WALL STREET 06.03.09: DOW -65

CNN/MONEY: The Dow Jones industrial average lost 65 points, or 0.7%, according to early tallies. The S&P 500 index fell 13 points, or 1.4%. The Nasdaq composite dipped 11 points, or 0.6%. . . . READ MORE

BERNANKE: DEFICIT DANGER

Fed Chairman Testifies to Congress
FOX NEWS: Federal Reserve Chairman Ben Bernanke is urging Congress and the Obama administration to start plotting a strategy to curb record-high U.S. budget deficits. Failing to do so could eventually erode investor confidence and endanger the economy's prospects for long-term health, he said. . . . READ MORE

MEDIA NEWS UPDATE

"Is it the best blog ever? I dunno yet, but it might just be the best blog name ever."
-- Steve Green, VodkaPundit

MORE MEDIA NEWS:

• Thoughts On the Nature of 'Cool'
• ED DRISCOLL: Can Colbert Edit Newsweek?
• CHRISTIAN TOTO: Details votes for Obama
• PHILIP KLEIN: Conservative Media Watch
• BEN ADLER: Heresy On the Right
• MOE LANE: Bonnie Erbe stands up for conservative women, except for the one who isn’t white
• MALKIN: THIS IS WHAT FEMINISM LOOKS LIKE

VIDEO: MK ON 'RED EYE':

(CWCID: POINT OF A GUN)

LEAHY: GAY IMMIGRANT RIGHTS

NEW YORK TIMES: Sen. Patrick J. Leahy (D-VT) has offered a bill that would allow American citizens and legal immigrants to seek residency in the United States for their same-sex partners, just as spouses now petition for foreign-born husbands and wives. . . . READ MORE

TOP STORY: BATTLE OVERCOURT NOMINEE LOOMS

SENATE GOP EYES SOTOMAYOR
POLITICO: The White House, in talking points distributed Tuesday to Senators, casts Supreme Court nominee Sonia Sotomayor as a model of judicial restraint who strictly adheres to precedent and is willing to take on abortion rights supporters and side with conservative judges. . . . READ MORE

TOP REPUBLICAN: JEFF SESSIONS
BIRMINHAM NEWS: Top GOP member of Senate Judiciary: "I committed ... that she will get a fair hearing in the Judiciary Committee . . . she'll be treated respectfully and given the chance to answer any allegations that are out there." . . . READ MORE

WASHINGTON POST: Alabama Senator says he and Judge Sotomayor spent time discussing "the moral authority of laws and judges" . . . READ MORE

'WISE LATINA' CONTROVERSY

QUESTIONS: SECURITY ISSUES
WASHINGTON TIMES: Sotomayor remains something of an enigma on legal matters relating to national security and the war on terror, issues likely to loom large on the high court's docket . . . READ MORE

A.M. MARKET UPDATE

STOCKS FUTURES POINT DOWN
CNN/MONEY: U.S. stocks were poised to fall Wednesday, as investors showed little reaction to the latest on job cuts and awaited comments from Federal Reserve chairman Ben Bernanke. At 7:45 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were lower. . . . READ MORE

ASIAN MARKETS UP 'MODESTLY'
ASSOCIATED PRESS: Asian stocks rose modestly Wednesday. . . . With returns on bonds at low levels, money has been pouring into Asian stocks in pursuit of bigger investment profits, driving major indexes up 30 percent or more since early March. But some analysts say the big gains in markets are out of step with reality . . . READ MORE

CHINA FIRM BIDS TO BUY HUMMER
REUTERS: General Motors Corp said on Tuesday it reached a tentative deal to sell its Hummer brand to a privately held Chinese company . . . READ MORE
DANIEL IKENSON, CATO: GM's restructuring under Chapter 11 includes plans to sell off the Hummer, Saab, and Saturn brands. Well, just one day after GM's bankruptcy filing, a Chinese firm has come forward with a $500 million offer to purchase Hummer. The prospective buyer is Sichuan Tengzhong Heavy Industrial Machinery Co Ltd, a manufacturing company in western China, which hopes to become an automaker. . . . READ MORE

TUEDAY: HOME SALES NEWS
PUSHED STOCKS +19.43 PTS.
WASHINGTON TIMES: Wall Street posted small gains Tuesday after a report that pending home sales increased in April for the third straight month as a result of low mortgage rates and an $8,000 federal tax benefit. The Dow Jones Industrial Average closed at 8,740.87, up 19.43 points. The broader Standard & Poor's 500-stock Index closed at 944.74, up 1.87 points, and the tech-heavy Nasdaq Composite Index closed at 1,836.80, up 8.12 points. . . . READ MORE

