Tuesday, September 30, 2008

Know Enough?

I bet he gets the Lincoln Bedroom!

Monday, September 29, 2008

Fannie Mae CEO

Pretty much shows where the problem came from. Hello? see the other vids on this topic. Is his name "MUDD??" or what?? "his name is MUDD" comes from the accidental association of his great great grandfather with the assassin of President Lincoln.

Bush, McCain warn of financial mess

At last - clearly reported showing Dems failing entirely to react to warnings from Bush and the increasingly irrelevant Republican members of congress.

Saturday, September 27, 2008

Burning Down The House: What Caused Our Economic Crisis?

Five Years Ago! Financial Reform Killed

The following quotes are from the New York Times FIVE YEARS AGO.
Republicans proposed increased oversight and regulation of Fannie and
Freddie, but Democrats fought it.

"The Bush administration today ( FIVE YEARS AGO) recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios." Democrats pushed back. "Among the groups enouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing".

"These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis", said Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Representative Melvin L. Watt, Democrat of North Carolina, agreed. "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing," Mr. Watt said.

Let's face it.. The DEMOCRATS had a chance to fix this based on proposed legislation by REPUBLICANS five years ago. Records seem to show this has been brought up many times by Republicans and shot down consistently by Democrats who disregarded all financial caution to push home ownership to people who could not afford it - a way they viewed perhaps - to better distribute America's wealth and promote a stonger base of Democrat voters. I am the first to say this is a kind hearted approach - and well meaning. But kind hearted and well meaning actions have too often trumped logic and market forces in the manipulation of the American economy. When it does - UNINTENDED results often follow in the wake. Here we are with a boatload of mortgages secured by no assets at all and poor people being thrown into the streets- their homes foreclosed. It is amazing to me how this phenomenon is being effectively sold to the public as the result of REPUBLICAN policies !! Again, my lack of faith in Republicans to communicate with people is confirmed.

Friday, September 19, 2008

PANIC over new govt debt - a perspective

Think of the Financial Industry in America as a great big Rental Car company... Imagine the own a lot of cars of many types and ages that they make money on.

NOW ...things go sour. They have too many cars and some cars are too old to get a good price for on the market. At some point ... they can't sell the cars - they almost have to give them away to keep enough cash on hand to maintain the good cars. On top of that the word got out there are a lot of old cars in the fleet and people stop renting from them very much or the company has to charge twice as much rent as usual to keep their cash flowing. The NEWS MEDIA ADDS TO THE PANIC.


THE FED first tried to save the car fleet "buying more gas" but that would go on forever. (low interest loans and etc). SO - they BOUGHT the older cars instead. The taxpayers will OWN those cars and they will be sold back over time so the "bailout" will probably cost taxpayers very little once the cycle is completed. But for now- the cost to buy those old cars is about a TRILLION DOLLARS.

" BAILOUT " is not the best term. Rather - a hard to swallow word comes into play - " NATIONALIZATION " of hard to sell properties UNTIL they can be RE-SOLD to the private market without WRECKING the system -- is more like it.

The "trillion dollar" extra debt scare is NOT very well explained either . It is not expected to be money spent outright as in the war against terrorists. We (the government) expects a return on our "investment". Even if we taxpayers do not get all our money back for the "cars we bought" the total debt will be a Lot LOWER compared to the real possibility of HUGE losses in values to our HOMES , our JOBS and our BUSINESSES . (a trillion would look pale by that number and your kids will be selling matchsticks on the corner).

It is NOT a plan most CAPITALISTS are happy with but the alternative is the end of capital flowing at all. "shades of 1929"..Globally. In 1929 the government refused to get involved in any easing of the crisis. Bad mistake. Let's not think like that.

NOTE: - the Government has taken over companies and formed conservatorships on a temporary basis in the past to solve one or another financial or political issue and to prevent a crisis. This time - it seems like a lot bigger effort than any in the past. America will NOT ALLOW this temporary measure of "nationalization" of a segment of businesses assets to become permanent. Look for a return on this investment over the next five to ten years and the government releasing its ownership back to private ownership. It is very likely you will come out NOT OWING ANY EXTRA TAX.

Sunday, September 14, 2008

Chicks 4 Palin

My nieces - and MB's sister-in law (adopted) came up with this one yesterday.
Anna - completing Master's in Child Psychology - probably holding her brother-Wesley's gun!
Naomi - Holds down two jobs and is a mother-to-be
Mary Beth - Newly Married to a brand new attorney -- Works for US Senator
Emily - MB's sister in law - completing High School.
you can contact them by the website after today (9-13)... and get a supply of their bumper sticker if you want. www.chicks4palin.com Regards
www.me3tv.com www.buzzcreek.com

Tuesday, September 02, 2008

What Happened to the USS Edsall?

After 66 years of Misinformation and Mystery, the actual story of the American destroyer USS Edsall (DD-219) is scheduled to be released this December. The book, four years in the making, and with original sources from the National Archives in Wash. DC to others in Holland, Australia, New Zealand, & Japan, as well as from family members & veterans, is entitled A Blue Sea of Blood and will be published by Zenith Press.

Despite the fact that the general contours of Edsall's fate have been recognized for some time, almost all accounts--particularly on the Internet--are erroneous to one degree or another. This new book will focus on the ship's lengthy career, and set the record straight at last. It will correct errors of both omission & commission in addition to illuminating areas of the ship's service not covered in any detail previously.


Although attempts have been made to preempt some of the rare information contained within the text, the old adage, "Accept no substitute" is a good policy when it comes to A Blue Sea of Blood and understanding Edsall's history. The book, which was written to honor the memory of those young men lost so many years ago and so needlessly, will be well worth the wait.