Gee wouldn't you think this is something the Saudis might fund instead of a country with a $1.4 trillion debt?

Gee wouldn't you think this is something the Saudis might fund instead of a country with a $1.4 trillion debt?

The fund is to be targetted at technology, education, telcom and to create new "Media ventures.

Think MSNBC-Jazeera - all Obama , all the Time.

Bad news is I do not think the 1.6 Billion Muslims have yet to produce anyone as stupid as Keith Olbermann and Chris Matthews that does not wear a mask.

Maybe number 1 on the list could do a little something? Maybe #3? #7?

http://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds

Oops. That should have been $12 trillion ... and rising.

Just the fact it was Friday afternoon is telling.

It is important that the Muslim world have the technology to produce their own weapons of mass destruction without having to be so sneaky about it.

Obama is just looking out for their self-esteem and well-being. Perhaps he will help produce some entrepreneurship in the Muslim world while destroying what's left if it in America.

How did America get so stupid as to elect that destructive idiot.

Why doesn't he just give them nuclear missiles and get it over with. Then they could wipe Israel of the map like they want. Of course Israel might just nuke the hell out of them first. :)

If it was a cover story for a CIA op then it makes some sense. I doubt that it is ,sigh.

Why sell the country when you can just give it away?

I am shaking my head in disbelief. The oil-rich Arabs have money coming out their asses and can't be bothered to drag themselves out of the stone age. Never mind helping the Palestinians in any way. And recently they stated that they expect to be given money once the oil revenues drop off. I would be telling them to start picking out their new stable of camels now to beat the rush. The CIA should then be sending them enough fleas to keep the camels infested for decades to come.

What friggin' nerve these arrogant bastard have. It truly is astonishing how much gall they have.

I cant wait for the muslim technological revolution that this money will spur. Thank the lord the saudis wont have to sell off there solid silver Lamborghini's to get the ball rolling.

Pusuant to Doug's comment, it would be interesting for Fox News to start a segment on "Friday night news releases".

From the Encyclopedia Britannica
Islamic law made a distinction between two categories of non-Muslim subjects—pagans and dhimmis (“protected peoples,” or “peoples of the book”; i.e., those peoples who based their religious beliefs on sacred texts, such as Christians, Jews, and Zoroastrians). The Muslim rulers tolerated the dhimmis and allowed them to practice their religion. In return for protection and as a mark of their submission, the dhimmis were required to pay a special poll tax known as the jizya. The rate of taxation and methods of collection varied greatly from province to province and were greatly influenced by local pre-Islamic customs. In theory the tax money was to be used for charitable purposes and the payment of salaries and pensions. In practice, however, the revenues derived from the jizya were deposited in the private treasuries of the rulers. The Ottomans usually used the proceeds of the jizya to pay their military expenses.

A convert to Islam was, in theory, no longer required to pay the jizya. The Umayyad caliphs (661–750), however, faced with increasing financial difficulties, demanded the jizya from recent converts to Islam as well as from the dhimmis. This discrimination against converts was a cause of the Abū Muslim rebellion (747) in Khorāsān and helped to precipitate the downfall of the Umayyads.

So is The Big Owe just starting to pay the jizya in this manner?

Hmmmm OPIC for OPEC.

Barry can borrow the money he doesn't have to fund this from the Saudis.

That makes sense. . . borrow money, give it back to the lender but continue to pay the lender interest.

Now that's Socialism in action.

Go Barry go . . .

Exactly; the oil rich Muslim states should fund their own modernization; instead, we have the tribal elite enriching themselves personally, and the population kept submissive by redistribution without economic and political power.

There is no need for the US or any western nation to get involved. After all, the West industrialized itself; so can the East and Middle East.

Yeah. Like they have money to blow on this kind of crap. Will Al-Quaeda get some $$ to help with their global jihad? I hear they need some new computers....

Man, I really feel bad for the American people right about now....It really boggles the mind how bad this administration is.

He's a one-termer.

[sarcasm]Good to see the reparation payments coming finally[/sarcasm]

Muslim countries don't do innovative technology, because according to the koran, innovation is haraam. They are quite happy to ride on the coat tails of the rest of the world, like good little parasites.

I agree ET they should develop their own technology like we did. Absolutely!

Similarly, they should really have been left to develop their own form of democracy like we did.

Bringing "democracy" to the M.E. via guns 'cos when they discover "freedom" they'll suddenly like us and demur from their desire to destroy us, is not much less lunatic than this technology fund. And oh, remember, at one point when the US was going flat broke, Iraq had a $40 Billion surplus!

Which is not at all to suggest that I wasn't as crazy as most conservatives in cheering on the Iraq War! BLUSH.

O's Crisis* has cOme.

Next? Suspension of habeas corpus?
Then, ...?
...-

"President Obama declares H1N1 flu a national emergency"
Washington Post
...-

*O's Crisis:

"In messianic religious movements, the millennium is invariably established by a mighty, violent upheaval, an Armageddon, a great apocalyptic war between good and evil.

After this titanic conflict, a millennium, a new age of peace and harmony, of the reign of justice, will be installed upon the earth."

