“And one can’t help but wonder if Barack Obama were white, would McChrystal have made the assumption that he could defy military protocol by undermining the Commander in Chief and remain above the fray?”
–Molly Secours, The Huffington Post

“War is bigger than any one man or woman, whether a private, a general or president.  As difficult as it is to lose General McChrystal, I believe it is the right decision for national security. “I welcome debate among my team, but I won’t tolerate division.”
–U.S. President Barack Obama

“…One could argue – or at least wonder – whether McChrystal didn’t willfully commit to this article and the unlimited access the reporter received to circuitously make the point that the U.S. war strategy must be midcourse corrected before it’s too late.

Maybe the general thought it was better to fall on his sword in this public — and perhaps suicidal — way in order to rescue a mission that, if he remained silent and dutiful to his commanding officer, would likely fail.”
–Fraser Seitel, Foxnews.com

“Gen. McChrystal’s remarks about senior officials exposed what has been an open secret in Washington and Kabul for months: The fissures that emerged during the Obama administration’s three-month review of war strategy last year remain, and many of the personalities involved have strained relations that have festered for months.”
–Jonathan Weisman and Peter Spiegel, The Wall Street Journal

“By pairing the decision on McChrystal’s departure with the name of his replacement, Obama is seeking to move on as quickly as possible from the firestorm.”
–MSNBC.com

“Barack Obama, as candidate and president, in effect created the IED known as Gen. Stanley McChrystal. Now that improvised explosive device has blown up in the midst of the Obama presidency. The damage is severe, if not crippling.”
–Howard Fineman, Newsweek.com

He has fired Gen. Stanley McChrystal, his combat commander in Afghanistan, in such a way that not only will the general go unmissed but his name will likely soon be forgotten.
Obama’s decision to replace McChrystal with Gen. David Petraeus is a stroke of brilliance, an unassailable move, politically and strategically.
–Fred Kaplan, Slate.com

Obama stated that he has asked Gen. David Petraeus to replace Gen. McChrystal as the top U.S. commander in Afghanistan.

Obama met with McChrystal earlier Wednesday in the wake of politically explosive remarks the general and his aides made in Rolling Stone magazine about key administration officials. Petraeus is the head of U.S. Central Command.

Obama was “angry” after reading the general’s remarks, White House press secretary Robert Gibbs said Tuesday.

According to TIME Magazine, it was at the Wednesday meeting that Gen. McChrystal offered Obama his resignation.

The remarks in the Rolling Stone magazine article were at least an indirect challenge to civilian management of the war in Washington by its top military commander, according to Foxnews.com.

Military leaders rarely challenge their commander in chief publicly, and when they do, consequences tend to be more severe than a scolding.

Gates hand-picked McChrystal to take over the war last year, calling him a driven visionary with the fortitude and intelligence to turn the war around. Obama fired the previous commander at Gates’ recommendation.

In Kabul on Tuesday, McChrystal issued a statement saying: “I extend my sincerest apology for this profile. It was a mistake reflecting poor judgment and should never have happened.”

In the Rolling Stone article, McChrystal and his staff described the president as unprepared for their first one-on-one encounter.

McChrystal also said he felt betrayed and blind-sided by his diplomatic partner, Ambassador Karl Eikenberry. Eikenberry remains in his post in Kabul, and although both men publicly say they are friends, their rift is on full display. McChrystal and Eikenberry, himself a retired Army general, stood as far apart as the speakers’ platform would allow during a White House news conference last month.

The story characterized the general as unable to convince some of his own soldiers that his strategy can win the nation’s longest-running war, and dejected that the president didn’t know about his commendable military record.

McChrystal also said he felt “betrayed” by Eikenberry for expressing doubts about his proposed troop buildup last year and accused the ambassador of giving himself cover.

“Here’s one that covers his flank for the history books,” McChrystal told the magazine. “Now, if we fail, they can say ‘I told you so.”‘

Diplomatic and military sources say Niger President Mamadou Tandja has been seized by mutinous soldiers during a coup attempt in Niger’s capital.

Mamadou-Tandja, Niger President

Media reports quoting senior officials say armed troops stormed the presidential palace Thursday afternoon as a meeting of government ministers was taking place.  Ministers in Mr. Tandja’s government also appear to be held captive.

