Tuesday, September 30, 2008

The Dems have 230 of the 218 votes needed to pass this proposal!

Yesterday, the Dem Congress showed us again why it stands at 20% approval. David Brooks is correct about it. There is a lot of blame to go around. It starts with the Speaker and the majority party. The Dems still think that this is 2004 or 2005. They still think that they are sitting in the bleachers blaming everything on Coach Bush!

It's time for Speaker Pelosi to resign and go back to representing San Francisco.

She can't lead her own party! Who can lead a party that can't come together at all?

The WSJ has a great editorial:

"This crowd can't even make sausage.

The 228-205 defeat reflects badly on all concerned, starting with the Democrats who run the House.

The majority party is responsible for assembling a majority vote, and Speaker Nancy Pelosi failed in that fundamental task."

They can't get anything done, which is why their approval rating is so low.

4 of the 94 Dems who voted against the proposal were from Obama's Illinois. Why didn't Obama call them?

The Dems want to lead but they don't want to make the difficult choices that come with governing.

I have written before that the Dems can't agree on anything except on their opposition to Pres. Bush.

They are the ultimate Monday morning QB. They just want to second guess the coach and avoid the tough calls. Yesterday, we saw that 40% of the Dems did not support their leadership.

The Dems couldn't unite around Pelosi, primarily because the left wing did not support the proposal. This is the part of the story that you are not getting from the media. It was the hard left that forced so many Dems to vote "no"!

Again, it's up to the majority party to lead. This majority party is not leading.

The Dems have 230 of the 218 votes needed to pass this proposal. It's time for them to use them! It's time for Dems to show the country that they can do something beyond talking about our problems.

P.S. This is more evidence that the left wing of the party forced many Dems to vote against the proposal. This ad from MoveOn.org is so full of lies that it makes you sick. Will Obama call on MoveOn.org to stop running ads like this one? Let's hope so:

This is Karl Rove reviewing the lack of seriousness in the Dem party:

The best and worst of our Congress!

Here is the good news. Before you jump off the roof, or invest yourself in lots of doom and gloom, the 777 drop in the market is not the worst ever.

In fact, it does not even make the top 5!

We've had worst days, such as Oct 1987 when the market dropped 20% or the dot.com collapse of 2000!

Nevertheless, this is a bad day. Responsibility took a day off in Congress today!

Yes, I supported the proposal. I joined other conservatives who were pleased with the Republican reforms over the weekend.

Sadly, we have seen the best and worst of Washington over the last 72 hours.

First, here is the best.

Yesterday, I wrote a post about the House Republicans. They were a profile in courage. They took a proposal, made it a lot better and were ready to vote for it.

Again, they were ready to vote despite 99-1 opposition from constituents.

The worst of Washington is Speaker Pelosi.

At noon, Speaker Pelosi took the floor and started blasting Republicans and Pres. Bush.

It was the kind of Bush-bashing found in MoveOn.org or The Daily Kos!

It's hard to believe the Speaker would talk like that!

To make matters worse, Speaker Pelosi did not have enough Dem votes to pass the bill. Did she know that when she was unloading on Republicans?

At noon, she is blasting everything Republican.

At 12:15, she is calling on Republicans to give her the votes lacking to pass the bill.

The Dems voted 141-94! In other words, only 60% of the House Dems voted to support the bill.

The Reps voted 66 for and 132 against! Only 33% supported the proposal!

141 plus 66 does not get you to 218!

So the Dem leadership freaked out. They started frantically looking for 10 or 11 Dems to switch their votes.

No one did! The Dems, the majority party, want no part of governing. Govern? Not this bunch!

So here we are. The Dems tell us that this bill is vital to our survival but only 60% of their members voted for it. How can a majority party say that a bill is necessary for our survival but won't pass it?

Again, the Dem Congress is totally worthless:

"Nancy Pelosi must be the most ineffective House Speaker of modern times. The Democrats have achieved virtually nothing since taking control of the House and Senate in 2006, and have consistently avoided the responsibility that goes with being the majority party." (Power Line)

Sorry. This is not a governing party. This is a bunch of clowns who sit around and blame everything on Bush.

