Hello, Mr. Obama

President-Elect Barack Obama sat down with 60 Minutes for his first, post-election interview. CBS has the entire interview on their website, where Mr. Obama discusses everything from the economy and the failing auto industry to his new dog and whether his mother-in-law will be joining him and his family in the White House. Enjoy.



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In Entertainment....

In Entertainment news...

• Quantum of Solace, the latest in the James Bond franchise, was number 1 at the box office. It had a huge opening, taking in over $70million. Madagascar: Escape 2 Africa fell to number 2 while the latest Judd Apatow comedy, Role Models took 3rd place.
• Britney Spears' latest album, Circus, leaked in full over the weekend. Early reviews give the pop princesses latest effort some fairly good reviews. It's pop, so as long as its fun people will like it.
• Lindsay Lohan was greeted with a flour-bomb when she arrived at a nightclub in Paris wearing fur. A member of PETA launched the flour-bomb as she arrived with her girlfriend, DJ Samantha Ronson, who was spinning at the affair.
• MTV's TRL said goodbye forever, going out with a huge, star-studded affair in New York City. Total Request Live listed the most influencial music video as Britney Spears' debut video, ...Baby One More Time. Odd, but there you have it.

Future Politics and The Econmic Nightmare

This is the first article that really offers some explanation as to what is going to come from all of this. From The BBC....the best international news source ever.

A deep-seated global crisis is often a chance to redraw the map, reflecting shifts in the balance of power in different ways.

First, the crisis can confirm or nudge ahead trends which seem to be happening anyway - like the shift of power from Western to emerging Eastern players.

Second, it can put flesh on reforms already in the air - like plans to overhaul the international financial architecture to be discussed at this weekend's summit being hosted by President Bush in Washington.

China is the latest large economy to announce an economic stimulus plan

And third, there are the instinctive emergency reactions, supposedly temporary, but which can end up reshaping the global chessboard for years to come - the hurried nationalisation of some Western banks, for instance, or possibly Iceland's desperate bailout appeal to Russia - a Nato member putting financial survival ahead of any security provisos.

Of course to draw firm conclusions at this point, with the economic crisis far from over, is a risky venture. But some patterns merit closer examination.

First, is the balance of power in the world really shifting eastwards? It is a question that has been the subject of much debate recently on the discussion programme The Forum which I host for the BBC World Service.

My guests' general conclusion seems to be that, yes, Asia is on the rise, and the economic woes of the US and Europe have exposed the fragility of Western banking and the vulnerability of Western economies.

China and India have been less affected. And, even if demand for Chinese goods slows, its mammoth economy can still be a powerful engine of growth and a much needed source of liquidity.

Russian nerves

And yet, in a world so interdependent economically, can any part be immune? Especially given the symbiotic relationship between China and the United States - "Chimerica" as the Harvard historian Niall Ferguson calls it: not two financial systems, but one.

Economists including JM Keynes negotiate the Bretton Woods Agreements

In these terms, surely if the American and other Western economies have succumbed to a chronic bout of sneezing, flu for China and rest of world is inescapable?

Moreover, perhaps we should not overstate the resilience of emerging economies.

Look no further than Moscow, where the stock market panic and flight of capital abroad have been dramatic, and the fall in world oil prices has added to the economy's battering.

Despite Russia's legendary energy wealth, there is a new nervous uncertainty among local businessmen who - one suspects - know more than most about the way the domestic economy remains weakened by corruption and a labyrinthine smoke-and-mirrors way of doing business.

A second question worth pondering - just how likely is it that this weekend's top-level meeting really will generate reform of the world's leading financial institutions?

Bridget Kendall 1998 to present: BBC diplomatic correspondent 1994-98: Washington correspondent 1989-94: Moscow correspondent More about Bridget

There is grand talk of a 'Bretton Woods Two', a vision for a new financial system pushed for some time by, among others, Britain's Gordon Brown. True, there is broad agreement on an agenda to seek ways to forestall a global recession, devise an early warning system and consider more international regulation.

But the leaders from 20 of the world's largest economies bring to the table a variety of conflicting interests, some motivated by practical need, others by ideological considerations, some looking for short term fixes - the move from private to state control of banks for instance - which others view as a desirable long term objective.

