The Wall Street Near Melt Down - Was It Greed, Manipulation or Cyber Attacks?

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Yesterday I was watching CNBC when in a six minute span the economic world nearly collapsed and then slowly made it's way back from the precipice of catastrophe to settle at a loss of 347 points. It was amazing how the stock market gurus once again totally lost control of the world financial markets, only this time in just six minutes, and then breathed a sigh of relief that we only lost a half a trillion dollars in value in one day.



Let me put that in a form you might understand. Let's say the foundation of the market is 7062 which is the market low during the recent recession reached in February 2009. That was down from a high of 14,161 in October 2007. That means 7062 is the modern foundation of the market, as low as it goes without a depression. This was after the housing, banking, auto and insurance collapses.

When the market opened yesterday it was at 10,868, a decent recovery from the low a year earlier. About 2:46 pm it was down about 300 points, a rather precipitous drop for the day. In the next six minutes the floor fell out from under the market as the Dow dropped 998.50 for the day, the largest one day drop in history. It happened so fast the trading machines could not keep up with the panic.



That means there was a 26% loss of the increased value of the stock market since it hit bottom in February a year ago. Six minutes and a 26% loss, which equaled over ONE TRILLION DOLLARS! If you were standing in front of your house and instantly over one fourth of your house disappeared, only to have a little over half of the loss reappear during the next 90 minutes, would you feel good about it?

Wall Street thinks we should feel good only part of the house disappeared. They think we are fortunate the loss for the day was only about half a trillion dollars rather than one trillion. I say they are nuts. These are the same people who failed to see the recession coming. The same people who lost over half of the value of our 401k and other retirements funds. The same ones who cost us over $6 trillion in home equity between 2007 and today.



What they aren't telling us is who profited from this market manipulation. It certainly did not just impact on the stock market. Someone, you listening Obama, needs to check the pattern of manipulation in currency and commodities markets as the stock market was having a bout of temporary insanity. Someone made billions if not more money in those few short minutes and the politicians better find out who.

As of today's open, the Australian dollar, the euro and the Canadian dollar are all down 4% over just two trading sessions. The Swiss franc is down 2.5%. The yen is up almost 5%. None of that is close to normal market volatility. In the commodities market gold is up a staggering $40 during the same period. Billions of dollars were made in these transactions, by whom? All the media attention was on the stock market but the big bucks were made in the currency and commodities markets.



Even the drop in oil futures has been breathtaking. Oil futures reached a high for the year just Monday and then dropped $9 a barrel since. Remember, in this day of no morals or ethics in the economy the big boys make just as much profit when commodities lose value as when they increase in value. Goldman Sachs is one of the masters at oil price manipulation. There is absolutely no justification for oil reaching new highs earlier this week as demand is down, inventories are up and the future world recovery is weak.

So far no one on Wall Street or in the Regulatory offices is taking the responsibility or blame. Of course not. Besides, it wasn't their money they were losing, it was ours. However, this is a clear case of the extreme vulnerability of the markets to cyber attacks. When you become dependent on machines and the market trading is driven by machines, and when you require the Internet to make sure the greedy money from all over the world can get into the market instantly, then hacking into such a system with today's lack of cyber security is child's play.



Why no one in the media or Obama administration is discussing the potential for a cyber attack as the cause of the massive market disruption is beyond me. Cyber security is the greatest threat to our financial system, far greater than the greed of Wall Street. Today such security does not exist. Just ask any intelligence agency because all of them including the Department of Defense have had their secure systems hacked.



Wake up Washington, the dangers to our financial system are only just becoming obvious. Did we forget that Osama Bin Laden once said bring down the financial system and you bring down America? Both the criminal networks and terrorists have recruited the best cyber minds in the world, not to mention foreign governments who would love to see American capitalism collapse, and their primary target in the world is the American economy. If we remain asleep at the switch much longer the train wreck they could cause in our economy could be far more powerful than any car bomb or limited nuclear attack.

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"Houston, We've had a Problem" - BP Gets Help - America responds as Well

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When the BP headquarters in Houston got word from the Deepwater Horizon oil platform there was an accident on April 20, 2010, it was almost 40 years to the day since the worst accident in the Apollo space program history took place on April 13, 1970.

That fateful message came from Apollo 13 as it streaked toward the moon under the command of James Lovell and an equipment malfunction never before encountered faced the scientists, engineers and computer jocks working to conquer space. It took the greatest mobilization of minds and the greatest American outpouring of prayer but by April 17 the crippled spacecraft had miraculously been safely landed back on earth.

