Monday, July 2, 2012

Summer Holiday Week Notes

Good morning, and welcome to July. 1 YEAR IN THE PENTAGON : A year ago today, Leon Panetta walked up the river steps of the Pentagon and was sworn in as the 23rd Secretary of Defense. His year of leading the 3.2 million men and women of the Defense Department: "maintaining pressure on al Qaeda leadership disrupting plots and removing key leaders from the battlefield, ending the Iraq war and safely bringing home the troops, beginning a drawdown in Afghanistan and transition to Afghan security lead, concluding the NATO mission in Libya with fall of Qadhafi, developing a new defense strategy focused on new capabilities and a rebalance towards Asia-Pacific and Middle East, putting forward a budget to implement that strategy and achieve Congress-mandated savings of $487 billion over 10 years, implementing the repeal of [Don't Ask Don't Tell], opening 14,000 positions in the military to women, and taking new measures to prevent and prosecute sexual assault."

OLYMPICS COUNTDOWN – Rafael Nadal will carry the Spanish flag at the London Olympics.

TV NEWSER - "Savannah Guthrie has been named co-anchor of NBC News' 'Today'" - NBC release: "The announcement was made ... by NBC News President Steve Capus and is effective immediately. The new 'Today' anchor team of Matt Lauer, Savannah Guthrie, Al Roker and Natalie Morales officially debuts Monday, July 9. Statement from ... Capus ... : 'In just a few short years Savannah, has become a standout member of the news division as well as the ultimate team player. She's anchored for Brian on "NBC Nightly News," moderated for David on "Meet the Press," co-hosted the 9 a.m. hour of "Today," reported for "Rock Center" and "Dateline," and provided legal insights in our Supreme Court Special Reports - and that was all within the last week! She's got an undeniable range, and she's earned the trust of the news community, her colleagues and our viewers alike.'.

WHITE HOUSE salary list released. It would be nice if some of our public and private educational institutions did this announcement also.

SPORTS BLINK - NFL Network plans live 6-10 a.m. "NFL AM" - NFL release : "Debuting Monday, July 30 just as training camps open, the new four-hour 'NFL AM' kicks off at 6 a.m. ET every Monday through Friday. ... The show's discussion will cover a wide-range of NFL-related topics including the cultural convergence of sports, entertainment and music. Each morning, 'NFL AM' will collaborate with to take a look at the latest in fantasy football news and information. The show's talent roster features Mark Kriegel from, former San Francisco 49ers Super Bowl-winning cornerback Eric Davis, Brian Webber from FOX Sports Digital, Nicole Zaloumis from Comcast Sports Net-New England and Steve Wyche from NFL Media. The show will be based at NFL Network's Culver City, Calif., studios. No other sport is the sole focus of a show of this length each and every weekday morning."

SECRETARY CLINTON last week was in Finland, her 99th country as SecState.  She also visited Latvia, #100. The previous record, held by Madeleine Albright, was 96 -- and Secretary Clinton still has (at least) six months to go. (If Obama is reelected, look for him to ask her to stay on for a few months as a transition.) Her first country was Japan (along with China, Korea, Indonesia). She "went West," signaling her emphasis on Asia.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: George W. Bush (66), Tom Cruise (50), Larry David (65), Julie Nixon Eisenhower (64), Luci Baines Johnson (65), Jack Lambert (60), Richard Petty (75), Nancy Reagan (91), Doc Severinsen (85), Pam Shriver (50), Neil Simon (85), Ringo Starr (72), United States of America (236), Jerry Vale (80).

PAUL McCARTNEY - "His ballad 'Yesterday' is one of the most covered songs in history -- but as he turned 70 last week, ex-Beatle Paul McCartney shows no signs of settling back to reflect on his extraordinary past. Fresh from wowing huge crowds at Queen Elizabeth II's diamond jubilee concert and with another headline gig -- the London Olympics opening ceremony -- booked for next month, retirement looks a way off for the British legend. ... Between his years with the Fab Four, his work with Wings and his solo career, McCartney has written or co-written more than 50 top 10 singles. Macca, as he is affectionately known, released his latest album 'Kisses on the Bottom' in February, and is just finishing a world tour. And as he bounced onto the stage and belted out a string of hits in the shadow of Buckingham Palace this month, he did not look like a man with eight grandchildren. It may be the singer's third marriage, to US heiress Nancy Shevell in October, that has put the spring back in his step.

