BP gears up for two-phase effort to plug Gulf oil well

One of two efforts to seal the ruptured BP oil well in the Gulf once and for all could begin as early as Monday night, officials said.

The “static kill” involves pouring mud and cement into the well from above — a process that had been delayed while debris from a tropical storm was cleared out.

“I do have a lot of confidence we’ll be successful,” Doug Suttles, the oil giant’s chief operating officer, said Sunday.

China’s Geely Completes Volvo Buy

BEIJING/HONG KONG (Reuters) – China’s Geely on Monday completed its purchase of Ford Motor Co’s Volvo unit, marking China’s biggest acquisition of a foreign car maker and reflecting the nation’s rapid rise in the auto world.

Zhejiang Geely, parent of Hong Kong-listed Geely Automobile <0175.HK> said on Monday it paid $1.3 billion in cash and issued a $200 million loan note to Ford. That represents $300 million less than the earlier headline of $1.8 billion, but Ford said it would get a further “true-up” payment later in the year.

With the deal now done, the real challenge for Geely will lie ahead as it aims to restore Volvo to long-term profits. Volvo Cars posted revenue of $12.4 billion in 2009 by selling 334,000 cars, but it recorded a pretax loss of $653 million.

Obamacare Only Looks Worse Upon Further Review: Kevin Hassett

One of the more illuminating remarks during the health-care debate in Congress came when House Speaker Nancy Pelosi told an audience that Democrats would “pass the bill so you can find out what’s in it, away from the fog of controversy.”

That remark captured the truth that, while many Americans have a vague sense that something bad is happening to their health care, few if any understand exactly what the law does.

To fill this vacuum, Representative Kevin Brady of Texas, the top House Republican on the Joint Economic Committee, asked his staff to prepare a study of the law, including a flow chart that illustrates how the major provisions will work.

Health Care Bill Gets Plug from Andy Griffith

Here are two indisputable facts: on July 30, 1965, the Andy Griffith Show was one of the most popular television shows being broadcast at the time. And, on that same date President Lyndon B. Johnson signed the Social Security Act of 1965, which introduced the nation to a new program called Medicare. The first two social security card recipients were Harry and Bess Truman.

So, it seems fitting that Andy Griffith, now most certainly the age of many Medicare recipients, is a spokesperson for Medicare’s $700,000 ad campaign, preceding the open enrollment period by several months.

During this episode on Character and Leadership, former Medtronic CEO, Bill George, now Professor of Management Practice at Harvard Business School, joins Dennis McCuistion for a frank discussion on ethics and business practices in corporate America.

Bill George is the author of several business books, which include: True North and 7 Lessons for Leading in Crisis.

He tells us,“Leaders of my day, kids of the Kennedy era, were supposed to make a difference.  Yet, we destroyed big companies.” George asks, “What happened?”

Bill George believes many corporate leaders play for the short term, not the long term.  He believes that in business we are “playing up leaders who are playing for that short term… Business is too serious to be  about YOU… You can’t create anything in a quarter.”

In response to Dennis’ question: “Is corporate ethics an oxymoron?” Bill responds, “No- it isn’t. There’s a whole generation of leaders who are coming along.”

View the video for a discussion with Bill George on the qualities of effective leadership and the True North principles that guide them.

And as always, thanks for joining us as we talk about things that matter with people who care.

Niki Nicastro McCuistion
Executive Producer/Producer

***

01.03.10 – 1811

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The Constitution of the United States, as framed by our founding fathers, covers all aspects of society’s welfare, as it was then. Today, there are many who state that it needs to be changed in order to better reflect the needs of modern society, and that the Constitution needs to be reframed to cover situations our founding fathers had no way of predicting and anticipating.

Guests include:

• Allen Fishburn: Attorney at Law
• Robert D. Cohen: Attorney at Law: Cohen and Zwerner
• Thomas G. West, PhD: Professor of Politics, University of Dallas, Author of Vindicating the Founders
• Calvin C. Jillson, PhD: Author of Pursuing the American Dream, Department of Political Science Southern Methodist University

The Constitution’s basic premise begins with:

“We the people of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”

The question asked in this program by host Dennis McCuistion is, “Does Our Constitution Still Matter?”  To which each of our guests respond, “Absolutely.”

