News, Entertainment, Enlightenment
William Lawrence Sr Omnibit 12-7-15
The Japanese built the largest aircraft carrier in World War II. It was the Shinano and she was 290 yards long and displaced 65,800 metric tons. She was launched on on Oct. 8, 1944. She was ready for sea on Nov. 19. She was sunk 10 days later by the submarine USS Archerfish.
By Sen. Scott Wagner: Chesapeake Energy Bankruptcy Predicted With Wolf Tax:
Last Friday, Dec. 4, PennLive.com published a story titled “Severance Tax ‘100 percent guaranteed’ to be in next PA budget, Wolf policy secretary says”.
I have a prediction that Governor Wolf and his policy secretary, John Hanger, might find interesting.
I consider myself to be a fairly qualified and experienced investor – I regularly go on Yahoo Finance and check out financials and news of public companies.
Here is my prediction: I predict that Chesapeake Energy (NYSE Symbol – CHK) will file for bankruptcy protection within the next 12 months.
Here is my reasoning:
#1 Natural gas prices are at historic lows – natural gas companies are not able to cover their fixed costs and cover debt payments at the current price – to simplify this – if gas is selling for $2 per gallon and your fixed costs are $3 per gallon the company is losing $1 per gallon, and as a result the company will burn through massive amounts of cash quickly – in business when you run out of cash – you have a HUGE problem.
I researched Chesapeake’s most recent financials – just in the quarter ending September 30, 2015 – their third quarter revenue was $2.893 billion – after paying ALL expenses they lost $4.695 billion – that means just in the third quarter alone Chesapeake would have burned through $1,802 billion of cash. They cannot continue at this rate. Chesapeake will run out of cash.
#2 Natural gas pricing is not going up for quite some time because the natural gas supply is far GREATER than demand – in addition, there are almost 1100 gas wells in PA that have been drilled, and are capped, and are not producing gas. Almost all of the 1100 wells do not have pipe lines in place to carry the gas to the main transmission line so there is still a lot of infrastructure that needs to be installed. This infrastructure costs money. Gas companies do not have the cash to install these pipe lines at the current low natural gas prices.
#3 Another large issue is that oil and natural gas companies routinely hedge their prices to protect for a price collapse – this is a type of insurance – typically these hedges only go out for two years. In simple terms, many of the natural gas companies had hedges in place when prices were a lot higher that paid them double or triple the current market rate for their gas supply. When prices are as low as they currently are, hedging is not an option.
#4 Chesapeake Energy had a class action lawsuit filed against them last week by Pennsylvania landowners because they are deducting from royalty payments the cost to transport the gas from the wellhead to the main transmission line.
Many landowners receive zero royalty payments after Chesapeake deducts the transport costs, and some land owners have received invoices to back bill for prior years transportation costs.
The class action lawsuit will be settled for cash that Chesapeake is running out of.
#5 If you are familiar with stock market investing there is term called margin. This term means that you can buy a stock for cash and the brokerage house will lend you money to buy more stock – this is called buying stock on margin. SEC rules do not allow a stock to be purchased on margin if it is under $5 per share. Last Thursday at the close of the New York Stock Exchange, Chesapeake stock closed under $5 per share. This means that any investor who used margin or borrowed money to purchase Chesapeake stock had a margin call which is a demand to sell the stock immediately so the loan is repaid. When a stock drops under $5 per share large investors flee. Investors will shy away from Chesapeake because their future does not look good.
This morning as I am writing this ( 10:10 a.m. Dec. 7) Chesapeake stock is trading at $4.17 per share, down almost $.40 since the open of the stock market.
Chesapeake is one of several companies in Pennsylvania that are choking financially because natural gas prices are so low – there may very well be more companies than just Chesapeake Energy that will be forced to file for bankruptcy protection.
So what is my point? It’s this: Governor Wolf ran his campaign for Governor telling everyone that he was going to get $1 billion dollars in severance taxes from the natural gas companies. With current natural gas prices a severance tax would yield $100 million dollars at best.
There is currently an impact fee – tax in place – so the severance tax would cost the gas companies more money, which they do not have.
The reality is that the gas companies will pass any taxes on to consumers – which means YOUR gas bill will go up if there is a severance tax imposed.
Don’t believe me?
Read York Daily Record’s latest article, “Columbia Gas Gets Smaller Rate Hike Than Sought” which talks about the gas company passing on the costs.
And by the way, this morning the price for a barrel of oil dropped under $40 – it is currently at $38.71 at 10:20 a.m..