A U.S. State Department spokesman said it appears there was an assassination attempt on Mr. Tandja but details are still unclear.

According to the news wire service Reuters, troops led by an army major captured Niger’s President Mamadou Tandja on Thursday after storming his palace in a four-hour gun battle that killed at least three soldiers, military sources said.

Political tensions had been high in the west African uranium exporter in recent months after Tandja changed the constitution to extend his rule last year, a move that drew widespread criticism at home and led to international sanctions.

“The coup leader has succeeded. It is being led by Major Adamou Harouna,” one Nigerien military source said. The president and the ministers were being held not far from the presidential palace in the capital Niamey, the sources added.

State radio is playing military music – a similar pattern to two coups in the 1990s.

Dressed in military uniform, a spokesman for a group calling itself the Supreme Council for the Restoration of Democracy appeared on Niger’s Tele Sahel sometime after 10 p.m. local time, surrounded by fellow members of the armed forces.

Without mentioning President Tandja, the spokesman, Col. Abdul Karim Goukoye Karimou, read from a statement saying the constitution and all institutions were suspended in the group’s move to take responsibility and ease political tension in the country. We want Niger “to be an example of democracy and governance,” the colonel said, calling for an end to “lies” and “corruption.” The coup leaders said they had ordered the country’s borders closed and had imposed a curfew.

Adrienne Diop, spokeswoman for the Economic Community of West African States, said that insurgents were holding the president with other ministers and people close to him, and that Mr. Tandja is apparently uninjured.

Mr. Tandja had been in power since 1999, when his election ended a period of coups and rebellions. He was re-elected in 2004 to a second five-year term that was to end in December. But protests arose last year as he moved to extend his grip on power, invoking extraordinary powers to rule by decree after dissolving parliament and the constitutional court, which opposed his plan for a referendum removing term limits.

International efforts to stabilize the situation, with the European Union suspending nonhumanitarian aid, failed to halt the deterioration.

“It was a time-bomb at JP Morgan’s offices in central Athens,” a police official told Reuters. “The explosion damaged the outside door and smashed some windows.”

A local newspaper reportedly received a warning call prior to the explosion, according to Reuters. Police had cordoned off the area after the newspaper received the warning call.

Police cars, ambulances and fire engines have blocked streets in the upmarket central district of Kolonaki, where JP Morgan’s Greek offices are situated, a Reuters witness said.

News accounts in recent weeks have detailed how Wall Street firms helped Greece doctor its balance sheets to lie to the European Union that it was in compliance with rules governing debts to GDP ratios:

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.

The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.

Athens did not pursue the latest Goldman proposal, but with Greece groaning under the weight of its debts and with its richer neighbors vowing to come to its aid, the deals over the last decade are raising questions about Wall Street’s role in the world’s latest financial drama.

As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.

Again.

In it, they don’t beat around the bush on their take of the city of Houston’s finances: Turns out, Houston is broke; it just hasn’t acknowledged it yet:

City of Houston
Disturbing Financial Facts—October 2009
By: Bob Lemer, Aubrey M. Farb and Tom Roberts

The City of Houston is financially broke and it appears that the mayor who takes office in January 2010 may have to captain the City through bankruptcy procedures.
The City’s unrestricted assets were $1.2 billion short of the already recorded corresponding liabilities these assets were needed to pay as of fiscal year end June 30, 2008,according to the City’s latest publicly available audited Comprehensive Annual Financial Report (CAFR). The $1.2 billion shortfall was a result of operating losses totaling $1.5 billion for fiscal years 2004-2008, applying the full accrual basis of accounting used in the private sector.

Apparently the City has no idea as to what has transpired financially since June 30, 2008 or will transpire this fiscal year ending June 30, 2010, on the full accrual basis of accounting. But even on the modified accrual basis of accounting (essentially cash basis) followed by the City and all other municipalities, the $236.8 million fund balance in the City’s general fund as of July 1, 2009 (the beginning of this current fiscal year) would not exist except for the City having deposited the proceeds of pension obligation bonds into the City’s general fund instead of depositing them in their legally required immediate destination, the pension plans’ bank accounts.

