A growing movement towards taxation of endowments continues to pick up speed. The lastest addition to the argument is by conservative radio host Glenn Beck. Mr. Beck highlights the thoughts of many when he preaches on the hypocrisy of higher education.
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West Virginia dealt Obama a blow last night by giving Hillary Clinton a 41 point victory. More important than the percentage win is that Hillary won by nearly 150,000 votes. This puts Hillary in the overall lead in the popular vote by a little under 20,000. When Michigan is taken out of the mix she is still down approximately 300,000 votes. Kentucky should erase most of that next Tuesday.
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Barack Obama is challenging McGovern and Carter for the Worst Presidential Candidate Award. At the very least he is assured of placing first in that category for candidates of this century. The lastest setback, which actually isn’t his fault, concerns the phonebanking by palestinians. American Spectator’s, Phillip Klein commented on the video, “It’s been around, but I’m just now seeing this Al Jazeera report of Palestinians in Gaza phonebanking for Obama. I hear that Hamas, which has endorsed Obama, has a bit of influence in those parts.”
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The Senate voted 97-1 to halt the shipment of crude oil to the strategic petroleum reserves. The House is expected to also vote on the issue. It was stated that it makes no sense for the American government to keep purchasing oil at the highest price in history. This statement would be accurate if a strike on Iran is not in the near future. Any unrest in an oil producing nation such as Iran would create a spike in oil prices that would have to be offset by a release from the reserves.
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A Prediction concerning oil prices from www.AlternativeInvestmentsReview.com :
Prediction: Oil prices will spike in the near term with continued global unrest and a greater focus on speculation. The speculation component in oil prices will have an effect on the volatility and not the underlying price. Therefore, the price for crude will have much wider swings in price. Global unrest will not evaporate as a concern and the strike on Iran will send prices into the stratosphere. The good news is that new reserves are being discovered in friendly parts of the world (Greenland, Brazil etc.). Also, Canadian tar sands only run $45 a barrel to produce and oil shale in America will likely play a role within the next 3-5 years. In a nutshell, crude should be at no more than $65 a barrel when the dust settles.
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McGovern has switched sides and has left the Clinton camp for Obama. With a proven winner like McGovern on board Obama should be unstoppable.
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Hillary Clinton picked up an endorsement from the Indianapolis Star. The endorsement was for the primary and the editorial highlighted the lack of experience on the part of Obama. The two most important primaries remaining are Indiana and North Carolina. Both will be held on Tuesday, May 6th.
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The Washington Post reports that Congressman Vito Fossela was arrested for driving while intoxicated. According to the report he is scheduled to appear at an advisement hearing in Alexandria on May 12th.
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Northwestern University has withdrawn the offer to give Wright an honorary degree this year. The offer was withdrawn in March after his explosive comments were revealed.
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The Federal Reserve bank may finally stop cutting rates. This is a positive signal that our economy is regaining strength. The seven rate cuts have changed the face of the commodities market and have severely weakened the dollar.
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Petrobas, the state controlled oil company of Brazil, plans to become a more frequent issuer of bonds. The bonds will be to help fund development of the oil reserves that have been discovered. The massive find will take some time to develop but it will likely change reliance on Opec oil.
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The North Carolina machine continues to circle their wagons again Hillary in an attempt to derail Obama. Obama has an ability of turning Hillary foes into her best friends. Earlier in the campaign he managed to push Edwards to the Hillary camp which could not have been easy.
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Bush showed the sense of humor that Americans have come to love at the White House correspondents’ annual dinner. On the absence of the main candidates for President Bush stated:
“Senator McCain’s not here, he probably wanted to distance himself from me a little bit. You know, he’s not alone. Jenna’s moving out too.” He went on to say, ” Hillary Clinton couldn’t get here because of sniper fire and Senator Obama’s at church.”
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The price of oil declined on Thursday due to the expected future decline of the Euro. Oil prices and the Euro have been moving in a near lock step fashion. The demand for oil is also expected to decline. The decrease isn’t substantial when in comparison to the recent gains in oil. However, it did appear that it could lead to a string of oil dips. Next week should have an inventory report showing large gains in crude stock. The Strategic Petroleum Reserves are at near full capacity. This means that the number one consumer of crude oil, the American government, won’t be a buyer for long. This brings us to the iranian gun boat part of the story. It seems as though every time oil prices take a dip and look like they may suffer deep declines due to fundamentals out come the gun boats. When there is unrest in the region oil spikes as it did on Friday. Are these gun boat tactics on the part of the Iranian government just a ploy for them to prop up oil prices? In the end it won’t matter all that much. Oil will spike when Iran is confronted with military force which is likely to happen in the near future.
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NY State Senate Swings To 35 Dems –
Prediction: In New York, the Democrats will have 35 State Senators after the November election.