Oil companies are facing the same challenges as the natural gas industry because the price of oil is at historic lows.
Sen. Wagner represents the 28th District in the Pennsylvania Senate.
Quran Hate Speech. Obama’s Attorney General Loretta Lynch responded to the Dec. 2 Islam-inspired slaughter in San Bernardino, Ca. by making a pledge the very next day to a Muslim lobbying group that she would prosecute anyone who used “anti-Muslim” rhetoric.
“When we talk about the First Amendment we make it clear that actions predicated on violent talk are not American. They are not who we are, they are not what we do, and they will be prosecuted. My message not just to the Muslim community but to all Americans is: we cannot give in to the fear that these backlashes are really based on.”
Violent talk not American? Well, she may have a point. Pamela Geller brilliantly produced some very striking examples of violent talk found in the Quran which can be found here and are reproduced below. This talk is certainly unAmerican in our view.
Will Lynch prosecute? LOL.
And slay them wherever you come upon them, and expel them from where they expelled you; persecution is more grievous than slaying. But fight them not by the Holy Mosque until they should fight you there; then, if they fight you, slay them — such is the recompense of unbelievers, but if they give over, surely Allah is All-forgiving, All-compassionate. Fight them, till there is no persecution and the religion is Allah’s; then if they give over, there shall be no enmity save for evildoers. (Quran 2:191-193)
Men are the managers of the affairs of women for that Allah has preferred in bounty one of them over another, and for that they have expended of their property. Righteous women are therefore obedient, guarding the secret for Allah’s guarding. And those you fear may be rebellious admonish; banish them to their couches, and beat them. (Quran 4:34)
They wish that you should disbelieve as they disbelieve, and then you would be equal; therefore take not to yourselves friends of them, until they emigrate in the way of Allah; then, if they turn their backs, take them, and slay them wherever you find them; take not to yourselves any one of them as friend or helper. (Quran 4:89)
This is the recompense of those who fight against Allah and His Messenger, and hasten about the earth, to do corruption there: they shall be slaughtered, or crucified, or their hands and feet shall alternately be struck off; or they shall be banished from the land. That is a degradation for them in this world; and in the world to come awaits them a mighty chastisement. (Quran 5:33)
When thy Lord was revealing to the angels, ˜I am with you; so confirm the believers. I shall cast into the unbelievers’ hearts terror; so smite above the necks, and smite every finger of them! (Quran 8:12)
Make ready for them whatever force and strings of horses you can, to strike terror in the enemy of Allah and your enemy, and others besides them that you know not; Allah knows them. And whatsoever you expend in the way of Allah shall be repaid you in full; you will not be wronged. (Quran 8:60)
Then, when the sacred months are drawn away, slay the idolaters wherever you find them, and take them, and confine them, and lie in wait for them at every place of ambush. But if they repent, and perform the prayer, and pay the alms, then let them go their way; Allah is All-forgiving, All-compassionate. (Quran 9:5)
Fight those who believe not in Allah and the Last Day and do not forbid what Allah and His Messenger have forbidden — such men as practise not the religion of truth, being of those who have been given the Book — until they pay the tribute out of hand and have been humbled. (Quran 9:29)
Allah has bought from the believers their selves and their possessions against the gift of Paradise; they fight in the way of Allah; they kill, and are killed; that is a promise binding upon Allah in the Torah, and the Gospel, and the Koran; and who fulfils his covenant truer than Allah? So rejoice in the bargain you have made with Him; that is the mighty triumph. (Quran 9:111)
O believers, fight the unbelievers who are near to you; and let them find in you a harshness; and know that Allah is with the godfearing. (Quran 9:123)
When you meet the unbelievers, smite their necks, then, when you have made wide slaughter among them, tie fast the bonds; then set them free, either by grace or ransom, till the war lays down its loads. So it shall be; and if Allah had willed, He would have avenged Himself upon them; but that He may try some of you by means of others. And those who are slain in the way of Allah, He will not send their works astray. (Quran 47:4)
Holy Myrrh-Bearer’s Inaugural Slavic Christmas luncheon, today, Dec. 6, was a massive hit for a sellout crowd.
On the menu were kielbasa and sauerkraut, pierogies, ham, old-school halushki, and delicious halupki courtesy of Chef Bob Long.
There was oodles of homemade dessert, a myriad of door-prizes, a skit by the young ladies of the parish and a visit by Saint Nicholas himself played by Alex Shegda.
The event was a bargain at $15.
The Mass preceding the meal was celebrated by Bishop John Bura. The pastor is Father John Ciurpita.
