Tag Archives: country

Wyclef Jean Slams Sean Penn, Pras

‘Maybe [Penn] ain’t see me in Haiti because he was too busy sniffing cocaine,’ ‘Clef sings in concert. By Mawuse Ziegbe Wyclef Jean and Sean Penn Photo: Getty Images Wyclef Jean may not be president but he’s got some high-profile critics. When the singer and musician launched a highly-publicized bid for president of Haiti in August he had a lot of support, but also some very vocal detractors — namely actor and fellow activist Sean Penn and Jean’s former Fugees bandmate Pras. Both stars publicly questioned ‘Clef’s political credentials and at a New York City on Friday, Jean lashed out against the critics. “I got a message for Sean Penn: Maybe he ain’t see me in Haiti because he was too busy sniffing cocaine,” Jean sang at Hot 97’s On The Reggae Tip concert , switching up the lyrics to his 2004 song “President.” “I got a message for Praswell, even though you don’t want to support me, I got love for you, even though you only kicked 8 bars in the Fugees.” A few weeks after announcing his plans for the presidency, Jean was declared ineligible to run by Haitian electoral officials . Wyclef’s lyrics are the latest swipes in a series of public comments between the musician and Penn and Pras. When Jean spoke about his plans to run for Haiti’s head of state on CNN, Penn, who was also a guest on the show , expressed his concerns about the singer’s motivations for seeking political office. “Right now, I worry that this is a campaign that is more about a vision of flying around the world, talking to people. It’s certainly not one of the youth drafting him. I would be quite sure that this is an influence of corporations here in the United States and private individuals that may well have capitalized on his will to see himself flying around the world,” Penn said. The actor also wrote in a Huffington Post column that despite Jean’s public support for the island nation, the MC wasn’t around during critical moments after Haiti’s devastating January earthquake. “I was there for those six months after the earthquake and so many of us on the ground wondered where he was when that kind of attention was so necessary and absent, and why he was NOT helping to keep this desperate situation in the news,” he wrote. “None among us felt or expressed anger toward it, but rather a universal sadness for his silence, as he is America’s most admired cultural link to Haiti.” Pras questioned ‘Clef proposed strategy — or lack thereof — for revitalizing the country after the distaster. “He talks about health care, he talks about education, he talks about infrastructure,” Pras told MTV News last month. “But that’s in any society. That’s right here in America, we need that. But how are you gonna get to that point? There’s a short-term goal that needs to be addressed and there’s a long-term goal. To be honest with you, the short term is probably more important than the long term. And he didn’t even mention the short term.” What do you think about Wyclef Jean’s comments about Sean Penn and Pras? Let us know! Related Artists Wyclef Jean Pras

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Wyclef Jean Slams Sean Penn, Pras

Kurtz Asks TIME Editor Why He Doesn’t Have Any Conservative Columnists

Howard Kurtz on Sunday asked the editor of Time magazine why he doesn’t have any conservative columnists.  “Rick [Stengel], you’ve just hired Fareed Zakaria, whose “GPS” program on CNN precedes mine,” said Kurtz on CNN’s “Reliable Sources. “And you have, of course, Joe Klein, well-known liberal writer and columnist,” continued Kurtz. “Now, with all the hiring that you’ve done, how have you not managed to find a conservative columnist?” Most humorously, after giving what he must have thought was a cute answer, Stengel quickly contradicted himself (video follows with transcript and commentary):  HOWARD KURTZ, HOST: Rick, you’ve just hired Fareed Zakaria, whose “GPS” program on CNN precedes mine. And you have, of course, Joe Klein, well-known liberal writer and columnist. Now, with all the hiring that you’ve done, how have you not managed to find a conservative columnist? RICHARD STENGEL, TIME EDITOR-IN-CHIEF: I would love to find one. So I’m talking — if you’re listening and you’re a fantastic conservative columnist, and you want to write for “TIME,” give me a call. Cute answer, but pretty pathetic when you think about it. After all, there are many conservative writers out there. If Stengel wanted to hire one, it wouldn’t be too difficult. Unfortunately, Kurtz gave him a pass on this and moved on:  KURTZ: And you know, you have Nancy Gibbs writing the back page column, but at times I look at “TIME” magazine and it seems like a bit of a boys club. You have a lot of prominent male writers. Is that an area you need to work on as well? Here comes the truly delicious contradiction:  STENGEL: Of course it’s an area we need to work on. I mean, we do a lot of stories that actually are focused on a female audience and female readers. You know, I do think that just the way “TIME” in many ways is actually a snapshot, a mirror of America — you know, we’re red and blue, we’re in the center of the country, we’re on the coasts — I mean, we should also mirror the way America is too in terms of diversity, gender, all of that. How can a magazine be “red” without one  conservative contributor? Doesn’t make much sense, does it? Sadly, Kurtz gave him a pass on this as well. 

