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The Anti-PC League Anti-PC League
Wednesday, 7 June 2006
An Inflection Point In China's Banking Problem
By George Friedman

The month of May witnessed an interesting phenomenon: a spate of reports on China's nonperforming-loan problem. What is most intriguing is that these reports did not come from organizations like Stratfor -- minor outfits that have been talking about this for a couple of years.

Like yours truly in The Lusty Chinese Economy?


It came from real, solid, serious mainstream organizations that were, and continue to be in some cases, quite positive about China on the whole. What is important here is not that China has a serious problem with bad loans in its banking system. That's old news. What is important is that mainstream analysts in the West now are taking official notice of it. The wide divergence between the Western perception of Chinese economic health and the realities of China's economy is beginning to close. There will be consequences to that.

The first report came from Ernst & Young, which released a study saying that China had a substantial problem with nonperforming loans (NPLs). We have to confess to not having seen that report, because the accounting firm withdrew it a few days later. The Chinese government blasted the report, using words like "ridiculous" and "distorted." Ernst & Young, which has a substantial practice in China, denied having retracted the report because of pressure from the government. Whatever their reasons for doing so, we wish we had been faster in asking for a copy.

No matter, because May also brought studies on the same subject from PricewaterhouseCoopers (PWC), McKinsey Global Institute, and Fitch. Each said the same basic thing: that Chinese banks have enormous NPL numbers on their books. The PWC report was issued by a group within the company that specializes in making markets in NPLs. Their news was that the water in China was fine and everyone should come in. McKinsey focused on inefficiencies in the Chinese banking system that should be cleared up, so that NPLs could decline and the Chinese gross domestic product could surge. Fitch was the harshest of the three, but that firm also argued that the Chinese had the tools in place to handle the problem. The bottom line was that all three acknowledged that NPLs were a big issue for China, but they took different approaches in trying to put the problem in perspective. In other words, they gave a warning without yelling "Fire!" Some of the reports were criticized by the Chinese, but none were blasted. Meanwhile, Moody's Investors Service has told us that they will be releasing a report in a couple of weeks. It will be interesting to see what their take is.

Let's begin this analysis by looking at a couple of quotes from these reports. McKinsey, for example, writes:

"Underlying these reforms, however, is capital misallocation by the system. Nonperforming loans are the most conspicuous outcome of this misallocation, but our research shows that the much larger volume of loans to underperforming ventures that don't go bad but yield only negligible returns are potentially more costly to China's economy."

Fitch's report states:

"Summing all of these figures, we come up with total official nonperforming loans of US$206 bn and other estimated problem loans of over US$270 bn in the banking system. We would reiterate, however, that a large portion of this latter figure is comprised of estimated Special Mention loans or loans that currently are not classified as nonperforming [emphasis Fitch's]. At the same time, there is an additional US$197 bn in NPL carveouts still remaining on the balance sheets of China's asset management companies, which no longer represent direct losses for banks but are a future liability for the government."

Fitch also states:

"Beyond this, estimating a rate of flow of new nonperforming loans is not an easy exercise given Chinese banks' extremely weak historical data and ongoing deficiencies in accounting and disclosure. Few banks report data on NPL flows, and those that do show recent flow rates in the extremely low single digits. We believe these numbers understate the likely level of ultimate credit losses, given what we know to be the slow evolution of a strong credit culture and risk management practices and our suspicion that China's over-reliance on investment-led growth comes at a cost to bank credit quality."

Fitch is estimating China's bad-loan situation (our term, lumping all these categories together) at $673 billion, but it warns that -- given Chinese accounting and reporting, and the fact that what reporting exists is not credible -- $673 billion is a low number. That's important. If $673 billion was the final number, then measures that are put in place could limit the ultimate losses to a level below that figure. If, however, the total number of bad loans is substantially higher than $673 billion -- which is our view of the situation -- then the system would be lucky to have to write off only this amount.

There are numerous ways to measure the magnitude of the problem, but one of the simplest is this. China is said to hold nearly $819 billion in foreign reserves. Fitch's conservative estimate of the bad loan situation comes close to matching that number, and a more liberal calculation would swallow those reserves up and then some. Put very simply, the Chinese banking system is in deep trouble -- and with it, so is the Chinese economy.

