Jonah Goldberg describes this as "So, so, much stupid crammed into such a small space. Might create a blackhole of dumb," Yes, but more to the point, this gathering of frighteningly ignorant "students" is actually a meeting of the brightest lights of government school indoctrination. It takes true dedication and determination to empty your head of all critical thinking skills while convincing yourself that you're really smart, hip and cutting edge. Their masters in academia have successfully wrapped the brutal and colossal failure of collectivism in the guise of "justice", be it social, economic, environmental or whatever. These blindly idealistic students are technically adults, but are really gullible children that are being take advantage of by cynical, power hungry tyrants who will throw them to the wolves as soon as they stop being useful idiots. And all of this is brought to you by the Democrat party.
Showing posts with label nancy pelosi. Show all posts
Showing posts with label nancy pelosi. Show all posts
Wednesday, April 20, 2011
Wednesday, December 10, 2008
The Media's Top 10 Worst Economic Myths of 2008
The media has a leftist agenda to be sure. But what makes them truly dangerous is their constant socialist, anti-free enterprise propaganda based on lies and convenient myths. The Business Media Institute has compiled the 10 worst of 2008:
10. Capitalism is dead or dying.
9. Gas at $4-a-gallon, blame the oil companies.
8. Fannie’s failure
7. Barack Obama sends stocks soaring, but not sinking.
6. Alternative energy: All gain, no pain
5. The economy has a fever and the only prescription is more bailouts.
4. Attack of the Killer Tomatoes
3. Oil prices will skyrocket to $200 a barrel, gas to $15.
2. Welcome to 1929: Great Depression II
1. America needs a new, New Deal.
9. Gas at $4-a-gallon, blame the oil companies.
8. Fannie’s failure
7. Barack Obama sends stocks soaring, but not sinking.
6. Alternative energy: All gain, no pain
5. The economy has a fever and the only prescription is more bailouts.
4. Attack of the Killer Tomatoes
3. Oil prices will skyrocket to $200 a barrel, gas to $15.
2. Welcome to 1929: Great Depression II
1. America needs a new, New Deal.
Number 1 is the most important now as Obama and his congressional sidekicks get ready to repeat the failed dictatorial and socialist policies of FDR. They are banking that Americans will believe the most enduring economic myth of all - that FDR knew what the hell he was doing. He didn't.
Here it is:
1. America needs a new, New Deal.
Media myth: Time magazine and other media outlets pushed the idea that Obama must be the next FDR, but they are misrepresenting the impact of the New Deal.
Imagine the classic image of FDR sitting in his car grinning, with a cigarette perched from his mouth. Now imagine it had the face and hands of president-elect Barack Obama instead of FDR.
No, it wasn’t a dream – it was the cover of Time magazine on Nov. 24 which made it clear the media had crowned Obama the new FDR and wanted him to institute a new New Deal.
The photo illustration of Obama and FDR came with a headline that declared: “The New New Deal: What Barack Obama can learn from F.D.R. – and what the Democrats need to do.”
But even before Obama was elected, journalists were looking for FDR. CNN’s Wolf Blitzer asked before the election, “who’s gonna be FDR as opposed to Herbert Hoover?”
In a discussion of economic stimulus packages, ABC’s George Stephanopoulos said on Oct. 19 that he thought Obama “would want to do something like what FDR did in 1932.”
Guests and experts also sounded the call. On CNN, Jeffrey Sachs of the Earth Institute at Columbia University called for a revamped New Deal more than once. Sachs was a favorite expert of CNN in October appearing on 10 of the first 23 days of the month.
But what news reporters, anchors and guest didn’t tell viewers is that according to several economists FDR’s New Deal actually prolonged and deepened the Great Depression.
In a 2004 study, two University of California, Los Angeles (UCLA) economists found that FDR’s policies lengthened the suffering of the Depression by seven years. The two economists specifically blamed anti-free market measures including the National Industrial Recover Act (NIRA) and later the National Relations Act.
