Category: Behind The Black

Bernanke headlines a day of grim warnings about the nation’s fiscal standing

12:24 pm

Fed chairman Bernanke issued a grim warning yesterday about the federal government’s overwhelming debt. Key quote:

The national debt is currently about 60 percent of the economy, or Gross Domestic Product, [Bernanke] said, adding that it is projected to reach 90 percent of GDP by 2020 and 150 percent of GDP by 2030. But Bernanke’s citation of $9.5 trillion in national debt didn’t include the $4.6 trillion owed by the government to trust funds for things such as Social Security and Medicare, which have paid out cash to the Treasury in exchange for promisory notes. The full national debt – when both forms of debt are included – is already just under 100 percent of GDP, which is currently around $14.6 trillion.

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Scientists discover treasure trove of fossils in limestone layer in China

4:53 pm

Scientists have discovered a treasure trove of 250-million-year-old fossils in limestone layer in China. Key quote:

The 50-foot-thick (16 meters) layer of limestone that held these fossils dates back to when south China was a large island just north of the equator with a tropical climate. A smattering of fossil land plants suggest this marine community lived near a conifer forest. The fossils are exceptionally well-preserved, with more than half of them completely intact, including soft tissues. Apparently they were protected across the ages by mats of microbes that rapidly sealed their bodies off from decay after death.

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Contractor proposes taking over two shuttles and flying them for NASA through 2017

12:53 pm

The contractor who manages the shutte program for NASA, United Space Alliance (USA), has proposed taking over two shuttles and flying them privately for NASA through 2017. Key quote:

USA’s current estimated price tag of $1.5 billion per year would represent a substantial drop from previous funding levels, which have seen shuttle program costs rise as high as $4 billion per year. United Space Alliance says its plan would take advantage of shuttle infrastructure and a workforce already in place. Some shuttle production lines would have to be restarted — for example, the operation that builds the shuttle’s external fuel tanks. But USA says the first commercial shuttle flights could take place in 2013. That would beat the 2016 deadline specified in last year’s legislation, as well as the development schedule laid out by SpaceX and USA’s other commercial competitors.

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After Video sting Planned Parenthood Fires Employee

12:03 pm

The right response: After a video sting posted on youtube showed a Planned Parenthood manager helping a supposed pimp operate his sex ring of underage girls, the organization has fired that manager. Key quote:

“We were profoundly shocked when we viewed the videotape,” Phyllis Kinsler, chief executive of the agency’s central New Jersey branch, said in a statement. Ms. Kinsler said the tape “depicted an employee of one of our health centers behaving in a repugnant manner that is inconsistent with our standards of care and is completely unacceptable.”

Update: Youtube is threatening to remove the video due to so-called “privacy violations.”

What crap. The only person whose privacy was invaded was the manager who was breaking the law. Such behavior does not deserve protection, and youtube should know better.

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Judge holds Interior Department in contempt over offshore oil drilling moratorium

11:57 pm

A Louisiana judge has held the Interior Department in contempt over its offshore oil drilling moratorium. Key quote:

After [the judge] overturned the government’s moratorium in June, the agency issued a second nearly identical suspension. “Such dismissive conduct, viewed in tandem with the re-imposition of a second blanket and substantively identical moratorium and in light of the national importance of this case, provide this court with clear and convincing evidence of the government’s contempt of this court’s preliminary injunction order.”

The Obama administration might not realize it — as well as many politicians from both parties in DC — we are a nation of laws, not men. It thumb your nose at the law it will eventually come back to bite you. Especially if the citizenry becomes outraged at your arrogance.

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