Filed under: AIG, democrats, financial crisis, housing crisis, Lehman Brothers, Merrill Lynch, mortgage crisis, politics | Tags: Bill Clinton, democrats, financial crisis, mortgage crisis
The fallout from our current mortgage crisis has been chilling to watch. The names appearing in our headlines are big ones. Bear Stearns, Merrill Lynch, AIG, Lehman Brothers… longstanding giants that we had assumed to be permanent fixtures in the financial industry are suddenly falling like so many colossal dominoes. Still more are expected to in the near future.
So just where and when did this all start? The answers are actually quite simple but some of you might not like them:
Talk show host and “equal opportunity offender” Neal Boortz sums up the situation on his website:
1. Almost all of the financial problems we see today are based on bad mortgage lending. That would be lending money to people to buy homes who didn’t qualify for a loan.
2. The Democrats, under Clinton, strengthened a government-created monster called the “Community Reinvestment Act.” This law was then used by “activists” and “community organizers” (like Obama?) to coerce lending institutions to make these bad loans … millions of them.
3. Now we see what happens when political “wisdom” supplants good loan underwriting. When private financial institutions are virtually forced to make loans to people with a bad credit and job history .. this is what you get. Enjoy it.
That’s what it comes down to folks… the current chaos in the mortgage industry is the direct result of the policies of Democrats and our former Do-gooder-in-Chief. These are the fruits of government-sponsored liberalism.
For those who may be bothered at that pronouncement, here’s a deep dark secret… I was once a liberal myself. We’re talking 20 years ago when I was just a young hare. In fact, a lot of us conservatives were liberals when we were young. We saw suffering and injustice in the world, we got passionate about it and we wanted it fixed. Nothing wrong with that. The problem occurs when we naively look to our government to fix it.
That’s when the real fun begins… when you first utter those six magic words “There ought to be a law…” Once you say that, 500+ lawyers in Washington perk up. That can never end well.
And that’s exactly what has happened here. Activists got fired up over what they viewed as unfair standards for home loans. Washington got involved. Laws were passed. Banks were pressured or sometomes forced into making loans to people who couldn’t pay them back. Banks went belly-up when those people didn’t pay them back.
The world doesn’t run on good intentions. Leaving your problems in the hands of politicians and bureaucrats will always ultimately make matters worse. Every single time. Washington will only become more powerful and you more helpless to forces beyond your control. You can learn that now and stop voting for candidates who promise to right all the wrongs in your life or you can learn it later. But trust me, you will learn it… if you are paying attention.
Filed under: barack obama, campaign, Democratic National Convention, democrats, DNC, elections, obama, politics | Tags: barack obama, Democratic National Convention, DNC, obama
Well the big event has come and gone. Many libs still have a glow about them today… sparkling eyes and a smile that just won’t go away. But I must say after all the anticipation, I was somewhat underwhelmed. All the buildup had me expecting bigger things.
Not that they didn’t go all out:
Obama addressed more than 84,000 spectators, delivering a show packed with rock stars, JumboTron video presentations, and, in the finale, fireworks shooting from the stage, a celebrity-studded event that Republicans would view as validation of their argument that Obama is a vanity candidate who lacks the gravity and substance to be president.
Yep, it was quite the star-studded gala. Jennifer Hudson was there. Young Olympic gold-medalist Shawn Johnson was there. The Black Eyed Peas were there. Sheryl Crow was even there which normally wouldn’t surprise me… except that I could have sworn we’d deported her after she butchered our national anthem at this year’s MLB All-star Game. Oh well.
In any event, I still didn’t get the Mile-High high I had been expecting. Drats. Maybe it was his entrance. I mean the guy simply walked out there waving. With all the money the DNC threw at this shindig, was it too much to ask to have the Anointed One triumphantly rise up through the floor amidst billowing clouds of dry ice? Or maybe have him in a toga being lowered to the stage from a helicopter? Kick it up a notch guys. Don’t you know how to do arena rock? Time to crank the amps to 11. Time to bring out the miniature Stonehenge and midget druids. C’mon man, I’ve seen a lot of rock shows and I gotta say this one was sort of a lamer.
The presentation itself was typical Obama. He peppered his speech with the “C” word several times. And why not? The “change” mantra has worked really well for the man. In fact it is brilliant marketing. It’s a catch all word that can apply to just about anything that is going on in your life. Unhappy with your job? Change is on it’s way! Sick of your ho-hum existence? Change is on it’s way! Tired of commercials featuring CGI talking animals? Change is on it’s way! Tired of opening brand new boxes of Captain Crunch to find that it’s only 2/3 full? Change is on it’s way! Tired of the Bush White House? Ok THAT change was coming by default but I get the feeling Obama will find a way to take credit for it anyway.
