Tag: News

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future

Find the past “On This Day in History” here.

December 3 is the 337th day of the year (338th in leap years) in the Gregorian calendar. There are 28 days remaining until the end of the year.

On this day in 1947,A Streetcar Named Desire opened on Broadway.

Marlon Brando‘s famous cry of “STELLA!” first booms across a Broadway stage, electrifying the audience at the Ethel Barrymore Theatre during the first-ever performance of Tennessee Williams‘ play A Streetcar Named Desire.

The 23-year-old Brando played the rough, working-class Polish-American Stanley Kowalski, whose violent clash with Blanche DuBois (played on Broadway by Jessica Tandy), a Southern belle with a dark past, is at the center of Williams’ famous drama. Blanche comes to stay with her sister Stella (Kim Hunter), Stanley’s wife, at their home in the French Quarter of New Orleans; she and Stanley immediately despise each other. In the climactic scene, Stanley rapes Blanche, causing her to lose her fragile grip on sanity; the play ends with her being led away in a straitjacket.

Widely considered a landmark play, A Streetcar Named Desire deals with a culture clash between two iconic characters, Blanche DuBois, a fading relic of the Old South, and Stanley Kowalski, a rising member of the industrial, urban working class.

The play presents Blanche DuBois, a fading but still-attractive Southern belle whose pretensions to virtue and culture only thinly mask alcoholism and delusions of grandeur. Her poise is an illusion she presents to shield others (but most of all, herself) from her reality, and an attempt to make herself still attractive to new male suitors. Blanche arrives at the apartment of her sister Stella Kowalski in the French Quarter of New Orleans, on Elysian Fields Avenue; the local transportation she takes to arrive there includes a streetcar route named “Desire.” The steamy, urban ambiance is a shock to Blanche’s nerves. Blanche is welcomed with some trepidation by Stella, who fears the reaction of her husband Stanley. As Blanche explains that their ancestral southern plantation, Belle Reve in Laurel, Mississippi, has been “lost” due to the “epic fornications” of their ancestors, her veneer of self-possession begins to slip drastically. Here “epic fornications” may be interpreted as the debauchery of her ancestors which in turn caused them financial losses. Blanche tells Stella that her supervisor allowed her to take time off from her job as an English teacher because of her upset nerves, when in fact, she has been fired for having an affair with a 17-year-old student. This turns out not to be the only seduction she has engaged in-and, along with other problems, has led her to escape Laurel. A brief marriage marred by the discovery that her spouse, Allan Grey, was having a homosexual affair and his subsequent suicide has led Blanche to withdraw into a world in which fantasies and illusions blend seamlessly with reality.

In contrast to both the self-effacing and deferential Stella and the pretentious refinement of Blanche, Stella’s husband, Stanley Kowalski, is a force of nature: primal, rough-hewn, brutish and sensual. He dominates Stella in every way and is physically and emotionally abusive. Stella tolerates his primal behaviour as this is part of what attracted her in the first place; their love and relationship are heavily based on powerful-even animalistic-sexual chemistry, something that Blanche finds impossible to understand.

The arrival of Blanche upsets her sister and brother-in-law’s system of mutual dependence. Stella’s concern for her sister’s well-being emboldens Blanche to hold court in the Kowalski apartment, infuriating Stanley and leading to conflict in his relationship with his wife. Blanche and Stanley are on a collision course, and Stanley’s friend and Blanche’s would-be suitor Mitch, will get trampled in their path. Stanley discovers Blanche’s past through a co-worker who travels to Laurel frequently, and he confronts her with the things she has been trying to put behind her, partly out of concern that her character flaws may be damaging to the lives of those in her new home, just as they were in Laurel, and partly out of a distaste for pretense in general. However, his attempts to “unmask” her are predictably cruel and violent. In their final confrontation, Stanley rapes Blanche, which results in her nervous breakdown. Stanley has her committed to a mental institution, and in the closing moments, Blanche utters her signature line to the kindly doctor who leads her away: “Whoever you are, I have always depended on the kindness of strangers.”

Evening Edition is an Open Thread

1 Russia, Qatar triumph at World Cup vote

by Rob Woollard, AFP

2 hrs 1 min ago

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future

Find the past “On This Day in History” here.

