CNN Comes In Last So…Let’s Bash Sarah In A New Poll

Since CNN finished dead last in the cable ratings, the “Best Political Team” just had to trot out the old standby, short-term, pump up their numbers agenda; let’s bash Sarah Palin with a spotty poll.  The unspoken bashing goes to the people that support her because, ya know, they are all right-wing, domestic terrorist, open mouth breathing, left in the dirt, not with the new “hope and change program”, conservatives.  That should help their ratings even more, doncha think, considering another new poll states that 40% of Americans are Conservatives.

Now for the most important part of this poll; no information about the percentage of Dems vs. Repubs vs. Indies in the 1,038 Americans polled OR the questions asked and how they were posed.  We stopped trusting CNN back during the entire 2008 presidential election cycle, (i.e. dead last ratings), and we are not about to start trusting CNN again while such shoddy work continues.

CNN Poll: 7 in 10 say Palin not qualified to be president

The CNN/Opinion Research Corporation poll was conducted October 16-18, with 1,038 adult Americans questioned by telephone. The survey’s sampling error is plus or minus 3 percentage points for all respondents and plus or minus 4.5 percentage points for questions asked only of Republicans.

Poll: 71% Believe Sarah Palin Not Qualified To Be President

CNN? There is a reason you are dead last with political news coverage like this.

Your Daily Glenn Beck; 10.28.09: America’s Debt & The New World Order

Glenn is really starting to speak about connecting the dots and has an interesting theory about the 120% increase in the money supply by The Federal Reserve, and how the dollar may collapse leading to a new currency with our real estate as the standard which backs the new currency. Glenn is basing his theory on the Weimar Republic and what was done there to re-establish their new currency.

There are some very interesting segments that followed the opening about healthcare and 70% of the country believes in the free market system according to a Pew Research poll in March 2009. I will add those video segments as they become available.

Healthcare:

Free Enterprise Numbers: Believers vs. Non-Believers

A Special Thank You To Monster Readers And The 912ers

I just saw this over at TPM Live Wire where the liberal moonbats are bashing away at the Tea Party Marchers on 9.12.09.  I just thought I would share the actual House Resolution put forward by Tom Price and 75 House republicans thanking us for showing up and being present. And for those that are still wondering, the Capitol Police estimated 2.1 million after the fact.

I never believed that the Tea Party Patriots were about forming a third party. This movement is about making the two parties we have bring forward legislation in keeping with the founding principles of this nation, and candidates that are willing to serve and not gorge themselves at the trough.

Once again to all my loyal readers, many mahalos for making that trip possible, and give yourselves a moment to pat yourself on the back and smile about 9.12.09 and NY-23.

HRES 870 IH

Expressing gratitude and appreciation to the individuals and families who participated in the Taxpayer March on Washington on September 12, 2009. (Introduced in House)

111th CONGRESS 1st Session

H. RES. 870

Expressing gratitude and appreciation to the individuals and families who participated in the Taxpayer March on Washington on September 12, 2009.

IN THE HOUSE OF REPRESENTATIVES

October 26, 2009

Mr. PRICE of Georgia (for himself, Mr. PENCE, Mrs. BLACKBURN, Mr. AKIN, Mr. AUSTRIA, Mrs. BACHMANN, Mr. BACHUS, Mr. BARTLETT, Mr. BARTON of Texas, Mr. BILBRAY, Mr. BILIRAKIS, Mr. BISHOP of Utah, Mr. BONNER, Mr. BRADY of Texas, Mr. BROUN of Georgia, Mr. BROWN of South Carolina, Ms. GINNY BROWN-WAITE of Florida, Mr. BURTON of Indiana, Mr. CANTOR, Mr. CAMPBELL, Mr. CARTER, Mr. CASSIDY, Mr. CHAFFETZ, Mr. COFFMAN of Colorado, Mr. COLE, Mr. CULBERSON, Mr. DAVIS of Kentucky, Ms. FALLIN, Mr. FORBES, Mr. FRANKS of Arizona, Ms. GRANGER, Mr. GINGREY of Georgia, Mr. GOHMERT, Mr. GRAVES, Mr. HALL of Texas, Mr. HARPER, Mr. HENSARLING, Mr. HERGER, Mr. HOEKSTRA, Mr. HUNTER, Mr. ISSA, Ms. JENKINS, Mr. SAM JOHNSON of Texas, Mr. JONES, Mr. JORDAN of Ohio, Mr. KING of Iowa, Mr. KLINE of Minnesota, Mr. LAMBORN, Mr. LATTA, Mr. LUETKEMEYER, Mrs. LUMMIS, Mr. MCCAUL, Mr. MCCLINTOCK, Mr. MCHENRY, Mr. MCKEON, Mr. MARCHANT, Mr. MILLER of Florida, Mr. MORAN of Kansas, Mrs. MYRICK, Mr. NEUGEBAUER, Mr. OLSON, Mr. PAULSEN, Mr. PITTS, Mr. POSEY, Mr. ROE of Tennessee, Mr. ROONEY, Mr. RYAN of Wisconsin, Mrs. SCHMIDT, Mr. SHIMKUS, Mr. SMITH of Texas, Mr. SOUDER, Mr. STEARNS, Mr. SULLIVAN, Mr. WAMP, Mr. WESTMORELAND, and Mr. WILSON of South Carolina) submitted the following resolution; which was referred to the Committee on Oversight and Government Reform