P.S. Where is Barrack Obama? He could call on his party, the same one that has a congressional majority, and tell them to pass this proposal. They have 230 of the necessary 218 votes!

Obama could show some leadership and tell his party to stop reading polls and vote for the bailout. Of course, this is the same Obama who sat in Rev. Wright's church but did not hear anything for 20 years!

Monday, September 29, 2008

The Cowboys are not perfect! They're 3-1!

(Hurd almost picked off the onside kick late in the game)

The Cowboys-Redskins rivalry is the NFL version of the Yankees playing the Red Sox.

It goes back to the days of Coach Allen and Coach Landry! Roger Staubach and Billy Kilmer! Darrell Green intercepting a Troy Aikman catch! Who can forget some of those games at the old RFK?

These two teams hate each other. They play like they hate each other!

The fans hate each other. Just check out the fans on sports radio. You have to cover your kids' ears whenever the fans unload on each other.

The Cowboys lost a home game against the Redskins. On paper, it was a close game, 26-24!

It was not so close on the field!

First, there was a Washington receiver wide open for an easy TD!

Second, there were 12 guys on the field after a Redskin time out! How did that happen?

Incredibly, Dallas had a chance to get the ball back and almost did! The onside kick glanced off Hurd's fingers.

So the Cowboys are 3-1 and New York is 4-0! They still have 2 games with the Giants!

Don't panic. The Cowboys are a pretty good team. However, they are not perfect as we saw a couple of times yesterday!

The House Republicans made it a much better plan!

Once again, we see the total and complete uselessness of the Pelosi-Reed Congress.

Wonder why these guys are at such low approval? The RCP average is 18%!

In other words, the Dem majority can't govern.

They act like a minority party.

They are still in the "blame everything on Bush" business!

On this bailout, the Dems exercised zero leadership. They had the votes but were afraid to put anything down on paper.

The Dems' "profile in cowardice" opened the door for Republicans to improve the proposal.

And improve it they did!

Republican Rep. Eric Cantor is one of those House Republicans who fought to improve the rescue plan. Larry Kudlow praised Rep. Cantor and the Republicans.

This is what we got because the Republicans stood for principle:

"They put strings on the availability of funds beyond $250 billion, requiring fresh Congressional action for the last $350 billion.

They added a requirement that Treasury establish an insurance program which would be funded by participating companies.

This may be a big deal; I'm not sure exactly how it is intended to operate or how much, in the end, it will reduce the exposure to the taxpayer.

They established a bipartisan oversight committee, rather than a committee run only by the Democrats, as Dodd and Frank had proposed.

They took out special interest boondoggles for unions and for ACORN, the voter fraud organization.

They removed a provision that would have allowed bankruptcy judges to arbitrarily reduce mortgages, an ill-conceived measure that would have aggravated a central cause of the current crisis, the difficulty of evaluating mortgage-backed securities.

And they mandated a GAO study on the impact of the mark-to-market accounting rule, implicitly encouraging regulatory agencies to revise or abandon that principle, which is a key reason why banks that have little to do with the origins of the crisis are currently threatened." (Power Line)

Over the next 24 hours, Speaker Pelosi and Majority Leader Reid will attempt to take the credit. Even Obama will try to take the credit! Let me say it again. The Dem Congress is worthless.

This rescue package happened because of Pres. Bush, Sec. Paulson, Sen. McCain and the House Republicans.

Yes, McCain's intervention was important to the final product!

P.S. The rescue package should be approved this week. Now, let's have a full investigation of Fannie Mae and the politicians who created this mess!

Let me say it again:

Capitalism did not create this crisis.

Free markets did not do it either.

This crisis was created by politicians buying votes by forcing banks to make mortgage loans!

Let's get the investigation started. We can start by putting Franklin Raines under oath and asking Sen. Dodd about the special deal that he got on his mortgage loan!

Sunday, September 28, 2008

Sabathia and Braun make it a perfect Sunday afternoon!