December 2 is the 336th day of the year (337th in leap years) in the Gregorian calendar. There are 29 days remaining until the end of the year.

On this day in 2001, Enron filed for Chapter 11 bankruptcy protection in a New York court, sparking one of the largest corporate scandals in U.S. history.

An energy-trading company based in Houston, Texas, Enron was formed in 1985 as the merger of two gas companies, Houston Natural Gas and Internorth. Under chairman and CEO Kenneth Lay, Enron rose as high as number seven on Fortune magazine’s list of the top 500 U.S. companies. In 2000, the company employed 21,000 people and posted revenue of $111 billion. Over the next year, however, Enron’s stock price began a dramatic slide, dropping from $90.75 in August 2000 to $0.26 by closing on November 30, 2001.

As prices fell, Lay sold large amounts of his Enron stock, while simultaneously encouraging Enron employees to buy more shares and assuring them that the company was on the rebound. Employees saw their retirement savings accounts wiped out as Enron’s stock price continued to plummet. After another energy company, Dynegy, canceled a planned $8.4 billion buy-out in late November, Enron filed for bankruptcy. By the end of the year, Enron’s collapse had cost investors billions of dollars, wiped out some 5,600 jobs and liquidated almost $2.1 billion in pension plans.

Accounting practices

Enron had created offshore entities, units which may be used for planning and avoidance of taxes, raising the profitability of a business. This provided ownership and management with full freedom of currency movement and the anonymity that allowed the company to hide losses. These entities made Enron look more profitable than it actually was, and created a dangerous spiral, in which each quarter, corporate officers would have to perform more and more contorted financial deception to create the illusion of billions in profits while the company was actually losing money. This practice drove up their stock price to new levels, at which point the executives began to work on insider information and trade millions of dollars worth of Enron stock. The executives and insiders at Enron knew about the offshore accounts that were hiding losses for the company; however, the investors knew nothing of this. Chief Financial Officer Andrew Fastow led the team which created the off-books companies, and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation for which he worked and its stockholders.

In 1999, Enron launched EnronOnline, an Internet-based trading operation, which was used by virtually every energy company in the United States. Enron president and chief operating officer Jeffrey Skilling began advocating a novel idea: the company didn’t really need any “assets.” By pushing the company’s aggressive investment strategy, he helped make Enron the biggest wholesaler of gas and electricity, trading over $27 billion per quarter. The firm’s figures, however, had to be accepted at face value. Under Skilling, Enron adopted mark to market accounting, in which anticipated future profits from any deal were tabulated as if real today. Thus, Enron could record gains from what over time might turn out to be losses, as the company’s fiscal health became secondary to manipulating its stock price on Wall Street during the Tech boom. But when a company’s success is measured by agreeable financial statements emerging from a black box, a term Skilling himself admitted, actual balance sheets prove inconvenient. Indeed, Enron’s unscrupulous actions were often gambles to keep the deception going and so push up the stock price, which was posted daily in the company elevator. An advancing number meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted. Its fall would collapse the house of cards. Under pressure to maintain the illusion, Skilling verbally attacked Wall Street Analyst Richard Grubman, who questioned Enron’s unusual accounting practice during a recorded conference call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling replied “Well, thank you very much, we appreciate that . . . asshole.” Though the comment was met with dismay and astonishment by press and public, it became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling’s lack of tact. When asked during his trial, Skilling wholeheartedly admitted that industrial dominance and abuse was a global problem: “Oh yes, yes sure, it is.”

Evening Edition is an Open Thread

1 Russian fury on eve of World Cup vote

by Rob Woollard, AFP

46 mins ago

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future

Find the past “On This Day in History” here.

December 1 is the 335th day of the year (336th in leap years) in the Gregorian calendar. There are 30 days remaining until the end of the year

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On this day in 1990, the Chunnel makes breakthrough. Shortly after 11 a.m. on December 1, 1990, 132 feet below the English Channel, workers drill an opening the size of a car through a wall of rock. This was no ordinary hole–it connected the two ends of an underwater tunnel linking Great Britain with the European mainland for the first time in more than 8,000 years.

The Channel Tunnel, or “Chunnel,” was not a new idea. It had been suggested to Napoleon Bonaparte, in fact, as early as 1802. It wasn’t until the late 20th century, though, that the necessary technology was developed. In 1986, Britain and France signed a treaty authorizing the construction of a tunnel running between Folkestone, England, and Calais, France.

