Wednesday, August 3, 2011



BEIJING – President Barack Obama can’t seem to catch a break. First, he’s referred to as a ‘tar baby’ by Rep. Doug Lamborn (R) of Colorado.

Now the unthinkable.

In the aftermath of Congress’ embarrassing debt ceiling negotiations, the U.S. just learned its borrowing power has been reduced to ‘Pay Day Loan’ status.

The Dagong Global Credit Rating Company, China’s leading credit rating agency founded in 1994, downgraded U.S. sovereign debt to an “A” grade amid heightened concerns over the White House’s long-term ability or inability to satisfy its debts.

Keep in mind, Dagong’s assessment score is considerably lower than the AAA ratings given to the U.S. by the so-called ‘Big Three’ Western credit agencies of Moody’s, Fitch and Standard and Poor.

Hell, just last November, Dagong lowered the U.S. rating to an “A+” upon learning the Federal Reserve was operating too loosely with its monetary policy.

A few months prior to that (in July), the agency shocked the world by giving China a more favorable credit ranking than both the United States and Japan.

As of today, Dagong is responsible for rating 67 countries. However, the company expects to double that number by the end of the calendar year.

Deficits aside, the Chinese cited a lack of cohesion between Republicans and Democrats as the primary reason for doubt.

“The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States’ declining ability to repay its debts,” Dagong Chairman Guan Jianzhong told CNN.

“The two parties acted in a very irresponsible way and their actions greatly exposed the negative impact of the U.S. political system on its economic fundamentals.”


The credit rating hurts the U.S. No doubt about it. But China is indirectly affected too. After all, it’s the largest foreign owner of U.S. debt with holdings in excess of $1.1 trillion.

If the U.S. goes down, China could soon follow.

“Our downgrade simply reflects reality,” Guan said. “Our rating didn’t cause China to lose any money — it was the inappropriately high ratings for the U.S. by Western agencies that had led China to make risky investments in U.S. debt.”

In other words, the Chinese feel duped.


Bamboozled even.

Now, you get the sense China will never trust Western credit reporting agencies again.

“People are used to credit ratings issued by the ‘big three,’ but the financial crisis has clearly proved them wrong,” Guan said. “They can no longer shoulder the responsibility of rating the world. That’s the role we are striving to play.”

Hmm… maybe I should consider creating a consumer credit agency as a viable alternative to the ‘Big Three’ of Equifax, Experian and TransUnion?

Who knows?

Maybe China is on to something?

Wayne Hodges, an MBA from St. Mary University, is the Editor-in-Chief of “Mass Appeal News.” He also serves as a contributing writer to, he’s a Democrat reporter for the Examiner, and he’s a film critic with Wayne welcomes your comments 24/7 at

Jay-Z & Kanye West / Watch the Throne Tour @ Staples Center

Jay-Z and Kanye West
Jay-Z and Kanye West have announced the blockbuster rap event of the year as the duo performs live at Staples Center in Los Angeles on Wednesday, October 19 and Thursday, October 20, 2011. The announcement comes along with a date for their new album, Watch the Throne.

While the duo won’t be stopping in the Inland Empire, they’ll also be skipping Orange County and San Diego. Your only chance to see them in a trip down the 10, 60 or 210 to Los Angeles.

On Monday, August 8 tickets will be available for their nationwide tour through LiveNation and the album will be available through iTunes, as Rolling Stone reports. With the pre-ale beginning on August 7, don’t expect to find many good tickets once the tickets begin their public on-sale.

The tour will kick off in Detroit on September 22nd. It will feature performances from the collaborative record as well as hits by both artists.

