Al Qaeda’s Goal: Cripple Amtrak’s N’east Corridor

Heightened Security In Place At Penn Station; Attack Could Paralyze Transit Between Boston, Washington

Cops, Feds Armed With M16s On Patrol For Forseeable Future
[…]
If Al Qaeda terrorists have their way there will be chaos and mayhem here this holiday season, a mass transit bomb plot that would probably affect all the subway and train lines at Penn and Grand Central stations.

“The threat is serious, the threat is significant, and it is plausible,” said Congressman Peter King, R-Long Island, a member of the House Homeland Security Committee.
Uniformed officers, including this NYPD Counter Terrorism Squad members and Amtrak cops with M-16s, flooded Penn Station Wednesday after the FBI said it had received a “plausible but unsubstantiated” report that Al Qaeda operatives discussed a plan two months ago to bomb New York City’s mass transit system.

Read more here…

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Massacre in Mumbai: Britons feared dead or held hostage as terrorists target tourists

 At least 101 people dead and more than 900 injured

 Up to 200 hostages taken, many believed to be Brits

 Two luxury five star hotels targeted

 Attacks believed to be the work of Islamic terrorists
[…]
An armed gang targeted seven tourist locations in the Indian city, seeking anyone with a British or American passport.

At least 101 people have been killed and more than 900 wounded as the gunmen opened fire in what appeared to be the first Al Qaeda-inspired terrorist attack against foreigners in India.
[…]
It has been reported as many as 200 hostages are being held in one of the two hotels.

Sky News reports between 10 and 12 terrorists are currently holding between 100 and 200 hostages in the Oberoi Trident Hotel and police and commando operations have begun against militants in the building.
[…]
At the Taj Mahal, troops were sent in to rescue trapped people after a major fire broke out.

One fleeing guest said the stairway-in the blazing heritage wing was ‘full of dead bodies’.

Screams could be heard from guests trapped on higher floors as firemen used extension ladders and smashed windows to reach them.

Indian authorities said they believed 40 people were still being held prisoner at the hotel.
[…]
Mr Chamberlain went on: ‘They were talking about British and Americans specifically. There was an Italian guy, who, you know, they said: “Where are you from?” and he said he’s from Italy and they said “fine” and they left him alone.
[…]
‘They are trying to throw explosives from the roof of another building. They have attacked the hospital. They attacked the railway station.’

A still image broadcast on Indian television showed a young terrorist armed with an AK47 storming into a hotel. It was apparently taken from the building’s CCTV.

A previously unknown group, Deccan Mujihadeen, claimed responsibility for the attacks.

Read more here…

Related

Terrorists came from Karachi via sea to Mumbai

Mumbai : The terrorists who attacked Mumbai came via sea routes from Karachi in Pakistan, according to an intelligence report.

[…]

Witnesses say the attackers were young South Asian men speaking Hindi or Urdu, suggesting that they are probably members of an Indian militant group rather than foreigners.

[…]

The attacks were claimed by a previously unknown group calling itself the Deccan Mujahideen in an e-mail to news organisations. Deccan is an area of southern India.

Analysts say that while it is not clear whether the claim is genuine, the attacks were most likely carried out by a group called the Indian Mujahideen. The name used in the claim of responsibility suggests the attackers could be members of a south Indian offshoot or cell of the Indian Mujahideen.

* WHO ARE THE INDIAN MUJAHIDEEN?

Indian police say the Indian Mujahideen is an offshoot of the banned Students’ Islamic Movement of India (SIMI), but that local Muslims appear to have been given training and backing from militant groups in neighbouring Pakistan and Bangladesh.

SIMI has been blamed by police for almost every major bomb attack in India, including explosions on commuter trains in Mumbai two years ago that killed 187 people.

Police said the Indian Mujahideen may also include former members of the Bangladeshi militant group Harkat-ul-Jihad al Islami.

* WHY ARE THEY SUSPECTED OF BEING BEHIND THE MUMBAI ATTACKS?

The Indian Mujahideen have made credible claims of responsibility for most of the recent major attacks on civilian targets in India over the past two years.

The Mumbai attacks appear to have been carefully co-ordinated, well-planned and involved a large number of attackers. A high level of sophistication has also been a hallmark of previous attacks by the Indian Mujahideen.

The Mumbai attacks also focused clearly on tourist targets, including two luxury hotels and a famous cafe.

