The Kensington Review

14 November 2007

Latest Commentary: Volume VI, Number 136
Congressional Report Says Wars to Cost Twice as Much -- A 21-page draft report called “"The Hidden Costs of the Iraq War" by Congress’ Joint Economic Committee says, “The full economic costs of the war to the American taxpayers and the overall US economy go well beyond even the immense federal budget costs already reported.” Rather than the $804 billion currently cited as the price tag, the JEC suggests the full economic cost is more like $1.5 trillion.

Bhutto Says Musharraf Must Go -- Former Pakistani Prime Minister Benazir Bhutto has said General President Pervez Musharraf must resign, and she ruled out serving as PM if he remains in power. She added that her party is likely to boycott the parliamentary elections that Mr. Musharraf has put off to at least January and that she wants to forge a political alliance with former Prime Minister Nawaz Sharif, a rival of hers. All of this appears to stem from being placed under house arrest to prevent her from demonstrating against the regime. It appears both Mrs. Bhutto and General President Musharraf have overplayed their rather weak hands.

E-Trade Stock Loses 59% of its Value in One Day -- E-Trade Financial Corp. is one of many online brokerages that cropped up with the advent of the internet. Since there is little reason to have a brick and mortar temple to speculative capitalism (apart from the directors’ egos), they have an inherent advantage of lower overheads. The result is dirt cheap trades that are still profitable for the firm. This model worked well until E-Trade began playing in the mortgage backed assets market. In one day, E-Trades shares dropped 59% in what can only be described as an over-reaction by a panicked market.

Broadway Stagehands Strike -- New York City is one of the few places in the English-speaking world where live theatre is a major tourist attraction. So the news that the stagehands have struck against all but 8 Broadway plays is a serious blow not just to the city’s economy but also to the culture. The bad news is that this may go on quite a while. The good news is off-Broadway shows aren’t affected, and usually have better quality plays anyway.

© 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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