Pathetic…

October 3, 2008

…that’s what the big dukeout between ‘Bankruptcy Bill’ Biden and ‘I can see Russia’ Palin. The both lied their well tailored asses off. Neither addressed and issues in anything even close to a substantive way.

I do give Palin the ‘win’ as she made Joe look like what he is. Past it and bored.

Will be watching the polls this week. Obama seems to be pulling ahead but…..

It ain’t over yet.

And no I have no confidence that Obamba will be bringing the troops home from Iraq anytime soon.

That ain’t gonna happen.

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Progressives in Congress show the right way to ‘right the market’.

October 1, 2008

Dear Democratic Colleague:

The House of Representatives rejected the $700 bailout yesterday. Distinguished economists across the world have stated it would not have solved the problem at hand. However, we can potentially solve this liquidity problem at little cost to the taxpayer. I am proposing that Congress drop the Paulson Plan, and instead pass the No BAILOUTS Act. The No BAILOUTS Act provides an alternative to the Paulson Proposal to address the current credit crunch. Once Congress addresses the liquidity shortfalls in our financial markets, a Democratic Congress can turn to Democratic solutions to address the broader economic crises we face today. Specifically, Congress can work to resolve the housing crisis across the country and pass effective job stimulus, which is the response Main Street America expects and deserves.

While Democrats and Republicans may disagree on the underlying solutions to solve the economic crises we face, the No BAILOUTS Act – a regulatory based proposal – has the potential for significant bipartisan support.

The Paulson Premise Flawed

Simon Johnson, a former chief economist as the International Monetary Fund, stated today in the New York Times of Paulson’s plan, “It’s our view that this package, in a fundamental sense, will not solve the problem.” Other economic analysts noted yesterday that the credit markets around the world were almost entirely dysfunctional even when political leaders and investors assumed that Congress had reached a deal and would easily approve the bailout. There is no reason to believe Paulson’s plan will work.

Alternatives

We have credible alternatives to the Paulson/Bush $700 billion gamble. William Isaac, the chairman of the FDIC during the previous worst financial crisis in the United States during the 1980s, believes Congress can address the current crisis with simple changes to Securities and Exchange Commission (SEC) rules. Mr. Isaac points out that while we face serious financial challenges today, many banks are still in good shape. This allows Congress to take swift, uncomplicated steps to ensure the financial markets return to working order. After that, we can work to resolve the housing crisis and pass effective job stimulus.

Today I am offering an alternative to the Wall Street bailout that will correct the capital shortfalls experienced by many financial institutions and help protect the integrity and quality of the securities market. My plan could be implemented promptly meeting the demands of the Bush Administration to act immediately without putting the American taxpayer on the hook for billions of dollars.

No BAILOUTS Act

Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security

1) Require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the capital of financial institutions.

This bill will require SEC to implement a rule to suspend the application of fair value accounting standards to financial institutions, which marks assets to the market value, no matter the conditions of the market. When no meaningful market exists, as is the current market for mortgage backed securities, this standard requires institutions to value assets at fire-sale prices. This creates a capital shortfall on paper. Using the economic value standard as bank examines have traditionally done will immediately correct the capital shortfalls experienced by many institutions.

2) Require the Securities and Exchange Commission to restricting naked short sells permanently

This bill will require SEC to implement a rule that blocks naked selling, selling a stock short without first borrowing the shares or ensuring the shares can be borrowed. Such practices many times harm the companies represented in the sales and hurt their efforts to raise capital. There is no economic value produced by naked short sales, but significant negative effects.

3) Require the Securities and Exchange Commission to restore the up-tick rule permanently.

This bill will require SEC to implement a rule that blocks short sales without an up-tick in the market. On September 19, 2008, the SEC approved a temporary pause of short selling in financial companies “to protect the integrity and quality of the securities market and strengthen investor confidence.” This rule prevents market crashes brought on by irrational short term market behavior.

4) “Net Worth Certificate Program”

This bill will require FDIC to implement a net worth certificate program. The FDIC would determine banks with short-term capital needs and the ability to financially recover in the foreseeable future. For those entities that qualify, the FDIC should purchase net worth certificates in these institutions. In exchange, these institutions issue promissory notes to repay the FDIC, counting the amount “borrowed” as capital on their balance sheets. This exchange provides short term capital, with not cash outlay. Interest rates on the certificates and the FDIC notes should be identical so no subsidy is necessary.

Participating banks must be subject to strict oversight by the FDIC including oversight of top executive compensation and if necessary the removal of poor management. Financial records and business plans should be subject to scrutiny while participating in the program.

In 1982, Congress approved a program, known as the Net Worth Certificate Program, that allowed banks and thrifts to apply for immediate capital assistance. From 1982 to 1993, banks with total assets of $40 billion participated in the program. The majority of these banks, 75%, required no further assistance beyond the certificate program.

5) Increase the FDIC Insurance limit from $100,000 to $250,000.

The bill will require the FDIC raise its limit to provide depositors confidence that their money is safe and help eliminate runs on banks which are destabilizing to the industry.

Sincerely

Peter DeFazio

Member of Congress

Call your congress person and demand they support this instead of George The Robber and Nancy the Fluffer’s giveaway to the rich. It’s your’s and your grandchildren’s money they want.