It was a little scary for 7 innings. Sabathia was wonderful but he was losing 1-0. Sabathia was going on 3 days rest but he was pitching one heck of a game.

The Brewers looked awful at the plate. They loaded the bases in the 7th and scored only one run!

In the 8th, Braun hit one of the biggest home runs in Milwaukee baseball history.

You have to go back to 1982 when Robin Yount hit two against the Orioles on the last day of the season. (I was living in Mexico City and caught this game on TV!)

You might even go back to 1957 when Henry Aaron clinched the NL pennant with a walk off home run in extra innings. (Of course, that was the old Braves!)

I'll let Brewer historians place Braun's blast in Milwaukee baseball history. Nevertheless, this is one of the most exciting pennant race home runs that I ever saw! It was really fun to watch! It was great to watch Braun round the base and salute the rest of the team!

After watching Sabathia get the last out, I flipped over to catch the end of the Mets-Marlins.

I felt bad for Mets' fans. They have watched their team collapse and lose the on the last day of the season in back to back years.

What a terrible way to close Shea Stadium.

Back to the Brewers. I noticed that the team drew over 3,000,000 fans this year. I always knew that Milwaukee would support a good baseball team!

Go Brewers!

Another tough season for the Rangers!

The regular season is over for the Rangers. They lost their last game.

They finished second but 20 games behind the Angels.

Pitching, pitching and pitching. Kevin Milwood, the #1 starter, was very ineffective because of injuries. Vicente Padilla was good but you can't win with one starter. The 3rd and 4th starters were unreliable. In the end, the lack of quality starts burned out the bullpen.

The hitting was good. The Rangers scored a lot of runs. Unfortunately, they gave up more!

How can we improve the Rangers in 2009?

The infield is set. Blalock had a great September after a long time on the disabled list. Kinsler hit .319 but missed the last 3 weeks. Young is Michael Young. Davis is a wonderful young player with lots of upside.

The outfield includes Josh Hamilton. I don't mind counting on Milton Bradley if he can stay healthy. Bradley can also DH.

I would move Hamilton to RF and trade for a leadoff hitter who can play center field, such as Tom Goodwin and Darryl Hamilton back in the late 90s.

The catcher position is pretty good. The organization is very deep in catching. I think that Gerard Laird could be moved for some pitching.

How do you get pitching? It's too expensive to pick up free agent pitchers. Also, who is out there anyway?

Sabathia? Sheets? My guess is that they will be back with Milwaukee, specially if the Brewers go deep in the playoffs.

What about pitching? I think that you have to bite the bullet and continue developing young arms like Feldman and Harrison.

Can the Rangers be competitive in 2009? I think that they can be competitive if Milwood and Padilla pitch full seasons. It will be tough to catch the Angels but the Rangers could be more competitive.

P.S. The Rangers' highlight moment was Josh Hamilton at the Home Run Derby. It was fun to watch all of those long range missiles:

The Obama whining and The First Amendment!

Where is the outrage over this?

Where is the ACLU?

Where are the marches with the "police state" placards?

Has anyone seen a NY Times editorial or front page story about this? Please let me know!

It goes like this:

"....in Missouri, Obama has enlisted his allies in public office, including St. Louis County Circuit Attorney Bob McCulloch, to threaten criminal prosecution of any Missouri television station that runs ads about Obama that are untrue.

Since every politician sincerely believes that all ads run by his opponents are untrue, the field of potential criminal exposure is broad indeed."

This is outrageous. Worse than that, it's stupid.

Campaign ads come in all shapes and forms. Some are lies and nothing but lies.

For example, how about Obama saying that McCain wanted to fight the Iraq War for 100 years?

Or, what about the steady flow of campaign ads that Pres. Bush cut taxes for the rich?

Or what about Obama and Hillary Clinton blaming NAFTA for job losses in Ohio and PA?

What about the mindless attacks on Gov. Palin and her family?

How do you fight campaign ads?

First, you act like an adult.