Another free-market economist who has written about FDR’s negative impact on the economy is Robert Higgs. Higgs told the Business & Media Institute that a new, New Deal would be disastrous. “I cannot imagine a worse course of action, short of outright socialization of the entire economy. The measures comprised in a new New Deal will not hasten general economic recovery, but will only bulk up the power of government and transfer income to privileged interest groups at the expense of taxpayers and consumers,” Higgs said.”
Media myth: Time magazine and other media outlets pushed the idea that Obama must be the next FDR, but they are misrepresenting the impact of the New Deal.
Imagine the classic image of FDR sitting in his car grinning, with a cigarette perched from his mouth. Now imagine it had the face and hands of president-elect Barack Obama instead of FDR.
No, it wasn’t a dream – it was the cover of Time magazine on Nov. 24 which made it clear the media had crowned Obama the new FDR and wanted him to institute a new New Deal.
The photo illustration of Obama and FDR came with a headline that declared: “The New New Deal: What Barack Obama can learn from F.D.R. – and what the Democrats need to do.”
But even before Obama was elected, journalists were looking for FDR. CNN’s Wolf Blitzer asked before the election, “who’s gonna be FDR as opposed to Herbert Hoover?”
In a discussion of economic stimulus packages, ABC’s George Stephanopoulos said on Oct. 19 that he thought Obama “would want to do something like what FDR did in 1932.”
Guests and experts also sounded the call. On CNN, Jeffrey Sachs of the Earth Institute at Columbia University called for a revamped New Deal more than once. Sachs was a favorite expert of CNN in October appearing on 10 of the first 23 days of the month.
But what news reporters, anchors and guest didn’t tell viewers is that according to several economists FDR’s New Deal actually prolonged and deepened the Great Depression.
In a 2004 study, two University of California, Los Angeles (UCLA) economists found that FDR’s policies lengthened the suffering of the Depression by seven years. The two economists specifically blamed anti-free market measures including the National Industrial Recover Act (NIRA) and later the National Relations Act.
Another free-market economist who has written about FDR’s negative impact on the economy is Robert Higgs. Higgs told the Business & Media Institute that a new, New Deal would be disastrous. “I cannot imagine a worse course of action, short of outright socialization of the entire economy. The measures comprised in a new New Deal will not hasten general economic recovery, but will only bulk up the power of government and transfer income to privileged interest groups at the expense of taxpayers and consumers,” Higgs said.”
Friday, December 5, 2008
Dear Baltimore Sun: Politicians Aren't Business Experts
Why the hell are we allowing the incompetence of the Big Three to be "fixed" by people who are not only more incompetent, but completely unqualified? Oh, and they're doing it with our money. Insanity? You bet it is.
From BMI
Dear Editor:
You opine that Detroit automakers "need to explain in detail to Congress how they intend to eliminate thousands of uneconomical dealerships, swiftly bring their labor costs closer to what Toyota pays its workers in this country, and quickly produce more energy-efficient cars that Americans will want to buy" ("Selling American cars," Dec. 4).
No. These companies deserve investment funds only if they're able to make cars that will sell AND can demonstrate this ability to private investors. Congress is manned by people who specialize in winning popularity contests called "elections." These are not people expert in judging business models, or at pondering the pros and cons of different retail-distribution methods, or equipped to accurately discern the nuances of consumer demands for automobiles, or even – judging from their track record – aware of the most elementary principles of finance and economics.
If, say, you're looking for someone to manage your 401(k), would you entrust that job to Sen. Mikulski or Rep. Hoyer? Of course not, for that's not what they do. So why entrust them and other politicians with the job of investing on a vastly larger scale?
Sincerely,
Donald J. Boudreaux
Don Boudreaux is the Chairman of the Department of Economics at George Mason University and a Business & Media Institute adviser.