Today, 40 years later, we face a similar impending catastrophe and once again it will take the greatest minds of scientists, engineers and computer jocks, along with the greatest outpouring of public support and prayer to avoid an even greater disaster.



The BP oil rig was pioneering deep water drilling reaching depths never before achieved, with the well going 35,000 feet below the ocean surface. If successful the technology would help make a giant leap forward toward American oil independence from foreign oil opening the way for billions of barrels of new, American offshore oil reserves for commercial production.

Far below the surface in pressures never before experienced, some 1,000 times more powerful than pressure on the water's surface, something went wrong and tragically, 11 experienced, dedicated oil veterans were killed as the rig exploded. Yet a more daunting task lie ahead, trying to cap a spewing well 5,000 feet deep and covered with 32,000 tons of debris from the rig that sank to the Gulf floor.

Washington politicians, as usual, immediately started finger pointing and issuing threats. Even White House Press Secretary Robert Gibbs jumped into the bitter political environment with his reiteration of the threat by Obama's Interior Secretary Ken Salazar that Obama would "keep the boot on the neck of BP," a divisive and counterproductive ill-timed comment.



When faced with a technological crisis playing the blame game will never be a successful strategy. Some parts of the government responded, like the Coast Guard, but mostly it was more of the same from Washington. Politicians should keep their political shenanigans in our nation's capitol, we have work to do to help heal our nation on the Gulf.

Quietly, like Americans have always done when faced with a national crisis, the people set about the task of preparing for the worst and unselfishly offering to help. BP asked for the best minds from competitors like Chevron, Exxon, Shell, Conoco and Anadarko among others to help them devised a solution to the seemingly impossible task of stopping the 210,000 gallons a day of crude oil.

They came up with a plan never before attempted at such a depth to build and drop a 100 ton cone on the well 5,000 feet down. The first of three cones has been finished and it currently on the way to the site. By this weekend we will know if a major environmental disaster can be avoided.

But this doesn't just have national implications. There are over 8,300 offshore drilling rigs in operation around the world. All nations of the world will benefit from a successful response to this accident.

Offers of help have poured into the State Department from around the world as 13 nations and the United Nations have offered their people, equipment and resources to help stop the leak. U.S. neighbors Canada and Mexico are among those offering equipment and experts in containing and cleaning up the leak from the BP oil rig that exploded April 20.



State Department spokesman P.J. Crowley said Wednesday that the Coast Guard is evaluating the needs of the cleanup operation and will decide what, if any, aid to accept in the coming days. Also offering aid are Britain, Croatia, France, Germany, Ireland, the Netherlands, Norway, Romania, South Korea, Spain, Sweden and the U.N. Environmental Program.

The response has also come from the people of America in ways the government, so caught up in political bickering, would never even consider. Hair salons from across the country have been collecting hair and sending it to the Gulf coast to be rolled into absorbent cloth and used to absorb oil that may reach the shore. Hair is a powerful absorbent and thousands of people are responding to this call for help.

Many others are flocking to the Gulf coast to help with the clean up of any oil that reaches the beaches and marshlands, to help with wildlife recovery and care, and to help in any way possible. These offers of help from the little people of America, people I refer to in my book The Joshua Chronicles as the "Raggedy People", the silent multitudes upon whom a new civilization will be built, reflect more of the spirit of America than politicians could ever hope to be.



They know the game of politics no longer works. They know now is not the time for blame but for hope, inspiration, dedication and innovation to overcome this potential disaster. Obama and Congress should be encouraging these efforts to help by the citizens, corporate community and other nations and save the blame game for later.



Today is the National Day of Prayer. Prayer works. It did for Apollo 13 and it can for the Deepwater Horizon crisis. If only our politicians would join together in prayer for the success of this massive international effort and this dramatic mobilization of the people we could all stand united in our purpose and maybe the prayers will be heard.

No one wanted this disaster to happen. BP has over 80,000 employees whose jobs are dependent on the oil being delivered safely. Millions of people are employed directly in the oil and gas industry and many millions more have jobs dependent on the oil industry. We all benefit from their efforts and our quality of life is much improved because of them.



America and Americans will help get us through this crisis, even if the politicians continue to stammer and sputter in Washington. It would be nice if our leadership would focus on the problem and help to mobilize and encourage those who are dedicated to solving problems, not compounding them. It would also help if they would attend their own Prayer Day activities and really listen to the message of the priests, ministers and rabbis. We are all in this together.

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Obama's Perfect Storm - Will it Sweep Democrats Out of Office?

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As more and more attention turns to the midterm elections next November it is beginning to look like President Obama just might have created the Perfect Storm, a rare once every 100 years opportunity, for the Republicans to sweep the Democrats out of the leadership and majority in the House and Senate.