Top table reform

So is major reform feasible? Is the current economic crisis cataclysmic enough yet to be truly transformational?

The Europeans say they are united in a call for global financial governance and greater transparency.

The United States has been famously reluctant to accept any authority but its own. Why should this be any different?

But a rift has opened up between those like the French President, Nicolas Sarkozy, who seek permanent global oversight of financial transactions, and wary Anglo-Saxon governments - including above all the US administration - which fear that too much control could hamper the workings of the free market.

And even if that hurdle is surmounted, could any US president, even one enjoying such goodwill as President-elect Barack Obama, win Congressional backing for a toothy regulatory body that would have real oversight of US institutions?

Whether the issue is international crimes against humanity or attempts to regulate carbon emissions, the United States has been famously reluctant to accept any authority but its own. Why should this be any different?

Russian President Medvedev blames American policies for the current crisis

Meanwhile, the powerhouse nations of the so-called BRIC group - Brazil, Russia, India and China - and the petro-states of the Gulf (armed with the bargaining chip of sovereign wealth funds) have made it clear that what they want is recognition that the old elite clubs dominated by Western nations no longer reflect reality.

Logic would suggest this means reform of the top tables not just at the IMF and the World Bank, but an enlargement of the G8 (Group of Eight most industrialised countries), and the United Nations Security Council.

Fine in theory. But in practice…

Reforming the G8 is probably easiest. Already the annual summit opens its doors to other players. And the 2009 host, Italy's Silvio Berlusconi, has made it known he intends to invite the G20 countries to his G8 Sardinia party.

But the weary process of reform at the UN has left many jaundiced. It is hard to imagine the mechanism which would require current global powers to agree to anything but a symbolic change.

The Bretton Woods Agreements Agreed in July 1944, but not all of them operative until 1959 Creation of the IMF and IBRD (now part of World Bank) Encouraged open markets Obligation to maintain currency exchange rates within fixed values (to +/- 1%)

Likewise at the World Bank and the IMF, the hard bargaining will revolve not just around which new countries get seats on the board, but whether they will be allowed to upset the current balance of power when it comes to decision-making. Note that already there are voices warning that too many players will make any new arrangement dysfunctional.

There are other complications. Russia continues to agitate for any adjustment that will lessen US influence, whether in financial or European security matters.

No doubt President Medvedev will want to repeat his and Mr Putin's belief that the root cause of the current financial crisis lies in American unilateralism following the end of the Cold War and the 9/11 terrorist attacks - an ideological argument that may irritate rather than persuade and make consensus even harder to achieve.

Safety in numbers

And a third area of examination - what do the emergency reactions to the financial crisis so far tell us about the way the world may be heading?

Reactions seem to boil down to a choice of two - whether to conclude that in times of trouble safety lies in numbers and it is better to be part of a bigger bloc, or whether when the going gets hard, it is better to look after your own - the protectionist, nationalist instinct.

Certainly some people seem to be concluding that size is the best security against future risk.

In beleaguered Iceland, where six months ago opinion suggested a majority were against EU membership, those in favour of throwing their lot in with the EU has crept above 50%.

A similar trend in Scandinavia is leading the governments in Denmark and possibly Sweden to wonder if they should think again about offering a referendum on joining the Euro.

In global terms, perhaps the biggest worry of all must be what will a financial downturn mean for the world's have-nots?

And in Scotland, too, recent polls have suggested support for the Scottish Nationalist Party's vision of independence has lost ground. Going it alone, it seems, no longer looks so attractive in the wake of a financial crisis.

But at the same time, EU cohesiveness has taken a knocking. Despite early declarations of EU economic solidarity, it didn't take long for Ireland to break ranks and offer a unilateral guarantee to depositors to forestall a run on its banks, or for Germany to hint it would take similar action.

And disorderly EU bickering ahead of the Washington summit has rather belied claims of European unity.

And in global terms, perhaps the biggest worry of all must be what will a financial downturn mean for the world's have-nots?

Fears for poor

For all the high hopes of turning this crisis to advantage, to push through reforms that otherwise would never have been contemplated, there is a danger it could pivot in the opposite direction. And if this crisis ushers in greater protectionism, it could mean an end to an era of generosity and less concern for the welfare of others.

