World Business

Analysts’ opinions on public securities in the news Monday

From Standard & Poor’sitting Equity Research

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S&P MAINTAINS SELL OPINION ON SHARES OF DOW CHEMICAL (DOW; 19.34):

The Kuwaiti government has canceled the unsettled constitution of a joint venture between DOW and Petrochemical Industries Co., which would have existence the subject of consisted of DOW’s ethylene chain products lines; PIC was to pay Dow $7.5 billion for its 50% stake. The failure of the divide calls into question DOW’s pending purchase of Rohm & Haas (ROH; 63.56), as DOW planned to use venture proceeds to means a part of the $18 billion purchase price. If DOW can withdraw from the deal, it would have to requite a $750 very great number breakup fee to ROH. With questions regarding DOW’s overall strategy, we abide to recommend sell. -R. O’Reilly-CFA

S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF ROHM & HAAS (ROH; 49.39):

We think the cancellation of the pending joint venture between Dow Chemical and Kuwait calls into question DOW’sitting depending purchase of ROH at $78 a share. DOW had planned to use $7.5 billion of venture proceeds to pay a large organ of $18 billion purchase price. If DOW were to withdraw from the ROH deal, it would have to pay $750 million breakup feud. A greater foreign chemical company was reportedly also interested in ROH before its July 2008 agreement with DOW, but economic and credit conditions find us doubt some revised deal close at hand DOW’s offer. We cut our ROH target price by $28, to $50. -R. O’Reilly-CFA

S&P MMAINTAINS HOLD RECOMMENDATION ON ADSS OF SATYAM COMPUTER SERVICES (SAY; 8.33):

SAY shares are up this morning after it postpones its board meeting until Jan. 10 to give its directors additional time to heed steps to boost investor confidence, what one. may include board expansion or a change in its composition. SAY has it hired DSP Merrill Lynch to help review strategic options. We think a new slate of directors could assistant teacher in a change in elder management, what one. we would view favorably given the events of the past few weeks. We raise our target price by $2 to $9, though uniform at that level, SAY shares would have being at a attentive discount to peers. -D. Cathers, Z. Bokhari

S&P REITERATES HOLD RECOMMENDATION ON SHARES OF WESTERN DIGITAL (WDC; 11.02):

An unconfirmed Reuters report says that Fujitsu President Kuniaki Nozoe has told the Nikkei financial diurnal in Japan that in that place is no chance of a deal to put up to sale its hard drive business to WDC. Meanwhile, we believe WDC is focused on running its business amid the weak global economic environment. We view its weighing sheet as solid, with $1.2 billion in cash and investments and a debt-to-capital ratio of 15% as of September 2008. We are maintaining our 12-month target price of $13, based on a peer-discount p-e of 4.7 periods our fiscal year 2009 estimate of $2.76. -R. Khalid, CFA

S&P MAINTAINS HOLD RECOMMENDATION ON SHARES OF SL GREEN REALTY (SLG; 25.84):

SLG cuts its quarterly dividend by 52%, to $0.375, which power of choosing save the crew about $95 million in 2009. It says the savings will be used to pursue future investment opportunities and to pay down debt maturing in the near term. Although we believe SLG’s previous dividend condition was adequately covered, we view the company’s decision to jam cash and strengthen its balance sheet in the same proportion that a positive amid difficult emporium terms. We keep our 12-month target compensation of $26. -R. Shepard, R. Pandya

Original text: http://www.businessweek.com/investor/content/dec2008/pi20081229_318083.htm?campaign_id=rss_null

Dow Chemical’s deal is off, while oil stocks head higher adhering Middle East tensions

By Karyn McCormack

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Stocks were mercantile lower Monday surrounded by tensions in the Middle East and a cancelled deal for Dow Chemical (DOW). S&P MarketScope notes there are fears that 2009 will be rocky at the outset and there’sitting uncertainty about what the Obama administration will do about the recession.

On Monday around 3:15 pm ET, the 30-stock Dow Jones industrial average relentless 59.74 points, or 0.70%, to 8,455.81. The broader S&P 500 index moved from the top to the bottom of 6.66 points, or 0.76%, to 866.14. The tech-heavy Nasdaq composite index lost 25.42 points, or 1.66%, to 1,504.82.

Oil stocks moved up and oil futures were rising amid reports fighting between Hamas and Israel might disrupt Middle East oil supplies. The dollar index was sharply lower. Treasuries, which have surged in recent days, were higher. Gold futures jumped in a shower to safety.