You don't threaten to prosecute your political opponents because they want to remind voters that:

a) you sat in Rev. Wright's church for 20 years but never heard anything that he said;

b) you have corrupt friends like Tony Rezko;

c) you talk a good game about public education but your daughters go to private schools;

d) you have a friendship with a fellow like Bill Ayers;

e) you play the "race card" whenever it's convenient to do so! ("Dollar bill BO!")

We are seeing into Obama's soul.

BO does not like to be criticized.

BO has a problem with answering questions. BO wants to float into The Oval Office without any inquiry about his past.

We have seen the Obama campaign use tough tactics against people who challenge the candidate:

"Add this to the threatening letters his lawyers sent to station managers over the NRA ads,

the flash-mob smearing of David Freddoso,

and the appeal to the Justice Department to prosecute the American Issues Project for its perfectly factual yet devastating Ayers ad."

How is that going to work if he actually wins the election? It won't work well! Frankly, it's a bit scary!

Where is the "hope and change"? There is no hope and change, specially if you dare to question the candidate!

Saturday, September 27, 2008

The Brewers playing well when it counts!

Yes, I did check the Brewers-Cubs game during the presidential debate. Thank God for mlb.com and their virtual coverage of pennant race games!

A week ago, I was disappointed with the Brewers. I was certain that the Brewers would fold again!

They proved me wrong so far.

The Brewers control their destiny. They win and they are the NL wild card.

Sheets and Sabathia. That's a pretty good way for Milwaukee to close the season! Wouldn't it be amazing for Sabathia to clinch the wild card title for the Brewers on Sunday?

Again, don't count your chickens yet. At least, the Brewers don't need for someone to beat anyone else.

They win the last 2 games and they celebrate!

Talk about a great catch in a pennant race? This is about as a good catch as I've ever seen in a meaningful game. Well done Mike Cameron!

The mess and how we got into it!

In a previous post, I supported the bailout (or rescue) because it is the best of all possible options.

We need to take these "toxic" assets off the banks' balance sheets.

We need a new version of the RTC to value these assets and sell them back to the private sector.

In the end, we will recover most of these assets and pay back the $750 billion.

All of these assets have a value. What we don't know is their current value.

At the same time, I do agree with House Republicans that there may be a way of using insurance or other private sector mechanisms to accomplish the same goal.

I'm waiting for more details from the House Republicans.

By the way, God bless the House Republicans who took a principled stand and forced everyone to take another look at the original draft.

Again, I am not happy about bailing out anyone. My guess is that Pres. Bush would rather be talking about something else.

Yet, we are where we are. It'd be nice to go back but we can't!

Again, we are where we are. I am happy that conservatives like Jack Kemp, Larry Kudlow, the WSJ and IBD support Pres. Bush's proposal.

How did we get here? This video tells the story as well as anyone.

Let's hope that Fannie Mae and Freddie Mac are reformed. Let's also expose the corrupt connections between Fannie Mae and politicians.

Last, but not least, can we finally get the federal government out of the mortgage business?

I'm not opposed to someone buying mortgage loans from banks. However, it should be done by private organizations who assume the full risk of their decisions.

The first debate!

How did they do?

I've watched most of these debates since Carter and Ford in 1976.

I don't think that these debates change a lot of minds, unless someone really fumbles.

No one did last night.

It was a draw on the economy. The "out party" is always going to win any discussion of current problems. However, it surprised me that Obama did not endorse the proposal that the Dems were pitching yesterday. Wonder how all of those Dems back in Washington feel about that?

Obama played the class warfare game again. He keeps talking about "taxing the rich" or that "Bush cut taxes for the rich".

I'm disappointed that McCain didn't beat him up on that. As we have demonstrated before, Pres. Bush cut taxes for people who pay taxes.

It was very good for McCain on foreign policy. At times, Obama looked so weak that it was embarrassing.

On Iraq, Obama is still living in 2002.

By the way, Obama did not take any political risk to oppose the Iraq War. He did not stand up to anyone by opposing the war in a very liberal district in Chicago.

Profile in courage? Lieberman not Obama!

Also, Obama was not a member of the US Senate in 2002. He did not have to cast a vote. He was a completely unknown state senator in Illinois!

