Written by Jamie Saettele, Senior Currency Strategist
-1.3877 Should Provide Resistance
-USDJPY Risk for Bears Can be Moved to 92
-NZDUSD Rally Accelerates, AUDUSD Next?
12-16-08techs1
12-16-08techs2
The EURUSD broke above trendline resistance drawn off of the July and September highs. The pair is closing in on former resistance from October at 1.3789 and former support from the September 11 low is at 1.3877. I wrote yesterday that “staying above 1.3247 keeps the short term trend up but beware that a top of at least a few days likely forms in the 1.3631-1.3877 zone.” A corrective decline could be sharp, given the thin market conditions that are present at year-end. A move back to at least 1.3250-1.34 is probable once a correction begins.
Tuesday, December 16, 2008
Dollar Extends Losses; Currency Pairs Close in on Targets
The US dollar plunged across the board today and various pairs have reached or are very close to reaching important levels. In particular, the euro / dollar is nearing completion of a 3 wave rally from the October low (in what will probably be the first of 2 such rallies). Resistance should be strong at 1.43.
12-16-night1
12-16-night2
After today’s surge in the EURUSD, the pair is probably nearing completion of the first of several 3 wave advances that will carry price close to 1.50 over the next several months. A brief history lesson is in order after today’s rally. Since the introduction of the euro, the EURUSD had never rallied more than 5% in one week (most was 4.84% in December 2000). This has changed as the EURUSD rallied just over 5% last week and has rallied exactly 5% to this point already this week. Price spiked through 1.41 today and through the 50% of the drop from 1.6040 in the process. The next level of potential resistance is weekly pivot R3 at 1.4313. Needless to say, this rally is extended and today's nearly 3% gain is one of the largest % gains in the EURUSD's history. Similar advances (in % terms) have resulted in at least multi-week tops within 1 to 2 days. In summary, expect resistance at 1.43.
12-16-night3
No change from this morning: It is still possible that last Friday’s spike down to 88.10 provides more significant support but it is best to stick with the strategy I have employed over the past number of months. That is, keep moving the stop down as price decreases because longer term charts argue for a drop below 80 in order to complete a long term 5 wave drop that began in the 1970s. “In viewing the rally from 88.10, I am more inclined to stay bearish. The rally is not clearly impulsive (which would mark a probable trend change), so there is little reason to flip from bearish to bullish. In fact, the rally counts best as a double zigzag correction.” Move risk to 92.
12-16-night1
12-16-night2
After today’s surge in the EURUSD, the pair is probably nearing completion of the first of several 3 wave advances that will carry price close to 1.50 over the next several months. A brief history lesson is in order after today’s rally. Since the introduction of the euro, the EURUSD had never rallied more than 5% in one week (most was 4.84% in December 2000). This has changed as the EURUSD rallied just over 5% last week and has rallied exactly 5% to this point already this week. Price spiked through 1.41 today and through the 50% of the drop from 1.6040 in the process. The next level of potential resistance is weekly pivot R3 at 1.4313. Needless to say, this rally is extended and today's nearly 3% gain is one of the largest % gains in the EURUSD's history. Similar advances (in % terms) have resulted in at least multi-week tops within 1 to 2 days. In summary, expect resistance at 1.43.
12-16-night3
No change from this morning: It is still possible that last Friday’s spike down to 88.10 provides more significant support but it is best to stick with the strategy I have employed over the past number of months. That is, keep moving the stop down as price decreases because longer term charts argue for a drop below 80 in order to complete a long term 5 wave drop that began in the 1970s. “In viewing the rally from 88.10, I am more inclined to stay bearish. The rally is not clearly impulsive (which would mark a probable trend change), so there is little reason to flip from bearish to bullish. In fact, the rally counts best as a double zigzag correction.” Move risk to 92.
Fed Cuts Rates by 75bps to a New Record Low
The U.S. Federal Reserve decided on Tuesday to lower its Fed Funds rate by 75 basis points to 0.25 percent, the lowest level for the overnight rate ever. In particular, the Fed is concerned about the deterioration in the labor market, tight credit conditions and the ongoing contraction in the housing market which is likely to weigh on economic growth over the next few quarters. More importantly, the Fed anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time, according to the Federal Open Market Committee (FOMC) statement released today.
Forex Market size and liquidity
The foreign exchange market is unique because of the following characteristics:
* the high trading volumes
* the extreme liquidity of the market
* large number of traders in the market
* large variety of traders
* geographical dispersion
* long trading hours: 24 hours a day (except on weekends)
* the many factors that affect exchange rates
* the low margins of profit
* the high trading volumes
* the extreme liquidity of the market
* large number of traders in the market
* large variety of traders
* geographical dispersion
* long trading hours: 24 hours a day (except on weekends)
* the many factors that affect exchange rates
* the low margins of profit
Friday, December 5, 2008
Korean Won Close to Decade Low Again
South Korean wonThe South Korean won continued its decline against the U.S. dollar today despite the other Asian stocks rebound caused by the U.S. government’s intentions to bail-out Citigroup.
The won almost renewed its decade low level, set on November 20th, and extended its monthly drop against the greenback today. The currency lost 38 percent this year and is currently the worst-performing one among the 16 most-traded world currencies.
There are speculations on the equity and Forex market that South Korea will soon enter the worst recession since 1998. The banks expect that almost half of the country’s biggest construction companies will have to search for the liquidity support this year.
USD/KRW rose from 1493.2 to 1513.0 as of 6:00 GMT today, reaching the daily maximum at 1515.5, which is slightly below the record high level of 1515.9 set on November 20th.
The won almost renewed its decade low level, set on November 20th, and extended its monthly drop against the greenback today. The currency lost 38 percent this year and is currently the worst-performing one among the 16 most-traded world currencies.
There are speculations on the equity and Forex market that South Korea will soon enter the worst recession since 1998. The banks expect that almost half of the country’s biggest construction companies will have to search for the liquidity support this year.
USD/KRW rose from 1493.2 to 1513.0 as of 6:00 GMT today, reaching the daily maximum at 1515.5, which is slightly below the record high level of 1515.9 set on November 20th.
Yen Gains after Two Days of Losses
Japanese yenThe Japanese yen rose today against the major currencies after losing for two days as the U.S. macroeconomic reports will show the worsening of the crisis, according to the analysts’ expectations, and the investors will cut the amount of assets funded in the Japanese currency.
The yen experienced one of the worst days yesterday as the stocks surged in U.S. on the revealing of the Barack Obama’s administration’s economic team and the bail-out plan for Citigroup. The demand for the high-yielding assets rose and the yen declined more than any other currency.
The advance report for the third quarter U. S. GDP showed a decline of 0.3 percent almost a month ago. Today, the preliminary report is released and the analysts expect that the decline will be revised to 0.5 percent. The extended contraction of the world’s largest economy will surely hurt the high-yielders and benefit the Japanese yen.
On one hand, the today’s growth of the yen may be just a correction, but on the other hand the overoptimism of the last two trading days was probably just predating a deep worsening of the situation and the further yen’s gains.
USD/JPY dropped from 97.06 to 96.46 as of 8:29 GMT today. EUR/JPY declined from 125.68 to 124.29 and GBP/JPY went down from 147.42 to 145.98.
The yen experienced one of the worst days yesterday as the stocks surged in U.S. on the revealing of the Barack Obama’s administration’s economic team and the bail-out plan for Citigroup. The demand for the high-yielding assets rose and the yen declined more than any other currency.
The advance report for the third quarter U. S. GDP showed a decline of 0.3 percent almost a month ago. Today, the preliminary report is released and the analysts expect that the decline will be revised to 0.5 percent. The extended contraction of the world’s largest economy will surely hurt the high-yielders and benefit the Japanese yen.
On one hand, the today’s growth of the yen may be just a correction, but on the other hand the overoptimism of the last two trading days was probably just predating a deep worsening of the situation and the further yen’s gains.
USD/JPY dropped from 97.06 to 96.46 as of 8:29 GMT today. EUR/JPY declined from 125.68 to 124.29 and GBP/JPY went down from 147.42 to 145.98.
British Pound Declines before GDP Report
Great Britain poundThe British pound fell today against the U.S. dollar and the yen, following the three days of growth, as the traders expect the GDP report to confirm a decline of the economy today.
The traders expected that the today’s Q3 GDP report will confirm the 0.5 percent decline seen in the advance report a month ago. The report will be released today at 9:30 GMT. Although it won’t mean a recession in U.K. yet, the continuing decline in the fourth quarter will turn the year-to-year GDP change to negative.
The elevated optimism during the first two days of this week and last Friday brought the 4.9 percent growth to the pound versus the greenback. From this point of view, the today’s slight decline is just a temporal correction.
GBP/USD fell from 1.5455 to 1.5354 as of 8:36 GMT today, while GBP/JPY declined from 147.32 to 145.74.
The traders expected that the today’s Q3 GDP report will confirm the 0.5 percent decline seen in the advance report a month ago. The report will be released today at 9:30 GMT. Although it won’t mean a recession in U.K. yet, the continuing decline in the fourth quarter will turn the year-to-year GDP change to negative.
The elevated optimism during the first two days of this week and last Friday brought the 4.9 percent growth to the pound versus the greenback. From this point of view, the today’s slight decline is just a temporal correction.
GBP/USD fell from 1.5455 to 1.5354 as of 8:36 GMT today, while GBP/JPY declined from 147.32 to 145.74.
Thai Baht Declines on Political and Civil Crisis
Thai bahtThe Thai baht continued its decline against the U.S. dollar today and touched its lowest level in the last 21 months as the political protests and the civil unrest raged through the country.
The political turmoil in the country is caused by the demands of the opposition and the military leaders for the current Prime Minister Somchai Wongsawat to resign. He still rejects these demands despite the fact that the opposition has already captured the two country’s most important airports.
Analysts don’t see anything positive for the baht for as long as the situation in the country remains at such a dangerous level. And there are no signs that it will end soon, causing the baht to depreciate further.
The Thailand’s baht falls under the double pressure — the currencies of the Asian region fall because of the recession in the developed countries and the foreign capital outflow and also because of the current political crisis, which doesn’t add optimism to the investors and the currency traders.
USD/THB rose from 35.26 to 35.32 as of 10:00 GMT today after reaching as high as 35.51 during the early trading session — a level not seen since February 2007.
The political turmoil in the country is caused by the demands of the opposition and the military leaders for the current Prime Minister Somchai Wongsawat to resign. He still rejects these demands despite the fact that the opposition has already captured the two country’s most important airports.
Analysts don’t see anything positive for the baht for as long as the situation in the country remains at such a dangerous level. And there are no signs that it will end soon, causing the baht to depreciate further.
The Thailand’s baht falls under the double pressure — the currencies of the Asian region fall because of the recession in the developed countries and the foreign capital outflow and also because of the current political crisis, which doesn’t add optimism to the investors and the currency traders.
USD/THB rose from 35.26 to 35.32 as of 10:00 GMT today after reaching as high as 35.51 during the early trading session — a level not seen since February 2007.
Dollar to Post Weekly Decline against Euro
U.S. dollarThe measures proposed by the U.S. government to support the national financial system and the optimism that followed the announcement of Obama’s economic team caused the U.S. dollar to decline against the euro this week as the money risks decreased world-wide.
The U. S. dollar is currently heading for the second negative week against the euro and the British pound and for the third one against the Japanese yen. The developed and emerging countries (including China) showed commitment to continue spending their foreign reserves (denominated mainly in dollars) to boost the economy during the crisis.
The reason behind the growth of the dollar during the recent months lies in the repatriation of the investments during the liquidity crisis. The currency analysts believe that the end of this process is near and the dollar may start to depreciate as the investors will be willing to enter the emerging markets backed by the local government’s stimulus.
EUR/USD rose from 1.2899 to 1.2929 as of 7:38 GMT today to the total of 2.5 percent weekly growth. GBP/USD went up from 1.5387 to 1.5424 or 3.1 percent on the weekly scale. USD/JPY declined slightly today — from 95.33 to 95.24, while the weekly drop is currently at 0.7 percent.
The U. S. dollar is currently heading for the second negative week against the euro and the British pound and for the third one against the Japanese yen. The developed and emerging countries (including China) showed commitment to continue spending their foreign reserves (denominated mainly in dollars) to boost the economy during the crisis.
The reason behind the growth of the dollar during the recent months lies in the repatriation of the investments during the liquidity crisis. The currency analysts believe that the end of this process is near and the dollar may start to depreciate as the investors will be willing to enter the emerging markets backed by the local government’s stimulus.
EUR/USD rose from 1.2899 to 1.2929 as of 7:38 GMT today to the total of 2.5 percent weekly growth. GBP/USD went up from 1.5387 to 1.5424 or 3.1 percent on the weekly scale. USD/JPY declined slightly today — from 95.33 to 95.24, while the weekly drop is currently at 0.7 percent.
Chinese Yuan Depreciates to July’s Levels
Chinese yuan The Chinese yuan fell to the weakest level since August today as the country’s government continued to manipulate its currency before the scheduled meeting with the U. S. Treasury Secretary.