Perhaps confusing his narrow election win and high favorable ratings early in his term for a real mandate from the people, did Obama and his gang totally miscalculate the mood of the public for sweeping liberal reforms? Every day the prospect looks more likely.



First of all Obama never had a mandate, he just had a chance to show what he could do. When he got elected people were fed up with government, the direction of the country and the bleak economic future. The wave of frustration he rode was not a wave of support for his liberal agenda for change. Misreading the political tea leaves was the biggest mistake of his early presidency.



The Democrat majority in the House under Pelosi and Senate under Reid got caught up in the same false sense of euphoria and they promptly introduced Obama's legislative program which sent the conservative conscious public into toxic shock.

Too many promises were made by the inexperienced Obama before he got elected. Too many old time politicians surrounded him after he got elected. In their delusional euphoria and at the intense urging of their many special interests an avalanche of new legislation was proposed and the public watched the future of the Republic sinking into a bottomless liberal spending pit.



To his credit, Obama seemed to regroup and started backing off from his many promises and interest groups, what with him being the pragmatic professor and consensus builder he sees in the mirror. Although his ardent partisanship did not stop as he drifted toward the middle of the political spectrum, the public thought there might still be hope for this young upstart.

After bailouts to Wall Street, banks, AIG, Fannie Mae, Freddie Mac and the auto industry at a cost of trillions of dollars that we did not have, the people had enough. Though they still did not blame Obama entirely for the debacle, as Pelosi and Reid had taken center stage when Obama decided to remain on the sidelines of the legislative battles, all the proposed bills became the subject of increased public attention.



Obama, with the help of Pelosi and Reid, then slammed through the health care bill with a dubious legislative rule that prevented Congress from direct votes on the merits of the legislation. That was the last straw for the public, as Obama's agenda was increasingly becoming the greatest danger to the financial security of the nation.



In desperation the brakes were put on many jewels of the liberal agenda like cap and trade in energy, card check for the unions, green energy for environmentalists and massive new aid for schools. A second stimulus bill was put on hold.

At the same time the public concern for the now approved Obama health care bill continued to slide downward, in spite of the passage of the bill. In truth the bill never had a chance for broad public support in spite of the rosy outlook offered by the liberal mainstream media. But the bill, reflecting Obama's penchant for putting off controversy until far into the future, like after the 2012 election, had delayed the implementation of to many of the things people wanted in the bill.



While Obama went on the road to build public support for the new legislation people watched as detailed analysis of the new bill, something that did not happen during the debate, now discovered that element after element of the new bill would not be implement for years.

The old political trick used by the Obama gang was exposed. As a result the financial reform bill was stalled until meaningful changes could be made to assure the Obama people were not playing with the fine print. It remains in the Senate being debated much to the frustration of Obama.



Suddenly another Obama promise is forced to center stage and again he is trapped. Arizona passes what Obama describes as a dangerous and flawed immigration bill. Finally the liberal media had another cause to champion and they promptly filled the airways and newspapers with vicious attacks on the state bill. Good old Harry Reid, in danger of being thrown out of his own Senate seat because of his Majority manipulations, then said he was bringing immigration reform to the national forefront.

Once again Obama, the Democrat leaders and the liberal media totally misread the mood of the public. Polls just released today indicate the public, by an overwhelming majority, support the Arizona state immigration bill that Obama and the Democrats condemned.

Here we go again. Thanks to the knee jerk reaction of the Democrats and media in unified opposition to the Arizona bill they are again standing in opposition to the public. Did Obama and the Democrats forget that the primary beneficiaries of their immigration bill are the illegal immigrants? Don't they understand that many of the current illegal immigrants already get better health care, food and may other forms of assistance that not even low income Americans qualify for?



The lack of health care reform activity, the focus on immigration and illegal immigration rights, the staggering national debt and the mountain of unfulfilled campaign promises are weighing ever heavily on the president and his campaign hopes of protecting his massive block of Democrats in Congress. It is a majority that has so far failed to do much of anything important to a public that is getting ready to go back to the polls.

If the president cannot stop the downward spiral of public support then America is going to do what it always does when the leadership is in doubt, they are going to elect a way to check the agenda and make sure that the first priority of Congress is fiscal integrity, something that has not happened under this president. The only viable conclusion is that Obama's Perfect Storm will bring about a Republican landslide in it's aftermath.

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The Gulf Crisis - Maybe it's Time for Prayer? We are One Nation under God.

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For a country that claims to be "one nation, under God", we seem to have forgotten the God factor in just about everything we do. Way back 234 years ago when a ragtag group of colonists decided to take on the most powerful empire in the history of the world, the British empire, God and prayer were invoked first in
our expressions of hope and our reaffirmation of faith.