On Iran, Obama looked lost, specially when McCain nailed him on those meetings without preconditions.

By the way, former Sec. Kissinger has already denounced Obama's remarks. (Fact Check: Kissinger Defends McCain's Iran Stance)

On Afghanistan, Obama does not understand how difficult it will be to chase terrorists around the caves.

Obama thinks that it's all about sending troops.

In fact, it isn't! We already have 30,000 troops in Afghanistan under a NATO operation.

McCain is right that you need to implement a counter insurgency strategy, the same that succeeded in Iraq.

It's great to talk about "taking our eye off the ball". Let's see how many Dems will support a Pres. Obama when we start taking casualties in a long drawn out conflict in Afghanistan.

Our last two Dem presidents were elected because of the economy. However, they were consumed by international affairs, specially Carter. Clinton spent much of his second term consumed with terrorism and Iraq.

My guess is that our next president will be consumed with foreign affairs rather than "hope and change"!

All of this talk about the economy may be what the voters want to hear. However, it won't be what consumes our next president.

The US economy is resilient and usually outperforms the "doom and gloomers".

Despite all of the "doom and gloom", our next president will inherit a growing economy, which is the envy of the world.

Again, the US economy is not our biggest problem.

Our next president won't be so lucky with foreign affairs: Russia, Venezuela, Iran, Mexico, Afghanistan, etc.

McCain had a great night because he was presidential and realistic about the threats that we face. McCain came across as a man who understands that we live in a very difficult world.

Friday, September 26, 2008

When will someone call for Sen. Dodd to step aside?

It's time for Sen. Dodd to step aside as Chairman of the Banking Committee. Move on, Sen. Dodd:

"Dodd knows all about greed and regulatory neglect, he's guilty of both.

Dodd received *favorable* treatment from Countrywide Financial via a loan through a *little-known* program that waived points, lender fees, and company borrowing rules."

He is also the recipient of huge Fannie Mae contributions!

Sorry! We can't talk about executive pay in Wall Street and keep Sen. Dodd as the face of this committee.

It's time for Sen. Dodd to step aside and let someone else run the investigation of Fannie Mae and Freddie Mac!

Thursday's show: A chat about Mexico!

On Thursday's show, we spoke with Laurence Iliff of The Dallas Morning News in Mexico City.

Laurence has been writing some very interesting articles about the political and economic situation south of the border. Overall, we are happy with the steady coverage of Mexico news and stories.

Today, there is a good op-ed piece: F. Cartwright Weiland's Obrador's big party a disgusting hoax.

Laurence caught our attention with his most recent article was Mexicans feeling pinch as income stream from U.S. slows:

"A growing number of deportations, along with rising unemployment, are forcing Mexicans to further tighten their belts as remittances sent home dropped by nearly 7 percent in July compared with a year earlier.

That's the biggest one-month fall on record as measured by Mexico's central bank."

Thursday, September 25, 2008

The phone rings at 3am....McCain answers and BO hits the snooze button!

This is what CBS is reporting:

"John McCain got involved in the bailout negotiations after Treasury Secretary Henry Paulson told Sen. Lindsey Graham yesterday that the bailout plan would fail unless McCain came in and brought balky Republicans aboard.

That's what Bob Schieffer reported on this morning's Early Show."

What's up with Obama?

BO's entire campaign has been about abstract language. He is for "hope and change" but nobody has a clue of what he is talking about.

Obama does not want to get near any bailout negotiations.

Why? Because BO does not want to own anything.

He does not want accountability. He wants to win if it works. He wants to blame everything on Bush if it does not!

McCain is also demonstrating that he jumps in and fights for something. Have you ever seen Obama do that? Has Obama ever stood up against a favorite Dem interest group?

We want leadership. McCain has again shown us that he is not afraid of getting a bloody nose to get something done!

Executive pay? How about Dem cronies?

We won't defend executive pay excesses.

However, how can the Dems make so much of executive pay and say nothing about Dems who got their own kind of "golden parachutes"?

"Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis."

Where is the outrage in the media? Can you imagine if Republicans had gotten these favorable loans? It'd be a NY Times front page story forever!