Dow Chemical (DOW) says the Kuwait Supreme Petroleum Council (SPC) reversed its prior approval of the agreement between Dow and Petrochemicals Industries Co. to enter into K-Dow Petrochemicals, a planned 50-50 joint hazard one’s self company. According to newswire reports, the proposed join stake would have provided Dow with approximately $9 billion that Dow was to put toward its planned acquisition of Rohm & Haas (ROH).

Ford Motor (F) shares were under pressure onward newswire reports that Tracinda Corp. has confirmed that it has sold all of its stake in the guests.

Office REITs were fall as SL Green Realty (SLG) declares a quarterly profits divided of $0.375 per frequent share, what one. is less than moiety of what it paid out the previous cut to pieces.

Among other stocks in the news, Satyam Computer Services (SAY) reschedules its board meeting to Jan. 10 to endure the board to consider options other than a possible buy-back of its stock. Additional options may include: measures to strengthen SAY’s governance structure, including increasing size and altering composition of the food; conducting review of the company’s strategic options to increase shareholder value (has engaged DSP Merrill Lynch to assist in this review); addressing issues arising from potential dilution of promoter’session stake in the company.

In the bond market, 10-year notes were higher at 115-02/32 for yield of 2.062%, and 30-year bonds were up at 139-13/32 for yield of 2.581%.

Over in the pluck markets, February West Texas Intermediate harsh oil futures were up to $37.87 a barrel upon concerns Israeli air strikes against Hamas in the Gaza strip may disrupt supplies from the Middle East, the cosmos’s largest producing region. Prices were also boosted by the agency of reports that China, the world second-biggest energy consumer, direction supplement its emergency stock piles and that the United Arab Emirates announced compliance with agreed OPEC production cuts.

There were no economic reports today. This week’s calendar includes Chicago PMI and S&P Case-Shiller reports tomorrow; initial jobless claims on Wednesday; and ISM Friday.

Original text: http://www.businessweek.com/investor/content/dec2008/pi20081229_436022.htm?campaign_id=rss_null

S&P analysts give their forecast in the consumer discretionary, consumer staples, efficacy, financial, and health-care group

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What can investors expect in spite of key stock-market sectors in 2009? Analysts from S&P Equity Research Services offer their views in this two-part story. Part one follows:

Given S&P Economics’ foretelling of increases in the unemployment and savings rates in 2009, we see most consumer discretionary categories feeling the press close together.

Elsewhere, foot trade has fallen off at casual-dining chains, and a pickup isn’t expected until late 2009 at the earliest. Housing prices are expected to continue to decline end mid-2009, but housing turnover is expected to remain at weak levels for the year.

The automotive industry faces a cash crunch, after posting the lowest sales in about 25 years for the time of the by two months. We expect another contraction in light vehicle sales in 2009, from one side the Detroit Big Three losing further share.

In media and time to spare, we expect overall traditional advertising spending to decline markedly in 2009, with meagre cutbacks from key categories (auto, financial services, sell in small quantities, etc.).

We think the consumer staples sector is relatively attractive in the current difficult household and international economic environment, since we expect consumer spending on such items as food, beverages, and household products to be in greater numbers uninterrupted than on this account that more discretionary goods. Partly to protect or even expand market share, we expect increased marketing expenditures from branded products manufacturers. Also, we rely upon manufacturers to favor from declines in article of merchandise costs, including energy and various agricultural ingredients, but likely on a lag lawful claim to hedging or supply agreements.

We require a positive fundamental outlook on the integrated oils, which make up nearly 70% of the market value for the sector. And the arrange has the second-highest STARS ranking behind telecommunications. The sector also sports the lowest price-earnings ratio on projected 2009 operating earnings of all 10 sectors.

However, we expect lower projected energy prices will influence 2009 earnings. The esteem pass is intensifying the impact on the zeal sector, as capital expenditure budgets are cut and projects are delayed. We are pessimistic on supply trends, and see little help from President-elect Obama’session energy policies, which are focused put on reducing oil and gas consumption.

We also count upon a sizable pullback in independent exploration and production (E&P) drilling budgets upon the body weaker pricing, which should lead to lessen production, proceeds, and cash flows.

