So… Ben Bernanke cut interest rates on Tuesday.
This will change everything!
Not only will this move bail out investors and eliminate risk for future dumb decisions, but a half-point cut can save the average poor homeowner about $1,000 per month on their $4 million mortgage. But, let’s be fair… $1,000 a month is a lot to a poor person (don’t get me started on flat-tax). They can put that money into their diversified portfolios, or add equity to their vacation homes.
Whew… Sub-prime mortgage crisis, solved.
In related news, Senator Chuck Schumer proposed giving more discretion and power to Freddie Mac and Fannie Mae because it’s been at least nine months since either of them had a major accounting scandal.
Wouldn’t Thomas Jefferson be proud…
Larry Fidler, the judge in the murder trial of Phil Spector on Wednesday abandoned the idea of presenting the deadlocked jury with a reduced charge of manslaughter against the music producer. Spector faces 15 years to life in prison if convicted of murdering actress Lana Clarkson (he allegedly shot her in the mouth /1) at his Los Angeles area home in February 2003. In a day of complex legal maneuvering, both the judge and jury struggled to find a way to advance the case — which was stalled after seven days of deliberations, and a five-month trial. The jury reported on Tuesday that it was split 7 to 5 over a murder verdict. It did not indicate which way it was leaning. The jury had expressly been told to acquit or convict Spector of murder. Fidler denied a second defense motion to declare a mistrial and sent the jury home without new instructions on how to proceed, and then ominously stated that he planned to withdraw a crucial instruction.
Sure enough, Fidler recalled the jury on Thursday and withdraw the time honored instruction that had said prosecutors must prove beyond a reasonable doubt /2 that Spector intentionally pointed a gun at Clarkson; and, the gun ended up inside her mouth while in Spector’s hand.
NOTE: Spector is still revered in music circles for his work in the 1960s and 1970s with The Beatles, The Ronettes, Tina Turner and Cher.
To me it is pretty straightforward… As soon as the jury sorts out that Judge Fidler is looking for a guilty verdict, and they comply, they can go home. On the other hand… Perhaps this is Judge Fidler’s way of getting back at Spector for bringing us Cher.
Brian Patrick Cork
1/ Interestingly… Prosecutors acknowledge that the gun went off by accident while it was in Spector’s hand.
/2 This means yes or no. Beyond a reasonable doubt. Go to prison or go home. By the way, its “reasonable” doubt”, not “shadow of a doubt” like on television.