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Monday, September 29, 2008

Last week I thought that this so called 'bailout' was the right thing to do. Over the weekend, I've been thinking some more, and now, I'm not so sure.

Here's what Mike Pence had to say about it...

Why I Oppose the Bailout

Our nation has been confronted by a serious crisis in our financial markets. The President and this Congress were right to act with all deliberate speed in addressing this crisis.

We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price?

Economic freedom means the freedom to succeed and the freedom to fail.

The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy.

Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people.

I cannot support it.

Before you vote, ask yourself why you came here and vote with courage and integrity to those principles.

If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions.Duty is ours, outcomes belong to God.

We have fought the good fight. Now we need to finish the race and make sure that posterity and the American people know there were conservatives who opposed the leviathan state in this dark hour.

And if you do this I promise you, I will stand with you and, I believe with all my heart, the American people will stand with you as well.

I feel that's pretty well said...

Amamda Carpenter had this to say befor the vote was taken...

In the run-up to what’s being called a “legacy vote” on the massive $700 billion financial bailout, House Republican leadership is trumpeting the reforms they negotiated in the bill that a faction of House conservatives are vehemently opposing.

House Minority Leader John Boehner (R.-Ohio), who has called the bill “a crap sandwich” but indicated he will support it. He issued a statement touting Republican victories in the bill before the expected vote Tuesday afternoon.

“The new version of the economic rescue legislation, scheduled for a vote today in the House, includes major changes for taxpayers as a direct result of the principled stand taken by House Republicans in the face of what days ago was a mad stampede to pass an irresponsible bill,” Boehner’s statement said.

He’s giving Republicans credit for stripping the bill of funding for trial lawyers, Big Labor, ACORN and increasing taxpayer protections.

So how did the vote go???

In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging nearly 800 points, the most ever for a single day.

"We need to put something back together that works," a grim-faced Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency strategy session at the White House.

On Capitol Hill, Democratic leaders said the House would reconvene Thursday, leaving open the possibility that it could salvage a reworked version.

All sides agreed the effort to bolster beleaguered financial markets, potentially the biggest government intervention since the Great Depression, could not be abandoned.

The vote broke down like this:

Ala. - Cramer, Davis
Ariz. - Berry, Ross, Snyder
Calif. - Berman, Capps, Cardoza, Costa, Davis, Eshoo, Farr, Harmon, Honda, Lofgren, Matsui, McNerney, Miller (G.), Pelosi, Richardson, Speier, Taushcer, Waters, Waxman, CO-DeGette, Perlmutter
Conn. - DeLauro, Laron, Murphy, FL-Boyd, Brown, Hastings, Klein, Mahoney, Meek, Wasserman, Schultz, Wexler
Ga. - Bishop, Marshall
Ill. - Bean, Davis, Emanuel, Foster, Gutierrez, Hare, Schakowsky
Ind. - Donnelly, Ellsworth
Iowa - Boswell, Loebsack
Kan. - Moore
La. - Melancon
Maine - Allen
Md. - Hoyer, Ruppersberger, Sarbanes, Van Hollen
Mass.- Capuano, Frank, Markey, McGovern, Neal, Oliver, Tsongas

Mich. - Dingell, Kildee, Levin, MN-Ellison, McCollum, Oberstar
Mo.- Carnahan, Skelton
N.J. - Andrews, Holt, Pallone, Sires
N.Y. - Ackerman, Arcuri, Bishop, Clarke, Crowley, Engel, Hall, Higgins, Israel, Lowey, Maloney, McCarthy, McNulty, Meeks, Nadler, Rangel, Slaughter, Towns, Velazquez, Weiner
N.C. - Etheridge, Miller, Price, Watt
N.D. - Pomeroy
Ohio - Ryan, Space, Wilson
Okla. - Boren
Ore. - Hooley
Pa. - Brady, Doyle, Fattah, Kanjorksi, Murphy (P.), Murtha, Schwartz, Sestak
R.I. - Kennedy, Langevin
S.C. - Clyburn, Spratt
Tenn. - Cohen, Cooper, Gordon, Tanner
Texas - Edwards, Gonzalez, Hinojosa, Johnson, Reyes
Va. - Boucher, Moran
Wash. - Baird, Dicks, Larsen, McDermott, Smith
W.Va - Mollohan, Rahall
Wis. - Baldwin, Kind, Moore, Obey