For the last decade it has been the very poor who have dominated the agenda of the World Bank and the IMF. Not any more. In the last two months, it has been Iceland, Hungary, Ukraine and Pakistan knocking at the IMF door.

Already the UN Secretary General, Ban Ki-Moon, has sounded the alarm that his ambitious UN Millennium goals to slash poverty, illiteracy and disease run the risk of being neglected. This could 'threaten to undermine all our achievements' he said recently.

Just this week the World Food Programme warned it was having to cut food aid to impoverished Zimbabweans due to a lack of international donations. A harbinger of things to come, perhaps.

And there is a broader implication - that it may become increasingly difficult to persuade nations to sign up for large-scale interventions to help the desperate and the victimised. If a global recession cannot be avoided, the United Nations' much vaunted "responsibility to protect", only recently enacted, may end up already becoming an outdated aspiration.

You can listen to the BBC World Service's The Forum with Bridget Kendall here.

Economy Woes

As the economy continues to slide across the globe, the second largest bank in the US announced they are cutting 53,000 more jobs.

Citigroup CEO Vikram Pandit said the cuts were to happen in the next few months...just in time for the holidays. Boo.

The cuts will take Citigroup's workforce down from 375,000 employees at the end of 2007 to roughly 300,000. The latest job cuts are on top of 22,000 positions already being eliminated.

A company spokesman said the cuts will be spread across the massive firm and around the world, but details on possible cuts in Canada were not immediately available.

According to the company's website, Citigroup has been operating in Canada for 50 years and has about 5,500 employees across the country.

Roughly 18,000 jobs will be eliminated through the sale of Citi Global Services and the company's German retail banking business. Citi is also planning to sell more businesses, a spokesperson said.

The remainder of the job cuts will come through layoffs and attrition.

Citigroup is one of the U.S. banks that have received public money from Washington as part of its bailout plan. The federal government injected about $25 billion US into the firm by way of a purchase of Citigroup preferred shares.

New York-based Citigroup has lost money in the past four quarters, including $2.8-billion US in the third quarter.

Its a pretty big shame. Things just don't seem to be getting any better. However, as this continues, world leaders have been meeting at the economic meeting in Washington and have said that progress has been made to some degree.

Amazing

Truly wonderful.

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Canzine 2008 hits Toronto on Sunday, October 26 at 1pm at the Gladstone Hotel.

Canzine is Canada's Largest zine fair and festival of alternative culture. Gonna be pretty amazing, with booths and stuff set up, along with readings and film screenings. An absolute MUST SEE is Spencer Butt, he's an amazing poet and all around great guy, so while you're there checking it all out, make sure to check him out.

For more details...CLICK HERE

Flaherty speaks...

Federal Finance Minister Jim Flaherty has announced a loan protection plan. This could protect Canadian's looking for long-term loans from defaulting on these loans.

The federal government will provide a "backstop" to the country's banks, offering insurance on their wholesale term borrowing, Finance Minister Jim Flaherty said Thursday.

Flaherty said in Ottawa that the government is making the guarantee available so the country's banks aren't put at a competitive disadvantage amid the global credit squeeze. By doing so, Canada is following similar steps already taken by more than a dozen countries, including the U.S., the U.K., Australia, Spain, Ireland, Germany and Sweden.

"Our actions will help Canadian financial institutions secure access to longer-term funds so that they can continue lending to consumers, homebuyers and businesses in Canada," Flaherty said.

Flaherty said the insurance will be offered to federally regulated deposit-taking institutions on commercial terms, with no expected cost to taxpayers.

He told reporters that the program is only temporary, lasting from November to April. He said it will be up to the financial institutions to decide if they want to pay the premium to insure their debt.

As someone with very little money of his own, this doesn't exactly put my mind at ease. However, it is good to see that there is government regulating what's going on with our banks. The global crisis is absolutely insane. Hope you're speaking with your financial advisors! Don't try deal with anything on your own!