From BMI
Dear Editor:
You opine that Detroit automakers "need to explain in detail to Congress how they intend to eliminate thousands of uneconomical dealerships, swiftly bring their labor costs closer to what Toyota pays its workers in this country, and quickly produce more energy-efficient cars that Americans will want to buy" ("Selling American cars," Dec. 4).
No. These companies deserve investment funds only if they're able to make cars that will sell AND can demonstrate this ability to private investors. Congress is manned by people who specialize in winning popularity contests called "elections." These are not people expert in judging business models, or at pondering the pros and cons of different retail-distribution methods, or equipped to accurately discern the nuances of consumer demands for automobiles, or even – judging from their track record – aware of the most elementary principles of finance and economics.
If, say, you're looking for someone to manage your 401(k), would you entrust that job to Sen. Mikulski or Rep. Hoyer? Of course not, for that's not what they do. So why entrust them and other politicians with the job of investing on a vastly larger scale?
Sincerely,
Donald J. Boudreaux
Don Boudreaux is the Chairman of the Department of Economics at George Mason University and a Business & Media Institute adviser.
Wednesday, November 26, 2008
Arrogant, Ignorant and Dangerous
The most frustrating thing about watching congress strut around telling us they're going to solve a financial crisis they created is the fact that they no nothing about the subject. They repeat politically expedient myths and lies about market economics and the equally ignorant public nods their heads at any simplistic explanation of a complex problem.
Look back at the oil bubble of this past summer. One of the favorite scapegoats was speculators in oil futures. It was said they were driving up prices for profit at the expense of the public although none of these demagogues criticised them when the price plummeted. It was never explained or understood that futures traders were just predicting future supply and demand and that all trades require a buyer and a seller.
John Lott warns us not to trust control of our economic lives and individual decisions to government force run by by people who wouldn't know a balance sheet from a bed sheet:
Look back at the oil bubble of this past summer. One of the favorite scapegoats was speculators in oil futures. It was said they were driving up prices for profit at the expense of the public although none of these demagogues criticised them when the price plummeted. It was never explained or understood that futures traders were just predicting future supply and demand and that all trades require a buyer and a seller.
John Lott warns us not to trust control of our economic lives and individual decisions to government force run by by people who wouldn't know a balance sheet from a bed sheet:
"Politicians pose as the ultimate experts. They may never have worked in an industry or studied an issue before, but after few months of time on a topic they know everything: the types of cars that should be produced, the science of global warming, and how much doctors should charge for different types of surgery...
Outside of studying law, few in Congress even have backgrounds that are closely related to some of the issues covered by government. Just take the Senate this year, almost half, 45, are attorneys. Only one doctor, four farmers, 13 business people, seven teachers, four professors (all law, and three are listed as just adjuncts), and virtually all the others list their past experience as professional politician. No members of the Senate are scientists or economists. One member of the Senate played professional sports, and another owned a professional sports team...
...Harry Reid says Congress will give the automobile companies another $25 billion when they provide a “viable plan.” But how is Congress going to evaluate what a “viable plan” is better than the shareholders and bankers whose money is at stake? The auto companies presumably have to turn to Congress for money because others don’t think that they are good investments.
Would you want to invest in a company that congressmen tell you is a viable investment, or in companies where shareholders and banks are willing to put their own money?"
Tuesday, November 25, 2008
Dems Will Make It Worse
There are two types of economists. Those that don't know and those that don't know they don't know. Peter Schiff however, now looks like a genius after he correctly predicted with great certitude, the current economic mess we find ourselves in. What's more amazing is that he not only called what would happen but was dead on as to the why. As a side note, he must be having a lot of fun watching the other so-called experts rudely dismissing him while making now laughable predictions of their own.
Now Schiff is predicting further disaster as Obama promises to crank up the presses in a futile attempt to prop up an economy that needs to fall. (Video Below) Democrats are offering more government solutions from the same government that tripped everything up in the first place.