According to Billboard, fans that buy their tickets online will receive a free digital copy of the album.
The announcement comes just six days after leaking their new single Otis, reports the L.A. Times.
The full Watch the Throne tour dates are:
9/22/11 Detroit, MI Palace of Auburn Hills
9/24/11 Toronto, ON Air Canada Centre
9/25/11 Montreal, QC Bell Centre
9/27/11 East Rutherford, NJ Izod Center
9/28/11 East Rutherford, NJ Izod Center
9/29/11 Washington DC Verizon Center
10/4/11 Philadelphia, PA Wells Fargo Center
10/6/11 Chicago, IL United Center
10/7/11 Chicago, IL United Center
10/8/11 Minneapolis, MN Target Center
10/10/11 Denver, CO Pepsi Center
10/13/11 Tacoma, WA Tacoma Dome
10/14/11 Vancouver, BC Rogers Arena
10/16/11 San Jose, CA HP Pavilion
10/17/11 Sacramento, CA Power Balance Pavilion
10/19/11 Los Angeles, CA Staples Center
10/20/11 Los Angeles, CA Staples Center
10/21/11 Las Vegas, NV MGM Grand Garden Arena
10/25/11 Dallas, TX American Airlines Center
10/26/11 Houston, TX Toyota Center
10/29/11 Atlanta, GA Philips Arena
10/30/11 Greensboro, NC Greensboro Coliseum
11/1/11 Baltimore, MD 1st Mariner Arena
11/3/11 Boston, MA TD Garden

Sydney police investigate possible bomb strapped around girl’s neck

SYDNEY (BNO NEWS) -- Police in the Australian city of Sydney are investigating a possible explosive device which has been strapped around the neck of an 18-year-old girl, officials said on Wednesday.

A police spokesperson said officers were called to a multi-million dollar house in Sydney's exclusive suburb of Mosman at around 2.30 p.m. local time after receiving a 000 call from an 18-year-old girl. It is believed the teenager lives at the property with her parents.

According to Australian media reports, it is believed that a balaclava-clad men had entered the home when the girl was home alone and placed a device around her neck. A note is attached to the device, reports said, although it was not immediately known what is on it.

"While the very delicate operation continues at the house with the bomb squad officers, highly-skilled investigators have been working behind the scenes since the incident was first reported," Assistant Commissioner Mark Murdoch said during a news briefing. "Given the nature of the incident, I am sure you can all appreciate we need to keep the cards very close to our chest."

Murdoch said the teenager is being supported by specialist police who are inside the home while her parents are being kept up-to-date from outside the house. Because of the incident, a number of surrounding homes have been evacuated and roads have been blocked.

Police said it was not yet clear if the device is actually a bomb, but officers are treating it as a live explosive device until they have more information. "Bomb Squad officers remain inside the house where they are examining the device and supporting the woman," police said in a statement, adding that the incident is not being treated as self-harm. "The process demands a high-level of skill and must be meticulous."

Meanwhile, police have appealed for the public's help. "Investigators want to hear from anyone who noticed suspicious activity around the home or on Burrawong Avenue this afternoon to contact Crime Stoppers on 1800 333 000," the statement said.
(Copyright 2011 by BNO News B.V. All rights reserved. Info:

Egypt puts feeble Mubarak on trial

CAIRO – Egypt's Hosni Mubarak was shown wheeled in to a enclosure in justice in Cairo upon Wednesday with his dual sons as well as alternative defendants to mount hearing for his purpose in a murdering of protesters, state radio images showed.

Desposed Egyptian President Hosni Mubarak is due to crop up in justice upon Wednesday, a ultimate turn in what has incited out to be an increasingly violent domestic career.

By YAROSLAV TROFIMOV CAIRO—Egypt's deposed President Hosni Mubarak arrived in justice Wednesday to mount hearing upon charges of grouping a murdering of insubordinate protesters, in a charge which is but fashion in a Middle East's complicated history

By Sarah Mikhail as well as Dina Zayed CAIRO, August 3 (Reuters) – Egypt's Hosni Mubarak was wheeled in to a courtroom enclosure in a sanatorium bed upon Wednesday to face hearing for murdering protesters — an picture which anxious those who overthrew him as well as contingency have chilled.

by Eyder Peralta The story winning a sunrise is which 6 months after his ouster, former Egyptian President Hosni Mubarak is station hearing upon charges of crime as well as complicity in a deaths of protesters. The bum 83-year-old was in a

The Day the Strength of Men Failed

By Bill Wilson
Tolkien called it the “day the strength of men failed” when the people of Middle Earth failed to destroy the One Ring. So it was with the votes to increase in the debt ceiling, as the American people have received little in exchange for allowing it to keep all of its powers to borrow with abandon.