But the guy did make an ambitious promise — perhaps his version of Kennedy’s “man on the moon”:
And for the sake of our economy, our security, and the future of our planet, I will set a clear goal as President: in ten years, we will finally end our dependence on oil from the Middle East.
Ahem… a little elaboration please:
As president, I will tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I’ll help our auto companies retool, so that the fuel-efficient cars of the future are built right here in America. I’ll make it easier for the American people to afford these new cars. And I’ll invest $150 billion over the next decade in affordable, renewable sources of energy — wind power and solar power and the next generation of bio-fuels; an investment that will lead to new industries and five million new jobs that pay well and can’t ever be outsourced.”
Alright, since we’ve been talking Beatles lately……… We’d all love to see the plan.
Very easy promises to make. Very difficult to implement. It will require a lot of money and a lot more of government getting it’s grubby little paws into the auto and energy sectors.
Aside from a few digs at McCain, the rest of the speech was a glorified rehash of the same old Democratic staples, dressed up in a hip new package. All the familiar lofty promises rooted in fear and class-envy. Here are some of the “Nows” offered by Barack last night:
- Now is the time to finally meet our moral obligation to provide every child a world-class education
- Now is the time to finally keep the promise of affordable, accessible health care for every single American.
- Now is the time to help families with paid sick days and better family leave, because nobody in America should have to choose between keeping their jobs and caring for a sick child or ailing parent.
- Now is the time to change our bankruptcy laws, so that your pensions are protected ahead of CEO bonuses; and the time to protect Social Security for future generations.
- And now is the time to keep the promise of equal pay for an equal day’s work, because I want my daughters to have exactly the same opportunities as your sons.
And NOW… for the most important “Now”:
- Now, many of these plans will cost money […}
Oh you bet they will. Oddly none of these “Now”s involve eliminating any government programs or mandates. Only increasing them. WE can always do with less but not Uncle Sam. The face at the podium may be new but the heart is that of a pure old Democrat. Obama is boldly skipping onto the presidential scene offering a basket of goodies that would make the Easter Bunny proud.
I will give this to Barack– he does have a gift for oration. The guy is number one with a teleprompter, folks. He can speak with eloquent authority for a very long time about absolutely nothing and make it sound like something.
So there it stands – half the nation with tears of joy floating in that ever magical Obamalala-land waiting for change. Problem is we already tried this 16 years ago with Bill Clinton and his ‘New Democrat’. Or have you forgotten the ’92 inauguration that quickly? Ecstatic crowds, celebs galore, Fleetwood Mac fervently banging out their hit “Don’t Stop” as if there were no tomorrow. Jazzy Billy doing improper things with a saxophone (i.e. playing it). Hillary and Tipper with wide-eyed muppet smiles grabbing each other and doing a dopey little dance around the stage. The air was electric. The day was finally here! Americans were free!!
2 months later where were you?… same job, same bills, same mortgage, same life — the only change was Slick Willy changing his story about the middle-class tax cut. Fact is, no candidate on either side can bring you happiness. You can take the presidential amusment park ride if you choose but it will always bring you back to the same place.
Very seriously friends, I’m gonna say it again: If you are truly ready to meet the agent of change you’ve been waiting for, look in the mirror. It starts and ends with you.
Filed under: Congress, democrats, energy crisis, gas prices, Nancy Pelosi, offshore drilling, oil prices | Tags: Congress, energy crisis, gas prices, Nancy Pelosi, offshore drilling
Looks like Nancy Pelosi is finally starting to see the light on the energy crisis. Yeah it’s a flip-flop but that’s nothing new for a Democrat. At least the final flop is in our direction:
Filed under: barack obama, campaign, Democratic National Convention, democrats, DNC, election, elections, hillary clinton, obama, politics | Tags: barack obama, campaign, Democratic National Convention, DNC, elections, hillary clinton, obama, politics
By all accounts, the Chosen One is poised to take the stage at the Democratic National Convention in August and be crowned as the party’s official nominee for President. So is former rival Hillary Clinton prepared to hold hands with Obama and join the Kum Ba Ya chorus? This is a Clinton, folks… need I even ask?