In May, the Indian Mujahideen made a specific threat to attack tourist sites in India unless the Government stopped supporting the United States in the international arena.

The threat was made in an e-mail claiming responsibility for bomb attacks that killed 63 people in the tourist city of Jaipur. The e-mail, signed by “Guru Al-Hindi”, declared “open war against India” and included the serial number of one of the bicycles on which the bombs were left.

[…]

WHAT WAS DIFFERENT ABOUT THE MUMBAI ATTACKS?

All previous incidents in which the Indian Mujahideen are suspected of involvement involved co-ordinated serial bombs.

The Mumbai attacks also show clear signs of coordination but were carried out by gunmen, some carrying grenades.

The tactics — a military-style assault on soft targets, singling out foreigners, and taking hostages — is rare and does not fit the usual methods of militant attacks on civilian areas.

However, similar attacks have been carried out before, notably the May 2004 attacks in the eastern Saudi city of Khobar.

Gunmen attacked two Oil industry installations and a foreign workers’ housing complex in the city, taking more than 50 hostages and killing 22 of them. The attackers asked hostages whether they were Christian or Muslim before deciding whom to kill.

http://www.indianexpress.com/news/terrorists-came-from-karachi-via-sea-routes-to-mumbai/391329/

Australians in Mumbai attacks: “people getting shot in corridor” (Roundup)
[…]
‘It was really terrifying,’ she said. ‘There were people getting shot in the corridor. There was someone dead outside the bathroom.’

An Australian businessman said he spent five hours hiding under his bed after seeing gunmen open fire on fellow guests at Mumbai’s Oberoi Hotel.

‘We started hearing all this banging, which we just thought were fireworks or something,’ wine company executive Garrick Harvison told Australia’s national broadcaster ABC in a mobile telephone call from his Oberoi room. ‘I went out, had a look and it was just bang-bang-bang like a semi-automatic rifle.

‘When we looked over and found that it wasn’t fireworks - it was actually people shooting people - I just ran inside my room. From that point, for the next four of five or six hours, I heard gunshots and bomb blasts.’

At least 101 people were killed in the attacks and hundreds were wounded, authorities said.
[…]
Six members of a 13-strong Australian trade mission staying at the Oberoi Hotel were unaccounted for.

Read more here…

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Quote of the Day…11/26/08

The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened. - Norman Thomas

Note: Norman Thomas ran for president for the Socialist Party 6 times between 1928 and 1948.

It’s interesting that he and Gus Hall, the U.S. Communist Party Candidate, both quit American politics, agreeing that the Republican and Democratic parties by 1970 had adopted every plank on the Communist/Socialist and they no longer had an alternate party platform on which to run.

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Race in the Third Millennium By Selwyn Duke

Although the show was propaganda produced by leftist Norman Lear, no one could accuse “All in the Family” of not being funny. Its protagonist, blue-collar bigot Archie Bunker, is one of those legendary television characters, and one of his uproarious lines is apropos here. It was uttered during a scene in which his daughter, Gloria, passionately asked him, “Daddy, did you know that 65 percent of the people murdered in the last ten years were killed by handguns?” The curmudgeonly patriarch’s reply was classic: “Would it make you feel any better, little girl, if they was pushed outta’ windas’?”

While what follows isn’t the conclusion Lear wanted us to draw, the truth is that many Americans would feel better. People tend to fixate on the boogeyman of their ideology, and they often don’t trouble much about evil when it’s not committed in his name.

We see examples of this phenomenon today, and this brings me to a couple of questions of my own. Can tyranny be visited in the name of only one particular lie? And would it make you feel any better if millions were oppressed or murdered to promote a fashionable lie? The truth is, sadly, millions would feel better.

Archie’s characteristic fault, bigotry, is today a very unfashionable lie. It’s also a very exaggerated one. Up until just recently, millions of Americans were absolutely certain a black man could never be elected president. I had pointed out on numerous occasions, both at private gatherings and in print (here, here and here, for instance), that America is the least “racist” country on Earth and that a black person could very easily ascend to the White House. So, before we proceed, let’s make something crystal clear.

I and my philosophical soul mates were right, and the other side was wrong.

Very wrong.

Completely, irrefutably, unambiguously wrong.

How they could be so wrong? The answer is, they’re in the grip of a false ideology that is emotionally pleasing to them. And the cool regions of the head are easily trumped by the raging fires of the heart.

