The Kensington Review

1 October 2007

Latest Commentary: Volume VI, Number 118
Michigan Government Shows How to Cut Budget Deals -- If one wanted to purchase a Michigan state lottery ticket at 1 am this morning, it was not possible. From midnight to around 4 am, the state government had shut down (lottery tickets included) due to lack of a budget deal. However, an all-night session of the legislature and some careful balancing of interests resulted in a victory for the entire system in wiping out a $1.75 billion deficit. Spending cuts and tax increases will keep the state budget balanced, a lesson for Washington, DC.

Putin to Lead United Russia List for Parliamentary Elections -- Chekist and President Vladimir Putin has announced that he will head the electoral list for his party, United Russia, in the upcoming parliamentary elections. Under the list system used in Russia and a great many other nations, being top of the list almost guarantees a seat; a party would have to fail to get enough votes for even one representative to prevent it. That means that Mr. Putin is not retiring and will not go quietly. Indeed, he could be the next Prime Minister.

Citi, UBS Announce Losses -- The subprime mortgage mess in the US was always going to hurt the banks when the bubble finally burst. America’s Citi (formerly Citigroup) and Switzerland’s UBS have announced losses on the far side of $1 billion, and a shake-up will likely follow at both. With rumors of a similar loss at Deutsche Bank (and they are only rumors at this stage) and Credit Suisse saying it had been “adversely impacted,” the banking sector is going to have a rather unhappy time of things for the next few months.

Fussbol Frauleins Defeat Samba Girls in Women’s World Cup -- The Women’s [Soccer] World Cup in China was a dry run for the Chinese in preparation for next year’s Olympic Games. Whether they have all the bugs worked out yet is hard to say, but the tournament did give them a chance to showcase an amazing amount of talent. The USA, favorites going into the tournament, took a beating for the first time in 51 games at the international level, and the final was a triumph for Germany over Brazil 2-0. Female soccer is starting to resemble the men’s game on many levels, not least in which nations are at the top of the ladder.

© Copyright 2007 by The Kensington Review, Jeff Myhre, PhD, Editor. No part of this publication may be reproduced without written consent. Produced using Fedora Linux.


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