Kevin Phillips — American Theocracy: The Peril and Politics of Radical Religion, Oil and Borrowed Money in The 21st Century — Videos

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Kevin Phillips – American Theocracy: Radical Religion, Oil, and Debt

Revelle Forum: Kevin Phillips on Religion Oil and Debt

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Kevin Phillips – Bad Money: the Global Crisis of American Capitalism

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WALL STREET MELTDOWN Bill Moyers !!!! FULL 1 of 3

WALL STREET MELTDOWN Bill Moyers !!!! FULL 2 of 3

 

WALL STREET MELTDOWN Bill Moyers !!!! FULL 3 of 3

 

Kevin Phillips (political commentator)

From Wikipedia, the free encyclopedia
Kevin Phillips
Born Kevin Price Phillips
November 30, 1940 (age 75)
Residence Goshen, Connecticut
Alma mater Colgate University (B.A., 1961)
University of Edinburgh (M.A., Geography)
Harvard University (J.D., 1964)
Occupation Pundit, Author, Columnist

Kevin Price Phillips (born November 30, 1940) is an American writer and commentator on politics, economics, and history. Formerly aRepublican Party strategist before becoming an Independent, Phillips became disaffected with the party from the 1990s, and became a critic. He is a regular contributor to the Los Angeles Times, Harper’s Magazine, and National Public Radio, and was a political analyst on PBSNOW with Bill Moyers.

Phillips was a strategist on voting patterns for Richard Nixon‘s 1968 campaign, which was the basis for a book, The Emerging Republican Majority, which predicted a conservative realignment in national politics, and is widely regarded[citation needed] as one of the most influential recent works in political science. His predictions regarding shifting voting patterns in presidential elections proved accurate, though they did not extend “down ballot” to Congress until the Republican revolution of 1994. Phillips also was partly responsible for the design of the Republican “Southern strategy” of the 1970s and 1980s.

The author of fourteen books, he lives in Goshen, Connecticut.

Biography

Phillips was educated at the Bronx High School of Science, Colgate University, the University of Edinburgh and Harvard Law School. After his stint as a senior strategist for the Nixon presidential campaign, he served a year, starting in 1969, as Special Assistant to the U.S. Attorney General, but left after a year to become a columnist. In 1971, he became president of theAmerican Political Research Corporation and editor-publisher of the American Political Report (through 1998).

In 1982, the Wall Street Journal described him as “the leading conservative electoral analyst — the man who invented the term “Sun Belt” [a phrase also attributed to legendary Speaker of the United States House of Representatives Sam Rayburn, named the New Right, and prophesied ‘The Emerging Republican Majority’ in 1969.”

Later, he became a critic of Republicans from the south and west, the area he had identified as the “Heartland”, the future core of Republican votes. He had also identified the “Yankee Northeast” as the future Democratic stronghold, foreshadowing the current split between Red States and Blue States. More than 30 years before the 2004 election, Phillips foresaw such previously Democratic states as Texas and West Virginia swinging to the Republicans and Vermont and Maine becoming Democratic states.

Southern strategy

Phillips worked for Richard Nixon‘s presidential campaign in 1968, and wrote a book on what has come to be known as the “Southern strategy” of the Republican Party. The book was entitled The Emerging Republican Majority and argued that the southern states of the US would keep the Republicans winning Presidential Elections and more than offset the Northeast states, based on racial politics.[1] As he stated to the New York Times Magazine in 1970,

“All the talk about Republicans making inroads into the Negro vote is persiflage. Even ‘Jake the Snake’ [Senator Jacob Javits of New York] only gets 20 percent. From now on, Republicans are never going to get more than 10 to 20 percent of the Negro vote, and they don’t need any more than that… but Republicans would be shortsighted if they weakened the Voting Rights Act. The more Negroes who register as Democrats in the South, the sooner the Negrophobe whites will quit the Democrats and become Republicans. That’s where the votes are. Without that prodding from the blacks, the whites will backslide into their old comfortable arrangement with the local Democrats.”[1]

Books

American Theocracy (2006)

Allen Dwight Callahan[2] states the book’s theme is that the Republican Party (GOP), religious fundamentalism, petroleum, and borrowed money are an “Unholy Alliance.”[3] The last chapter, in a nod to his first major work, is titled “The Erring Republican Majority.” American Theocracy “presents a nightmarish vision of ideological extremism, catastrophic fiscal irresponsibility, rampant greed and dangerous shortsightedness.”

