Friday, November 14, 2008
Thursday, November 13, 2008
How The Mortgage Crisis REALLY Happened
Leftist Liberal Democrats want you to believe that the 1999 Gramm-Leach-Bliley Act is what caused this year's cataclysmic financial meltdown, whose effects are spreading worldwide. They want you to believe that, because then they can make a feeble attempt to pin it on Republicans, and by association in the 2008 election, John McCain. (Even though Bill Clinton and a huge majority of Democrats supported the bill.) This false connection will also aid in their attempts to "re-regulate" the mythical "laissez-faire" financial sector. To me, McCain's political posture on this issue was perhaps the greatest mis-step of his campaign. It allowed the economy to be the number one issue, and gave voters the perception of Republican financial incompetence, when in fact it could have been, and should have been, a Democratic albatross. McCain played defense on this issue, and appeared too bipartisan and reveling in Wall Street bashing, which made him sound exactly like the opponent he was trying to distinguish himself from.
Please read this October Investors Business Daily article posted below, and draw your own conclusions. Then read this handy American Thinker summary, also published at the world-class website, ibdeditorials.com . [Why The Mortgage Crisis Happened]
Dems Blame Gramm Act For Crisis; Experts Disagree
BY SEAN HIGGINS
INVESTOR'S BUSINESS DAILY
Posted 10/6/2008
These are awkward days for former Rep. Jim Leach. The Iowa Republican crossed party lines to endorse Barack Obama. But now Democrats, including Obama, say a bill he co-authored is responsible for the mortgage crisis.
"We cannot expect to be on the (same) wavelength on everything," Leach told IBD. Leach, now a visiting professor at Princeton, blames lax oversight of mortgage giants Fannie Mae and Freddie Mac and the Securities and Exchange Commission's 2004 move to ease leverage limits. Bank
regulation isn't the issue, he says.
"This problem relates to the housing industry, to mortgage instruments," he said. "The grave congressional and legislative error is on Fannie and Freddie. The great two executive branch aspects are the securities regulators' failure and insurance regulators' failure."
But for many Democrats, the credit crisis has a simple villain: the Gramm-Leach-Bliley Act. They think the GOP-authored 1999 law caused the meltdown — and they want voters to see it that way too. That's what has happened so far. Recent polls show a swing to Democrats, even though they spent years blocking any curbs on Freddie and Fannie. If they win big, they'll have a mandate to heavily regulate financial firms their way.
In a September release, Obama's camp said the 1999 law put too little effort into "modernizing supervision of the financial industry. "Nearly a decade later, our financial markets — and everyday Americans—are paying the price."
Senate Majority Leader Harry Reid, D-Nev., said last month that ex-GOP Sen. Phil Gramm, "was responsible for deregulation in the financial services industries that paved the way for much of the (current) crisis."
Pinning the blame on Gramm not only tars Republicans and free markets, but John McCain, R-Ariz. Gramm was a campaign adviser. But experts see scant evidence it had anything to do with the crisis. Many say it's helped limit the fallout by letting commercial banks like JPMorgan Chase buy ailing investment banks like Bear Stearns. But with voters looking for scapegoats, Republicans and deregulation are under fire. A recent CBS poll found 45% of respondents said the government regulates too little. Just 21% said too much.
Gramm-Leach-Bliley repealed the 1933 Glass-Steagall Act, which separated commercial and investment banking. U.S. banks had urged the change, noting their European peers faced no such curbs. The new law allowed banks to become financial supermarkets, with a full array of products. Most investment banks stayed independent. The bill was passed 90-8 in the Senate and 362-57 in the House. President Clinton signed it and defends the act to this day.
Latter-day critic Reid voted yes. Obama wasn't in the Senate. But his vice presidential pick, Sen. Joe Biden, D-Del., voted yes. Neither Reid's nor Obama's office responded to requests for comment.
There is no link between Gramm-Leach-Bliley and recent bank failures, said Pete Wallison, an economist with the conservative American Enterprise Institute. "All of the investment banks and securities firms that have gotten into trouble . . . were independent banks," he said. "So the elimination of Glass-Steagall had absolutely nothing to do with their financial problems." Wallison pins commercial bank failures on bad mortgages, not on any brokerage arm.
Dean Baker, co-director of the liberal Center for Economic and Policy Research, says the bill deserves some blame for today's crisis. "(The crisis) is mostly derivative instruments — (the act) just made it harder for the SEC to regulate those instruments," he said. Yet Baker admits the SEC showed little interest in regulating derivatives under Clinton or Bush.
