Archive for September, 2008

A Bailout for All!

In this time when they are thinking up ideas on the proposed bailout. How come they could not help out the American people as wells as help the banks. I do not claim to be an expert on financial matters but it would seem to me if they proposed a one time credit to home owners to use on one home. The credit would be for 25% of the principle of your mortgage. So say someone with a mortgage principle of $400k would receive $100k under the plan. That would go directly to there lender reducing the principle to $300k and then offer the homeowner a chance to refinance at a better rate the smaller principle. In this way the lenders get an influx of cash and the homeowners get some releif from a mortgage that may be over their heads. If a homeowner does not want to take advantage of the offer they can remain on the sideline it would be completely optional. I figure they would have to limit it to mortgages orginated since 2001 cause we could not afford to offer the program to every loan on the books.

McCain Can’t, Yes we Can!!!

Remember now all though you may see Rush Limbaugh endorse Senator McCain it wasn’t always like that, take a look here where Rush says McCain is not a Maverick.

He’s just playing the American card or the patriot card, the prisoner of war story or whatever, and that happens to appeal to some people.  But this is where I would distance myself from the analysis of my friend, and that is I think McCain really plays up this “maverick” business.  He loves the maverick business.  What is a maverick?  A maverick is somebody that bucks tradition and principles held by a majority of people.  A maverick is somebody in it for himself.  Even Cindy McCain has said that her husband loves the maverick label, and she does, too.  Who attached the maverick label to McCain?  The Drive-By Media!  Are there any Democrat mavericks?  Are there any mavericks on Democrat side?  Lieberman is a maverick, and look what the Democrats have done to him.  They ran him out of the party! Now, we’re left to believe that the Drive-Bys and the Democrats, that they love these mavericks. They love these independent thinkers, these “straight talkers.” Only when they’re on our side!  When the maverick is on our side denouncing our side, running against our side, doing what he can to diminish our side, of course the Drive-Bys love him. The New York Times, Washington Post, whoever it is endorsed this guy, the Drive-By Media choosing our candidate.

And that was directly from Rush Limbaugh’s own website. Do a search on Rush’s website and look at anything prior to the Republican nominee being picked and you will see that Rush was highly critical of McCain. Here he says McCain is surrounded by liberals.

RUSH:  Well, that’s really helpful.  He reaches across the aisle well. (sigh) That means he reaches out to Democrats — and of course Schwarzenegger probably could write the book on that.  Look, folks, make up your own mind on this stuff.  It’s just out there staring you in the face.  It’s up to you to see it.  I can’t make you see it.  I can only put it in front of you.  If you wish to keep your eyes closed, feel free.

The list goes on and on directly from rush’s own mouth but now that McCain has the nomination Rush changes his tune.“Well he is the guy for us!!”. So who is John McCain is he a Liberal, a maverick, a conservative, a bipartisan aisle crosser? Let’s take a look; McCain is now calling to make the Bush tax cuts permanent however in 2001 he aligned with Democrats to oppose the Bush tax cuts.

Last week, McCain reached across the Capitol to lobby for votes on overhauling campaign finance, his signature issue. He holed up in the office of House Democratic leader Richard Gephardt and plotted how to defeat his own party’s House leaders on a crucial test vote. The move came on the heels of his high-profile opposition to the White House on Bush’s tax cut and patients’ rights legislation.

In Fact we can see that if Senator McCain hopes to be called a maverick, someone who will break the good ol’ boy politics of Washington then we should expect to see that reflected in his voting record but in fact most of the positions he supports fall right in line with the failed policies of the last eight years promoted by President Bush. As far as I can tell he only differed with Bush on two issues, stem cell research which he supports and President Bush does not and the tax cuts for the rich which McCain opposed and now supports. McCain is even more out of touch to me when you look at the events of the last week, America is in a precarious position right now, you have CEO’s and lobbyist raiding the US through corporations, sending jobs overseas, bankrupting institutions that survived the great depression and then turning to the government for a corporate bailout all at the expense of the average taxpayer. These same companies side with McCain and Bush when it comes to smaller government, less oversight “Stay out of my pocket” taxation but sure enough want that handout in the end.

McCain supports the policies of George Bush that have led us to this point. And let’s not forget that he has not spoken out against other Bush policies some of them we should not forget, let me make a quick list.