Now we seem to have forgotten the power of prayer. Back during the revolution our Founding Fathers did not hope for miracles, they relied on them to guide us through a war in which we had no business fighting, were it not for faith and hope.



But in these trying times we seem to have forgotten the power of prayer.

What could be more proper for a nation founded under God than to pray to the Holy Mother Mary, mother of Jesus Christ, and the patron saint of America, to help protect the environment and the people who might be affected by the Gulf oil crisis?



Even the Native Americans and Mexican Americans hold the Holy Mother sacred with the Indians honoring Mother Earth and the Mexicans Our Lady of Guadalupe. These variations of the Holy Mother are among the most revered of spiritual figures. Of course to the Christian she is honored above all others for giving birth to the Messiah.



Believers understand the power of the Holy Mother through Guadalupe, Lourdes, Fatima and other visitations and even thousands of non-believers at Fatima witnessed the dancing and falling sun that fateful morning of October 13, 1917.

Her prophecies foretold of the loss of nations, the tragic rise of Hitler and Nazism, the emergence and dangers of Communism, World War I, World War II, the destruction of cultures and the challenges to the church which have all unfolded over the past century.

Her pleas for people to have faith in God and Jesus and pray, especially the rosary, went largely ignored as an astonishing string of complex, powerful and destructive prophecies came true because we did not heed the call to prayer.

Mother Mary, or Mother Earth, cries for the human condition and the way humans treat Mother Earth as she has consistently asked us to take a few moments for prayer if we really have faith, and good things would come to us.



In the Americas, five centuries ago, cruel human sacrificing rituals were performed on a scale never approached, even remotely, by another peoples. Never before or after in human history a more open, long running, ritualized and institutionalized public showcase of the Culture of Death has been manifested.

No one will ever know how many were killed this way. Estimates start from 20,000 to 50,000 a year in several sources. Recently, Woodrow Borah, possibly the leading authority on the demography of Mexico at the time of the conquest, has revised the estimated number of persons sacrificed in central Mexico in the fifteenth century to 250,000 per year.

The climax of these ritual killings came in 1487 for the dedication of the new and richly decorated with serpents temple of Huitzilopochtli, in Tenochtitlan (now Mexico City), when in a single ceremony that lasted four days and four nights, with the constant beating of giant drums made of snakeskin, the Aztec ruler and demon worshiper Tlacaellel presided over the sacrifice of more than 80,000 men.
Children were said to be frequent victims, in part because they were considered pure and unspoiled. The early Mexican historian Ixtlilxochitl estimated that one out of every five children in Mexico were sacrificed.

After her appearance at Guadalupe in 1531 in Mexico 6 million Mexicans converted to Christianity and the killings by the Aztecs in the form of thousands of human sacrifices in the pagan empires of Mexico ended, as well as the corrupted civilizations that spawned them.



In Russia, after she foretold of the rise of Communism, the Godless Soviet empire and their extermination of 60 million of their own people through state induced murder was also brought to an end though her warnings were largely ignored and the hardship and suffering continued long after it could have been stopped.

Her prophecies of the 19th century foretelling the rise of Germany engulfing Europe in flames under Hitler's Swastika came true just as she foretold that Portugal would be protected from harm during the Spanish Civil War and World War II and the rise of Nazism and Communism if they prayed the rosary. They did and the small nation of Portugal survived intact.



I think a prayer vigil to the Holy Mother Mary for the protection of the people, animals, birds, fishes and environment threatened by the Gulf oil crisis might just be heard in the heavens because she told us to pray, and how to pray, if we want to reach out to God and be heard.

Tell everyone you can to pray the rosary once a day for this worthy cause and see if it makes a difference. It will bring people together in a way politicians and bankers never could. Let the engineers and scientists do their work and pray they be guided by Mother Earth in healing the land.



We have all been given gifts beyond the imagination of most people of the world. Perhaps it is time we take stock of what we have and thank God for allowing us to share in his gifts and miracles, and to help us protect those gifts and miracles.

Food, shelter, clothing, education and medical care are available to us in ways no other people of the world will ever have these things. Yet we still want more. We have been given the miracle of life and then had all these wonderful things made available to us.



Add to that the freedoms unique to America, the one nation under God, and you start to realize just how fortunate we really are. Is it asking too much for a rosary a day to be said of thanks to God and the Holy Mother Mary for watching over us?



With the potential for a very serious Gulf catastrophe in the making it is even more reason to pray for the intervention of God to help save the people, the environment, the economy and the earth that could be damaged or destroyed by this crisis.