Please read this October Investors Business Daily article posted below, and draw your own conclusions. Then read this handy American Thinker summary, also published at the world-class website, ibdeditorials.com . [Why The Mortgage Crisis Happened]
Dems Blame Gramm Act For Crisis; Experts Disagree
BY SEAN HIGGINS
INVESTOR'S BUSINESS DAILY
Posted 10/6/2008
These are awkward days for former Rep. Jim Leach. The Iowa Republican crossed party lines to endorse Barack Obama. But now Democrats, including Obama, say a bill he co-authored is responsible for the mortgage crisis.
"We cannot expect to be on the (same) wavelength on everything," Leach told IBD. Leach, now a visiting professor at Princeton, blames lax oversight of mortgage giants Fannie Mae and Freddie Mac and the Securities and Exchange Commission's 2004 move to ease leverage limits. Bank
regulation isn't the issue, he says.
"This problem relates to the housing industry, to mortgage instruments," he said. "The grave congressional and legislative error is on Fannie and Freddie. The great two executive branch aspects are the securities regulators' failure and insurance regulators' failure."
But for many Democrats, the credit crisis has a simple villain: the Gramm-Leach-Bliley Act. They think the GOP-authored 1999 law caused the meltdown — and they want voters to see it that way too. That's what has happened so far. Recent polls show a swing to Democrats, even though they spent years blocking any curbs on Freddie and Fannie. If they win big, they'll have a mandate to heavily regulate financial firms their way.
In a September release, Obama's camp said the 1999 law put too little effort into "modernizing supervision of the financial industry. "Nearly a decade later, our financial markets — and everyday Americans—are paying the price."
Senate Majority Leader Harry Reid, D-Nev., said last month that ex-GOP Sen. Phil Gramm, "was responsible for deregulation in the financial services industries that paved the way for much of the (current) crisis."
Pinning the blame on Gramm not only tars Republicans and free markets, but John McCain, R-Ariz. Gramm was a campaign adviser. But experts see scant evidence it had anything to do with the crisis. Many say it's helped limit the fallout by letting commercial banks like JPMorgan Chase buy ailing investment banks like Bear Stearns. But with voters looking for scapegoats, Republicans and deregulation are under fire. A recent CBS poll found 45% of respondents said the government regulates too little. Just 21% said too much.
Gramm-Leach-Bliley repealed the 1933 Glass-Steagall Act, which separated commercial and investment banking. U.S. banks had urged the change, noting their European peers faced no such curbs. The new law allowed banks to become financial supermarkets, with a full array of products. Most investment banks stayed independent. The bill was passed 90-8 in the Senate and 362-57 in the House. President Clinton signed it and defends the act to this day.
Latter-day critic Reid voted yes. Obama wasn't in the Senate. But his vice presidential pick, Sen. Joe Biden, D-Del., voted yes. Neither Reid's nor Obama's office responded to requests for comment.
There is no link between Gramm-Leach-Bliley and recent bank failures, said Pete Wallison, an economist with the conservative American Enterprise Institute. "All of the investment banks and securities firms that have gotten into trouble . . . were independent banks," he said. "So the elimination of Glass-Steagall had absolutely nothing to do with their financial problems." Wallison pins commercial bank failures on bad mortgages, not on any brokerage arm.
Dean Baker, co-director of the liberal Center for Economic and Policy Research, says the bill deserves some blame for today's crisis. "(The crisis) is mostly derivative instruments — (the act) just made it harder for the SEC to regulate those instruments," he said. Yet Baker admits the SEC showed little interest in regulating derivatives under Clinton or Bush.
National Civilian Security Force?
Jeff, you'll like this one. Future Obama Chief of Staff Rahm Emmanuel, discussing the plan for Mandatory Civil Service in 2006 ...
Wednesday, November 12, 2008
Paglia on Palin
She likes her; she really really likes her!
Salon.com | Obama surfs through: "Given that Obama had served on a Chicago board with Ayers and approved funding of a leftist educational project sponsored by Ayers, one might think that the unrepentant Ayers-Dohrn couple might be of some interest to the national media. But no, reporters have been too busy playing mini-badminton with every random spitball about Sarah Palin, who has been subjected to an atrocious and at times delusional level of defamation merely because she has the temerity to hold pro-life views."
Salon.com | Obama surfs through: "Given that Obama had served on a Chicago board with Ayers and approved funding of a leftist educational project sponsored by Ayers, one might think that the unrepentant Ayers-Dohrn couple might be of some interest to the national media. But no, reporters have been too busy playing mini-badminton with every random spitball about Sarah Palin, who has been subjected to an atrocious and at times delusional level of defamation merely because she has the temerity to hold pro-life views."