Ariz. - Giffords, Grijalva, Mitchell, Paster,
Calif - Baca, Becerra, Filner, Zee, Napolitano, Roybal (Allard), Sanchez (Linda), Sanchez (Loretta), Schiff, Sherman, Solis, Stark, Thompson, Watson, Woolsey
Colo. - Salazar, Udall
Conn. - Courtney
Fla. - Caster
Ga. - Barrow, Johnson, Lewis, Scott,
Hawaii - Abercrombie, Hirono
Ill. - Costello, Jackson, Lipinski, Rush
Ind. - Carson, Hill, Visclosky
Iowa - Braley
Kan. - Boyda
Ky. - Chandler, Yarmuth
La. - Cazayoux, Jefferson
Maine - Michaud
Md. - Cummings, Edwards
Mass. - Delahunt, Lynch, Tierney
Mich. - Coyners, Kilpatrick, Stupak
Minn. - Peterson, Walz
Miss. - Childers, Taylor, Thompson
Mo. - Clay, Cleaver
Nev. - Berkley
N.H. - Hodes, Shea-Porter
N.J. - Pascrell, Payne, Rothman
N.M. - Udall
N.Y. - Gillibrand, Hinchey, Serrano
N.C. - Butterfield, McIntyre, Shuler
Ohio - Kaptur, Kucinich, Sutten
Ore. - Blumenauer, DeFazio, Wu
Pa. - Altmire, Carney, Holden
S.D. - Hurseth, Sandlin
Tenn. - Davis, Lincoln
Texas - Cuellar, Doggett, Green (Al), Green (Gene), Jackson (Lee), Lampson, Ortiz, Rodriguez
Utah - Matheson
Vt.- Welch
Va. - Scott
Wash. - Inslee
Wis. - Kagen
Ala. - Bachus, Bonner, Everett, Rogers
Ariz. - Boozman
Calif. - Bono (Mack), Valvert, Campbell, Dreier, Herger, Lewis, Lungren, McKeon, Miller (G), Radanovich
Colo. - Tancredo
Conn. - Shays
Del. - Castle
Fla. - Crenshaw, Putnam, Weldon
Idaho - Simpson
Ill. - Krik, LaHood
Ind. - Souder
Ky. - Lewis, Rogers
La. - McCrery
Md. - Gilchrest
Mich. - Camp, Ehlers, Upton
Minn. - Kline
Miss. - Pickering
Mo. - Blunt, Emerson
Nev. - Porter
N.J. - Ferguson, Saxton
N.M. - Wilson
N.Y. - Fossella, King, McHugh, Reynolds, Walsh
Ohio - Boehner, Hobson, Pryce, Regula
Okla. - Cole
Ore. - Walden
Pa. - Peterson
S.C. - Brown, Inglis, Wilson
Texas - Brady, Granger, Sessions, Smith
Utah - Cannon
Va - Cantor, Davis, Wolf
Wis.- Ryan
Wyo. - Cubin
Ala - Aderhold
Alaska - Young
Ariz. - Flake, Franks, Renzi, Shadegg
Calif. - Bilbray, Doolittle, Gallegly, Hunter, Issa, McCarthy, Nunes, Rohrabacher, Royce
Colo. - Lamborn, Musgrave
Fla. - Bilirakis, Brown-Waite, Ginny, Buchanan, Diaz-Balart (L), Diaz-Balart (M), Feeney, Keller, Mack, Mica, Miller, Ros-Lehtinen, Stearns, Young
Georgia - Brown, Deal, Gingrey, Kingsten, Linder, Price, Westmoreland
Idaho - Sali
Ill. - Biggert, Johnson, Manzullo, Raskam, Shimkus
Ind. - Burton, Buyer, Pence
Iowa - King, Latham
Kan. - Moran, Tiahrt
Ky. - Davis, Whitfield
La. - Alexander, Bustany, Scalise
Md. - Bartlett
Mich. - Hoekstra, Knollenberg, McCotter, Miller, Rogers, Walberg
Minn. - Bachmann, Ramstad
Mo. - Akin, Graves, Hulshof
Mont. - Mehberg
Neb. - Portenberrym, Smith, Terry
Nev. - Heller
N.J. - Frelinghuysen, Garrett, LoBiondo, Smith
N.M. - Pearce
N.Y. - Kuhl
N.C. - Coble, Foxx, Hayes, Jones, McHenry, Myrick
Ohio - Chabot, Jordan, LaTourette, Latta, Schmidt, Tiberi, Turner
Olka. - Fallin, Lucas, Sullivan
Pa. - Dent, English, Gerlach, Murphy, Pitts, Platts, Shuster
S.C. - Barrett
Tenn. - Blackburn, Davis, Duncan, Wamp
Texas - Barton, Burgess, Carter, Conway, Culberson, Gohmert, Hall, Hensarling, Johnson (S), Marchant, McCaul, Neugbauer, Paul, Poe, Thornberry
Utah - Bishop
Va. - Drake, Forbes, Goode, Goodlatte, Wittman
Wa. - Hastings, McMorris, Rodgers, Reighert
W.Va. - Capito
Wisc. - Petri, Sensenbrenner

My Conservative instincts have kicked in. To hell with them all! Let them all fail and go belly up! Maybe then we'll see the real truth about just WHO caused this mess and where the blame truly lies!