The New York Times wrote:

He identifies three broad and related trends — none of them new to the Bush years but all of them, he believes, exacerbated by this administration’s policies — that together threaten the future of the United States and the world. One is the role of oil in defining and, as Phillips sees it, distorting American foreign and domestic policy. The second is the ominous intrusion of radical Christianity into politics and government. And the third is the astonishing levels of debt — current and prospective — that both the government and the American people have been heedlessly accumulating. If there is a single, if implicit, theme running through the three linked essays that form this book, it is the failure of leaders to look beyond their own and the country’s immediate ambitions and desires so as to plan prudently for a darkening future.[4]

Phillips uses the term financialization to describe how the U.S. economy has been radically restructured from a focus on production, manufacturing and wages, to a focus on speculation, debt, and profits. Since the 1980s, Phillips argues in American Theocracy,

the underlying Washington strategy… was less to give ordinary Americans direct sums than to create a low-interest-rate boom in real estate, thereby raising the percentage of American home ownership, ballooning the prices of homes, and allowing householders to take out some of that increase through low-cost refinancing. This triple play created new wealth to take the place of that destroyed in the 2000-2002 stock-market crash and simultaneously raised consumer confidence.

Nothing similar had ever been engineered before. Instead of a recovery orchestrated by Congress and the White House and aimed at the middle- and bottom-income segments, this one was directed by an appointed central banker, a man whose principal responsibility was to the banking system. His relief, targeted on financial assets and real estate, was principally achieved by monetary stimulus. This in itself confirmed the massive realignment of preferences and priorities within the American system….

Likewise, huge and indisputable but almost never discussed, were the powerful political economics lurking behind the stimulus: the massive rate-cut-driven post-2000 bailout of the FIRE (finance, insurance, and real estate) sector, with its ever-climbing share of GDP and proximity to power. No longer would Washington concentrate stimulus on wages or public-works employment. The Fed’s policies, however shrewd, were not rooted in an abstraction of the national interest but in pursuit of its statutory mandate to protect the U.S. banking and payments system, now inseparable from the broadly defined financial-services sector.

Critical reception

American Theocracy was reviewed widely. The New York Times Book Review wrote “It is not without polemic, but unlike many of the more glib and strident political commentaries of recent years, it is extensively researched and frighteningly persuasive…”[5] The Chicago Sun-Times wrote “Overall, Phillips’ book is a thoughtful and somber jeremiad, written throughout with a graceful wryness… a capstone to his life’s work.”[6]

Bad Money (2008)

Kevin Phillips examines America’s great shift from manufacturing to financial services. He also discusses America’s petroleum policies and the tying of the dollar to the price of oil. Phillips suggests that the Euro and the Chinese Yuan/Renminbi are favorites to take the dollar’s place in countries hostile towards America, like Iran. He then tackles the lack of regulatory oversight employed in the housing market and how the housing boom was allowed to run free under Alan Greenspan. The book concludes with the proposal that America is employing bad capitalism and extends Gresham’s Law of currency to suggest that our good capitalism will be driven out by the bad.[7]

Bibliography

  • The Emerging Republican Majority (1969)
  • Mediacracy: American Parties and Politics in the Communications Age (1974) ISBN 0-385-04945-5
  • Electoral Reform and Voter Participation (with Paul H. Blackman, 1975)
  • Post-Conservative America: People, Politics, and Ideology in a Time of Crisis (1982) ISBN 0-394-52212-5
  • Staying on Top: The Business Case for a National Industrial Strategy (1984) ISBN 0-394-53744-0
  • The Politics of Rich and Poor: Wealth and Electorate in the Reagan Aftermath (1990) ISBN 0-394-55954-1
  • Boiling Point: Democrats, Republicans, and the Decline of Middle Class Prosperity (1993) ISBN 0-679-40461-9
  • Arrogant Capital: Washington, Wall Street and the Frustration of American Politics (1994) ISBN 0-316-70618-3
  • The Cousins’ Wars: Religion, Politics and the Triumph of Anglo-America (1998) ISBN 0-465-01369-4
  • William McKinley (2003) ISBN 0-805-06953-4
  • Wealth and Democracy: A Political History of the American Rich (2002) ISBN 0-767-90533-4
  • American Dynasty: Aristocracy, Fortune, and the Politics of Deceit in the House of Bush (2004) ISBN 0-670-03264-6
  • American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century (2006) ISBN 0-670-03486-X
  • Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism (2008) ISBN 0-670-01907-0
  • 1775: A Good Year for Revolution (2012) ISBN 978-0-670-02512-1

References

  1. ^ Jump up to:a b Boyd, James (May 17, 1970). “Nixon’s Southern strategy ‘It’s All In the Charts'” (PDF). The New York Times.
  2. Jump up^ Rev. Dr. Allen Dwight Callahan’s page at Brown University Archived April 4, 2007 at the Wayback Machine
  3. Jump up^ Callahan, Allen Dwight, “Unholy Alliance” Religion & Ethics Newsweekly, No. 1008, October 25, 2006.[dead link]
  4. Jump up^ N.Y.Times review on 3/19/2006.
  5. Jump up^ Alan Brinkley, The New York Times Book Review, March 19, 2006
  6. Jump up^ William O’Rourke, The Chicago Sun-Times, March 12, 2006
  7. Jump up^ Bad Money, 2008

External links

https://en.wikipedia.org/wiki/Kevin_Phillips_(political_commentator)