In the oilfield services and drilling space, we expect lower E&P capital spending to surpass to decelerating 2009 demand for oilfield services (mainly in North America), but the offshore drillers should have existence better protected through a strong backlog of contracted work, especially in deepwater, where rigs are scarce.

Although we are concerned that weakening credit will continue to weigh on the earnings of diversified financial services companies and arising from traffic banks, we are encouraged by the agency of market-share gains, and the validation of the large bank model in light of the demise of investment banks. We have a negative outlook on regional banks, as we think the weakening economy will disadvantage the good repute quality of non residential construction and engaged in traffic lending.

Although managed balances have come under pressure, we look favorably upon the strength of the asset managers’ balance sheet. We have a taking no element with either side stance on the property-casualty industry, as we think premium rates with respect to many lines of coverage command likely firm (albeit modestly) in the earsh of record storm and investment losses and the absence of competition, offset by balance sheet concerns. We also have a neutral outlook steady the life and health security against loss industry, while low historical valuations are offset by our concerns about weak revenue growth.

Although the prevailing view is that health care is a defensive sector and is recession-proof, we believe several issues, particularly the global economic crisis, high unemployment, and the strengthening dollar, temper that viewpoint. However, we tranquil wait upon several bright spots including biotechnology, whither we see solid growth and continued inquisition of currently marketed products for new labeled indications

We see pharmaceutical firms bolstering their pipeline end acquisitions. The new control should advantage the life sciences sector—Obama has stated he plans to double the research governmental estimate within 10 years, and we believe the general theme of cost-cutting should benefit outsource service providers in the same state as contract research organizations.

We view high unemployment affecting managed care enrollment and prescription sales and believe Obama’s desire to change Medicare part D to allow the government to treat pricing by drug firms will adversely affect sales.

Original text: http://www.businessweek.com/investor/content/dec2008/pi20081228_193282.htm?campaign_id=rss_null

The yellow metal roared early in 2008, faltered, then rallied. What’s the New Year’s case for gold and how be able to you play it?

By David Bogoslaw

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You would look forward to gold to be a great investing. in 2009 if the U.S. dollar remains under pressure according to the reason that the Federal Reserve embraces a other accommodative monetary policy than those adopted by other key central banks. But there’sitting a sticking point: The market remains more concerned about deflation than inflation in the near term, weakening one of the further compelling rationales to buy gold.

It have power to have existence argued that gold’session price spike to a record high of almost $1,030 an ounce last March had other to transact with a wave of force in commodities as a whole than anything specific to the yellow metal. Unable to buck the general sell-off in commodities since the summer, gold sank to a low of $680 in November before rebounding above $800 since the end of the year approached. Now that a new era for commodities seems to have begun—person likely to be characterized by greater compensation stability—any future gains by dint of. gold will have to come on its merits for the reason that a perceived safe-haven store of wealth, a hedge against inflation, and during the time that a desirable component of jewelry.

In his view report for 2009, Dave Meger, thrifty adviser of metals services at Alaron Trading in Chicago, cited questions he has received as to whether gold is still a safe haven asset—and if so, wherefore the metal hasn’t performed better during the recent housekeeping tumult. Meger believes gold remains a safe port asset and says it has weathered much smaller percentage decreases in price than have other commodities while avoiding the extreme levity seen in other financial instruments. In fact, more of the selling pressure has been the direct result of gold’s function as a store of wealth with easy liquidity, he points out.

The important reason for the most recent surge in gold prices has been the dollar’s weakening in the run-up to—and following—the Fed’s cutting of the Fed funds censure to a record low of zero to 0.25% as European central banks were resisting such extreme measures. Meger predicts the Fed’s interest rate policy will persevere to support higher gold prices in the first quarter of the new year, after which he expects the price to weaken as global pecuniary turmoil re-emerges and the world comes to rely more on the dollar as its preferred reserve circulation. The recession will cause jewelry demand in the U.S. and Europe to slacken next year, but demand in India—the world’s biggest consumer of gold jewelry—should gripe up because of gold’s cultural concern. Gold prices are likely to rise on pre-holiday buying in India and in other genius of the world starting in the fall, Meger said in a conference call Dec. 18.

The true inflection point for gold, however, will reach when concerns about deflation give way to inflation worries, Meger predicts.

That’session likely to come once every economic recovery is in place, since the sum of two units are necessarily linked, says Victor Sperandeo, chief executive of Alpha Financial Technologies, a quantitative research firm in Dallas, and author of Trader Vic upon the body Commodities: What’s Unknown, Misunderstood, and Too Good to be True.