The Channel Tunnel (French: Le tunnel sous la Manche), (also informally known as the Chunnel) is a 50.5-kilometre (31.4 mi) undersea rail tunnel linking Folkestone, Kent near Dover in the United Kingdom with Coquelles, Pas-de-Calais near Calais in northern France beneath the English Channel at the Strait of Dover. At its lowest point, it is 75 metres (250 ft) deep. At 37.9 kilometres (23.5 mi), the Channel Tunnel possesses the second longest undersea portion of any tunnel in the world. The Seikan Tunnel in Japan is both longer overall at 53.85 kilometres (33.46 mi), and deeper at 240 metres (790 ft) below sea level.

The tunnel carries high-speed Eurostar passenger trains, Eurotunnel Shuttle roll-on/roll-off vehicle transport-the largest in the world-and international rail freight trains. The tunnel connects end-to-end with the LGV Nord and High Speed 1 high-speed railway lines. In 1996 the American Society of Civil Engineers identified the tunnel as one of the Seven Wonders of the Modern World.

Ideas for a cross-Channel fixed link appeared as early as 1802, but British political and press pressure over compromised national security stalled attempts to construct a tunnel. However, the eventual successful project, organised by Eurotunnel, began construction in 1988 and opened in 1994. The project came in 80% over its predicted budget. Since its construction, the tunnel has faced several problems. Fires have disrupted operation of the tunnel. Illegal immigrants and asylum seekers have attempted to use the tunnel to enter Britain, causing a minor diplomatic disagreement over the siting of the Sangatte refugee camp, which was eventually closed in 2002.

Evening Edition is an Open Thread

1 Ending gay ban poses little risk to military: Pentagon

AFP

2 hrs 12 mins ago

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future

Find the past “On This Day in History” here.

November 30 is the 334th day of the year (335th in leap years) in the Gregorian calendar. There are 31 days remaining until the end of the year.

On this day in 1886, the Folies Bergère in Paris introduces an elaborate revue featuring women in sensational costumes. The highly popular “Place aux Jeunes” established the Folies as the premier nightspot in Paris. In the 1890s, the Folies followed the Parisian taste for striptease and quickly gained a reputation for its spectacular nude shows. The theater spared no expense, staging revues that featured as many as 40 sets, 1,000 costumes, and an off-stage crew of some 200 people.

In 1886, the Folies Bergère went under new management, which, on November 30, staged the first revue-style music hall show. The “Place aux Jeunes,” featuring scantily clad chorus girls, was a tremendous success. The Folies women gradually wore less and less as the 20th century approached, and the show’s costumes and sets became more and more outrageous. Among the performers who got their start at the Folies Bergère were Yvette Guilbert, Maurice Chevalier, and Mistinguett. The African American dancer and singer Joséphine Baker made her Folies debut in 1926, lowered from the ceiling in a flower-covered sphere that opened onstage to reveal her wearing a G-string ornamented with bananas.

The Folies Bergère remained a success throughout the 20th century and still can be seen in Paris today, although the theater now features many mainstream concerts and performances. Among other traditions that date back more than a century, the show’s title always contains 13 letters and includes the word “Folie.”

Located at 32 rue Richer in the 9th Arrondissement, it was built as an opera house by the architect Plumeret. It was patterned after the Alhambra music hall in London. The closest métro stations are Cadet and Grands Boulevards.

It opened on 2 May 1869 as the Folies Trévise, with fare including operettas, comic opera, popular songs, and gymnastics. It became the Folies Bergère on 13 September 1872, named after a nearby street, the rue Bergère (the feminine form of “shepherd”).

Édouard Manet‘s 1882 well-known painting A Bar at the Folies-Bergère depicts a bar-girl, one of the demimondaines, standing before a mirror.

The painting is filled with contemporaneous details specific to the Folies-Bergère. The distant pair of green feet in the upper left-hand corner belong to a trapeze artist, who is performing above the restaurant’s patrons.