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Kurtz Asks TIME Editor Why He Doesn’t Have Any Conservative Columnists

Monica Crowley Smacks Down Eleanor Clift Over Racism in the Tea Party

Conservative radio host Monica Crowley on Friday smacked down Newsweek’s Eleanor Clift over racism in the Tea Party. In the second segment of “The McLaughlin Group,” the host addressed July’s controversial resolution by the NAACP condemning so-called racist elements within the Tea Party. Liberals Clift and Clarence Page of the Chicago Tribune predictably supported the NAACP while bashing the conservative organization. Crowley with the support of Pat Buchanan defended the Tea Party while calling the NAACP irrelevant. With McLaughlin surprisingly taking Crowley and Buchanan’s side, sparks flew in an oftentimes heated discussion (video follows with partial transcript and commentary):  MONICA CROWLEY: Look, the Tea Party has an issue with the content of Obama’s policies, not the color of his skin, and I find it amazing that the NAACP would waste its time on nonexistent racism in the Tea Party when there are so many problems that still plague the black community like black on black violence, like fatherlessness, like education and drugs and guns in the inner cities. And so it seems to me to be a straw man that the NAACP set up because they are less willing to really confront all of those vexing problems in the black community. JOHN MCLAUGHLIN, HOST: Exit question. CLARENCE PAGE: I think they are confronting them, but they don’t get the publicity until they attack the Tea Party. But believe me, they are dealing with those problems. ELEANOR CLIFT: Let’s have you do a radio show on what they’re doing on all those other issues. CROWLEY: And I have, Eleanor, I have. But you clearly don’t listen to it. After McLaughlin asked what kind of damage has the NAACP’s resolution done to race relations in this country, the sparks really flew: CLIFT: The NAACP is not hurting race relations. We have a very active faction on the right using racial issues as a wedge to try to defeat Democrats and a black president and I think that is where… CROWLEY: Oh boy. CLIFT: You’re gonna say that’s not true? CROWLEY: Well, I’m saying that you are making our point that when the left goes out there and stokes these kinds of racial issues when they don’t exist, what happens is it dilutes real racism and that’s the danger. CLIFT: Oh, so this is called stoking? CROWLEY: Yes. After some crosstalk, Page pressed the issue: PAGE: Well, I was just going to say, these are, these are kind of a smokescreen, they’re kind of totems. The NAACP is as important to the base of the Democratic Party as the Tea Party is to the base of the Republican Party and so that so never the twain shall meet. But, for you to say racism is not a problem anymore, that’s exactly the kind of thing… CROWLEY: No, that’s not what I said. I said nonexistent racism in the Tea Party. I didn’t say racism doesn’t exist in America. PAGE: Nonexistent racism in the Tea Party. That’s the same thing. From the vantage point of African-Americans and most liberals, they would say, “No way.” And that’s the real problem, Clarence. This comes from the vantage point of African-Americans and most liberals despite  lacking evidence to support that position:  CROWLEY: That’s not what I said. Let’s be clear. MCLAUGHLIN: Can we restore order here? CROWLEY: My point was that when we start slapping on the racist label, whether it’s on the right or the left, we end up diluting real racism. MCLAUGHLIN: President Obama said he was introducing a post-racial America. Do you think this action by the NAACP… PAGE: When did he say that, John? MCLAUGHLIN: …has torpedoed that? PAGE: When did he ever say that? MCLAUGHLIN: In his speech, in his speech on race. PAGE: No, no, he was introducing a post-racial America. CLIFT: The media announced that. PAGE: The media said that. MCLAUGHLIN: On the basis of his speech. That’s correct! Whether Obama specifically said that in his March 2008 speech in Philadelphia is somewhat irrelevant if that’s the way media reported it at the time:   PAGE: No, this is important, John, because Barack Obama… MCLAUGHLIN: You mean he doesn’t stand for a post-racial America? PAGE: Throughout Barack Obama’s campaign, I defy you to find me where he ever said it. No, he only talked about race when he had to, and that was after Reverend Wright.  MCLAUGHLIN: Well, he gave a 35, 45-minute speech on race, remember that? PAGE: Yes he did, he never said anything about a post-racial society. MCLAUGHLIN: I think he said it. PAGE: Go back to that speech and find me the bite. MCLAUGHLIN: Does he in the mind of Americans stand for a post-racial America? The answer is yes. PAGE: That’s different. MCLAUGHLIN: The NAACP torpedoed it, yes or no? PAGE: They did not torpedo it, not at all. MCLAUGHLIN: I think they torpedoed it. PAGE: Americans still view Barack Obama basically as the embodiment of racial progress. He didn’t have to say it. BUCHANAN: John, you’re right. Stick to your guns, you are exactly right. It damaged the whole idea of a post-racial America for no reason whatsoever. PAGE: We’ll be post-racial when we’re post-racist. MCLAUGHLIN: How much damage, on a ten scale? Is it cataclysmic damage? BUCHANAN: I think the series of things that’s not only Rev. Wright, but it’s Sgt. Crowley and this and the Black Panther thing has severely damaged what everybody hoped would be a post-racial America. (CROSSTALK) CLIFT: When a political party stops using race as a wedge, not because that party is racist… BUCHANAN: You all don’t use race as a wedge? For heaven sakes. CROWLEY: Eleanor, come on! In the end, what happened on that set was the embodiment of the condition of race relations in this nation today, as Left and Right have a diametric view of the problem as well as the causes. Yet, maybe most telling was how both Clift and Page blamed the media for the perception that Obama was going to create a post-racial America. They, of course, were quite correct in their accusation, but neither chose to accept responsibility despite their shameless. I wonder why that is?