My money is on the Democrats!


Friday, September 26, 2008

Obama Truth Squads?

Holy Toledo! Now we have truth squads!

I hope you folks in Missouri are ready for this?
Harry Truman is rolling over in his grave!

This is from KMOV!

This is from St Louis CofCC!

But what about this from the NYT?

Two weeks ago, Senator Barack Obama’s presidential campaign gleefully publicized a spate of news reports about misleading and untruthful statements in the advertisements of his rival, Senator John McCain. Asked by a voter in New Hampshire if he would respond in kind, Mr. Obama said, “I just have a different philosophy, I’m going to respond with the truth,” adding, “I’m not going to start making up lies about John McCain.”

Yet as Mr. McCain’s misleading advertisements became fodder on shows like “The View” and “Saturday Night Live,” Mr. Obama began his own run of advertisements on radio and television that have matched the dubious nature of Mr. McCain’s more questionable spots.

A radio advertisement running in Wisconsin and other contested states misleadingly reports that Mr. McCain “has stood in the way of” federal financing for stem cell research; Mr. McCain did once oppose such federally supported research but broke with President Bush to consistently support it starting in 2001 (his running mate, Gov. Sarah Palin of Alaska, does not support it).

A commercial running here on Thursday morning highlighting Mr. McCain’s votes against incentives for alternative energy misleadingly asserts he supports tax breaks for “one source of energy: oil companies.” Mr. McCain’s proposed corporate tax break would cover all companies, including those developing new sources of power.

A new television advertisement playing in areas with high concentrations of elderly voters and emphasizing Mr. McCain’s support for President Bush’s failed plan for private Social Security accounts misleadingly implies Mr. McCain supported “cutting benefits in half” — an analysis of Mr. Bush’s plan that would have applied to upper-income Americans retiring in the year 2075.

A much criticized Spanish-language television advertisement wrongly links the views of Mr. McCain, who was a champion of the sweeping immigration overhaul pushed by Mr. Bush, to those of Rush Limbaugh, a harsh critic of the approach, and, frequently, of Mr. McCain.

The advertisement implies Mr. Limbaugh is one of Mr. McCain’s “Republican friends,” and quotes Mr. Limbaugh as calling Mexicans “stupid and unqualified.” Mr. Limbaugh has written that his quotes were taken out of context and that he was mocking the views of others.

In all, Mr. Obama has released at least five commercials that have been criticized as misleading or untruthful against Mr. McCain’s positions in the past two weeks. Mr. Obama drew complaints from many of the independent fact-checking groups and editorial writers who just two weeks ago were criticizing Mr. McCain for producing a large share of this year’s untruthful spots (“Pants on Fire,” the fact-checking Web site PolitiFact.com wrote of Mr. Obama’s advertisement invoking Mr. Limbaugh; “False!” FactCheck.org said of his commercial on Social Security.)

Some Democrats expressed concern that Mr. Obama, in stretching the truth in some of his advertisements, was putting at risk the “above politics” persona he has tried to cultivate.

“I do think there is a risk,” said Joe Trippi, a longtime Democratic strategist. “The risk is that they seem to be different, that the appeal for Obama is ‘it’s not the same old politics.’ ”

Nevertheless, Mr. Trippi described the advertisements as “an eye for an eye.”

That's right, it's not the same old politics. It's Change We Can Believe In...
What is going through this man's mind?
He's absolutely NUTS!

It's All McCain's Fault!

WOW! The big emergency meeting on the state of the economic bailout falls apart! And of course, it's John McCains fault!

The President called the meeting.

Paulson called Graham and said he needed Republicans on board and McCain was the guy to get them together. So, McCain went.


It was presented that each party's leaders should be there to lead the discussions. At the meeting, all the Democrats deferred to Obama as the leader he is supposed to be, and he immediately ripped into Republicans.

It seems he missed the memo that this was to be a negotiation and 'smoothing out of details' type of meeting.

The meeting fell into disarray... Screaming, yelling. The President tried to regain control, but many of the Dems walked out.

Obama basically chaired the meeting and began with an attack!

It's been said that the meeting was a trap set by Democrats for McCain, and to show off Obama's brilliant negotiating skills.