The reference rate, set by the People’s Bank of China, allows 0.5 percent deviation in the either side during the daily yuan trading session. Today the rate was set to the lowest level since August 2008 and the daily trading led the currency below that level as the traders expected further depreciation.
China’s economic growth is declining; it reached the lowest rate since 2003 as the government tried to decrease the inflation with the strong yuan in the first half of this year. Financial crisis brought another stress factor for the Chinese export-orientated economy — developed countries decreased their demand for the China-produced goods, pressing on the production growth in the country.
According to many analysts the yuan will continue its decline, directed by the People’s Bank of China, as the currency rate manipulation is seen as one of the most effective method to stimulate growth.
U.S. Treasury Secretary Henry Paulson will try to convince the Chinese officials to tolerate more freedom for the yuan’s rate during the meeting on December 4th and 5th. U. S. President-elect Barack Obama also called for a stronger and more loose yuan control. Despite the pressure from the United States, it’s unlikely that China will refrain from using its currency as an economy’s growth locomotive.
USD/CNY reference rate was set to 6.8505 today and currency pair rose from 6.8330 to 6.8802 as of 9:06 GMT today, reaching the daily high at 6.8830.
The reference rate, set by the People’s Bank of China, allows 0.5 percent deviation in the either side during the daily yuan trading session. Today the rate was set to the lowest level since August 2008 and the daily trading led the currency below that level as the traders expected further depreciation.
China’s economic growth is declining; it reached the lowest rate since 2003 as the government tried to decrease the inflation with the strong yuan in the first half of this year. Financial crisis brought another stress factor for the Chinese export-orientated economy — developed countries decreased their demand for the China-produced goods, pressing on the production growth in the country.
According to many analysts the yuan will continue its decline, directed by the People’s Bank of China, as the currency rate manipulation is seen as one of the most effective method to stimulate growth.
U.S. Treasury Secretary Henry Paulson will try to convince the Chinese officials to tolerate more freedom for the yuan’s rate during the meeting on December 4th and 5th. U. S. President-elect Barack Obama also called for a stronger and more loose yuan control. Despite the pressure from the United States, it’s unlikely that China will refrain from using its currency as an economy’s growth locomotive.
USD/CNY reference rate was set to 6.8505 today and currency pair rose from 6.8330 to 6.8802 as of 9:06 GMT today, reaching the daily high at 6.8830.
Pound Loses for Third Day Despite Correction
Great Britain poundThe U.K. pound continued to fall against the U.S. dollar and the Japanese yen today, despite the correction seen in some other dollar- and yen-based currency pairs, as the traders expect a major rate cut by the Bank of England.
Traders bet that the Bank of England will have to cut the interest rate by 100 basis points down to 2.00 percent on December 4th to protect economy from falling down even faster amidst the recession and the global financial crisis. While positive to the economy such a rate cut will definitely eliminate one of the main advantage of the British pound — its high yield.
Currency analysts believe that the pound is still viewed as the high-risk and high-yield currency and behaves according to the respective market patterns. But if the BoE’s interest rate decreases continues at the current pace, the pound may soon join the dollar and the yen in their «club» of the currencies with the rate close zero.
GBP/USD declined from 1.4886 to 1.4829 as of 10:16 GMT today. GBP/JPY dropped only slightly today — from 138.42 to 138.03, while EUR/GBP rose from 0.8473 to 0.8527.
Traders bet that the Bank of England will have to cut the interest rate by 100 basis points down to 2.00 percent on December 4th to protect economy from falling down even faster amidst the recession and the global financial crisis. While positive to the economy such a rate cut will definitely eliminate one of the main advantage of the British pound — its high yield.
Currency analysts believe that the pound is still viewed as the high-risk and high-yield currency and behaves according to the respective market patterns. But if the BoE’s interest rate decreases continues at the current pace, the pound may soon join the dollar and the yen in their «club» of the currencies with the rate close zero.
GBP/USD declined from 1.4886 to 1.4829 as of 10:16 GMT today. GBP/JPY dropped only slightly today — from 138.42 to 138.03, while EUR/GBP rose from 0.8473 to 0.8527.
Swedish Krona Near 5-Year Low on Rate Cut
Swedish kronaThe Swedish krona advanced it’s yearly low levels against the U.S. dollar today as the country’s central bank surprised the market participants with the biggest rate cut in the last 16 years to prevent the economy from contracting.
The official repo rate was reduced from 3.75 percent to 2 percent by 175 basis points today. It exceeded the traders’ expectations that were aimed on 1 percent cut. The Riksbank announced its decision today — 3 months after it has raised the interest rate to 4.75 percent.
The krona will definitely become a victim of such unexpectedly huge rate cut. Analytics believe that the Sweden’s government will have a hard time balancing between the target inflation rate and stimulating the economy growth to keep the unemployment as low as possible. The krona will have to continue its decline both against the dollar and the euro.
USD/SEK rate went up from 8.1871 to 8.3470 as of 9:53 GMT today after falling for two consecutive days before. The local maximum was set at 8.5234 on November 21 and if the currency pair goes above that level, it will set a new record high rate since August 2003.
The official repo rate was reduced from 3.75 percent to 2 percent by 175 basis points today. It exceeded the traders’ expectations that were aimed on 1 percent cut. The Riksbank announced its decision today — 3 months after it has raised the interest rate to 4.75 percent.
The krona will definitely become a victim of such unexpectedly huge rate cut. Analytics believe that the Sweden’s government will have a hard time balancing between the target inflation rate and stimulating the economy growth to keep the unemployment as low as possible. The krona will have to continue its decline both against the dollar and the euro.
USD/SEK rate went up from 8.1871 to 8.3470 as of 9:53 GMT today after falling for two consecutive days before. The local maximum was set at 8.5234 on November 21 and if the currency pair goes above that level, it will set a new record high rate since August 2003.
Russian Ruble Near 3-Year Low vs. Dollar
Russian rubleThe Russian central bank widened the trading band for the ruble today as the Russia’s main exports — crude oil and metals continued to depreciate on the global markets.
The Bank of Russia allowed the ruble to depreciate by 30 kopecks today at the beginning of the currency trading session. It was the fourth time since November 11 when the central bank allowed the ruble to decline against benchmark currency basket, which consists of 45% euro and 55% U.S. dollar.
The Urals crude oil, which is Russia’s main export commodity, fell to $39.34 per barrel yesterday — the lowest level since 2005. The Bank of Russia continues to spend the national foreign reserves to keep the currency from depreciating too fast, meanwhile, lowering its benchmark rate stepwise.
Currency analysts don’t believe that the Russian ruble may return to appreciation while the oil prices decline. The current price levels are already critical and they will certainly continue to press on the Russian currency.
USD/RUR rose from 27.820 to 28.061 as of 10:50 GMT today after reaching 28.110 — the new yearly high since February 2006. EUR/RUR went up from 35.637 to 35.799 and reached 35.920 during the trading session — the highest rate since October 8.
The Bank of Russia allowed the ruble to depreciate by 30 kopecks today at the beginning of the currency trading session. It was the fourth time since November 11 when the central bank allowed the ruble to decline against benchmark currency basket, which consists of 45% euro and 55% U.S. dollar.
The Urals crude oil, which is Russia’s main export commodity, fell to $39.34 per barrel yesterday — the lowest level since 2005. The Bank of Russia continues to spend the national foreign reserves to keep the currency from depreciating too fast, meanwhile, lowering its benchmark rate stepwise.
Currency analysts don’t believe that the Russian ruble may return to appreciation while the oil prices decline. The current price levels are already critical and they will certainly continue to press on the Russian currency.
USD/RUR rose from 27.820 to 28.061 as of 10:50 GMT today after reaching 28.110 — the new yearly high since February 2006. EUR/RUR went up from 35.637 to 35.799 and reached 35.920 during the trading session — the highest rate since October 8.
Daily Report: Dollar at Critical Point ahead of Non-Farm Payroll
Short term outlook of the dollar is at a critical point ahead of non-farm payroll today. Dollar index's sharp retreat from 87.68 argues that rebound from 84.78 might be completed and turned intraday outlook neutral for the moment. More importantly, the lack of decisive momentum is now raising the possibility that dollar index is completing a head and shoulder top formation (ls: 87.87, h: 88.46, rs: 87.68). However, we must emphasize that it's not advisable to jump ahead before the pattern is formed. Firstly, any rise above 87.68 will dampen the chance of this head and shoulder top scenario and indicate that recent up trend is still intact. Secondly, break of the neckline support at 85.38 will be be an important alert that such head and shoulder pattern has completed. While one could enter short in such case, this should not be taken as the confirmation that a medium term top is formed yet. Sustained break of 83.11 is still needed to be the confirmation. Thirdly, any strong rebound above 83.11 will argue that dollar index could indeed be just unfolding as in triangle consolidations. In any case, head and shoulders look-alikes are always tricky to trade. The non-farm payroll report to be released today could be the trigger.
Dollar Index 4 Hours Chart - Forex Newsletters, Forex Outlook, Forex Review, Forex Signal
Elsewhere, the themes in the forex markets are pretty much unchanged. Yen remains firm against dollar and in crosses. EUR/USD's consolidation continues with the support from Euro's strength in EUR/GBP which hit record high of 0.8723. Commodity currencies are mixed with clear weakness seen in the Canadian dollar as crude oil dived to as low as 43.36. AUD/USD, on the other hand, continues to trade in tight range.
Dollar Index 4 Hours Chart - Forex Newsletters, Forex Outlook, Forex Review, Forex Signal
Elsewhere, the themes in the forex markets are pretty much unchanged. Yen remains firm against dollar and in crosses. EUR/USD's consolidation continues with the support from Euro's strength in EUR/GBP which hit record high of 0.8723. Commodity currencies are mixed with clear weakness seen in the Canadian dollar as crude oil dived to as low as 43.36. AUD/USD, on the other hand, continues to trade in tight range.
Euro Session: What to Expect
The economic calendar is noticeably uneventful in European hours, with German Factory Orders the only data set to print. Expectations call for orders to lose -0.5% from the preceding month, pointing to a -11.2% decline in the year to October. This will amount to the second-worst reading ever recorded for the metric and the lowest since at least 1993. Industrial output is an important part of the Euro Zone’s largest economy, contributing over 30% to overall growth. Looking ahead, manufacturing can be expected to remain under pressure: industrial goods dominate Germany’s top export commodities and sluggish economic performance around the world is sure to trim demand. That said, some stimulus may be had from continued currency depreciation, making German goods relatively cheaper for overseas buyers. DailyFX Chief Strategist Antonio Sousa expects the Euro to continue to lose value through 2009.
Asia Session Highlights
Australia’s AiG Performance of Construction Index dropped for the ninth consecutive month in November as a sluggish economy and scarce access to lending kept consumers away from big ticket purchases. Spreading expectations that Australia will experience recession in 2009 have seen the RBA slash interest rates by a whopping 3% since early September. That said, Reserve Bank Governor Glenn Stevens noted earlier this week that the “major easing in monetary policy…together with spending measures announced by the Government and a large fall in the Australian dollar” will support demand over the year ahead (albeit, Stevens said this as the RBA cut interest rates by another full percentage point). Still, traders continue to price 15-100 basis points in easing over the next 12 months.
Key Overnight Developments
Critical Levels
The Euro corrected lower overnight to find support at 1.2732, the 38.2% Fibonacci retracement of the 300-pip intraday rally that took the pair as high as 1.2846 in New York hours. The pullback in the British Pound was more pronounced: sterling retraced 50% (1.4642) of the intraday rally to 1.4814 and then turned range-bound between this and the 38.2% Fib level (1.4683). Technical positioning points to the likelihood of a bullish correction in EURUSD and GBPUSD in the near term before broad bearish trends regain momentum.
The Euro corrected lower overnight to find support at 1.2732, the 38.2% Fibonacci retracement of the 300-pip intraday rally that took the pair as high as 1.2846 in New York hours. The pullback in the British Pound was more pronounced: sterling retraced 50% (1.4642) of the intraday rally to 1.4814 and then turned range-bound between this and the 38.2% Fib level (1.4683). Technical positioning points to the likelihood of a bullish correction in EURUSD and GBPUSD in the near term before broad bearish trends regain momentum.
Forex Traders to Look Past European Data, Focus on Non Farm Payrolls (Euro Open)
Written by Ilya Spivak, Currency Analyst
Forex traders are likely to look past a noticeably uneventful economic calendar to focus on the upcoming US Non Farm Payrolls release late into the session. German Factory Orders data is the only scheduled release, with expectations calling for a -11.2% decline in the year to October. The Euro and British Pound retraced lower in overnight trading to consolidate gains in New York hours.
US Dollar: Non-Farm Payrolls(NFPs) May Fall by the Most Since 1982
The US dollar continues to consolidate within wide ranges, but remains relatively strong across the majors. However, on Friday morning, US non-farm payrolls are anticipated to fall by a whopping 330,000, which would be the worst decline since 1982, while the unemployment rate is forecasted to reach a fresh 15-year high. Will this news trigger a sharp decline in the greenback, or will the forex market consolidation continue?
