Chris Wallace interviewed Sarah Palin about Obama’s current path for America, his chances of being re-elected, and why the tea parties exist. Once again, Sarah did not pull any punches…love her or hate her, she has been listening and does have her finger on the pulse.
For your consideration; Chuck DeVore, republican candidate for Senate is the most conservative candidate among the republican primary field in California. Glenn Beck will be interviewing Chuck on Monday’s program, and I will be posting that show. I look forward to comments about Mr. DeVore from LM’s California readers.
Mr. DeVore on the issues.
Part 1:
Part 2:
Who will bailout the taxpayers?
By Chuck DeVore
Monday, September 22, 2008 at 5:50pm
One trillion dollars and counting – about $3,300 in new debt for every person in America – this is the price of bailing out Wall Street, we are told by our leaders.
I’m not buying it. Since when was it my responsibility to clean up someone else’s financial mistakes? Is it now my job, as a taxpayer, to assume risk in all situations, whether it’s to rebuild coastal cities in hurricane-prone areas, pay farmers for crop damage, or help someone stay in a house they cannot afford that they bought with a risky loan that should not have been made backed up by my tax dollars?
America was built on the free market with its attendant risk and reward. Our leaders appear intent on replacing the risk portion of that formula with regulation, debt, and taxation. Instead of “risk and reward” we’ll have “reward failure” and America will be the poorer for it – much poorer.
That this current mess started with government-created and taxpayer-backed mortgage giants Fannie Mae and Freddie Mac is telling. Even more telling is that Fannie Mae’s former CEO, Franklin Delano Raines (”FDR,” how appropriate), settled civil charges for $25 million that he illegally overstated Fannie Mae’s earnings by more than $7 billion resulting in his getting multi-million dollar bonuses. Not surprising that FDR served Bill Clinton as White House budget director from 1996 to 1998. Also not surprising is that the Washington Post reported in July that FDR was advising Barack Obama on “mortgage and housing policy matters.”
It’s not like we didn’t see this crisis coming. The Securities and Exchange Commission (SEC) accused Fannie Mae of overstating earnings almost four years ago now, then initiated a civil complaint more than two years ago – showing the world that SEC Chairman Chris Cox was doing his job long before Washington, D.C. took serious notice.
The problem in this current crisis is not a lack of regulation. Rather, it is that our government encouraged bad loans backed up with our tax money. The whole subprime fiasco had its roots in leftwing complaints about the mortgage industry’s so-called “redlining.” Banks refusal to lend to people with bad credit, a poor employment history, and low earnings looked to liberals an awful lot like banks refusing to lend to minorities. Hence, the subprime market was born – then, when financial institutions saw how much money they could make on these risky loans, they went wild – pushing the housing market into overdrive as homeownership rates hit all-time highs. In the end, millions of people who, with a real assessment of risk, would have remained renters, qualified for loans.
Now the bidding war has commenced in Washington, with Democrats insisting that any bailout of mortgage tycoons and financial bosses get larded up with billions more for homeowners in over their heads.
Heck, with our politicians wanting to assume all risk I think I should buy a 15-bedroom mansion sitting on a 500-acre sugar plantation outside of New Orleans. Then when a hurricane hits I can get federal relief for my ruined crop, my damaged house, and my defaulting loan. After all, why should I take the hit on a risky failure when my fellow taxpayers are there to help me?
Oh it’s much too late for that. If this is Bambi’s version of making the republicans look bad while he forces socialized medicine down our throats, he has another thing comin’. Maybe, just maybe, he doesn’t realize that there are millions of us standing behind the true conservatives in Congress.
Remember folks, nothing gets passed by the progressives in the House or Senate until we flip this congress in 270 days.
President Barack Obama is planning to host a televised meeting with Republican and Democratic congressional leaders on health care reform.
The Feb. 25 meeting is an attempt to reach across the aisle but not a signal that the president plans to start over, as Republicans have demanded, a White House official said.
