September 26, 2008
September 25, 2008
The Real Culprits In This Meltdown
By INVESTOR'S BUSINESS DAILY Posted Monday, September 15, 2008
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 Reinvestment 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.
I said it before, I'll say it again, being a Democrat means never admitting fault for anything, ever.
H/T Ken V. on the link.
September 24, 2008
You stay classy Nobel Winners.
"[ Last week I talked about how (Sandra) Bernhard said her "big black brothers" would gang rape Sarah Palin. Since then, what's happened to Sandra? Has the media torn her a new one – the way it would have if she were a white male comic attacking Obama?I tell you: Don Imus must be rolling in his grave. ]"
This twisted amalgam of collagen and bone said the most racist, misogynistic thing you could possibly say, and still no word from Whoopie.
Here's why: she's a feminist. She's a liberal. She's a lesbian. So she's protected. She's one of "them," the edgy lefty whose anger is glorified as speaking "truth to power," even if it's hateful nonsense she's spewing to her friends.
If you have a DVR, I highly recommend catching this -- locally, its on at 2 am on FoxNews Channel.
Mayor Richard Daley said today the city will ask bars near Chicago's baseball stadiums to voluntarily cut off alcohol sales after the seventh inning of home games where the Cubs or White Sox could clinch a playoff series.
While other city officials cautioned that they had yet to discuss the plan with bar owners, the mayor said it was a no-brainer.
"What we're asking is common sense. You can drink as much beer for seven innings as you want," Daley said. "Give me a break. This is common sense, that's all it is. We're asking for the cooperation of everyone."
Asked what he would tell business owners who fear a loss of business, Daley replied, "I'll have somebody buy their place tomorrow ... If you've been drinking for five hours and you're laying on the floor, don't give that person another beer.
"I mean, give me a break ... It's not going to cost them any business. They made enough money all year, I'm sorry. We're just talking about common sense."
Who gives Mayor-Nanny-State authority to determine when someone makes enough money?
Don't serve someone who is three sheets to the wind? I think there are already laws on the books for that, enforce them. Who does this guy think he is?
September 23, 2008
Help John McCain and Sarah Palin win Racine in November!
We need people to put up yard signs, make phone calls, organize phone banks, staff the campaign office, knock on doors, watch the polls, drive people to the polls, and ensure the fairness of the election. If you've never participated in a campaign before, you'll find it to be a great experience as you pull together with your friends and neighbors.
This Wednesday, and every Wednesday from now until the election, we'll be holding an informational session on volunteer opportunities to help the McCain/Palin Campaign.
Come to the Racine Victory Center, located at 6500 Washington Avenue (next door to Jose's Blue Sombrero) at 7:00 PM Wednesday, and you will learn how you can get involved. Our most pressing needs right now are to assemble thousands of yard signs, and to make calls identifying people who support Senator McCain and Governor Palin.
Email to let me know if you can make it, lou at dabbraccio dot com.
If you can't make it on Wednesday, please let me know - I would be happy to schedule a special orientation session for you, or arrange a time for you to come in and help.
Get a few of your friends, neighbors, and family, and contact me to schedule your own phone bank night! We'll provide the pizza, and a campaign item for the most calls made.
With your help, we can win Wisconsin for John McCain and Sarah Palin!
Racine County Co-Chairman
lou at dabbraccio dot com
If you are not from Racine County and would like to know how to volunteer in your home town, please let me know and I'll find your local office contact and put you in touch with them.
Email at fkd1015 at yahoo dot com.
The software is licensed "AS IS" without any warranty. You can recover from Microsoft only direct damages up to the greater of the amount you paid for the software/service or one dollar (US $1.00).
Way to stick your neck out there Microsoft.
Biden’s denunciation of his own campaign’s ad to Katie Couric got so much attention last night that another odd note in the interview slipped by.
He was speaking about the role of the White House in a financial crisis.
“When the stock market crashed, Franklin Roosevelt got on the television and didn’t just talk about the princes of greed,” Biden told Couric. “He said, ‘Look, here’s what happened.’”
As Reason’s Jesse Walker footnotes it: “And if you owned an experimental TV set in 1929, you would have seen him. And you would have said to yourself, ‘Who is that guy? What happened to President Hoover?’”
Better think back at everyone you've dated.