1. The biggest domestic terrorist attack occurred under whose watch.

2. The US deficit now stands at nearly 10 trillion dollars, when Bill Clinton left us with a Budget surplus on his way out. (Please remember there was still a national debt at the time but with a balanced budget we would have been able to reduce the national debt)

3. WE ARE AT WAR IN 2 COUNTRIES AND ARE OBJECTIVE HAS NOT BEEN MEET. I believe our mission in Afghanistan was to crush the Taliban and get Osama Bin Laden. However the Taliban right now is reconstituted and Osama produces more videos then the best music video director on MTV. In Iraq we hear the surge is working but the surge was to put more troops in Bagdad and quiet the capital down. Truth be told that has worked, violence in Bagdad is down but only slightly as you can see here. But Iraq is not made up of just Bagdad and the violence continues in the rest of Iraq. (By the way what is our mission in Iraq? Originally it was WMD’s, oh yeah none there so then we moved on to Nation Building which cost us $70 billion in 2008 while Iraq socked away some $50 billion in oil revenue. When we settle on what our mission is then only then can we hope to accomplish it)

4. Environment: President Bush has denied that we are facing a crisis with global warming and we can see that his record on the environment reflects that belief.

5. Civil liberties: President Bush claims he is for your civil and constitutional rights prominently your rights to bear arms (and attack foreign countries without proven provocation) but when it comes to your right not the be wiretapped, or our rights as citizens trampled on by the patriot act, Water boarded or a State attorney general that won’t do his bidding and therefore has to be fired we see that he care very little for our rightsl, And since Senator McCain backed President Bush what conclusion can we draw?

And when you talk about abuse of power we see that Senator McCain is right in line with President Bush on that issue. Besides going out on a limb and assuming that Hillary Clinton supporters are so stupid as to be swayed by the selection of a woman as VP. He presents us with governor Palin who may or may not be a nice person and totally qualified to be governor but VP? Ok I admit I was willing to give her a chance and see what she had to say but that evaporated quickly when she discussed possibly going to war with Russia! Are you kidding me even President Bush would never mouth something that absurd? But she doesn’t stop there let me ask you if there was a probe into the affairs of Barack Obama or Joe Biden and they refused to cooperate as Governor Palin and her husband have do you think the republicans would ever let them live that down? For Governor Palin to suggest that the investigation is somehow engineered by Obama when we all know this investigation was instigated before she was ever announced as a VP candidate is an affront to the common sense of the American people.

Lastly let me say that healthcare is a major issue in this country. And I am for Obama’s plan for national healthcare, with it I know that there is an enormous cost so I would also like to see where Barack intends to cut back on spending by the federal government. But like we teach our kids something’s in life are tough especially when it comes to doing the right thing. So do we sit back and not do what is right because it is tough. No we teach them that even if it is tough we are obligated to push forward. I know that we can push forward. We once again can make a change, we can be the country that every other country looks to and aspires to be!! YES WE CAN!!!!

Wall Streets dark day, place at the feet of the Republican Led Congress in 1999

Wall Streets dark day, place at the feet of the Republican Led Congress in 1999

Today Sept 15, 2008 the stock Market took a massive hit due to the recent turmoil of failing banks and investment firms from the fall out of the housing market. Lehman Brothers filed bankruptcy and Merrill Lynch was forced to sell to Bank of America, this all follows closely the federal government bailout of Fannie Mae and Freddie Mac. So who is responsible for the current problems? Well it has something to do in my opinion with congress back in 1999 while Bill Clinton was on his way out of office repealing an act called the “Glass-Steagall Act” The Glass-Steagall act was a measure enacted in response to all the failed banks during the Great Depression. Here is the definition from wikipedia.

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[citation needed] Some provisions such as Regulation Q that allowed the Federal Reserve to regulate interest rates in savings accounts were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Other provisions which prohibit a bank holding company from owning other financial companies were repealed in 1999 by the Gramm-Leach-Bliley Act.[1]

In 1999 the Gramm-Leach-Billey ( R-Phill Gramm, R-James Leach) Act effectively dismantled the Glass-Steagall Act which led to rampant speculation and shaky investments. Waves of Sub Prime loans packaged and sold off as securities are coming home to roost and it is only going to get worse with the majority of sub prime arms and interest only loans due to reset all the way to the summer of ’09.