Yes, we support Pres. Bush's proposal. We agree with IBD:

"Everyone's chiming in on the financial mess, but we have yet to hear a better idea than that set out by our Treasury secretary and Fed chief. Congress should act on it without further showboating or delay."

At the same time, this mess needs to be investigated by the FBI and Congressional committees. I'm glad to see that the FBI is involved.

The Dems pretend to be the "party of little people". However, we are learning that some Dems got some very favorable mortgage treatment.

We need a massive investigation.

What do all of those names in the above chart have in common? They are Dems.

They are from the "party of little people and diversity"!

How many "little people" got such favorable treatment from their mortgage companies?

It smells bad, very bad! There is a lot of Dem bad odor in the air! You can smell it from coast to coast!

Pres. Bush made a fine presentation!

In a perfect world, we wouldn't need a rescue plan. However, Pres. Bush laid out a strong case tonight.

As the president said, this is a mess that started years ago and hit the fan this year. IBD has a nice history of all of this:

"While President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, it was Clinton who supercharged the process.

After entering office in 1993, he extensively rewrote Fannie's and Freddie's rules.

In so doing, he turned the two quasi-private, mortgage-funding firms into a semi-nationalized monopoly that dispensed cash to markets, made loans to large Democratic voting blocs and handed favors, jobs and money to political allies.

This potent mix led inevitably to corruption and the Fannie-Freddie collapse."

So here we are. It gets even worse because of the cozy relationship between Dems and Fannie-Freddie executives:

"Fannie and Freddie became home to out-of-work politicians, mostly Clinton Democrats.

An informal survey of their top officials shows a roughly 2-to-1 dominance of Democrats over Republicans."

Pres. Bush's proposal will take these bad assets out of the system. It will give a new RTC the time to go through the assets and liquidate them.

It makes sense to support Pres. Bush's proposal.

At times like these, I always check what Lawrence Kudlow is thinking. He supports the plan and that makes me feel a lot better!

I think that ideologues on both sides need to get real. This is not a political science class. This is the real world. Let's act like it!

When will The NY Times stop running "free" front page ads for Obama?

We live in a free country. We accept that newspapers are free to publish whatever they want.

However, the media must be honest or it will lose its only currency.

We can now call The NY Times a partisan extension of the Obama campaign.

Today, The NY Times ran a front page story connecting Rick Davis, the McCain campaign manager, with Fannie Mae.

"Today the New York Times launched its latest attack on this campaign in its capacity as an Obama advocacy organization.

Let us be clear about what this story alleges: The New York Times charges that McCain-Palin 2008 campaign manager Rick Davis was paid by Freddie Mac until last month, contrary to previous reporting, as well as statements by this campaign and by Mr. Davis himself.

In fact, the allegation is demonstrably false. As has been previously reported, Mr. Davis separated from his consulting firm, Davis Manafort, in 2006.

As has been previously reported, Mr. Davis has seen no income from Davis Manafort since 2006. Zero.

Mr. Davis has received no salary or compensation since 2006.

Mr. Davis has received no profit or partner distributions from that firm on any basis -- weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annual or annual -- since 2006. Again, zero.

Neither has Mr. Davis received any equity in the firm based on profits derived since his financial separation from Davis Manafort in 2006.

Further, and missing from the Times' reporting, Mr. Davis has never -- never -- been a lobbyist for either Fannie Mae or Freddie Mac. Mr. Davis has not served as a registered lobbyist since 2005. "

What was missing?

What about Mr. Raines and Mr. Johnson, a couple of Obama supporters?

We have said that The NY Times used to be a wonderful newspaper. It used to be the responsible liberal alternative to the conservative Wall Street Journal.

However, The NY Times is nothing but an extension of the liberal wing of the Dem party.

We also must remind you that The NY Times is losing readers and advertising revenue. We can blame some of that on changing habits, i.e. the Internet! However, you can also blame it on bad journalistic practices!

My guess is that serious journalists must be in shock about The NY Times. I have to believe that there are many serious people who understand that being in the tank for Obama is bad for journalism.