People have always been raised with certain dogmas. In our time, the three r’s of education are revisionism, relativism, and racism, and we are instilled with the notion that the last thing is the end-all and be-all, the source of all our woes. In fact, the modern version of that old biblical admonition would have to be “Racism is the root of all evil.”

This is evident in our culture. In textbooks and documentaries we are bombarded with gratuitous treatments of slavery and discrimination in America (not elsewhere, where the former is extant and the latter generally far worse), and the media report every detectable bigoted word uttered or racial act committed by white people, no matter how statistically rare it might be, for the purposes of portraying our nation as ridden with racism and in need of “the fix” (this is partially why we’ve been fixed like a dog). Then there is the matter of how communism is viewed kindly relative to National Socialism (which partially explains why “big C” communism is again on the rise). We are outraged that 11 million were killed because of a racial agenda, as we should be, yet it seems that it would make modern man’s inner little girl feel better if they had been exterminated in the name of an atheistic/economic one. After all, while the communists killed about ten times as many – 100 million worldwide during the 20th century – its defenders are never lowered to where they belong, the nadir of pariah status occupied by a neo-Nazi. But, of course, godlessness and economic egalitarianism are all the rage in these enlightened times.

Many will justify such bias, claiming that the demon of discrimination cannot be exorcised without constant prayer to the god of government; there must be a bit of over-compensation in much that same way that a crooked wire cannot be made right unless it’s bent beyond straight in the other direction. But it is also true that if you keep bending it in the fashionable direction, it becomes more crooked than it was before. The yoke of tyranny isn’t less burdensome just because it’s born of an unfashionable lie’s opposite.

This is why it’s so dangerous when we deceive ourselves about a problem. To paraphrase C.S. Lewis’ in The Screwtape Letters, the demon bent on civilization’s demise reasons that he must convince people to exaggerate their faults. Thus, we dark angels must tell the militarist that he is too pacifistic and the pacifist that he is too militaristic. In light of this, consider that certain forces in our thoroughly politically-correct society, where cultural affirmative action carries the day, continually tell us that we’re too racist.

When you understand this phenomenon whereby man swings from one extreme to the other and consider what we regard to be our greatest mistakes of the past, it becomes clear why we are in our current social state and what dangers may lie on the horizon. I will elaborate.

Barack Obama’s infamous ex-pastor, friend and confidant, Reverend Jeremiah Wright, subscribes to “Black Liberation Theology.” He expressed one of its tenets during a fiery sermon, saying:

    “Jesus was a poor black man who lived in a country and who lived in a culture that was controlled by rich white people.”

Such rhetoric is tolerated by much of society. But not by those, such as authentic Christians, who understand that Jesus should not be reduced to a racial symbol. After all, such a characterization is as ridiculous as claiming Jesus was a member of the Nordic race and did battle with Jews.

Oh, by the way, the latter was claimed – by the National Socialists – in 1930s Germany. It was called “positive Christianity,” and it was tolerated by much of society. But not by people, such as authentic Christians, who understood that Jesus should not be reduced to a racial symbol.

As for citizens who disagreed with National Socialist doctrine, they were often silenced; I suppose it was very unfashionable to claim that your Aryan race didn’t enjoy superiority. We have risen beyond this today, of course. So much so, in fact, that we have speech codes in colleges and corporations and hate-speech laws in many countries which ensure that people who disagree with the doctrine of racial equivalency along every conceivable dimension will often be silenced. It’s a totally different thing.

The National Socialists (and many others) were wrong not just because they believed in differences among groups that didn’t exist, but, far more significantly, because they also assumed that a group’s worth was determined by its characteristic abilities and overall intelligence. They didn’t understand that everyone is deserving of dignity because he is a child of God; this is an easy mistake to make when your ideology becomes your god and its tenets your truth. This is why it may be comforting to certain people that our faith is so strong.

And something happens when your agenda and its truth supplant God, the Truth. When its tenets conflict with the Truth, instead of discarding the former, you rationalize away the latter. Thus, when fleet-footed Jesse Owens prevailed in the 1936 Olympics in Berlin and Joe Louis pummeled German Max Schmeling in their second heavyweight bout, it did nothing to disabuse the National Socialists of their ideas. The doctrine that they occupied the highest rung of a racial hierarchy determined by genetics could not be questioned.

We’re not like that at all. Instead, we’re diligent enough to ostracize people such as Jimmy “the Greek” Snyder and renowned scientists William Shockley and James Watson for suggesting that some group differences could have a genetic basis. The doctrine of comprehensive absolute genetic racial equivalency cannot be questioned.

