Boston Tea Party 2010 - Social Media Triumphs

In a stunning loss for the Democrats, Republican Scott Brown was elected yesterday to fill the Massachusetts Senate seat held by Ted Kennedy for 47 years. It’s the economy and jobs that have the people’s attention today. Many believe that the current administration has taken its eye off the ball and is attempting to force expensive legislation on America that we simply can’t afford. Government is getting too big and spending money we don’t have. What caught my attention was how successful Scott Brown was at using Social Media to reach his voters and galvanize them into action.

Japan Air Lines filed for bankruptcy and will cut 1/3 of its workforce, over 15,000 jobs. Chevron announced that it will cut refining jobs as it refocuses its business efforts. CSX, the railroad company, reported that rail car volume is still falling but at a slower rate. The Federal Housing Administration is tightening mortgage requirements and demanding more security for future loans. They also are increasing the cost of insuring those loans from 1.75% to 2.25% at origination and adding it to the principal. If house prices continue to drop before the job market gets better, the next crisis will be here all too soon. The bottom line is that the economy is still very weak.

Iranian opposition is mobilizing its campaign against the current regime online. The impact and the value of the internet and social media are only beginning to be understood. The Taliban mounted attacks in both Iraq and Afghanistan over the last few days. Radical Islamists have been using the internet to promote their murderous propaganda for many years now and we need to learn how to combat them more effectively. China and Taiwan are both tightening their monetary policies because they fear asset bubbles are forming.