Wednesday, September 24, 2008

A great message for Catholics!

The Catholic Church is one of the strongest critics of abortion and same-sex marriage.

As a Catholic, we believe that life begins at conception.

We believe that marriage is between a man and a woman.

In this election, the contrast on abortion is clear. On marriage, Obama is vague.

There is a new abortion study and the results are interesting:

"In the first comprehensive analysis since 1974 of demographic characteristics of women who have abortions, researchers found that the overall drop in the abortion rate has been marked by a dramatic shift, declining more among white women and teenagers than among black and Hispanic and older women.

In 2004, there were 10.5 abortions per 1,000 white women ages 15 to 44, compared with 28 per 1,000 Hispanic women of that age and 50 per 1,000 black women.

That translates into approximately 1 percent of white women having an abortion in 2004, compared with 3 percent of Hispanic women and 5 percent of black women."

P.S. This is a great video. The message is great! Catholics are a critical vote in many of the battleground states, like Ohio and Pennsylvania. Let's send a message to the Dems that abortion is wrong!

The bailout is the only option today!

My guess is that Pres. Bush and Sec. Paulson don't like the bailout either.

Unlike members of Congress, Pres. Bush and Sec. Paulson have to make a decision. They have to choose between one real world option and another! They can't do "hope and change"! They can't give speeches and say "no" to everything. They can't go on talk shows and tell voters what they want to hear.

Their job is to make a difficult decision and calm down jittery investors.

This is a good example of leadership versus "giving speeches".

It's great to say "no".

It's better to come up with an alternative solution.

I hear lots of "no".

I don't hear any alternative solutions.

Are the bailout critics suggesting that we do nothing and let the situation get out of control? Do they understand what "doing nothing" means?

My recommendation is to create another Resolution Trust Corp, such as the one that worked so well back in the early 1990s. See Francis Cianfrocca:

"The end result of the RTC was that taxpayers made a profit, and it’s more than likely that the TARP will end doing the same thing."

How did that work:

"Congress created the Resolution Trust Corp. in 1989 to take over $125 billion in assets owned by 296 failed savings and loan associations.

Over the next six years it added $394 billion in assets belonging to an additional 747 insolvent thrifts.

The RTC's main job was to sell those assets, mostly real estate, at the best price it could get.

In the end, the S&L cleanup cost American taxpayers an estimated $124 billion.

The RTC ceased operation in 1996.

Despite the price tag of the thrift bailout, many believe the RTC successfully averted even worse consequences and higher costs." (Michael A. Hiltzik)

What would have happened if we had not started the RTC?

No one ever talks about that. The first Bush now gets a lot of credit for setting up the RTC. He didn't back then! The current Bush will get a lot of credit for this, too. He is not getting any now but he will eventually.

I agree with the "bailout" critics that Fannie Mae and Freddie Mac must be reformed. Perhaps, we should eliminate them. Also, we should call on Dems like Mr. Raines and Mr. Johnson to return some of their salaries!

I agree that we should hold hearings, and very soon! Shouldn't Dem Sen. Dodd, the largest recipient of Fannie Mae contributions, resign from the Senate Banking Committee?

I agree that the government should get out of the business of "encouraging" banks to make mortgage loans to potential voters.

The banks should make loans at their own discretion. The government should protect us from people who fly airplanes into buildings. It's that simple! Banks make loans. Government protects us from terrorists!

However, you must stop the bleeding before you lecture the patient that the dope will kill him. There is a lot of blame to go around. There are lots of hands in the cookie jar. Nevertheless, let's save the patient first and start the investigation later.

The WSJ has the best summary:

"The fact is that the financial system needs basic, long-term reform, but right now the system is clogged with enormous amounts of toxic real-estate paper that will not repay according to its terms.

This paper, in turn, is unable to support huge quantities of structured financial instruments, levered as much as 30 times.

Until there is a new mechanism in place to remove this decaying tissue from the system, the infection will spread, confidence will deteriorate further, and we will have to live through the mother of all credit contractions.