Was this America’s last chance to kick the spending habit?

All acknowledge the “deal” now struck will not go nearly far enough, as now markets — and the American people — brace for what appears to be an imminent downgrade of our credit rating by at least one major agency.

“Futures down on U.S. credit downgrade worries,” reads a headline from Reuters. “Chinese agency warns of U.S. debt downgrade,” reports CNN International, as Chinese rater Dagong prepares to downgrade the U.S. for the third time since the financial crisis began.

Treasury Secretary Tim Geither, who in April promised the U.S. was at “no risk” of being downgraded, now says, “I don’t know. It’s hard to tell.” Hardly words that inspire confidence about the nation’s credit rating.
In the run-up to the vote, the Obama Administration attempted to strong arm credit rating agencies to back off their threats to downgrade the United States’ Triple-A credit rating, and even to endorse the Reid plan in the Senate in favor over the now-defeated House plan.

S&P, to its credit, has not backed down thus far. Although Moody’s has apparently after hard lobbying from the White House, despite the fact the plan falls far short of the agencies’ calls to cut at least $4 trillion to prevent a downgrade. It cuts only $917 billion over ten years, much of which depends on out-year cuts that likely will not happen based on past experience.

Downgrade or no, the deterioration of U.S. finances was entirely avoidable. That is why the American people, through elections, sent representatives to Congress on a promise not to increase the debt ceiling without trillions in reduced borrowing.

This deal will not balance the budget. It doesn’t even save $1 trillion, when what is required to stabilize American finances totals many trillions in cuts. It will not control the growth of future spending. It will lead to higher interest rates, a sinking dollar, and eventually, a downgrade of our credit rating. Today, the House of Representatives gave America a "deal" when what it was promised was a solution. No amount of spin can obscure the fact that the vaunted pledge to "put us on a path to balance the budget and pay down the debt," has become a hallow slogan.
Get full story here.

The Week Ahead: Obama's Debt Deal Announcement Analyzed

Video by Frank McCaffrey
Get permalink here.

NAACP and EPA would inflict heat prostration and death

By Niger Innis and Bishop Harry Jackson, Jr.

From New York, Washington and Atlanta to Chicago, St. Louis and Dallas, America is baking in a furnace. As millions swelter and gasp, they thank their lucky stars for air-conditioned cars, homes, offices and other places of refuge. And for the reliable, affordable electricity that makes AC possible.

Previous generations weren’t so fortunate. When a record heat wave slammed the nation in July 1936, Midwest temperatures hit 100-107 for a week. With most homes and businesses lacking even fans in this pre-AC era, millions suffered heat prostration. In Wisconsin, 449 died. Nationwide, thousands perished.

Now the EPA and NAACP want to send America back to the “good old days.” Under a perverse notion of “environmental justice,” they are promoting tough new air quality rules that would shut down dozens of coal-fired power plants that make affordable AC possible for millions of poor and minority families.
According to them, coal-based electricity is “racist.” Minorities are more at risk because they often live near “dangerous,” older, more polluting power plants.

There is no excuse for the ridiculous “racism” and “justice” rhetoric, or the way EPA used cherry-picked data and computer models to conjure up health risks and benefits that exist only in virtual worlds. (Visit for details.) Worse, the agency refused to consider the disastrous effects its draconian regulations will impose on families and businesses, due to skyrocketing electricity prices.

EPA’s rules will reduce electricity availability and send costs soaring 12% to 60% by 2015 – especially in the 26 states that depend on coal for 48-98% of their electricity. Families and businesses in those states currently pay less than half as much per kilowatt hour as those in low-coal, high-tax, hyper-regulated states. That means jobs, profits, balanced budgets – and protection against life-threatening heat and cold.
Get full story here.