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Train Derailment and Crash in Spain Near Santiago De Compostela Kills 80 and Injures 178 Passengers — Photos and Videos

Posted on July 25, 2013. Filed under: Blogroll, Communications, Diasters, Economics, Education, government spending, Law, Life, Links, media, People, Photos, Radio, Regulations, Trains, Transportation, Video | Tags: , , , , , , , , , |

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CCTV Video Shows Spain Train Crash  

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Spain Train Crash CAUGHT ON CAMERA! | Moment High Speed Train Derails in Santiago, Spain

BBC News  Spain train crash  Video shows moment of derailment

Derailment Disaster: High-speed train crash in Spain kills dozens

Spain Train Crash: Santiago Train Derailment Killed 78 | Santiago Tren Accidente

Raw: Train Derails in Spain, Dozens Feared Dead  

Spain Train CRASH Near Santiago De Compostela | Accidente Tren en España  

Spain train crash: Dozens killed as high-speed train derails in Santiago de Compostela

Train Crash In Spain: At Least 80 Killed near Santiago de Compostela  

Driver in custody after 80 killed in Spain train crash

By Teresa Medrano and Tracy Rucinski

The driver of a Spanish train that derailed, killing at least 80 people, was under police guard in hospital on Thursday after the dramatic accident which an official source said was caused by excessive speed.

The eight-carriage train came off the tracks, hit a wall and caught fire just outside the pilgrimage destination Santiago de Compostela in northwestern Spain on Wednesday night. It was one of Europe’s worst rail disasters.

The source had knowledge of the official investigation into a crash which brought misery to Santiago on Thursday, the day when it should have celebrated one of Europe’s biggest Christian festivals. Authorities canceled festivities as the city went into mourning.

The Galicia regional supreme court said in a statement the judge investigating the accident had ordered police to take a statement from the driver.

He was being formally investigated and under police guard but not under arrest, the court said. He was in hospital but it was not clear what kind of injuries he had suffered.

Video footage from a security camera showed the train, with 247 people on board, hurtling into a concrete wall at the side of the track as carriages jack-knifed and the engine overturned.

One local official described the aftermath of the crash as like a scene from hell, with bodies strewn next to the tracks.

The impact was so huge one carriage flew several meters into the air and landed on the other side of a high concrete barrier.

Around 94 people were injured, 35 of them, including four children, in a serious condition, the deputy head of the regional government said.

“We heard a massive noise and we went down the tracks. I helped get a few injured and bodies out of the train. I went into one of the cars but I’d rather not tell you what I saw there,” Ricardo Martinez, a 47-year old baker from Santiago de Compostela, told Reuters.

Newspaper accounts cited witnesses as saying the driver, Francisco Jose Garzon, who had helped rescue victims, shouted into a phone: “I’ve derailed! What do I do?”.

The 52-year-old had been a train driver for 30 years, said a spokeswoman for Renfe, the state train company.

A court source told Reuters there was one driver on the train. Previously, a Galicia government source had said there were two.

TRAIN HIT BEND AT SPEED

El Pais newspaper said the driver told the railway station by radio after being trapped in his cabin that the train entered the bend at 190 kilometers per hour (120 mph). An official source said the speed limit on that stretch of twin track, laid in 2011, was 80 kph.

“We’re only human! We’re only human!” the driver told the station, the newspaper said, citing sources close to the investigation. “I hope there are no dead, because this will weigh on my conscience.”

Investigators were trying to find out why the train was going so fast and why security devices to keep speed within permitted limits had not slowed the train.

Operated by state-owned company Renfe, the train was built by Bombardier and Talgo and was around five years old. It had almost the maximum number of passengers.

Spain’s rail safety record is better than the European average, ranking 18th out of 27 countries in terms of railway deaths per kilometers traveled, the European Railway Agency said. There were 218 train accidents in Spain between 2008-2011, well below the EU average of 426 for the same period.

Firefighters called off a strike to help with the disaster, while hospital staff, many operating on reduced salaries because of spending cuts in recession-hit Spain, worked overtime to tend the injured.

The disaster happened at 8.41 p.m. (2:41 p.m. ET) on the eve of a festival dedicated to St. James, one of Jesus’s 12 disciples, whose remains are said to rest in Santiago’s centuries-old cathedral.

The apostle’s shrine is the destination of the famous El Camino de Santiago pilgrimage across the Pyrenees, which has been followed by Christians since the Middle Ages.

“The main mass (in the cathedral) was transformed from a mass of joy into a mass of mourning,” said Italian pilgrim Irene Valsangiacomo.

KING, PM VISIT

One U.S. citizen died in the crash and five were injured, the State Department said in Washington. Mexico said one of its nationals was among the dead.

At least one British citizen was injured, a British embassy spokesman said. People from several other countries were believed to be among the passengers.

People living nearby ran to the site to help emergency workers tend to the wounded. Ana Taboada, a 29-year-old hospital worker, was one of the first on the scene.