FED RESERVE OFFICER VOWS
U.S. WON'T MONETIZE DEFICIT
BLOOMBERG: Dallas Federal Reserve Bank President Richard Fisher said the U.S. has no intent to “monetize” its growing deficit as it seeks to stem the credit crisis. Rising U.S. government spending and forecasts for a record fiscal deficit have fueled investor concerns about inflation . . . . READ MORE

CURRENCY: DOLLAR DOWN
VS. EURO, BRITISH POUND
CNN MONEY: The dollar fell to a new 2009 low against the 16-nation euro Tuesday. The euro ($1.4322 +1.2%) has been steadily climbing against the dollar since mid-March. The U.S. dollar also fell against the British pound ($1.6588 +0.9%) . . READ MORE

ECONOMIC COMMENTARY:

"And don't you just love it when the commentators say that the new owners of GM are 'the taxpayers'? Well, I'm a taxpayer. Does this mean that I get to sell my share of the company? Of course not. This is just socialist talk. You hear it all the time in Latin America, where governments nationalize oil companies. To justify their nationalizations, they say that 'the people' or 'society' or 'the taxpayers' now own the nation's natural resources."
-- Jacob G. Hornberger, President,
Future of Freedom Foundation

"The Japanese experience shows that when the government is an active participant in the market, many firms would rather accept state support than initiate the inevitable financial reckoning. Such a status quo does not provide a sustainable foundation for the economy. Instead, it restricts economic growth and creates a cycle of stagnation. "
-- Anthony Randazzo, Michael Flynn and Adam B. Summers, "Turning Japanese," Reason Magazine

BONDS: TREASURY YIELD FALLS
MARKETWATCH: Yields on 10-year Treasury notes tipped lower Tuesday following reports as Treasury Secretary Timothy Geithner gave assurances that Chinese leaders have confidence in the U.S. economy . . . READ MORE
WSJ: The U.S. Treasury awarded $35 billion in four-week bills at Tuesday's auction at a high rate of 0.050%. . . . Bid-to-cover ratio, an indication of demand, was 3.34. . . . The Federal Reserve purchased $5.94 billion in bills. . . . READ MORE

N.D. ECONOMY LEADS NATION

Alaska, Nev., Ariz., Fla. Worst in 2008
ATLANTIC: North Dakota led the U.S. in home prices (+1.9%) and GDP growth (+7.3%); Wyoming led job growth (+3.1%) last year. Home prices 2008: Nevada -28.2%, California -25.5%, Florida -24.0%, Arizona -20.6% . . . READ MORE

WSJ CHART: STATE RANKINGS

CHAVEZ: CIA TRYING TO KILL ME

AP/FOX NEWS: President Hugo Chavez on Tuesday alleged that U.S. intelligence agencies were behind a purported assassination plot that prevented him from visiting El Salvador. . . . READ MORE

KIM JONG-IL ANOINTS SON AS HEIR

REUTERS: North Korea's communist dictator Kim Jong-il has signaled the anointment of his youngest son as heir to the family ruling dynasty, South Korean media reported Tuesday . . . READ MORE

OBAMA: AUGUST 'MAKE OR BREAK' FOR HEALTH CARE PLAN

BLOOMBERG: President Barack Obama said efforts to craft health-care legislation before August will “make or break” his plan to pass it by the end of the year . . . READ MORE

POLITICS: CHRISTIE WINSGOP PRIMARY FOR NJ GOV

NY TIMES: Former prosecutor Christopher J. Christie, who sent many corrupt New Jersey politicians to prison, handily won the Republican nomination for governor Tuesday . . . READ MORE

PAWLENTY WILL NOT RUNFOR RE-ELECTION IN 2010

WCCO: Tim Pawlenty will not seek a third term as governor of Minnesota . . . . MORE HERE

POLITICS IN MINNESOTA: DFL Party slams Pawlenty's pledge not to raise taxes to balance budget, accuses Republican of "divisive politics of ideology and calculation" . . . READ MORE

MORE UPDATES

BRADLEY PRIZES: KRISTOLAMONG HONOREES WEDNESDAY

Economist, Federalist Society Founders,
Churchill Biographer Get $250,00 Prizes
WASHINGTON, D.C.
A standing-room only crowd is expected Wednesday night at the Kennedy Center for the sixth annual Bradley Prizes ceremony.
Weekly Standard editor and Fox News contributor Bill Kristol will receive one of the $250,000 prizes awarded by the Lynde and Harry Bradley Foundation in recognition of "outstanding achievement" by "prominent scholars and public servants."
The 2009 Bradleys will also recognize:

• Sir Martin Gilbert, the official biographer of Winston Churchill;
• Arnold Harberger, Professor of Economics, UCLA;
• Former Sen. Spencer Abraham, Professor Steven Calabresi, Leonard Leo, former Rep. David McIntosh, Eugene Meyer, and Lee Lieberman Otis, for their work in founding and leading the Federalist Society.