The church schedule will be changed started next weekend with the addition of a Saturday Mass in English at 5 p.m. with the moving of the Sunday service in Ukrainian and English to 10 a.m.
Holy Myrrh-Bearers, an Eastern Rite church, opened in April at the church, 900 Fairview Road,Swarthmore (Ridley Township). It is at site of the former Leiper Presbyterian Church which was founded in 1819 and closed in 2012. Presidents Andrew Jackson, William Henry Harrison and James Buchanan worshiped at Leiper Presbyterian at the invitation of Leiper family members.
The historic Leiper churchyard remains at the church.
William Lawrence Sr Omnibit 12-5-15
Who was Wimund? He was bishop of Isle of Skye back in 12th century. When he wasn’t performing his ecclesiastic duties he was a pirate. He was eventually captured after which he was blinded and castrated. He spent the rest of his life at the monastery of Byland Abbey.
Paul Ryan Budget Cuts is an email that has been circulating since 2012 when the Wisconsin Congressman was the GOP’s vice presidential nominee. 
It explains how $2.5 trillion could be shaved off the federal budget over 10 years. The reasoning is based on H.R. 408 of 2011 and is basically correct. It should be noted though that Ryan, who is now Speaker of the House, was just a among the co-sponsors of the bill.
It should further be noted that the National Debt is now at $18.8 trillion which is about $3 trillion more than when Obama was running for his second term and $7 trillion more than when he took office.
Thank you American idiots everywhere for voting for this guy and for Democrats in general.
And what happened H.R. 408? It died in the Subcommittee on Capital Markets and Government Sponsored Enterprises. Thank you backstabbing RINOs everywhere who figure your bread is buttered in Washington and not in your districts back home.
Here is the email Paul Ryan Budget Cuts with a hat tip to Judy McGrane:
PAUL RYAN’S PROPOSED BUDGET CUTS
A List of Republican Budget Cuts
Notice S.S. And the military are NOT on this list.
Read to the end.
* Corporation for Public Broadcasting Subsidy — $445 million annual savings.
* Save America ‘s Treasures Program — $25 million annual savings.
* International Fund for Ireland — $17 million annual savings.
* Legal Services Corporation — $420 million annual savings.
* National Endowment for the Arts — $167.5 million annual savings.
* National Endowment for the Humanities — $167.5 million annual savings.
* Hope VI Program — $250 million annual savings.
* Amtrak Subsidies — $1.565 billion annual savings.
* Eliminate duplicating education programs — H.R. 2274 (in last Congress), authored by Rep. McKeon , and eliminates 68 at a savings of $1.3 billion annually.
* U.S. Trade Development Agency — $55 million annual savings.
* Woodrow Wilson Center Subsidy — $20 million annual savings.
* Cut in half funding for congressional printing and binding — $47 million annual savings.
* John C. Stennis Center Subsidy — $430,000 annual savings.
* Community Development Fund — $4.5 billion annual savings.
* Heritage Area Grants and Statutory Aid — $24 million annual savings.
* Cut Federal Travel Budget in Half — $7.5 billion annual savings
* Trim Federal Vehicle Budget by 20% — $600 million annual savings.
* Essential Air Service — $150 million annual savings.
* Technology Innovation Program — $70 million annual savings.
*Manufacturing Extension Partnership (MEP) Program — $125 million annual savings..
* Department of Energy Grants to States for Weatherization — $530 million annual savings.
* Beach Replenishment — $95 million annual savings.
* New Starts Transit — $2 billion annual savings.
* Exchange Programs for Alaska Natives, Native Hawaiians, and Their Historical Trading Partners in Massachusetts — $9 million annual savings
* Intercity and High Speed Rail Grants — $2.5 billion annual savings.
* Title X Family Planning — $318 million annual savings.
* Appalachian Regional Commission — $76 million annual savings.
* Economic Development Administration — $293 million annual savings.
* Programs under the National and Community Services Act — $1.15 billion annual savings.
* Applied Research at Department of Energy — $1.27 billion annual savings.
* Freedom CAR and Fuel Partnership — $200 million annual savings..
* Energy Star Program — $52 million annual savings.
*Economic Assistance to Egypt — $250 million annually.
* U.S. Agency for International Development — $1.39 billion annual savings.
* General Assistance to District of Columbia — $210 million annual savings.
* Subsidy for Washington Metropolitan Area Transit Authority — $150 million annual savings.
*Presidential Campaign Fund — $775 million savings over ten years.
* No funding for federal office space acquisition — $864 million annual savings.