The Swiss National Bank and the franc
The Swiss National Bank and the franc
Amid the main factors distinguishing the Swiss franc from other hard currencies, is its lasting tendency to serve as a safe haven asset, representing the currency of small, albeit open economy.To access this research, assessing the role of the franc in today's fx markets while shedding light on the part of the Swiss National Bank, please see "Foreign Exchange Markets: A Practical Guide", an innovative approach to covering FX fundamental and technical analysis.
USD, JPY Drift Lower, RBA Cuts 100-bp
The dollar relinquished ground against the majors, slipping to 1.2765 versus the euro and near the 0.65-handle against the Aussie. Crude oil extended its losses amid decelerating demand as a result of the sharp slowdown in global economic growth, dropping to its lowest level in 3 ½ years to $46.82. Global equity bourses rebounded in the Tuesday session, prompting currency traders to jump back into higher-yielding currencies and sending both the greenback and the yen lower.
The Bank of Japan held an emergency policy meeting, leaving policy unchanged but moved to further alleviate tightening credit conditions, announcing it would broaden the range of collateral to accept for up to 3-months. With the BoJ’s benchmark lending rate hovering near zero, the Bank continues to explore alternative methods to jumpstart the economy.
The key highlights for the remainder of the week will be the policy decisions from the ECB and the BoE, as well as the labor report from the US on Friday. Both the ECB and BoE are anticipated to cut rates aggressively near the end of the week, with markets expecting 50-basis point rate cuts. We look for the greenback to remain buoyed heading into the end of the year and expect the recent strength in the euro and Aussie to be short-lived.
This article contains the following sections:
The Bank of Japan held an emergency policy meeting, leaving policy unchanged but moved to further alleviate tightening credit conditions, announcing it would broaden the range of collateral to accept for up to 3-months. With the BoJ’s benchmark lending rate hovering near zero, the Bank continues to explore alternative methods to jumpstart the economy.
The key highlights for the remainder of the week will be the policy decisions from the ECB and the BoE, as well as the labor report from the US on Friday. Both the ECB and BoE are anticipated to cut rates aggressively near the end of the week, with markets expecting 50-basis point rate cuts. We look for the greenback to remain buoyed heading into the end of the year and expect the recent strength in the euro and Aussie to be short-lived.
This article contains the following sections:
Tuesday, December 2, 2008
Short-Term Forex Technical Outlook: GBP/CHF
The GBPCHF plunged 750+ pips to end the previous session at 1.7953, and the pair may face increased selling pressures over the week as investors continue to curb their appetite for risk.
Currency Pair: GBP/CHFChart: 60 Min ChartsShort-Term Bias: Bearish
Analysis
The GBPCHF plunged 750+ pips to end the previous session at 1.7953, and the pair may face increased selling pressures over the week as investors continue to curb their appetite for risk. After reaching a high of 1.8976 at the beginning of November, the pair slipped to a low of 1.7436 on 11/13, and has held within the broad range over the last two weeks. Fading demands for carry trades paired with the interest differential between the Swiss franc and the British pound continues to favor a bearish outlook for the pair. Over the remainder of the trading session, we may see the pair work its way down towards yesterday’s low of 1.7855, but the divergence from the 120 SMA suggest that may see a slight retracement over the next two trading sessions. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
Currency Pair: GBP/CHFChart: 60 Min ChartsShort-Term Bias: Bearish
Analysis
The GBPCHF plunged 750+ pips to end the previous session at 1.7953, and the pair may face increased selling pressures over the week as investors continue to curb their appetite for risk. After reaching a high of 1.8976 at the beginning of November, the pair slipped to a low of 1.7436 on 11/13, and has held within the broad range over the last two weeks. Fading demands for carry trades paired with the interest differential between the Swiss franc and the British pound continues to favor a bearish outlook for the pair. Over the remainder of the trading session, we may see the pair work its way down towards yesterday’s low of 1.7855, but the divergence from the 120 SMA suggest that may see a slight retracement over the next two trading sessions. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
JPY Rallies of Safe-Haven Flows
The yen was the biggest gainer at the start of the week as safe-haven flows propped up the Japanese currency, pushing it to 138.12 against the sterling and 117.45 versus the euro. The greenback also edged higher against the majors, surging versus the pound to 1.4805 while edging up toward the 1.26-region against the euro. With revelations from the NBER that the US economy has been in a recession since December 2007, the major US stock bourses collapsed as the Dow Jones sank by 7.7%, and both the Nasdaq and S&P 500 plunging by nearly 9%. The selling accelerated following comments from both Fed Chairman Bernanke and US Treasury Secretary Paulson. Bernanke acknowledged the predicament the Fed finds itself in and expressed further pessimism over the economic outlook. He said, ¡°Although further reductions from the current federal funds target of 1% are certainly feasible, at this point the scope for using conventional interest-rate policies to support the economy is obviously limited¡±. Moreover, he expects the economy to remain weak for some time. Bernanke also suggested the Fed could purchase longer-term Treasuries or agency securities on the open market in substantial quantities in an effort to ¡°spur aggregate demand¡±. This article contains the following sections: You need to be logged in to Forexnews to view the remainder of this article. Please login with your username and password at the top left corner of the site, or Request Free username and password to receive full access.
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Past history indicates a relationship between the background of the US Treasury Secretary and the direction of the US dollar. Treasury chiefs who spent a considerable part of their carreer in the private sector, particularly in banking an finance, have led through a strong dollar period. For complete assessment of this relationship, please see "Foreign Exchange Markets: A Practical Guide", an innovative approach to covering FX fundamental and technical analysis.
Forex news
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Multi time-frame recommendationsTo profit from the market, one needs to know the short term, medium term and long term trend. Providing intra-day, daily, weekly and medium term analysis and recommendations is our unique feature.
We provide genuine real-time forex market commentaries and trading recommendations to both Reuters and Internet users. Led by world renowned technical analyst, Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day. Wilson Leung has over 20 years of experience in forex market. He is a regular speaker at Technical Analysis seminars all over the world and has conducted over 100 such seminars with Reuters for forex traders in Asia, Continental and Eastern Europe, Scandinavia, CIS and the Middle East. Our key strengths are:
Precise RecommendationsNo-nonsense clear-cut recommendations that include specific entry, stop, target levels.
Full coverage of the marketAs long as the market is open, we're there providing insights to you.
Real-time updatesForeign exchange is a fast market, with real-time being the vital ingredient for success; analysis from an hour ago can sometimes become useless.
Multi time-frame recommendationsTo profit from the market, one needs to know the short term, medium term and long term trend. Providing intra-day, daily, weekly and medium term analysis and recommendations is our unique feature.
Thursday, November 20, 2008
Mobile Small Form Factor Processors Inspire New Designs
How did Lenovo and Apple develop laptops that fit in an envelope? Intel introduced eight small form factor processors that reduced the insides of a PC by about 60 percent while reducing power consumption.
Introducing Intel® Core™ i7 Processors
On November 17th, Intel introduced the world's fastest processor on the planet for desktop PCs and unique features such as Intel Turbo Boost Technology and Intel Hyper-threading Technology. The Core i7 processor family will ultimately scale to an 8-core chip, adding another 8 threads for 16 separate engines to handle a consumer or company's most grueling computing needs. Intel Turbo Boost technology shifts the processor into a higher gear for mind-blowing performance without a heat penalty.
8 year old boy confessed to murder
(CNN) -- The third-grader's legs dangle at times from an overstuffed chair as he answers the questions of two female police officers. His manner and voice are casual, even helpful, but his words are shocking.
Police say an 8-year-old boy confessed to murder. Legal analysts say the questioning crossed the line.
And so, legal analysts say, were the methods police used to obtain them.
By the time the boy was finished talking, say police in St. Johns, Arizona, he'd confessed to a premeditated double murder.
The 8-year-old is charged in juvenile court with killing his father, Vincent Romero, 29, along with Tim Romans, 39, a man who rented a room in Romero's home. Police have said the boy confessed to shooting the men. He has not entered a plea.
He will be allowed to leave a juvenile jail for 48 hours to spend Thanksgiving with his mother, a judge ruled Wednesday.
The furlough will start at noon November 26 and end at noon on November 28, Apache County court administrator Betty Smith told CNN.
Legal analysts who spoke with CNN were united in their opinion that the police questioning was improper and that any incriminating statements the boy made shouldn't stand up in court.
A review of the tapes shows that the boy's demeanor was more suitable for a session of show-and-tell than for a soul-baring confession as he describes the carnage he saw inside his home. He does not appear to be depressed, scared or sorrowful. Watch police interrogate the boy »
The body of his father's roommate was sprawled downstairs, he says. He ran through the house, shouting, "Daaaad! Dad!" His father was lying dead upstairs.
"There was blood all over his face, I think, and I think I touched it," he tells the officers. He showed them how he prodded his father's body with his foot, checking "to see if he was a little bit alive."
Police say an 8-year-old boy confessed to murder. Legal analysts say the questioning crossed the line.
And so, legal analysts say, were the methods police used to obtain them.
By the time the boy was finished talking, say police in St. Johns, Arizona, he'd confessed to a premeditated double murder.
The 8-year-old is charged in juvenile court with killing his father, Vincent Romero, 29, along with Tim Romans, 39, a man who rented a room in Romero's home. Police have said the boy confessed to shooting the men. He has not entered a plea.
He will be allowed to leave a juvenile jail for 48 hours to spend Thanksgiving with his mother, a judge ruled Wednesday.
The furlough will start at noon November 26 and end at noon on November 28, Apache County court administrator Betty Smith told CNN.
Legal analysts who spoke with CNN were united in their opinion that the police questioning was improper and that any incriminating statements the boy made shouldn't stand up in court.
A review of the tapes shows that the boy's demeanor was more suitable for a session of show-and-tell than for a soul-baring confession as he describes the carnage he saw inside his home. He does not appear to be depressed, scared or sorrowful. Watch police interrogate the boy »
The body of his father's roommate was sprawled downstairs, he says. He ran through the house, shouting, "Daaaad! Dad!" His father was lying dead upstairs.
"There was blood all over his face, I think, and I think I touched it," he tells the officers. He showed them how he prodded his father's body with his foot, checking "to see if he was a little bit alive."
Big Three auto CEOs flew private jets to ask for taxpayer money
CNN) -- Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money.
Chrysler CEO Robert Nardelli, left, and Ford CEO Alan Mulally testify on Capitol Hill on Wednesday.
"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.
"It's almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. It kind of makes you a little bit suspicious."
He added, "couldn't you all have downgraded to first class or jet-pooled or something to get here? It would have at least sent a message that you do get it."
The executives -- Alan Mulally of Ford, Robert Nardelli of Chrysler and Richard Wagoner of GM -- were seeking support for a $25 billion loan package. Later Wednesday, Senate Majority Leader Harry Reid reversed plans to hold a test vote on the measure.
An aide told CNN that Reid decided to cancel the test vote when it became clear the measure would fall well short of the 60 votes needed. Reid did, however, make a procedural move that could allow a vote on a compromise, which several senators from auto-producing states were feverishly trying to craft.
At Wednesday's hearing, Rep. Brad Sherman, D-California, pressed the private-jet issue, asking the three CEOs to "raise their hand if they flew here commercial."
Chrysler CEO Robert Nardelli, left, and Ford CEO Alan Mulally testify on Capitol Hill on Wednesday.
"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.
"It's almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. It kind of makes you a little bit suspicious."
He added, "couldn't you all have downgraded to first class or jet-pooled or something to get here? It would have at least sent a message that you do get it."
The executives -- Alan Mulally of Ford, Robert Nardelli of Chrysler and Richard Wagoner of GM -- were seeking support for a $25 billion loan package. Later Wednesday, Senate Majority Leader Harry Reid reversed plans to hold a test vote on the measure.
An aide told CNN that Reid decided to cancel the test vote when it became clear the measure would fall well short of the 60 votes needed. Reid did, however, make a procedural move that could allow a vote on a compromise, which several senators from auto-producing states were feverishly trying to craft.
At Wednesday's hearing, Rep. Brad Sherman, D-California, pressed the private-jet issue, asking the three CEOs to "raise their hand if they flew here commercial."
Sunday, November 16, 2008
'Quantum of Solace' No. 1 at box office
LOS ANGELES, California (AP) -- James Bond's quantum of the weekend box office: $70.4 million.
"Quantum of Solace" topped the previous opening-weekend record for a Bond flick.
"Quantum of Solace," with Daniel Craig returning as Bond for the first direct sequel in the spy franchise, pulled in nearly $30 million more over opening weekend than its predecessor, 2006's "Casino Royale," according to studio estimates Sunday.
The debut also topped the previous opening-weekend record for a Bond flick, $47 million for 2002's "Die Another Day."
Adjusting for inflation, Sony's "Quantum of Solace" easily drew a bigger audience than that installment, the last Bond adventure featuring Pierce Brosnan. Based on 2002 admission prices, about 8.1 million tickets were sold for "Die Another Day" in the first weekend, compared to 9.8 million for "Quantum of Solace."