“When the dust lifted I saw corpses. I didn’t make it down to the track, because I was helping the passengers that were coming up the embankment,” she told Reuters. “I saw a man trying to break a window with a stone to help those inside get out.”

Prime Minister Mariano Rajoy, who was born in Santiago de Compostela, the capital of Galicia region, visited the site and the main hospital on Thursday. He declared three days of official national mourning for the victims of the disaster.

King Juan Carlos and Queen Sofia also went to Santiago and visited the injured in hospital.

“All of Spain is united in grief with the bereaved families,” the king said.

Both Renfe and state-owned Adif, which is in charge of the tracks, opened an investigation into the derailment.

Passenger Ricardo Montesco told Cadena Ser radio station the train approached the curve at high speed, twisted and the carriages piled up one on top of the other.

“A lot of people were squashed on the bottom. We tried to squeeze out of the bottom of the wagons to get out and we realized the train was burning. … I was in the second carriage and there was fire. … I saw corpses,” he said.

Clinics in Santiago de Compostela were overwhelmed with people flocking to give blood, while hotels organized free rooms for relatives. Madrid sent forensic scientists and hospital staff to the scene on special flights.

Allianz Seguros, owned by Germany’s Allianz, owns the insurance contract for loss suffered by Renfe passengers, a company spokeswoman told Reuters. The contract does not cover Renfe’s trains. The company had sent experts to the scene.

The disaster stirred memories of a train bombing in Madrid in 2004, carried out by Islamist militants, that killed 191 people, although officials do not suspect an attack this time.

Spain is struggling to emerge from a long-running recession marked by government-driven austerity to bring its deeply indebted finances into order.

But Adif, the state railways infrastructure company, told Reuters no budget cuts had been implemented on maintenance of the line, which connects La Coruna, Santiago de Compostela and Ourense and was inaugurated in 2011.

It said more than 100 million euros a year were being spent on track maintenance in Spain.

(Additional reporting by Inmaculada Sanz, Sonya Dowsett, Sarah White, Andres Gonzalez, Blanca Rodriguez, Julien Toyer, Emma Pinedo, Raquel Castillo, Robert Hetz; Writing by Sonya Dowsett and Julien Toyer and Elisabeth O’Leary,; editing by Barry Moody and Andrew Heavens)

http://www.reuters.com/article/2013/07/25/us-spain-train-idUSBRE96N17R20130725

80 dead in Spain crash; video catches train’s final moments

By Al Goodman. Laura Smith-Spark and Laura Perez Maestro, CNN

The train races into view, and in the space of a heartbeat, the cars derail and crash into a wall of concrete, flipping onto their sides and skidding along the track with terrifying speed and force.

Security footage shows the horror of the moment an express train derailed as it hurtled around a curve in northwestern Spain on Wednesday. A spokeswoman for the Spanish government in the Galicia region, speaking on routine condition of anonymity, confirmed 80 people have died in the crash.

One U.S. citizen is among the dead, according to Deputy State Department spokeswoman Marie Harf. At least five U.S. citizens were also injured, she added.

Flames burst out of one train car as another car was snapped in half after the crash. Rescue crews and fellow passengers pulled bodies through broken windows and pried open doors as stunned survivors looked on.

Investigations into the cause of the crash continue, but suggestions that the train was traveling too fast appear to be gaining weight.

The train driver is being questioned by police and is under formal investigation, said Maria Pardo Rios, a spokeswoman for the Galicia regional supreme court. “He is not being charged by a judge at the moment — it is all at a police level,” she said.

Ninety-five of the 178 injured are still hospitalized, the local government’s official Twitter account said. Thirty-two adults and four children are in critical condition.

Most of the deaths happened at the scene, Rios said. In Spain, judges typically record deaths that take place outside of hospitals.

Judicial teams are still at the crash site and expect to find more bodies, she told CNN on Thursday morning.

Interim charge d’affaires Luis G. Moreno at the embassy said it was in touch “with families of some injured American citizens.”

“We are deeply shocked by the news of last night’s train crash in Galicia. Our hearts and prayers are with the friends and families of the victims,” he said Thursday.

UK Foreign Secretary William Hague said one British citizen was injured.

The crash came on the eve of a public holiday held to mark the region’s saint’s day. Local officials canceled festivities planned for Wednesday night and Thursday across Galicia.

Train’s speed questioned

The state railway, Renfe, said the train crashed on a curve several kilometers from the train station in the city of Santiago de Compostela, a popular tourist destination.

The train was nearing the end of a six-hour trip from Madrid to the town of Ferrol in northwest Spain when it derailed at 8:41 p.m. Wednesday, the railway said.

It was unclear how fast the train was traveling when it crashed. It was capable of going up to 250 kilometers per hour (155 mph), said Julio Hermida, a spokesman for the state railway.

The driver, who suffered minor injuries, told police the train had entered the bend too fast, TVE reported.

