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Unforeseen consequences - 2002 vote for Iraq War dug $635bil hole in 6 yrs, now another vote $700bil to fill it?
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Like the momentous 2002 decision authorizing the invasion of Iraq, Congress' vote on a $700 billion financial industry bailout figures to reverberate unpredictably, both for the economy and for the politicians vowing to protect it.
The White House and congressional leaders already have made up their minds. Confronted with the defeat of an earlier measure in the House this week and increasingly urgent warnings of economic hardship, they've begun rounding up votes the old-fashioned way.
They're buying them.
A revised bailout bill includes tens of billions of dollars in tax breaks for the middle class, for homeowners who don't itemize their deductions, and for property owners in Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Add on the $3 billion funding dollop for rural school programs over the next five years. And another $8 billion over the same period in disaster aid, much of it for Midwestern states. And toss in unrelated legislation, far-reaching in its own right, requiring insurance plans to provide better benefits for mental health.
None of these has any direct bearing on the problem afflicting Wall Street and the entire economy. Yet in the currency of Congress, each is rapidly becoming part of the solution.
Yet if the vote on Iraq is any indication, the consequences will be more profound than even the lawmakers understood at the time. read more »
World's most decorated penguin: Sir Nils Olav, honorary colonel-in-chief of Norwegian King's Guard, now a knight
*UPDATE 22 Aug 2016* Knighted penguin Sir Nils Olav inspects his guard and gets promoted to Brigadier
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For the com- manding officer of the Nor- wegian King's Guard, it was a moment as surreal as it was moving. As Lieutenant-Colonel Ingrid Gjerde surveyed the scene before her in Edinburgh yesterday, she must have wondered whether she was dreaming. For the King's Guard was about to award a knighthood to what was already the world's most decorated penguin.
Nils, or now Sir Nils Olav, waddled into the history books Friday when he was knighted by a visiting royal Norwegian regiment in Scotland. The king penguin became the first black-and-white pint-sized Norwegian Sir with wings after inspecting the Norwegian King's Guard, which is visiting Edinburgh for the annual Military Tattoo. read more »
Warship now a home for fish: U.S.S. Oriskany, The Great Carrier Reef, is largest vessel ever sunk to make a reef
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PENSACOLA, Fla. - For Thom Dietmeyer, a retired naval officer, standing again on the bridge of his old ship was a dream come true, even if he was 70 feet below the surface of the ocean. “I knew exactly where I was going as soon as I got down there,” he said, recalling the dive, which took place a year ago last May on the wreck of an aircraft carrier called the Oriskany. The U.S.S. Oriskany, known as the Mighty-O, was commissioned in 1950 and served in Korea and Vietnam. The ship was sunk by the Navy in May 2006 under a pilot program to convert decommissioned vessels into artificial reefs. At 44,000 tons, 888-foot-long, it is by far the largest vessel ever sunk to make a reef.
Iraq Prime Minister pushes for firm withdrawal date, demands all foreign troops out by 2011
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BAGHDAD — Days after top Iraqi and American officials suggested that a draft of the security pact between the countries was close, Prime Minister Nuri Kamal al-Maliki toughened his language, reiterating earlier Iraqi demands for a fixed date for the withdrawal of American troops. “It is not possible for any agreement to conclude unless it is on the basis of full sovereignty and the national interest, and that no foreign soldiers remain in Iraqi soil after a defined time ceiling,” Mr. Maliki said in a speech to Shiite tribal leaders in Baghdad’s Green Zone.
Impact of Iraq War: US weakened. EU distracted. Russia’s $18.9 bil trade surplus & troops deeper into Georgia - nations panic
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Fears were raised as Russian troops opened a second front by pushing deep into the west of Georgia. Yesterday other former Soviet bloc countries warned that the Kremlin was becoming ever more aggressive and authoritarian and could try to restore control to more of its former territories.
Czech Republic foreign minister Karel Schwarzenberg compared Russia’s incursion into Georgia to the Soviet invasion of Czechoslovakia in 1968 to crush the so-called Prague Spring uprising against Communist rule.
Schwarzenberg said the Czech Republic supports Georgia and added that “it is a sad coincidence” that the fighting in Georgia takes place at the moment when the country is marking the 40th anniversary of the invasion of Warsaw Pact troops in August 1968. And the presidents of Poland and three Baltic states, formerly members of the Soviet bloc, labeled Moscow’s approach “imperialist and revisionist.” read more »