We will have more government spending on inefficient make work projects that take money from the private sector or borrow more on the country's already maxed out credit. Nancy Pelosi and Harry Reid will pass protectionist policies and block free trade deals that will result in retaliatory tariffs overseas. This will be on top of even more uncompetitive new regulations, labor laws and tax increases.
Buckle up and pucker your sphincters folks. It's going to be a wild ride.
Much thanks to Hot Air
Friday, October 24, 2008
Fred Thompson Warns of a Left Wing Government
A lot of us have been warning of what an unrestrained Democrat Congress along with an Obama Presidency would mean. The RNC now does it as well using Fred Thompson's considerable communication skills. Sadly, this also reminds me of what could have been had Fred run a more energetic campaign.
More at Hot Air
Wednesday, October 22, 2008
Cuba Claims Huge Gulf Oil Reserves
BBC-The state-owned Cuban oil company says the country may have more than 20bn barrels of oil in its offshore fields - more than double the previous estimate.
Cubapetroleo's exploration manager said drilling in the offshore wells would
begin as early as the middle of 2009. Such reserves would place Cuba among
the top 20 oil producing nations. MORE
No word yet on whether US enviro-nuts will be running to Havana and filing lawsuits to stop the drilling. Don't worry. Nancy Pelosi is going to save the planet by preventing drilling on our side of the Gulf.
Wednesday, October 1, 2008
Recovering Without Washington
Did you know we had a major recession in 1920? Did you also know that the Government did virtually nothing in response and that we recovered quickly and stronger than ever? Amity
Shlaes reminds us in this column that markets are usually best left to sort themselves out. Her widely acclaimed book, The Forgotten Man also describes in great detail how government meddling actually prolonged the Great Depression by several years.
Shlaes reminds us in this column that markets are usually best left to sort themselves out. Her widely acclaimed book, The Forgotten Man also describes in great detail how government meddling actually prolonged the Great Depression by several years.
"In 1919, as in 2007, the country was on a roll. Unemployment was 1.4
percent. The Dow Jones Industrial Average hit 119, almost double what it had
been in 1917. The young Fed and the Treasury had been inflating the money supply
in order to pay off World War I debt.
Then the Fed began raising the
discount rate. Also, gold was leaving the U.S., another contractionary
force...
The recession was sharp. Unemployment moved up to 5.2 percent in 1920
and 11 percent in 1921. The Dow lost almost half its value. Political anxiety
was part of the story. A wave of strikes was hitting the country...
Washington, for its part, didn't do much bailing. Nor did it attack Wall
Street, as Democratic House Speaker Nancy Pelosi and, for
that matter, Republican presidential candidate John McCain, are
doing...
Recovery arrived as suddenly as recession had. By 1923,
unemployment was down again, to 2.4 percent. The Dow climbed back, although
taking longer to do so. The economy spent the rest of the decade growing in
exemplary fashion. "
Monday, September 29, 2008
Bailout Fails. Pelosi Helps Sink It
The bailout failed. Good. Now maybe we can get a bill that gets the government that caused this the hell out of the way.
The ever incompetent Nancy Pelosi probably killed the bill with her stupid and laughably false remarks prior to the vote:
"Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.
"Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill," the source said.
Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the "failed economic policies" of the last eight years."
How the hell does she walk with those big Brass Balls clanging around? It was unbridled capitalism? No, it was regulations that forced lenders to make crappy loans to begin with. It "snuck up on us"? What rock have you been living under?
Hell, I was talking about this potential problem to my students as far back as 2003. Are you saying I have better information than you do? OK. Bad example since it seems no useful information enters Nancy's brick thick head.
The ever incompetent Nancy Pelosi probably killed the bill with her stupid and laughably false remarks prior to the vote:
"Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.
"Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill," the source said.
Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the "failed economic policies" of the last eight years."
Brilliant. This idiot couldn't even corral enough Democrats to pass a bill that didn't need ONE Republican vote to pass as ninety-four members of her party voted against it.