Obama blew it! It was Obama that riled everyone up! His attacks caused the meeting to disintegrate! Some negotiator!

It has been reported that McCain said nothing in the meeting!

Dingy Harry Reid spins it as ridicule of the Republicans. Then suggests that all these bailout ideas were from Obama!
Does he think we're that stupid?!

Obama keeps blaming McCain for injecting ‘presidential politics’ into this ‘delicate issue’.

A negotiation session turned into an attack on Republicans... Just WOW!

Obama doesn’t have a clue!

If Obama was so influential, so ‘presidential’, why didn’t he actually take over the meeting and get to a solution!

Instead the Dems just blame McCain for injecting presidential politics. Weak.

Bailout talks in disarray
No mention of McCain blame in this article...

...Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.

But shortly after 10 p.m., Rep. Barney Frank, D-Mass., the lead House Democrat on the issue who had been in close talks with Paulson for days, accused Republicans of refusing to negotiate.
"At this point, we have absolutely no participation or cooperation from House Republicans," Frank said.

The next step was not clear late Thursday night. One thing seems certain: Lawmakers won't recess for the year on Friday, as originally planned. Instead, if they can't reach a deal in the next 24 hours, they're likely to work through the weekend.

Senate Banking Committee Chairman Christopher Dodd, D-Conn., said the White House meeting was thrown off course when participants were blindsided by a new "core agreement" that emerged in the meeting that not many had seen before.

Nor here...

Though Sen. Chris Dodd implied that Sen. McCain sandbagged the rest of the negotiators by bringing up alternative proposals, McCain himself did not bring up those proposals, according to four independent sources briefed by four different principals inside the meeting, including two Republicans and two Democrats.

"McCain has not attacked the Paulson deal," said a third Republican who was briefed by McCain direclty.

"Unlike the [Democrats] in the [White House] meeting, he didn't raise his voice or cause a ruckus.

He is urging all sides to come together."Republicans like John Boehner brought up the concerns of House GOPers and McCain acknowledged hearing about their concerns.

And McCain, and staffers, did seek to gauge the level of support of the GOP working group's white paper. The Democrats were left with the impression that McCain endorsed the GOP efforts, but they concede that he did not raise them directly.

The fact is that Boehner doesn't have 100 votes from his conference -- 100 votes that Nancy Pelosi really wants.
And that's not McCain's fault.

So there it is. The elusive truth.

There never was a deal! The meeting was orchestrated to embarass McCain!

And the deal the Dems wanted sent tons of money to ACORN!
A commie , Obama organization!
Simply more spin from the left.

If they had a deal and it was such a great deal, why do they need the Republicans? The Democrats run Congress don't they? Just push the bill thru!

Liars! Democrats are Liars!

Thursday, September 25, 2008

President Bush Calls For Reform 17 Times... In 2008 Alone!

I'm sure you've been hearing all the hype about Bush's failed policies, and Bush's lack of leadership, and Bush didn't address the current financial problems, and that Bush IS the problem!

Well that's all media hype and pure fiction.

The President has been calling for reforms for Fannie and Freddie for years! 17 times this year alone!

Here is the information provided by The White House.
It's all public record.

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations,"
"the government has provided no explicit legal backing for them."

As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk."

To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator."
(N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system.

Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY,

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

So don't believe what you've been hearing!
The media is lying through it's teeth and want's nothing but to destroy President Bush!

Wednesday, September 24, 2008

Wall Street Is Gone!

'Wall Street' No Longer Exists! That's right. It's gone!
All those investment banks and mortgage houses are either broke, bankrupt, bought out or going to be bought out!

All those greedy bastards that took out those 'special' mortgages on those overpriced properties with the hopes that their property would continue to increase in value each and every month, have caused all this!
They have killed the "golden goose"!

They went bust and they want the government to bail them out!

That's right... There's gonna be a huge bailout!
To the tune of $700 Billion!
It's mind boggling!

But something must be done, and quickly!
We just can't sit by and watch more and more of our institutions go under.
This is what IBD had to say about the crisis.

How could this have happened?

Well back in 1999, Congress passed something called the Financial Modernization Act of 1999, which passed the House by a vote of 362-57 and the Senate by 90-8, yanking the last brick out of the 1933 Glass-Steagall Act's regulatory wall between commercial banks and investment banks.

What does that mean?
It means that was the beginning of the easy money.
It means that was the beginning of the end!

It means that the 'regulatory wall' built in 1933 was demolished, and with recent events, "all the giant financial conglomerates now face oversight and regulation by the Federal Reserve, the Securities and Exchange Commission, the Comptroller of the Currency and the Federal Deposit Insurance Corp."