Two years ago, Craig was an unknown quantity as Bond, a stage-trained actor with little action experience and a resume that tended toward small, artsier films. Many fans were unhappy with the casting choice, but the critical and commercial success of "Casino Royale" silenced the critics.
Don't Miss
EW.com: 'Quantum' stirs up a win
Craig: Being Bond is a pain
"Quantum of Solace" picks up where "Casino Royale" left off, with Bond seeking to avenge the death of his lover.
"With 'Casino Royale,' people were rediscovering the franchise in a way with Daniel Craig as James Bond," said Rory Bruer, head of distribution for Sony. "Quite frankly, they loved it. They loved the movie, and they loved him in the role, so I think by the time 'Quantum of Solace' was ready, audiences in the U.S. as well as the world audience was way ready."
"Quantum of Solace" topped the previous opening-weekend record for a Bond flick.
"Quantum of Solace," with Daniel Craig returning as Bond for the first direct sequel in the spy franchise, pulled in nearly $30 million more over opening weekend than its predecessor, 2006's "Casino Royale," according to studio estimates Sunday.
The debut also topped the previous opening-weekend record for a Bond flick, $47 million for 2002's "Die Another Day."
Adjusting for inflation, Sony's "Quantum of Solace" easily drew a bigger audience than that installment, the last Bond adventure featuring Pierce Brosnan. Based on 2002 admission prices, about 8.1 million tickets were sold for "Die Another Day" in the first weekend, compared to 9.8 million for "Quantum of Solace."
Two years ago, Craig was an unknown quantity as Bond, a stage-trained actor with little action experience and a resume that tended toward small, artsier films. Many fans were unhappy with the casting choice, but the critical and commercial success of "Casino Royale" silenced the critics.
Don't Miss
EW.com: 'Quantum' stirs up a win
Craig: Being Bond is a pain
"Quantum of Solace" picks up where "Casino Royale" left off, with Bond seeking to avenge the death of his lover.
"With 'Casino Royale,' people were rediscovering the franchise in a way with Daniel Craig as James Bond," said Rory Bruer, head of distribution for Sony. "Quite frankly, they loved it. They loved the movie, and they loved him in the role, so I think by the time 'Quantum of Solace' was ready, audiences in the U.S. as well as the world audience was way ready."
Endeavour docks with space station
(CNN) -- The international space station's three crew members Sunday welcomed aboard space shuttle Endeavour's seven astronauts, who arrived to help install more living areas and upgrade amenities.
The space station's three crew members (wearing dark blue) greet members of Endeavour's crew Sunday.
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"We understand that this house is in need of an extreme makeover, and that you're the crew to do it," station commander Mike Fincke told Endeavour's astronauts after they entered the station. "We're really glad to see you. ... Welcome to space."
The shuttle, which also brought mission specialist Sandra Magnus to replace station flight engineer Greg Chamitoff, had docked with the station just after 5 p.m. ET about 212 miles above northern India.
Two hours after the docking, the crews opened their vehicles' hatches and exchanged hugs and handshakes as Endeavour's astronauts entered the station.
"We're looking forward to working on your house and making it looking a little bit better when you're done," shuttle commander Chris Ferguson said. The greetings were shown live on NASA TV.
Chamitoff, who has been on the space station for nearly six months, greeted his ride home enthusiastically
The space station's three crew members (wearing dark blue) greet members of Endeavour's crew Sunday.
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"We understand that this house is in need of an extreme makeover, and that you're the crew to do it," station commander Mike Fincke told Endeavour's astronauts after they entered the station. "We're really glad to see you. ... Welcome to space."
The shuttle, which also brought mission specialist Sandra Magnus to replace station flight engineer Greg Chamitoff, had docked with the station just after 5 p.m. ET about 212 miles above northern India.
Two hours after the docking, the crews opened their vehicles' hatches and exchanged hugs and handshakes as Endeavour's astronauts entered the station.
"We're looking forward to working on your house and making it looking a little bit better when you're done," shuttle commander Chris Ferguson said. The greetings were shown live on NASA TV.
Chamitoff, who has been on the space station for nearly six months, greeted his ride home enthusiastically
Obama and McCain set to meet in Chicago
WASHINGTON (CNN) -- Call it a meeting of the bipartisan minds.
Barack Obama and John McCain attended the 9/11 memorial service together in New York City this year.
President-elect Barack Obama will meet with former GOP presidential candidate John McCain Monday in Chicago, Illinois.
The meeting will take place at the Obama transition headquarters.
"It's well-known that they share an important belief that Americans want and deserve a more effective and efficient government, and will discuss ways to work together to make that a reality," Obama transition spokesman Nick Shapiro said in a statement Sunday.
Obama and McCain will be joined in the meeting by Sen. Lindsey Graham, R-South Carolina, and Obama's new chief of staff, Rahm Emanuel.
Meanwhile, the man who steered Obama's Senate office will now move over to the White House with the incoming president.
The Obama transition office announced Sunday that Peter Rouse, Obama's chief of staff in his Senate office, will serve as a senior adviser to the president.
Before joining Obama in December 2004, Rouse was chief of staff for 19 years to former Senate Democratic Leader Tom Daschle of South Dakota. Before that, he was chief of staff to then-Rep. Dick Durbin of Illinois.
Meanwhile, Republicans praised the prospect of Sen. Hillary Clinton becoming secretary of state. Sources told CNN on Friday that Obama has spoken about that job with Clinton and New Mexico Gov. Bill Richardson, another former rival for the presidential nomination.
Former Nixon and Ford Secretary of State Henry Kissinger said Clinton would be an "outstanding" selection, Bloomberg News reported.
GOP Sen. Jon Kyl of Arizona told Fox News: "She's got the experience; she's got the temperament for it." And California Gov. Arnold Schwarzenegger told ABC it would be a "great move."
Barack Obama and John McCain attended the 9/11 memorial service together in New York City this year.
President-elect Barack Obama will meet with former GOP presidential candidate John McCain Monday in Chicago, Illinois.
The meeting will take place at the Obama transition headquarters.
"It's well-known that they share an important belief that Americans want and deserve a more effective and efficient government, and will discuss ways to work together to make that a reality," Obama transition spokesman Nick Shapiro said in a statement Sunday.
Obama and McCain will be joined in the meeting by Sen. Lindsey Graham, R-South Carolina, and Obama's new chief of staff, Rahm Emanuel.
Meanwhile, the man who steered Obama's Senate office will now move over to the White House with the incoming president.
The Obama transition office announced Sunday that Peter Rouse, Obama's chief of staff in his Senate office, will serve as a senior adviser to the president.
Before joining Obama in December 2004, Rouse was chief of staff for 19 years to former Senate Democratic Leader Tom Daschle of South Dakota. Before that, he was chief of staff to then-Rep. Dick Durbin of Illinois.
Meanwhile, Republicans praised the prospect of Sen. Hillary Clinton becoming secretary of state. Sources told CNN on Friday that Obama has spoken about that job with Clinton and New Mexico Gov. Bill Richardson, another former rival for the presidential nomination.
Former Nixon and Ford Secretary of State Henry Kissinger said Clinton would be an "outstanding" selection, Bloomberg News reported.
GOP Sen. Jon Kyl of Arizona told Fox News: "She's got the experience; she's got the temperament for it." And California Gov. Arnold Schwarzenegger told ABC it would be a "great move."
Wednesday, November 12, 2008
How Obama should fix the economy Real people across the country answer the question: How will Obama affect your wallet? And what do you think the new
Cliff Hilton, 51, restaurant owner, Beaumont, Texas
President-elect Obama, I work 14 hours a day, seven days a week. Since I work that much, I can make a living. I employ 14 workers.
If I am to be taxed for working hard, make everyone that receives my money work as hard and as long as me. If they work seven days a week, they'll have less time to spend and want.
I live in a small apartment and drive a five-year-old car. I don't have cable TV or Internet at home. I keep the temperature at 80 degrees in the summer and never turn the heat on in the winter. My debt is a very small fraction of my net worth. I have cash to pay off my debt. I have lived a frugal life. If someone is to receive my money, they should be required to stay out of debt themselves.
I have chosen to eat good food and maintain my health. I don't take drugs of any kind. If someone is to receive my money, they should be required to maintain their health to the level of not needing health care. I worked two years before I could afford to purchase medical insurance with a $5,000 deduction. Some of my workers do not take care of themselves and want me to get them insurance for free. I could not imagine being required to do so.
I do not and will not support free public health insurance, retirement, protection, etc.
If I consider a plot of land, prepare the land (remove rocks, trees, weeds), plow the rows, plant the seeds, and pray to God for sunshine and rain, am I required to give the [harvest] to someone who never put their hands to help nor their money and health at risk for failure or success? Don't dilute my expectation. If I fail, I fail alone. No one wants to help pay for my failure. If I succeed, you should not want to take my money and give it to one who has failed.
Since you are now the President-elect, you must have worked pretty hard to get there. Others who supported you must have seen something in you that inspired them to give your campaign hard-earned money. Please do not require less from every single American that is receivingPaulson says Treasury will broaden reach to include non-bank financial firms and seek out private capital to match U.S. funds. EMAIL | PRINT | S
Paulson says Treasury will broaden reach to include non-bank financial firms and seek out private capital to match U.S. funds.
Photos
Real people across the country answer the question: How will Obama affect your wallet? And what do you think the new President and Congress needs to do to right the economy - both in the short run and the long term?
NEW YORK (CNNMoney.com) -- Treasury Secretary Henry Paulson said Wednesday that the government would broaden the reach of its $700 billion bailout plan to support non-bank financial institutions that provide consumer credit, such as credit cards and auto loans.
In this second stage of the bailout, officials also hope to attract private capital, possibly through matching investments, to give the government's injections more heft.
Paulson also said the government is no longer planning to buy troubled mortgage assets, the original goal of the plan. Therefore, it must come up with new ways to help homeowners and slow the tide of foreclosures, which it had hoped to do once it owned the troubled loans.
President Palin? Alaska governor ponders her future
(CNN) -- Far from stepping out of the public eye since the Republican ticket lost the election, Gov. Sarah Palin is moving deeper into the spotlight.
Alaska Gov. Sarah Palin has granted numerous interviews in the week after the election.
In the past week, the former vice presidential candidate has invited reporters into her home in Alaska, serving them moose chili and moose hot dogs as she opens up about her life and what's next.
The Alaska governor, who was criticized during the campaign for being too shielded from the media, has been granting back-to-back interviews -- including two Wednesday on CNN.
Palin sits down with Wolf Blitzer in an interview that will air on "The Situation Room," starting at 4 p.m. ET. Palin also will appear on "Larry King Live" at 9 p.m. ET.
Palin also plans to give remarks Thursday about "Looking Toward the Future" at the Republican Governors Association annual conference in Miami, Florida, and she's expected to hold a news conference later that day.
Her newfound openness with the media is a sign that she has her future in mind, analysts say. 
Watch more on Palin's media blitz »
"Right now, Gov. Palin's future is up for grabs, and no one knows exactly what she wants. About the only thing we do know for sure is that lately, she has been preoccupied with clearing her name, which is an indication that she's got big plans for the future," said Gloria Borger, a senior political analyst for CNN.
Sunday, November 9, 2008
How Obama should fix the economy
Christopher J. Monroe, 38, business owner, Peoria, Ill.
I am a business owner with multiple small businesses. I'm a father of four. I'm divorced and remarried. And I'm directly in the bull's-eye of the changes that our next President is about to make.
From the credit crisis that nearly bankrupted my home-medical-equipment company to the tax changes that could radically change the plans of my financial service clients, I see the impact of our country's fiscal irresponsibility everywhere.
I service Medicare recipients and know firsthand the dire impact of competitive bidding and the cutbacks in reimbursement that have challenged my company. I advise people in the field of financial services and understand the complexity and disparity of the tax code and how it needs [to be] fixed. I own property and am frightened of the additional taxes I will pay when I sell. I have prudently extended myself and my family to take the risks that make a better life for my children and yet, that risk seems to be for naught....
Where do we go from here? Additional taxation will only drive the ultra-wealthy out of this country. The hard-working affluent will get socked with so many additional taxes that they will be disincentivised to accumulate wealth and everyone else will look to the government for direction and financial aid. We will slip into an economic model that cannot sustain the American Dream that this country was founded upon and our poor, elderly and disabled will suffer even more. Increased taxes do not create jobs, stimulate economic growth or promote freedom. Increased bureaucracy does not engender a culture of discovery, creation and reward.
I do not agree with the excessive spending done under the Bush administration, but I also
I am a business owner with multiple small businesses. I'm a father of four. I'm divorced and remarried. And I'm directly in the bull's-eye of the changes that our next President is about to make.
From the credit crisis that nearly bankrupted my home-medical-equipment company to the tax changes that could radically change the plans of my financial service clients, I see the impact of our country's fiscal irresponsibility everywhere.