In reality, the balanced view of the matter is very simple: While there are differences among groups, there are also differences within groups. The latter is why we must judge everyone as an individual, and the former is why we must judge every individual group as an individual group.

The National Socialists had a problem with this, as they were bent on believing that a person’s group identity is destiny; it was a doctrine that justified discrimination. We’re not like that at all. We insist that a group’s group identity is meaningless. Ashkenazi Jews have the highest I.Q. of any group, blacks tolerate heat better and tend to be more muscular, and I’m sure every group possesses genetically-based advantages of some kind. Yet this mustn’t be acknowledged, as it contradicts our doctrine that performance differences among groups must be attributed to discrimination.

The National Socialists were also gung-ho nationalistic; it helped greatly to rally Josef Six-pack. We’re not like that at all. In fact, we go so far as to criticize flag-wavers and, as Bill Ayers and Ward Churchill can attest, preach anti-Americanism in academia, the media and Hollywood. We have moved beyond tribal loyalties. We are internationalists.

Yes, we are nothing like those racial dogmatists of bygone days. We can truthfully say, as writer Ace Walker once pointed out, “We’re not National Socialists, you bloody fool. We’re international socialists!”

Another characteristic of the National Socialists is that before they gained the power to impose their agenda through the law, they did so through the lawless; they used brown-shirted thugs to intimidate and silence opposition.

We’re not like that at all.

Our mobs don’t wear brown shirts. They just storm stages (Columbia and other attacks on traditionalists at colleges), intimidate voters, steal conservative newspapers, attack conservative students and vandalize their homes, and force-feed students politically-correct ideas in academia.

Then there are the aspirations, which are sometimes expressed by readers of left-wing news sites. For instance, at a very popular site I came across a post to the effect of (I’m paraphrasing):

    “Racists should be beaten and then put in re-education camps until their thinking is changed.”

This was not an uncommon sentiment at this site and was unchallenged by the other respondents.

To place this in perspective, remember that things such as condemning Islamist beliefs, speaking frankly about crime statistics, criticizing Obama and even opposing welfare have been labeled racist. Why, even Bill Clinton, the former and now completely white “first black president,” was labeled a racist during the primary campaign. “Racist” has become synonymous with “bad guy,” and bad guy has come to mean “someone who disagrees with our doctrine.” And, you see, the remedy for doctrinal incorrectness is a re-education camp.

So we exhibit that dreaded pattern, that tendency to go from one extreme to another. No matter how far we bend that wire, we’re continually told we’re too racist. We’re ever on the watch for closet National Socialists, inheritors of a philosophy whose adherents murdered millions under the banner of racial superiority. But what will be the result of an ever-intensifying obsession to enforce a racial-equivalency doctrine whose adherents see enemies around every corner?

Well, whatever. I’m sure modern man’s inner little girl will feel better as long as people are only pushed out of windows.
Contact Selwyn Duke

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When Environmentalism Is a Luxury by Melissa Clouthier

In tough economic times, the flimsiness of the environmental movement comes to the fore.

Environmentalism is the luxury of those without more pressing concerns — like survival. In places like China, where their government worries about feeding 1.3 billion people, environmental concerns take a back seat to human concerns like food, water, and jobs.

It was with interest that I followed Robert Scoble’s tweets from China. He reported choking smog and horrendous pollution that was the side effect of making the cheap consumer electronics we Americans used to enjoy buying before the current economic downturn. Scoble also reported that the Chinese are making strides to make environmentally friendly factories.

Environmentally friendly factories are all to the good and not exclusive of human concerns. Without money flowing to buy products, there will be no factories. Environmentally friendly ones will be as out of business as polluting ones.

This begs the question: Does anyone not want to care for the environment? I put the environmental grandstanding in the same category as torture. Who the heck is for torture? No one. And who is for destroying the environment? No one. The question gets murkier when survival is at stake. If a person must choose, and sometimes leaders must choose, between survival and the ideal, sometimes an ethically challenging decision must be made because the higher value is the value of life. More on that in a bit.

Read more from Pajamas Media

Related

Hostile Green Takeover: The Auto Industry Faces Environmental Thuggery

Senate Floor Speech - November 20, 2008
Senator James Inhofe (R-OK) – Ranking Member, Environment and Public Works Committee
[…]
The latest bailout demand making the rounds in Washington is for the Big Three auto industry. Democrats would have you believe the proposed bailout is all about saving jobs, but, having been in Washington long enough, my instincts led me to dig deeper where I unearthed green roots hiding beneath the bailout rhetoric.