The driver has worked for the company for the last 30 years, a spokesman for the railway confirmed to CNN. In 2000, the driver started working as a train driver assistant, and in 2003 began working as a train driver, a job the driver has held since.

Rafael Catala, secretary of state for transport and housing, told Spanish radio network Cadena SER that the “tragedy appears to be linked to the train going too fast,” but that the reasons for that are not yet known.

Spanish news agency Efe and national daily El Pais cited sources within the investigation as saying that the driver had said the train was going at about 190 kilometers per hour, and that the limit on that curve was 80 kilometers per hour (50 mph.)

The president of Renfe, Julio Gomez-Pomar, told radio station COPE on Thursday that the train had undergone a routine inspection that same morning.

“The train did not have an operating problem,” he said. “The maintenance and control record of the train was perfect.”

Mourning declared

Spain’s King Juan Carlos visited a hospital in Santiago de Compostela where victims injured in Wednesday’s train accident are recovering.

“All Spaniards, we are united at this time. … Really all Spaniards join in the pain of the families of the dead,” he said. “We hope that the wounded will recover, little by little.”

The royal family canceled all events scheduled for the day out of respect for the day of mourning, the royal household told CNN.

Alberto Nunez Feijoo, head of the regional government in Galicia, declared seven days of mourning in the region for victims of the tragedy.

In a speech, he said “all of the community cries about the tragedy that we are living, we cry for the victims, we cry for the unease and sadness of the families.”

Spanish Prime Minister Mariano Rajoy viewed the scene of devastation Thursday morning and visited some of the hospitalized crash victims.

Rajoy, who is from the area, told a news conference there was a “huge challenge” ahead, not least in identifying all those killed and informing their families, and he praised the response of everyone who has helped after the crash.

Two investigations are under way, he said, adding, “We want to establish what happened.”

Rajoy declared three days of national mourning to honor the victims of the crash.

The prime minister came under fire in Spanish media after a condolences message for the train crash victims posted by his office late Wednesday included a paragraph apparently “copied and pasted” from a statement previously sent to victims of an earthquake in Gansu, China.

”I would like to express my deepest condolences for the loss of human lives and the material damage from the earthquake that has occurred in Gansu has caused,” the note said.

Victim: ‘Everything went dark’

One victim, speaking from a hospital bed with his arm in a sling, told CNN affiliate Atlas that it seemed like train was going fast.

“But we didn’t know what was the maximum speed, so I thought it was normal,” he said, “And suddenly there was a curve, the suitcases fell, and everything went dark. And I hit my head a ton of times, and 10 seconds later I was wedged between seats, and I had people’s legs on top of me.”

As he waited for rescuers to pull him from the wreckage, he heard other passengers yelling.

“I heard little children screaming. … I also heard two girls that yelled out, one supporting the other,” he said.

A passenger who got off at the last stop before the train derailed told the broadcaster it was packed with people at the time.

Residents who lived near the tracks told the Voz de Galicia newspaper that they heard a thunderous bang when the train crashed. Many of them rushed to the area with blankets and bottled water for the injured, the newspaper reported.

“The train had broken in half. Some pieces were on top, some pieces were on the bottom,” said Ivette Rubiera Cabrera of Florida, who caught a glimpse of the wreckage while on a family vacation in Spain and sent photos to CNN’s iReport.

“It was quite shocking,” she said. “We had never seen anything like that. We had just been on the train last week.”

Oscar Mateos told the El Pais newspaper that he saw fellow passengers thrown to the floor, then tossed from one side of the train to the other.

“Help came in five minutes, but that time became an eternity,” he said. “I helped people get out with broken legs and many bruises.”

Crash investigation

Investigators are looking at all possible causes of the crash, a senior aide to the prime minister said Wednesday.

Are you there and safe? Tell us what’s happening

Renfe’s spokesman said he did not know how many crew members were aboard the train when it crashed. Normally, there would be at least five crew members on a train like that, he said.

Officials appealed for blood donations just after the crash but on Thursday said the short-term needs were met.

Herman Van Rompuy, president of the European Council, expressed condolences from the European Union.

Pope Francis, who is on a visit to Brazil for World Youth Day, sent a telegram to the bishop of Santiago de Compostela, Julian Barrio Barrio, offering his support and prayers for all those affected by the tragedy.

http://www.cnn.com/2013/07/25/world/europe/spain-train-crash/

Driver in deadly Spain train crash under scrutiny

A Spanish train that hurtled off the rails and smashed into a security wall as it rounded a bend was going so fast that carriages tumbled off the tracks like dominos, killing 80 people, including an American, and maiming dozens more.

Spain’s government said two probes have been launched into the train’s derailment Wednesday night on its approach to this Christian festival city in northwest Spain, where planned celebrations in honor of one of Jesus’ disciples gave way to a living nightmare.

The regional government in Galicia confirmed that police planned to question the 52-year-old train driver, in Santiago de Compostela’s main hospital with unspecified injuries, as both a witness and as a possible suspect, but cautioned that possible faults in safety equipment were also being investigated.