Although she suspended her campaign in June, this witch still has a little magic up her sleeve. Hillary never formally dropped out of the race after all… meaning she still has all her delegates. She also still has a very angry army of 18 million awaiting their marching orders.
As ABCNews’ The Note reports:
To former President Bill Clinton’s missing praise (to say nothing of what he is saying), we add this: A steadfast refusal by Sen. Hillary Rodham Clinton to rule out allowing her delegates to vent in the peculiar fashion of voting for her on the convention floor, instead of the candidate she’s campaigning for.
“I happen to believe that we will come out stronger if people feel that their voices were heard and their views were respected,” Clinton, D-N.Y., told a gathering of supporters last week, ABC News reported Wednesday. “We do not want any Democrat either in the hall or in the stadium or at home walking away saying, well, you know, I’m just not satisfied, I’m not happy.”
“It’s as old as, you know, Greek drama,” Clinton said. (We couldn’t agree more.)
And guess who’ll be playing Medusa…
So is Sen. Clinton scheming to be the next comeback kid? Maybe…. but I think that term is a little too cute to aptly describe it. Think Glenn Close in Fatal Attraction… Hillary is about to rise screaming out of the bathtub.
Note the peculiar “joint” statement issued by Clinton and Obama on Wednesday:
“We are working together to make sure the fall campaign and the convention are a success. At the Democratic Convention, we will ensure that the voices of everyone who participated in this historic process are respected and our party will be fully unified heading into the November election.”
The way things are shaping up, this show of unity will go about as smooth as a gathering of Yankees and Red Sox fans. Make no mistake, Hillary has some leverage here. Behind the scenes she is making sure the DNC knows that how she behaves and what she says during the convention will rest largely upon their cooperation.
“The refusal to publicly announce her intentions is widely seen as a bargaining chip Clinton is holding on to as party officials negotiate logistics regarding her convention speech and other activities,” per ABC News.
And the press certainly seems to like the idea of a renewed battle:
“At this point, it is as likely as not that Clinton will be formally nominated at the convention, individuals close to the negotiations said,” per The Washington Post’s Anne Kornblut. “Officials have firmly denied a report last week that Clinton had decided not to have her name put into the record. Advisers on both sides also said that relations between the two are improving.” (But still have a ways to go?)
“You only thought it was over,” ABC’s John Berman said on “Good Morning America” Thursday.
Oh we never thought it was over… this Greek tragedy is only beginning.
Filed under: democrats, economy, GDP, liberal media, media bias, MSM | Tags: democrats, economy, GDP, liberal media, media bias, MSM
In case you haven’t heard, the economy was up in the second quarter. The latest reports say it grew at a 1.9 percent annual rate — double what it was in the first quarter. So how does the MSM decide to report this? Here are some samples of the latest encouraging headlines:
- Unemployment at 4-year high
- Economy Loses 51000 Jobs in July
- Economy running out of steam
- Economy grows, but warnings sound
- US economy expanded less than forecast in Q2
- United States economy shrinks for first time since 2001
- US Recession May Have Begun in Last Quarter of 2007
- Report: GDP Growth Is Stagnating
- US economy slows, report shows
All this spin is making me dizzy.
One facet of the report that really excited the media was the fact that the numbers for Q4 of last year were revised down to -0.2%. AHA! A CONTRACTION! If only we had followed that with another dip in Q1 of 2008 we would have been able to call this puppy an official RECESSION! Damn, we were so CLOSE!
The other cause for MSM giddiness came with the the jobless data. 51,000 jobs were lost in July — the “highest in 4 years”. But what is not being emphasised is that this was considerably less than the 75,000 that were forecast by economists (which, coincidentally is the number of miles that would be taken up if you put these “experts” end to end).
But you don’t have to see a silver lining if you don’t want to. I can already hear some of you: “WELL [snort], the only reason the GDP GREW was because if the STIMULUS package.” Yes folks… that’s why it’s CALLED a stimulus package. It stimulates SPENDING. But if you want to see a half-empty glass, who am I to stop you?
Incidentally the headache I had this morning is gone… but that’s only because of the ASPIRIN I took. Without THAT it would still be here and furthermore I’m sure when the ASPIRIN wears off my headache will be back WORSE THAN EVER… Get off with your gloomy selves already.
But for those who insist on being unhappy and believing all the doomsday drivel, I have a catchy little tune for you. Feel free to join the chorus of the new Democrat and MSM theme song (after clicking the link, hit “Play” to hear the song).
Enjoy your weekend, folks! And spend some money for God’s sake.