This is wha I call investigative journalism!
The question that goes unanswered however is this:
So who exactly was the massiah "seeing" while he went through his cokehead phase?
1. What date is your over/under before Biden is off the ticket?
Mine: All signs point to early to mid-October so I'll go with October 10.
2. If(when) he's off the ticket, what will the excuse be?
a. "for the party"--you know, the old "I'm-a-human-gaffe-machine-and-no-one-really-wanted-me-here-anyway-so-I'll-take-my-ball-and-go-home" line.
b. "health issues"--which will crack me up, since that frail old man that every one loves to rip on for his age, is looking less tired than the massiah is this deep in the campaign.
Mine: "b" would be very problamatic for "O". I'll choose "a" for that reason.
OLEMA (AP) ― Motorists entering the quaint, woodsy town of Olema near the sea in Marin County may notice a subtle change as they enter: it appears the burg's name has been changed to ''Obama.''
September 22, 2008
There's just a nasty bug going around. SER.
I think it’s time for some lunch. Michael.
he voted against it before he voted for it before he voted against it before he voted for it. hsgdmama
we can't loose hope yet! Ally.
There's hope for me, yet. Jones.
The Cowboys, who rank only slightly higher than the Bears, Vikings, and maggots in my bratwurst on the loathe-o-meter. Lance.
Ass Antlers!! Dan.
Banana, anyone? Wigdy.
Do cousins count? Tom.
Good Carbon Emissions Nick
pathetically attempting to be cool Jimi.
A black, a woman and a gay walk into a Republican bar… James T.
Two minutes of elitist snobbery? Jones.
Missing from the picture are the kids desparately trying to push Rangel back into the water. Peter.
your candidate sucks THAT MUCH. Aaron.
A Flock Of Bad Haircuts Silent E.
NO CHANGE WHATSOEVER The Game.
I knew there was a reason why I didn’t like “Robin Hood”. Egg.
Diametric opposites Dean.
massive oil spills can be funny. Hale-bopp.
Even the potatoes be in on the action! Josh.
I just hope they don't come out with "jock strap" or "gym socks." Jib.
I don’t get to drive around that much Fuzz.
I think it might be Electionitis. Elliot. (Is that anything like electile dysfunction?)
I decided to seduce my wife last night. Plebian. (this has tragedy written all over it.)
Use two hands, you'll get more!! ALa.
"He said that he loved his barrette," said a spokeswoman for the campaign. "It ties into his sleepover imagery of having a big slumber party to solve all of America's problems. Joe Biden said that if anybody tried to take his shotgun dryer or his barrette, he'd be upset. And the right-wing noise machine has turned it into this big thing, which it is so totally not."
For his part, Biden apologized if anyone misunderstood. "That's just the way we talk where I'm from: loudly, with lots of non-sequiters, and very little forethought. If anybody doesn't like that, they can vote McCain-Palin, since they think things through a hell of a lot more than we do. Now, I'm gonna go kick my dog."
The campaign later clarified that Biden would not be available for further comments until July 2009.
Nancy "no drilling ever" Pelosi is trying to slide in a no drilling bill into the financial bailout package.
HR 6899 would establish permanent bans on getting our own natural gas and oil shale and would make it virtually impossible to get other forms of energy. (r.e., oil)
You see kids if Congress does not extend the drilling ban as it is now before the end of September, it will expire. And that is the last thing Nancy Pelosi wants.
Nancy Pelosi and her environmental extremist supporters will do anything they can to keep American from utilizing its own resources. They would prefer to keep prices high and hurt the US economy.
This is the issue you should be talking about with your friends and neighbors.
Nancy Pelosi and the Democrats said they had a plan to deal with high gas prices. Her plan is to keep them higher and higher by limiting our ability to get our own resources by limiting our own supply. By doing this they think they can push their radical agenda on us by blaming "big oil".
Energy will be the #1 issue in this campaign. The democrats are trying to make sure we don't have any. They prefer to put all their eggs in an imaginary basket with non-existent technology.
Well, it is time we throw these democrats out of office. In Wisconsin we need to start with Steve Kagen who did not vote for a compromise bill that he co-sponsored.
These democrats are trying every dirty trick in the book to see that our energy costs remain high, they like it that way.
Is this the leadership you want?