"We can use the taxpayers' money more effectively and more efficiently, have it go farther and get more for their dollars and more protection if we develop a standardized program for making and encouraging equity participation."Reuters
Oct 10, 2008
Oct 9, 2008
Oct 7, 2008
There's no wisdom or judgement in the McCain campaign. McCain trots out logical fallacy after logical fallacy during the debates and apparently believes that his audience is just stupid enough to buy it.
He misunderestimates his own audience (the choir who may be dumb enough to believe it) and completely ignores the part of the audience he wants to sway.
Case in point. At the debates he repeatedly claimed that merely meeting with Ahmadinejad would give credence to everything the man has ever said in the past. He also falsely claimed that he has stated that Israel should be pushed into the sea and that was the intent of Iran. Not so, never was said.
But even if it were true, meeting with him would not legitimize the statements. The claim is grossly wrong and we should be extremely distrustful of anyone with such a low tolerance for logic.
McCain clearly would like to create more enemies for the U.S. Now, this is funny to an anti-war Republican such as myself because Obama is as hawkish as McCain. McCain can't differentiate himself from Obama. They're both Wiilsonian wanks who think the job of the US military is to go around bullying other countries to satisfy their own personal agendas.
So what can McCain do to differentiate himself from Obama? Nothing. They're both big spenders. McCain voted against Bush's taxcuts and then flip-flopped on the issue of making them permanent.
He's responsible for the un-constitutional McCain-Feingold law. That alone disqualifies him in my mind.
Both Obama and McCain, even in the financial crisis we face cannot even approach the possibility of reducing a 1 trillion dollar per year foreign policy budget which requires that we borrow 3 billion PER DAY from China to finance.
The McCain campaign is clearly doing the only thing it can do: run a grossly negative campaign and shoot itself in the foot. There is no other strategy that they have sans actually embracing constitutional conservatism and they won't do it.
Republicans had the chance to win this election but blew off the only candidate who could beat the Democrats: Ron Paul. You remember him right? He's the guy that predicted the recession of 1987 back in 1983. And he's the guy who predicted that the government would have to bail out fannie mae and freddie mac back in 2003.
He also has the solution. Oh...there's one thing McCain could do to win. Ditch Palin and adopt Ron Paul's platform verbatim. He'd win in a landslide just by repeating everything Dr. Paul has said about this ridiculous bailout.....but whoops...McCain wants to take credit for helping to get it passed even though 90% of Americans are against it. Brilliant. A shoe in for sure....
Oct 6, 2008
Oct 5, 2008
Oct 3, 2008
The hubris shown by Paulson is breathtaking. The "Office of Financial Stability" will be headed by none other than former Goldman Sachs CEO Ed Forst.
Paulson's plan is to buy "up to 250 billion" in 'toxic assets' from his cronies on wall street and then sell them at auction, not to individuals, but to "any financial institution that meets the Treasury's conditions."
Lehman, Sachs and any of the 'troubled' institutions that have their billions invested in mortgage-backed securities will start auctioning off these "properties" through the government to the state-chartered banks - competition to those who now run the show - thereby eventually eliminating their competition.
Sachs et al will be getting a twofer. Not only will they be getting "free" money from the treasury, but will also leave the smaller banks and investment firms holding the toxic waste. When those companies go out of business, Sachs and Lehman Bros. can snatch the assets back up, either for free, when the government seizes the assets at some later date, or at ridiculously low prices.
It is one big Ponzi scheme and the Congress just opened the door wide and totally sold the entire financial system to criminals.
If you thought that the 'Emergency Economic Stabilization Act of 2008' was going to stabilize the economy ,think again.
The Treasury could add three- and seven-year notes, as its borrowing advisory committee has proposed. It also could reopen existing notes and bonds, or even hold a series of one-time medium- and long-term debt sales.You can already tell that Paulson and his cronies, in trying to cover up the largest economic blunder in history, are throwing all caution to the wind. This seems to be the norm in financial crises. The people are willing to take things slow and weather the storm while the financial gurus are jumping out of windows.
``Under normal circumstances, the Treasury's financing decisions are guided by its desire to be regular and predictable,'' said Louis Crandall, chief economist at Wrightson ICAP in New Jersey.
``However, there is certainly nothing `regular' about this rescue package, so that approach is not relevant,'' he said.
It is already clear that the medicine is worse than the cure and the bill was only passed today. Paulson will tinker and fiddle while Rome burns. With virtually no accountability and an unlimited supply of cash, any mistake he may make will be compounded by many more as he tries to fix the unintended consequences that arise from his tinkerings.
What he cannot possibly admit, and this is the grand irony, is that the fiat system he seeks to control and bend to his will cannot be mended. There is only one, inevitable outcome - bankruptcy. Because he cannot and will not admit this, and every one of the big asset-management companies he seeks to hire will be, by definition, advocates of this fiat-currency-based system, there will be no one to tap him on the shoulder, telling him what he seeks to accomplish is impossible. And were there somebody to do so, they would be dismissed faster than you can say "toxic asset."
We are quite near the end of the current dollar's existence and we should take care to have a say in the currency system that arises from the ashes. The people who brought you this mess will most definitely be advocating that the dollar be scrapped in favor of the Amero, yet another fiat currency. Lipstick on a pig, as it were.
When the system collapses, sound money is going to be the only way we can preserve freedom. But, we don't necessarily have to wait for the collapse to start using sound money. As the economy is wrecked and the hyperinflation starts showing effects, the only recourse is to get out of any dollar-denominated assets and hoard things that can be used as money. Gold and silver are the most obvious choices but there are plenty of valuable barter items including salt.
However it turns out, it's clear that there are a very small number of blameless politicians. None of those who voted for or advocated for the bailout should utter a word when remedies are proposed. And if they do, they should be ridiculed and shunned.