It now appears that much of what you have heard in the media about the auto bailout being about “jobs” has been misleading. In fact, there are “usual suspects” working behind the scenes to subvert the auto bailout and ultimately betray auto workers.

The facts are these:

The proposed $25 billion bailout of Detroit now appears to have been hijacked by the powerful environmental lobby.

The November 19 Wall Street Journal asks:

    “When is $25 billion in taxpayer cash insufficient to bail out Detroit’s auto makers?” Answer: “When the money is a tool of Congressional industrial policy to turn GM, Ford and Chrysler into agents of the Sierra Club and other green lobbies.”

According to the Wall Street Journal, the auto bailout has degenerated into a tool to “make Detroit a subsidiary of the Sierra Club.”
[…]
The Wall Street Journal explains:

    “In their public statements, proponents describe the bailout as an attempt to save jobs, American manufacturing and the middle-class way of life. But look closely and you can see that what’s really going on is an attempt to use taxpayer money to remake Detroit in the image of the modern environmental movement. Given a choice between greens and blue-collar workers, Congress puts the greens first.”

And just how did this attempt at a green takeover of Detroit come about?

Read more from Canada Free Press

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Lawsuits Stop Offshore Drilling in Its Tracks

Oil and gas companies appeared to score a victory when congressional Democrats let the offshore drilling moratorium expire after President Bush lifted an executive ban. But those who think nothing stands in the way of offshore drilling are dead wrong.
[...]
“Every lease that has been granted in the last several years has been immediately challenged in the lawsuits, 100 percent,” said Rep. Virginia Foxx, R-N.C.

Read more here…

SideBear: It is becoming more apparent by the day that off shore drilling will be stifled by the environmentalists lobby whose sole purpose is to weaken the nation.

There will come a day when electric ‘brown-outs’ will be common, gas will be rationed, and a carbon tax will kill the economy; and we will all wonder how this happened.

It happened because Washington has sold out to the green lobby for thirteen pieces of silver … Wake Up America!

We have become a nation of suers’ and not doers’.

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Wall Street and the Rise of Obama

Joe Biden made headlines by talking about a “generated crisis” for President Obama. But is the current financial meltdown another “generated crisis?” Why did this crisis suddenly occur only six weeks before the election? Is it just a coincidence that it occurred at a time when John McCain was leading in the national public opinion polls and appeared to be on his way to a November 4 election victory?
[…]
Why was this necessary? Back on July 21, 2008, in an article headlined, “Trouble at Fannie Mae and Freddie Mac Stirs Concern Abroad,” The New York Times noted that China held $376 billion in securities issued by the quasi-governmental agencies, known as Government Sponsored Enterprises. In total, foreign investors held some $1.5 trillion in the housing giants, about one-fifth of their securities. China was the leading foreign investor.

On September 7, the U.S. Government, under Paulson’s direction, took control of Fannie Mae and Freddie Mac, putting the U.S. taxpayers on the hook for $5 trillion of their mortgages. This constituted, in effect, a bailout of the foreign investors.

About a week and a half later the demands came for more taxpayer money for Wall Street, and the national economic crisis was well underway.
[…]
It is important to note that none of this has stabilized the financial system, although that is what we were told by the media would happen.

Calling the global financial crisis an “historic opportunity,” a coalition of “progressive” individuals, social movements and non-governmental organizations met in Beijing on October 15 and issued a statement urging the “radical economic transformation” of the global economy. They advocate a “global taxation system,” including what are known as “Tobin taxes, on the movements of speculative capital,” and “stringent progressive carbon taxes on those [nations] with the biggest carbon footprints.”

Their plan also includes phasing out the U.S. dollar as the international reserve currency and establishing “a people’s inquiry into the mechanisms necessary for a just international monetary system.” Clearly, they intend to bring the U.S. into a system of international socialism, with new and more powerful global agencies deciding our economic and financial fate.