I service Medicare recipients and know firsthand the dire impact of competitive bidding and the cutbacks in reimbursement that have challenged my company. I advise people in the field of financial services and understand the complexity and disparity of the tax code and how it needs [to be] fixed. I own property and am frightened of the additional taxes I will pay when I sell. I have prudently extended myself and my family to take the risks that make a better life for my children and yet, that risk seems to be for naught....
Where do we go from here? Additional taxation will only drive the ultra-wealthy out of this country. The hard-working affluent will get socked with so many additional taxes that they will be disincentivised to accumulate wealth and everyone else will look to the government for direction and financial aid. We will slip into an economic model that cannot sustain the American Dream that this country was founded upon and our poor, elderly and disabled will suffer even more. Increased taxes do not create jobs, stimulate economic growth or promote freedom. Increased bureaucracy does not engender a culture of discovery, creation and reward.
I do not agree with the excessive spending done under the Bush administration, but I also
Russia: Fire system caused 20 sub deaths
MOSCOW, Russia (CNN) -- An accident that killed 20 people on a new Russian nuclear submarine was caused by a malfunctioning fire safety system that spewed out chemicals, according to an initial investigation, officials said Sunday.
The submarine, believed to be called Nerpa, is seen heading to its base on Sunday in a Russian TV image.
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At least 21 other people were injured during Saturday's test run in the Sea of Japan, the Russian Defense Ministry said.
It was Russia's worst naval accident since the nuclear submarine Kursk sank after an onboard torpedo explosion on August 12, 2000, killing all 118 crew members.
The latest fatal accident was the result of the "accidental launch of the fire-extinguishing system" on the Pacific Fleet sub, Russian navy spokesman Capt. Igor Dygalo told reporters.
Russian news agency Interfax said a preliminary forensic investigation found that the release of Freon gas following the activation of the fire extinguishing system may have caused the fatalities.
Seventeen of the fatalities were civilian members of the shipyard crew, Interfax reported. The submarine was being field tested before it became a official part of the navy, according to a Russian Defense Ministry statement.
The statement said 208 people, including 81 soldiers were on board the submarine. In addition to the
The submarine, believed to be called Nerpa, is seen heading to its base on Sunday in a Russian TV image.
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At least 21 other people were injured during Saturday's test run in the Sea of Japan, the Russian Defense Ministry said.
It was Russia's worst naval accident since the nuclear submarine Kursk sank after an onboard torpedo explosion on August 12, 2000, killing all 118 crew members.
The latest fatal accident was the result of the "accidental launch of the fire-extinguishing system" on the Pacific Fleet sub, Russian navy spokesman Capt. Igor Dygalo told reporters.
Russian news agency Interfax said a preliminary forensic investigation found that the release of Freon gas following the activation of the fire extinguishing system may have caused the fatalities.
Seventeen of the fatalities were civilian members of the shipyard crew, Interfax reported. The submarine was being field tested before it became a official part of the navy, according to a Russian Defense Ministry statement.
The statement said 208 people, including 81 soldiers were on board the submarine. In addition to the
Monks brawl before religious ceremony
JERUSALEM (CNN) -- An unusual sight greeted Jerusalem police as they entered one of Christianity's holiest sites Sunday morning: dozens of monks punching and kicking each other in a massive brawl.
Israeli police scuffle with an Armenian monk Sunday at the Church of the Holy Sepulcher in Jerusalem.
more photos »
Monks from the Greek Orthodox and Armenian denominations were preparing for a ceremony at the Church of the Holy Sepulcher in the Old City when a disagreement led to a full-fledged fistfight.
The fight began when Armenian clergy were holding a procession to commemorate the finding of the cross believed to have been used in the crucifixion of Jesus, according to The Associated Press.
The Greek members of the clergy wanted one of their monks present, the AP reported, for fear that the procession would undermine their claim to an ancient structure built on what is believed to be the tomb of Jesus.
The two sides could not agree, and when the Armenians tried to begin the procession, the Greek monks stepped in and the fighting began, the AP reported.
"We were keeping resistance so that the procession could not pass through ... and establish a right that they don't have," a young Greek Orthodox monk with a cut next to his left eye told the AP. See scenes from the brawl »
Israeli police scuffle with an Armenian monk Sunday at the Church of the Holy Sepulcher in Jerusalem.
more photos »
Monks from the Greek Orthodox and Armenian denominations were preparing for a ceremony at the Church of the Holy Sepulcher in the Old City when a disagreement led to a full-fledged fistfight.
The fight began when Armenian clergy were holding a procession to commemorate the finding of the cross believed to have been used in the crucifixion of Jesus, according to The Associated Press.
The Greek members of the clergy wanted one of their monks present, the AP reported, for fear that the procession would undermine their claim to an ancient structure built on what is believed to be the tomb of Jesus.
The two sides could not agree, and when the Armenians tried to begin the procession, the Greek monks stepped in and the fighting began, the AP reported.
"We were keeping resistance so that the procession could not pass through ... and establish a right that they don't have," a young Greek Orthodox monk with a cut next to his left eye told the AP. See scenes from the brawl »
Obama team reviewing 'virtually every agency,' aide says
CNN) -- The head of President-elect Barack Obama's transition team said Sunday that the incoming administration is conducting an extensive review of President Bush's executive orders.
President-elect Barack Obama has said he intends to move with "deliberate haste" in making appointments.
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Asked about reports that the transition team already has identified a number of areas where Obama could issue executive orders as soon as he takes office, John Podesta said he would not "preview decisions that [Obama] has yet to make."
"I would say that as a candidate, Sen. Obama said that he wanted all the Bush executive orders reviewed and decide which ones should be kept and which ones should be repealed and which ones should be amended, and that process is going on. It's been undertaken," Podesta said Sunday on "Fox News."
Podesta pointed out that there is a lot the president can do without waiting for Congress, and voters can expect to see Obama do so to try and restore "a sense that the country is working on behalf of the common good."
"I think that we're looking at -- again, in virtually every agency to see where we can move forward, whether that's on energy transformation, on improving health care, on stem cell research," he said.
Podesta, chief of staff under President Clinton, is president and CEO of the Center for American
President-elect Barack Obama has said he intends to move with "deliberate haste" in making appointments.
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Asked about reports that the transition team already has identified a number of areas where Obama could issue executive orders as soon as he takes office, John Podesta said he would not "preview decisions that [Obama] has yet to make."
"I would say that as a candidate, Sen. Obama said that he wanted all the Bush executive orders reviewed and decide which ones should be kept and which ones should be repealed and which ones should be amended, and that process is going on. It's been undertaken," Podesta said Sunday on "Fox News."
Podesta pointed out that there is a lot the president can do without waiting for Congress, and voters can expect to see Obama do so to try and restore "a sense that the country is working on behalf of the common good."
"I think that we're looking at -- again, in virtually every agency to see where we can move forward, whether that's on energy transformation, on improving health care, on stem cell research," he said.
Podesta, chief of staff under President Clinton, is president and CEO of the Center for American
Saturday, November 8, 2008
Breaking News
Indonesia executes three men for the 2002 bombings in Bali that killed more than 200 people, attorneys say.
Iran blasts Obama's nuclear criticism
TEHRAN, Iran (CNN) -- Iran's parliament speaker has criticized U.S. President-elect Barack Obama for saying that Iran's development of a nuclear weapon is unacceptable.
Ahmadinejad on Thursday outlined where he thinks U.S. policy needs to change.
Ali Larijani said on Saturday Obama should apply his campaign message of change to U.S. dealings with Iran.
"Obama must know that the change that he talks about is not simply a superficial changing of colors or tactics," Larijani said in comments carried by the semi-official Mehr News Agency.
"What is expected is a change in strategy, not the repetition of objections to Iran's nuclear program which will be taking a step in the wrong direction."
In his first post-election news conference Friday afternoon, Obama reiterated that he believes a nuclear-armed Iran would be "unacceptable." He also said he would help mount an international effort to prevent it from happening.
Larijani said U.S. behavior toward Iran "will not change so simply," but that Obama's election showed internal conditions in the United States have shifted.
He added that Iran does not mind if the United States provides other Persian Gulf countries with nuclear technology, but "you should know that you cannot prevent the Islamic Republic (from reaching its goals in the nuclear field)," according to the news agency.
Ahmadinejad on Thursday outlined where he thinks U.S. policy needs to change.
Ali Larijani said on Saturday Obama should apply his campaign message of change to U.S. dealings with Iran.
"Obama must know that the change that he talks about is not simply a superficial changing of colors or tactics," Larijani said in comments carried by the semi-official Mehr News Agency.
"What is expected is a change in strategy, not the repetition of objections to Iran's nuclear program which will be taking a step in the wrong direction."
In his first post-election news conference Friday afternoon, Obama reiterated that he believes a nuclear-armed Iran would be "unacceptable." He also said he would help mount an international effort to prevent it from happening.
Larijani said U.S. behavior toward Iran "will not change so simply," but that Obama's election showed internal conditions in the United States have shifted.
He added that Iran does not mind if the United States provides other Persian Gulf countries with nuclear technology, but "you should know that you cannot prevent the Islamic Republic (from reaching its goals in the nuclear field)," according to the news agency.
Children found alive in Haiti school rubble
PORT-AU-PRINCE, Haiti (CNN) -- Rescue workers pulled two uninjured children from the rubble of a school that collapsed the day before, a spokesman for the International Committee of the Red Cross said Saturday.
Volunteers search for survivors in the rubble of a school that collapsed Friday in Petionville, Haiti.
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The children have been reunited with their families, Rob Drouen said.
Their rescue came hours after the death toll from the collapse climbed to 82 with the discovery of 21 bodies in a classroom, President Rene Preval said, according to Clarens Renois of the Haitian Press Network.
The bodies included a teacher and 20 students, Preval said, according to Renois.
The president was at the school in Petionville, near the Haitian capital of Port-au-Prince. "Rescue operations are still under way," Renois said.
As many as 700 children were inside when the building collapsed around 10 a.m. ET Friday, officials said. Some were in class and others were in a playground, Haitian media reported.
About 100 to 200 students could be still trapped inside, Renois said. "Maybe they are alive, maybe they are dead."
Volunteers search for survivors in the rubble of a school that collapsed Friday in Petionville, Haiti.
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The children have been reunited with their families, Rob Drouen said.
Their rescue came hours after the death toll from the collapse climbed to 82 with the discovery of 21 bodies in a classroom, President Rene Preval said, according to Clarens Renois of the Haitian Press Network.
The bodies included a teacher and 20 students, Preval said, according to Renois.
The president was at the school in Petionville, near the Haitian capital of Port-au-Prince. "Rescue operations are still under way," Renois said.
As many as 700 children were inside when the building collapsed around 10 a.m. ET Friday, officials said. Some were in class and others were in a playground, Haitian media reported.
About 100 to 200 students could be still trapped inside, Renois said. "Maybe they are alive, maybe they are dead."
Friday, November 7, 2008
Obama launches official transition Web site
From CNN Political Producer Peter Hamby
Barack Obama launched an official government Web site Thursday.
(CNN) – Barack Obama launched the official government Web site for the presidential transition on Thursday, giving it a look and feel that suggests the new president will utilize the Internet to a much greater degree than his predecessor.
The site is a slightly more formal-looking incarnation of Obama’s campaign web site that features a blue-shaded presidential seal and a countdown clock to the Inauguration on January 20. There are biographies not only of Obama and Joe Biden, but also the directors of his transition team: John Podesta, Valerie Jarrett and Pete Rouse. The web site outlines Obama’s policy agenda, on issues from Iraq to social security to urban policy.
While the site lacks the innovative community organizing tools that helped propel the Illinois senator to the presidency, one section of the site does ask for user-generated content, asking Americans to submit stories about “what this campaign and this election means to you” and “where President-Elect Obama should lead this country.”
There is a transition blog, which at the moment only features a video of Obama’s Tuesday victory speech in Chicago’s Grant Park.
One link on the site is sure to get a flood of clicks: the “Jobs” section.
“All staff appointments chosen for this administration will be committed to fulfilling Obama’s campaign promises, to rebuilding our government, and to serving the American people again,” the site says.
Filed under: Barack Obama • Obama transition team
179 Comments | Permalink
Biden talks transition, says McCain's 'still my friend'
Posted: 02:05 PM ET
From CNN Political Producer Alexander Marquardt
Vice President-elect Biden said Thursday that he has not spoken to Sen. McCain since the election but also said he was still friends with McCain.
GEORGETOWN, Delaware (CNN) – As he headed back to Delaware to ceremonially “bury the hatchet” Thursday as part of a state tradition, Vice President-elect Joe Biden told reporters that John McCain was “still my friend.”
He also said that he and President-elect Obama had begun meeting daily to “flesh out the transition” – and did not deny speculation that Sen. John Kerry could be under consideration for a position in the new administration.
Last week, Biden had told reporters he was not sure if the friendship could be saved. “I don’t know, I hope [the friendship] is intact, John and I have not had a chance to speak,” Biden said. “I hope [it’s] intact because I still admire him, I still like him. … I believe when this is over, win or lose, John and I are likely to be around in one form or another, in one job or another, and I hope, my hope is we can work together.”