Spain’s lead investigator in the crash, Judge Vazquez TaDin, ordered detectives to question the train driver.

Renfe identified him as Francisco Jose Garzon Amo, as a 30-year employee of the state rail company who became an assistant driver in 2000 and a fully qualified driver in 2003. The company said Amo took control of the train from a second driver about 65 miles south of Santiago de Compostela.

CBS News correspondent Mark Phillips reported Amo had bragged last year on the internet about running his train right at the speed limit, saying any faster and he’d be fined.

Renfe’s president, Julio Gomez-Pomar Rodriguez, told Spain’s Cadena Cope radio network that the driver had worked on that route for more than one year.

An Associated Press analysis of images from video footage obtained Thursday suggested the train may have been traveling at twice the speed limit, or more, along that curved stretch of track. Spanish officials said the speed limit on that section of track is 50 miles per hour.

An Associated Press estimate of the train’s speed at the moment of impact using the time stamp of the video and the estimated distance between two pylons gives a range of 89-119 mph. Another estimate calculated on the basis of the typical distance between railroad ties gives a range of 96-112 mph.

The video footage, which the Spanish railway authority Adif said probably came from one of its cameras, shows the train carriages starting to buckle soon into the turn.

The cause of the crash seems to have been a deadly combination of high speed and low budgets, Phillips reports. In order to save money when updating the line between Madrid and the northwest coastal town of El Ferrol, the Spanish rail authority opted to use the existing right of way through Santiago de Compostela.

Murray Hughes, consultant editor of Railway Gazette International, said it appeared that a diesel-powered unit behind the lead locomotive was the first to derail. The front engine itself quickly followed, violently tipping on to its right side as it crashed into a concrete security wall and bulldozed along the ground.

In the background, all the rear carriages could be seen starting to decouple and come off the tracks. The picture went blank as the engine appeared to crash directly into the camera.

After impact, witnesses said a fire engulfed passengers trapped in at least one carriage, most likely driven by ruptured tanks of diesel fuel carried in the forward engines.

“I saw the train coming out of the bend at great speed and then there was a big noise,” one eyewitness who lives beside the train line, Consuelo Domingues, told The Associated Press. “… Then everybody tried to get out of the train.”

The Interior Ministry raised the death toll to 80 in what was Spain’s deadliest train wreck in four decades. The Galician government said 94 others remained hospitalized in six regional hospitals, 31 of them — including four children — in critical condition.

A State Department official confirmed to CBS News Thursday afternoon that one U.S. citizen died and five other Americans were injured in Wednesday’s crash. The official provided no other details except to say that those numbers might change with new information.

“Today the American people grieve with our Spanish friends, who are in our thoughts and prayers,” President Obama said in a statement.

One American survivor has sent a message from a hospital saying he’s OK, CBS News correspondent Mark Phillips reported on “CBS This Morning” Thursday.

Another, however, was not so lucky. Roberto Fariza of Houston, Texas, said his wife was in critical condition. They were both passengers on the train.

“She got hurt very bad her scalp was all like that — flipped over — and she was bleeding out of her mouth and out of her ears, and she was conscious though…she knew what happened,” Fariza said of his wife on “CBS Evening News”.

In the morning, Prime Minister Mariano Rajoy, a native of Santiago de Compostela, toured the crash scene alongside rescue workers and went to a nearby hospital to visit those wounded and their families. In the evening Spain’s head of state, King Carlos, and Queen Sofia went to the same hospital, dressed in funereal black.

“For a native of Santiago, like me, this is the saddest day,” said Rajoy, who declared Spain would observe a three-day period of mourning. He said judicial authorities and the Public Works Ministry had launched parallel investigations into what caused the crash.

Santiago officials had been preparing for the city’s internationally celebrated Catholic festival Thursday but canceled it and took control of the city’s main indoor sports arena to use as a makeshift morgue. There, relatives of the dead could be seen sobbing and embracing each other.

The Interior Ministry, responsible for law and order, ruled out terrorism as a cause.

While sections of the Spanish press pointed an accusatory finger at the train driver, Spanish authorities and railway safety experts cautioned that a fault in systems designed to keep trains traveling at safe speeds could be to blame.

It was Spain’s deadliest train accident since 1972, when a train collided with a bus in southwest Spain, killing 86 people and injuring 112.

“July 24 will no longer be the eve of a day of celebration but rather one commemorating one of the saddest days in the history of Galicia,” said Alberto Nunez Feijoo, regional president of Galicia. Santiago de Compostela is its capital.

The accident created a scene that was “Dante-esque,” Feijoo said. He said Galicia would observe seven days of mourning.

Rescue workers spent the night searching through smashed carriages alongside the tracks.

As dawn broke, cranes brought to the scene were used to lift the carriages away from the tracks. Rescue workers collected passengers’ scattered luggage and loaded it into a truck next to the tracks.

Rescuers described a scene of horror immediately after the crash. Smoke billowed from at least one carriage that had caught fire, while another had been torn into two parts.

