Headlines

Politics

• New Poll Shows Clinton Up 20 Points In Pennsylvania, Obama Maintains National Lead
• McCain: US In Recession, “Greedy” Wall St. To Blame, Blasts Media
• Congressman Apologizes For Calling Obama “Boy” Over Nuclear Simulation
• Obama Mocks Clinton Over “Bitter Working Class” Comment Attacks (Video)
• Obama: I Am Impressive

US

• Historians Unanimous: Bush A Failure
• Shock: Bush To Announce Global Warming Proposal To Congress
• Supreme Court Refuses To Hear Appeal For 12 Year Old Killer

International

• Food Price Riots Erupt Globally, Bush Commits $200 Million
• Western Governments Under Fire For Biofuels Policies Raising World Food Prices
• Berlusconi Elected Italian Premier, Avenging Loss Two Years Ago
• Russian Oil Production Starts Falling
• China Overtakes US - Now World’s Leading Polluter
• Beijing Makes Last Ditch Effort At Clearing Up Pollution Before Olympics
• Zimbabwe’s Supreme Court Refuses To Order Release Of Election Results
• Islamist Terrorists Slay Four Teachers In Somalia
• Israel Snubs Carter, Doesn’t Provide Security For His Visit
• Saudi King: Leave Oil Untapped For Future Generations
• Deadly Dengue Fever Strain Breaks Out In Rio De Janeiro

Business & Economics

• Delta & Northwest Announce Merger To Create World’s Largest Airline (Video)
  
• Retail Bankruptcies Domino’ing
• Surprise Loss Announced By Wachovia
• Blockbuster Launches “Befuddling” Hostile Bid For Circuit City
• Ironically, Bear Stearns Reports Positive Earnings

Video of the Day

This five year-old Rubik’s Cube prodigy took on France’s best in its annual contest.

Politics

New Poll Shows Clinton Up 20 Points In Pennsylvania, Obama Maintains National Lead

A new poll shows Clinton leading Obama in Pennsylvania by 20 points - 57% to 37%. Blue-collar, rural Pennsylvania has always been a long shot for Obama, who fares better with the younger professional ranks of the Democrat party, despite recent polls showing him gain on Clinton in the state (polls also had him winning NH by 10 points the night before the vote - he lost by 2 points). Clinton needs to win Pennsylvania to have any hope of securing the nomination. Gallup’s daily poll shows Obama maintaining a 10 point lead over Clinton among national Democrats, 50% to 40%.

McCain: US In Recession, “Greedy” Wall St. To Blame, Blasts Media

“Sen. John McCain said Monday that he believes the country is in a recession, adding that ‘these are very, very tough times in America.’” McCain blamed “greedy” Wall St. bankers for helping cause the economic downturn from their years of reckless lending and questionable business practices that led to the collapse of the credit markets. He also went on to blast the media for publishing stories that harmed national security and being too opaque and unaccountable, while simultaneously pledging to support stronger shield laws that protect journalists’ ability to maintain the confidentiality of sources.

Congressman Apologizes For Calling Obama “Boy” Over Nuclear Simulation

“U.S. Rep Geoff Davis (KY) apologized Monday for calling presidential contender and U.S. Sen. Barack Obama ‘boy’ during a Northern Kentucky dinner over the weekend. Davis compared Obama, a Democratic contender for president, and his message to a ’snake oil salesman.’ He said in his remarks at the GOP dinner that he also recently participated in a ‘highly classified, national security simulation’ with Obama. ‘I’m going to tell you something: That boy’s finger does not need to be on the button. He could not make a decision in that simulation that related to a nuclear threat to this country.’”

Obama Mocks Clinton Over “Bitter Working Class” Comment Attacks (Video)

After being battered for three straight days over his comments that working class Americans “cling to guns and religion” because they are “bitter”, Obama continued playing defense and went after Clinton, mocking her “‘for throwing back a shot of whiskey in front of TV crews over the weekend and said she must think she’s ‘doing me a favor’ by attacking him and toughening him up for a fall race against Republican Sen. John McCain. ‘I’m sure that Sen. Clinton feels like she’s doing me a favor because she’s been deploying most of the arguments the Republican Party will be using against me in November and so it’s toughening me up. I’m getting run through the paces here.’” It’s surely only a matter of time before Clinton puts out a press release pointing out she doesn’t need to be “toughened up”.

Obama: I Am Impressive

After the chairman of the Associated Press accidentally referred to “Obama bin Laden” in a question directed to Barack Obama at an AP luncheon, Obama quickly corrected him, saying, “This is part of what I have been going through for the past months, which is why it is impressive that I am still standing here.”