Tuesday, November 11, 2008
We Blew It
We Blew It: "Let us bend over and kiss our ass goodbye. Our 28-year conservative opportunity to fix the moral and practical boundaries of government is gone--gone with the bear market and the Bear Stearns and the bear that's headed off to do you-know-what in the woods on our philosophy.
An entire generation has been born, grown up, and had families of its own since Ronald Reagan was elected. And where is the world we promised these children of the Conservative Age? Where is this land of freedom and responsibility, knowledge, opportunity, accomplishment, honor, truth, trust, and one boring hour each week spent in itchy clothes at church, synagogue, or mosque? It lies in ruins at our feet, as well it might, since we ourselves kicked the shining city upon a hill into dust and rubble. The progeny of the Reagan Revolution will live instead in the universe that revolves around Hyde Park."
An entire generation has been born, grown up, and had families of its own since Ronald Reagan was elected. And where is the world we promised these children of the Conservative Age? Where is this land of freedom and responsibility, knowledge, opportunity, accomplishment, honor, truth, trust, and one boring hour each week spent in itchy clothes at church, synagogue, or mosque? It lies in ruins at our feet, as well it might, since we ourselves kicked the shining city upon a hill into dust and rubble. The progeny of the Reagan Revolution will live instead in the universe that revolves around Hyde Park."
Sunday, November 09, 2008
The Commissars Of Climate Change
The Commissars Of Climate Change - Forbes.com:
"It's not just income taxes that might trash the dreams of Joe the Plumber.
Ready or not, Joe and the rest of us are also about to get mugged by the commissars of climate change. On this, I've got a bipartisan beef, since both John McCain and Barack Obama have bought into the panicked Al Gore storyline that the earth has a man-made 'fever.' Both candidates are promising to meet it with dramatic and costly new forms of government control."
It is my hope, that Americans are not duped into the biggest power grab in history, simply because it is wrapped in the veil of saving Planet Earth from the one-hundreth percent (.01) increase in the amount of man-made carbon-dioxide emissions. As Rossett states ..."[It] is a road map to state meddling in every aspect of daily life."
"It's not just income taxes that might trash the dreams of Joe the Plumber.
Ready or not, Joe and the rest of us are also about to get mugged by the commissars of climate change. On this, I've got a bipartisan beef, since both John McCain and Barack Obama have bought into the panicked Al Gore storyline that the earth has a man-made 'fever.' Both candidates are promising to meet it with dramatic and costly new forms of government control."
It is my hope, that Americans are not duped into the biggest power grab in history, simply because it is wrapped in the veil of saving Planet Earth from the one-hundreth percent (.01) increase in the amount of man-made carbon-dioxide emissions. As Rossett states ..."[It] is a road map to state meddling in every aspect of daily life."
Friday, November 07, 2008
What my daughter is probably subjected to in her school
Ashville N.C. School teacher browbeats student over being a McCain supporter...
Wednesday, November 05, 2008
FrontPage Magazine
Fromone of my favorite opinionators ...
FrontPage Magazine: "A Historic Victory"
I went to my polling station to vote about 2:30PM. There was one person in line in front of me and my wait was about 2 seconds. So much for the paranoia about the suppression of the vote. There are always screw-ups at election time but it was not until Florida 2000 that these began to enter the folklore of conspiracy which is an American political religion. This year the paranoia got hot and heavy on both sides. Republicans were sure election fraud was going to rule the day and the Democrats would steal the election. Democrats were just as paranoid that racism would deny the first African American his opportunity to be president. Both were wrong.
I am glad that Obama won by a big enough margin to lay to rest any claim the election was stolen. I am glad he won by a big enough margin so that only cranks will continue to claim that the words racism and America can ever be reasonably linked. This is a historic moment in our country's history, and reaffirms our place as the most remarkable nation on this earth. Conceived in liberty and dedicated to the proposition that all men are created equal.
I think it's important for all my fellow conservatives to take a moment in the next few days to reflect on these facts and not rush into the partisan struggles which are bound to crowd our political space in the years to come. Let us reflect on the fact that sharp as our divisions are, we are a nation that settles our differences at the ballot box and not in civil strife. Let us do the American thing and give this man the benefit of the doubt and the opportunity to prove his mettle by assuming his role as the leader of our nation -- one and indivisible; let us see if he will live up to his promises to heal the country's wounds and unify its contending factions. We face a terrible economic test at home, and barbaric enemies abroad. There will be time enough to hold him to account if he does not honor his promises, and to celebrate with him if he does. In the meantime, let us celebrate this historic moment in America's progress, and do everything we can to show the generosity of spirit that has made America a land that we love.
