Palin’s Energy Speech: But Can We Say Thanks But ~ No Thanks !!

Here a pro-future energy plan – quickly constructed.

In the future we are going to drive vehicles with mechanics which don’t use oil and gas.

Our factories will be powered by an energy source which cost little or nothing – lowering the cost of production.

The amount spent on energy could be shifted to research and development – we could create more if we don’t have to factor in the energy cost.

Once the cost of energy is out of the equation — as with most things there is an energy cost to manufacture it, and another energy cost to deliver it – to the wholesaler – then another energy cost to either deliver it to the consumer or the retail outlet, each time a product has to be moved or made or cooked, then the energy cost is added on to it like a tax.

Once you take that expense out of the system – then you are instantly looking a system where there is more money.

In your own home – if we don’t have to pay for electricity or heating, or gas to power our cars – or if we can significantly reduce these costs in the short term – and say wages stay the same – then you could instantly see how you could have more money in your own household. But if we could take the cost of energy out of the whole system, or significantly reduce it, then we could see how there would be more money for everyone – as sales or demand may go up and prices go down. We become the limiting factor and not energy availability or its cost. How we want to use and recycle materials for use again, becomes the limiting factors, on what we produce.

TOLEDO, Ohio – No blaring country songs. No pink handmade signs. No rousing chants of “Drill, baby, drill.”

Gov. Sarah Palin abandoned the usual flash of her campaign rallies on Wednesday to deliver her second policy speech as the Republican vice-presidential nominee, an address focused on energy security.

Standing on a riser above a concrete floor, under the glare of fluorescent lighting, Ms. Palin addressed fewer than 200 people, mostly employees of Xunlight Corporation, a spin-off from the University of Toledo that manufactures solar energy implements.

She called for greater energy independence, blaming decades of presidents and legislators for failing to achieve it.

“It’s been 30 years’ worth of failed energy policies in Washington, 30 years where we’ve had opportunities to become less reliant on foreign sources, and 30 years of failure in that area,” Ms. Palin said. “We must steer far clear of the errors and false assumptions that have marked the energy policies of nearly 20 Congresses and seven presidents.”

Ms. Palin also laid the blame at the feet of her Democratic counterpart, Senator Joseph R. Biden Jr., who has opposed offshore drilling. Mr. Biden was overheard telling a supporter on the campaign trail that he did not support clean-coal technology in the United States.

“He says that clean coal is O.K. for China, but sorry, Ohio, Joe Biden says it’s not for you,” she said. “And that is just nonsense.”

If Senator John McCain is elected, she added, $2 billion a year would be devoted to clean-coal research and development.

Ohio Gov. Ted Strickland released a response on behalf of the Obama campaign:

“In a bit of rare straight talk, Sarah Palin attacked her own running mate’s record today by blaming our oil addiction on ‘thirty years of failure’ in Washington,” said Governor Ted Strickland. “John McCain was there for twenty-six of those years, during which he voted against alternative sources of energy and stood with oil industry lobbyists instead. Now he wants to give those oil companies an additional $4 billion in tax breaks, even as he proposes pennies for the kind of renewable energy that can end our dependence on Mideast oil and create new jobs. After decades of John McCain’s failed leadership on energy, we can’t afford four more.”

As a vice-presidential candidate, Ms. Palin has leaned heavily on her record in Alaska challenging the power of oil companies, and as governor, she negotiated a $40 billion pipeline that would deliver natural gas from the North Slope of Alaska to the lower 48 states. But that project, which she described in her speech on Wednesday, is years away from federal approval and will not be built for at least a decade.

Source: NYT

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U.S. Forces Nine Major Banks To Accept Partial Nationalization

 

Jokes: Bush went in as a Social Conservative and came out as a Conservative Socialist.

There are two problems here – one is the folding banking industry around the world – and the other is that the weakened banking industry would allow – outsiders and mainly sovereign wealth funds to come in a cherry pick the banks and or industries that they want at rock bottom prices – these very powerful sovereign funds are mainly coming from three areas – the Middle East, Russia and China. Their investments at a time like this would give these areas undue influence over US and EU banking and insurance industries – but more their investments will give these countries or regions undue influence over US and possibly EU policy. With undue Middle East influence we could all be eating Halal. Western governments had to act.