Maybe, just maybe, if we welcome God and the Holy Mother back into our hearts our prayers will be answered and some kind of miraculous work will bring the crisis to an end.



If you are not above praying for others here is a short explanation of how to say the rosary as the Holy Mother Mary has requested.

1. Make the Sign of the Cross and say the Apostles Creed.
2. Say the Our Father.
3. Say three Hail Marys.
4. Say the Glory be to the Father.
5. Say the Our Father.
6. Say ten Hail Marys.
7. Say the Glory be to the Father.
8. Repeat 5-7 four more times.

These are the prayers that make up the rosary in English, Spanish and French.

ENGLISH

Sign of the Cross

In the name of the Father, and of the Son, and of the Holy Spirit. Amen.

Apostles Creed

I believe in God, the Father almighty creator of heaven and earth and in Jesus Christ, His only Son, our Lord, who was conceived by the Holy Spirit, born of the Virgin Mary, suffered under Pontius Pilate, was crucified, died, and was buried. He descended into hell. On the third day he rose again from the dead. He ascended into heaven and is seated at the right hand of God, the Father almighty. He will come again in glory to judge the living and the dead. I believe in the Holy Spirit, the Holy Catholic Church, the communion of saints, the forgiveness of sins, the resurrection of the body, and the life everlasting. Amen.

Our Father

Our Father, who art in heaven hallowed be thy name; thy kingdom come; thy will be done on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses as we forgive those who trespass against us; and lead us not into temptation, but deliver us from evil. Amen.

Hail Mary

Hail Mary, full of grace. The Lord is with thee. Blessed art thou amongst women, And blessed is the fruit of thy womb, Jesus. Holy Mary, Mother of God, Pray for us sinners, Now and at the hour of our death. Amen.

Glory Be

Glory be to the Father, and to the Son, and to the Holy Spirit. As it was in the beginning, is now, and ever shall be, world without end. Amen.

SPANISH

Sign of the Cross

En el nombre del Padre, y del Hijo, y del Espíritu Santo. Amen.

Apostles Creed

Creo en Dios, Padre todopoderoso, creador del Cielo y de la Tierra. Creo en Jesucristo su único Hijo, Nuestro Señor, que fue concebido por obra y gracia del Espíritu Santo; nació de Santa María Virgen; padeció bajo el poder de Poncio Pilato; fue crucificado, muerto y sepultado; descendió a los infiernos; al tercer día resucitó de entre los muertos; subió a los cielos y está a la diestra de Dios Padre; desde allí ha de venir a juzgar a los vivos y a los muertos. Creo en el Espíritu Santo, en la Santa Iglesia Católica, la comumión de los Santos en el perdon de los pecados la resurrección de los muertos y la vida eterna. Amen.

Our Father

Padre nuestro, que estás en el cielo. Santificado sea tu nombre. Venga tu reino. Hágase tu voluntad en la tierra como en el cielo. Danos hoy nuestro pan de cada día. Perdona nuestras ofensas, como también nosotros perdonamos a los que nos ofenden. No nos dejes caer en tentación y líbranos del mal. Amen.

Hail Mary

Dios te salve, María. Llena eres de gracia: El Señor es contigo. Bendita tú eres entre todas las mujeres. Y bendito es el fruto de tu vientre: Jesús. Santa María, Madre de Dios, ruega por nosotros pecadores, ahora y en la hora de nuestra muerte. Amen.

Glory Be

Gloria al Padre, al Hijo y al Espíritu Santo. Como era en el principio, ahora y siempre, por los siglos de los siglos. Amen.

FRENCH

Sign of the Cross

Au nom du Père et du Fils et du Saint-Esprit. Amen.

Apostles Creed

Je crois en Dieu, le Père tout-puissant, créateur du ciel et de la terre. Et en Jésus Christ, son Fils unique, notre Seigneur qui a été conçu du Saint-Esprit, est né de la Vierge Marie, a souffert sous Ponce Pilate, a été crucifié, est mort et a été enseveli, est descendu aux enfers, le troisième jour est ressuscité des morts, est monté aux cieux, est assis à la droite de Dieu le Père tout-puissant d'où Il viendra juger les vivants et les morts. Je crois en l'Esprit-Saint, á la sainte Eglise catholique, à la communion des saints, à la rémission des péchés, à la résurrection de la chair, à la vie éternelle. Amen.

Our Father

Notre Père qui es aux cieux, que ton Nom soit sanctifié, que ton règne vienne, que ta volonté sit soit faite sur la terre comme au ciel. Donne-nous aujourd'hui notre pain quotidien. Pardonne-nous nos offenses comme nous pardonnons aussi à ceux qui nous ont offensés. Et ne nous soumets pas à la tentation, mais délivre-nous du mal. Amen.