There's even talk of creating an entity like The Resolution Trust Corporation, the oversight vehicle for the Savings and Loan crisis back in the 80s.

So what's next?
Well, for one thing, easy money is a thing of the past!
Everybody will need to tighten their belts and start to watch the bottom line with a magnifying glass!

Last night, The President laid out his plan for our survival.

The government will buy $700 Billion of bad loans at somewhere around 10% of Loan To Value. Then hold on to them for a while- maybe a year or two or three - then after the markets recover, they hope to sell them at 30% or 40% LTV and make a tidy sum. Not a bad idea if you really think about it.
Problem is, the government is in debt up to it's ears too!

But the Democrats want oversight from every corner, and the Republicans think it's socialism! And, they're not far wrong!
But it must be done, and quickly.

But, rest easy. We as taxpayers will not be getting a bill for this.
I know the media has been howling that each taxpayer's share would be something around $5700, but that's nonsense.
The government will just float a loan and make it happen the way they usually do - with smoke and mirrors!

And, after all, things can't bee too bad.
Warren Buffet just invested $5 Billion into Goldman Sachs!
He's a pretty savvy guy.
If he didn't believe that the markets would recover, I don't think he'd be investing in them.

We'll get through this.
It will take a few years, but we'll get through it.
And, if you have any 'mattress money' stashed away, now would be a good time to go shopping for investments.

As an interesting side note to all this...
The 2 Presidential Candidates had a little tete-a-tete on Wednesday.
Obama called McCain to say they should put their heads together and publish a joint statement about the crisis.

I don't think McCain wanted any part of a 'joint' statement!

McCain went on the air and said he was suspending his campaign to go back to Washington to help deal with the crisis, and he hoped Obama would honor his decision and postpone their scheduled Friday debate.

Of course, Obama couldn't resist a quick jab.
He said that a President should be able to 'multi-task', and that he had hoped that both he and McCain could offer their input on the crisis and still prepare for their debate.
(In my opinion, I don't think Obama has a clue about this crisis)

But, it seems that McCain has a little more 'pull' than Obama expected. It was reported that McCain suggested to President Bush that The President call all the necessary members of Congress and invite them to a 'sit down' to discuss his plan.

It was reported that, at McCains request, The President would formally invite both of the candidates, so Obama had to turn tail and fly back to Washington for the meeting.
I guess the 'debate' has been decided?

The Media Hides Palin Policy News!

Biased Media? Who would-a-thunk it?

The stupid MainStreat Media has done it again.
They are so self absorbed and so invloved with being FOR Obama and AGAINST McCain that they completely missed the point of the meetings that Mrs. Palin had with world leaders... they sure missed the boat this time!

Investor's Business Daily caught it though.
They usually don't miss a trick. Here's the article...

Snarky Media Hide Palin Policy News
Election '08: The press spent so much time sniping at Sarah Palin for her visits with global leaders that in the end it babbled about itself. What it missed was news on John McCain's foreign policy. Who are the real rubes?

Palin's meetings with foreign heads of state in New York this week sent a stark message to the world's tyrants: If she and John McCain are elected to the highest office in the land, America will stand by the embattled nations it calls friends.

Not those nations with the most money, prestige or radical think tanks lobbying Congress on their behalf. Just friends.

What's more, by visiting with leaders of Colombia, Afghanistan, Georgia, Iraq, Pakistan and India, Palin and McCain showed that premium attention will be paid to the friends undergoing the biggest tests and trying hardest to embrace markets.

Dictators and terrorists won't miss that memo. They will adjust their calculations accordingly. But the media are another matter.

Palin met Colombian President Alvaro Uribe and Afghan President Hamid Karzai on Tuesday. Yet not one media outlet caught this undercurrent of McCain's foreign policy to stand by committed allies, derived from President Bush's drive to spread democracy.

Instead, outlets from AP to Newsday to even Fox News busied themselves hollering about access. They made themselves the story. Then they conjectured that these were "tutorials" and "burnishings of resumes" instead of messages to the world.

Obsessed with pink sofas and Alaska-shaped earrings, and on lookout for a mispronounced word, they complained that they got only a briefing, not a seat at the table. In the end, their braying only underlined their lack of interest in foreign affairs.

How do we know this? Because there really was news out there about what was discussed in Palin's meetings, like the one she had with Uribe. Details were reported in Colombian newspapers like El Tiempo, agencies like EFE and other Spanish-language press, where interest in what a President McCain means for a nation like Colombia is very real. Any American who wanted to know that was out of luck unless he could read Spanish.

