blogspot.com/2008/06/apple-relents-on-iphones-subsidy.html</a> Other A commuted sentence, and a life reborn By CAROL MARIN cmarin@suntimes.com.  Copyright by The Chicago Sun-Times.  June 7, 2008.  Ten days ago, I took a trip I wouldn't have predicted. This is a story about a near-execution, a graduation and a decision by former Gov. Jim Edgar that has delivered unexpected consequences.  It's a story about rising up and reaching down.  In January 1996, Guin Garcia, an inmate on Death Row at Dwight Correctional Center in Downstate Illinois, was on the verge of execution.  Months earlier, Garcia, a 36-year-old convicted double murderer, had dropped her court appeals, said she was done "begging for her life" and put the wheels in motion for her death by lethal injection. It would mark the first execution of a woman in the U.S. in two decades. It became an international story.  Garcia's biography wasn't pretty. <a href="http://iretiredfromnewsletters.blogspot.com/2008/06/commuted-sentence-and-life-reborn.html">http://iretiredfromnewsletters.blogspot.com/2008/06/commuted-sentence-and-life-reborn.html</a> New! Carlos now has an online store. Order your books directly from Carlos and have them signed and dedicated. <a href="http://www.carlostmock.com/catalog/">http://www.carlostmock.com/catalog/</a> In Pride (orgullo), Carlos T. Mock, MD Www.carlostmock.com Author: Borrowing Time: A Latino Sexual Odyssey - Floricanto Press 2003. Nominated for a Stonewall Award by the American Library Association GLBT Round Table. Author: The Mosaic Virus – Floricanto Press 2007.  Nominated for a Stonewall Award by the American Library Association GLBT Round Table, and a Lammie from The Lambda Literary Foundation Author: Author: Papi Chulo – Floricanto Press 2007.  Nominated for a Stonewall Award by the American Library Association GLBT Round Table, and a Lammie from The Lambda Literary Foundation </BODY> </HTML>