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Bankruptcy Court to Forgive $1 Billion Blockbuster Debt

 Bankruptcy Court to Forgive $1 Billion Blockbuster Debt        

          The New York Times reported today that video rental behemoth, Blockbuster, has filed for bankruptcy in New York in a move to erase its nearly $1 billion in debt.  What the…?  So much for the Obama administration’s so-called financial reform initiative!  Senior bondholders will receive a large equity stake in the deal, while junior bondholders, who only get repaid after other lenders if the borrower gets into financial difficulty, are expected to be ‘wiped out’.

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Sweden’s Election Results Mirror Conservative Trend in Europe

Sweden Elects Conservatives        

           The results of Sweden’s election on Sunday extend the widening swath of countries moving toward conservatism in Europe.  Swedish Social Democrats polled their worst results than at any time since 1914.  The center-left party has dominated Sweden since the 1930s and has been in power for 65 of the last 78 years.  Once again they ran on a platform of raising taxes and the Swedish people said ‘No’!  

          Instead they stayed with the center-right coalition led by Prime Minister Frederik Reinfeldt, making this the first time in Sweden that a center-right government has been re-elected.  In addition, the far right, anti-immigration party, the Social Democrats, doubled their 2006 vote and increased their visibility in Parliament.  It would be an understatement to say that these results are a significant outcome in a country which heretofore exemplified the welfare state, cultivated a strong labor movement and welcomed immigrants to feed at their trough. 

          This conservative trend can be seen throughout Europe, where fiscally conservative center-right parties have advanced in recent years and far right parties have made inroads.  Recently the Tories gained power in Britain with the Labour Party bringing in its worst showing since 1977.  Center-right governments now rule the four most populous countries in Europe …Germany, France, Britain and Italy!  Many smaller countries, such as the Netherlands, are beginning to lean this way as well and even Portugal decided this week to trim its deficit by making sweeping budget cuts.  Europe going conservative?  Who would have thunk!

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Iraq War Poll

Americans Say Iraq War Worth It

          A Fox News Poll conducted in early September 2010 indicates that the majority of Americans say the Iraq War was worth it.  In the poll 58% of Americans now believe the US ‘did the right thing’ by going to war, while 35% think we did the wrong thing.  A larger majority of Americans, 71%, believe that the Iraqi people are better off today because of our efforts, while 19% disagree.

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Tea Party Momentum

          Christine O’Donnell’s upset win in the Delaware Republican Senate Primary yesterday against nine-term establishment congressman, Mike Castle, was yet another stunning victory for the Tea Party Movement.  As this amalgam (see WOW) of conservative Independents, Democrats and Republicans continues to gather momentum heading into the midterm elections in November, it is exciting to think of the ‘changes’ that will take place in Washington. 

          One could only wish that Karl Rove, a political analyst who we greatly respect, might have been a little more positive about O’Donnell’s easy victory.  With the additional victory of Carl Paladino, another Tea Party backed candidate, in the New York Republican Primary for Governor yesterday, there is little question that this grass roots organization will be a force to recon with for the foreseeable future.

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