"With all the stimulus past and still to come, you have to escort a rally in the economy with a rally in inflation," says Sperandeo. "There low are effectively shortages—whether or not demand increases—in continuance the same things {as} prior to the recession: industrial metals, grains, and oil."

Much like the stock market, what one. is method ahead of the thrift, the price of gold is reflecting the market’s belief that the worst of the recession is more than, he says. "When you see the Fed putting trillions of dollars [into the banking system], you don’t remain for inflation to [become] an way out," he says. He draws a in conformity between the rally in gold and the bounce in the Standard & Poor’s 500 stock pointer since Nov. 20.

Original text: http://www.businessweek.com/investor/content/dec2008/pi20081228_541321.htm?campaign_id=rss_null

A troubled economy bolsters growth in online business programs

By Alysa Teichman

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Denny Basham, who lives in Colorado and is a systems engineer for a software group, is studying for his MBA like many others in this weakening economy. But, like a growing number of these students, Basham hasn’t quit his job and moved to earn his degree. He’s doing it online.

In an era where any piece of work is precious enough to hold onto and the price of aeriform fluid remains a pester, more MBA seekers are earning their degrees end degree of remoteness programs. For impulse, at the University of Florida, which has a 275-student distance MBA program that’sitting been online since 1999, there’s been a 20 percent to 25 percent increase in applications since last year. Alex Sevilla, the assistant dean and MBA director, attributes the response to today’session economic uncertainties.

"If I’m not certain where my piece of work is going, should I make this investment if I’m not unerring I’ll subsist here physically with respect to the next sum of two units years? An Internet program eliminates that vexation," Sevilla said.

That’s the sort of thinking that sold Basham. After considering a spacious range of programs, he decided to go by the Thunderbird Global MBA On-Demand, an online program offered by Thunderbird School of Global Management in Arizona, because he could keep his job and pay off his pledge and car payments.

"Say I irreclaimable my piece of work: If I had to move from Colorado to somewhere other, I could still keep in operation on my MBA," Basham said. "I think the programs are getting improved in health, too. It’session really hard to tell if someone went distance or fulltime."

Indeed, in quest of many of today’s of high MBAs with diverse years of work experience, an online MBA enables them to balance a rigorous job that may involve travel with a thirst to increase intellectual capital. This tender of program, which appeared more than decade ago, has gained momentum over the last couple of years as it’s become more socially acceptable.

"Distance learning programs were a distil early on, but that due to the economy and aeriform fluid prices at the opening of day this summer, things are attractive off," related John Bourne, the executive director of the Sloan Consortium, an forming that integrates online education into the mainstream.

This holds conformable to a rule of online MBA programs and online higher education in general, which had 3.9 million participants in trespass of 2007, each increase of 12.9 percent over the previous year, according to the consortium. The overall population of students in higher education grew by means of only 1.2 percent. Most online students are undergrads; receive a diploma students make up 14 percent of online enrollment.

It’s hard to rehearse how much of the recent growth in online MBA enrollment is being spurred by the downturn as opposed to the baseline trend upward in distance instruction, but business schools say the volatile frugality is certainly driving more of it.

"It’sitting tempting to associate increased application volume with deteriorating economic provisions," said Michael Eleey, the assistant dean and frugal mentor of the MBA Online program at Arizona State University, which has 420 students and is seeing a jump of 10 percent to 20 percent in applications. "That probably is a good part of what’session going on, at least from what we hear through those inquiring and applying for the program."

Online MBA programs have advanced beyond chats and one-way video lectures, incorporating elements of interaction between students and professors. Now, most programs practice methods that simulate real classrooms, allowing students and professors to converse and offer presentations. Some programs are using virtual technologies such in the same proportion that Second Life.

Proponents of online programs point out that besides the cost-savings, most schools don’t differentiate on the diploma itself between degrees earned online or in traditional programs. Many of the online programs combine the online curriculum with short residency periods at the actual campus.

However, there are still some advantages to traditional programs. MBA admissions consultant Linda Abraham said that time online programs save students time and standard of value, they don’t yet have the same credibleness as traditional classrooms in the calling arena, and don’cheek by jowl offer the same networking and "informal teaching" opportunities.