Palin Cancer

Governor Sarah Palin is being described as a cancer on the GOP. David Brooks, a staunch GOP supporter, says she is a "fatal cancer" in a recent interview. The Palin-effect is being blamed for Sen. Barack Obama's new lead in the polls. Well thank God that people finally woke up and realized just what was at stake. McCain is not exactly young - he's the oldest presidential candidate ever - and Sarah Palin has essentially no foreign experience. I can't imagine what it must be like living in the US right now - poor economy, an unjust war, $25 million raised to oppose same-sex marriage - but I am very glad that there is distaste for this woman. It is obsurd that she was nominated...and I'm just happy that she is single-handedly ruining McCain's campaign.

Says Brooks...

[Sarah Palin] represents a fatal cancer to the Republican party. When I first started in journalism, I worked at the National Review for Bill Buckley. And Buckley famously said he'd rather be ruled by the first 2,000 names in the Boston phone book than by the Harvard faculty. But he didn't think those were the only two options. He thought it was important to have people on the conservative side who celebrated ideas, who celebrated learning. And his whole life was based on that, and that was also true for a lot of the other conservatives in the Reagan era. Reagan had an immense faith in the power of ideas. But there has been a counter, more populist tradition, which is not only to scorn liberal ideas but to scorn ideas entirely. And I'm afraid that Sarah Palin has those prejudices. I think President Bush has those prejudices.

(Source)

A bit of entertainment news...

Lady Madonna..total bitch
Madonna's divorce is bringing out all sorts of beautiful, airy details about the lovely marriage between the woman and her soon-to-be-ex, Guy Ritchie. Reports of the Queen of Pop being harsh, demanding and otherwise...a total bitch, now there are reports from celebrity blogger Perez Hilton that it was Guy's gold digging ways that led to the divorce.
Madge is currently on tour (complete with her disgusting arms), and recently rocked the ACC two nights in a row here in Toronto. Apparently, she's already over the divorce. Did I mention she hired Paul McCartney's divorce lawyer?

It's Britney, Bitches.
The Pop Princess is back, if she ever really left. After what can only be described as the worst/most amazing public fall from grace, including several stints in both rehab and psychiatric wards, along with the loss of custody rights over her two children, she's back. And getting better media coverage than ever! Her new single, Womanizer, jumped a remarkable 95 spots in one week to reach #1 on Billboard's Hot 100 chart. This is the highest ranked single since her debut, ...Baby One More Time. And the video... Well, it looks like a mash-up of Toxic and Gimme More, but she certainly puts rumours of her body to rest.... Click Here to View.

Who loves Tina Fey? (I do!)

Bill Clinton gives straight answers.

I love this man. His appearance on Letterman may give some people a better understanding of what exactly happened to create the economic turmoil in the United States.

Loonie drops, along with gas prices.

Markets aren't exactly bouncing back from the global financial crisis that began in the US several weeks ago. The Canadian dollar is dropping, to a rate lower than it has been in over three years. The only bonus: lower gas prices. So, while financial experts and stock brokers may be freaking out, regular people are happy enough to have affordable gas again.

The Canadian dollar briefly fell below 80 cents US on global currency markets on Wednesday, while North American stock markets began the day weakly.

The loonie later traded at 80.06, off 2.33 cents US from Tuesday's finish. The dollar hasn't closed under 80 cents U.S. since the middle of June 2005.

The loonie shed 1.38 cents on Tuesday, after the Bank of Canada cut the target for the overnight rate by one-quarter of a percentage point.

The Canadian dollar has been under pressure as investors move back into the U.S. dollar and oil prices continue to retreat.

So what is going on?? Well, the global markets aren't doing well. And Canadians are feeling different effects.

My advice: Talk to your financial planners. Also, stockpile gas. Who knows when it'll be cheap again.

World Press Photo Exhibition

It has become incredibly cold in Toronto.
Thank goodness for the World Press Photo Exhibition. It is an incredible way to escape the cold that has taken the city by surprise.
I mean, seriously, there were people with shirts off in the park two weeks ago. What the hell?

Tomorrow (Wednesday, Oct 22) is the final day for it. And let me just say that it is absolutely phenomenal. Anyone with a day off who wants to see some of the most amazing, thought-provoking and powerful photos of the past year should consider this an absolute must.