The Delaware native said he hasn’t spoken to McCain – his friend of over three decades – since the Democratic ticket’s victory. Asked what he’d say to McCain and Republican vice presidential candidate Sarah Palin if they were on hand, Biden seemed to reach out to his Senate colleague, but did not seem as eager to make peace with the Arizona senator’s running mate.
“I’d say John, we’re still friends,” he said, adding “I don’t know Sarah Palin. I’m not being a wiseguy, you know, it’s over. I mean, I think it’s pretty remarkable, for the all the ups and downs, [a] pretty remarkable run for her. I mean, here’s a woman who is out of Wasilla as a mayor and then governor for two years. I think it’s pretty remarkable, pretty remarkable.
“But John’s still my friend. I say, John, I need you. We need you. This is an opportunity. We really mean what we said…. Barack and I met yesterday, and we’ll be meeting every day for a while until we flesh out this cabinet and everybody else. But we really mean it. We’ve got to reach out, man. You can’t get from here to there with just Democrats, you can’t do it. And I, and I’m…well anyway, when I talk to John, that is, that’s my, that’s what I’m going to tell him.”
Read the rest of this entry »
Filed under: Joe Biden • John McCain • Sarah Palin • Transition 2008
111 Comments | Permalink
Report: '08 turnout same as or only slightly higher than '04
Posted: 01:55 PM ET
From CNN Associate Producer Martina Stewart
North Carolina had the highest increase in voter turnout, according to a report released Thursday.
WASHINGTON (CNN) – A new report from American University’s Center for the Study of the American Electorate concludes that voter turnout in Tuesday’s election was the same in percentage terms as it was four years ago — or at most has risen by less than 1 percent.
Click here to read the entire report.
The report released Thursday estimates that between 126.5 and 128.5 million Americans cast ballots in the presidential election earlier this week. Those figures represent 60.7 percent or, at most, 61.7 percent of those eligible to vote in the country.
“A downturn in the number and percentage of Republican voters going to the polls seemed to be the primary explanation for the lower than predicted turnout,” the report said. Compared to 2004, Republican turnout declined by 1.3 percentage points to 28.7 percent, while Democratic turnout increased by 2.6 points from 28.7 percent in 2004 to 31.3 percent in 2008.
“Many people were fooled (including this student of politics although less so than many others) by this year’s increase in registration (more than 10 million added to the rolls), citizens’ willingness to stand for hours even in inclement weather to vote early, the likely rise in youth and African American voting, and the extensive grassroots organizing network of the Obama campaign into believing that turnout would be substantially higher than in 2004,” Curtis Gans, the center’s director, said in the report. “But we failed to realize that the registration increase was driven by Democratic and independent registration and that the long lines at the polls were mostly populated by Democrats.”
Read the rest of this entry »
Filed under: 2008 Election • Early voting
45 Comments | Permalink
Beam me up, Wolf! CNN debuts election-night hologram
Posted: 01:00 PM ET
From CNN Political Producer Chris Welch
CNN's Jessica Yellin appeared live as a hologram before anchor Wolf Blitzer Tuesday night in New York.
(CNN) — It was an election night like none other, in every sense of the phrase. In addition to the obvious — the selection of the nation's first black president — Tuesday night's coverage on CNN showcased groundbreaking technology.
"I want you to watch what we're about to do," CNN anchor Wolf Blitzer told viewers early in the evening's coverage, "because you've never seen anything like this on television."
And he was right. Cue CNN political correspondent Jessica Yellin.
"Hi Wolf!" said Yellin, waving to Blitzer as she stood a few feet in front of him in the network's New York City studios. Or at least, that's the way it appeared at first glance.
In reality, Yellin — a correspondent who had been covering Sen. Barack Obama's campaign — was at the now president-elect's mega-rally along the lakefront in Chicago, Illinois, more than 700 miles away from CNN's Election Center in New York.
It looked like a scene straight out of "Star Wars." Here was Yellin, partially translucent with a glowing blue haze around her, appearing to materialize in thin air. She even referenced the classic movie on her own, saying, "It's like I follow in the tradition of Princess Leia. It's something else."
Full story
Filed under: CNN
25 Comments | Permalink
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Computers of Obama, McCain campaigns hacked
From CNN Correspondent Brian Todd, CNN Senior Producer Kevin Bohn
Computers at the headquarters of the Obama and McCain campaigns were hacked CNN confirms.
WASHINGTON (CNN) – Computers at the headquarters of the Barack Obama and John McCain campaigns were hacked in mid-summer by a foreign government or organization, a source with knowledge of the incidents confirms to CNN.
Another source, a law enforcement official familiar with the investigation, says federal investigators approached both campaigns with information the U.S. government had about the hacking, and the campaigns then hired private companies to mitigate the problem.
U.S. authorities, according to one of the sources, believe they know who the foreign entity responsible for the hacking is, but refused to identify it in any way, including what country.
The source, confirming the attacks that were first reported by Newsweek, said the sophisticated intrusions appeared aimed at gaining information about the evolution of policy positions in order to gain leverage in future dealings with whoever was elected.
The FBI is investigating, one of the sources confirmed to CNN. The FBI and Secret Service refused
Computers at the headquarters of the Obama and McCain campaigns were hacked CNN confirms.
WASHINGTON (CNN) – Computers at the headquarters of the Barack Obama and John McCain campaigns were hacked in mid-summer by a foreign government or organization, a source with knowledge of the incidents confirms to CNN.
Another source, a law enforcement official familiar with the investigation, says federal investigators approached both campaigns with information the U.S. government had about the hacking, and the campaigns then hired private companies to mitigate the problem.
U.S. authorities, according to one of the sources, believe they know who the foreign entity responsible for the hacking is, but refused to identify it in any way, including what country.
The source, confirming the attacks that were first reported by Newsweek, said the sophisticated intrusions appeared aimed at gaining information about the evolution of policy positions in order to gain leverage in future dealings with whoever was elected.
The FBI is investigating, one of the sources confirmed to CNN. The FBI and Secret Service refused
Cafferty: African-American as Pres. before a female?
From CNN's Jack Cafferty
Join the conversation on Jack's blog.
Barack Obama made history Tuesday night, after voters came out in record numbers to support him and many voting for the first time.
It was a stunning rise to the presidency for a 47 year-old freshman senator, let alone one who is African-American.
Along the way, he beat out a handful of familiar Washington names for the top spot on the Democratic ticket…Former Vice Presidential candidate John Edwards, Senator Chris Dodd, Senator Joe Biden who eventually became his running mate and, of course, most notably, Senator Hillary Clinton.
Her star power and powerful ties weren't enough to beat out Obama, but was there something more at play?
To read more and contribute to the Cafferty File discussion click here
Join the conversation on Jack's blog.
Barack Obama made history Tuesday night, after voters came out in record numbers to support him and many voting for the first time.
It was a stunning rise to the presidency for a 47 year-old freshman senator, let alone one who is African-American.
Along the way, he beat out a handful of familiar Washington names for the top spot on the Democratic ticket…Former Vice Presidential candidate John Edwards, Senator Chris Dodd, Senator Joe Biden who eventually became his running mate and, of course, most notably, Senator Hillary Clinton.
Her star power and powerful ties weren't enough to beat out Obama, but was there something more at play?
To read more and contribute to the Cafferty File discussion click here
Lieberman pondering 'options' after Reid meeting
From CNN Congressional Producer Ted Barrett
Lieberman met with Senate Majority Leader Harry Reid Thursday.
WASHINGTON (CNN) – Connecticut independent Sen. Joe Lieberman said Thursday he needs a few days to ponder "the options that I have before me" after a meeting with Senate Majority Leader Harry Reid.
Lieberman did not explain what those options were when he made brief remarks to reporters, and Reid said afterward that no decisions have been made.
Watch: 'We must unite' Lieberman says
Lieberman, the Democratic Party's 2000 vice presidential nominee, supported Republican Sen. John McCain in Tuesday's presidential election. But after Democratic Sen. Barack Obama's victory over McCain, the Connecticut senator said it was time to unite behind the incoming president.
"I decided in that election that partisanship should take a back seat to doing what I believed was best for our country," he said. "But the election is over, and I completely agree with President-elect Obama that we must now unite to get the economy going again and keep the American people safe."
Lieberman's continued allegiance to the Democratic caucus has given the party a 51-49 majority in the Senate since 2006, and he holds the chairmanship of the Homeland Security and Governmental Affairs Committee. But his support of McCain — and sometimes-harsh criticism of Obama — angered many of his colleagues.
Updated with Reid statement
Read the rest of this entry »
Filed under: Joe Lieberman
258 Comments Permalink
Emanuel can 'get things done,' Obama says
Posted: 04:10 PM ET
Obama named Rahm Emanuel chief of staff Thursday.
(CNN) – Rep. Rahm Emanuel, a top House Democrat, has agreed to be Barack Obama's chief of staff, Obama announced Thursday.
"No one I know is better at getting things done than Rahm Emanuel," Obama said in a statement announcing the appointment.
Emanuel responded, also in a written statement, "I'm leaving a job I love to join your White House for one simple reason — I want to do everything I can to help deliver the change America needs."
Emanuel, a former top aide to President Bill Clinton, choked up earlier in the day as he said how glad he was his parents are alive to see him have the choice of becoming chief of staff for the first African-American president.
Related: Emanuel expected to bring 'tough minded' approach to White House
Emanuel, 48, was elected to Congress in 2002 after having been a top aide to President Bill Clinton.
He later helped the Democrats wrest majority control of the House from the Republicans in 2006, when he ran the Democratic Congressional Campaign Committee.
Obama and Emanuel are both from Chicago.
The Republican leader in the House criticized the choice of Emanuel — who has a reputation as a tough political infighter — even before it was confirmed.
"This is an ironic choice for a president-elect who has promised to change Washington, make politics more civil, and govern from the center," Rep. John Boehner, R-Ohio, said in a written statement.
Read the rest of this entry »
Filed under: Barack Obama • Transition 2008
202 Comments Permalink
Cafferty: African-American as Pres. before a female?
Posted: 03:29 PM ET
From CNN's Jack Cafferty
Join the conversation on Jack's blog.
Barack Obama made history Tuesday night, after voters came out in record numbers to support him and many voting for the first time.
It was a stunning rise to the presidency for a 47 year-old freshman senator, let alone one who is African-American.
Along the way, he beat out a handful of familiar Washington names for the top spot on the Democratic ticket…Former Vice Presidential candidate John Edwards, Senator Chris Dodd, Senator Joe Biden who eventually became his running mate and, of course, most notably, Senator Hillary Clinton.
Her star power and powerful ties weren't enough to beat out Obama, but was there something more at play?
To read more and contribute to the Cafferty File discussion click here
Filed under: The Cafferty File
Permalink
Computers of Obama, McCain campaigns hacked
Posted: 03:09 PM ET
From CNN Correspondent Brian Todd, CNN Senior Producer Kevin Bohn
Computers at the headquarters of the Obama and McCain campaigns were hacked CNN confirms.
WASHINGTON (CNN) – Computers at the headquarters of the Barack Obama and John McCain campaigns were hacked in mid-summer by a foreign government or organization, a source with knowledge of the incidents confirms to CNN.
Another source, a law enforcement official familiar with the investigation, says federal investigators approached both campaigns with information the U.S. government had about the hacking, and the campaigns then hired private companies to mitigate the problem.
U.S. authorities, according to one of the sources, believe they know who the foreign entity responsible for the hacking is, but refused to identify it in any way, including what country.
The source, confirming the attacks that were first reported by Newsweek, said the sophisticated intrusions appeared aimed at gaining information about the evolution of policy positions in order to gain leverage in future dealings with whoever was elected.
The FBI is investigating, one of the sources confirmed to CNN. The FBI and Secret Service refused comment on the incidents.
Read the rest of this entry »
Filed under: Barack Obama • John McCain
120 Comments Permalink
Source: Axelrod to be named presidential adviser
Posted: 03:09 PM ET
A source tells Candy Crowley that David Axelrod will be named Senior Adviser to the President-elect.
CHICAGO, Illinois (CNN) – A source with the Obama Transition team tells CNN Senior Political Correspondent Candy Crowley that a plan to name David Axelrod a Senior Adviser to the incoming President is "in the works."
Axelrod was the Obama presidential campaign's chief strategist, and a top adviser to Obama during his run for the Senate in 2004.
Filed under: Barack Obama • David Axelrod • Transition 2008
226 Comments Permalink
Blunt to step down as whip
Posted: 02:47 PM ET
From CNN Congressional Producer Deirdre Walsh
House Minority Whip Roy Blunt said Obama appears 'much better prepared' than President Clinton had been.
WASHINGTON (CNN) – House Minority Whip Roy Blunt, who will step down from his leadership post in the next Congress, said Thursday that President-elect Obama appears “much better prepared” heading into his first term than President Clinton had been.
The Missouri Republican — who served as Majority Whip when Republicans controlled the chamber — joked with reporters that he was relieved to be relinquishing his leadership role. "I can tell you more problems about members of Congress that you ever wanted to hear," he said, adding "Ten years of asking people things they don't want to do is a long time." But Blunt also sounded nostalgic about leaving leadership. “I will miss it all. …It is fun to be in the middle of every fight every day," he said.