UPDATE: Video added of Pelosi's speech
How the hell does she walk with those big Brass Balls clanging around? It was unbridled capitalism? No, it was regulations that forced lenders to make crappy loans to begin with. It "snuck up on us"? What rock have you been living under?
Hell, I was talking about this potential problem to my students as far back as 2003. Are you saying I have better information than you do? OK. Bad example since it seems no useful information enters Nancy's brick thick head.
Don't Blame Bush for This One
The White House has issued a timeline of its efforts to reign in Fannie Mae and Freddie Mac. They were blocked or ignored until it was too late by a Democrat Party (and some cowardly Republicans) more interested in class warfare and racial politics than doing their job:
2001
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."
2002
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)
2003
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)
2004
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)
2005: 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)
2007
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)
2008
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, 3/14/08)
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.
2001
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."
2002
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)
2003
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)
2004
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)
2005: 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)
2007
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)
2008
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, 3/14/08)
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.
Monday, September 1, 2008
Obama Ally Slanders Palin's Daughter
Until someone proves otherwise, I will have to assume that the Obama campaign is behind the vile and cruel attack on Sarah Palin's teenage daughter. That's the rules of evidence we're using, right? Now they've backed off (sort of), but the damage is already done.
The Daily Kos is and has been intimately involved in Democrat campaigns for years. Democrat candidates routinely court its founder and his lunatic readers. Barack Obama, Nancy Pelosi, John Kerry and other Democrats have written for the site.
If the Obama campaign and the Democrat party doesn't denounce and disassociate themselves from this punk and his gang of thugs, then we'll have to believe they support his slanders.
Democrats didn't say much when the Daily Kos suggested that Pat Tillman was murdered or when they celebrated the execution and mutilation of contractors in Iraq, so I'm not expecting much now from these hypocrites now.
The Daily Kos is and has been intimately involved in Democrat campaigns for years. Democrat candidates routinely court its founder and his lunatic readers. Barack Obama, Nancy Pelosi, John Kerry and other Democrats have written for the site.
If the Obama campaign and the Democrat party doesn't denounce and disassociate themselves from this punk and his gang of thugs, then we'll have to believe they support his slanders.
Democrats didn't say much when the Daily Kos suggested that Pat Tillman was murdered or when they celebrated the execution and mutilation of contractors in Iraq, so I'm not expecting much now from these hypocrites now.
Tuesday, August 5, 2008
A Letter To My Congressman
The following was emailed to my congressman, CW Bill Young, serving Florida's 10th District in Pinellas County, Fl. Senators Bill Nelson and Mel Martinez were CC'd.
Dear Congressman Young: If you are already on the house floor this week, please disregard this mail. If not, then I urge you to go there immediately. I am expecting your support of increased drilling for oil and natural gas throughout the United States, wherever those resources may be found. That includes The Gulf Of Mexico up to 25 miles from our shore, which is well over the horizon. As a resident of your district who lives on the Intracoastal Waterway and a stone's throw from the Gulf, I obviously have a direct interest in this matter. However, I can find no rational basis for opposition to exploration and drilling in our waters and remaining the only country that places its oil and gas resources completely off limits.
The hundreds of rigs already in the Gulf have proved to pose almost no environmental threat, despite being battered by numerous storms. Indeed, far more oil and other pollutants enter the Gulf every day due to mere runoff from everyday activities on shore. Our tourism industry would not be harmed but helped, in that people could actually afford the fuel to get here. Additionally, oil exploration in our waters would not only provide greatly increased economic activity at the Port of Tampa, it would bolster our commercial and recreational fishing stocks as these rigs invariably become huge havens for marine life.
We must couple this with exploration and drilling throughout the Outer Continental Shelf and ANWR, additional nuclear power, coal to liquid, shale oil and any other technology that will increase domestic energy supplies.
