The continuing boom in North Dakota seemingly has no end. Last June oil production from the Bakken Formation exceeded 11 million barrels a month. In February it reached 16 million with estimates that by late spring North Dakota could be producing more oil than either California or Alaska. That’s more than double what the state produced just two years ago.
There have been many frauds of historic proportions — for example, the financial pyramid scheme for which Charles Ponzi was sent to prison in the 1920s, and for which Franklin D. Roosevelt was praised in the 1930s, when he called it Social Security. In our own times, Bernie Madoff's hoax has made headlines.
“Somehow we have to figure out how to boost the price of gasoline to the levels of Europe,” said Dr. Steven Chu, director of the Lawrence National Laboratory, in an interview with the Wall Street Journal in September 2008.
A U.S. Army staff sergeant is in military custody following a gruesome shooting spree in rural villages of Afghanistan Sunday that killed at least 16 civilians, nine of them children. The suspect is believed to have carried out the shootings alone before surrendering to military authorities, the New York Times reported. "The initial reporting that we have at this time indicates there was one shooter, and we have one man in custody," said Lt. Col. Jimmie Cummings, a NATO spokesman.
When Eric Holder said in a speech last week that the President has the authority to order the killing of U.S. citizens abroad, many wondered if the rationale offered by the Attorney General for targeting Americans for non-judicial killing would also apply within the borders of the United States. Testifying at a congressional hearing, FBI Director Robert Mueller said he did not know and would have to check with others at the U.S. Department of Justice.
Daniel Webster warned: "It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters."
When Lakshman Achuthan, co-founder of Economic Cycle Research Institute (ECRI) appeared on CNBC to defend his prediction last September of an “imminent” recession, challenges came from many observers, including Tom Keene and Ken Prewitt of Bloomberg and Jon Stewart of The Bonddad Blog. Each pointed to an array of economic indicators that appeared to make Achuthan’s prediction appear almost silly: jobs data improving, auto sales increasing, homebuilders stock prices bouncing, consumer sentiment positive, and others.
White House announcements celebrating the jobs report from the Bureau of Labor Statistics (BLS) were optimistic: “Private sector employers added 233,000 jobs to their payrolls in February [which] means the economy has added jobs for 24 consecutive months…” This illustrates “the progress of the last two years and the importance of doing everything we can to continue strengthening our economy and creating jobs for the months and years ahead,” wrote Megan Slack on the White House blog. Alan Krueger, chairman of the Council of Economic Advisors, was equally enthusiastic:
Former Sen. Rick Santorum won an overwhelming victory this weekend in the Kansas GOP presidential caucuses with more than half of the popular vote, while ex-Massachusetts Gov. Mitt Romney took first place in Wyoming after doing well on Super Tuesday last week.