"Karl Marx as Religious Eschatologist"
http://mises.org/story/3769

WOW, maz2, I just read that piece a week or so ago. Long but very well worth the read. ET, I think, would appreciate this.
Yup, this is what Glenn Beck keeps asking: What'll be the catalytic "emergency"?

And btw, I'd like to ehco some other commenters in thanking you for your many excellent links and amusing introductory commentary (tho I think your formatting could stand a re-think).

Was it you or not who has mentioned Our Enemy the State. If you, a huge thanks. A life-changing read!

You are aware, no doubt, of that famous quote: "War is the health of the state". "Emergency" is a good substitute.

Since Obama has been in office, it has been all Islam all the time in every manner he can imagine.Isn't America watching with alarm?

"Since Obama has been in office, it has been all Islam all the time in every manner he can imagine.Isn't America watching with alarm?

Posted by: violet at October 24, 2009 3:30 PM "

Hopefully they are watching and learning,but then what can you do with a Zero that has never seen a terrorist a** he wouldn't kiss?

about time someone paid them for inventing the zero. the US will be using lots of them on every bit of issued currency soon.

At least Obama does't hold hands and kiss the Saudi king on the lips like Bush did!

Isn't anyone here non-partisan enough to say it made them throw up a bit in their mouths when Bush did that?

Or...maybe it turned you all on...?

dont think that happened bleet.

however . "the one" bowing to the Saudi King is well recorded.

me no dhimmi, the problem with 'allowing' the Muslim states to 'develop their own democracy', which makes it sound evolutionary and inevitable..is that it isn't either evolutionary or inevitable.

The tribal dictators, enriched by oil, have been able to reject the necessity to move into a middle class economic-political system (i.e., democracy). This internal repression has led to the exporting of the anger..to the West. Rather than against the homeland tribal dictators.

This is the base root of Al Qaeda, and it harms the west.

If the 'bubbling' of a population, caused by its being repressed, would remain internal to the national cauldron - fine. The problem is, the overflow into other areas, which inflames and destroys these other areas.

That's why the West can't stand by and wait and wait until the ME changes from its repressive tribalism and enables a middle class. We'd have to wait until the oil runs out.

very true, ET, but don't bleet and the rest of them say we WILL run out of oil in a few years? Is that what they are waiting for?

Bleet,

Count me in. Bush holding hands with that Saudi was a terrible gesture. Plus it was gay-ish.

Off topic. Can anybody reach David Warren's site? I get re-directed whenever I go there.

Let's see, the muslim bnations have large incomes from oil and it is us Westerners who must give them money for technology development?

Maybe if the rulers of those muslim nations maki8ng all those spondulics should ante up themselves. But, tghen, of course, that would require muslim governments to be something other than the corruptocrats they are.

This could be interesting. The fundies don't like innovation, it is hard to repress a thinking group of people. I think that is why they do not fund it from the top nations on the list. Look at what the tali did in Afghanistan. They banned art, music kite flying and anything else that had any fun content. The Sauds fund fundamentalism by building radical mosques in other countries. I think it is a waste of money but it's not like the US has any left anyhow. If you are going bankrupt anyway might as well hit the limit on the credit card. How much of that money will leave his friends pockets?

Obama bows to the Saudis. Methinks it's time to get very very concerned. America has had her wake-up call, will she get up to answer it?

why do the amerkuns insist of allying themselves with these sand princes?

http://ca.news.yahoo.com/s/reuters/international_us_saudi_flogging

uh, the oil?

America has already hit the snooze button. When Americans finally wake up it will be the smoke alarm going off and even the foundations of the house will be destroyed. They will be lucky to get out in their smoky pj's.

mike

Yet more and more Tent Cities spring up across the US each week. Google "Tent Cities".

At least Obamba has his priorities strait Muslims now have some "Hope and Change" across the globe.

Anyone wonder where that birth certificate is lately?

Posted by: curious_george >

"why do the amerkuns insist of allying themselves with these sand princes?"

Canada has as nearly as much oil in the tarsands as Saudi and they have as much money.

Where is our "presidential" handout, and Harpers his on his behind?

Obama wasn't actually bowing to the Saudi King, he was tricked into appearing to bow.

"Obama wasn't actually bowing to the Saudi King, he was tricked into appearing to bow.

Posted by: Momar at October 24, 2009 7:44 PM "

bwahahahahaha....and Clinton was tricked into that cigar?...lol

Every person from or working in an Islamic country I've spoken to says the same thing: there is money to be made but none to share and NO ingenuity. There is no money for schools, no money for satellite or digital frameworks for TV (I guess those taking part in FIFA have to wait until AFTER the game is played to see it), no health clinics and no technicians to detect cancer in women (except in Israel).
Obama is just bloody evil to even THINK of funding these people.

Hey, maybe they will discover a way to fuel cars with sand instead of oil. Or camel dung, think of the savings we can expect. It's a glass half full, that's for sure.

Full of crap that is.

OweBama is building Oweamerica!!!!

Can y'all say "kickback"? Saudi sovereign fund invests BILLIONS in the USA. Treasuries, commercial paper, 8 billion investment in AMD, more for Intel, Google, blah blah blah.

