Tuesday, October 28, 2008
I long for the days of Reagan, where we were asked to be Americans... or JFK where we were asked not what your country can do for you but what you can do for your country. Now we stand at the altar of the candidates and ask for hand outs. GIMMIE GIMMIE. Oh how depressing. Oh how far we have come from what our founding fathers wanted for us.
If we look at the candidates through the prism of which could do the least damage the choice is simple. If we look at the candidates through the prism of which will do the most for the country the choice is less simple. If we look at the candidates through the prism of which will really lead us there is no choice, they both are useless.
Barak Obama and the Democrats propose:
1. Single Payer Health care (The Federal Government runs it)
2. Allowing Unions to run rampant
3. More government spending
4. Rapid pull out of Iraq and Afghanistan
5. More contact with Arab nations and less with Israel
6. Tax rebates to those who do not pay taxes
John McCain and the Republicans propose:
1. Privatize Social Security
2. More of the same in Iraq
3. Health Care credits
4. Ongoing tax cuts
5. Spending cuts in government
Whom do you choose? Who will do less damage?
At what point to we stand up for revolution as we look towards the long term? When are we going to realize, as an American People, that we have given too much control of our lives to the Government?
Read the top of this blog...
WE THE PEOPLE! That means you!
-End of Ramble
Monday, October 27, 2008
It not only removed derivatives and credit default swaps from the purview of federal oversight, on page 262 of the legislation, Congress pre-empted the states from enforcing existing gambling and bucket shop laws against Wall Street.So we have the ability to gamble on stocks... which results in...
"It makes it sound like they knew it was illegal," Kroft remarks.
"I would agree," Dinallo says. "They did know it was illegal. Or at least prosecutable."
In retrospect, giving Wall Street immunity from state gambling laws and legalizing activity that had been banned for most of the 20th century should have given lawmakers pause, but on the last day and the last vote of the lame duck 106th Congress, Wall Street got what it wanted when the Senate passed the bill unanimously.
They didn't know what was going on in part because credit default swaps were totally unregulated. No one knew how many there were or who owned them. There was no central exchange or clearing house to keep track of all the bets and to hold the money to make sure they got paid off. Eventually, savvy investors figured out that the cheapest, most effective way to bet against the entire housing market was to buy credit defaults swaps, in effect taking out inexpensive insurance policies that would pay off big when other people’s mortgage investments went south.Guess who insured those bets?
Congress now seems shocked and outraged by the consequences of its decision eight years ago to effectively deregulate swaps and derivatives. Various members of the House and Senate have hauled in the usual suspects to accept or share the blame.
-End of Ramble
Tuesday, October 21, 2008
If we bring our own oil fields online, get off the use of oil altogether and become self sufficient we will again be a force to be recognized on the global stage. It will require sacrifice... for long term gain. It will require Americans to regain their rugged individualism. It will mean things will get worse before they get better...
No matter who get's elected on November 4th, 2008 to the Presidency, we need a LEADER who can take us down the right path. Not one who promises to solve our problems in our wallets with short term fixes, but who can lead us to a REAL and sustainable future that involves America being a land of the Free, Brave and Proud.
-End of Ramble.
Sunday, October 19, 2008
Sunday, October 12, 2008
If you haven't seen SNL's spoof of Herbert and Marion Sandler, you've
missed one of the best comedy pieces on the issue. Unfortunately, NBC
has since censored it due to complaints... As a result, the following is
the only place I'm aware of right now in which you can watch the
uncensored section. The SNL skit starts 40 seconds into the video.
There's also good information on who the Sandlers made political
contributions to afterwards:
(the full SNL skit is longer, if someone has a link to the entire,
uncensored skit, please let me know as its important to find a non-fox
link. YouTube had the longer skit but it's gone as well! Good to see
such unfettered political speech...)
BTW, the Sandler's gave over $2M to the Cntr. for American Progress,
whom the author of the business week article that is floating around
regarding CRA seems to have a very high opinion of...
FWIW, which is little on several counts, I'll vent some of my own
1) I don't find the platitude that there's plenty of blame to go around
very helpful. Individuals got us into this mess and they should be
hunted down like the dogs that they are. A thug with a gun couldn't of
taken this much money from us - but he would be jailed!
2) Put aside the party politics. It doesn't matter if it was 2
republicans and 10 democrats or 2 democrats and 10 republicans. When you
defend the party you protect the guilty by blurring the issue. Hunt the
dogs down regardless of party.
3) Understanding the how's and why's are critical going forward.
Decisions were made that need to be reversed and avoided!
4) I'm a conservative and am not a party loyalist - so don't make the
mistake and assume that I am. To me, being a party loyalist sends a
dangerous signal that politicians can do what they want and I'll still
Bottom line, as they said after 9/11, let's connect the dots...