Details:
It is located at the Allen Lambert Gallery @ BCE Place (181 Bay St, Toronto, ON)
The exhibition runs from 7am - 10pm, so you and yours can make your way there after work or dinner or...whatever.
Best part? Admission is 100% FREE!

Who loves TV?

I'd like to take this opportunity to discuss some of my favorite shows of this season.

1. Weeds, Season 4.
I would just like to say that I resisted watching this show until this summer. It started innocently enough, renting the first disc of season 1...and the next thing I know, I'd seen everything that Nancy Botwin and her family had done over 4 seasons. The fourth season of the show, which airs on SHOWCASE, keeps getting better and better. Anyone who wants to see a hot soccer mom turn into a pot dealer and have to deal with all the pitfalls (money laundering) and benefits (paid cash for a new Prius) of the trade, seriously needs to watch this show. It is hilarious, crazy and totally entertaining. Amazing cast.

2. Heroes, Season 3.
After a lack-luster second season, the cast is back to true form. And VILLAINS! This season sees Claire fighting crime, Sylar being..well, still awesomely creepy, Suresh losing his shit, and Peter still trying to be the "All-American" good boy. So far, it has been pretty great. The story is moving along quite nicely and the only thing that sucks is the loss of the beautiful (and bitchy) Elle, played by the gorgeous Kristen Bell (Forgetting Sarah Marshall, Veronica Mars, Gossip Girl).

3. Gossip Girl, Season 2.
Even before you start rolling your eyes, just take a moment to go watch an episode or two. If you still aren't convinced...you're either too old or just don't want to admit to yourself that it is horribly addictive.
Season 2 starts with the group enjoying the tail end of their summer vacations. Chuck Bass, played by the delightful Brit, Ed Westwick, is still the man you wish you were. Heartless, perfectly dressed and totally upfront about his intentions (they are basically sex and money). He and Serena were holed up at their family's home in the Hamptons, along with Nate, while Blair was off in France, and the Humphrey's did their thing in the Big Apple.
Drama soon ensues as they all head back to the city. I can't even begin to tell you what is happening for fear that you haven't seen any of the episodes. But it is truly a great, totally guilty pleasure.

4. The Rachel Zoe Project
"Who the eff is Rachel Zoe?" Well, she's a celebrity stylist with a reality show that may or may not have been cancelled. But it is available on YouTube and is totally awesome. It follows her and her two assistants as they prepare for awards season in Hollywood. It sounds totally ridiculous because it is. That's why I love it. "....I'm getting a total witchvibe."

5. CBC: The National
What Canadian in the right mind doesn't love watching this program? If you don't watch the news, you really need to start.

Voters no-show, Dion bows out.

I am pretty disappointed in the low voter turnout that this country saw in the latest election. And while I believe the election was a total waste of taxpayers dollars, I have to say that Liberal Leader Stephane Dion didn't do as poorly as was expected, though he didn't really make anything change for his party or supporters in the latest election. And the reason is simple: he lacks charisma. An academic, he most certainly is. A man of enthusiasm, sure. But a man of passion, no. Or at least not in the language spoken by the majority of those who occupy Canada: English.

This is not to say that Harper is anything close to charismatic or passionate, but he leads the Tories - not exactly known for their outgoing ways.

It will be good for the Liberal party to find a new leader. The party needs some new life and kick to it. The only problem could be insufficient funds. There have been rumblings that those who ran for Liberal leadership with Dion the last time around haven't been able to pay their campaign bills.

Who do you think should be the new party leader?

So we begin.

Well I've decided that a blog is the best way to keep my writing skills sharp while I search for a job in the big city of Toronto. After finishing school, I moved east from Regina to Toronto. That's over 2500kms. Funny how a three hour flight can make it seem not so far away.

Studying journalism, I realized that I had zero interest in the broadcasting profession. This has made my choice of career that much more challenging, as writers who have made their lives as journalists are in no hurry to retire - good for them, terrible for those trying to make a name for themselves in the field. So, as a result, I wait tables and blog. The alternative is public relations, but I'm not convinced it's for me just yet.

The blog will cover an array of topics - from news to business to entertainment. Hope that readers enjoy what I've got to say.

Best,

CPD