Regarding the Constitution, Robert Cohen says, “It is a living document and still very much alive. We’re not always looking back. We can challenge a law on constitutional grounds and we can give it true effectiveness”.

Allen Fishburn believes that the Constitution matters now more than ever. He states, “We would all do better if we studied what our founders had written. The scope is far broader than what we learned in our schools. And we don’t follow it as well as we should.”

Commerce Clause and Government Take Over of Health Care

The conversation focuses on Article 1; Section 8 the commerce clause and what justifies the takeover of government of our health care, based on what our Constitution states. They ask whether  or not the government had the right to invoke the commerce.  They state that the clause guarantees our rights. And that we need a more careful study of the document.

Taking Private Property to Encourage Private Lending in Private Sector

The guests discuss the Emergency Economic Stabilization Act of 2008 and that it authorized the Treasury to spend $700 billion on the Troubled Asset Relief Program. The first $350 billion was used to inject capital back into distressed banks. They differ as to whether government has the constitutional power to do this. A question was asked, “How does Congress get away with this?” It appears that Government is taking private property for the purpose of encouraging private lending to the private sector.

Cal Jillson points out that while they did do so- it worked and funds are coming back.

Tom West says, “No they didn’t follow the law as to what not to do with those assets, therefore doubly unlawful.”

Do the Ninth and Tenth Amendments Still Have Meaning?

The Ninth and Tenth amendments are also discussed and questioned as to whether they still have meaning.  Do we just give them lip service or are we restating the right to life, liberty and the pursuit of happiness? They leave us with a reminder that it is the people who control government, the Constitution is a document for the people, and not for government’s use in controlling us.

***

1823 – 05.30.10

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Today’s news update covers the economy, world events and childhood obesity.

ECONOMY

U.S. retail sales rise for seventh month in a row

WASHINGTON (MarketWatch) — U.S. retail sales rose a seasonally adjusted 0.4% to $366.4 billion in April, the seventh straight increase and the 12th gain in the past 13 months, led by strong sales at hardware stores and garden centers, the Commerce Department estimated Friday.

Excluding a 0.5% increase in auto sales, sales rose 0.4% to $303.5 billion.

April’s figures came in stronger than expected, as economists surveyed by MarketWatch had been looking for a 0.2% decline in overall sales and a 0.2% gain excluding autos. See our complete economic calendar and consensus forecast.

In New York Trip, Obama Is Optimistic on Economy

BUFFALO — President Obama delivered an upbeat economic forecast and a defense of his economic policies on Thursday, telling a crowd at a manufacturing plant here that job growth would continue and that “next year is going to be better than this year.”

WORLD EVENTS

Bangkok battle: Troops fire on rioting protesters

BANGKOK — Thai troops fired bullets at anti-government protesters and explosions thundered in the heart of Bangkok on Friday as an army push to clear the streets and end a two-month political standoff sparked clashes that have killed two and wounded 45.

As night fell, booming explosions and the sound of gunfire rattled around major intersection in the central business district. Local TV reported that several grenades hit a nearby shopping center and elevated-rail station. Plumes of black smoke hung over the neighborhood as tires burned in eerily empty streets while onlookers ducked for cover.

HEALTH

First lady releases child obesity recommendations

WASHINGTON (AP) — Women could help reduce childhood obesity by maintaining a healthy weight when they become pregnant and by breast-feeding their babies, a U.S. government panel has found.
The suggestions were among 70 recommendations in the panel’s report. First Lady Michelle Obama released the findings Tuesday as part of her campaign against childhood obesity.

One in 3 American children is overweight or obese, putting them at higher risk of diabetes, high blood pressure, high cholesterol and other illnesses. Obesity is even more prevalent among black and Hispanic children. Some public health experts say today’s children are on track to live shorter lives than their parents.

Guest, Charles Gasparino, is a critically acclaimed investigative journalist and CNBC TV personality and joins Dennis McCuistion for another look at Wall Street.