US

Historians Unanimous: Bush A Failure

“President Bush often argues that history will vindicate him. So he can’t be pleased with an informal survey of 109 professional historians conducted by the History News Network. It found that 98 percent of them believe that Bush’s presidency has been a failure, while only about 2 percent see it as a success. Not only that, more than 61 percent of the historians say the current presidency is the worst in American history.”

Shock: Bush To Announce Global Warming Proposal To Congress

“President Bush is poised to change course and announce as early as this week that he wants Congress to pass a bill to combat global warming, and will lay out principles for what that should include. Specifics of the policy are still being fiercely debated, but Bush administration officials have told Republicans in Congress that they feel pressure to act now because they fear a coming regulatory nightmare. ‘This is an attempt to move the administration and the party closer to the center on global warming. With these steps, it is hoped that the debate over this is over, and it is time to do something,’ said an administration source.”

Supreme Court Refuses To Hear Appeal For 12 Year Old Killer

The Supreme Court refused to hear the appeal of a 19 year-old sentenced to 30 years in prison for killing his grandparents with a shotgun as they slept and setting the house on fire seven years ago. His attorneys argued the sentence was excessive given his age and that antidepressants were responsible for his behavior.

International

Food Price Riots Erupt Globally, Bush Commits $200 Million

“Riots from Haiti to Bangladesh to Egypt over the soaring costs of basic foods have brought the issue to a boiling point and catapulted it to the forefront of the world’s attention, the head of [Columbia University’s Earth Institute] said Monday.” The president of the World Bank called on the international community to provide $500 million in emergency funding to the UN World Food program. President Bush committed to making $200 million available through USAID.

Western Governments Under Fire For Biofuels Policies Raising World Food Prices

“The EU Commission on Monday rejected claims that producing biofuels is a ‘crime against humanity’ that threatens food supplies, and vowed to stick to its goals as part of a climate change package.” Western governments’ policies of promoting biofuels - derived from plants that would otherwise be used as food - as a replacement for oil-based fuels are coming under fire as the subsequent spikes in world food prices are causing deadly riots around the globe and causing millions more to go hungry.

Europe

Berlusconi Elected Italian Premier, Avenging Loss Two Years Ago

“Media billionaire Silvio Berlusconi won a decisive victory Monday in Italy’s parliamentary election, setting the colorful conservative and staunch U.S. ally on course to his third stint as premier. The victory in voting Sunday and Monday by parties supporting the 71-year-old Berlusconi avenged his loss two years ago to a center-left coalition. Berlusconi capitalized on discontent over Italy’s stagnating economy and the unpopularity of Romano Prodi’s government.”

Russian Oil Production Starts Falling

In another shock to the world’s oil markets, “Russian oil production, for years a vital source of new supplies for world markets, is showing signs of a slump, adding to uncertainties that have helped push oil prices to record highs. Russian output fell for the first time in a decade in the first three months of this year.” The production dip is reportedly due to weather and electricity shortages, but Russia faces much larger problems from the widespread corruption and lack of exploration investment that will plague its ability to find and pump new oil supplies in the near term.

Asia

China Overtakes US - Now World’s Leading Polluter

“China has already overtaken the US as the world’s ‘biggest polluter’, a report to be published next month says. The research suggests the country’s greenhouse gas emissions have been underestimated, and probably passed those of the US in 2006-2007.”

Beijing Makes Last Ditch Effort At Clearing Up Pollution Before Olympics

“[Beijing] officials laid out an ambitious series of measures on Monday that will freeze construction projects, slow down steel production and shut down quarries in and around this capital during the summer in an attempt to clear the air for the Olympics. Even spray-painting outdoors will be banned during the weeks before and after sporting events, which begin on Aug. 8. Although officials initially suggested that the city’s wholesale transformation would be complete long before the opening ceremonies, the announcement nonetheless represents the most detailed plan yet for how Beijing might reach its longstanding pledge to stage ‘green Games’ in one of the world’s most polluted cities. In the past, officials had suggested that the city’s makeover would be completed well before the Games, possibly by the end of 2007.”

Africa

Zimbabwe’s Supreme Court Refuses To Order Release Of Election Results

“The High Court of Zimbabwe on Monday dismissed an opposition demand for the immediate release of the results of a presidential election held 16 days before. Independent monitors say that the country’s autocratic president, Robert Mugabe, trailed badly in the vote and that he may have lost outright. The opposition Movement for Democratic Change, contending that Mr. Mugabe and the military are illegally clinging to power, has called for people across the country to protest by staying home from work on Tuesday.”