It has become an article of faith that China's economy is booming. The economy certainly is growing rapidly. But growth and size alone don't tell you how healthy an economic entity is. During the Great Depression, the U.S. economy was enormous, but it was crippled. Japan's economy was growing at a phenomenal rate in the 1980s, all the while heading for its disaster. Size and growth are but two measures of an economy -- or of a business. They do not tell you how well it is doing.

The basic problem of the Chinese economy, as in many Asian nations, is that the banks have not made loans with business considerations in mind. They made loans for political reasons and to maintain social stability. In many cases, loans were seen as being more like grants. As a result, they were invested in enterprises that did not make enough money to repay (or even attempt to repay) the loans. Frequently, rather than bankrupting the business or writing off the loan, the banks lent more money to the business -- so that it could repay old debts, and there was an appearance that the loans were viable. Loans went into land speculation or to investments in areas that were already overbuilt. (And this does not attempt to take into account ancillary problems, such as corruption and embezzlement, which also have been significant issues for the Chinese government.)

In the first part of 2006, there has been a huge surge in lending in China. With the economy already growing at rates of more than 9 percent, it would seem structurally impossible to grow it any faster. Shortages in skilled workers, management, buildings -- all these limit the rate of growth. The truth is that a substantial portion of the loans that went out were issued to keep bad loans floating, like using one credit card to pay the monthly payment on another. You can do that for a while, but you can't do it forever.

What keeps the Chinese system alive is not domestic consumption, which is not rising in tandem with overall growth. What keeps China afloat is exports -- exports in ever greater numbers, and with ever-smaller profit margins. Surging exports are critical to China, as they were to Japan before it. They generate the cash that allows the financial system to continue operating.

This is also the Achilles' heel of the Chinese economy, as Fitch points out:

"Given the weaknesses already discussed, we believe Chinese banks remain acutely vulnerable to an economic slowdown, although the analysis above recognizes that much work has been done to tackle these weaknesses and at a minimum suggests that Chinese banks and the government are more equipped today than in the past to deal with problems that may arise."

Here is the problem. The official policy of the Chinese government is to cool off the economy. In fact, the Chinese are attempting to cool growth only in certain sectors, where they perceive particularly dangerous bubbles starting to form. For the most part, however, they are doing everything they can to keep the economy hot, in order to try to manage the financial problem. Now, Fitch argues in its report that the Chinese banks are better equipped than in the past to deal with their problems. We agree with that assessment; they were completely unprepared in the past and now are abysmally prepared. You cannot prepare to deal with a loan situation as bad as that in China. You simply keep cycling as fast as possible and hope that something turns up.

In our view, this spate of reports on China's financial situation marks a turning point.

One of the things that has kept the Chinese economy booming was cheap exports. But another was the perception in the West that, underneath it all, China was sound. This perception induced foreign banks to invest in Chinese banks. There have, of course, been studies detailing the Chinese debt problem for some time: Standard & Poor's, for example, estimated the bad debt in 2002 at $600 million. That part isn't new.

However, when "irrational exuberance" (to quote Alan Greenspan) is at its peak, it is hard to break through the noise. Markets continue to rise, even as bad news comes out. Last week, for example, we saw the Bank of China make its initial public offering and shares soar, just as these financial reports were emerging. That doesn't mean these reports are wrong or that the Chinese have things under control. It simply means the market is ignoring news and rising on its own giddiness.

Nevertheless, a turning point has been reached that will be difficult to ignore. Reports from Stratfor are, of course, one thing. Reports from a single credit agency are another. But when a series of reports from highly respected, mainstream analysts all come out within a few days of each other -- with each, in their own way, telling the same basic story, it becomes hard for the system to dismiss that. Western companies moving into China have CEOs and CFOs who must exercise due diligence. There are now too many reports out there to be simply ignored. All of them are caveated. None of them write China off. But a critical mass is forming that will cut through the froth in due course.

Obviously, this does not mean that China will implode, disappear or anything like that. It will remain an enormous economy and an important one. But this does mean that the dynamics of the Chinese economy are shifting. The debt issue represents a deep structural problem that China will either deal with -- as South Korea did -- or not, as Japan did not. (Japan reaped more than a decade of economic stagnation as a consequence. It is significant that China lacks the degree of insulation that Japan built up; the economy has more external exposures and would not weather a similar crisis as well.) The point is that, ultimately, the books have to balance everywhere. That means that the huge structural imbalance of China, which these debts represent, must be rectified. And that process, as in all such matters, will be painful.

