A Collection of Notes from the Battle Front ... by gimleteye

**** "As Harry Hanson said, we have exported the capital markets, we have exported innovation, we have exported our industries, but we proved we can do Walmart. Those one way trends, particularly in innovation and start-ups going to China, India, Eastern Europe, etc., when combined with a deep 10 year stagflation scenario could prove the ebbing of the American century. Ronald Reagan won't come along to save us this time. And the rest of the world will have their knives out to cut up the pieces if we don't start making nice fast." ... from a reader of Eyeonmiami

**** ST. PAUL, Minn. – Republican Rep. Michele Bachmann says she regrets using the term "anti-American" while discussing Democratic presidential candidate Barack Obama's views, a remark that could threaten her re-election bid. Bachmann told the St. Cloud Times on Tuesday that she "made a big mistake" by going on MSNBC's "Hardball," a show she said she'd never seen before her appearance last week. Her statement to host Chris Matthews that Obama "may have anti-American views" drew condemnation and helped her opponent, Democrat Elwyn Tinklenberg, raise more than $1 million in just a few days.

**** From Mish's Global Trend Analysis: "President George W. Bush said he will host a summit on the global financial crisis in the "near future" and he is confident the world's nations will weather the breakdown in credit markets. ... Instead of holding a summit of losers, why not hold a summit for those who saw the mess coming and are far more likely to know what to do than those who did not see this mess coming."

**** From Pam Marten's, "How the Banksters are Making a Killing from the Bailout": "Now we learn from the U.S. Treasury web site that it has hired the law firm of Simpson, Thacher & Bartlett to represent our taxpayer interests going forward at a cost to us of $300,000 for six months work. But we’re not allowed to know their hourly wages; that information has been blacked out on the Treasury’s contract. Curiously, the Treasury has named in its contract the specific lawyers it wants to work for us. Two of those are Lee A. Meyerson and David Eisenberg. Mr. Meyerson has been a central player in facilitating the bank consolidations that have led to the present train wreck, including building JPMorgan Chase from the body parts of Chemical Bank, Chase Manhattan and Bank One. Mr. Eisenberg has played a central role in the proliferation of the credit derivatives blowing up on the books of the Frankenbanks created by Mr. Meyerson."

**** NY Times Oct. 22 Is she a maverick, or a clotheshorse? The Republican National Committee paid more than $150,000 for clothing, makeup and accessories in September that apparently went to Gov. Sarah Palin and her family, according to an article on Politico.com. That included $9,447.71 to Macy’s, $789.72 to Barneys New York, $5,102.71 to Bloomingdales; $49,425.74 to Saks Fifth Avenue and $4,902.45 to Atelier. ... On the campaign trail, Ms. Palin is always impeccably turned out, sometime changing jackets, high heels and hairstyles twice or three times a day. When asked for comment, Alex Conant, a spokesman for the R.N.C., said only: “The R.N.C. does not discuss expenses as it relates to strategy.”

**** According to our sources, The Collection, Miami's luxury car dealer, lost money last quarter for the first time in its history. Its lots are bulging with inventory. Ferraris are on 3 year wait lists, no longer. At The Collection, a special section is filled with new Ferraris whose buyers walked away from deposits.