To blame – of course are a number of things – but one is George Bush’s oil policy. Since the US only has 3% of the world’s oil – to fund its oil usage – it has to get oil from somewhere else. Saudi Arabia held almost all of the cards up until the war in Iraq – and the removal of Saddam Hussein – allowed the US create a major oil player in Iraq. But the cost was enormous. Yesterday 40bn barrel Iraqi oil contracts were put on sale in London. Drill Baby Drill to Big Oil. The problem is that the cost of the war could have funded the industry to build solar panels for every roof – in sunnier areas. And the new research in a whole host of energy alternatives – which would one day become fixtures – or until we develop the new technology.

If you listen to McCain – and Palin – Russia is ready to attack – but the real deal is the laying and operation of a gas pipeline through Georgia. So like Iraq – likely there will be a military build up there – against the evil Russia – to secure the oil or gas coming from there.

Under Bush’s policy vast amounts of money is being transferred to the Middle East – vast amounts of money is going into wars for oil – under “security” – Condi recently had a meeting with the Libyan leader – with the intention of vast amounts of US money flowing into Libya.

While in the US infrastructure crumbles, while the people in the Western world are at the whim of dictators – like Chavez, or Russia which clearly is putting its interests first. And in the Middle East – which showed itself when George Bush didn’t speak at the Israeli Kenesit – as the German Chancellor Angela Merkel did- because – he had to ask the Saudi’s to lower the price of oil – and as a part of that deal – he slung them some nuclear technology.

The oil game is a crazy game and it is leaving the US broke and at a disadvantage. The advantage and the money are in new generation of ET energy technology – one where for example cars are run on magnetism (magnetic motor) – and more efficient battery technologies. What would it mean to the US and EU countries – if they could get a mechanized factory – a factory of robots – to work around the clock without having to take into account the cost of energy. With this we can compete with China. There would be no need to ship jobs abroad.

The candidate with real foresight is Barack Obama. He’s thinking.

President Bush, right, smiles during the G20 ministerial meeting at the International Monetary Fund Saturday, Oct. 11, 2008 in Washington. From left, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Bush. (AP Photo/Evan Vucci) (Evan Vucci - AP)

The U.S. government is dramatically escalating its response to the financial crisis by planning to invest $250 billion in the country’s banks, forcing nine of the largest to accept a Treasury stake in what amounts to a partial nationalization.

News that European governments also planned to take stakes in their banks and anticipation of new U.S. measures unleashed a tremendous surge in U.S. stock prices yesterday, with the Dow Jones industrial average soaring to the biggest percentage gain since the 1930s, up 11.1 percent. It ended 936.42 points higher, the largest point gain ever, just days after the Dow had its steepest weekly decline in history.

The Treasury Department’s decision to take equity stakes in banks represents a significant reversal, coming just weeks after Treasury Secretary Henry M. Paulson Jr. had opposed the idea. In a momentous meeting yesterday afternoon in Washington, Paulson, flanked by top financial regulators, told the executives of nine leading banks that they needed to participate in the program for the good of the national economy, two industry sources said on condition of anonymity because they were not authorized to speak publicly.

The government’s initiative, which was to be announced this morning before the markets open for New York trading, is part of a wider plan that goes beyond the $700 billion rescue package approved by Congress earlier this month. The Federal Deposit Insurance Corp. is also set to announce today the launch of an insurance fund to guarantee new issues of bank debt. It will provide unlimited deposit insurance for non-interest-bearing accounts, which are widely used by small businesses for payroll and other purposes.

In pressing the bank executives to accept partial government ownership, Paulson’s message was clear: Though officially the program was voluntary, the banks had little choice in the matter. In exchange for giving the Treasury minority stakes, the nine firms would jointly receive an investment worth $125 billion. The government would make another $125 billion available for the next 30 days to thousands of other banks and thrifts across the country.

Federal officials set conditions, telling the banks they could not raise their dividends without government permission and could not offer their executives new retirement packages, though the old packages would remain intact.

Paulson told them the moves would shore up confidence in their own institutions, spark lending throughout the system and send a message to smaller institutions that there is no stigma in accepting federal funding. Though some were reluctant, all of the executives complied.

There is a risk that banks will take the new government capital and use it to bolster their balance sheets but still not resume lending, and the Treasury is not getting any specific contractual guarantee to prevent that from happening. But bank regulators, particularly the Federal Reserve, will lean heavily on the firms receiving infusions to use the capital to increase their lending to businesses and consumers.

Taken together, the steps planned by the Treasury, the FDIC and the Federal Reserve amount to a monumental effort to jump-start the business of lending, which all but dried up in recent weeks as banks have lost faith in one another and their customers. Global markets began to melt down. Some emerging nations teetered on the brink of financial collapse.

Source: Washington Post