The beer which is depicted, Bass Pale Ale (noted by the red triangle on the label), would have catered not to the tastes of Parisians, but to those of English tourists, suggesting a British clientèle. Manet has signed his name on the label of the bottle at the bottom left, combining the centuries-old practice of self-promotion in art with something more modern, bordering on the product placement concept of the late twentieth century. One interpretation of the painting has been that far from only being a seller of the wares shown on the counter, the woman is herself one of the wares for sale; conveying undertones of prostitution. The man in the background may be a potential client.

But for all its specificity to time and place, it is worth noting that, should the background of this painting indeed be a reflection in a mirror on the wall behind the bar as suggested by some critics, the woman in the reflection would appear directly behind the image of the woman facing forward. Neither are the bottles reflected accurately or in like quantity for it to be a reflection. These details were criticized in the French press when the painting was shown. The assumption is faulty when one considers that the postures of the two women, however, are quite different and the presence of the man to whom the second woman speaks marks the depth of the subject area. Indeed many critics view the faults in the reflection to be fundamental to the painting as they show a double reality and meaning to the work. One interpretation is that the reflection is an interaction earlier in time that results in the subject’s expression in the painting’s present.

Evening Edition is an Open Thread

1 World scrambles to deal with WikiLeaks fallout

by Charles Onians, AFP

2 hrs 44 mins ago

Monday Business Edition

The World is running out of money to insure the fictional assets of ‘senior creditors’ and banksters.

The problem is fundamentally leverage, the intellectual market laziness that makes financial institutions think they are entitled to make unlimited bets on 36:1 payouts every time.

When things get even a little difficult they whine and whine about how badly they are mistreated, but the fact of the matter is that there’s going to be a haircut taken and the obvious target is the biggest one.  Spain is the next to go and Italy after that.  Euros were such a good bet.

And if you were smart and doubled down every chance you could get, you’d build up quite a pile of chips.

Not the kind you can eat.

So what are they worth?  Whatever Rick will pay for them in some medium of exchange that’s good outside the casino.  Unless you want to barter, I have two passes out of Casablanca.

We’ve talked about Ireland and Iceland, but I wonder how many people are familiar with Dubai?

Today, Dubai has emerged as a global city and a business hub. Although Dubai’s economy was built on the oil industry, currently the emirate’s model of business, similar to that of Western countries, drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services.

I like this one because it has lots of numbers-

Dubai mulls sale of corporate champions

By Simeon Kerr in Dubai, Financial Times

Published: November 28 2010 18:42

Dubai is mulling the privatisation of home-grown corporate champions as a means to start paying down its estimated $110bn in debts, senior officials said.

Let’s just stop right there and recognize that we’re talking about an Ireland.  The proposal is to sell minority stakes in State Owned and Sovereign Wealth Fund Owned industries like their National Airline.

Mr Shaibani was speaking at an open forum held on Sunday, a rare moment of media engagement in an emirate that has faced a deluge of negative press since shocking markets with its standstill request a year ago, which ended with the restructuring of $25bn in debts at troubled conglomerate Dubai World.

Yup, that Dubai World, the one we were going to sell our ports to.  Now Dubai has already had a bailout from the UAE to the tune of $10 Billion in February of 2009 and assures us with the utmost gravity and reliability, just like Spain and Portugal, that they don’t need any bailouts thank you very much.

We are rapidly reaching the point where negative outcomes for the bankster class are inevitable due to the sheer volume of their theft.

Business News below.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

November 29 is the 333rd day of the year (334th in leap years) in the Gregorian calendar. There are 32 days remaining until the end of the year.

On this day in 1963, one week after President John F. Kennedy was fatally shot while riding in a motorcade in Dallas, Texas, President Lyndon Johnson establishes a special commission, headed by Supreme Court Chief Justice Earl Warren, to investigate the assassination.

After 10 months of gathering evidence and questioning witnesses in public hearings, the Warren Commission report was released, concluding that there was no conspiracy, either domestic or international, in the assassination and that Lee Harvey Oswald, the alleged assassin, acted alone. The presidential commission also found that Jack Ruby, the nightclub owner who murdered Oswald on live national television, had no prior contact with Oswald.

According to the report, the bullets that killed President Kennedy and injured Texas Governor John Connally were fired by Oswald in three shots from a rifle pointed out of a sixth-floor window in the Texas School Book Depository. Oswald’s life, including his visit to the Soviet Union, was described in detail, but the report made no attempt to analyze his motives.