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Monica Crowley Smacks Down Eleanor Clift Over Racism in the Tea Party

The Chill Wave Movement

This Summer I was riding the Chill Wave, one of the most important genres of music of the modern world. This music is refreshing and awesome. Some might say it's like you're on drugs, but you really don't need drugs to enjoy this. For sure it will make you feel good. Pure Ecstasy. . . ……………………………………………………. “It generally has an ‘80s influence, which is definitely pretty heavy in my stuff,” said Ernest Greene, a.k.a. Washed Out, one of the acts being touted as part of the trend. New Wave-sounding samples and ambient music is often interlaced with dance-y beats, and the approach to recording is decidedly lo-fi. Carles explained the genre this way in a post last summer: Chillwave, he wrote, “sounds like something playing in the background of an old VHS cassette that you found in your attic from the late ’80s/’90s.” Chillwave isn’t limited to a geographic region, but the South and East Coast figure prominently. Bundick is from South Carolina while Greene is from Georgia. Other so-called chillwave bands, like Small Black and Neon Indian, are New York-based, while Memory Tapes, a.k.a. Dayve Hawk, hails from New Jersey. That’s where the parallels end. Whereas musical movements were once determined by a city or venue where the bands congregated, “now it’s just a blogger or some journalist that can find three or four random bands around the country and tie together a few commonalities between them and call it a genre,” said Alan Palomo of Neon Indian. ……………………………….. More at the link: http://blogs.wsj [dot]com/speakeasy/2010/03/13/is-chillwave-the-next-big-music-trend/ + CHILL WAVE MUSIC VIDEOS BELOW added by: Einsam_Data

