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by John Dalt

11/17/10

A storm is building over the Transportation Security Administration (TSA) use of full body scanners at airports.  If you don’t subject yourself to the radiation, they want to grope you in a private “pat down” to check for weapons or bombs.

According to CBS News, John Tyner refused to go through the TSA body scanner in California on Saturday.  When told he would have to submit to a “groin check” in private, Tyner told them, “You can do that out here, but if you touch my junk, I am gonna have you arrested.”  Tyner recalled that the airline refunded his money and, “I was trying to leave, and the supervisor's supervisor's supervisor came over and told me that I needed to go back through security, because it was against federal law to start the security process and not finish it."  Tyner was escorted out of the airport, but now TSA is threatening him with a lawsuit.

TSA assures us these images cannot be saved, stored or transmitted.
So how did Getty Images get this one?

In Virginia, two pilots are suing the TSA over the security procedures.  They refuse to go through the full body scanners or be subjected to an “unreasonable search” by agents.

A female media personality (tall blonde), Michele McPhee was singled out for the scanner at Boston’s Logan Airport.  After refusing the scanner, she was told she had to submit to a “pat down.”  Ms. McPhee said, "They run their hands inside your leg and under your bra strap and patted the front of my breasts. If someone had done that to me at a nightclub I'd call the cops."

Janet Napolitano, the current head of Homeland Security, says that people can “travel by other means” if they don’t want to go through security.  How dull do you have to be?  This is a typical bureaucrat’s attitude, symptomatic of her boss.

What is wrong with this picture?
A Muslim TSA agent pats down a Catholic Nun in Detroit.

CBS reports that Obama has issued orders that Muslim women that are wearing a ‘traditional’ hajib can refuse the scanner and request a less intrusive pat down.  The Council on American Islamic Relations (CAIR) advises Muslim women that the TSA is only to pat down their neck and head!  This is reported in Canada Free Press.

Those darn Catholic Nuns.  They used airplanes as weapons and killed over 3.000 Americans, now they don't like being scanned?

Who profits from supplying the full body scanners?  Michael Chertoff, the former head of Homeland Security.  He represents a company called Rapiscan.  The company sells the body scanners to the TSA.  The department wants to spend $300 million dollars on the scanners.

The opposition to TSA is growing.  Wewontfly.com is calling for a National Opt Out Day on Nov. 24, the day before Thanksgiving.  They advise you to tell the TSA “I opt out” and request the pat down be done in public.

I don’t fly.  I bought a motor home a few years ago, as I refuse to be treated like an animal.  It works if you don’t go overseas.  I have no desire.  Our oldest daughter is a “road warrior.”  I am anxious to get her views on the TSA.

For follow up and a little more background on the European credit problems. Here are yesterday’s interest rates on 10-year bonds for certain countries: Ireland @ 8.16%, Portugal @ 6.69%, Germany 2.6%.  European Central Bank and IMF representatives are examining Ireland’s government and bank books tonight.

Britain has offered to assist Ireland’s banks.  Britain has offered this aid even though they do not belong to the Eurozone.  British banks hold a large amount of debt from Irish banks.  If Irish banks deteriorate, it could affect the British banking system.

Portugal is mentioned often as the nation that will suffer after Ireland if the crisis is not contained.  Portugal represents 1.8% of the Eurozone economy.  Next in line is Spain, with a much larger economy that produces 11.7% of the eurozone GDP.  Spain has been hard hit as their economy was built on construction, and it has ground to a halt.

We wrote about Ireland’s low corporate tax rates in October in How about a Double Irish.  If Ireland takes any aid, the European Central Bank and IMF may demand that they raise tax rates more in line with other eurozone countries.

Here is a funny video cartoon that someone spent a lot of time producing, and worth our time to watch.  It explains the concept of Quantitative Easing.

We anticipated a “bounce back” or “dead cat” bounce today.  So far, the market can hardly keep above water.  Me thinks there are more lows ahead.

To the mailbag:
Attached is an article from Reuters that says China is ready to institute price controls on food items to control inflation.  Could that help our inflation too?---paid up subscriber T.M.

John’s reply:  Short answer, No.  China's food inflation is caused by the Fed printing money and their refusal to let the Yuan rise in value.  They could easily stop inflation by letting their currency adjust.  Then their money would be worth more and citizens would see lower prices for food.  The problem is, Chinese manufacturers would be disadvantaged exporting their products.

Quote:
I won’t be wronged, I won’t be insulted, and I won’t be laid a hand on.  I don’t do these things to other men, and I expect the same in return.---John Wayne as J.B. Hooks in the Shootist

The information presented in this newsletter is based on generally available news releases, corporate filings, current events, interviews and the editor’s opinions.  It may contain errors and you should not make investment decisions based solely on what you believe you have read here.  Do your own research, it is your money.  If you lose it, it is your responsibility, not ours or your grandmothers!  The editor may or may not have a position in any securities discussed.  The editor may have held a position in a security earlier, or in the future.

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