FrontPage Magazine: "A Historic Victory"
I went to my polling station to vote about 2:30PM. There was one person in line in front of me and my wait was about 2 seconds. So much for the paranoia about the suppression of the vote. There are always screw-ups at election time but it was not until Florida 2000 that these began to enter the folklore of conspiracy which is an American political religion. This year the paranoia got hot and heavy on both sides. Republicans were sure election fraud was going to rule the day and the Democrats would steal the election. Democrats were just as paranoid that racism would deny the first African American his opportunity to be president. Both were wrong.
I am glad that Obama won by a big enough margin to lay to rest any claim the election was stolen. I am glad he won by a big enough margin so that only cranks will continue to claim that the words racism and America can ever be reasonably linked. This is a historic moment in our country's history, and reaffirms our place as the most remarkable nation on this earth. Conceived in liberty and dedicated to the proposition that all men are created equal.
I think it's important for all my fellow conservatives to take a moment in the next few days to reflect on these facts and not rush into the partisan struggles which are bound to crowd our political space in the years to come. Let us reflect on the fact that sharp as our divisions are, we are a nation that settles our differences at the ballot box and not in civil strife. Let us do the American thing and give this man the benefit of the doubt and the opportunity to prove his mettle by assuming his role as the leader of our nation -- one and indivisible; let us see if he will live up to his promises to heal the country's wounds and unify its contending factions. We face a terrible economic test at home, and barbaric enemies abroad. There will be time enough to hold him to account if he does not honor his promises, and to celebrate with him if he does. In the meantime, let us celebrate this historic moment in America's progress, and do everything we can to show the generosity of spirit that has made America a land that we love.
Yes, the Messiah is in the house ...
Obama: I am the chosen one - Times Online: "Obama: I am the chosen one
Untried, untested but ready, Obama dares the US to vote him in"
Untried, untested but ready, Obama dares the US to vote him in"
Tuesday, November 04, 2008
What you don't know about Barack Obama
If I had the time, this WND article is how I would sum up all the reasons to NOT support this Farrakhan-loving, anti-American, Muslim, Marxist, racist, radical, terrorist-loving, dictator-admiring charlatan who wants to be the Commander in Chief of these United States of America. Oh, and did I mention this empty suit has accomplished ABSOLUTELY NOTHING in his pathetic career? The sad thing is, most Americans voting for Barack Hussein Obama today do not know a single detail of this man's past, thanks to a media that is an extension of the now Radical Left Democratic Party. I guess the party really is bought and paid for by George Soros.
This is absolutely BRILLIANT, but, I fear, too late to make an impact 11/4/8.
What you don't know about Barack Obama
I hope, in the future, I won't be having these words read back to me in some Civilian National Security Force interrogation room in the Age of Obama.
This is absolutely BRILLIANT, but, I fear, too late to make an impact 11/4/8.
What you don't know about Barack Obama
I hope, in the future, I won't be having these words read back to me in some Civilian National Security Force interrogation room in the Age of Obama.
Monday, November 03, 2008
Why Obama Cannot be President in 95 seconds
Who is he making these promises to? Vladimir Putin? Iran? China? I am re-posting this, because we need to be reminded, once again, as other issues have become more prominent.
Falsified registrations become votes - John Fund - Politico.com
Falsified registrations become votes - John Fund - Politico.com: "Anita MonCrief, an ACORN whistle-blower who worked for both it and its Project Vote registration affiliate from 2005 until early this year, agrees. 'It's ludicrous to say that fake registrations can't become fraudulent votes,' she told me. 'I assure you that if you can get them on the rolls you can get them to vote, especially using absentee ballots.' MonCrief, a 29-year old University of Alabama graduate who wanted to become part of the civil rights movement, worked as a strategic consultant for ACORN as well as a development associate with Project Vote and sat in on meetings with the national staffs of both groups. She has given me documents that back up many of her statements, including one that indicates that the goal of ACORN's New Mexico affiliate was that only 40 percent of its submitted registrations had to be valid."
Sunday, November 02, 2008
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily
I haven't linked to many polls, because I think many are propaganda tools, but as we get closer to Election Day, if you need any encouragement, here is a poll taken by IBD. (IBD had the most accurate polling in 2004.)
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily: "Day 21: IBD/TIPP Tracking Poll
The race tightened again Sunday as independents who'd been leaning to Obama shifted to McCain to leave that key group a toss-up. McCain also pulled even in the Midwest, moved back into the lead with men, padded his gains among Protestants and Catholics, and is favored for the first time by high school graduates."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily: "Day 21: IBD/TIPP Tracking Poll
The race tightened again Sunday as independents who'd been leaning to Obama shifted to McCain to leave that key group a toss-up. McCain also pulled even in the Midwest, moved back into the lead with men, padded his gains among Protestants and Catholics, and is favored for the first time by high school graduates."
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