Blunt admitted he was impressed with President-elect Barack Obama's campaign "in terms of discipline, planning, and lack of mistakes." He added, "I think he's much better prepared for this in terms as a manager that President Clinton may have been."Thursday afternoon, House GOP leader John Boehner – who has said he intends to keep his leadership post — said he had asked conservative Indiana Republican Mike Pence to run for the post of Republican Conference Chairman. Rep. Jeb Hensarling of Texas — who told his colleagues earlier this week that he was running for the Chairman position — is now taking himself out of the race, according to his spokesman.
Pence ran against Boehner for minority leader in 2006, but lost by a substantial margin.
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Filed under: Barack Obama • Congress • Missouri
54 Comments Permalink
Obama, Biden to meet with economic advisers Friday
Posted: 02:36 PM ET
Obama and Biden will meet with a team of economic advisers Friday.
(CNN) — President-elect Obama and Vice President-elect Biden will meet with their Transition Economic Advisory Board in Chicago Friday, followed by the pair's first official press conference since winning the White House, the transition team announced Thursday.
The members of the advisory board — which include former Treasry Secretaries Lawrence Summers and Robert Rubin, former Fed Chairman Paul Volcker, and billionaire businessman Warren Buffett — are listed after the jump.
Read the rest of this entry »
Filed under: Barack Obama • Joe Biden • Transition 2008
99 Comments Permalink
Pentagon prepares for first war-time transition since Vietnam
Posted: 02:30 PM ET
From CNN Senior Pentagon Producer Mike Mount
The Pentagon is preparing for a war-time transition.
WASHINGTON (CNN) – As administration transition teams around Washington crank into high gear, Pentagon officials are insisting that the complicated transfer of power from the Bush administration to the Obama administration — the first during a time of war since Vietnam — will go smoothly.
Teams in both Secretary of Defense Robert Gates' office, as well as the Chairman of the Joint Chiefs of Staff, Adm. Mike Mullen, have been working on the transition for months now, according to Pentagon officials.
"We are preparing to make this as smooth a transition as we can," Pentagon spokesman Bryan Whitman said earlier this week.
While officials say the transition is in good hands, little is being said about what discussions will occur between the Pentagon teams and President-elect Barack Obama's transition teams when they begin showing up within days or weeks.
"There is a recognition that given that we are a nation at war, that energy and effort [should] be sufficiently placed to ensure that we don't drop any balls, because national security and supporting our fielded forces that are engaged in combat is of paramount importance to this country," Whitman explained.
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Filed under: Barack Obama • Transition 2008
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Obama, Bush set for Oval Office meeting
Posted: 02:07 PM ET
From CNN Ticker Producer Alexander Mooney
Obama and Bush are set to meet in the White House.
(CNN) – President-elect Barack Obama and President Bush are set to meet in the White House on Monday, a get-together both men say they are looking forward to.
“Michelle and I look forward to meeting with President Bush and the First Lady on Monday to begin the process of a smooth, effective transition," Obama said in a statement. "I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation."
Meanwhile, White House Press Secretary Dana Perino said the two men will sit down in the Oval Office.
"The President and Mrs. Bush look forward to welcoming President-elect and Mrs. Obama to the White House on Monday afternoon. The Bushes will greet the Obamas, and then the President will visit with the President-elect in the Oval Office," she said. "Mrs. Bush and Mrs. Obama will meet in and tour the Private Residence. We understand that the Obama children will not be accompanying them on this visit, but we very much look forward to meeting them."
Filed under: Barack Obama • John McCain • Transition 2008
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Obama launches official transition Web site
Posted: 02:06 PM ET
From CNN Political Producer Peter Hamby
Barack Obama launched an official government Web site Thursday.
(CNN) – Barack Obama launched the official government Web site for the presidential transition on Thursday, giving it a look and feel that suggests the new president will utilize the Internet to a much greater degree than his predecessor.
The site is a slightly more formal-looking incarnation of Obama’s campaign web site that features a blue-shaded presidential seal and a countdown clock to the Inauguration on January 20. There are biographies not only of Obama and Joe Biden, but also the directors of his transition team: John Podesta, Valerie Jarrett and Pete Rouse. The web site outlines Obama’s policy agenda, on issues from Iraq to social security to urban policy.
While the site lacks the innovative community organizing tools that helped propel the Illinois senator to the presidency, one section of the site does ask for user-generated content, asking Americans to submit stories about “what this campaign and this election means to you” and “where President-Elect Obama should lead this country.”
There is a transition blog, which at the moment only features a video of Obama’s Tuesday victory speech in Chicago’s Grant Park.
One link on the site is sure to get a flood of clicks: the “Jobs” section.
“All staff appointments chosen for this administration will be committed to fulfilling Obama’s campaign promises, to rebuilding our government, and to serving the American people again,” the site says.
Filed under: Barack Obama • Obama transition team
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Biden talks transition, says McCain's 'still my friend'
Posted: 02:05 PM ET
From CNN Political Producer Alexander Marquardt
Vice President-elect Biden said Thursday that he has not spoken to Sen. McCain since the election but also said he was still friends with McCain.
GEORGETOWN, Delaware (CNN) – As he headed back to Delaware to ceremonially “bury the hatchet” Thursday as part of a state tradition, Vice President-elect Joe Biden told reporters that John McCain was “still my friend.”
He also said that he and President-elect Obama had begun meeting daily to “flesh out the transition” – and did not deny speculation that Sen. John Kerry could be under consideration for a position in the new administration.
Last week, Biden had told reporters he was not sure if the friendship could be saved. “I don’t know, I hope [the friendship] is intact, John and I have not had a chance to speak,” Biden said. “I hope [it’s] intact because I still admire him, I still like him. … I believe when this is over, win or lose, John and I are likely to be around in one form or another, in one job or another, and I hope, my hope is we can work together.”
The Delaware native said he hasn’t spoken to McCain – his friend of over three decades – since the Democratic ticket’s victory. Asked what he’d say to McCain and Republican vice presidential candidate Sarah Palin if they were on hand, Biden seemed to reach out to his Senate colleague, but did not seem as eager to make peace with the Arizona senator’s running mate.
“I’d say John, we’re still friends,” he said, adding “I don’t know Sarah Palin. I’m not being a wiseguy, you know, it’s over. I mean, I think it’s pretty remarkable, for the all the ups and downs, [a] pretty remarkable run for her. I mean, here’s a woman who is out of Wasilla as a mayor and then governor for two years. I think it’s pretty remarkable, pretty remarkable.
“But John’s still my friend. I say, John, I need you. We need you. This is an opportunity. We really mean what we said…. Barack and I met yesterday, and we’ll be meeting every day for a while until we flesh out this cabinet and everybody else. But we really mean it. We’ve got to reach out, man. You can’t get from here to there with just Democrats, you can’t do it. And I, and I’m…well anyway, when I talk to John, that is, that’s my, that’s what I’m going to tell him.”
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Filed under: Joe Biden • John McCain • Sarah Palin • Transition 2008
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Report: '08 turnout same as or only slightly higher than '04
Posted: 01:55 PM ET
From CNN Associate Producer Martina Stewart
North Carolina had the highest increase in voter turnout, according to a report released Thursday.
WASHINGTON (CNN) – A new report from American University’s Center for the Study of the American Electorate concludes that voter turnout in Tuesday’s election was the same in percentage terms as it was four years ago — or at most has risen by less than 1 percent.
Click here to read the entire report.
The report released Thursday estimates that between 126.5 and 128.5 million Americans cast ballots in the presidential election earlier this week. Those figures represent 60.7 percent or, at most, 61.7 percent of those eligible to vote in the country.
“A downturn in the number and percentage of Republican voters going to the polls seemed to be the primary explanation for the lower than predicted turnout,” the report said. Compared to 2004, Republican turnout declined by 1.3 percentage points to 28.7 percent, while Democratic turnout increased by 2.6 points from 28.7 percent in 2004 to 31.3 percent in 2008.
“Many people were fooled (including this student of politics although less so than many others) by this year’s increase in registration (more than 10 million added to the rolls), citizens’ willingness to stand for hours even in inclement weather to vote early, the likely rise in youth and African American voting, and the extensive grassroots organizing network of the Obama campaign into believing that turnout would be substantially higher than in 2004,” Curtis Gans, the center’s director, said in the report. “But we failed to realize that the registration increase was driven by Democratic and independent registration and that the long lines at the polls were mostly populated by Democrats.”
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Filed under: 2008 Election • Early voting
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Beam me up, Wolf! CNN debuts election-night hologram
Posted: 01:00 PM ET
From CNN Political Producer Chris Welch
CNN's Jessica Yellin appeared live as a hologram before anchor Wolf Blitzer Tuesday night in New York.
(CNN) — It was an election night like none other, in every sense of the phrase. In addition to the obvious — the selection of the nation's first black president — Tuesday night's coverage on CNN showcased groundbreaking technology.
"I want you to watch what we're about to do," CNN anchor Wolf Blitzer told viewers early in the evening's coverage, "because you've never seen anything like this on television."
And he was right. Cue CNN political correspondent Jessica Yellin.
"Hi Wolf!" said Yellin, waving to Blitzer as she stood a few feet in front of him in the network's New York City studios. Or at least, that's the way it appeared at first glance.
In reality, Yellin — a correspondent who had been covering Sen. Barack Obama's campaign — was at the now president-elect's mega-rally along the lakefront in Chicago, Illinois, more than 700 miles away from CNN's Election Center in New York.
It looked like a scene straight out of "Star Wars." Here was Yellin, partially translucent with a glowing blue haze around her, appearing to materialize in thin air. She even referenced the classic movie on her own, saying, "It's like I follow in the tradition of Princess Leia. It's something else."
Full story
Filed under: CNN
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Lieberman met with Senate Majority Leader Harry Reid Thursday.
WASHINGTON (CNN) – Connecticut independent Sen. Joe Lieberman said Thursday he needs a few days to ponder "the options that I have before me" after a meeting with Senate Majority Leader Harry Reid.
Lieberman did not explain what those options were when he made brief remarks to reporters, and Reid said afterward that no decisions have been made.
Watch: 'We must unite' Lieberman says
Lieberman, the Democratic Party's 2000 vice presidential nominee, supported Republican Sen. John McCain in Tuesday's presidential election. But after Democratic Sen. Barack Obama's victory over McCain, the Connecticut senator said it was time to unite behind the incoming president.
"I decided in that election that partisanship should take a back seat to doing what I believed was best for our country," he said. "But the election is over, and I completely agree with President-elect Obama that we must now unite to get the economy going again and keep the American people safe."
Lieberman's continued allegiance to the Democratic caucus has given the party a 51-49 majority in the Senate since 2006, and he holds the chairmanship of the Homeland Security and Governmental Affairs Committee. But his support of McCain — and sometimes-harsh criticism of Obama — angered many of his colleagues.
Updated with Reid statement
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Filed under: Joe Lieberman
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Emanuel can 'get things done,' Obama says
Posted: 04:10 PM ET
Obama named Rahm Emanuel chief of staff Thursday.
(CNN) – Rep. Rahm Emanuel, a top House Democrat, has agreed to be Barack Obama's chief of staff, Obama announced Thursday.
"No one I know is better at getting things done than Rahm Emanuel," Obama said in a statement announcing the appointment.
Emanuel responded, also in a written statement, "I'm leaving a job I love to join your White House for one simple reason — I want to do everything I can to help deliver the change America needs."
Emanuel, a former top aide to President Bill Clinton, choked up earlier in the day as he said how glad he was his parents are alive to see him have the choice of becoming chief of staff for the first African-American president.
Related: Emanuel expected to bring 'tough minded' approach to White House
Emanuel, 48, was elected to Congress in 2002 after having been a top aide to President Bill Clinton.
He later helped the Democrats wrest majority control of the House from the Republicans in 2006, when he ran the Democratic Congressional Campaign Committee.
Obama and Emanuel are both from Chicago.
The Republican leader in the House criticized the choice of Emanuel — who has a reputation as a tough political infighter — even before it was confirmed.
"This is an ironic choice for a president-elect who has promised to change Washington, make politics more civil, and govern from the center," Rep. John Boehner, R-Ohio, said in a written statement.
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Filed under: Barack Obama • Transition 2008
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Cafferty: African-American as Pres. before a female?
Posted: 03:29 PM ET
From CNN's Jack Cafferty
Join the conversation on Jack's blog.
Barack Obama made history Tuesday night, after voters came out in record numbers to support him and many voting for the first time.
It was a stunning rise to the presidency for a 47 year-old freshman senator, let alone one who is African-American.
Along the way, he beat out a handful of familiar Washington names for the top spot on the Democratic ticket…Former Vice Presidential candidate John Edwards, Senator Chris Dodd, Senator Joe Biden who eventually became his running mate and, of course, most notably, Senator Hillary Clinton.
Her star power and powerful ties weren't enough to beat out Obama, but was there something more at play?