Newsweek Hates Fox News: Cover Story Blames Them for New Era of ‘Big Lie Politics’ About Obama

Newsweek has once again gone over the top in their support of Barack Obama, but at least the cover reflects that Obama’s popularity is collapsing. It’s called the “The Making of a Terrorist-Coddling, Warmongering, Wall Street-Loving, Socialistic, Godless, Muslim President.” There’s an asterisk that leads to the note “who isn’t actually any of these things.” Perhaps to be true to their fanboy image, they should just leave that Obama photo on their logo every week. Liberals hate the cover already. Take Michael Shaw on The Huffington Post: “So, the question is, how much more is this desperate-to-stay-in-business “news” publication going to pander to the haters and the far-right crazies as we hurtle through the mid-term sprint?” The cover story by Jonathan Alter comes with the whining subhead “Obama’s enemies have painted him as an alien threat. Can he fight the flight from facts ?” His enemies—and even some of his ostensible allies—have been busy for three years painting Obama as some kind of alien threat. His name, race, exotic upbringing, and determination to reach out to moderate Muslims have given those who would delegitimize him a fresh palette of dark colors. The caricatures are almost comical, as the president himself recognizes. “Some folks say, ‘Well, you know, he’s not as cool as he was,’?” Obama said at a May fundraiser in California. “?‘When they had all the posters around and everything.’ Now I’ve got a Hitler mustache on the posters. That’s quite a change.” Our maddening times demand that the truth be forthrightly stated at the outset, and not just that the president has nothing in common with the führer beyond the possession of a dog. The outlandish stories about Barack Hussein Obama are simply false: he wasn’t born outside the United States (the tabloid “proof” has been debunked as a crude forgery); he has never been a Muslim (he was raised by an atheist and became a practicing Christian in his 20s); his policies are not “socialist” (he explicitly rejected advice to nationalize the banks and wants the government out of General Motors and Chrysler as quickly as possible); he is not a “warmonger” (he promised in 2008 to withdraw from Iraq and escalate in Afghanistan and has done so); he is neither a coddler of terrorists (he has already ordered the killing of more “high value” Qaeda targets in 18 months than his predecessor did in eight years), nor a coddler of Wall Street (his financial-reform package, while watered down, was the most vigorous since the New Deal), nor an enemy of American business (he and the Chamber of Commerce favor tax credits for small business that were stymied by the GOP to deprive him of a victory). And that’s just the short list of lies.  Please remember the last president, George W. Bush, when the topic is dictator and Muslim-radical analogies, and remember what Alter and his Newsweek-lings wrote and said:  “We’re seeing clearly now that Bush thought 9/11 gave him license to act like a dictator, or in his own mind, no doubt, like Abraham Lincoln during the Civil War….If the Democrats regain control of Congress, there may even be articles of impeachment introduced. Similar abuse of power was part of the impeachment charge brought against Richard Nixon in 1974.” — Newsweek’s Jonathan Alter in a “Web-exclusive commentary” posted on December 19, 2005 on the Newsweek website.  “In the words of one of his [Ayatollah Sistani’s] aides, ‘the representation of our Sunni brethren in the coming government must be effective, regardless of the results of the elections.’ As an Iraqi politician said to me, ‘There are currently two Grand Ayatollahs running Iraq: Sistani and Bush. Most of us feel that Sistani is the more rational.’” — Newsweek’s Fareed Zakaria in a column published in the magazine’s January 24, 2005 edition. “[Russia’s Vladimir Putin is] the only one of those leaders who goes in there [the G8 summit] with a commanding popularity among his own people, because he is perceived to be an effective dictator. What we have in this country is a dictator who’s ineffective.” — Newsweek contributing editor Eleanor Clift on The McLaughlin Group, July 15, 2006. Earlier this year , it was Alter who said on the Keith Olbermann show that the Republicans were terrorist-enablers for suggesting President Obama was weak. I wish they would look into their souls a little bit, is that if they convey over and over again that the president of the United States is weak, what does that do? It emboldens the terrorists. And I don`t say that lightly. But think of — think of terrorists overseas and — or at home, who might be plotting an attack. If they think that the president is weak, which he is not. He`s manifestly not. He’s killed twice as many of them [as Bush]. Guess who Newsweek blamed most for Big Lie Politics? Fox News, of course, which has taken the hate into the mainstream: The blame for this extends from Fox News and the Republican leadership, to the peculiar psychology of resentment in public opinion, to the ham-handed political response of the Obama White House. Whatever the cause, if smash-mouth tactics are validated by huge GOP gains in the midterm elections, then Big Lie politics may be with us for good. In some ways, it has always been with us, going back to the 18th-century calumny of James Callender against John Adams, Thomas Jefferson, and Alexander Hamilton. More recently, the Rev. Jerry Falwell sponsored a film that falsely accused President Clinton of ordering murders and dealing drugs. What’s changed about politics as a contact sport is the reach of the lies. With the exception of Father Charles Coughlin, the anti-Semitic “radio priest” of the 1930s, reactionaries haven’t generally had big audiences. But now the cranks who once could do little more than write ranting letters to the editor on the red ribbons of their typewriters (loaded with exclamation points and in all caps, of course) can spread their venom virally, with the help of right-wing billionaires underwriting their organizations . And while the cable network they watch, Fox News, might not actively promote the idea that the president is a foreign-born Muslim, it does little to knock it down . Fox often covers Obama’s place of birth and religion more as matters of opinion than of fact. Translation: Fox News may not spread lies all the time, but they’re clearly not doing enough to please the White House by sounding exactly like Newsweek. Again, this is a terrible standard for Alter to claim for Newsweek. It’s quite easy to recall how Newsweek would do anything to smear a Republican. In 1991, Alter and Clift endorsed a Kitty Kelley standard of truth for Republican presidents: if a mere fraction of anonymously sourced nastiness about the Reagans was true, the Reagans were a historical nightmare:   “If privacy ends where hypocrisy begins, Kitty Kelley’s steamy expose of Nancy Reagan is a contribution to contemporary history.” — Newsweek Washington reporter Eleanor Clift, April 15. “If even a small fraction of the material amassed and borrowed here turns out to be true, Ronald Reagan and his wife had to be among the most hypocritical people ever to live in the White House. Anyone who vaguely followed the events of his administration already knew that. But millions of others still don’t. While Kitty Kelley’s sensationalism may undermine their ability to find and believe the truth, her popularity may encourage them to explore more of the real history of that era without her.” — Newsweek media reporter Jonathan Alter, April 22 issue. In short, the idea that Newsweek has any ground at all to stand on in the “flight from facts” narrative, or “smearing a president” narrative, is ludicrous. Look at the facts. Newsweek’s take on the facts is transparently partisan. Any objective media watcher would say it’s at least as partisan as Alter thinks Fox News is.