In part two of this program Charles Gasparino illuminates the crisis of today and what responsibilities Ben Bernanke, Hank Paulson and others played that led to the global meltdown in our economy.  He cautions that the present day situation had its roots in irresponsible actions taken 30 years ago. He urges that if we want answers we need to look back at the players then and the key figures today… all built on yesterday’s greed and risk taking.

Wall Street’s romance with risk developed an ever increasing appetite for risk taking; which led to investments that were bizarre, esoteric and complicated. So complicated that former Treasury Secretary under President Clinton, Bob Reuben, a trader deluxe at Citigroup, didn’t even understand collateralized debt obligations.  Yet, here was a man who earned a $15 million salary at Citigroup.  According to Gasparino, “There was no responsibility. He should have stepped up to the plate, but instead advocated Citigroup to take on even more risk!!!”

A mild rupture to the system, that of decreasing housing prices, among others, created massive implosion. The model, did not have a possibility that home prices could go down so they were kept on balance sheets. The correction led to defaults, people could not afford the mortgage they were paying, they had variable rate loans, had bought homes with nothing down and nothing invested, homeowners in increasing numbers walked away from obligations they could not fulfill… and the list goes on.

You’ll walk away from watching this program angry at the irresponsibility of government and Wall Street  and the risks they have taken that have put all of us at risk.

Join us as we talk about things that matter with people who care…

Niki Nicastro McCuistion
Executive Producer/ Producer

***

1813 – 01.31.10

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What a wonderful year this has been.  We have celebrated the 20th Anniversary of McCuistion programming and are in the middle of taping the 1800 series of McCuistion TV.  Thank you for playing such an important part in the mission of McCuistion TV.

Our hope is that your holidays are full of special memories.

Happy Holidays from the McCuistion Team!

In today’s news update we have links on Obama at the Climate Conference, US stocks and cancer drug information.

Obama Tries to Rally U.N. Climate Conference, but Deadlock Persists

COPENHAGEN — President Obama exhorted world leaders today “not to talk, but to act” as they scrambled in the closing hours of a historic U.N. global warming summit to salvage an agreement to curtail greenhouse gas emissions.

Behind the scenes, dozens of presidents and prime ministers worked on a three-page document that they hope will become the lone outcome of the two-week negotiations here.

US Stocks Open Higher, Led By Technology Sector; DJIA Up 43

NEW YORK (Dow Jones)–U.S. stocks opened higher Friday, led by technology stocks as a number of companies within the sector including Research In Motion and Oracle posted quarterly earnings above analysts’ estimates.

The Dow Jones Industrial Average was up 43 points, or 0.4%, to 10351, in early trading. Technology components Microsoft and Hewlett-Packard were among the measure’s best performers, up 0.8% each.

The technology-heavy Nasdaq Composite rose 0.7%. The Standard & Poor’s 500 rose 0.4%, with its technology sector in the lead. Consumer staples stocks made up the only S&P 500 sector in the red.

UPDATE 2-Celgene’s cancer drug Revlimid succeeds in trial

BOSTON, Dec 18 (Reuters) – Celgene Corp (CELG.O) said on Friday that initial results from a clinical trial showed that multiple myeloma patients who took its drug Revlimid following a stem cell transplant had a 58 percent reduction in risk of their disease progressing.

The company’s shares rose 7.2 percent to $54.26 in premarket trading.

Revlimid is already approved in combination with dexamethasone to treat patients with multiple myeloma who have received at least one prior treatment.

The Huffington Post posted an article today explaining why the Dow is going up while consumer spending is going down.  In Robert Reich’s post he suggests that the reason is due to the expansion of government as they are taking over what consumers could no longer afford.

“So how can the Dow be flirting with 10,000 when consumers, who make up 70 percent of the economy, have had to cut way back on buying because they have no money? Jobs continue to disappear. One out of six Americans is either unemployed or underemployed. Homes can no longer function as piggy banks because they’re worth almost a third less than they were two years ago. And for the first time in more than a decade, Americans are now having to pay down their debts and start to save.”

Follow the link for more on the state of the Dow in relation to consumer versus government spending.