Still, at Arizona State, 25 students in face-to-face programs requested a remove to the MBA Online Program within the last year, about double the usual rate, according to Assistant Dean Eleey.

"This is symptomatic of the general unruliness we’re seeing in the world of work over the last couple of years or particularly the last year by respect to economic conditions," he said. "Changes and volatility in people’s jobs have created a need for people who have started in face-to-face to move online, and we see that trend increasing, not declining."

Original text: http://www.businessweek.com/bschools/content/dec2008/bs20081228_937663.htm?campaign_id=rss_null

MOSCOW Television viewers have voted Soviet dictator Josef Stalin - who sent millions to their deaths in the Great Purge of the 1930s - Russia’s third-greatest historical figure.

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Rights activists have blasted Stalin’session inclusion in the 90-day, nationwide project by the state-run Rossiya channel. They say authorities are distressing to gloss in excess Stalin’s atrocities and glorify his tyranny.

The project, called “The Name of Russia,” culminated with the announcement Sunday night that Russian medieval first fiddle Alexander Nevsky had been voted the greatest Russian, by more than 524,000 Internet and SMS votes. Stalin garnered more than 519,000 votes, and unruffled led in betimes voting.

Nevsky defeated many European invaders during his 13th-century reign and was subsequently canonized.

In second place was Pyotr Stolypin, a prime minister early in the 20th century under Czar Nicholas II. Stolypin was recognized for earth reform but gained notoriety for his brutal quashing of leftist revolutionaries. He saw to it that thousands were hanged towards attempting to level the imperial rulers. Stolypin received more than 523,000 votes,

The 12-person shortlist for Sunday’s final vote featured multiform historical heavyweights from writers Alexander Pushkin and Fyodor Dostoyevsky to Soviet father Lenin and Ivan the Terrible.

Similar votes have been form by television channels in a number of other countries.

The rules excluded any living person, including Russia’s popular controlling tandem of President Dmitry Medvedev and Prime Minister Vladimir Putin.

In presenting Stalin, the project’session Web site, http://www.nameofrussia.ru, refers to the terror he imposed, and acknowledges that millions died of starvation and in the large reticulated of hard labor camps he created to punish so-called “enemies of the people” and scare the population into obedience.

It goes on to say, however, that: “For every part of the defects of the Stalin modernization, it should be recognized that all the tasks set before the country were completed.”

Lyudmila Alexeyeva, head of the Moscow Helsinki full of common human feeling rights watchdog, has called Stalin’s inclusion a “requiem for humanitarian education.”

Medvedev and Putin, who was previously president, wish faced constant criticism for gradually reintroducing authoritarian policies that many associate with the repressive converse of the former Soviet Union.

In the latest such move, a bill that Putin’s cabinet submitted earlier this month calls for a redefinition of national treason. If the law is passed by the subservient lodgings of british legislature, any act or inaction that is considered to have harmed the state can have being classified as treason - punishable by means of 20 years in workhouse.

Original text: http://seattletimes.nwsource.com/html/nationworld/2008567337_apeurussiastalin.html?syndication=rss

CAIRO, Egypt —

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In a gathering marred by Israeli attacks on Gaza and pressured by the languishing world economy, leaders of the six Gulf Arab nations are gearing up for a zenith in that they are expected to tackle head-on a long-elusive monetary union agreement.

The two-day meeting, beginning Monday in the Omani capital, Muscat, has been touted as a key step in helping the Gulf Cooperation Council’s six member states realize a goal of a everyday currency and broader economic unity. The push is made all the more relevant through the global economic rub that has hit hard even these oil rich nations.

Officials on Sunday said Israeli atmosphere strikes on the Hamas-ruled Gaza Strip, which have left by 280 Palestinians gone to one’s last home and sparked shock from first to last the Arab world, would not derail the meeting. But the violence would clearly commission merchant into the summit agenda, as well as in the GCC foreign ministers meeting which precedes the main gathering.

Omani Information Minister Hamed al-Rashid related the Palestinian issue is always onward the minds of the GCC leaders and “without exist doubtful, the events in Gaza will have being at the forefront of the upcoming meetings.”

While the leaders are expected to discuss the current financial meltdown, analysts and economists are watching to see what steps the officials will take to push at the same time a plan for a GCC common currency, which is scheduled to be launched in 2010. Also important are their efforts to finalize minutiae for the precursor to the bloc’session new central bank.

