Overoptimism is a killer

From Drudge this morning:
Bush: 'It's going to take awhile'...
Pope says world financial system is 'built on sand'...
Dow Plunges 550 Points; off lows...
STAMPEDE AT NBC: Jim Cramer warns investments could lose 20% of value...
FLOOD AT FED: Doubles Cash Sales to $900 Billion...
London suffers sharpest fall since '87...

President Bush said that “It’s going to take a while…”

Many who know me know that I’m active in a number of 2nd Amendment organizations.
As I heard people cautioning about setting our expectations TOO high regarding the bailout (now gently renamed “an economic rescue package”) I’m reminded of a bill that passed in the 1990’s called “The Brady Handgun Violence Prevention Act” aka “The Assault Weapons Ban” that did nothing to prevent handgun violence. I remember a newsclip that was recorded literally moments after the bill passed the Senate. There was Senator Bob Dole, on the floor of the Senate, again, just moments after the bill passed, telling us not to expect too much from the just passed bill. That it was not a panacea. The deed was done and the excuses were already flowing from the mouth of the man, one Senator Bob Dole, who could have stopped it square in its tracks (scroll down to “The Brady Bill Passes” and see how Senator Bob Dole, with two words or one hand signal, could have prevented this awful bill from becoming law).
So now, this weekend and this morning, we see how the politicians who have strapped us with trillions of dollars of debt and risk are now telling us not to expect TOO much from their misdeeds.
There were no hearings on this bill. There were no considerations for any alternatives (eliminate capital gains, taxes on dividends, zero out corporate taxes all of which would have involved private capital fro America and around the world. Sir John Templeton once said that if Congress eliminated the capital gains tax, there would be such a rush of money into the capital markets it would be breathtaking). But alas, no hearings. Nothing. Your money only was at risk.
My advice on politician who voted for this: Sweep them all out office. Every last one.

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Jim Ramstad can be had

Once again, someone else’s great idea becomes the way you live your life if that someone is a Senator or Representative.
Congressman Jim Ramstad will now vote “Yes” on the $700,000,000,000 bailout bill. Why the change? Because of a “sweetner” that anyplace else would be called a bribe. And it was your money that was used to bribe Congressman Ramstad.

P.S.-
I just watched this from Glenn Beck:

After watching this I thought about the above blog entry and feel I really needed to add this:
Mr. Ramstad- If you vote for the bailout bill: YOU are what is exactly wrong with America. YOU are exactly what is wrong with Congress. YOU are a prime example of what is wrong with Republicans and the the Republican Party. YOU have no ethics. YOU have no morals.
YOU are exactly why Congress enjoys a 9% approval rating. YOU are all that.
These are your last months in office.
Good riddance.

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Letters, or "Speak now or forever hold your peace"

With the travesty of the Senate Bailout Bill behind us, I sent off this letter to my Congressman John Kline. It contains the text of letters I sent to Senators Coleman and Klobuchar:
John,
Here is an exact copy of the email I sent to Senator Norm Coleman and Senator Amy Klobuchar:
Senator Klobuchar:
I have four questions on your recent vote for the “bailout bill” that I am submitting to you and to Senator Norm Coleman.
As these are direct and unique questions, they will not be able to be adequately answered with a form email reply. Therefore I will expect a direct reply.
The four questions are as follows:
1. Did you read all 415 pages of the bill?
2. In voting for the bill, did you know the amount of $700,000,000,000 was not even a guess, but just a big sounding number from the Treasury? This was reported at forbes.com (“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.” )
3. If you didn’t know where the amount requested by the Treasury came from, why didn’t you know if I could easily find out this critical piece of basic information?
4. If you did know, why did you vote for this bill?

I look forward to your reply.

Respectfully,

There was no language dissolving Fannie Mae or Freddie Mac (the only mention of those GSE’s was on page 99 and referred only to stock treatment under the 1986 IRS rules).
The original Treasury request was three pages long. The House Bill was what, 140 pages? The Senate bill was 415 pages? Reducing excise taxes on children’s wooden arrows? Mental health parity?

John, as I was against the original House Bill, I am certainly stridently against the Senate bill.
I urge you to vote “No” on the new House bill.