“I want to come back [after the Presidents Day congressional recess] and have a large meeting — Republicans and Democrats — to go through, systematically, all the best ideas that are out there and move it forward,” Obama said in an interview with Katie Couric during CBS’s Super Bowl pre-game show Sunday.
Obama said he wants to “look at the Republican ideas that are out there.”
“If we can go, step by step, through a series of these issues and arrive at some agreements, then, procedurally, there’s no reason why we can’t do it a lot faster the process took last year,” he said.
In a statement, the official said, “What the president will not do is let this moment slip away. He hopes to have Republican support in doing so — but he is going to move forward on health reform.”
The energizer bunny-in-charge is still hellbent on telling us how it’s going to be….
(As an aside, Bambi is looking pretty beat up compared to last year…)
(Editor’s Note: While you watch these videos from 2008, think about what the Obama administration did or did not do to circumvent the coming waves of residential resets and commercial mortgage resets during his first year in office.)
Very few people, and none that I know, would be happy to be the bearer of bad news, but this might explain why Tea Party Patriots have been screaming “stop spending money“.
The second tsunami of the residential mortgage meltdown disaster is about to roll right over us and what is left of our wallets. Amazingly enough, it was covered by ’60 Minutes’ in December, 2008.
Whitney Tilson of T2 Partners explains the Alt A and Option ARMS that are going to reset starting this year and continuing through the entirety of 2011 into 2012. This is one of many indicators I have been watching, and it is probably one of the reasons why the central bankers put one of their very secretive meetings on the calendar for this week in Sydney.
According to Mr. Tilson, the ALT A mortgages are valued at close to $1 Trillion, and the Option ARMS come in somewhere around $500-600 Billion. Mr. Tilson expects that about 70% of these mortgages are going to default. The continued credit freeze for average Americans will, more than likely, contribute to the defaults.
Part 2, Florida Foreclosure Row
What do we have to combat this? Obama, Bernanke, Geithner, Frank, and Dodd. Have you stocked your pantry and/or root cellar yet?
The recession is over and the American economy is recovering. Hey, unemployment is down to 9.7%. Rainbows, lollipops, and pink freakin’ unicorns for everybody! I suppose if that were true, the world’s bankers would not be flocking to Sydney this week for a meeting that was scheduled last year.
THE world’s top central bankers began arriving in Australia for high-level talks as renewed fears about the strength of the global economic recovery gripped world share markets.
Representatives from 24 central banks and monetary authorities, including the US Federal Reserve and European Central Bank, landed in Sydney to meet tomorrow at an undisclosed location.
Organised by the Bank for International Settlements last year, the two-day talks are shrouded in secrecy with extensive security believed to have been invoked by law enforcement agencies.
Speculation that the chairman of the US Federal Reserve, Ben Bernanke, would make an appearance could not be confirmed last night.
The event will be dominated by Asian delegations and is expected to include governors of the People’s Bank of China, the Bank of Japan and the Reserve Bank of India.
The arrival of the high-powered gathering coincided with a fresh meltdown on world share markets, sparked by renewed concerns about global growth and sovereign debt.
Fears that countries including Greece, Portugal, Spain and Dubai could default on debt repayments combined with disappointing US jobs data to spook investors.
Australia’s ASX 200 slumped 2.4 per cent to its lowest close since November 5, echoing a sharp fall on Wall Street.
Asian share markets were also pummelled, with Japan’s Nikkei 225 down almost 3 per cent and Hong Kong’s Hang Seng off 3.3 per cent.
The damage was also being felt by European markets last night with London’s FTSE 100 down 1 per cent in early trade.
Sovereign debt fears rippled through to the Australian dollar, which was hammered to a four-month low of US86.43 and was trading close to that level last night.
“This does feel like ’08 and ’07 all over again whereby we had these sorts of little fires pop up and they are supposedly contained but in reality they are not quite contained,” said H3 Global Advisers chief executive Andrew Kaleel.
“Dubai should have been an isolated incident and now we are seeing issues with Greece, Portugal and Spain.”