It is not clear how much pain Chinese society can withstand before it fractures. This is clearly a concern for Beijing as it tries, simultaneously, to reform the economy and to crack down on dissent. The Chinese, like anyone in this fix, try to put the best possible face on the situation. Which is why they exploded at Ernst & Young. But even the government in Beijing couldn't shout down the ensuing tidal wave of financial reports; instead, they grumbled and pointed to the passages that said it could all be managed.

Perhaps it can. But if it can, it won't be easy -- and we doubt that it is possible. We have been writing about this problem for several years now, and people keep asking when the crisis will come. Our answer is simple: If this isn't a crisis, what would a crisis look like? The Chinese financial system is sinking under nonperforming and underperforming loans. Mainstream Western analysts are all writing about the problem and calling for reforms that the Chinese cannot possibly implement in time to make a difference. At some point, the weight of evidence will shift the behavior of the Western financial community, and that will be that.

In the meantime, let the exports flow -- for they surely will, and in breathtaking quantities.

Send questions or comments on this article to analysis@stratfor.com.

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Posted by ky/kentuckydan at 9:14 AM CDT
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Updated: Wednesday, 7 June 2006 9:20 AM CDT
We The People
of What Country?


GOP Sen. Mitch McConnell
sought to add to the bill a requirement that all voters in federal elections be required to present a valid photo identification.
"It is nonsense to suggest that somehow a photo ID for one of our most sacred rights should not be protected by a requirement that is increasingly routine in almost all daily activities in America today," said the Kentucky lawmaker, second-ranking Republican.

But Sen. Edward M. Kennedy, D-Mass., likened the proposal to a poll tax or a requirement for voters to pass a literacy test. "Now is not the time and this is not the place to consider an amendment that may disenfranchise a million or more poor, minority, disabled, and elderly voters -- all of them American citizens," he said.


Is it the million or more who might be disenfranchised that worrys Leave to Die Teddy, or could it be the 12 million or more who might not be able to vote illegally? After all the Honorable(?) Gentleman from MA is not noted for his Loyalty, nor his Honor, is he?

One thing that has become painfully obvious in the last few weeks is that many of our Representatives nd Senators are NOT representing the Citizens who have a right to it, but instead seem to be representing Citizens of OTHER Nations.

We The People of What Country?

Some maintain that we should boycott the coming election. I wonder. If Politicians elected as Conservative Candidates are not up to the Job will Liberal ones elected by default be better?

NO, I say. Vote for the least damaging choice but let them know they are on sufferance. Carry out the Good Fight in Primaries.

AND

Demand a position from your City, County and State Representatives.

After all the next generation of Congressional Members will be coming out of the State Houses and Senates. unless their name is Clinton, I guess.


Don't WAIT until they arrive in Congress to find out a mistake has been made. Demand their position on illegal immigrations and the representation of Citizens, early, they will be easier to weed out at that level.

This will be a long battle.

The betrayal of the Citizens of this country by those we have elected is something we must not

Forget.


The eradication of those who have betrayed us is something in which we must not


Falter


It is at task in which we must not

Fail



For those who have forgotten it is

We The People of

THE UNITED STATES


**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.



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Posted by ky/kentuckydan at 6:34 AM CDT
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Updated: Wednesday, 7 June 2006 6:40 AM CDT
Monday, 5 June 2006
Coalition Against Illegal Immigration Circuit Riders
June 2


The 21st Century Couriers of the Committees of Correspondence for the Coalition Against Illegal Immigration bring you:

Immigrants not renewing their temporary work permits - holding out for amnesty By Debbie At Right Truth

It is being reported today that some immigrants are not renewing their
temporary work permits because some have the mistaken belief that they
will soon be on the path to becoming U.S. citizens, via the Senate's
amnesty program.

Tens of thousands of Honduran and Nicaraguan immigrants nationwide
risk losing their legal status in the United States today because they
have not renewed their temporary work permits ...

With the deadline approaching by the end of today, about half the
eligible applicants have yet to apply for renewal. They could lose
their jobs and face deportation, jeopardizing the livelihoods of
thousands of relatives here and in their homelands who depend on their
salaries. ...
Immigration: The Case Against Bush Cross posted from CommonSenseAmerica
In a speech yesterday our President gave more inane and lame excuses explaining why Americans should just accept the ridiculous amnesty bill produced by our Senate. He used a lot of his old talking points but added a few new ones that I found quite interesting.

From the Washington Times

President Bush yesterday rejected House Republicans' stance that illegal aliens must return home, calling it "wrong and unrealistic" and saying many will have to be allowed to stay.