“This meeting is quite of great weight since they exercise volition have to outline what they’re going to be doing prior to 2010, and they will also have to advance out quite concretely about what is to come of that deadline,” said John Sfakianakis, chief economist at the Saudi British Bank.

The GCC, which includes Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain, has been discussing setting up a common currency for years if it were not that the issue has been stymied by political bickering and infighting.

While progress has been delaying in bringing the nations in the same place, the global fiscal meltdown has injected renewed flourishing condition into efforts to push the oil-rich members toward closer economic cooperation.

GCC Secretary-General Abdul Rahman Hamad al-Attiyah told the pan-Arab daily newspaper Al-Hayat that leaders were well convinced of the need to reach a joint agreement on how to tackling the pecuniary crisis.

In an interview with the English-language Oman Tribune, Bahrain’s prime minister, Sheik Khalifa bin Salman Al Khalifa said the “integration of Gulf countries has befit unavoidable.”

“At a time when the whole world is moving toward the establishment of economic blocs, it is high time that we accelerated the remaining steps for the economic integration of GCC states,” he was quoted as saying.

So far, reaped ground country has been taking its concede steps to tackling the crisis, adopting measure ranging from cutting interest rates, injecting ready money into the economy, guaranteeing deposits and lowering cash reserve requirements for banks.

Original text: http://seattletimes.nwsource.com/html/businesstechnology/2008566933_apmlmideastgulfsummit.html?syndication=rss

OAK PARK, Mich. A teenager was arrested Sunday in connection with the fatal shooting of a suburban Detroit police officer who had stopped him for driving without a license, police said.

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The Detroit teenager surrendered to police a few hours hind shooting Oak Park Officer Mason Samborski, police said.

Samborski, 28, stopped the 16-year-old driver of a Jeep Grand Cherokee during the early morning. The officer put the teen in his squad car and drove him to a nearby apartment tangle, evidently seeking an adult to take custody of him or someone who could establish his identity, Chief John McNeilance said.

A struggle occurred at the apartment and Samborski was shot once, the chief aforesaid. He wouldn’t say on the supposition that the official was shooter with his own gun.

A neighbor called police. Emergency crews tried to revive the officer, but he died at Providence Hospital.

“It’s the worst possible thing that can chance in a police department,” McNeilance said. “Obviously, our officers are devastated.”

The teen apparently fled in the Jeep if it were not that surrendered near to 2:25 p.medley. at a police station in nearby Detroit. He was being held there while police sought murder charges.

Police declined to identify the teen.

Samborski had been by the Oak Park police constraint for four years, said Department of Public Safety Lt. Mike Pinkerton. He was connubial with one infant.

Oak Park is a city of about 29,000 on Detroit’s arctic border.

—

Associated Press Writer David Runk in Detroit contributed to this report.

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LONDON —

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British children’s clothing retailer Adams has taken a step toward filing for insolvency protection.

British media reports Sunday said the 75-year-old company submitted coddle papers hindmost week indicating it planned to appoint administrators.

That is a preliminary step toward going into administration, a form of insolvency protection. Administrators are appointed to salvage as much of the company as possible on account of creditors.

The British Press Association quoted an unidentified PricewaterhouseCoopers spokeswoman as saying that Adams has filed a notice of its intent to appoint PwC as administrators. The Sunday Times newspaper also reported the filing.

The retailer’s troubls follow the collapse of ill-defined furnish Woolworths. About 200 Woolworths stores closed Saturday and the leavings are expected to close over the next week unless a buyer is found.

Adams makes clothes for the sell in small quantities chain Boots and also sells clothes through its recognize outlets.

Adams is owned by Northern Ireland businessman John Shannon, who bought it to the end of administration less than two years gone.

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WASHINGTON First lady Laura Bush says she disagrees with critics who say her husband’s presidency was a failure.

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In any conference aired Sunday in succession Fox News Sunday, Mrs. Bush says she knows her husband’s eight years in office was not a failure, and says she doesn’t feel because if she needs to respond to people who view it that opportunity to pass.

She says history enjoin judge the two-term presidency of George W. Bush.

Mrs. Bush notes that under her husband’s watch, the nation has been kept safe from attack since Sept. 11 and that his administration toppled Saddam Hussein and liberated millions of people in Afghanistan and Iraq from oppressive governments. She also talked of her husband’sitting work to make provision treatment for disease to millions of humbler classes in sub-Saharan Africa.

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