Daily Revolt

June 15, 2007

Inflation Having Disastrous Impact on Economy

This should be put on trial. Never mind that he could lose his law license. Nifong tried to lynch 4 innocent men for his own political benefit:
A tearful Mike Nifong said Friday he will resign as district attorney after admitting that he made improper statements about three Duke University lacrosse players who were once charged with raping a stripper.

That's called obstruction of justice and purjury:
The North Carolina State Bar said Nifong withheld DNA test results from the players' defense attorneys, lied to the court and bar investigators, and made misleading and inflammatory comments about the three athletes, who were cleared of charges they raped a stripper at a team party in March 2006.

Nifong will get what's coming to him soon enough when he gets sued by the true victims in all this. The State of North Carolina should be formally apologizing to those players:
North Carolina Attorney General Roy Cooper, who in April said the three athletes were "innocent" victims of a rogue prosecutor's "tragic rush to accuse," declined to comment. Gov. Mike Easley, who appointed Nifong to the job and will be called on to pick his replacement, also had no comment, a spokeswoman said.

Gates doesn't need to go to Iraq to know the war is hopeless, I could explain it to him myself. Come to think about it, I'm sure you could too:
Defense Secretary Robert Gates arrived in Baghdad on Friday to assess a U.S. troop buildup and press Iraq's government to move faster in passing laws that Washington views as critical to reconciling Iraqis.

All that is left is to divide all that oil money. The Neocons want to salvage something from this fiasco. That war was never about democracy or terrorism anyway:
Gates is the third senior U.S. official to visit Baghdad this week, following in the footsteps of the top U.S. military general in the Middle East, Admiral William Fallon, and U.S. Deputy Secretary of State John Negroponte.

He is expected to echo their messages to Shi'ite Prime Minister Nuri al-Maliki and other Iraqi leaders -- speed up passage through parliament of legislation that includes a law on distributing oil revenues and holding provincial elections.

At some point people will realize that the current dramatic rise in inflation is a serious threat to the economy. In the meantime, we will act as if nothing were going on. When is the last time any presidential candidate talked about the disastrous impact inflation has on interest rates and the cost of basic, everyday goods:
Consumer prices surged in May at the fastest pace in 20 months, fueled by another big rise for gasoline and an increase for food as well.

It is inflation that has led to the current crisis in housing:
While investors were happy, the big increases in energy and food still meant consumers were falling behind in the cost-of-living struggle. The government said in a separate report that weekly earnings for non-supervisory workers, after adjusting for inflation, fell by 0.2 percent last month. That was the fourth decline in the past five months, reflecting the bite inflation is taking out of paychecks.

Did I mention inflation is hurting the stock market? Guess what the cause of the problem is:
Financial markets have been roiled in recent weeks by global inflation concerns. The yield on the benchmark 10-year Treasury security hit a five-year high earlier this week, causing a dive in stock prices. Investors were worried that rising interest rates could prolong the troubles in the slumping housing market.

The answer is: George Bush and his neocon controlled policies in the Middle East:
So far this year, consumer prices have been rising at an annual rate of 5.5 percent, double the 2.5 percent for all of 2006. The acceleration has occurred because of the surge in energy costs and increases in food costs that have been caused in part by higher demand for ethanol, which is produced with corn.

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