* End prohibitions on competitive sourcing of government services.
* Repeal the Davis-Bacon Act — More than $1 billion annually.
* IRS Direct Deposit: Require the IRS to deposit fees for some services it offers (such as processing payment plans for taxpayers) to the Treasury, instead of allowing it to remain as part of its budget — $1.8 billion savings over ten years.
*Require collection of unpaid taxes by federal employees — $1 billion total savings. * Prohibit taxpayer funded union activities by federal employees — $1.2 billion savings over ten years.
* Sell excess federal properties the government does not make use of — $15 billion total savings.
*Eliminate death gratuity for Members of Congress. * Eliminate Mohair Subsidies — $1 million annual savings.
*Eliminate taxpayer subsidies to the United Nations Intergovernmental Panel on Climate Change — $12.5 million annual savings. * Eliminate Market Access Program — $200 million annual savings.
* USDA Sugar Program — $14 million annual savings.
* Subsidy to Organization for Economic Co-operation and Development (OECD) — $93 million annual savings.
* Eliminate the National Organic Certification Cost-Share Program — $56.2 million annual savings.
*Eliminate fund for Obamacare administrative costs — $900 million savings.
* Ready to Learn TV Program — $27 million savings..
* HUD Ph.D. Program.
* Deficit Reduction Check-Off Act.
*TOTAL SAVINGS: $2.5 Trillion over Ten Years
Loves humanity hates humans is the punchline to an old joke about a fill-in-the-blank liberal i.e. progressive.
It concerns how those with that particular set of politics shriek for justice for the fashionably oppressed group of the moment but when it comes time to help a needy individual they are either not around or exhibit an unexpected cruelty.
Dr. Marsha Levine shows that tale is less of a joke and more an anthropological observation.
Dr. Levin is a retired Cambridge academic who lives in England and is considered an expert on horses. Shachar Rabinovich is a 13-year-old Israeli who had a question about horses so she e-mailed her.
Dr. Levin, who is Jewish but of the self-loathing kind, told her she would only answer her questions about horses “when there is peace and justice for Palestinians in Palestine . . .You might be a child, but if you are old enough to write to me, you are old enough to learn about Israeli history and how it has impacted on the lives of Palestinian people,”
Well, that’s sure telling her Dr. Levin. But we do kind of wonder why you haven’t left your nice comfortable retired-academic environs and move to the West Bank or Gaza to assist this “oppressed” peaceful (LOL) people.
If it’s a language thing maybe you can just move to San Bernardino.
Hat tip Bob Small.
William Lawrence Sr Bonus Omnibit 12-4-15
Ever hear of Franz Mesmer? He was the Austrian physician who in the 1700s became a pioneer in the practice of hypnotism. H “mesmerized” a number of his patients, which was frowned upon by his medical colleagues who considered him a fraud. He probably was.
Wolf spends. A study by Pennsylvania legislators released yesterday, Dec. 3, has revealed that Gov. Tom Wolf’s administration spent $30.4 billion in state and federal money from July 1 through Oct. 31, despite the last budget authorization ending on June 30.
About $2.7 billion came from waivers, which is unspent money from prior budgets that a governor can request to use by notifying the House and Senate appropriations committees and then obtaining the funds from the Department of Treasury.
More than 77 percent of the administration requests did not disclose the actual dollar amount sought and is characterized as the “governor’s private surplus funds.”
Money that was disclosed included:
• $1,275 paid by the Department of Health to a catering company;
• $600,000 for subscriptions to publications for state agencies;
• $500,000 in membership dues for Wolf administration employees;
“During a budget impasse, spending should be kept to a bare minimum,” said State Rep. Russ Diamond (R-102). “We’ve done so in the legislature, out of respect to the people of this Commonwealth.”
Diamond noted that domestic violence shelters, rape crisis centers, other social service agencies, and schools were grasping at straws to make cutbacks, obtain expensive loans, and even contemplating closing their doors..
The Pennsylvania Legislature passed a $30.179 billion budget on June 30 which was vetoed by Wolf. The budget was a 3.6 increase over the previous year.
Wolf also has vetoed a stopgap budget that would have funded these schools and service agencies until other matters get resolved.
Wolf is insisting on a massive tax increase and is unwilling to compromise on issues which would slow the massive growth in the the state’s public spending such as pension reform and ending the prevailing wage mandate.
He is a selfish and short-sighted man.
William Lawrence Sr Omnibit 12-4-15
Kodak invented the digital camera in 1975. They squelched it though fearing it would harm film sales.