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The Monsoon of incompetence

Heritage has an article which outlines two more glaring instances of Congressional incompetence. Again, this is all about the onrushing Social Security and Medicare tsunami.
The title is ”
$700 Billion bailout? You ain’t seen nothin’ “.
A number of times in the article Congress has been apprised of this coming situation. And just like the Fannie Mae and Freddie Mac implosion, the Maxine Waters, Barney Franks and Chris Dodds of Congress smiled, yawned and tell us all is OK.
If you need a graphic (double click on the graphic, then again to expand):


BTW, the $40,900,000,000,000 is a conservative current figure. It means that $40,900,000,000,000 needs to be put away TODAY, NOW to meet all future obligations. $4,650,000,000,000 is added to that figure each year. Every year.

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The polls

Rush Limbaugh states that the most expensive commodity in America is ignorance. What is even more disturbing is willful ignorance.
Jay Cost at Real Clear Politics shows us this graph:


Despite all the evidence, facts and history showing the Democrats (Jimmy Carter and the Democrat controlled Congress of 1977, Chris Dodd, Barney Frank, Bill Clinton) and groups like ACORN (Obama’s parent organization for his “community organizing”) are the parties responsible for this financial disaster, the polls show that the public supports those who brought the crisis to the fore.
Perhaps this is a carryover of what Basswood Research found two years ago.

Some time ago I wrote that we are all cursed by Congress with inefficient toilets that flush 1.6 gallons that do not adequately flush and therefore waste my time as I wait to be sure that there isn’t a,well, liquid disaster. So, we have a Congress that can’t get flush toilets right, but the electorate trusts them to get the economy right.

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"We don't need you. We have your children"

No explanation needed:

Comment from Savage Republican:
It should be noted that the top Video was produced by none other than
Jeff Zucker, CEO of NBC

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Why nearly everyone should leave Washington D.C. forever, now…today

When Katrina hit Louisiana and New Orleans in particular, what we saw was three disasters:

  1. Hurricane Katrina
  2. Left government (Governor Kathleen Blanco and New Orleans Mayor Ray Nagin)
  3. Big government as witnessed by FEMA

With the “crisis” on Wall Street and Washington, we see another thoroughly predictable disaster: Washington running as only Washington can.

We have the perpetrators of this fraud, the Dems and one Rep. Barney Frank accusing the Repubs of killing the bailout bill when there were 94 Democrats that voted against the bill. The Dems could have absolutely ridden roughshod over the Repubs as the Dems have an absolute majority in the House. Listen to Karl Rove tell how Nancy Pelosi and Barack Obama either couldn’t or didn’t get the bailout passed:

So one of two things is true: Nancy Pelosi is incompetent or this whole thing was planned by the left. And Obama has been AWOL on this whole thing. He couldn’t even convince the Illinois Congressmen/women to vote for this thing.

This situation has always been termed a “crisis”. Can’t be much of a crisis if Congress takes off for two days for Rosh Hashana.

But, the most damning piece of information I’ve heard was this: where did the figure $700,000,000,000 come from? Computers on Wall Street and in Washington cruching volumes and columns of numbers? Captains of finance and Treasury officials burning out computer memory running figures 24/7? Uh, well, no. Not at all. Here is the filthy, dirty, little secret: “ ‘It’s not based on any particular data point,’ a Treasury spokeswoman told Forbes.com Tuesday. ‘We just wanted to choose a really large number. And there you have it. You and yours have been put at risk for $700,000,000,000 by using the Treasury Department’s Magic 8 Ball combined with the Omniscient Never Fail Dart Board bolstered by the Always Accurate Coin Flip (2 out 3 tosses to be sure).

It really is time to reset the trip odometer and for We, the People to take the country back. Time to re-establish the constitutional republic.
See you at Concord Bridge.



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The end of the world as I know it