The City is in this dangerous financial position because its total spending since fiscal year 2003 has greatly outstripped its total revenues in that period. And the rate of growth in the City’s total revenues since 2003 has, in turn, greatly outstripped the City’s rate of growth in population plus inflation.

Thus the City’s problems are a result of greatly overspending and not a result of insufficient revenues. All of this occurred before the current severe recession. Now the City has the added burden of the recession.

The City is in a real financial dilemma, because now its two principal sources of general fund revenues are in trouble—sales taxes and property taxes. Sales tax revenues already are dropping significantly and property tax revenues will commence dropping at an even more rapid rate after the next annual appraisal and assessment process. And the City will have to go to the voters for any contemplated rate increases in either the sales tax rate or the portion of the property tax rate allocable to operations.

It appears to us that there may be no viable alternative to bankruptcy proceedings and thereby positioning the City to regain control over its overspending, through addressing structural spending problems such as overstaffing and overly generous employee benefits.

Emphasis mine.

A new message said to be from al-Qaeda leader Osama Bin Laden has blamed global warming on the US and other big industrial nations.

The tape criticises the administration of former US President George W Bush for not ratifying the Kyoto Protocol on combating climate change.

“Bush the son, and the [US] Congress before him, rejected this agreement only to satisfy the big companies.”

Well, it seems that Bin Laden and Al Gore agree on something.

Obama's 2010 State of the Union Address in images

The Transportation Department said Thursday the government will wind down the program on Monday at 8 p.m. EDT. Car buyers can receive rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models.

“It’s been a thrill to be part of the best economic news story in America,” Secretary Ray LaHood said in a statement. “Now we are working toward an orderly wind down of this very popular program.”

Through Thursday, auto dealers have made deals worth $1.9 billion and are on pace to exhaust the program’s $3 billion in early September. The incentives have generated more than 457,000 vehicle sales. Administration officials said they have reviewed nearly 40 percent of the transactions and have already paid out $145 million to dealers.

Administration officials said applications for rebates will not be accepted after 8 p.m. EDT Monday and dealers should not make additional sales without receiving all the necessary paperwork from their customers. Dealers will be able to resubmit rejected applications after the deadline.

Senate Majority Leader Harry Reid, D-Nev., wrote LaHood on Thursday and urged the department to consider a policy that would reimburse dealers within five business days for all properly submitted vouchers.

“In order to capture a sale but also make use of the CARS incentive, dealers have been forced to effectively finance the CARS vouchers for buyers until the dealers are reimbursed by the federal government, placing a strain on dealers’ balance sheets that, if prolonged, could eventually offset some of the benefits of the program,” Reid wrote.

President Barack Obama

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said in an interview Thursday that the program has been “successful beyond anybody’s imagination” but dealers were overwhelmed by the response of consumers. He pledged that dealers “will get their money.”Alan Carr: Tooth Fairy LIVE

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, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for U.S. taxpayers. The move was once viewed as unthinkable but became inevitable after years of losses and market share declines that were capped by a dramatic plunge in sales in recent months.

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General/Government Motors

The bankruptcy filing marks the climax of a lengthy debate over the auto maker’s future after it sought a bailout from the U.S. government in December to stay alive. In the end, GM couldn’t complete its restructuring out of court and filed for bankruptcy-court protection to get billions more in aid from U.S. taxpayers.

In the end, even $19.4 billion in federal help wasn’t enough to keep the nation’s largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization. The Canadian and Ontario governments are putting in $9.5 billion for a 12.5% stake.

The reorganization faces myriad risks, ranging from legal challenges to the uncertainty of when consumer demand for new cars will rebound. In becoming GM’s new owner, the government is also entering largely unexplored terrain filled with political minefields, notably the possibility of meddling by Congress in the company’s daily operations and business plans.

In bankruptcy, the auto maker will split apart into two companies: a leaner new GM and a so-called old GM, which will include the pieces that will be wound down. GM intends to accomplish the split through a Section 363 sale, which would transfer the new GM assets to an entity owned by the U.S. and Canadian governments, the United Auto Workers union and the company’s unsecured creditors.

The question now facing 56,000 auto workers, 3,600 GM dealers and the Obama administration: Will it work?

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