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Archive for March, 2009

I was glad to have voted for Obama and hope he can pull us through. Unfortunately, I think he started off badly with these Wall Street bailouts. I hope he will look at Theodore Roosevelt’s Presidency — I see the same problems, and Teddy got it right.

TR’s trust busting actions lasted almost a century, and it’s time we began supporting candidates of either party that will put the people’s interests first and the banks and corporations second.

Teddy Roosevelt’s Trust-busting policies:
http://www.u-s-history.com/pages/h951.html

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Wow, the right-wing bias at politicalforum.com continues to get worse. I post a link to Rolling Stones’ Matt Taibi’s terrific story on the the economic crisis and particular details about the AIG mess, and the Mods not only deleted it, but gave me an infraction for not enough “original thought”.

One of the best articles on argueably the most important topic of the decade, and it gets deleted.

I suppose only members (or former members) could appreciate the irony. Here’s a few thread titles that did pass the muster:

Pedophilia – Okay If Child Consents?

Hillary Blames Liberal Americans for Mexican Drug war Killings

Will Obamas Plan to Take your money Succeed?

Homosexuality more dangerous than terrorism in America

Obama’s Daughters Too Good for Public Schools?

Wikipedia is Liberal Propaganda

“Socialist” is code word for “Black”

Why Do Homosexuals Even Want Kids?

Liberal Progressive Democrats, Ignorant or Immoral?

…real thoughtful, stimulating, non-baiting thread topics, eh?

related:

The Economic Crisis – A Primer

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See my previous post: Norm Coleman: worse than herpes

reuters story

WASHINGTON (Reuters) – Republican Norm Coleman, trying to regain his U.S. Senate seat, visited the U.S. Capitol on Tuesday and didn’t rule out an appeal if a Minnesota court rules against him in his recount battle against Democrat Al Franken.

Wanker!!

… as the british say.

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monkey-puter1

related:
http://en.wikipedia.org/wiki/Infinite_monkey_theorem

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What has to be one of the most head-spinning, self-delusional, revisionist-history quotes of all time was uttered these week by the sexiest nazi she-wolf to come out of the Bush administration, Dana Perino.

In a sitdown on CSPAN’s Washington Journal, the perky blonde said it was “not a secret” that the current economic mess started under her boss’s watch. But, she cautioned, the public had yet to realize the full extent to which the past president’s policies “alleviated the downturn.” Take, for instance, the improvement in the Dow Jones Industrial average this week.

“You were just speaking earlier about the possibility that since we had a little bit of a better week on Wall Street does that spell a turnaround?” Perino said. “Can all the credit go specifically to President Obama? Well, I would say no. We are just going to have to take a while to let all of this settle down and let the policies that our administration and the new administration are trying to put in place have a chance to work.”

Did you catch that?

She actually said Bush’s policies alleviated the downturn and caused the four-day improvement in the stock market last week.

Really?

So, It’s not fair to blame Bush for the current economic woes, but the four-day rally last week was thanks to Dubya!

Really?

Really?

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There’s a whole lot happening now in America … bailouts, automaker loans, and an almost trillion-dollar stimulus package. While opinions vary greatly on how to fix the mess, I believe few understand just how we got here.

And surprise, I’m not going to blame George W. Bush, at least not completely.

No, his role was much closer to that of Katrina hitting New Orleans; years of previous government inaction kept levees from being built stronger, inept oversight before and during the storm, and no good plan after the storm hit.

Anyway, for those who want to gain a basic understanding without delving too deep into the minutiae, I’ve listed below a few sources that will give you a good foundation for understanding when you read articles on the different aspects or hear the talking heads try to spin the facts.

First is an excellent “one page” read at the unbiased factcheck.org. You’ll see that neither party has much to brag about as deregulation beginning during the Clinton years gave birth to the lax oversight exponentially grown under the Bush years:

http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html

Next is an excellent PBS Frontline documentary which you can watch online, with an interactive timeline:
http://www.pbs.org/wgbh/pages/frontline/meltdown/

Next, we go a little bit deeper with a C-Span talk given by Barry Zigas, former senior vice president at Fannie Mae, who talks about the housing crisis and role of government regulation in financial and housing markets.
http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=282353-1

Finally, we’ll wrap it up with a tremendous NPR program “the Giant Pool of Money” from Showtime and Chicago Public Radio’s ‘This American Life’ show.

This one really ties it all together by getting to the meat of the problem, the large investors who weren’t happy with the low bond or stock yeilds, and wanted the large payoffs and supposedly “safe” investments that the housing bubble was providing.

In the end, mortgage brokers, banks, Wall Street, bond raters, government officials and even the Federal Reserve all looked the other way as the large profits rolled in from the housing bubble.

Listen online:
http://www.thisamericanlife.org/Radio_Episode.aspx?episode=355

or right-click on these to download the audio and transcript:
http://webeme.com/giant.pool.of.money.mp3
http://webeme.com/giant_pool_of_money.pdf

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