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The debate

Tomorrow night, the first debate between John McCain and Barack Obama is scheduled to take place. Whether or not is happens as scheduled is up in the air.
The Christian Science Monitor has proposed fifteen questions for the two large party presidential candidates.
Well, as I am constitutionally qualified to president, I think I’ll answer the questions:
1. When horrific war crimes or a humanitarian crisis occurs in another country, should the United States intervene – even if the United Nations refuses to approve? What would be your threshold for such a crisis to justify US military action? Unless there are legitimate concerns and issues regarding the United States, economically or militarily, there is no humanitarian or war crime crisis that would prompt me to intervene. The United States has for far too long been the default rescuer of foreign government and/or their citizens. America has been castigated and pilloried for “not doing enough” when the blood of our sons has long ago soaked into foreign soil. I will address the United Nations in a following question.
By the way, on my watch, the United States military will never, ever be used as a guarantor of an international “Meals on Wheels” or any other type program such as was witnessed in Somalia. This is strictly under the purview of the United Nations
2. Some experts contend that the US should address the security fears of Iran, Russia, North Korea, and China in order to prevent these countries from becoming threats to others. Do you agree with this approach? First of all I’d ask: which “experts” have said this? It appears that the concerns of these countries have little to do with “security fears” and have more to do with “ideological expansion”. Iran’s President and the ruling imams seems hell bent (a term I specifically use) on introducing the 12th Imam. Russia pines for the days of the Grand Soviet and seems quite willing to use energy to extract tribute from Europe and become a world arbiter at the minimum. North Korea is run by a despot who is willing to starve his own citizens to accomplish his own ends. China, make no mistake about it, is a police state that uses a form of capitalism to threaten a region then a hemisphere. It would appear that the United States and many other countries should be the one that have legitimate security concerns.
3. What are the three most important steps to achieve American energy security?
1. The government, especially Congress, accepts its limits under Article 1 section 8 and the 10th Amendment. In other words, it gets out of the way. 2. Drill here. 3. Drill now. I would also reduce any and all taxes on revenue from new domestic oil production by at least 75% for any and all new wells brought in in the next two years, 50% for any new oil wells brought in the next 3 years. I’d issue tax credits, not tax deductions for all investments in new wells for the next 10 years. All restrictions on off shore drilling within 50 miles of the shoreline will be eliminated. Lawsuits against oil companies will be severely restricted. Clean coal technology will be fast tracked. Ethanol subsidies will be eliminated. As will all CAFE standards. Nuclear power stations will also be fast tracked.
4. Would you compel Americans to adopt standards on carbon emissions even if China and India do not take similar actions? Absolutely not.
5. And why do you prefer a cap-and-trade system to reduce greenhouse gases when that approach has not worked in Europe – whereas a carbon tax in Sweden did help lower greenhouse-gas emissions? I don’t. It would appear that you don’t know me well enough, or the lack of science behind the fraud called “climate change” or “global warming” or whatever you’re calling it today, or you wouldn’t have even thought of asking me that question.
6. If US involvement in Iraq and Afghanistan largely ends during your first term, how would you then change the American military based on your reading of its potential roles? My concern since that horrible day in September 2001 has been the changing nature of the threats that face the United States. And it appears that the left, especially in Congress have dramatically failed in every and all respects to realize that change and address it. The United States military is made up of the finest men and women in the world. Period. It is the military that ensures that the left can complain about what a miserable place they believe America to be. I have friends who are members of the Band of Brothers. And they hold the modern day troopers and air assault soldiers in the highest regard. That being said, the military faces a dual mission: they must be prepared to fight asymmetrical assaults by radical terrorists all the while being prepared to fight the 21st century version of conventional war in the near future. I believe that certain nations and governments encourage and support asymmetrical assaults against the United States to keep us off balance while planning more conventional conflict. A case in point is the arrival of Russian ships of the line to participate in joint military exercises with the government of Venezuela. This represents a direct threat to the United States sea lanes where we import so much of our oil. This is just one example of why drilling for domestic oil is vital to the United States.
7. The international community has helped reduce extreme poverty by almost half a billion people since 1990. What would you do to reduce poverty in other countries, especially in Africa, in addition to what President Bush has already done? I’m very curious as to how you arrived at that conclusion. What’s your evidence? If I may, I’d like to direct you to the United States efforts to reduce poverty via the failed programs of “The Great
Society” and their expansion. Those programs have wasted $1,000,000,000,000’s of dollars and yet we have the same percentage of poor that we did in 1965 when these programs went into effect. So, it would appear that poverty is not defined by the absence of money. It also appears that poverty is not cured by throwing money at poor people. Anecdotally some lottery winners who have won millions have lost it all with years. So, money is not the problem. The best and proper thing for governments to do is to protect liberties that allow people to exercise their talents and to fully reap and keep the fruit of the labor and enterprise.As far as f
oreign aid: I will not send American’s hard earned money to foreign governments where most of that money goes into the pockets of tyrants and bureaucrats.
8. Every president who has tried to solve the Palestinian question has failed. How would your approach be different? Your question presupposes that there is a solution to the “Palestinian Question”. All the evidence over decades points to the fact that the Palestinians are incapable of self-government. It also leads one to rationally conclude that the Palestinians have only one answer in mind: the complete destruction of Israel and the Jews.The Israelis have given up much in compromise and have received Katusha rockets and murder bombers in return. Let me ask you a question: The Palestinians, in direct contradiction to their rhetoric, want the Israelis dead. The Israelis don’t want to die. Where is the middle ground or compromise between those two positions?
9. Is it possible to greatly reduce illegal immigration from Mexico by helping improve the quality of life in that country? How would you do that? To answer the first part of your question- it’s possible IF and WHEN the MEXICAN government improves the quality of life in ITS country. In case you haven’t notice and in direct refutation of La Raza’s philosophy, Mexico is a sovereign nation. To help Mexico along those lines, I propose an impenetrable wall along our southern border to keep the labor pool of Mexicans in Mexico. The people that are leaving Mexico are obviously risk takers and are exactly the type of person that Mexico needs to keep. No need to thank me Presidente Calderon. More than happy to do it.
10. Name three things the United Nations does well.
A.The UN wastes money, and more of it, than any other international organization.
B. If you need an international scandal that may include raping children, keeping horrific tyrants in power or completely abandoning its mission, the United Nations is the go to entity.
C. The United Nations has no equal when it comes to sharply worded and completely ineffective resolutions.
I could go on but in the interest of time,and you only asked for three, I’ll stop here.
11. Does the US have a special role in the world as the guardian of international security and as the indispensable leader of the world community? I’ve answered this in previous questions.
1
2. Both of you support Georgia and Ukraine joining NATO, making them allies. Are the American people ready to jeopardize their soldiers in defense of these countries if they are attacked?
I support this only, and I mean ONLY with the full and equal inclusion of all NATO members. This will reflect the implementation of my policy as outlined in my answer to questions 2,3 and 6. I will never engage in another failed NATO incursion such as Bosnia where the combined military efforts of Great Britain, Germany, Denmark and France by themselves were so completely inadequate on their own that they could not address this pitifully small problem without the inclusion of the American Air Force. Never!
13. What steps would you take to open foreign markets now closed to US goods, to allow export of products and services that the US does well? First off is to rid American enterprise of all illegal and unConstitutional encumberances. To name just a few: OSHA, EEOC, SarbanesOxley. I will also aggressively press Congress to totally eliminate the Karl Marx induced inheritance tax. The United States governement will not have the IRS be the first person who talks to a grieving family after the undertaker. The inheritance tax is unconscienable at any level! I will aggressively press Congress to reduce the Capital Gains tax to zero. I will also aggressively press Congress to reduce the corporate tax to zero. I would then aggressively press Congress to repeal the 16th Amendment to the Constitution or affix a truly flat tax whereby every citizen of the United States pays roughly the same tax per citizen. This will free Americans to profitably exercise their talents either directly or via investments. It will free up Americans to compete in the world market. Should a country decide to erect barriers to trade, my Cabinet will explore an appropriate response. However, the government will remove itself as a barrier to the great American engine of enterprise.