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Newsweek Hates Fox News: Cover Story Blames Them for New Era of ‘Big Lie Politics’ About Obama

Matthews: Obama Should Replace Rahm Emanuel With Bloomberg, Gates With Hillary

Chris Matthews must really be getting tired of watching the man that used to give him tingles up his leg continue to get crushed in the polls, for on Friday he recommended a serious shakeup in the Obama administration. First, he want’s Defense Secretary Robert Gates to be replaced by Hillary Clinton. “With her at the Pentagon, he would forge confidence in Middle East policy,” said the “Hardball” host. But the real surprise was Matthews calling for New York Mayor Michael Bloomberg to either replace Treasury Secretary Timothy Geithner or Chief of Staff Rahm Emanuel (video follows with transcript and commentary): CHRIS MATTHEWS, HOST: Let me finish with tonight with a plan to strengthen America’s ability to solve its problems. It’s tough and it’s water tight. President Obama has many strengths as this country’s head of state. He’s clear minded, gifted in intellect, artful in presenting issues and his vision of leadership. However, these past two years have been a shakedown cruise. We have seen the weaknesses in this ship of state. It’s come time to shake up. This president needs to put a firm Democratic brand on his defense policy. He was smart to keep Robert Gates in the Pentagon, but Gates is a holdover from the Bush era. There’s no real connection between what the country voted for in 2008 and what we’re getting in terms of security policy. Obama needs to bridge that gap, and he needs to pick a Democratic ally as defense chief. That Democratic ally is Hillary Clinton. With her at the Pentagon, he would forge confidence in Middle East policy. Friends of Israel would know we have someone in charge of America’s military forces who has an instinctive concern for the Jewish state. A proven track record of support, it will help get the deal cooked over there and getting that deal is the very stuff of American greatness. Now to the tough one, the economy. There’s one person in this country with a track record, the communications pizzazz to help make, carry out and market the historic recovery program still needed. His name is Michael Bloomberg. Look, you can say this is outlandish that he would never take the job at Treasury or as White House chief of staff, but there is a precedent. James Baker. He made Reagan a success and Barack Obama needs a Jim Baker, someone to focus the energies of this administration on economic reconstruction, period. Someone to lay down the same strong chain of command on domestic policy that Hillary Clinton will define on the national security front. This is the answer. Enough of the solo act. President Obama needs to build a team, a phalanx, a political policy power that takes his idealism and makes it deliver in strength abroad, jobs and renewed economic confidence at home. Makes you wonder what’s happened to Matthews since Tuesday. After all, on that evening’s “Hardball,” he called Obama “almost pluperfect.” How can someone so spectacular on Tuesday need a shakeup in his administration three days later?

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Matthews: Obama Should Replace Rahm Emanuel With Bloomberg, Gates With Hillary

Taylor Swift’s Kanye West Recovery Uncovered On ‘VMAs: Revealed’

Find out how singer bounced back just in time for 2009 subway performance, in special airing Saturday at 11 a.m. By Mawuse Ziegbe Kanye West and Taylor Swift at the 2009 Video Music Awards Photo: Jeff Kravitz/ FilmMagic With one swift swipe of the mic, Kanye West went from just another tipsy rapper at an awards show to a pop-culture pariah at the 2009 MTV Video Music Awards . Jaws dropped and boos were lobbed when Kanye infamously interrupted Taylor Swift’s acceptance speech for Best Female Video, leaving behind a shell-shocked teen country starlet. Swift composed herself and gracefully left the stage but the experience was apparently as hard for the Grammy-winner to take as it was for viewers to watch. And to pile on the pressure, Swift was set to pull off a complex performance of “You Belong With Me” involving scores of extras raging through a New York City subway station just minutes after the onstage debacle. In addition to her preternatural professionalism, Swift had a secret weapon to help her through the set: her fans. “The fans behind her were going crazy,” choreographer Danielle Flora recalls in the special “The VMAs: Revealed – Presented by New 5 React Gum,” which premieres Saturday at 11 a.m. Dancer Keltie Colleen agreed: “It was like they were her army.” Eventually, it all worked out. Beyonc