Residents of the residential neighborhood closest to the rail line struggled to help victims out of the toppled cars. Some passengers were pulled out of broken windows. Television images showed one man atop a carriage lying on its side, using a pickaxe to try to smash through a window. Other rescuers used rocks to try to free survivors from the fiery wreckage.

Nearby, rescue workers lined up bodies covered in blankets alongside the tracks.

Renfe said the crash happened at 8:41 p.m. (2:41 p.m. ET) about 2.5 miles south of Santiago de Compostela.

Renfe said it and Adif, which manages tracks, signals and other railway infrastructure, were cooperating with a judge appointed to investigate the accident.

It was the world’s third major rail accident this month.

On July 12, six people were killed and nearly 200 were injured when four cars of a passenger train derailed south of Paris.

On July 6, 72 cars carrying crude oil derailed in Lac-Megantic, Ontario, setting off explosions and fires that killed 47 people.

Catholic pilgrims converge on Santiago de Compostela annually to celebrate a festival honoring St. James, a disciple of Jesus whose remains are said to rest in a shrine. The city is the main gathering point for those who reach the end of the El Camino de Santiago pilgrimage route that has drawn Christians since the Middle Ages.

http://www.cbsnews.com/8301-202_162-57595419/spain-train-derailment-may-be-result-of-high-speed/

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American History–Ancient Americans The Mayas and Aztecs–Videos

Posted on June 11, 2012. Filed under: American History, Blogroll, College, Communications, Education, European History, Farming, Food, history, Life, Links, media, Music, People, Philosophy, Religion, Video, War, Wisdom | Tags: , , , , , , |

Ancient Americans The Mayas and Aztecs

Fall of the Aztec & Maya Empires 1/5

Fall of the Aztec & Maya Empires 2/5

Fall of the Aztec & Maya Empires 3/5

Fall of the Aztec & Maya Empires 4/5

Fall of the Aztec & Maya Empires 5/5

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Slaughtering The PIGS (Portugal, Ireland, Italy, Greece and Spain)–The Coming Defaults in Sovereign Debt–Euro Collapse–Videos

Posted on April 24, 2012. Filed under: American History, Blogroll, Communications, Demographics, Diasters, Economics, Federal Government, Federal Government Budget, Fiscal Policy, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , |

Axel Merk – Euro Contagion

The Eurozone Sovereign Debt Crisis: Investment Risks and Opportunities

Inside the Issues 2.20 – Sovereign Debtors in Distress

Following the recent CIGI-INET (Institute for New Economic Thinking) conference Sovereign Debtors in Distress, Pierre Siklos explains how European countries have become indebted in an unsustainable manner, and what financial mechanisms and policy options exist for states on the verge of default. A conference participant at Sovereign Debtors, Siklos is also a CIGI Senior Fellow and director of the Viessmann European Research Centre at Wilfrid Laurier University.

CIGI-INET Sovereign Debtors: Conference Overview

The CIGI-INET partnership brings together two world-class organizations that are tackling common problems together. “Sovereign Debtors in Distress” was the first CIGI-INET conference held in Waterloo, Ontario, Canada, and focused on unraveling the complex global threat of unsustainable sovereign debt. This video, featuring comments by CIGI Executive Director Thomas Bernes, INET Executive Director Robert Johnson, and the world-leading experts who participated in this conference, provides an overview of the discussions held from February 24-26, 2012.

CIGI-INET Sovereign Debtors: Roadmap for dealing with sovereign debt crises

Sovereign Debtors in Distress conference chair Susan Schadler joins panellists Michael Bordo (Rutgers University), Lewis Alexander (Nomura) and Martin Gilman (Centre for Advanced Studies) to discuss the roadmap for dealing with sovereign debt crises in the future.

CIGI-INET Sovereign Debtors: Institutional reform for sovereign debt crises

CIGI-INET Sovereign Debtors: Lessons from the Past

European Debt Crisis Explained

Europe’s Sovereign Debt Crisis: Causes, Consequences for the United States, and Lessons Learned

Northern EUSSR countries bail out more PIGS (07Apr11)

“SORRY – NO ONE BELIEVES YOU ANY MORE” – Nigel Farage

Debating the collapsing Euro and European economies, part1/2 (21Apr12)

Debating the collapsing Euro and European economies, part2/2 (21Apr12)

Moore Says Europe Debt Default Biggest Risk for Markets

Are Central Bankers just Economic Make-up Artists, Sexing-up Prices? 

Debt-ridden Countries IMF’d as “Euro Collapse” threat lures Bailout Bucks w/Michael Hudson

Marc Faber, “The Ego of Mr. Bernanke has been Badly Inflated”

Jim Rogers on Ben Bernanke, the Dollar and “Saving the Saver”

Marc Faber the Great Depression all over again

Marc Faber – When the Government Will Take Your Gold

Stimulus High Fading, Dollar, Gold, History According to Obama

Peter Schiff on Max Keiser Report April 2012

Eurozone’s debt troubles continue

Dutch Government Resigns as Austerity Talks Fail

Euro bounces back on solid Dutch debt sale

Point Break: ‘Spain last nail in Euro-coffin’

Spain sells bonds but pays higher yields

Willem Buiter: Spain And Italy Could Default In Months Or Less

After Second Bailout, Is Greece Still Likely to Default?

