I love the internet.  In a single day people can get more information than what was available to people in a lifetime roughly thirty years ago, let alone 300 years ago.  Sure, that can lead to information overload if one is not careful; however, that also creates a situation where everyone can have access to news the mainstream press doesn’t seem to report on… like this: Israel seizes ship in Mediterranean carrying more than 3,000 rockets

More than 3,000 rockets were apparently being smuggled aboard the ship Francop, which was captured in the Mediterranean Sea by Israel Navy missile boats and naval commandos late Tuesday night in an operation dubbed Operation Four Species.

So where were the rockets heading?  It sounds like the end destination was Lebanon. The scary part of this story is the unspoken.  Just think about how many ships actually make it – to any port of call – that have items that can be used as weapons.

U.S. Politics

New Jersey, Virginia, and New York had elections for state governors yesterday. What is so special about this race?  Not much and everything.

In NJ and VA the Democrats lost the governor seats to Republican candidates.  NJ is a historically Democrat state and VA went to the Democrats in both the Presidential and Congress races.  This situation is causing political pundits to warn the current political climate is hostile to Democratic candidates in the 2010 mid-term elections.

Unlike some, I would not say that the results from yesterday were not referendums on President Obama and the Democrats as they were on the health-care debate.  That has really been the focus of the general public for the last several months.  One could make the case the health-care debate may carry forward and take down other Democrat candidates, but so many other things can between now and then as well.

However, what last night does show is the argument “Blame Bush” is no longer effective.  Both of the Democrats had a healthy does of Bush bashing and suffered because of it.  As the political defense of the last year has taken that approach, yesterday should serve as warning for political strategists to find another approach.

There are some that manage to have a positive view of what took place yesterday (why, I’m really not sure).

Turkey (the country, not the food)

Turkish Prime Minister, Tayyip Erdogan, gave a clear sign to the world as to where Turkey comes in on the Israeli belief that Iran should not have nuclear weapons.

“… those who criticize Iran’s nuclear program continue to possess the same weapons,” said Erdogan, according to an advance copy, carried by state-run Anatolian news agency, of a televised address he was scheduled to make at 8 p.m.

“I think that those who take this stance, who want these arrogant sanctions, need to first give these [weapons] up. We shared this opinion with our Iranian friends, our brothers.”

If there comes a time where Israel takes a military approach to Iran it is clear Turkey will not support such an event.  What will be interesting to watch is what will Turkey do when it comes down to oil pricing.  Will they support the Dollar? They Euro? A basket?

Pot (the drug, not the cooking type)

It’s about time a community stood up and took a stand – Breckenridge, Colorado legalized marijuana and marijuana paraphernalia.

Breckenridge voters passed Measure 2F, which removes criminal penalties from the town code for the private possession of up to one ounce of marijuana by adults 21 and older. The ordinance also removes criminal penalties for the possession of bongs, pipes and other drug paraphernalia.

It was an avalanche “yes” vote, passing 73 percent to 27 percent.

I have never once used Marijuana in my life. Ever. That said, I firmly believe that we cannot truly say we live in a free country if people cannot put whatever they want in their bodies.

Gay Love (not the good kind)

Much like I don’t feel we should be told what we can/cannot do with our bodies, I think it is morally unjustified for one to tell another who they can/cannot be wed to.  Unfortunately, that is once again what happened in the state of Maine yesterday as voters repealed they states gay marriage law.

Democracy has both positives and negatives, no?

And a cute cartoon (really, just a cute cartoon)

And let us end the day on a really cute add for the Belgian public transport company De Lijn.

Really, how cute was that!

I was in the process of writing a very long, very detailed criticism of President Obama’s choice of Sonia Sotomayor for the Supreme Court.  I’ve given up.

Sure, I went into detail about her views that judging should be based on empathy, not on reason. I had plenty of quotes on how she has stated it impossible for the poor to overcome in the United States, even though that is exactly what she did.  I was going to go into detail on how she believes sex and race play a part in the judicial process, sometimes overshadowing the law.  I was also going to cover how she has a history of having her decision overturned and a lack of case review on her part.  But, as I said, I’ve give up.

Why?

It is a fruitless effort.  

It was clear Mr. Obama wanted specific type of person for the open Supreme Court position.  All of the final choices were women, most with an “activist” agenda.  He wasn’t interested in finding the right person for the job, he was looking for a label. It’s also clear that Republican’s cannot truly oppose her choice as they will be labeled racist.

That wouldn’t be the case – they would be opposing simply because she is not qualified and apparently biased in her role…but that is now how the press would spin it.

Think about this. What happens if you apply for a job that you are not qualified for?  

Most likely, you are not going to get an interview let alone get the job. The second an institution starts picking people because of their age, sex and/or ethnic background creditability is instantly lost. If you are not picking the most qualified person available, why are you picking anyone at all?

This isn’t a political issue – she has had both Democratic and Republican support in her career – this is about doing the right thing.  Based off of everything I’ve read in the last 12 hours, she is not the right choice.  There are a number of highly qualified individuals, both men and women, would should be filling this role. Sonia Sotomayor is not one of those choice.

The question that continues to roll around my head is the one that no one seems to be addressing – where do we go from here?  