Bad News Out of GM Is Not News at AP

The news out of Government/General Motors during the past couple of days hasn’t been particularly good. First, August sales results were disappointing. Second, it become known today that GM will attempt to go public on November 18, a later than originally hoped post-election date chosen to hopefully allow for another reported quarterly profit to boost investors’ appetite for its shares. As so often has been the case during Democratic administrations when unfavorable developments arise, the UK press has seen potential problems with the IPO, while the Associated Press has been acting as if all is well. In two separate items, AP reporters couldn’t even bring themselves to tell readers what the company’s real August sales decline was. In a report yesterday on the industry’s awful August, reporters Dee-Ann Durbin and Tom Krisher were appropriately gloomy overall, but they massaged GM’s reported result (bolds are mine throughout this post): Americans nervous about the drumbeat of bad economic news stayed away from auto showrooms. Automakers nervous about their bottom lines didn’t offer deals to lure them in. As a result, it was the worst August for U.S. auto sales since 1983, when the country was at the end of a double-dip recession. General Motors, Toyota, Honda and Ford all reported declines from the month before and from a year earlier. The bleak results were a reminder that, for all the good news about the turnaround of the Detroit automakers, the market for cars and trucks in the United States remains frail. Initial data showed sales came in at about 997,000, down 5 percent from July, according to AutoData Corp. “Coming in below a million units is eye-opening for August,” said Paul Ballew, a former chief economist for GM. “I never thought I’d see that. That’s a tepid month for August, which is supposed to be one of the top months of the year.” … “We know it’s going to be a modest recovery. It’s going to be bumpy,” said Don Johnson, GM’s vice president of U.S. sales. “What we don’t want to do is get back to putting incentives in the marketplace to keep the plants running.” … Overall, sales at Ford were down 5 percent from July and 11 percent from last August. At GM, sales of its four remaining brands were down 7 percent from a month ago and 11 percent from a year ago. For the year so far, sales are up 5 percent at GM, which is preparing for an initial public offering of its stock that could come as early as next month. We learned today that the “next month” part concerning the IPO isn’t going to happen. In her report today , Durbin’s massage was more thorough: Analyst: GM plans to sell shares on Nov. 18 General Motors plans to start trading shares again on Nov. 18, timing that allows the company one more quarter of earnings to build its case to investors, a firm that researches initial public offerings said Thursday. Scott Sweet, the managing partner of IPO Boutique, said GM plans to price the shares on Nov. 17 and begin selling them the next day. He said the automaker wants to start a two-week a road show to drum up investor interest on Nov. 3, the day after the midterm congressional elections. It’s unclear if the IPO dates have been finalized. Two people with knowledge of the process say the automaker’s board hasn’t approved a date for the IPO but is expected to meet next week to discuss the issue. GM is in a “quiet period” before an IPO, so no one is authorized to discuss the process publicly. … Sweet said his information comes from multiple people on Wall Street but declined to name them. He says the company hasn’t yet established a price for the shares, but hopes to raise $15 to $20 billion with the initial public offering. The timing could disappoint some Democrats who supported the government’s $50 billion bailout of GM last year and wanted to point to a successful IPO before the elections. … But one more quarter of earnings could help the automaker establish that it is healthy and capable of making sustained profits. GM earned $2.2 billion in the first half of 2010 despite depressed U.S. auto sales, but it lost $3.4 billion in the fourth quarter of last year. GM also hopes the U.S. auto market sees some modest improvement this fall. On Wednesday it said its U.S. sales fell 5 percent from July and 11 percent from last August, when they were boosted by the Cash for Clunkers program. The fact is, as seen in this Wall Street Journal compilation , that GM’s August 2010 sales were 24.5% lower than August 2009. For Dee-Ann Durbin’s and Tom Krisher’s benefit, that’s the result you get when you go to the WSJ link and compare the 185,105 vehicles sold in August 2010 to the 245,066 sold in 2009, and divide the difference (59,961) by 245,066. Yes, according to the company , sales of the company’s four remaining brands were down “only” 11% from a year ago. But it’s your job to report the full story, not merely to parrot the company’s press release. The folks at the Financial Times understand that, and also see how a company reporting declining sales in its largest market might encounter a bit of difficulty foisting its shares on the investing public. Reporter Bernard Simon also managed to find space for the actual year-over-year sales decline in yesterday’s coverage (link requires free registration): GM Sales Dip Casts Shadow Over IPO General Motors’ sales in its core US market sagged in August, potentially complicating its bid to drum up investor support for its forthcoming public share issue. Sales were a quarter lower than in August 2009 , when demand was bolstered by the Obama administration’s cash-for-clunkers scrappage incentives. GM has also eliminated four brands since then. More worrying, however, was a 7.2 per cent decline from July. Low-margin sales to car rental operators and other fleet owners climbed to 28 per cent of the total, from 25 per cent in July. “August was definitely what we call ‘one of those months’,” said Don Johnson, GM’s head of US sales operations. Mr Johnson said that consumers remained cautious amid an unexpectedly slow revival in employment. In the longer term, however, he forecast that there was “pent-up demand building” that would “eventually be released when the economy gets a firmer footing”. … GM filed a bulky draft prospectus for an initial public offering with US and Canadian regulators last month. The US and Canadian governments hold 72 per cent of GM’s equity. The document warns that in spite of a pick-up in demand since late last year, “many of the economic and market conditions that drove the [earlier] drop in vehicle sales, including declines in real estate and equity values, increases in unemployment, tightened credit markets, depressed consumer confidence and weak housing markets, continue to impact sales”. If the recent revival falters, the prospectus warns, “our results of operations and financial condition will be materially adversely affected”. It’s hard to fault Mr. Johnson for his optimism, but if he thinks the revival in employment has been “unexpectedly slow,” he’s been reading too many happy-talk missives from Team Obama. Durbin at the AP and an unbylined Reuters article both report that GM will conduct its IPO “road show” during the two weeks after the November elections. Reuters says that “The final value of the IPO has not been set but one source said early plans for the IPO envisioned selling $12 billion to $16 billion in common stock and $3 billion to $4 billion in preferred stock that would convert to common stock under a mandatory provision.” That’s $15-$20 billion of the $50 billion (really more) the government “invested” in return for a 61% stake during the company’s emergence from bankruptcy. Even if the IPO flies, it will still be Government Motors. Both Reuters and the New York Times correctly noted GMs 25% year-over-year August sale decline. Since AP couldn’t bring itself to do so, the graphic at the top right of this post, which may have seemed a bit over-the-top when it appeared a few weeks ago, is more appropriate than ever. Cross-posted at BizzyBlog.com .