"Born to working-class parents in [Liverpool,] the port city in northwest England, McCartney met John Lennon at the age of 15 and the pair formed the Quarrymen, the skiffle band that eventually metamorphosed into the Beatles. ... Lennon and McCartney formed one of the most celebrated songwriting partnerships of the 20th century, but their creative differences ultimately helped bring about the Beatles' break-up in 1970. ... Of the four Beatles, two have since died: Lennon when he was shot dead in New York in 1980 and Harrison from cancer in 2001. McCartney is often mistakenly described as 'the last remaining Beatle' -- something that the oft-overlooked drummer Ringo Starr, who is also still recording, bears with good-natured amusement."

THE ROMNEY OLYMPICS -- "This weekend, Mitt Romney is starting his annual summer vacation on [Lake Winnipesaukee]... The Romneys, 30 in all these days, [follow] a ... regimen of sports and games known as the 'Romney Olympics.' The Romney Olympics have long included a mini-triathlon of biking, swimming and running that pits Mitt and his five sons and their wives against one another. But after Mitt once nearly finished last, behind a daughter-in-law who had given birth to her second child a couple of months earlier, the ultra-competitive and self-described unathletic patriarch expanded the games to give himself a better shot. Now they also compete to see who can hang onto a pole the longest, who can throw a football the farthest and who can hammer the most nails into a board in two minutes - not exactly the kind of events they'll be giving out gold medals for in London this month.

"By day, the Romneys kayak and water ski - one sport at which Mitt excels - play tennis and basketball, stage a 'home-run derby' and horse around on a slip-and-slide. Most of the grandchildren (there are now 18) put on a talent show on a stage that Papa, as they call Mitt, constructed in the backyard. And he helps them roast s'mores over a campfire and leads them on treasure hunts. He grills chicken and salmon and teaches the kids how to drive his lawn tractor. At night, the adults gather for family meetings, with each evening focused on a frank and full discussion of a different son's career moves and parenting worries. Each member of the family picks a daily chore from a 'chore wheel,' so as to share cleaning tasks evenly.

"And ... everyone poses on the lawn for a portrait for that year's Romney family Christmas card. The grandchildren coordinate outfits; last summer, the girls wore matching orange and yellow polka-dotted dresses and the boys, blue checkered shirts. ... Romney's 13-acre estate features a six-bedroom house, a horse stable with guest apartments above it, a $630,000 boat house, tennis and volleyball courts and a shoreline stretching 768 feet ... Romney and his wife, Ann, purchased the home in 1997 for $2.5 million and later bought adjoining land. This year, records show, the estate was assessed at $8 million." Family photo

DRIVING THE WEEK - Congress is gone, Mitt Romney is off the trail for his highly competitive extended family vacation in Wolfboro, N.H. and Wednesday is the July 4th holiday. So it's going to be a weird and mostly likely quiet week. But the June jobs report at 8:30 a.m. Friday will close things off with a significant bang. Consensus is for a gain of 90K and no change to the 8.2% jobless rate.
On Tuesday, Fed and FDIC plan to release portions of living wills submitted by nine big banks. Analysts say it is unlikely any of the submissions will be rejected as insufficient. If they are, it would be a very bad headline for the bank or banks rejected ... ISM manufacturing out at 10 a.m. today expected to drop to 52.0 from 53.5 ... Construction spending, also at 10:00 a.m., expected to rise 0.2% ... ISM services on Thursday expected to be little changed from May's 53.7.
Next week, Jack Ass of the Month and summer movies.
Until Next Monday, Adios.

Claremont, CA
July 2, 2012

#III-10, 115

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