Hail Mary

Je vous salue, Marie, pleine de grâces, le Seigneur est avec vous; vous êtes bénie entre toutes les femmes, et Jésus le fruit de vos entrailles, est béni. Sainte Marie, Mère de Dieu, priez pour nous pécheurs, maintenant, et à l'heure de notre mort. Amen.

Glory Be

Gloire au Pére, au Fils et au Saint-Esprit. Comme Il état au commencement, maintenant et toujours pour les siècles des siècles. Amen.

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The Oil Crisis in the Gulf - For Once Can't the White House Stop Acting Like the Junkyard Bully?

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Last night White House Press Secretary Robert Gibbs told the press that the White House would "keep the boot on BP's neck," in yet another shallow and disparaging remark to corporate America. He was echoing the earlier reference by Interior Secretary Ken Salazar when in two separate Sunday TV appearances he used the imagery of a Wild West bar fight to describe how the administration was dealing with the company.



"Our job is basically to keep the boot on the neck of British Petroleum," Salazar said, who often sports a Stetson and who four months ago stirred the ire of the oil business by saying unlike his predecessors in the George W. Bush administration, oil companies would no longer be treated like "kings of the world."



Of course this is the same Ken Salazar who, when he was a senator, had to apologize after calling Christian conservative leader James Dobson "the antichrist of the world." Press Secretary Robert Gibbs made clear yesterday that the step-on-the-neck image had the White House seal of approval.



The White House thugs keep trying to distance themselves from big business and Wall Street as they secretly continue shaking down the corporate PACs and executives for campaign contributions to try and save the Democrats who supported their legislative program, a program in sharp contrast to the will of the people of America.



The Chairman of BP previously stated the company was going to pay for the cost of the clean up. BP is also the only oil company on television promoting energy independence through a combination of alternative and conventional energy techniques, the only logical way for America to break our dependence on foreign oil.

So what is to be gained by the strident language and threats from the bully boys? No matter how tough the White House gang tries to be, they were the darling of Wall Street, pharmaceutical companies, big banks the housing and health companies and even Goldman Sachs. Calling corporate America on the carpet while stuffing their pockets with campaign contributions from them is demeaning.



If they were really sincere in beating up corporate America they would give back the hundreds of millions of corporate dollars they spent and the tens of millions they are raising this election cycle to keep the Democrats from becoming an endangered species in Congress. Fat chance the White House will give back to the fat cats the even fatter campaign bankrolls they collected from them.

Goldman was of course Obama's largest contributor. Obama was also the recipient of the most BP money getting three times as much as McKean. But then Obama was recipient of the most money from the most corporations of any Democrat in history so what do you expect?

So back off on the hypocritical criticism of corporate America White House people. Your campaign bank accounts were filled with money from those bad guys. We know how toothless your criticism of the big boys has been based on what you did to the crooks in housing, on Wall Street and in health care. Making idle threats while doing nothing behind the scenes is a bit ludicrous in this age of transparency.



Right now BP is trying to do the right thing. Stop slamming them for it. If they successfully cap the oil leaks it will be a historic technological event as never before have leaks 5,000 feet underwater that are covered with over 32,000 tons of debris been capped.

BP was pioneering deep water drilling and production four times deeper than ever done in history. If they can successfully stop the leak and isolate the cause of the engineering failure, most likely resulting from pressure 1000 times stronger than surface pressure, then they will make a giant leap forward in our desire for energy independence. Our energy freedom lies on the ocean bottom, not in alternative or conventional energy techniques.



You want to bully, go to New Jersey where they will put you in your place. Long ago Jersey people learned the difference between working up a steam and operating in a fog, where you seem to be lost. As our White House reps, you owe all Americans a little respect and common decency. Even big oil companies like BP can be doing good by pioneering deep water drilling and production.



We should use this critical time to encourage their engineering to resolve this potentially dangerous problem, to acknowledge their efforts to successfully drill at 35,000 feet which would move America a giant step forward technologically toward energy independence, and to thank them for taking responsibility for the accident.

Come to think of it, maybe the White House should try taking responsibility for something sometime. They can't go through all four years blaming everyone else for their trouble and making excuses for their mistakes. The people of America know we are all in this together. If we are going to overcome this potential disaster and save the coastal areas it will take the efforts of everyone, including BP, to get the job done right.

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The BP Gulf Offshore Drilling Disaster - What Aren't They Telling Us?

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What are the real environmental and ecological consequences?