But it wasn’t all bad news with the RBA upping its Australian growth forecasts and flagging more interest rate rises this year.
The central bank estimates the economy grew 2 per cent in 2009, and will expand by 3.25 per cent in 2010, and by 3.5 per cent in 2011.
The outlook for global growth is likely to be a key theme of the high-level central bank talks.
The gathering also comes at an important time for the BIS as it initiates an overhaul of the global banking system, which will include new capital rules applying to banks and more stringent standards regulating executive pay.
A key part of the two-day talkfest will be a special meeting of Asian central bankers chaired by the governor of the Central Bank of Malaysia, Zeti Akhtar Aziz.
Influential BIS general manager Jaime Caruana is also expected to take a prominent role in the talks.
Federal Treasurer Wayne Swan will address the central bank officials at a dinner on Monday night.
File the information in this article away because I will be posting something I have been researching for quite some time now that has direct relevance to this meeting.
(H/T Kathy)
The first ever national Tea Party convention occurred this past weekend with keynote speaker, Sarah Palin giving a succinct speech, found in it’s entirety, here.
MEANWHILE, the pResident energizer bunny-in-charge continues his totalitarian march to control every aspect of your life even though most Americans have let the District of Criminals know exactly how they feel about Obamacare and financial reform.
At least one message has gotten through his thick head; the injury to the supermajority in the senate with Scott Brown’s election. Given Obama’s inflated sense of self, I am sure he does not realize the tsunami that is about to hit the progressives in Congress.
WASHINGTON (Reuters) – President Barack Obama told fellow Democrats on Saturday this is no time to “lick our wounds and try to hang on” and vowed instead to press ahead with financial regulatory and healthcare reforms.
With his legislative agenda in limbo, Obama sought to rally Democratic activists still reeling from the loss of a pivotal Senate seat last month and now scrambling to head off a Republican challenge in the November congressional elections.
Obama came out swinging at a meeting of the Democratic National Committee, accusing Republicans of caring more about “scoring political points” than solving the country’s pressing problems like high unemployment.
How is it, exactly, that the republicans have stopped Obama’s agenda when the Democrats control the White House, the Senate, and the House?
But Obama presented no new ideas on how the Democrats could overcome obstacles that have stalled his domestic priorities.
This would be because Obama does not come up with ideas himself. It is well known that most of the bills he introduced as a senator were written by other officials. Heck, he didn’t even write his own book.
Hammering one of his biggest challenges, Obama said “America can’t afford to wait” for a financial regulatory overhaul to plug gaps widely seen as the root of the 2008 markets crisis that tipped the economy into deep recession.
This regulation?
Which gaps? The ones the Democrats created so that banks were forced to give sub-prime mortgages or face penalties?
“If we’ve learned anything from the devastating recession, we know that wise regulation actually can enhance the market and make it more stable and make our economy work better,” Obama said. “We can’t return to the dereliction of duty that helped deliver this recession.”
Dereliction of duty? Would that include Nancy Pelosi, Barney Frank, Maxine Waters, and Gregory Meeks, all democrats?
Obama acknowledged that a healthcare overhaul, which once seemed on the verge of passing, will now be subject to a “long and difficult debate.” But he pledged: “I am not going to walk away from health insurance reform.”
His effort to expand health coverage hit a stalemate after Democrats lost their 60-seat “supermajority” in the Senate. They are now trying to decide on a new course.
“The easiest thing to do right would be say this is too hard. Let’s just regroup and lick our wounds and try to hang on,” Obama said. “There are some, perhaps the majority in this town, who say perhaps it’s time to walk away.”
But he insisted to cheers, “I’m not going to walk away on any challenge. We’re moving forward.”
Ah, the expected reaction from a progressive totalitarian who was within the blink of an eye of control of every single American through healthcare.
We must continue to hammer our non-representatives to make sure nothing more is allowed to pass for the next 270 days until we can flip this congress and neuter Obama’s ambitions of domination.
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