Speaking to the U.S. Chamber of Commerce, a block from the White House, Mr. Bush also directly challenged businesses to hire only legal workers, and said those that don't should be prepared to face increased fines.

I'm sure the businesses that currently employ illegal immigrants are really shook up over this candy threat. Increased fines? Let's see, last year the businesses that hired illegals were fined a whopping sum of - ZERO dollars. So, increasing fines from zero is just downright laughable.


Bush Encourages "Effort And Compromise" As Immigration Reform Deadline Looms ...by Red Hot Cuppa Politics


Looks like our Representatives have about a week to figure out the pork sausage pattie dumped on the House by the Senate.

President Bush wants to push the bill through by the deadline.

From the NYT's, title link:
"..."The House and Senate bill will require effort and compromise on both sides," Mr. Bush told a friendly audience gathered at the chamber's headquarters, across the street from the White House. "It's a difficult task. Yet the difficulty of this task is no excuse for avoiding it.

Whether Mr. Bush can bring his party's warring factions together remains to be seen. On one side are conservatives who support the House bill, which declares illegal immigrants felons and would have them deported. On the other are those, like the president, who prefer the Senate version, which would open the way for many of the estimated 11 million people living in the United States illegally to become citizens"
There are something like 10,000 bricks that have been sent to the House and the Senate to encourage that our elected representatives toughen up our border policy. I'm hoping that might make some kind of impression. Unfortunately, it's beginning to look like those bricks are more representative of the matter located between our elected representatives ears.

Illegals? tax deal could kill bill
I have been waiting for this to break! Shhh, don?t tell anyone, I already knew about it.

From The Washington Times:

The long-fought Senate immigration bill that opponents say grants amnesty to 10 million illegal aliens is unconstitutional and appears headed for certain demise, Senate Republicans now say.

A key feature of the Senate bill is that it would make illegals pay back taxes before applying for citizenship, a requirement that supporters say will raise billions of dollars in the next decade.

There?s just one problem: The U.S. Constitution specifically prohibits revenue-raising legislation from originating in the Senate.

?All bills for raising revenue shall originate in the House of Representatives,? according to the ?origination clause? in Article I, Section 7.



More Cover Fire for Illegal Aliens from InMuscatine

Des Moines Register | Note lures immigrant to her

When a lawyer for Estephanie Izaquirre, a parentless teenager from
Honduras, received an e-mail from an immigration official in Des Moines saying the girl
should come downtown and "complete the paperwork" Thursday, he thought that meant
she was about to get her green card.

Instead, a deportation officer arrested Izaquirre, five days after she graduated from East
High School in Des Moines.

"This was just calculated as hell, and it's hugely problematic," the lawyer, Jim Benzoni,
said. "Immigration services is using false inducements to get people in there. If our clients
are supposed to be telling the truth, why is the government not required to do the
same?"



**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.



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Posted by ky/kentuckydan at 10:19 PM CDT
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Updated: Tuesday, 6 June 2006 3:57 AM CDT
The Open Trackback Alliance XXX
For your listening pleasure while you browse

"Der er et yndigt land" (There Is A Lovely Land)


Words by: Adam Gottlob Oehlenschlager
Music by: Hans Ernst Kr?yer
Adopted: 1844

"Derer et yndigt land" was first performed for a large gathering of Danes in 1844, and became popular quickly with the Danish people. It was adopted later that year by the Danish government as a national anthem, but not the sole national anthem. This anthem is on equal status with "Kong Christian",which is both the national and royal anthem.

When the Danish anthem is usually performed or sung, the first verse is played in its entirety, then it is followed by the last four lines of the last verse. (This is true whether the lyrics are sung or not



Recentlty I have been posting music to Illustrate the Diversity of America, this week I have a different motive to express Solidarity with DENMARK


I maintain my Support of Denmark, and will later today, post links to and my thoughts about a Danish Editorial "We are being pissed upon by Per Nyholm "

I think I shall title my Post, "There is no "But" in "Freedom of Speech".




When I first started upon my journey through the blogverse I created a
Statement of Purpose
Now upon reading it, one can realize that I did not hold to every detail of that original statement, but from it's basic premise, I have never swayed, in my belief that the Blogs are in fact the Committees of Correspondence of the Second American Revolution.

And that it is a Revolution of Information, no longer can we afford and allow elite gateways to control what we can see, hear and discuss.