“These accomplished and respected individuals are being recognized for achievements that are consistent with the mission statement of the Foundation, including the promotion of liberal democracy, democratic capitalism, and a vigorous defense of American institutions,” said Michael W. Grebe, President and Chief Executive Officer of the Bradley Foundation.
Pulitzer Prize winning columnist and commentator George F. Will will serve as Master of Ceremonies for the 7:30 p.m. ceremony at The John F. Kennedy Center for the Performing Arts. Singer/songwriter Michael Feinstein will perform.
The selection was based on nominations solicited from more than 100 prominent individuals and chosen by a Selection Committee, which included Terry Considine, Pierre S. du Pont, Martin Feldstein, Michael W. Grebe (Bradley Prizes Committee Chair), Charles Krauthammer, Heather Mac Donald, San W. Orr, Jr., Dianne J. Sehler, and Shelby Steele.

BRADLEY SYMPOSIUM
The awards ceremony will follow the daylong annual Bradley Symposium at Washington's luxurious St. Regis Hotel. This year's symposium, entitled "Making Conservatism Credible Again," will feature presentations by two Republican officials, Gov. Mitch Daniels of Indiana and Rep. Paul Ryan of Wisconsin. They will be joined by Yuval Levin, the Hertog Fellow at the Ethics and Public Policy Center (EPPC), and Rich Lowry, editor of National Review. The session will be moderated by the new president of the American Enterprise Institute for Public Policy Research (AEI), Arthur Brooks.

ABOUT THE FOUNDATION
Founded in 1985, The Lynde and Harry Bradley Foundation is devoted to strengthening American democratic capitalism and the institutions, principles and values that sustain and nurture it. Its programs support limited, competent government; a dynamic marketplace for economic, cultural activity; and a vigorous defense, at home and abroad, of American ideas and institutions. Recognizing that responsible self-government depends on enlightened citizens and informed public opinion, the Foundation supports scholarly studies and academic achievement.

SPORTS: NASCAR UPHOLDSRECORD FINE, SUSPENSION

USA TODAY: The National Stock Car Racing Commission on Tuesday denied an appeal by driver Carl Long and crew chief Charles Swing. NASCAR measured the engine at 358.17 cubic inches, 0.17 over the legal limit. Their punishment -- suspended 12 races, docked 200 points, and fined $200,000 -- was a NASCAR record. . . . READ MORE

CELEBRITIES: MEGAN FOX

'Most Outspoken Starlet' Featured in GQ

MTV AWARDS: "Sorry if you didn't like my hair."

More Celebrity Headlines: WeSmirch:

Miley Cyrus Signs With Disney for
Fourth Season of Hannah Montana

Kate Hudson & A-Rod 'Somewhat Serious'

SENATE ADVANCES BILLTO REGULATE TOBACCO

ASSOCIATED PRESS: The Senate took a step Tuesday toward giving the government some controls over the tobacco industry, bolstering the chances that a long-sought goal of anti-smoking advocates will finally be realized. . . . . READ MORE

300 WORDS OR LESS: 06.03.09

Fire Them All, Mr. Flanders
Obscene insults and raw hatred are not new in the online world. What made Guy Cimbalo's article about "hate-f***" fantasies so shocking was that it was published by Playboy. Did no one in the editorial process at Playboy.com think twice before hitting the "publish" button on an article that said of Rep. Michelle Bachmann, "Chemical castration has begun to look appealing"?

Cimbalo's article required someone to build multiple Web pages, someone to find, crop and embed photos, someone to write headlines and captions -- hours of paid labor during which various editors had the chance to say, "Hey, wait a minute. Maybe this isn't a good idea."

Cimbalo wasn't a blogger having a bad day who posted an ill-tempered rant. (It happens.) A major corporate enterprise helped produce this insult to the 10 women on Cimbalo's list, a list that included Michelle Malkin, Pamela Geller, Mary Katharine Ham and Amanda Carpenter. Furthermore, John Hawkins points out, Playboy actually issued a press release to promote the article.

Playboy CEO Scott Flanders was not previously known as a porn blogger, but as CEO of the company that publishes the Orange County Register. That a man with his good reputation would permit employees to perpetrate this atrocity is perhaps even more shocking than Cimbalo's perverse sadism (which is nothing new for liberals, as Malkin chronicled in Unhinged.)

Suggestion, Mr. Flanders: Once you learn who helped edit, publish and promote Cimbalo's article, fire them -- and issue a press release naming those you've fired. Replacements? Internet editors are a dime a dozen. (For the right price, you might even be able to hire Ace of Spades or Jeff Goldstein.)

First, however, Playboy must fire the employees who worked on Cimbalo’s article.

Fire them all, Mr. Flanders.

-- RSM