... here's my developing understanding, at this point in time, of how
Freddie Mac and Fannie Mae played their part in this mess:
1) CRA was designed to operate below the radar and provide a welfare
alternative by having strong borrowers subsidize weak borrowers
2) Banks cooperated to a reasonable extent by balancing the loan risk
with political risk (i.e. activists attacks) - this minimizes the impact
3) Activists realized CRA was limited in effectiveness and petitioned
congress to enable Freddie and Fannie to loosen their standards. It's my
understanding the they ultimately were leveraged 80 to 1!
4) With ready, Government sponsored buyers (Freddie and Fannie), banks,
the Sandlers, et.al., wrote and sold the sub-prime loans. The door for
reckless profiteering was wide open. NOTE: the fact that greedy
profiteers exploited the opportunity DOES NOT ABSOLVE THE POLITICIANS
THAT SET THIS UP!
5) Oh yeah, lets not forget that the increased supply of mortgage loans
increased the demand for homes, which inflated the prices of homes,
which ultimately made the resulting mortgages even riskier and a
correction even more painful. Add to that other people taking out home
equity loans based on the artificially increased value in their homes
5) Freddie and Fannie then packaged up the sub-prime crap with good
stuff and sold it off as Mortgage Backed Securities (MBS) or
Collateralized Mortgage Obligations (CMO) . These do end up in CDOs that
you've heard about...
6) NOW, get a ton of these sub-prime mortgages out in the market (along
with other business that probably have too much financial leverage), and
you have a credit situation that is very sensitive to adverse changes in
the economy. Now, increase interest rates and commodity prices, and add
a slowing economy to the mix... then watch the defaults hit the floor.
So why didn't the republicans fight harder to reign in Freddie and
Fannie? Certainly the CRA/Freddie/Fannie system was a democrat submarine
for social welfare so we know why they fought against reigning them in.
Could it be that a compromise was reached? Lax lending standards for
Seems to be the perfect storm to usher in the USSA even though the
government is not the solution to the problem
-End of Ramble
Monday, October 06, 2008
- Barack is going to raise taxes on EVERYONE - not just those making over $250,000
- Higher taxes will send us straight through recession into depression
- Barney Frank and Chris Dodd are significantly responsible for the current mortgage mess
- Health care for everyone is a marvelous idea - who's going to pay for it?
- Who generates the most jobs in America? Small Business. Who's going to get hit the hardest with increased taxes? Small Business. Who's going fire all of the low wage earning workers and increase unemployment? Small Business. Who's never run a business in his life? Barack Obama.
- What's the worst thing you can do in a struggling economy? Raise Taxes.
- When Barack says your $5,000 medical plan tax credit will be taxed, say yeah, it will. However, most Americans taking the $5,000 taxable plan are either not paying taxes at all or paying at 15 percent. So $0 - $750 is not bad for a $5,000 medical plan.
You can't give people who don't pay taxes a tax break - that's called welfare, income redistribution, and Socialism.
Swing John swing. Get mad and let the American people know that they are being lead down a path of dishonesty and manipulation in the name of diversity.
Big government BAD. Higher taxes BAD. Barack Obama BAD.
##That's my opinion##
No. I have stated over and over again, even when the nomination was stolen from Hillary that it's about Socialism vs. Capitalism (IMHO) and it is never about anything more than that.
This is not an election to confirm that we have put the sins of slavery and race behind us. Race should not matter to us anymore (although people keep bringing it up!) It should be about qualifications, about ideas, about what can be done with our country, about returning to rugged individualism. I long for a leader like Reagan who challenged us (Americans) to be better. Or JFK who challenged us to be better. Not a leader who challenges us by looking at the polls, or by fear mongering.
-End of Ramble
Saturday, October 04, 2008
Burning Down the House
If you don't learn from the mistakes in history, you are bound to repeat them. Not my quote, but...
##That's my opinion##
Friday, October 03, 2008
WAKE UP AMERICA!
THE FEDERAL GOVERNMENT DOES NOT RUN ANYTHING WELL!
I feel like standing on a hilltop and shouting. The IDEA of the Federal Government running anything else make me want to VOMIT! GET off the subject of Federalized Health Care. The President may be able to influence it, but Congress has to make it happen. Have we all forgotten about the three BRANCHES of government.
And that brings up two other points:
- The Bailout with earmarks galore. Come on! We are surrendering out rights to the Federal Government OVER AND OVER again. They will OWN more property in the US. Those who made stupid mistakes in banking are getting their mistakes REWARDED. What are we doing?
- Federal Emergency Aid for 'victims' of Tropical Storms / Hurricanes is the most asinine thing I have ever heard of. At the risk of sounding heartless... I HAVE INSURANCE... and don't expect the Feds to come to MY rescue, why should they come to the 'rescue' of anyone else?
TAKE THE RED PILL.
-End of Ramble