Tues 9/17/13 Hr 2 JBS

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Guests: Michael Auslin, AEI. Charles Pellegrino, author & explorer. Robert Zimmerman, behindtheblack. :  John Tamny, RealClearMarkets. 

Tuesday  17 September  2013 / Hour 2, Block A: Michael Auslin, AEI natl security & foreign policy, in re: the deep concern at home and abroad is utter confusion on what the Administration is trying to accomplish. Conflicting parts of the govt working against each other; WH not only can't keep up with events but is adding to the confusion.  Before this crisis erupted, we were observing that the relations between Russia and the US were at a historic nadir. Now Obama's spinning that he knows what’s going on and has figured out the process. Rather, we're being played by the Russians.  Next: the UN – which process actually achieves almost nothing. Policy not shaped, no direction ahead. No one has seen such a hash of crisis and longer-term foreign policy.    Stunning incompetence and unwillingness to face up to the consequences.  Putin and Obama speaking  this for the last year?   Eke Kerry and Lavrov  for two weeks? Iran has always been the long game.  Bush inherited a bad situation w North Korea and turned it into a catastrophe.  This all cuts to questions our allies have: does the US know what it's doing in ht world? Nuclear North Korea; Syria; Iran.  President's credibility is at stake.

. . . about the damage of Syria capitulation: this is the conflict where the fearful Obama is seeking a fiction of reconciliation to get away from unpleasant facts. . . .  the Obama policy in Asia has bolstered our allies with gunboats and the Marines at Darwin.  General observation is from history -- that the devils think they can get lucky whenever the US (or the Royal Navy, once upon a time) shows shyness.  . . . Obama's complete collapse into Putin's arms will be Lesson Number One at the Chinese Communist Party School starting next week. 

Tuesday  17 September  2013 / Hour 2, Block B:  Charles Pellegrino, author and explorer, in re:  Success of the raising of the Freedom Tower. The whole strange story of Americans' and Russians' being sort of stranded at the Titanic for a month after 9/11, where Charlie Pellegrino was then with James Cameron.  All were somewhat isolated; learned of the attack from a friend on the ship who said a plane had crashed into one tower, plus some pixillated photos.  For a while, Russians were concerned that one of their allies was involved.  I ascended just as the attacks were occurring; I was on the com tower; Russians took our communications away from us for a while so we couldn't even communicate with our submersibles. So a we called the space station – asked ISS what they'd seen of New York from low-Earth orbit?  "Thread of smoke 150 km out to sea, aimed at you. Tears do not flow the same way in microgravity."   Titanic. Raising the Costa Concordia.

Tuesday  17 September  2013 / Hour 2, Block C:  Robert Zimmerman, behindtheblack.com, in re: Orbital Sciences has decided to delay the first launch its Cygnus capsule to ISS by one day.

They found a bad cable and are replacing it.  The first launch of SpaceX’s upgraded Falcon 9 rocket has probably been delayed by at least a week.  No new launch date has been set, but the article suggests that a September 30 date is being considered. Meanwhile, the company will perform another static engine test today.

     India’s space agency has decided to completely replace the second stage of the GSLV rocket that leaked during the rocket’s scrubbed launch last month.  “Although the exact reasons for the leakage in the second stage of the engine, which prevented the launch on August 19, are being probed by the team headed by K Narayanan, it has been decided that a new liquid second stage (GS-2) will be assembled to replace the leaked stage,” said the official. He added that the process of assembling has begun, and that besides the GS-2, all the four liquid strap-on stages are being replaced with new ones.  That leak must have been quite significant for them to make this decision. 

Tuesday  17 September  2013 / Hour 2, Block D:  John Tamny, RealClearMarkets, in re: It's an historical lie when 'financial' and 'crisis' are put together to describe what happened in 2008.  In truth, mostly capitalist markets properly put financial firms out of business that were overly exposed to the sink of wealth that is housing.  The latter could never have caused a crisis, nor did it.  Instead, it was meddling in that which was healthy that turned something positive into a horror film.    There Was Nothing 'Financial' About The 2008 Crisis "'Your No. 1 client is the government,' John J. Mack, Morgan Stanley's chairman and chief executive from 2005 to 2009, told current CEO James Gorman in a recent phone call. Mr. Gorman, who was visiting Washington that day, agreed." - Wall Street Journal, September 10, 2013.

         The five-year anniversary of the 'financial crisis' has predictably generated all manner of commentary about its presumed causes. What's most unfortunate five years later is that 'financial' and 'crisis' are still used together. It's unfortunate simply because despite what you read, the crisis was decidedly not financial, nor was it caused by a crackup in the housing market, nor was it caused by the failure of Lehman Brothers.