This emphasis on our strongest allies is a stark contrast with Barack Obama's academic tack on foreign policy, centered on former power centers of Europe and along the beaten track of the Mideast. Those are the places where he chose to visit and meet leaders. And most of the media didn't insist on access to his private sessions.

Palin is denounced as "inexperienced" by these media, but she's no rube in grasping an emerging new world with implications for U.S. policy. In fact, she is looking at the picture with fresh, non-Beltway eyes. Countries like Colombia will grow more relevant as its economy expands, its internal war is won and the threat builds from Venezuela's Hugo Chavez, armed to the teeth with big new weapons.

Obama has never set foot in Latin America. He has yet to sit down with any Latin American leader in person, though he's made the offer to Venezuela's Chavez and Cuba's Castro brothers.

His running mate, Joe Biden, reaps hay for his foreign policy experience but has only managed to set foot in two Latin American countries during his 35 years on the Senate Foreign Relations Committee.

Obama has yet to negotiate with a foreign government. Palin did so with Canada, our top energy supplier and largest trading partner, to create a 1,700-mile natural gas pipeline. Obama, in fact, discounted Canada's importance in a campaign vow to break the 1994 trade ties forged in the North American Free Trade Agreement.

Meanwhile, as Palin assured our Colombian and Afghan allies, McCain threw attention to another media-ignored friend, Australia. The Australian on Tuesday published a 1,298-word essay by McCain on what Australia means to him and what his U.S. foreign policy means for them. The newspaper noted that Obama had also been asked to submit a piece but hadn't bothered.

That's the real shame of it all. Palin's visit with Colombia's Uribe, our battered ally surrounded by a hostile Marxist state, sends a major message to the entire region about McCain's commitment to our loyal new friends.

Obama, meantime, imagines that hate-filled, obscenity-spewing Venezuelan dictator Hugo Chavez will turn docile if he sits down to tea with him without preconditions. Even with that offer on the table to Chavez, he didn't bother meeting with Uribe. Don't think that a tyrant like Chavez didn't notice.

The self-absorbed media missed the real story about McCain and Palin's foreign intentions that the rest of the world is watching and reporting on. Who, again, are the real rubes?

Will this nonsense ever improve? Or go away? Probably not. As long as the media is controlled by liberal, left leaning big money bags like George Soros, Disney, GE and friends, it's likely to be with us for a very long time.
My advice... Never trust them! Do your own research! I know, I know... it's a lot of extra work, and who has time for it?
But if you want to stay informed and get real answers...

Monday, September 22, 2008

SNL Claims Incest In Palin Family!

Back in the 70s, Saturday Night Live was a very funny TV show. It was irreverent, comical and even silly at times, but it sure was funny.

When the original cast began to break away and newcomers tried their humor it didn't go over so well. Some of the cast were somewhat successful, but by-and-large the show depended on controversy to get ratings.

The show has always been liberal leaning and in the last 10 years or so, the show has been downright disrespectful and mean toward anything conservative. They've had a field day with parodies of George Bush.

As a matter of fact, I personally believe that their characterizations about The President's lack of intelligence and their view of his speech deliverys have done more than any other single thing to turn the country against him.

But, now, they've crossed the line.

SNL has performed a 'skit' lampooning The New York Times, and it it they suggest that there is incest in the Sarah Palin family!

SNLPalin-Incest Joke Falls Flat In Sketch Lampooning New York Times
In Saturday Night Live’s second attempt to mock this year’s vice presidential race, a sketch lampooning The New York Times as out of touch has instead touched off a firestorm by casually throwing out a much more insidious inference — incest — between Todd Palin and his pregnant, teenage daughter, Bristol.

While SNL fans had widely anticipated the return of Tina Fey in an edgy yet endearing role as Sarah Palin, Saturday’s sketch has managed to reignite the furor sparked by claims early this month that the Republican vice presidential candidate is not the mother of her 5-month-old son, Trig.

The sketch, say supporters, was supposed to accentuate how disconnected The New York Times is from anything west of the Hudson River, particularly Alaska. But critics say that the sketch backfired by suggesting that Todd Palin committed incest.

In the sketch, New York Times reporters are sitting around an assignment meeting discussing what about Palin to investigate next.

One reporter asks: “What about the husband? You know he’s doing those daughters. I mean, come on. It’s Alaska.”

Guest host James Franco, who played the assignment editor, sets up the joke of proving a negative, saying, “He very well could be. Admittedly, there is no evidence of that, but on the other hand, there is no convincing evidence to the contrary. And these are just some of the lingering questions about Governor Palin.”