For I believe that those bloggers who find their way, here and in particular from the Blogs associated with Sam.

HAVE SOMETHING TO SAY.

Some of us are more Serious, some of us are more lighthearted and some post the common ordinary things that make one smile and recall that Life without the simple things to treasure is meaningless.

And it is important that all have a platform from which to speak.

As I understand this process you can link to this post and trackback to this post on ANY subject or post you think important. It is open. I will repeat this every Monday.

The Committees of Correspondence welcomes your intelligent comments. And also welcomes you to join the

OPEN TRACKBACK ALLIANCE


This week I also have shortened my usual introduction for a more inportant message.




In it's struggle for Freedom of Speech.

Sign the Petition NOW!

JEG opstille hos Danmark!




44162 Total Signatures 0:38 AM CST 22 May, 2006 We can do better pass the word~!




From Agora a call to Support the Manifesto online by signing another Petition, why not sign both?


MANIFESTO: Together facing the new totalitarianism
Created by Mark Jefferson on March 1st, 2006 at 5:42 pm AST

After having overcome fascism, Nazism, and Stalinism, the world now faces a new totalitarian global threat: Islamism.
We, writers, journalists, intellectuals, call for resistance to religious totalitarianism and for the promotion of freedom, equal opportunity and secular values for all. "

Open Trackback Alliance


Blogs that Trackback to this Post:

On Monday
I parlamentari eletti all'estero ci costano 100.000 euro al mese from Camelot Destra Ideale

Y'al come back now, Y'heah? ;-)
Technorati Tag:>

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Posted by ky/kentuckydan at 3:06 AM CDT
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Updated: Wednesday, 5 July 2006 5:20 PM CDT
Thursday, 1 June 2006
Coalition Against Illegal Immigration Circuit Riders

The 21st Century Couriers of the Committees of Correspondence for the Coalition Against Illegal Immigration bring you:


THIS SAYS IT ALL! from My Country-My View
http://www.youtube.com/watch?v=t9LS-vWtL0I


We are not RACISTS !!!!


The unheard voices on immigration (UPDATED with video) from Right Truth

I have been listening to the voices of "legal" immigrants in this country when they just happen to be guests on a TV show, or when they happen to be a fellow blogger, or when they happen to leave a comment here at Right Truth. But I don't think Congress is listening to them, I don't think the folks who want this amnesty program are listening to them either.



**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.



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Posted by ky/kentuckydan at 7:30 PM CDT
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Updated: Thursday, 1 June 2006 7:38 PM CDT
Coalition Against Illegal Immigration Business
The 21st Century Couriers of the Committees of Correspondence for the Coalition Against Illegal Immigration bring you:


Cross posted from The Uncooperative Blogger

I have been on the phone all Day with the House of Representative's leadership. You will be happy to know it looks like they are holding strong against any path to citizenship for those here illegally, or Uncotemporary workers.

We discussed in depth what my opinions were on the subject and they were received well. I learned a bit about their problems with enfocement now, although I gave them a solution for that as well.


After very lengthy conversations, I feel better about our chances of saving our country. Plan on losing the felony provision, because the Republicans don't want it and tried to get rid of it previously but was blocked by the Democrats. Why you ask? Because it is a poison pill that the Dems want in it. The felony provision would make evey illegal tied up in the legal system and they want a fast track to deportation.

I made it crystal clear that no path to citizenship would be acceptable, and I was informed that is the message they are hearing, and there won't be any path to citizenship. I informed them that "we the people" are paying attention and we will remember in November!

In other messages from CAII:

How did my Representative vote on amnesty? from No Amnesty - GOT IT?


How did my Representative vote on amnesty?

I have been asked how the various members of the House of Represenataives voted on HR 4437. Generally it was a party line vote. Republicans voted to pass the bill. Democrats voted against it as expected. Here is the Roll call of the vot




Cross posted from The The Uncooperative Blogger

USA Today reports that a police officer, whose photograph appeared in a USA TODAY and USATODAY.com report May 18 about the surging violence against police in the Mexican border city of Nuevo Laredo, was in critical condition Tuesday after he was shot five times outside his home.

This happened as Juan Pablo Elizondo had just completed guard duty at a hospital in Nuevo Laredo. This was where some of his colleagues were being treated for wounds suffered in past attacks.

The attack highlights the importance of sealing our borders to stop the unrelenting threat against Mexican police in a city where two major drug cartels are battling for control of routes into the USA for shipments of drugs and illegal immigrants.