Islamist Terrorists Slay Four Teachers In Somalia

“Witnesses said that [a Somali teacher] and three foreign teachers, a Briton and two Kenyans, were killed by Islamist insurgents during a midnight raid on one of the few English-language schools in south-central Somalia. A spokesman for the Shabab militant Islamist group said the teachers were killed by accident after they were caught in cross-fire. But several residents of Beledweyne, the town where the attack happened, said Mr. Daud and the other teachers might have been singled out because they were suspected of preaching Christianity.”

Middle East

Israel Snubs Carter, Doesn’t Provide Security For His Visit

“Israeli leaders shunned former U.S. President Jimmy Carter during a visit because of his plans to meet Hamas and Israel’s secret service declined to assist U.S. agents guarding him. [Carter] angered the Israeli government over plans to meet Hamas’ top leader, Khaled Meshaal, in Syria, and for describing Israeli policy in the occupied Palestinian territories as ‘a system of apartheid’ in a 2006 book.”

Saudi King: Leave Oil Untapped For Future Generations

“Saudi Arabia’s King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world’s top exporter for future generations, the official Saudi Press Agency reported. President Bush in January urged the Saudi King to help tame soaring prices by encouraging OPEC to pump more oil. On separate trips to Saudi Arabia this year, the US Energy Secretary also asked for more oil, while the Vice-President discussed high prices with the king.”

Americas

Deadly Dengue Fever Strain Breaks Out In Rio De Janeiro

“Heavy rains over the past month have created a fertile breeding ground for mosquitoes carrying the dengue fever virus, deepening a crisis that has claimed at least 80 lives in Rio State. The dengue strain ravaging this tropical city is now believed to be stronger and more lethal than the virus responsible for an epidemic in 2002, considered the worst in recent history in Brazil. Since January, 75,399 people have been infected in Rio State, health officials say. The mortality rate is now more than three times as high as it was during the epidemic in 2002, which claimed 91 lives.”

Business & Economics

Delta & Northwest Announce Merger To Create World’s Largest Airline (Video)

“Delta Air Lines and Northwest Airlines agreed to merge late Monday, in a $3.1 billion deal that would create the world’s biggest airline and could prompt other airlines to pursue mergers of their own.”

Retail Bankruptcies Domino’ing

“The consumer spending slump and tightening credit markets are unleashing a widening wave of bankruptcies in American retailing, prompting thousands of store closings that are expected to remake suburban malls and downtown shopping districts across the country. Since last fall, eight mostly midsize chains — as diverse as the furniture store Levitz and the electronics seller Sharper Image — have filed for bankruptcy protection as they staggered under mounting debt and declining sales. But the troubles are quickly spreading to bigger national companies, like Linens ‘n Things, the bedding and furniture retailer with 500 stores in 47 states. It may file for bankruptcy as early as this week, according to people briefed on the matter.”

Surprise Loss Announced By Wachovia

“The Wachovia Corporation kicked off what is expected to be a grim earnings season for the nation’s banks on Monday, stunning Wall Street with an unexpected loss. The red ink at Wachovia, the country’s fourth-largest bank, signals that the pain for the financial industry is far from over. Giants like Citigroup and Bank of America, as well as dozens of smaller banks, are expected to report weak results in the coming days and weeks”

Blockbuster Launches “Befuddling” Hostile Bid For Circuit City

“A hostile bid by Blockbuster, the financially ailing video-rental giant, to acquire Circuit City Stores for more than $1 billion in cash left Wall Street befuddled on Monday, as investors questioned the benefits of an unlikely union of two troubled companies. Blockbuster is seeking to expand its struggling rental franchise into a one-stop shop for electronics and entertainment products. Its executives said that Circuit City, despite poor sales, could provide additional retail space and complementary products like television sets and DVD players.” Circuit City said Blockbuster won’t be able to raise the necessary funding and advised it’s shareholders to take no action.

Ironically, Bear Stearns Reports Positive Earnings

“Reflecting the stunning speed with which a funding crisis engulfed Bear Stearns Cos., the Wall Street firm reported a profit of 86 cents a share for its fiscal first quarter, which ended just weeks before it agreed to be sold to J.P. Morgan Chase & Co. for $10 a share. In a securities filing Monday, Bear also disclosed that it received a notice from the Securities and Exchange Commission that civil charges could be in the offing for anticompetitive practices in its bidding for municipal securities. In addition, the Federal Trade Commission has said it believes Bear and its EMC Mortgage Corp. mortgage-servicing unit have violated federal consumer-protection statutes, according to the filing.”