After three of the reporters agree to go to Alaska, one sues for sexual discrimination after being called “sweetie” by a school board member, one is killed by a polar bear and a final reporter wins a Pulitzer for “unproven, yet un-disproven incest in the Palin family” and then is killed by a polar bear driving a “snow machine.”

The final shot in the rambling joke is an image of a New York Times page, featuring headlines: “While No Direct Evidence of Incest in Palin Family Emerges, Counter Evidence Remains Agonizingly Elusive” and “In a Small Alaska Town, Doubts Still Linger.”

Conservative bloggers are infuriated over the incest joke, most particularly because it plays off claims earlier this month that 17-year-old Bristol Palin is the mother of Trig Palin.

Bristol Palin is five months pregnant and therefore could not be Trig’s mother, John McCain’s campaign noted earlier this month in efforts to diffuse widespread and unfounded gossip that surrounded Trig’s maternity.

Still, left-wing conspirators dissatisfied with that response, have argued that Trig Palin, who was born with Down syndrome, a much more frequent occurrence in women over 40, could have been the outcome of incest, which also increases the odds of the disability.

Now, some bloggers are urging protests of the show be sent to producer Lorne Michaels. The video was not posted on the SNL Web site.

Editor’s Note: When this story was originally published at 12:07 pm ET, the video was available on YouTube. It has since been removed and a notice posted that NBC Universal has issued a copyright claim. Many other SNL videos remain on YouTube.

If there was ever a TV show that has been long overdue to be cancelled, it's this one!
Somebody get the hook!

Wednesday, September 17, 2008

Palin Power

When I read this piece by Myrna Blyth, I found myself smiling right away.
It's refreshing to hear women talk about Mrs. Palin in terms of 'validation', 'inspiration', and 'walking the walk.

So if you're interested in a woman's perspective of the VP Candidate, it's a pretty good read.
Here's her article in full.

Palin Power
‘What do you think of Sarah Palin?” That is what women have been asking each other for the past two weeks. Candace Buehner of Royal Oak, Mich., e-mailed to tell me about her enthusiasm for Palin’s candidacy. Beuhner describes herself as a “a 38-year-old working mom who already leaned right. But I have to say that the choice of Sarah Palin has been validating on so many levels. . . . Here, truly, is a woman who is walking the walk.”

Conservative and even moderate Republican women are, in general, wildly enthusiastic and now determined to see the McCain-Palin ticket succeed. But Palin has also touched an important chord that has very little to do with politics or policies.

Buehner writes, “When I struggle, and Lord knows I do, with two young sons and work and a really messy house (did I mention that I just came home from a day-trip to Iowa and found two feet of children’s books and a sinkful of dishes?), when it comes to Sarah Palin, I have nothing on this chick. [She] definitely has inspired me to believe that anything is possible.”

That was very much the same sentiment expressed to me by a 50ish divorcee at the small-town Connecticut café where I get my weekend papers. Over coffee she told me, “I am not sure I always agree with her, and I wish she had more experience. But she inspires me. She makes me feel I can still do anything.” Another friend, a loyal Republican, told me that instead of going to the rally in Fairfax last week, she went to the gym for the first time in years: “Palin has five kids and she looks so good and strong. I bet she wouldn’t mind my missing her appearance if I really try to shape up. I know she’d understand.”

In describing that Fairfax rally, filled with enthusiastic moms, New York Times blogger Judith Warner started out with her usual smarmy sneering. She writes, “[A supporter] handed me back my reporter’s notebook when one of her almost-two-year-old twins, fixing me with a dark look of mistrust, took it away. ‘Liberal media, eh?’ her solemn eyes glared. “Well, watch what you say about my mommy and Our Sarah.” Oh, please.

But even Warner could not totally put down the Power of Palin, what she represents and how she inspires. She writes, “My morning with the hockey and the soccer moms, the home schooling moms and the book club moms, the joyful moms who brought their children to see history in the making was . . . sobering. ‘Palin Power’ . . . is about making yearnings come true, about deep, inchoate desires about service and respect, hierarchy and family.” Warner got that, but just couldn’t accept that such yearnings are focused on “this unlikely woman.”

Fortunately, many other women, those who don’t write blogs for the Times (or books about how much better it is to be a mother in France than in America, as Warner has), have no trouble understanding Palin’s enormous appeal. Palin inspires primarily because she lives her beliefs with strength, with enthusiasm, and with unswerving commitment to her values — the values her supporters share.

We all know it’s not Palin’s take on the issues, or even her lack of experience, that is driving many women in the media crazy (especially those speechwriter Chriss Winston calls “The Sisterhood of the Traveling Rants”). What is really frightening them is that the woman who finally might do it, break through that glass ceiling, might not have “Democrat” stamped on her uterus. She might not feel that American women, just because they are women and no matter what life hands them, are victims.