This is not only an economic issue but one of national security. It is inherently dangerous to depend on oil supplies from governments that at best don't like us very much and in many cases are outright hostile toward the U.S. I'm old enough to remember what happened to this country during the Arab oil embargo of the 1970's. No matter how much we conserve at home, countries like China and India will continue to increase their energy usage at a rapid pace. That's over 30 per cent of the world's population. World demand for oil will go up drastically, no matter what we do or wish would happen. It will also go up here if we still want to grow our economy. Alternative sources such as solar and wind are at least decades away from becoming an efficient substitute for current technologies and as of now are nothing more than a pipe dream and a distraction.
Speaker Pelosi and the Democrat Party have obviously been co-opted by Eco-Marxists whose goals have far more to do with damaging our free market economy than protecting the environment. Democrats are unwilling to do anything that will help the little people they purport to care about and are just insulting our intelligence with silly platitudes and scapegoats.
Pelosi is vulnerable in that her refusal to allow a vote on this issue reveals an admission on her part that she will lose when many Democrats defy her will for their own political survival. As you are well aware, this is winning political issue for your party.
As a congressman whose district is literally on the front lines of this issue, your vocal and unqualified support will prove invaluable in moving this issue forward. I am confident that you have the courage to do what is right for Florida and the Country.
Very Truly Yours,
Cliff Waldron http://www.radclown.com/
Dear Congressman Young: If you are already on the house floor this week, please disregard this mail. If not, then I urge you to go there immediately. I am expecting your support of increased drilling for oil and natural gas throughout the United States, wherever those resources may be found. That includes The Gulf Of Mexico up to 25 miles from our shore, which is well over the horizon. As a resident of your district who lives on the Intracoastal Waterway and a stone's throw from the Gulf, I obviously have a direct interest in this matter. However, I can find no rational basis for opposition to exploration and drilling in our waters and remaining the only country that places its oil and gas resources completely off limits.
The hundreds of rigs already in the Gulf have proved to pose almost no environmental threat, despite being battered by numerous storms. Indeed, far more oil and other pollutants enter the Gulf every day due to mere runoff from everyday activities on shore. Our tourism industry would not be harmed but helped, in that people could actually afford the fuel to get here. Additionally, oil exploration in our waters would not only provide greatly increased economic activity at the Port of Tampa, it would bolster our commercial and recreational fishing stocks as these rigs invariably become huge havens for marine life.
We must couple this with exploration and drilling throughout the Outer Continental Shelf and ANWR, additional nuclear power, coal to liquid, shale oil and any other technology that will increase domestic energy supplies.
This is not only an economic issue but one of national security. It is inherently dangerous to depend on oil supplies from governments that at best don't like us very much and in many cases are outright hostile toward the U.S. I'm old enough to remember what happened to this country during the Arab oil embargo of the 1970's. No matter how much we conserve at home, countries like China and India will continue to increase their energy usage at a rapid pace. That's over 30 per cent of the world's population. World demand for oil will go up drastically, no matter what we do or wish would happen. It will also go up here if we still want to grow our economy. Alternative sources such as solar and wind are at least decades away from becoming an efficient substitute for current technologies and as of now are nothing more than a pipe dream and a distraction.
Speaker Pelosi and the Democrat Party have obviously been co-opted by Eco-Marxists whose goals have far more to do with damaging our free market economy than protecting the environment. Democrats are unwilling to do anything that will help the little people they purport to care about and are just insulting our intelligence with silly platitudes and scapegoats.
Pelosi is vulnerable in that her refusal to allow a vote on this issue reveals an admission on her part that she will lose when many Democrats defy her will for their own political survival. As you are well aware, this is winning political issue for your party.
As a congressman whose district is literally on the front lines of this issue, your vocal and unqualified support will prove invaluable in moving this issue forward. I am confident that you have the courage to do what is right for Florida and the Country.
Very Truly Yours,
Cliff Waldron http://www.radclown.com/
Subscribe to:
Posts (Atom)