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Bad News Out of GM Is Not News at AP

Feingold On His Tough Re-Election Race: I Blame George Bush!

A recurring rubric at James Taranto’s Best of the Web Today column at the Wall Street Journal online, is “We Blame George W. Bush,” for tongue-in-cheek examples of the former prez being blamed for things palpably beyond his purview.  Let’s add another one to the list.  Dem senator Russ Feingold has blamed his tough re-election race on, yes, W. Let’s think about that. If Bush were such a bad president.  If his policies were so disastrous for the country. Wouldn’t that boost the chances of an incumbent Dem senator who, like Feingold, had voted against Bush policies every step along the way? Hey, I don’t try to understand Dem logic: I just report it.  Feingold made his logic-defying allegation on this evening’s Ed Show. ED SCHULTZ: Even the progressive Russ Feingold is in a real tough fight for his seat in Wisconsin.  Senator Feingold is a progressive—as progressive as you can get— he voted against the Iraq war, he voted against the Patriot Act, he voted against the Wall Street bailouts; all very strong progressive positions. But somehow we’ve gotten to the point where the less a candidate knows about Washington it seems the better off they are, and now Feingold, a guy who has always fought the good liberal fight is up against a candidate who is trying to buy the election so he can go to Washington and extend the Bush tax cuts for the rich. Senator Russ Feingold joins us tonight, here on the Ed Show. Senator, good to have you with us tonight.  You know, you have been one of the most hard-working guys out there.  You do over 70 town hall meetings a year.  What are you hearing in Wisconsin? And why are you polling below 50%? RUSS FEINGOLD: Well, this is a year of challenges because of the mess that was left us from the Bush years. Wait a second! If Bush were so awful, and you fought Bush every step of the way as Ed documented, wouldn’t that make you a winner in Wisconsin?  Could it possibly be that, now under Obama and a Dem congress, W [to quote those old Cross Your Heart commercials] is looking “suddenly shaplier”?

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Feingold On His Tough Re-Election Race: I Blame George Bush!

When Suicide Doesn’t Work Anymore

Man dives 40 ft. down, attempting to commit suicide, only to survive. added by: Geoffiroth