To read more and contribute to the Cafferty File discussion click here
Filed under: The Cafferty File
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Computers of Obama, McCain campaigns hacked
Posted: 03:09 PM ET
From CNN Correspondent Brian Todd, CNN Senior Producer Kevin Bohn
Computers at the headquarters of the Obama and McCain campaigns were hacked CNN confirms.
WASHINGTON (CNN) – Computers at the headquarters of the Barack Obama and John McCain campaigns were hacked in mid-summer by a foreign government or organization, a source with knowledge of the incidents confirms to CNN.
Another source, a law enforcement official familiar with the investigation, says federal investigators approached both campaigns with information the U.S. government had about the hacking, and the campaigns then hired private companies to mitigate the problem.
U.S. authorities, according to one of the sources, believe they know who the foreign entity responsible for the hacking is, but refused to identify it in any way, including what country.
The source, confirming the attacks that were first reported by Newsweek, said the sophisticated intrusions appeared aimed at gaining information about the evolution of policy positions in order to gain leverage in future dealings with whoever was elected.
The FBI is investigating, one of the sources confirmed to CNN. The FBI and Secret Service refused comment on the incidents.
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Filed under: Barack Obama • John McCain
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Source: Axelrod to be named presidential adviser
Posted: 03:09 PM ET
A source tells Candy Crowley that David Axelrod will be named Senior Adviser to the President-elect.
CHICAGO, Illinois (CNN) – A source with the Obama Transition team tells CNN Senior Political Correspondent Candy Crowley that a plan to name David Axelrod a Senior Adviser to the incoming President is "in the works."
Axelrod was the Obama presidential campaign's chief strategist, and a top adviser to Obama during his run for the Senate in 2004.
Filed under: Barack Obama • David Axelrod • Transition 2008
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Blunt to step down as whip
Posted: 02:47 PM ET
From CNN Congressional Producer Deirdre Walsh
House Minority Whip Roy Blunt said Obama appears 'much better prepared' than President Clinton had been.
WASHINGTON (CNN) – House Minority Whip Roy Blunt, who will step down from his leadership post in the next Congress, said Thursday that President-elect Obama appears “much better prepared” heading into his first term than President Clinton had been.
The Missouri Republican — who served as Majority Whip when Republicans controlled the chamber — joked with reporters that he was relieved to be relinquishing his leadership role. "I can tell you more problems about members of Congress that you ever wanted to hear," he said, adding "Ten years of asking people things they don't want to do is a long time." But Blunt also sounded nostalgic about leaving leadership. “I will miss it all. …It is fun to be in the middle of every fight every day," he said.
Blunt admitted he was impressed with President-elect Barack Obama's campaign "in terms of discipline, planning, and lack of mistakes." He added, "I think he's much better prepared for this in terms as a manager that President Clinton may have been."Thursday afternoon, House GOP leader John Boehner – who has said he intends to keep his leadership post — said he had asked conservative Indiana Republican Mike Pence to run for the post of Republican Conference Chairman. Rep. Jeb Hensarling of Texas — who told his colleagues earlier this week that he was running for the Chairman position — is now taking himself out of the race, according to his spokesman.
Pence ran against Boehner for minority leader in 2006, but lost by a substantial margin.
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Filed under: Barack Obama • Congress • Missouri
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Obama, Biden to meet with economic advisers Friday
Posted: 02:36 PM ET
Obama and Biden will meet with a team of economic advisers Friday.
(CNN) — President-elect Obama and Vice President-elect Biden will meet with their Transition Economic Advisory Board in Chicago Friday, followed by the pair's first official press conference since winning the White House, the transition team announced Thursday.
The members of the advisory board — which include former Treasry Secretaries Lawrence Summers and Robert Rubin, former Fed Chairman Paul Volcker, and billionaire businessman Warren Buffett — are listed after the jump.
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Filed under: Barack Obama • Joe Biden • Transition 2008
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Pentagon prepares for first war-time transition since Vietnam
Posted: 02:30 PM ET
From CNN Senior Pentagon Producer Mike Mount
The Pentagon is preparing for a war-time transition.
WASHINGTON (CNN) – As administration transition teams around Washington crank into high gear, Pentagon officials are insisting that the complicated transfer of power from the Bush administration to the Obama administration — the first during a time of war since Vietnam — will go smoothly.
Teams in both Secretary of Defense Robert Gates' office, as well as the Chairman of the Joint Chiefs of Staff, Adm. Mike Mullen, have been working on the transition for months now, according to Pentagon officials.
"We are preparing to make this as smooth a transition as we can," Pentagon spokesman Bryan Whitman said earlier this week.
While officials say the transition is in good hands, little is being said about what discussions will occur between the Pentagon teams and President-elect Barack Obama's transition teams when they begin showing up within days or weeks.
"There is a recognition that given that we are a nation at war, that energy and effort [should] be sufficiently placed to ensure that we don't drop any balls, because national security and supporting our fielded forces that are engaged in combat is of paramount importance to this country," Whitman explained.
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Filed under: Barack Obama • Transition 2008
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Obama, Bush set for Oval Office meeting
Posted: 02:07 PM ET
From CNN Ticker Producer Alexander Mooney
Obama and Bush are set to meet in the White House.
(CNN) – President-elect Barack Obama and President Bush are set to meet in the White House on Monday, a get-together both men say they are looking forward to.
“Michelle and I look forward to meeting with President Bush and the First Lady on Monday to begin the process of a smooth, effective transition," Obama said in a statement. "I thank him for reaching out in the spirit of bipartisanship that will be required to meet the many challenges we face as a nation."
Meanwhile, White House Press Secretary Dana Perino said the two men will sit down in the Oval Office.
"The President and Mrs. Bush look forward to welcoming President-elect and Mrs. Obama to the White House on Monday afternoon. The Bushes will greet the Obamas, and then the President will visit with the President-elect in the Oval Office," she said. "Mrs. Bush and Mrs. Obama will meet in and tour the Private Residence. We understand that the Obama children will not be accompanying them on this visit, but we very much look forward to meeting them."
Filed under: Barack Obama • John McCain • Transition 2008
205 Comments Permalink
Obama launches official transition Web site
Posted: 02:06 PM ET
From CNN Political Producer Peter Hamby
Barack Obama launched an official government Web site Thursday.
(CNN) – Barack Obama launched the official government Web site for the presidential transition on Thursday, giving it a look and feel that suggests the new president will utilize the Internet to a much greater degree than his predecessor.
The site is a slightly more formal-looking incarnation of Obama’s campaign web site that features a blue-shaded presidential seal and a countdown clock to the Inauguration on January 20. There are biographies not only of Obama and Joe Biden, but also the directors of his transition team: John Podesta, Valerie Jarrett and Pete Rouse. The web site outlines Obama’s policy agenda, on issues from Iraq to social security to urban policy.
While the site lacks the innovative community organizing tools that helped propel the Illinois senator to the presidency, one section of the site does ask for user-generated content, asking Americans to submit stories about “what this campaign and this election means to you” and “where President-Elect Obama should lead this country.”
There is a transition blog, which at the moment only features a video of Obama’s Tuesday victory speech in Chicago’s Grant Park.
One link on the site is sure to get a flood of clicks: the “Jobs” section.
“All staff appointments chosen for this administration will be committed to fulfilling Obama’s campaign promises, to rebuilding our government, and to serving the American people again,” the site says.
Filed under: Barack Obama • Obama transition team
179 Comments Permalink
Biden talks transition, says McCain's 'still my friend'
Posted: 02:05 PM ET
From CNN Political Producer Alexander Marquardt
Vice President-elect Biden said Thursday that he has not spoken to Sen. McCain since the election but also said he was still friends with McCain.
GEORGETOWN, Delaware (CNN) – As he headed back to Delaware to ceremonially “bury the hatchet” Thursday as part of a state tradition, Vice President-elect Joe Biden told reporters that John McCain was “still my friend.”
He also said that he and President-elect Obama had begun meeting daily to “flesh out the transition” – and did not deny speculation that Sen. John Kerry could be under consideration for a position in the new administration.
Last week, Biden had told reporters he was not sure if the friendship could be saved. “I don’t know, I hope [the friendship] is intact, John and I have not had a chance to speak,” Biden said. “I hope [it’s] intact because I still admire him, I still like him. … I believe when this is over, win or lose, John and I are likely to be around in one form or another, in one job or another, and I hope, my hope is we can work together.”
The Delaware native said he hasn’t spoken to McCain – his friend of over three decades – since the Democratic ticket’s victory. Asked what he’d say to McCain and Republican vice presidential candidate Sarah Palin if they were on hand, Biden seemed to reach out to his Senate colleague, but did not seem as eager to make peace with the Arizona senator’s running mate.
“I’d say John, we’re still friends,” he said, adding “I don’t know Sarah Palin. I’m not being a wiseguy, you know, it’s over. I mean, I think it’s pretty remarkable, for the all the ups and downs, [a] pretty remarkable run for her. I mean, here’s a woman who is out of Wasilla as a mayor and then governor for two years. I think it’s pretty remarkable, pretty remarkable.
“But John’s still my friend. I say, John, I need you. We need you. This is an opportunity. We really mean what we said…. Barack and I met yesterday, and we’ll be meeting every day for a while until we flesh out this cabinet and everybody else. But we really mean it. We’ve got to reach out, man. You can’t get from here to there with just Democrats, you can’t do it. And I, and I’m…well anyway, when I talk to John, that is, that’s my, that’s what I’m going to tell him.”
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Filed under: Joe Biden • John McCain • Sarah Palin • Transition 2008
111 Comments Permalink
Report: '08 turnout same as or only slightly higher than '04
Posted: 01:55 PM ET
From CNN Associate Producer Martina Stewart
North Carolina had the highest increase in voter turnout, according to a report released Thursday.
WASHINGTON (CNN) – A new report from American University’s Center for the Study of the American Electorate concludes that voter turnout in Tuesday’s election was the same in percentage terms as it was four years ago — or at most has risen by less than 1 percent.
Click here to read the entire report.
The report released Thursday estimates that between 126.5 and 128.5 million Americans cast ballots in the presidential election earlier this week. Those figures represent 60.7 percent or, at most, 61.7 percent of those eligible to vote in the country.
“A downturn in the number and percentage of Republican voters going to the polls seemed to be the primary explanation for the lower than predicted turnout,” the report said. Compared to 2004, Republican turnout declined by 1.3 percentage points to 28.7 percent, while Democratic turnout increased by 2.6 points from 28.7 percent in 2004 to 31.3 percent in 2008.
“Many people were fooled (including this student of politics although less so than many others) by this year’s increase in registration (more than 10 million added to the rolls), citizens’ willingness to stand for hours even in inclement weather to vote early, the likely rise in youth and African American voting, and the extensive grassroots organizing network of the Obama campaign into believing that turnout would be substantially higher than in 2004,” Curtis Gans, the center’s director, said in the report. “But we failed to realize that the registration increase was driven by Democratic and independent registration and that the long lines at the polls were mostly populated by Democrats.”
Read the rest of this entry »
Filed under: 2008 Election • Early voting
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Beam me up, Wolf! CNN debuts election-night hologram
Posted: 01:00 PM ET
From CNN Political Producer Chris Welch
CNN's Jessica Yellin appeared live as a hologram before anchor Wolf Blitzer Tuesday night in New York.
(CNN) — It was an election night like none other, in every sense of the phrase. In addition to the obvious — the selection of the nation's first black president — Tuesday night's coverage on CNN showcased groundbreaking technology.
"I want you to watch what we're about to do," CNN anchor Wolf Blitzer told viewers early in the evening's coverage, "because you've never seen anything like this on television."
And he was right. Cue CNN political correspondent Jessica Yellin.
"Hi Wolf!" said Yellin, waving to Blitzer as she stood a few feet in front of him in the network's New York City studios. Or at least, that's the way it appeared at first glance.
In reality, Yellin — a correspondent who had been covering Sen. Barack Obama's campaign — was at the now president-elect's mega-rally along the lakefront in Chicago, Illinois, more than 700 miles away from CNN's Election Center in New York.
It looked like a scene straight out of "Star Wars." Here was Yellin, partially translucent with a glowing blue haze around her, appearing to materialize in thin air. She even referenced the classic movie on her own, saying, "It's like I follow in the tradition of Princess Leia. It's something else."
Full story
Filed under: CNN
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CNNPolitics.com Headlines
Obama names Emanuel chief of staff
Obama, McCain campaigns' computers hacked
Historians: Bush legacy 'battered,' 'incompetent'
Lieberman may have day of reckoning with Dems
Obama's first priority: Fixing the economy
More headlines from CNNPolitics.com
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First Dog takes a bite at White House reporter
POLITICAL HOT TOPICS: Friday Nov. 7th, 2008
First Dog takes a bite at White House reporter
Palin camp fires back over claims by some McCain aides
McCain sources gripe about Palin
Biden flies home for 'coolest event in entire USA'
Palin gets warm welcome home
Lieberman pondering 'options' after Reid meeting
Emanuel can 'get things done,' Obama says
Cafferty: African-American as Pres. before a female?
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