Some big dudes needed a couple new jets is all, so they phoned Barry. He fixed 'em up. What's the problem?

/.sarc

On Tuesday, Obama is throwing out the first pitch in the World Series.

On Wednesday, Obama will be named this year's winner of the Cy Young Award.

Erik:

Friday afternoon is also the Federal Deposit Insurance Corporation (FDIC) favourite time to announce bank closures. This Friday, they announced 6 more closures, to bring the total to 105 this year. Bank failures in Canada during that time? Zero.

As I've noted before, the FDIC is technically broke, although chair-thingy Sheila (the cupboard is..) Bair insists that everyone is protected. If you can stand it, watch her video on the front page of "fdic.gov". Try not to be hypnotized as her head rocks from right to left and back again. She insists that, if necessary, the FDIC will borrow $500 billion from the federal government, blithely ignoring that the feds are up against their debt ceiling.

The FDIC has also requested member banks pay their next three years of dues by the end of this year, as the FDIC desperately needs the money to pay off the (numerous?) forthcoming bank closures.

Yes we can change, and hope!

Thanks KevinB - nice upgrade! :-)

It's pretty spooky indeed - and since we're next to the US - it should make us in our nearly hyperborean clime a little edgy

I remember hearing that Australia is emerging nicely from out latest little bit of pain.

I wonder if it's now better to have China as a neighbour compared to the US?

We should just go nuclear (power) now, and make sure we preserve our fossil fuels to sell to those nations hand-wringing about splitting the atom - but that will never fly politically.

As mentioned previously on this site - I remember nostalgically the days when I was envious of those "born in the USA". At this moment - not so much - despite snow (again) today.

Actually, seven banks failed on Friday. Some of the financial blogs are pointing out the loss ratios on some of these banks are 30% to 50%, which indicates they should have been shut down a long time ago. It could be argued that the FDIC is not shutting down insolvent banks, which is against the law.

It looks like Capmark (one of the largest U.S. CRE lenders) is going to file for bankruptcy. And of course, CIT is teetering on the edge of bankruptcy and hopefully someone will give them a shove and get it over with...

Pour me more tequilla - Sheila! Sheila - you may not run out of money but let me tell ya - your money is running out of "value".

Their Hope and Change is going about as well as the Leaf's.

Posted on the wrong site - sorry. Damn - how the hell did I do that?

I hate to admit that I agree with Sarge here. Instead of sucking off the Saudi King, (How did Bush know when Laura had here time of month? Cheney's crank tasted funny...) Obama just serves his economic interests with our whole foreign policy.

Let's see, we can increase our dependence on Saudi Oil quickest and cheapest, which the King would prefer to a blow job any day?

Well, we could declare Canada's Oil off limits because it is "too dirty".

We could prevent drilling our own oil in the Arctic, off California, and the Gulf of Mexico because the areas are "too sensitive"

We could outlaw our own coal reserves, which, if used, would make us the Saudi Arabia of coal.

We could prevent development of our own oil shale, which would make us the Saudi Arabia of oil.

We could suppress nuclear power, just to rub the conservative's nose in the fact that we don't really give a crap about climate.

If Bush had to kiss the Saudi's ass, it's because Sarge's left wing buddies tied his hands.

tim nails it !!

KevinB, you're ignorant.

First of all, the FDIC has already PROVISIONED funds for expected losses through the end of this year and part of next year. So even though proper accrual accounting puts the DIF in the red, the FDIC is NOT BROKE.

The LAST thing Sheila Bair will do is tap the credit line of the Treasury. Losses will NOT reach up to $500 billion and Congress can vote to extend the debt ceiling. Sheila Bair specifically said she expects not to draw on that credit line and pre-paid assessments (from banks) will be more than enough to cover expected losses. Her point about the Treasury was that if the DIF runs out of money, no one has to fear their deposits will not be insured.

GCM, you're also ignorant.

The FDIC can only choose to close the banks it regulates ITSELF. The other banking regulators must decide when it's time to close their own regulated financial institutions. When THEY decide to close the bank, they appoint the FDIC as the receiver.

Many of the largest bank failures/losses came from non-FDIC regulated institutions. The OTS is the chief source of failure in examinations.

Banks are not usually "shut down". Their assets, liabilities, and operations are usually sold to a buyer who continues to operate branches with no visible difference to depositors.

Closings usually involve loss-sharing agreements where the buyer assumes the first share of losses from the acquired institution, and the FDIC only if losses exceed that limit.

Loss ratios are often high because of bank FRAUD. The FDIC and other bank regulators don't possess a magic crystal ball to find any and all misrepresentations by banks. You simply don't understand the size and scope of a bank examination. You think regulators are all-knowing, all-seeing, and all-powerful. They are not and you don't want them to be.

Did anyone else notice, that everytime she had a negative statement, " I would like to take this opportunity to reassure consumers ( shaking her head for the no) that their insured deposits are absolutely safe.( 0:21)"
Now, was she shaking her head to no risk, or shaking her head to no safety? Anyone want to hazard a guess?

What is most interesting is that certain people here are busy are arguing about the "colour of the drapes" when the friggin house is on fire....