14. Roughly what proportion of US resources should go toward helping and protecting other nations compared with the resources that are needed to build up America? Little if any. The United States is always willing to fully and truly partner with others as long as it is beneficial to and in the interests of the United States. That’s what the idea of “partnering” is.
15. Twenty years ago, Islamic terrorism was a sleeper issue. Some people warned about it, but few paid much attention to it. Same thing for climate change. In your opinion, what is today’s sleeper issue? A sleeper issue is not and certainly was not “climate change”. Nice try trying to sneak that one into the conversation. Again, my concern is the many faceted threat posed by the lack of aggressively exploiting our own oil resources, the failure of Congress to be able in any way to perceive a crisis long before it kicks down the door and the rise of state sponsored expansion of ideology across a wide range of venues.

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The direction

A few weeks ago I heard a very disturbing phrase on the radio from a candidate. I didn’t hear who it was, but I kept thinking about that phrase over and over as it was so disturbing and at the same time also revealing. Coming home today, I heard it again. And a parallel phrase to boot. It was from His Selected Oneness, Barack Hussein Obama.
BHO was responding to a call from McCain suggesting that this Friday’s debate be postponed as Congress reviews to what extent Congress will screw the taxpayer.
Here was the money statement “And move the country in the direction we want.” He said that twice. Then also commented about “moving the economy in the direction we want.” Twice.
Haven’t these clowns showed us over the past forty years the direction they “want to take the country”? What about the direction that I want to take my life? Well, thanks to the fact that we now live in a functional democracy where we were supposed to live in a constitutional republic where I had protection from the will of the majority, I’m screwed. Unless of course I want to go to prison.
Land of the free…as long as you’re going in the direction “we want you to go”.

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