READ about Piers Morgan's long career in journalism here.
Each day, we here at "Piers Morgan Tonight" put together the news you need to know – from what happened last night to what will happen today.
For January 3, 2012 – The hour arrives for the Iowa caucuses, man charged with arson in case of California fires and a dazzling meteor show expected tonight...
• Iowa Republicans to gather at caucus sites: "Tuesday night, Iowa Republicans will gather at 809 caucus sites across the state, casting ballots for their party's presidential nominee. The caucuses, the first contest in the primary and caucus calendar, most likely will not determine the eventual nominee, but they will shape the race for the White House."
• Man charged with arson in case of California fires: “A 24-year-old man was charged Monday with arson in connection with a rash of car and building fires across the Los Angeles area, authorities said. Harry Burkhart was charged with one count of arson of an inhabited dwelling and will likely face additional charges as the investigation moves forward, said Los Angeles Mayor Antonio Villaraigosa.”
• Syrian pipeline attacked: "Syrian officials and opposition activists blamed each other for an attack on a gas pipeline near the restive city of Homs Tuesday. The state-run Syrian Arab News Agency said a 'terrorist group' had targeted the pipeline, but activists in Homs said the government blew it up itself."
• Body is man sought in park ranger slaying: “National park officials said Monday afternoon that the man found dead in Washington's Mount Rainier National Park is Benjamin Colton Barnes, the suspect in the shooting death of park ranger Margaret Anderson the previous day.”
• Dazzling meteor show expected tonight: “Meteor watchers in North America can expect to see 60 to 200 meteors an hour streak across the sky early Wednesday. NASA says the Quadrantid meteor shower should be perfect for viewing around 3 a.m. local time Wednesday after the waxing gibbous moon sets.”
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DEREGULATION vs REGULATION ….BUSH vs OBAMA ….DEMOCRAT vs REPUBLICAN
President Obama appointed former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau. It's was the right move, and it's about time. In December, Senate Republicans blocked a vote on Cordray, who has majority support. In an unprecedented move, Republicans said that Cordray was a fine candidate, but they were holding his nomination hostage because they wanted to change the underlying law and weaken the agency. In another unprecedented move, Republicans claimed that the House of Representatives (which is Republican-controlled) could hold the Senate (controlled by Democrats) in session to block recess appointments. Yes because they can! The Republican DO NOT want a watchdog to protect the American people! Deregulation under G.W. Bush led to the downfall because no one was watching!
Deregulation is the removal or simplification of government rules and regulations that constrain the operation of market forces. Deregulation does not mean elimination of laws against fraud or property rights but eliminating or reducing government control of how business is done, thereby moving toward a more laissez-faire, free market. It is different from liberalization, where more players enter in the market, but continues the regulation and guarantee of consumer rights and maximum and minimum prices. An example of Deregulation would be Financial Deregulation. Under former Republican President G.W. Bush deregulation was the way of life for American businesses. Less Government watchdogs! This practice led to Wall Street scamming American home owners!
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. The immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006. High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly at more favorable terms. The lenders were fully aware of the scam but knew under deregulation they could not be held accountable! The Republican Tea Party wants to reverse all regulation under President Obama and return to the deregulation that brought the country to a recession.
Republicans claims that regulation is hurting American employment. Is just a accuse to return to American businesses scamming Americans! Doing less to protect the American consumer and allowing businesses Americans to die! Like the (BP) spill deregulation is the real (underlying) reason / cause behind the US oil spill by British Petroleum (BP) in 2010 off the coast of Louisiana in the Gulf of Mexico. Deregulation coupled with lax government oversight (lackies appointed by Dick Cheney at the helm) lead to the omission of key safety features and protocols, a free pass for drilling licenses, emphasis on profit over safety, and absolutely NO PLAN for containment of blowouts.
For example, George W Bush and Dick Cheney helped block a 2002/03 Bill that would have required the use of acoustic switches to activate the blowout preventer (BOP). When the rig blew up, they had to MANUALLY activate the switch by sending robotic submersibles. This was all but impossible since the rig was in flames and the priority was putting it out and saving lives; this was easily foreseen.
In addition, BP did not want to lose an oil well (by activating the BOP); this would have cost them future profit in addition to the costs for exploration and preparation of the well. Eventually the rig collapsed and sank to the . Because the rig was STILL ATTACHED to the well head / BOP, it bent or damaged the BOP making it unusable. Again, this is something that could have been foreseen; i.e. the need to activate the BOP immediately in the case of catastrophic rig failure, to avoid potential damage to the BOP. Profit wins over safety; BP must avoid activating the BOP at all costs.
So when Republican charge that President Obama's administration has brought no one on Wall Street” up on charges. The reason there are no charges THEY DID NOTHING WRONG UNDER THE LAW UNDER FORMER REPUBLICAN PRESIDENT G W BUSH UNDER DEREGULATIONS!!!!!!!!!!!
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