And as for how Sarah should handle the out-to-get-her media, Candace Beuhner has some good advice: “Can you believe Charlie Gibson?” she writes. “He reminded me of my four-and-a-half-year-old reprimanding my three-year-old. The whole superior air, followed by an elaborate instruction on the ‘right’ way of doing something, with the grand finale of, ‘Yes, well, that’s because I’m smarter than you.’ In our house, that whole tableau is usually followed by my three-year-old giving his big brother a big whomp on the head. I kept wanting her to say, ‘Come off it, Charlie. We all know who you’re voting for.’ I just wish she could have taken him caribou hunting.”

— Myrna Blyth, long-time editor of Ladies Home Journal and founding editor of More, is author of Spin Sisters: How the Women of the Media Sell Unhappiness — and Liberalism — to the Women of America. Blyth is also an NRO contributor.

Bravo Myrna! At least some of the ladies 'get it'!

Monday, September 15, 2008

Wall Street Nightmare!

Lehman Brothers and Merrill Lynch are gone!

What the hell happened?

The Dow suffered its worst percentage loss in more than six years Monday as the markets were slammed by an historic weekend that left Wall Street without financial giants Lehman Brothers and Merrill Lynch.

The momentous selloff came as insurance giant AIG lost more than half its value and crude oil futures plunged more than $5, closing below $100 a barrel for the first time since March.

Today's Market

The Dow Jones Industrial Average fell 504.48 points, or 4.42% to 10917.51, the Standard & Poor’s 500 lost 58.17 points, or 4.65%, to 1193.53 and the Nasdaq Composite slid 81.36 points, or 3.60%, to 2179.91. The FOX 50 dropped 39.47 points, or 4.37%, to 863.37.

Did anybody see this coming?
Sure we did. We just didn't think people would overreact like this and we sure didn't think that all those bad loans would go to forclosure like carribou crossing the tundra during the migration!

The markets went into a tailspin in the final minutes of the day, reflecting anxiety over AIG (AIG: 4.76, -7.38, -60.79%), Tuesday's Federal Reserve policy meeting and an upcoming earnings statement from Goldman Sachs (GS: 135.50, -18.71, -12.13%). The VIX, a measure of market volatility, jumped 23.5% to 31.7 on Monday.
“This is a very bad situation and people are justifiably concerned," said Michael James, senior equity trader at Wedbush Morgan Securities in Los Angeles. “Right now it's sell first and ask question later.”

So, How did this happen?
Investor's Business Daily has a pretty good handle on the mess...
The Real Culprits In This Meltdown

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.
As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud.

Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million.

Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.

In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk.

But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America.
At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.

The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope.

There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.

But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.

Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.

While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.

So, there it is folks. Big goverenment at it's best.
The bail out king at work. Make all these marginal loans available to the least of us and when they go bad, just bail them out. The taxpayers won't mind...

Oh, and don't forget to blame George... Everybody else is!

Sunday, September 14, 2008

These past days have been filled with some crazy events.
Two hurricanes but only one was bad - IKE, two unusual VP picks for both parties and a remembrance of 9/11...


Never Forget...

A lot of stuff to talk about, but I've been very busy and I'm just tired right now.

I guess the one thing that stands out is the choice of Sarah Palin for McCain's VP. Not only has the choice seemed to energize the conservative base of the party, but it has knocked Obama back on his heels a bit!

His VP, Joe Biden has admitted that maybe he wasn't the best choice after all? That maybe Obama should have chosen Hillary instead?
What a bunch of whiners!

The Dems have even sent an army of investigators to Alaska to try and uncover any dirt they can on Mrs. Palin. I'm sure they'll come away with something, whether it's true or not is anyone's guess. They seem desparate.
But, mark my words, they will soon get very nasty.

It's been reported that Obama has formed a Plumbers Unit, much like the unit Nixon had in the 70s to stop any leaks and perform dirty tricks against his opponents. I thought The Messiah said he was a different kind of politician?
Yeah, sure... Change We Can Believe In!

Pure smoke and mirrors. I really have a hard time understanding how people can fall for this guy? Can't they see thru his BS? Or are they just stupid?

But things are strangely quiet. I'm wondering if Obama is planning some master stroke to take down McCain and Palin at the same time? Maybe he has some devious evil thoughts working to destroy his opposition. That's his MO. Why should we expect him to change?

College football is on the move. Looks like Florida, Oklahoma, USC, and Mizzou witll duke it out for a few weeks. I still like Tebow and Florida, but we'll see.

Don't forget to write!
Best regards...