At the same time, the Left wants to make sure that “aid transfers do not fall as a result of the crisis.” Foreign aid must not only continue, they say, it must be expanded. The primary vehicle for this is the Millennium Development Goals project of the United Nations, whereby nations such as the U.S. are supposed to provide .7 percent of their Gross National Product (GNP) in foreign aid.
[…]
Sachs has estimated that the U.S. is short by $65 billion a year in foreign aid, which adds up to $845 billion over the 13-year period during which nations are supposed to attain the MDGs. Through references to various U.N. resolutions and conferences, as well as the MDGs, Obama’s Global Poverty Act is designed to make the U.S. comply with the requirement of .7 percent of GNP being provided for “official development assistance.” Sachs has stated openly that a global tax will be necessary to force the U.S. to come up with the money.

At the Clinton Global Initiative meeting in September, Obama reaffirmed his own “embracing” of the MDGs and noted, “This will take more resources from the United States, and as President I will increase our foreign assistance to provide them.” On top of that, Obama supports the Jubilee Act, which would cancel as much as $75 billion of third world debt. That adds up to $920 billion more in taxpayer money on top of the estimated $1.8 trillion in national and domestic spending to deal with the current crisis.
[…]
We may be facing the bankruptcy of the United States, even without all of this new spending. Indeed, the Global Europe Anticipation Bulletin, which predicted the current crisis, reports the likelihood that the U.S. will default on some of its debts next year.

It declares that “…our researchers anticipate that, before next summer 2009, the US government will default and be prevented to pay back its creditors (holders of US Treasury Bonds, of Fannie Mae and Freddie Mac shares, etc.). Of course such a bankruptcy will provoke some very negative outcome for all USD- [dollar] denominated asset holders. According to our team, the period that will then begin should be conducive to the setting up of a ‘new Dollar’ to remedy the problem of default and of induced massive capital drain from the US.”

This is what the international Left is hoping for.
[…]
Based on what has been publicly said by the President and the SEC, the culprits could possibly include operators of the controversial, mysterious and secretive financial vehicles known as hedge funds.

A hedge fund operator such as George Soros, who was convicted of insider trading in France, is known to make money from the collapse of national economies and currencies. He was labeled “The Man who broke the Bank of England” because of his financial activities against the British currency. Did he break the U.S. economy?

Read more from Canada Free Press

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Big Bailouts, Bigger Bucks

Whenever I discussed the current bailout situation with people, I find they have a hard time comprehending the actual numbers involved. That became a problem while doing the research for the Bailout Nation book. I needed some way to put this into proper historical perspective.

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

    • Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
    • Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
    • Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
    • S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
    • Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
    • The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
    • Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
    • Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
    • NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion

______________________________________________________________________

data courtesy of Bianco Research

That is $686 billion less than the cost of the credit crisis thus far.

The only single American event in history that even comes close to matching the cost of the credit crisis is World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion

The $4.6165 trillion dollars committed so far is about a trillion dollars ($979 billion dollars) greater than the entire cost of World War II borne by the United States: $3.6 trillion, adjusted for inflation (original cost was $288 billion).

Go figure: WWII was a relative bargain.

I estimate that by the time we get through 2010, the final bill may scale up to as much as $10 trillion dollars…

UPDATE: November 25, 23008 10:34am

A few additional details:

-Well regarded Jim Bianco did the number crunching. The easiest method is to recalculate the numbers using CPI data. There are other ways to depict this — such as percentage of GDP, or on a per capita basis, or in terms of costs of common items (eggs, bread, big macs, etc.).

Bloomberg calculates the total amount the taxpayer is on the hook for is $7.76 trillion, or $24,000 for every man woman and child in the country. (Data breakdown is here)

Regardless, no matter you calculate it, we are talking about an ungodly amount of money.

Source: The Big Picture

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Americans don’t know civics By Michelle Healy

From high-school dropouts to college graduates to elected officials, Americans are “alarmingly uninformed” about the USA’s history, founding principles and economy — knowledge needed to participate wisely in civic life, says a report scheduled to be released Thursday.

The study, the third in a series by the non-profit Intercollegiate Studies Institute, finds that half of U.S. adults can name all three branches of government, and 54% know that the power to declare war belongs to Congress. Almost 40% incorrectly said that it belongs to the president.

And while 56% can name Paula Abdul as a judge on American Idol, only 21% know that the phrase “government of the people, by the people, for the people” comes from Lincoln’s Gettysburg Address. Just 54% can correctly identify a basic description of the free enterprise system.

Those who have held elected office lack civic knowledge; 43% do not know the Electoral College is a constitutionally mandated assembly that elects the president. One in five thinks it “trains those aspiring for higher office” or “was established to supervise the first televised presidential debates.”

Read more from USA TODAY

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I.O.U.S.A.

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