Marc Faber – Is Greece Irrelevant for global Markets – 10 feb 2012

Big contrast in Iberian debt 

Spain and Italy borrowing rates soar in latest auctions

Borrowing costs for both Spain and Italy rose today in their latest auction of government bonds.

“…Spain’s borrowing rate nearly doubled in a short-term debt auction as investors fretted over the euro zone’s determination to deal with its debts.

And Italy raised nearly €3.5 billion in a short-term bond sale today but at sharply higher interest rates amid fresh concerns over the euro zone outlook, the Bank of Italy said.

The Spanish treasury said it raised €1.933 billion but the timing could hardly have been worse, with financial markets slumping on concern that Europeans are wavering in their commitment to austerity.

The sale of three-month and six-month bills came a day after Spain’s central bank declared the country had plunged back into recession in the first quarter of 2012.

Markets were shaken after a first round of French presidential elections on Sunday put Socialist Francois Hollande, who wants the euro zone to focus on growth rather than austerity, ahead of incumbent Nicolas Sarkozy. The two contenders face off in a final vote May 6.

Further undermining stability, the Netherlands’ government collapsed yesterday after failing to reach agreement over austerity measures, placing its AAA credit rating at risk. But Spain still managed to lure strong interest in the auction with overall demand outstripping supply by more than four-to-one.

The money raised was towards the top of its targeted range of €1-2 billion. But it had to pay a steep price. The borrowing rate leapt to 0.634% from 0.381% for three-month bills and to 1.58% from 0.836% for six month bills, when compared with the last similar auction on March 27.

Spain has promised to cut its public deficit – the annual shortfall of income compared to spending – to 5.3% of gross domestic product in 2012 and just 3% of GDP in 2013. Last year it had allowed the deficit to hit 8.5% of GDP – 2.5 percentage points over target.

Desperate to meet its targets, the government approved €27 billion in fiscal tightening in its 2012 budget, in addition to an earlier round of tax increases and spending cuts amounting to €15.2 billion. …”

http://www.rte.ie/news/2012/0424/spain-borrowing-rate-soars-for-short-term-debt.html

UPDATE 1-More grief for Greece as recession seen deeper

By George Georgiopoulos

“…Greece’s economy will contract a deeper than expected 5 percent this year, the country’s central bank chief said on Tuesday, piling more pressure on to a citizenry already battered by crippling austerity and record joblessness.

The projection topped a previous forecast the central bank made in March, when it projected the 215 billion euro economy would contract 4.5 percent after a 6.9 percent slump in 2011.

Twice bailed-out Greece is in its fifth consecutive year of recession.

Speaking to shareholders at the central bank’s annual assembly, George Provopoulos, also a European Central Bank Governing Council member, urged strict adherence to reform and fiscal adjustment commitments Greece has agreed with its euro zone partners, saying they were needed to return the economy to sustainable growth.

Athens is under pressure to apply more fiscal austerity to shore up its finances as part of a new rescue package agreed this year with its euro zone partners and the International Monetary Fund (IMF) to avert a chaotic default.

Its continued funding under the 130 billion euro package will hinge on meeting targets.

Provopoulos warned that Greece’s euro zone membership was at stake if it failed to follow through on its pledges, especially after national elections next month.

“If following the election doubts emerge about the new government and society’s will to implement the programme, the current favourable prospects will reverse,” he said.

Greece is set to pick a new government on May 6, with the two main parties in the current coalition seen barely securing a majority in parliament, according to the latest opinion polls.

Whoever wins will have to agree additional spending cuts of 5.5 percent of GDP, or worth about 11 billion euros for 2013-2014, and gather about another 3 billion from better tax collection to keep getting aid, the IMF has said. …”

http://www.reuters.com/article/2012/04/24/greece-cenbanker-idUSL5E8FO4VU20120424

Background Articles and Videos

 

Euro is Dead – Long Live Germany? Anger over PIGS states’ bailout

Future of the US and Europe with Nigel Farage and Lew Rockwell on

Michael Pento, Eurozone Crisis, US Housing Bailouts? – Capital Account (11/11/11)

Gerald Celente talks Trade Wars, Eurozone Breakup, and MF Global

Greek crisis & Euro collapse-On the Edge with Max Keiser-12-02-2011

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Time to Prohibit Government Employees From Forming Unions Starts With TSA–Videos

Posted on November 23, 2010. Filed under: Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Technology, Transportation, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , |

Glenn Beck-11/23/10-A

 

Glenn Beck-11/23/10-B

 

Glenn Beck-11/23/10-C

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