RESOLUTION

Expressing gratitude and appreciation to the individuals and families who participated in the Taxpayer March on Washington on September 12, 2009.

Whereas, on September 12, 2009, hundreds of thousands of American patriots, who refuse to sit idly by as the Federal Government advances skyrocketing deficits, taxpayer-funded bailouts, pork-barrel projects, burdensome taxes, unaccountable policy czars, command-and-control energy policy, and a government takeover of health care, came to Washington, DC, to show their disapproval;

Whereas individuals also wanted to convey their displeasure with the future tax increases that will be required to pay for deficit-financed spending;

Whereas these individuals understand that the fundamental American principles of limited government and personal liberty are under direct assault;

Whereas this dedicated group of freedom-loving Americans believe in open, accountable, responsible, constitutionally based government;

Whereas hundreds of buses, multiple caravans of cars from across the country, and many individually chartered flights, as well as thousands of lone-traveling cars and trucks, brought these patriots to Washington, DC, solely for this event;

Whereas these individuals endured considerable personal expense to get to the march, including transportation and lodging expenses, as well as lost wages in many instances;

Whereas estimates of the number of people who peacefully marched from Freedom Plaza to the West Front of the U.S. Capitol on September 12, 2009, range as high as 1,700,000 marchers;

Whereas all 50 States were represented in the march;

Whereas this event is considered to be the largest ever gathering of fiscal conservatives in Washington, DC;

Whereas special accolades are due to the grassroots citizens organizations across the country who helped individuals exercise their constitutionally protected First Amendment rights in the Nation’s capital; and

Whereas when the current trends of government expansion and freedom retrenchment are reversed, it will be due in large part to the efforts of the hundreds of thousands who marched on Washington, DC, on September 12, 2009: Now, therefore, be it

    Resolved, That the House of Representatives expresses its gratitude and appreciation to the hundreds of thousands of people who marched on Washington, DC, on September 12, 2009, to show their love of liberty and their grievance with recent government actions.

Trailer for the 9.12.09 Tea Party March Documentary:

Barney Frank’s Financial Stability Improvement Draft Legislation

I am posting the Press Release and committee meeting information for the 253 page discussion draft of the Financial Stability Improvement bill to regulate the financial industry that we have been waiting for.  I am also currently reading the actual draft, found here, and will post on it when I have something to report.

Upcoming HFS Committee meeting on the following draft legislation: Thursday, October 29, 2009, 9:30 a.m., in room 2128 Rayburn House Office Building. The Full Committee will hold a hearing on: “Systemic Regulation, Prudential Matters, Resolution Authority and Securitization”

Press Release
For Immediate Release: October 27, 2009

Financial Services Committee and Treasury Department Release Draft Legislation to Address Systemic Risk, “Too Big to Fail” Institutions

Washington, DC – Today, the House Financial Services Committee and the Treasury Department released draft legislation to address the issue of systemic risk and “too big to fail” financial institutions. The draft bill will:

  • Create a mechanism for monitoring and reducing the threats that systemically risky firms pose to the financial system.
  • Establish a process for winding down large, financially-troubled non-bank financial institutions in a way that protects American taxpayers and minimizes the impact on the financial system.
  • Overhaul and update our financial regulatory system.

A summary of the draft legislation can be viewed below; the full text can be viewed here.

Summary of the Financial Stability Improvement Act

The Financial Services Committee and the Obama Administration are committed to ensuring that the taxpayers are never again called upon to take responsibility for Wall Street’s business decisions.  The bill creates a strong, inter-agency council to monitor and oversee stability of the financial system and address threats to that stability.  The bill provides strengthened supervision for large, interconnected financial firms to prevent failure.  A new resolution regime will ensure that firms that fail despite these measures will do so in a way that minimizes impacts on taxpayers, the health of the financial system and the overall economy.