Just two weeks ago, two Mexican state police officials were shot to death in their unmarked vehicle.

Previously, Elizondo's colleagues were wounded when gunmen burst into a restaurant where the officers were eating.

More than 110 people have been slain in Nuevo Laredo this year in a killing spree authorities believe could surpass last year's record of 176.

Earlier in the month, Elizondo, 31, said officers in his department were warned by superiors that drug cartel members had issued a threat against city police. Last summer, Nuevo Laredo's police chief was assassinated just hours after taking office.

The article reports that friends and family have been telling him to leave the police force, but he refused.

Immigration Profile of Sen. Sam Brownback (R-Kansas) from Numbers USA


This document is a record and analysis of all of Sen. Brownback's immigration related congressional votes, cosponsorships, and other immigration actions during his career in Congress. Immigration Profiles is the only exhaustive source for this information available in one place.
(If you are reading this on paper, note the "Last Updated" date above. Consult the website www.NumbersUSA.com for any new or changed information, which occurs often.)


Aztlan Elementry from The Amboy Times


Academia Semillas del Pueblo Charter School
A Los Angeles Unified School district Hispanic K-8 school led by a principal who believes in racial segregation and sees the institution as part of a larger cultural "struggle."

Among the school's donors are the National Council of La Raza Charter School Development Initiative; Raza Development Fund, Inc.; and the Pasadena City College chapter of MeCHA, or Movimiento Estudiantil Chicano de Aztlan.
"La Raza," or "the Race," is a designation by many Mexicans who see themselves as part of a transnational ethnic group they hope will one day reclaim Aztlan, the mythical birthplace of the Aztecs. In Chicano folklore, Aztlan includes California, Arizona, Nevada, New Mexico and parts of Colorado and Texas.
The school teaches the ancient Nahutal language of the Aztecs and its base-20 math system. Another language of emphasis is Mandarin, even though no Chinese attend.
MEChA, founded at U.C. Santa Barbara in 1969, has the stated goal of returning the American Southwest to Mexico.







**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.










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Posted by ky/kentuckydan at 5:42 AM CDT
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Updated: Thursday, 1 June 2006 7:40 PM CDT
Wednesday, 31 May 2006
GI Sues Michael Moore for $85 Million
There IS a God. This story just made my day. I would really love seeing Minuiteman Michael Moore sweating like a pig in Court. ;-)


With Carl Limbacher and NewsMax.com Staff
For the story behind the story...
Wednesday, May 31, 2006 1:01 p.m.

A double-amputee veteran of the Iraq war is suing filmmaker Michael Moore for $85 million, claiming Moore used an old interview with the G.I. to make him appear anti-war in his movie "Fahrenheit 9/11."

Sgt. Peter Damon, 33, who strongly supports America's invasion of Iraq, said he never agreed to be in the 2004 movie. Damon lost his arms when a Black Hawk helicopter exploded in front of him.

In the 2003 interview, which he did at Walter Reed Army Hospital for NBC News, he discussed only a new painkiller the military was using on wounded veterans, the New York Post reports.

"They took the clip because it was a gut-wrenching scene," Damon said. "They sandwiched it in. [Moore] was using me as ammunition."

According to the lawsuit filed in Suffolk County, Mass., Damon seems to "voice a complaint about the war effort" in the movie.

But he told the Post: "I was complaining about the pain I would've been having [if it weren't for the painkiller].”

Newsman Brian Williams ends the NBC clip by adding, "These men with catastrophic wounds are . . . completely behind the war effort," according to the lawsuit. That part wasn't shown in the Moore movie.

Damon’s lawyer Dennis Lynch said he delayed filing the lawsuit in a bid to settle the matter with Moore.


"We attempted to resolve the situation amicably with Mr. Moore [for a year] but he refused," he said.

Damon is asking for up to $75 million because of "loss of reputation, emotional distress, embarrassment, and personal humiliation."



I'd say this guy likes Michael Moore every bit as much as much as the ?South Park? creators, Trey Parker and Matt Stone, and for similiar reasons.

The South Park Boys, rather than sue, used their Art to acheive a Reckoning in "Team America"

No Moore Michael
They reserve their harshest treatment, however, for ?Fahrenheit 9/11? filmmaker Michael Moore ? but their disdain is as much personal as political.

Stone, who is from Littleton, Colo., agreed to talk about his hometown and the infamous high-school shooting there for Moore?s anti-gun documentary ?Bowling for Columbine.?

