Showing posts with label Dow Jones. Show all posts
Showing posts with label Dow Jones. Show all posts

Saturday, July 31, 2010

Florida church announces Quran burning event

Maybe the tea partiers have found a new hero. News that a Florida pastor was planning a Quran-burning event to mark the ninth anniversary of the Sept. 11 attacks is typical of the kind of ignorant thinking that characterizes the tea party movement and its over-publicized icon, former Alaska governor Sarah Palin. The announcement of the Islamic good book burning that Terry Jones, pastor of the Dove World Outreach Center in Gainesville, says is to remember the victims of attacks on New York and Washington, D.C., and to express outrage against that religion, has sparked cries of outrage from leaders of U.S. religious denominations, according to Cable News Network (CNN). As we all know, the 19 9-11 hijackers were Muslim and the United States blames the attack on al-Qaida leader Osama bin Laden, also a Muslim. "We believe that Islam is of the devil, that it's causing billions of people to go to hell, it is a deceptive religion, it is a violent religion and that is proven many, many times," Jones said on CNN this week. Jones is the author of a book entitled "Islam is of the Devil" and his church sells T-shirts and coffee mugs bearing the phrase. But many Muslim and Christian leaders urged Jones to call off his event because it would just aggravate tensions, Reuters said. "American Muslims and other people of conscience should support positive educational efforts to prevent the spread of Islamophobia," said Ibrahim Hooper, a spokesman for the Council on American Islam Relations. The CAIR called on Muslims and others to hold 'Share the Quran" dinners to educate the public during Ramadan, the month-long fast that begins in August, and began a campaign to distribute copies of the Quran to U.S. leaders, Reuters said. An evangelical Christian group issued a statement promoting "relationships of trust and respect" with members of other religions. "God created human beings in his image, and therefore all should be treated with dignity and respect," the statement said. But "dignity and respect" for others is not what the Dove World Outreach Center is selling. Tellingly, the group also said it was promoting a rally on Monday to protest as "godless" Gainesville's openly gay mayor, Craig Lowe. At least we know this group has nothing to offer. The planet seems always to have been overpopulated with people who claim to know precisely what god is thinking.

Friday, July 10, 2009

General Motors emerges from bankruptcy after crash diet

The rich elite in the United States must be different from ordinary folks. How else to explain the behind-the-scenes maneuvering that brought the largest U.S. automaker, General Motors, out of bankruptcy in a lightning-quick six weeks and lighter by tens of billions of dollars in debt. With the completion of the sale of assets Friday to a company set up solely to liquidate them under bankruptcy court supervision, GM returns to the competitive world of automobile designing, building, servicing and selling -- largely under the same management that led the company's decline, according to Cable News Network (CNN). Of course, there'll be some major differences -- GM is now more than 60 percent owned by the U.S. Treasury. In addition, by the end of next year, the new GM will also be lighter by tens of thousands of jobs and thousands of dealerships across the country. "This is an exciting day for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," GM Chief Executive Fritz Henderson said, CNN reported. "We deeply appreciate the support we've received. We'll work hard to repay the trust, and the money, that so many have invested in GM." But Henderson, who took over the top spot at GM after the Obama administration forced out then-CEO Rick Wagoner as a condition of loaning the automaker as much as $50 billion, faces a daunting challenge. GM lost most of its market share, now 20 percent of the U.S. market, in the last few decades, was overtaken by Toyota Motor Co. of Japan as the world's largest automaker, and even lost its standing as a component of the Dow Jones Industrial Average. GM also will be losing its Saturn, Saab and Hummer brands, and previously decided to drop Pontiac. Henderson even said that he didn't know if GM would be able to repay the billions it borrowed from the treasury, according to CNN, but probably wouldn't have to borrow more next year. "This is a precious second chance," he said. "There are no third chances." Even if there were, who could afford them? GM has lost $88 billion since 2005 while its debt rose to $54 billion, CNN said. Bondholders who loaned money to GM before the bankruptcy will end up with around 10 percent of the new company, CNN said, but shares will not traded until next year at the earliest.