Specifically, the draft legislation:

Creates the Financial Services Oversight Council to monitor systemic risks.

  • The Council will identify financial companies and financial activities that pose a threat to financial stability, and will subject those companies and activities to heightened prudential oversight, standards and regulation.
  • The Council will also subject systemically important financial market utilities and payment, clearing and settlement activities to heightened oversight, standards and regulation.

Harmonizes and consolidates holding company regulation so there is “no place to hide,” ensures communication and coordination among regulators and maintains clear lines of authority

  • Removes the Gramm-Leach-Bliley Act’s restraints on the Fed’s authority over companies subject to consolidated regulation and provides specific authority to the Fed and other federal financial agencies to regulate for financial stability purposes and quickly address potential problems.
  • Puts safeguards on current ILC and other non-bank bank institutions and closes the ILC and other non-bank bank exemptions going forward; current non-bank banks, industrial loan companies, and similar companies that engage in commercial activities but are not currently subject to bank holding company regulation will not have to divest, but will have to restructure, creating a bank holding company to hold all financial activities, and will face limits on transactions between the bank holding company and any commercial affiliates.  Going forward, no additional commercial companies will be allowed to own banks, ILCs or any other specialty bank charters.
  • Preserves the thrift charter for those thrifts dedicated to mortgage lending, but subjects thrift holding companies to supervision by the Fed to eliminate opportunities for regulatory arbitrage.

Subjects firms or activities that pose significant risks to the system to heightened, comprehensive scrutiny by Federal regulators.

  • Regulators’ inability to see developments outside their narrow “silos” allowed the current crisis to grow unchecked.  The bill’s information gathering and sharing requirements for the Council and all of the financial regulators (including SEC and CFTC) will ensure constant communication and the ability to look across markets for potential risks.
  • Federal regulators will impose heightened standards through a variety of options tailored to the specific threat posed – there is no “one size fits all” approach.
  • The Fed will have back-up authority to step in if regulators do not act quickly to address developing problems identified by the Council.

Provides for the orderly wind-down of failing firms and ends “too big to fail” to ensure that industry and shareholders absorb the risks and costs of failure, not taxpayers.

  • Large, highly complex financial companies that fail will do so in an orderly and controlled manner, ensuring that shareholders and unsecured creditors bear the losses, not taxpayers, and the stability of the overall financial system is protected.
  • The FDIC will be able to unwind a failing firm so that existing contracts can be dealt with, creditors’ claims can be addressed, and parties required to bear losses do so.  Unlike traditional bankruptcy, which does not account for complex interrelationships of such large firms and may endanger financial stability, this more flexible process will help prevent contagion and disruption to the entire system and the overall economy.
  • Costs to resolve a failing firm will be repaid first from the assets of the failed firm at the expense of shareholders and creditors, and to the extent of any shortfall, from assessments on all large financial firms.  In this instance we follow the “polluter pays” model where the financial industry has to pay for their mistakes—not taxpayers.
  • Resolution Fund is structured to spread the cost over a broad range of financial companies with assets of $10 billion or more, and provides for a flexible repayment period to avoid potential procyclical effect of such assessments.

Provides new accountability for the Fed when it addresses short-term credit market disruptions in emergency situations.

Requires approval by the Treasury Secretary for the Fed to provide temporary liquidity assistance using section 13(3) of the Federal Reserve Act, and confines that assistance to generally available facilities.

Credit Risk Retention

  • Directs the federal banking regulators and the Securities and Exchange Commission to jointly write rules to require creditors to retain 10 percent or more, of the credit risk associated with any loans that are transferred or sold including for the purpose of securitization.  Regulators can adjust the level of risk retention above or below 10 percent, but not lower than 5 percent.  In the case of the securitization of assets that are not originated by creditors, the regulators will require the securitizer to retain the credit risk.

    • UPDATE: I have made it to page 43 and it doesn’t sound at all like the summary above; mandatory bankruptcy, and involuntary bankruptcy rise to mind. As for the “no one size fits all” approach – that’s a bit misleading – but then again, you already knew that.

    The most glaring contradiction is the use of the phrase “pose a threat to the financial stability of the United States” – does this not describe our current federal government who is going to raise the debt ceiling to $13 TRILLION?

    UPDATE: Scribd version of the bill:
    Financial Stability Improvement Discussion Draft 10.27.09

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