?We have a very specific beef with Michael Moore,? Stone said.
?I did an interview, and he didn?t mischaracterize me or anything I said in the movie. But what he did do was put this cartoon right after me that made it look like we did that cartoon.?

Parker and Stone still harbor hard feelings about that sassy, anti-gun cartoon because they feel it was done in ?South Park? style.
They believe the proximity to Stone?s interview misled some fans into thinking they had done the cartoon, even though Moore never said they did

For this slight, Moore?s punishment in ?Team America? is extreme: he?s depicted as a gibbering, overweight, hot-dog eating buffoon who straps explosives to his body to blow up the American do-gooders. The puppet was reportedly stuffed with ham when it blew



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Posted by ky/kentuckydan at 5:25 PM CDT
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Updated: Wednesday, 31 May 2006 5:48 PM CDT
Burns: Representation Must be Fair
Amendment Demands Census Bureau Report to Congress on Problem of Apportionment, Solutions


May 23, 2006

WASHINGTON, D.C. -
U.S. Senator Conrad Burns (R – Mont.) today offered an amendment to the immigration bill based on his Fair and Accurate Representation Act (FARA) of 2006. The amendment will demand the U.S. Census Bureau to issue a thorough report to Congress detailing the impact of illegal immigration on the reapportionment of seats in the House of Representatives. The amendment also directs the Census Bureau to develop a method to effectively exclude illegal aliens from reapportionment counts.

“If we get started on this now, this broken system can be fixed by 2010 when apportionment next occurs,” said Senator Burns. “Illegal immigration affects our everyday lives in many ways, including our system of representation. Currently, U.S. Census data counts everyone, including illegal immigrants, and this amendment will require the Census Bureau to seriously review how damaging this is and what can be done now to fix it. Montana is growing and deserves a second House seat. We should not have our representation stolen by a broken system, and this amendment will provide the answers we need to fix this system.”

The FARA was introduced several weeks ago as a stand-alone bill and would restrict illegal immigrants from being counted during the congressional reapportionment process. Reapportionment is done every ten years and determines the number of Congressional districts proportionally granted to each state based on population trends.

A vote on Senator Burns’ amendment, #4124, is expected Tuesday or Wednesday of this week. Senator Burns will continue fighting for his stand-alone bill to end the use of illegal immigrants for statistical data applied for Congressional representation.

If this effort is undertaken now, Senator Burns believes a more fair and accurate system will be in place for the 2010 Census.

Senator Burns served in the United States Marine Corps from 1955-1957 and is a senior member of the Senate Commerce Committee.

**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.



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Posted by ky/kentuckydan at 5:18 PM CDT
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Updated: Wednesday, 31 May 2006 5:42 PM CDT
The 21st Century Paul Revere Ride of 2006
One if by land, two if by sea, and I on the opposite shore shall be updated to the 21at Century.




The 21st Century Paul Revere Ride of 2006 is a summer-long cross-country motorcycle ride that will visit all state capitols to inform the public and their elected public servants of the severity of the illegal immigration crisis. The ride will began in Denver and will terminate in Washington, DC.

The ride is underway! Riders left Denver on May 29, 2006, after a successful rally. See photos of the team, their motorcycles and the rally.



“The 21st Century Paul Revere Ride has my whole-hearted support because it embodies the spirit of patriotism that brought America its independence in 1776. America’s sovereignty is threatened in 2006 not by British redcoats but by the elimination of our borders. It remains true today as in the past: vigilant citizens are our first line of defense. I applaud and salute the 21st Century Paul Revere Ride because its message needs to be heard all across the county, but especially it needs to be heard at the final destination of the ride, our nation’s capital. I wish I could join these patriots on their 48-state ride -- it would be more fun than my normal duties – but my prayers and best wishes go with them, for their safety and for their success.”

-- Rep. Tom Tancredo



HOSPITALITY: If you would like to ride for a day or state, meet the Paul Revere Riders and offer a cold one, offer your place as hospitality for an evening, contact us. We especially need a place to overnight near your state capital.

Print our flyer and distribute to motorcycle clubs, motorcycle shops, etc.

Tell your friends about the 21st Century Paul Revere Ride. Organize a rally when the ride comes through your city. See our route and schedule. Here are instructions on how to organize a rally. It's easy!

We are working in conjunction with NumbersUSA.com to inform the public and our elected public servants about the mass immigration crisis in America. We recommend you go to NumbersUSA.com and sign up to send free faxes to your elected officials.