Why is there so little known about the situation in the gulf with the BP drilling platform owned by the Transocean drilling company that is called the Deepwater Horizon rig? Because just six months ago it shattered the world record for deep water drilling when it drilled through 5,000 feet of water and 35,000 feet of ocean floor to reach a depth of 40,000 feet, or 12,192 meters deep. At the time it was the equivalent of Apollo reaching the moon in terms of scientific achievement as the deepest well before reached just 9,596 feet or 2,925 meters, in 2008. And that well, by Shell's Perdido rig, which was as tall as the Eiffel Tower reaching downward, was almost 25% deeper than the previous record.



Deep water drilling began in earnest in 2005 when the Kerr McGee Constitution rig first reached 4,921 feet or 1,500 meters. In 2007 the BP rig Atlantis reached 7,053 feet or 2,150 meters, a new record, until Shell reached 9,596 feet or 2,925 meters with Perdido in 2008. By September, 2009 BP shattered the record again with Deepwater Horizon reaching the 40,000 foot level, 12,192 meters.

Drilling a hole that deep does not mean producing oil, however. The first deep water well was drilled by BP in 1999 and called Thunder Horse but took ten years to resolve the new engineering problems the great depths brought about before it could produce oil in 2009. When Deepwater Horizon shattered the previous records just 7 months ago it achieved a depth four and one half times deeper than anything previously recorded.



What does it mean to be first? In terms of deep water drilling the biggest concern is whether the materials used underground can withstand the tremendous change in earth pressure at the new depths. Consider this, at 10,000 meters, less than the depth of Deepwater Horizon, the pressure is 1,000 times greater than sea level. Pressure analysis is an imperfect science at best as the different rock and salt layers below the water impact on pressure differently.

Until a well is drilled the real pressure cannot be known and massive computers monitor the pressure changes while the well is being drilled. Each time a record was set the firms made known that there was a tremendous engineering challenge to make certain the materials being used at those depths could withstand the pressure.



Once drilled the real work begins in testing and determining if the oil producing equipment from the pipelines to the safety valves will work at the increased pressure loads. Not clear in press reports is the fact the Deepwater Horizon platform was not even producing oil when it exploded as equipment was just being installed for the production task.

The Shell Perdido platform, that completed drilling in 2008, did not commence producing oil until one month ago, March 31, 2010. Two years between drilling and production was a new deep water record. The BP rig that exploded completed drilling just seven months ago. What had to be taking place was the installation and testing of the production equipment, by unmanned submersible vessels, far below the surface.

Could the massive new pressure requirements on the production equipment have been the failure that caused the well to explode and destroy the massive rig up on the surface? Most likely. The problem is further compounded by the fact the drilling platform then sank and collapsed on the wellhead more than 5,000 feet below the surface. That means the unmanned subs must somehow work through more than 32 thousand tons of debris to reach the wellhead. Simply stated, it has never been done and seems unlikely the current submersibles could achieve such a task.



If they fail to stop the flow of crude oil an alternate well must be dug which could take 7-9 months or longer. The worst blowout of an offshore rig was in 1979 in Mexico and it took 9 months to seal the well, with over 3,500,000 barrels of oil discharged.

Ironically, offshore drilling has been quite safe. There are over 8,300 offshore rigs in use around the world with nearly 2,500 platforms in the Gulf of Mexico. Offshore drilling has been underway since 1947. Other than the Mexican blowout in 1979 and the loss of 3.5 million barrels, no other accident resulted in more than 202,381 barrels lost. It is a dangerous business but the environmental damage has been minimum.

Short of an engineering miracle like dropping a concrete cap over the wreckage and hoping to seal off the multiple leaks, millions of barrels of oil could be lost and the environmental impact could be devastating to the economy and ecosystem of the gulf states. No doubt a stronger government policy toward deep water drilling is needed, especially when wells reach record depths. But in the business of science there is no better way of learning than through experience. Often times it is the only way.

Once I was involved in an environmental disaster in which no prior scientific data existed to evaluate the consequences. Before this event nothing had ever been experienced to establish a benchmark or method to calculate the potential damages. The event was called Three Mile Island, the worst and only nuclear plant disaster in America.



The loss of cooling water allowed the rods powering the reactor to become exposed and brought about a condition never experienced in public records in the world. Did the reactor core meltdown? Did it sink through the containment walls and would it send out a burst of radioactive gas? Would it continue melting down until it reached the core of the earth? What type of damage could such an unknown catastrophe cause?

It didn't help that just 12 days before the TMI disaster Hollywood released the haunting film China Syndrome about just such a nuclear meltdown taking place. The public was on edge when TMI suddenly made Hollywood fiction into reality. That was in 1979. By 1982 I was chief of staff of the New Jersey Department of Energy and TMI was owned by a Jersey firm. The aftermath and clean up of TMI, which took from 1979 until 1993, was partly the responsibility of our Department.