This contraction will undercut the financial system, and with it, the broader economy that so far has held up reasonably well."

Last, but not least, our US$ 15 trillion GDP is not going to sink because of this mess.

The US economy is still strong and the envy of the world.

What other G-8 country has 6% unemployment and 3% GDP growth?

Please send me some names because I can't think of any.

Don't let the Dems' politically motivated "doom and gloom" get you down.

Drop The NY Times and pick up Thomas Sowell:

"Ninety percent of the people on this planet would exchange their economic situation for ours in a minute.

The media love hype, and have been dying to use the word "recession" all year but nothing has happened that meets the definition of a recession.

The American economy is growing, not declining.

Our unemployment rate is up to 6 percent but there are countries that would be delighted to get their unemployment rate down to 6 percent.

Our inflation rate is up a little but many countries would love to get their inflation rate down to where ours is."

I still feel good about the US economy. You should too!

So let's get this bailout out of the way and keep growing.

P.S. Better than that, keep Obama's tax increases away from the US economy! We can afford this bailout, specially if we reform Fannie Mae and Freddie Mac. We can't afford Obama's socialism!

Tuesday, September 23, 2008

The Dems are scaring your grandmother again!

It's election time. It's time for the Dems to scare your grandmother about her Social Security check.

Just listen to Obama:

""....if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week."""

Thanks to FastCheck.org, we learned that Obama is not telling the truth:

"The plan proposed by President Bush and supported by McCain in 2005 would not have allowed anyone born before 1950 to invest any part of their Social Security taxes in private accounts.

All current retirees would be covered by the same benefits they are now."

Beyond scaring seniors, what bugs me is Obama's irresponsibility.

Sooner or later, we are going to have to reform Social Security. The program is not sustainable, unless we cut benefits or raise taxes. (It doesn't help that we've aborted 40 million "Social Security" contributors since Roe v Wade!)

Obama, or McCain, will have to privatize accounts for younger contributors. Otherwise, the program will go broke. Why is the media letting Obama get away with this?

Monday, September 22, 2008

Are the 3-0 Cowboys this good?

The Cowboys at Green Bay. It's like the Dodgers playing the Giants. Or Boston playing the Yankees. Or USC playing Notre Dame. This is the kind of rivalry that fans dream of!

I recall writing that Dallas would lose at Lambeau Field.

I just didn't think that they could beat GB here in 2007 and up there this season. It's very tough to beat GB at home.

However, Tony Romo and the 2008 Cowboys are something special. They beat GB, 27-16!

It was a homecoming for Romo. He was born in Wisconsin. He grew up idolizing Favre. Like most Wisconsin kids, he was a huge Packer fan.

The 3-0 Cowboys are off to a perfect start. The good news is that they are playing great. The bad news is that they didn't finish strong in the last two seasons.

Can the Cowboys be strong in December and January? We hope so!

Who will play in the NFC title game in Dallas next January? Can you say Packers-Cowboys!

Like the Yankees, the Cowboys are playing their last season at Texas Stadium. They will move to a wonderful (and very expensive) facility in 2009.

Wouldn't it be nice to say goodbye to Texas Stadium with a Cowboys-Packers NFC title game?

You gotta love the Rays!

Congratulations to The Tampa Bay Rays, formerly known as The Devil Rays. I guess that it paid off to drop the "Devil" and just go with "Rays".

For 10 years, Tampa Bay been a last place team. They didn't win anything since joining the AL as an expansion team!

At first, they tried to buy a pennant with guys like Canseco. It didn't work. It usually doesn't!

A couple of years ago, new owners committed the franchise to winning.

First, they decided to build from within by drafting the best high school talent in the country. They had lots of chances because of all of those last place finishes.

Second, they hired Joe Maddon to manage the young guys.

Third, the owners didn't panic when the plan didn't produce results overnight.

In baseball, nothing good happens overnight. Ownership must be patient because building a winning organization takes time.

The Rays are in. They will either win AL East or wild card. Who would have believed this in spring training?

Congratulations to the Rays' players, coaches and ownership. They deserve every good thing that comes their way.




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