**This was a production of The Coalition Against Illegal Immigration (CAII). If you would like to participate, please go to the above link to learn more. Afterwards, email the coalition and let me know at what level you would like to participate.



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Posted by ky/kentuckydan at 8:09 AM CDT
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Updated: Wednesday, 31 May 2006 8:20 AM CDT
Tuesday, 30 May 2006
Maybe It's
NOT
Media Bias?



Maybe the Legacy Media is just,

Stuck On Stupid?



Corrections: For the Record


An article and a picture caption yesterday about the funeral of Sgt. Jose Gomez of Queens, who was killed on April 20 in Iraq, referred incorrectly to the Army representative who comforted his mother. She was a sergeant first class ? an enlisted woman, not an officer. The article also misstated the name of a service medal that a general presented to Sergeant Gomez's mother. It is a Purple Heart, not a Purple Star. In some copies, a picture of the coffin being carried out of a funeral home carried an erroneous credit. The photographer was Ozier Muhammad of The New York Times. (Go to Article)

You, more than anyone, understand the pain of the mother of Christ," the Rev. Thomas Healy said in Spanish to Maria Gomez, whose slender shoulders slumped into the Army officer seated to her right as her husband, Felix Jimenez, wrapped an arm around her. "We are all with you in your pain."


Now I ask you? Could anyone, except for a person who knows absolutely NOTHING about the military, mistake the person comforting this woman for an officer?.

I mean if your only contract with people in the Service had been TV shows, or Movies, you should know the difference between a Sergeant and an Officer.




Yesterday, church and state rose up, each in its ritualistic glory, to honor the brief life and sudden death of Sergeant Gomez. Father Healy tenderly anointed his coffin with incense, and gave the young man his final blessings. The ladies of Corona ? some in veils ? filled the pews. Army officers flanked the right side of the church, and a two-star general presented Mrs. Gomez with


the purple star

and bronze star that President Bush had authorized her son to receive.

Correction: May 12, 2006

An article and a picture caption yesterday about the funeral of Sgt. Jose Gomez of Queens, who was killed on April 20 in Iraq, referred incorrectly to the Army representative who comforted his mother. She was a sergeant first class ? an enlisted woman, not an officer. The article also misstated the name of a service medal that a general presented to Sergeant Gomez's mother. It is a Purple Heart, not a Purple Star. In some copies, a picture of the coffin being carried out of a funeral home carried an erroneous credit. The photographer was Ozier Muhammad of The New York Times.


One could almost excuse the Sergeant/Officer mistake but now really?


the purple star????



That is truly pathetic and the Mainstream Media keeps insisting that it is they who are more accurate due to their professionalism and editorial staff?

But again we are speaking of the New York Times, who used their power and prestige to cover up what was at the time one of the largest examples of genocide in the History of the World, even to the extent they ruined the reputations of journalists trying to get out the real truth.


Holodomor



It is obvious that the Grey Lady's penchant for Truth and Accuracy remains consistent.

In a similar vein Big Lizards in Deliberating On Mistakes
posits a question, is CNN deliberately misleading or merely woefully incompetent?



Here is what CNN reported:

Iran has a right to develop nuclear technology and the international community should drop its demands that Tehran prove it's not trying to build a nuclear weapon, Iraq's foreign minister said Friday....

"Iran doesn't claim that they want to obtain a nuclear weapon or a nuclear bomb, so there is no need that we ask them for any guarantee now," Hoshyar Zebari said after meeting with his Iranian counterpart, Manouchehr Mottaki.


But Omar listened to the audio, and he says this is completely wrong. He supplies his own translation:

We respect Iran's and every other nation's right to pursue nuclear technology for research purposes and peaceful use given they accept [giving] the internationally required guarantees that this will not lead to an armament race in the region?

This is almost the polar opposite of what CNN reported, raising the dilemma of whether we trust Omar of Iraq the Model -- or the scion of Ted Turner. (Silly question.)

If it turns out CNN mistakenly reported, out of sheer incompetence, the opposite of what Zebari said, they should fire the translator.

But if the mistranslation were deliberate, rewriting the official statements of Iraqi officials to hew more closely to what CNN would prefer they said, then -- well, then that's just the traditional MO of the mainstream media, isn't it?


"

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Posted by ky/kentuckydan at 9:22 PM CDT
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Updated: Wednesday, 31 May 2006 6:44 AM CDT

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