Filed under: democrats, energy crisis, gas prices, Nancy Pelosi, politics | Tags: democrats, energy crisis, Nancy Pelosi, oil crisis, Politico
Ever wanted to peek into the head of Nancy Pelosi — just to aim an X-ray through the ol’ botox and see what swims around in that cerebral cortex of hers? David Rogers at Politico has written a little piece that touches upon her ambitions, her hopes… and her predilection for coordinates:
“I have always loved longitude,” Nancy Pelosi says before breaking into laughter. “I love latitude; it’s in the stars. But longitude, it’s about time. … Time and clocks and all the rest of that have always been a fascination for me.”
Time is indeed fascinating. Here’s a fun and interesting exercise: look at the clock on your wall right now. See that ‘seconds’ hand ticking off? With each tick, a group of lawmakers at 38 latitude and 77 longitude have spent another dollar of your tax money! And you thought science wasn’t cool…
Now let’s have a look at Pelosi’s take on a debate that rages in the hallowed halls of Congress at this very moment — the energy crisis:
With fewer than 20 legislative days before the new fiscal year begins Oct. 1, the entire appropriations process has largely ground to a halt because of the ham-handed fighting that followed Republican attempts to lift the moratorium on offshore oil and gas exploration. And after promising fairness and open debate, Pelosi has resorted to hard-nosed parliamentary devices that effectively bar any chance for Republicans to offer policy alternatives.
“I’m trying to save the planet; I’m trying to save the planet,” she says impatiently when questioned. “I will not have this debate trivialized by their excuse for their failed policy.”
This, folks, is Section X: Page 12 of the Democrat playbook: Pretend you’re the lone champion of a healthy earth and the only party who cares about clean air and water. Then use that position to self-righteously defend any attempts to actually ease the burdens you have placed on everyday Americans through past do-gooder legislation.
But let’s not assume the woman is shallow. As we’ll soon see, there are many layers to the onion that is Nancy Pelosi. In addition to a penchant for science, the House leader has a literary side:
Former House Speaker Newt Gingrich (R-Ga.) promoted futurists such as Alvin Toffler; Pelosi sails the mythical voyages of Italian novelist Umberto Eco.
In case you’re not familiar with this author, he is an expert on medieval aesthetics who has described the Middle Ages as “a geometrically rational schema of what beauty ought to be, and on the other [hand] the unmediated life of art with its dialectic of forms and intentions”. This echos what I and I’m sure many of you have thought about that period as well.
But lest you assumed Democrats were dry and boring… they do have a sense of humor:
The Colombian writer Gabriel Garcia Marquez is such a favorite that Pelosi’s staffers joke about what she would do if the Nobel laureate were to call about the Colombian Trade Agreement bottled up in the House.
Ba dump bump!
Pelosi then goes on to defend her endorsement of an alternate energy plan crafted by the Democrat’s favorite sworn enemy-turned-friend, T. Boone Pickens:
“We find our common ground on reducing our dependence on foreign oil, and he is a visionary for the future in terms of wind power,” Pelosi says of Pickens.
Hey it always helps to draw upon your area of expertise. Bush knows oil, Nancy and her gang know wind…
To put her next statement in perspective, let’s turn to Section IV, Page 7 of that same dog-eared playbook: Reference the children, the poor and the elderly as often as possible and pronounce your opponents the diabolical foes of these groups.
“Listen,” she laughs, “I go on the floor of the House every day and deal with people who don’t want to give health care to poor little children in America. We’re trying to get a job done. This is a giant kaleidoscope. One day you and I are on the same side. The next day it’s the two of us against you.”
Close your playbooks, please. If nothing else is learned here we at least see that Democrats have become a complete caricature of themselves. I’m talking about the cheesy, airbrushed state-fair variety. This is the type of Democrat thinking that Joe Lieberman has so adamantly railed against in recent opinion pieces.
Here’s a way you can really help, Nancy… and I’ll put it in terms that you understand. The parents of these “poor little children” would like to be able to commute back and forth to their jobs without spending a week’s worth of grocery money on gas. Are you going to look these children in the eyes and tell them their mommies and daddies are going to have to to wait for the wind to blow? Or are you going to lift a ridiculous ban that prevents us from utilizing our own resources — resources that China and Cuba are now tapping into just 50 miles off OUR shores –so that these children can maybe have a little more food on their table?
Just using some of your own heartstring persuasion tactics here, Speaker Pelosi. This is actually kind of fun.
Now, look into those sad little eyes, Nancy, and give these children an answer…