The Kensington Review

20 June 2008


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Latest Commentary: Volume VII, Number 74
Drill Offshore and Pay Americans for It -- The latest proposal for lowering oil prices is lifting America’s ban on offshore oil drilling and in the Arctic National Wildlife Refuge. It’s a ludicrous idea that won’t have any impact on the supply of crude for at least 3-5 years. However, if Mr. Bush and his fans want to do this damn silly thing, there should be some acknowledgement of just who owns the oil. If the oil companies want to exploit this common treasure of all Americans, they need to pay into a USA National Resource Trust.

Israel-Hamas Truce Begins -- It isn’t likely that the six-month “tahdiya” (Arabic for “calm,” rather than “ceasefire”) that the Israelis and Hamas in Gaza have agreed will hold until Christmas. Both sides are too twitchy to expect much from the Egyptian-brokered deal. A previous ceasefire in November 2006 fell apart after just a few weeks. All the same, everyday without mortars, rockets and air-strikes is a good one.

Two Bear Stearns Big Shots Arrested -- Yesterday, the FBI arrested former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin. The pair were at the top of two funds involved in sub-prime mortgages that collapsed, Reuters reporting “Cioffi was a senior portfolio manager of the two funds that collapsed and Tannin served as his chief operating officer.” At very least, they botched things badly, as evidenced by the failure of the funds. However, it looks much worse than that.

NY Mets Owners Shame Themselves in Firing Manager -- The owners of the New York Mets baseball team have proved themselves to be classless yahoos. Fred Wilpon and his son Jeff fired, or rather had general manager Omar Minaya fire, manager Willie Randolph, pitching coach Rick Peterson and first-base coach Tom Nieto. Naturally as owners, they can do as they please with their personnel. What is shameful is the callous and stupid way in which the sackings occurred.

© Copyright 2008 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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