Monthly Archives: September 2008

So who do you want to listen to about how to “do something” about it?

Schiff or the Laughers?

Peter Schiff – CNBC – Kudlow & Company – 7/2/2007

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Peter Schiff- Bulls & Bears – 12/16/2006

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What’s amazing about this is that these people actually sound more ignorant than Republicans in Congress who tried to fix Fannie Mae and Freddie Mac.

Another question: Are we Melnibone?  I would think we would be too young for that…..

Financial Apocalypse?

Market chart.

Dow 10,730.71 +365.26 (3.52%)
Nasdaq 2,069.48 +85.75 (4.32%)
S&P 500 1,155.55 +49.16 (4.44%)

Bailout failure ‘will cause US crash’

The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.

Wow, the President can’t even start a real financial panic. That’s got to hurt.

The War Street Journal is worthless trash

Exhibit… the only exhibit needed.

America has survived a feckless political class in the past, and it will again after this week. But Monday’s crash and burn of the Paulson plan on Capitol Hill reveals a Washington elite that has earned every bit of the disdain that Americans have for it. This crowd can’t even make sausage.

American’s were calling and writing desperately hoping not to have their lives sold to Wall Street.  They should disdain the fact that Congress did what they wanted instead of that of a tiny cabal that picked a $700 billion amount just for the sake of shock and awe?

House Republicans share the blame, and not only because they opposed the bill by about two-to-one

Should have been at least 20 to 1 according to the popular will.

Their immediate response was to say that many of their Members turned against the bill at the last minute because Ms. Pelosi gave her nasty speech. So they are saying that Republicans chose to oppose something they think is in the national interest merely because of a partisan slight.

Unbelievable.  “Republicans” were two different groups.  One group was happy to do the will of the people and protect them from this disaster.  The other wanted to please the writers of the Wall Street Journal which is, of course, taken as a totally neutral and objective source of information about the need to bail out Wall Street.  So the WSJ-matters-more-than-my-constituents crowd, being two dumb to boast at their accomplishment, treated it like a failure and came up with a lame reason to pass the buck.

The vote is also a rebuke for Treasury Secretary Hank Paulson, who could barely explain how his securities auctions would work even as he showed disdain for House Republicans.

But they were supposed to approve it anyway even though no one had any idea how it would work.

You can’t ask Congress for $700 billion without more modesty and a better explanation for how it would be used.

But Republicans have earned disdain for not voting for it anyway?

Given this historic abdication, we’re surprised financial markets didn’t melt down more than they did yesterday.

Right, funny how the dire apocalypse we needed to escape never materialized.  Even though the same people that told us everything was sunny until less than a month ago were expertly predicting doom unless they received $700 billion to sacrifice to the gods of finance.

But that was a sideshow compared to the credit markets, which staged another flight from all risk.

Right, and it is impossible to consider that we have been lending too much money and need to cut back.

 A recession now seems certain, as falling commodity prices are telling us

So they will become more affordable.  That’s called a correction.

After the last two weeks, and especially after yesterday, the Members also need to act to redeem their own reputations, to the extent they are still worth redeeming.

Well, I would laugh at this threat since Congress did what the people wanted, but I think beneath the surface of this comment is a reference to a lot of money dished out from Wall Street to buy influence in Washington.

Here’s something sane.

Michelle Malkin pointed it out on her blog.  That’s right.  Malkin is trying to calm everyone and the Wall Street Journal is panicking.  We live in strange times.

We will tell you what the bill really meant and we will prosecute you for saying otherwise! We’re the Obama Goon Squad!

More descent into Banana Republic.

Here is the legislation.  It is explicitly comprehensive sex education and it is explicitly aimed at kindergartners as well as older children.  Obama voted for comprehensive sex education for kindergartners.  If it was only due to the predator issue, that’s fine.  But the legislation is not limited to that at all.

See you in court, speech police.

For Further Reading

This post is a folow-up to this one.

ObaMinTru continues to promote the Gateway Banana Republic

Follow up on this post.

The Gateway Pundit has news here and here.  The “McCain did it too” defense is insane.  By definition I would know about it because it would have been a big news push to intimidate the other side.  That was “The Obama Truth Squads” unique deed.  And even th ought they clean up well for the press they even intentionally chose a name to make people think of “goon squad” and fear speaking.

Not the the Ministry of Truth (MiniTru) but the OBAMA Ministry of Truth (ObaMinTru)

I live in an aspiring banana republic. They actually call themselves the Barack Obama Truth Squad, just in case you thought this was a non-partisan threat.

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link

But hey. I hear Sarah Palin once asked about removing some offensive books from a public library. So she’s dangerous.

UPDATE: Maybe I was too hard on my state. But I never realized how important it is to have a good governor!  My thanks to Matt Blunt for his statement.