| 
14 Plus -- Stocks are Back!
In this week’s Tea Leaf economic update Utah economist Jeff Thredgold tells why he continues to be bullish on the stock market: “The Dow Jones Industrial Average moved back north of the 14,000 level on Monday, setting a new record high of 14,087.55. The new level of the Dow marked the 55th record finish for the Dow during the past 12 months.
“I have long argued that the stock market is the ultimate ‘judge and jury’ as to how domestic and global economic and financial developments will eventually impact the American economy. The stock market effectively said that while the subprime lending issue was of serious concern to aggressive lenders, thousands of homebuyers and ‘flippers’ and many aggressive investors around the globe who bought subprime-based securities, life would go on for the broad economy.”
Thredgold lists four reasons he thinks the stock market will continue to rise, and concludes: “…I will remain bullish on stocks. The American stock market has been the best place to invest money for decades. In my mind, it will continue to be.”
Washington Watch
Hatch, Matheson Condemn Veto
Sen. Orrin Hatch and Rep. Jim Matheson condemn Pres. Bush's veto of a proposal to reauthorize and expand the Children's Health Insurance Program (see Hatch and Matheson press releases).
Bennett: Secure Border
The Senate approves a provision supported by Sen. Bob Bennett that will give a $3 billion boost to security along the U.S. border (see press release).
Education Voucher Debate
A debate on the voucher scholarship issue will be held tonight, 7 p.m., Spanish Fork Fairgrounds High Chaparral Building, 475 South Main, Spanish Fork. On the pro-voucher side will be Sen. Mark Madsen and Rep. Aaron Tilton. Arguing against vouchers will be Rep. Kay McIff and Nebo School Board member Debbie Swenson. Questions from the audience will be taken.
James Madison and the Mormons
In 1847, his wife, Dolley Madison, participated in a Washington charity dinner to raise money for the beleaguered Latter-day Saints. The famous First Lady had saved valuables from the White House when the British torched the mansion in the War of 1812. (From Mike Winder’s Presidents and Prophets: The Story of America’s Presidents and the LDS Church)
Today in Political History
October 4, 1822: Rutherford B. Hayes, the 19th President of the United States, is born in Delaware, Ohio. (Source: NBC5)
October 4, 1957: The Space Age begins as the Soviet Union launches Sputnik, the first man-made satellite, into orbit. (Source: New York Times)
Wise Words
“He serves his party best who serves his country best.”
-- Rutherford B. Hayes (Source: Brainy Quote)
Utah Spotlight
State Supreme Court
The Supreme Court is the "court of last resort" in Utah. The court consists of five justices who serve 10-year renewable terms. The justices elect a chief justice by majority vote to serve for four years, and an associate chief justice to serve for two years. Click here for biographies of current justices Christine M. Durham, Michael J. Wilkins, Matthew B. Durrant, Ronald E. Nehring, and Jill N. Parrish.
The Supreme Court has original jurisdiction to answer questions of state law certified from Federal Courts and to issue extraordinary writs. The Court has appellate jurisdiction to hear first degree and capital felony convictions from the District Court and civil judgments other than domestic cases. It also reviews formal administrative proceedings of the Public Service Commission, Tax Commission, School and Institutional Trust Lands Board of Trustees, Board of Oil, Gas, and Mining, and the State Engineer. The Supreme Court also has jurisdiction over judgments of the Court of Appeals by writ of certiorari, proceedings of the Judicial Conduct Commission, and both constitutional and election questions. (Source: UT Courts)
National Politics
Best Stories From …
-- New York Times: "A major dynamic behind the fight for the Democratic presidential nomination -- fund-raising -- shifted [Tuesday] as Senator Hillary Rodham Clinton's campaign announced that it had beaten Senator Barack Obama in donations since July, stripping him at least temporarily of a crucial political advantage."
-- Washington Post: "Rudolph W. Giuliani leads the race for the GOP presidential nomination, with Republican voters describing him as the field's strongest leader and most electable candidate in the 2008 general election, according to a Washington Post-ABC News poll."
-- The Hill: "Despite Democratic promises that the House Rules Committee would operate much differently in the new majority, it is as partisan as ever. Furious with how the powerful panel has been directed this year, all four Republican members of the Rules Committee took to the floor Tuesday night to air their grievances publicly."
-- Los Angeles Times: Columnist Max Boot defends the use of private contractors like Blackwater USA in the Iraq war zone.
Lighter Side
Best of Late Night Humor
Conan O’Brien: “Speaking of Bill Clinton, yesterday at a global conference for poverty and education, former President Bill Clinton met with actress Angelina Jolie. Before the meeting, Clinton looked himself in the mirror, took a deep breath, and said, ‘Bill, this is the moment you’ve been training for your whole life’.”
David Letterman: “Top Ways George W. Bush Can Boost His Approval Rating”: Play comical slide-whistle every time he screws up; Tell everyone “W” stands for “Whoa, this guy’s awesome!”; Help O.J. find the real memorabilia; Devote weekly radio address to discuss what’s happening on “The Hills”; What do you mean “boost”? Everything’s great!; Appoint blue ribbon commission to find out what happened to the Mets.
Jay Leno: It’s official—Congress now has the lowest approval rating of any Congress in the history of the United States. It is just 11 percent. In fact, their approval rating is so low, today they were invited to speak at Columbia University. ... Democratic presidential candidate Hillary Clinton has proposed $5,000 be given to every baby in America at birth. Imagine that? Every baby born would get a $5,000 bond. Today Barack Obama topped that with $6,000 and a year supply of Turtle Wax. ... Congress has been having hearings this week concerning the increasing number of late airline flights. Congress said they may have to intervene in order to help the airlines improve. And really, who better than Congress to show you how to make your business run more efficiently? |