Go to the news website of your choice and do a little research.  See if you can find what the next steps are.  Will the bill be rewritten?  When does the house come back? What needs to change in order to pass the House?  If it passes the House how do we know the legislation will pass the Senate?  Where is the President?  Beyond him being “very disappointed” how is he working with the Congress move this forward.

Let’s forget the credit crisis and the impact the lack of liquidity will have for one second – what is killing the Market and economy now is uncertainty.  The longer direction is lacking, the longer the market is in the fog of uncertainty, major volatility can be expected which will only intensify the lack of credit available to the market.

Update

Bloomberg.com has the only “next step” I’ve been able to find.  The Senate will be back in on Thursday an may pass something and then send it back to the House.  

At this point even the politicians have no clue what is coming next and they admit it.

There was some concern that the bill was not going to pass the House today and, sure enough, it did not. The Bush Administration, Secretary Paulson, Chairman Bernanke and senior Democratic leadership all supported the bill but the majority of Republicans did not. As a result, the bill appears to be dead in the water.

The DOW was down roughly 700 points after the bill was defeated but this bill is not about the Stock Market, it’s about the credit markets. This bill was designed, fundamentally, to help open up the credit markets. If one looks as at the current Government Bond rates the 3 month yield is at less than one percent – that is to say there is NO MONEY AVAILABLE.

This crisis is about credit, plain and simple. Without credit business cannot spend and growth will stall – if not decrease. Personal credit will dry up and households will not be able to make large purchases such as cars, washers and home improvements. Students may not be able to get loans for college…. and it can go on and on.

What I am not seeing here is leadership on the Republican House side. Where are the leaders making their case as to why they are not passing the bill and what the course of action is? Where is the Republican House leadership and why can they not deliver the votes they need?

For the very, very first time I am truly worried about the financial situation in the United States.

UPDATE: Voting Record

Care to see the AYES/NOES on the bill, you can check it out here.

UPDATE 2

You have to be kidding me – Republican Leadership is blaming Speaker Pelosi for being bipartisan as to why the bill failed. Supposedly she was too negative.

Yes, she hammered the Bush Administration – and I do not agree with what she had stated – but how petty is that if that is truly the case.

Here is the speech (in RealMedia format)

Here is another version – flash player based

So the general feeling is Republicans did not vote due to the fact that she was hammering the current administration. Again, I don’t agree with what she has stated but this is a time to put politics aside and get the deal done.

UPDATE 3

John McCain is shooting back at Barack Obama and Nancy Pelosi. Both sides, no matter what is said, need to wake up.

UPDATE 4

To play politics for a second – the Democrats have the majority in the House of Representatives and could pass the Bill on their own if they truly wanted to.  If that is the case, how come this failed because of the Republicans?

Just a week ago the Democrats and Republicans alike were under the impression Bacak Obama was going to have a problem with his fundraising efforts (I commented on that here) but the Obama camp released the August fundraising numbers – $66 million.

Now that the conventions are finished and there are 51 days left until the election, let’s see how both camps do raising money.

Very impressive on Obama’s part. As I said before, polls are one thing but money is something you cannot argue.

Let me be very blunt about polling and surveys before I continue on.  Penn and Teller did an outstanding job showing how polling can often be just pure Bullsh*t.  A pollster can structure a question in order to obtain the answer they, or the person who hired them, are looking for.  When a firm such as Zogby or Gallup conducts presidential polling; however, the question usually is usually not leading to a specific answer and unbiased.  That said, let’s look at the current polling information.

USAToday: McCain 50% / Obama 46%
Gallup: McCain 49% / Obama 44%
Zogby: McCain 49.7% / Obama 45.9%
Realclearpolitics Avergage: McCain 48.3% / Obama 45.4%

A number of things are, most likely, reflective in this data.  The Obama DNC bounce has faded back to previous level, the RNC convention gave McCain his post election bounce, and Sarah Palin has taken over the national spotlight.   There are a number undercurrents that could also be included, but that would be pure speculation.

Both campaigns need to face the reality that they are running into the home stretch of the election.  With some 50 odd days left the polls will continue to swing unless one of the campaigns makes a huge error.  If an egregious, publicly embarrassing event is committed by either candidate you can bet the polls will swing away from them and stay away, thus causing them a loss.

Much like the Sarah Palin speech, Republicans need to keep their focus.  Yes, it’s nice to be “up” in the polls but with 57 days left it is meaningless. Do NOT become overconfident.

Other Reactions:

Hot Air – Gallup: McCain 48, Obama 45 — outside the margin of error

Hennessy’s View – McCain Lead Outside Margin of Error

AlphaPatriot – Dems are the New “Status Quo”

Guntotingliberal – John McCain Flip-Flops Again, This Time By Enjoying The Sarah Palin “Barracuda Bump”

internet scofflaw – McCain Leads

Rightvoices.com – MCCAIN TAKES 10-POINT LEAD OVER OBAMA IN LIKELY VOTERS…Good News: There Is A Convention Bounce Gallup Has McCain Up 48% to 45% Over Obama

Blue Crab Boulevard – Tea Leaves and Caution

Scared Monkeys – Panic time for Obama