When I arrived in 1982 the reactor core had remained sealed since the accident. No one knew what happened inside the reactor core. It was not until 1985 that the first camera was dropped into the core and the partial meltdown became obvious based on the incredible damage to the reactor rods from the super-heating. Thank God the containment held. A billion dollars and 14 years later TMI 2 was sealed, there was still radiation contamination of the concrete, but it was no longer a threat to the public. It was sealed until both reactors could be decommissioned which is expected in 2034.

The BP accident in the Gulf has many similarities as it was also a new technology being used where it had never been used before under conditions that had never been experienced. We can only hope they do not suffer similar problems overcoming the disaster. In the meantime, it would be nice if our government would come clean on the problems and potential for long term economic and environmental consequences
as honesty in regulatory affairs has been absent from the government for quite some time.

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News Media Dine with Politicians and PIGS - Too Busy to Cover Car Bomb in NYC

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Saturday night was the annual White House Correspondents Dinner in our nation's capitol where the media rub shoulders with the news makers be they politicians, entertainers or pigs. Now you may ask how pigs get invited to an affair in which President Obama and Jay Leno are featured speakers but in truth, pigs control Washington.



Did I mention that a "pig" in political campaign terms refers to "public interest group" or "private interest group" which just about covers all the special interest groups that rule Washington? It also reflects a little of the distain for such special interest groups on the part of the campaigns who have to go begging to them for money all the time to fuel the campaigns.

At any rate, as I pondered on this self adulation on the part of the media which is what the event is all about I wondered if this event really could be a funeral wake of sorts for the mainstream media in America. If you follow the polls and the news, what little news there still is, you may have noticed the viewership for network news continues to fall off the cliff. At the same time the subscriptions for newspapers also is on a freefall.

Ironically and to the complete dismay of the cable news community all those people fleeing networks are not switching to cable news. Nor are they switching to newspapers from TV news. No, both the papers and television stations are going broke bringing us the news because the public figured out long ago that TV network and newspaper news outlets are nothing more than propaganda machines for the media companies that own them.



Those companies are addicted to advertising revenue and the competition for ad dollars has brought an end to any hope for fair and objective news in America. In fact, the prestige of news reporting in America has hit such a low that people no longer consider them the most reliable source of news as the most recent trend has shown independent news blogs to be considered more credible a news source for America than all forms of mainstream media.

The only thing that has prolonged the death of the mainstream news media has been the embracing of the entertainment industry by the news media, as celebrity gossip dominates news broadcasts. Thus you see the politicians, never one to not figure out how to best seduce the news media, surrounding themselves with celebrity figures in order to get more news coverage.



That silly trend makes the politicians feel good and makes the media feel like stars, I mean wouldn't you like to be on a first name basis with a George Clooney of the entertainment world? Unfortunately for us the politicians don't seem to get any smarter hanging out with entertainers or corporate gurus like Warren Buffett, they still cast votes that often defy logic and reason.

As for the death of the traditional media, let me give you an example that surprised even me though I have been watching the disintegration of the media for decades. It happened while the media were at the party in Washington. Apparently nearly all the national media from Washington to New York were at the party.



About the time the media stars were half lit and the party was in high gear a car bomb was being discovered in New York City in Times Square. Had the car bomb detonated many hundreds of tourists and Broadway patrons might have died in one of the worst terrorist acts since 9-11. Fortunately, a street vendor and a cop on horseback discovered it when smoke just started to fill the car and the NYC bomb squad was called in and dismantled it before a serious disaster occurred.



I spent all night checking the television for the latest reports on the attempted bombing and perhaps because all the media were partying in Washington, and partly because the media started running pre-recorded programs all night on Friday through Sunday nights, most major television news networks had no mention of the car bombing until 7 am Sunday morning, nearly 10 hours after the car was discovered.

What might have been one of the worst terrorist bombing attacks in years and no press was available to cover it, they were all bombed themselves in our nation's capitol. Now neither 24-7 cable news nor network broadcasters were staffed to cover the story in about the saddest performance by the news media in our history.



When they did wake up or sober up and go on the air they didn't have the staff to even get updated stories but spent much of Sunday re-running interviews from the night before. Of course the recycled news appeared on screen as "breaking news" developments but there was nothing breaking about events the night before.

Imagine that, all the news people in America and no one was available for what might have been the story of the decade. Nothing sums up the sorry state of media anymore than the truth. Is there really any wonder why people no longer turn to the news media for news?

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