Tell them NO!


Once Again Barbara Lee shows the way….She say, ‘No…’

September 29, 2008

to the ‘bailout’ proposed by the corrupt, rotten ‘leader$hip’ of the now twice damned Pelosi and ‘Sellout’ Reid as they, along with ‘The Magic Man’ stoop to do Leader Bush’s bidding.

Here is what she said today on the floor of what we now laughingly call, ‘The People’s House’.

Washington D.C.– Today (Sept. 29, 2008) Congresswoman Barbara Lee delivered the following statement on the House floor in opposition to the financial bailout bill considered today. The Congresswoman voted against the bill, which failed by a vote of 205-228.

“Thank you Madame Speaker and thank you Mr. Frank, the Chairman of the Financial Services Committee, for his efforts to improve the administration’s $700 billion blank check proposal.

“As a former member of the House Financial Services Committee for eight years, I can tell you that the situation we find ourselves in is the direct result of the deregulation happy, turn a blind- eye approach of this administration and its allies in Congress.

“Now we see the horrific price of these reckless deregulation policies.  More than 600,000 Americans have lost their jobs since January.  People need jobs to obtain credit and to pay their rent.   They need jobs to pay their mortgages or to put money in their 401k or retirement account.  Millions of people are living paycheck to paycheck, if they have a paycheck.

“Home foreclosures are skyrocketing, and home values are plunging, banks are failing and we are still spending more than $10 billion every month on a war in Iraq that should never have been waged.

“So there is no question that we are confronting an economic and financial crisis.

“But I’m convinced that this bailout plan is not the solution to this mess.

“First, it does little to address the underlying problem – the foreclosure crisis. We need a moratorium on foreclosures and bankruptcy reform to help people stay in their homes.

“Second, this bill should be paid for by the high-flying industry that created this problem.   $700 billion should not be given to Wall Street and the Bush Administration unless those who cause this mess pay for it. We should also prohibit the tax deductibility -and my bill the Income Equity Act  (HR 3876) would do this across the board –  of executive compensation in any company where the highest paid corporate officer is paid more than 25 the times the pay of a bailed-out company’s lowest-paid worker.

“And third, we need an economic stimulus package to deal with the crushing reality of the recession that is hitting people hard and growing every day.

“I cannot vote to reward those predatory and subprime lenders who are creating such havoc in the lives of millions of Americans.

“There is a better way.”

Yep and that way requires hard work, years of it which probably puts it beyond the reach of the Libertarian punks who think we have friends in the ‘Democrat’ Party. Who think Obama is about ‘change’.

We do have some friends in the party but Pelosi…multimillionaire Pelosi ain’t one of them.


I’m Back….

September 26, 2008

…still some thinking to do but nope I have not changed my opinion about.

Obama.

The ‘Democrat’ Party

Drinking Liberally…

So called ‘fellow progressives’

The real battle is about to begin and I intend to work so that it is not for the crumbs from our masters tables. The nation is on the brink of the abyss with few of talent or principle to lead us. Indeed the times call for a new paradigm.

One sans such ‘leaders’ as George W. Bush, Barrack Obama, Nancy Pelosi, Diane Feinstein, Harry Reid. And no we don’t need suc as Marko Moulitas, Chris Bowers, Jeralyn, Josh Marshall and the rest of the self-appointed, now discredited, ‘leaders’ of  Left Blogistan.

Look for changes here soon.


Wow! It’s been a while since I did this….

September 10, 2008

I wonder…can I still do it. Many have said that I am divisive, harsh and overly judgmental. But hey! Nobody is perfect least of all as it now appear obvious to even folks like Kid Oakland, malcontent, ‘BoneHead’ Bowers, Jeralyn and that fat guy who thinks he is Josh Marshall that slick talkin’ Barry and his dead white dude pals in the ‘Democrat’ Party are headed for a big bring down. Such a bummer dudes. Convention who hah still bouncin’ but McSame and Miss Piggy, as the ‘Boyz in the Blogz’ are attempting to name Governor Palin are out front by 10 points in a recent Gallup, winger’s I know I know, tracking poll.

10 points.

And that’s before folks find out about the entire story behind the ‘Bridge to NoWhere!’

I’ve said at least a hundred times but it still doesn’t sink in. Kid, Kos, Josh and you too Chris. Obamba is a perfectly lousy campaigner. If you are gonna try an pillory someone for something she didn’t even vote on you’d best be able to remember how YOU voted fool….

Barry the Clueless. How’s it feelin’ Howard, Donna, Miss Nancy. That’s your ‘boy’ out there and whoeeeeeee! Doan he look good.

Not.

Imagine this guy trying to run the country in the face of McConnel & Co. with HoJo stabbin’ him in the back every week jes for fun. While Miss Nancy and SellOut Reid are hangin’ on the telephone to George for further orders.

I’d be laughin’ if I wasn’t so sick to my gut over what the punk asses and morans of Web 1.0 have done to real progressive’s chanced to change things for the better in the near term.

In the long run folks like Heidi Li and riverdaughter and Angelachel, lotta ladies in that group, give promise that Web 2.0 won’t be knot of toads like we’ve got now. Squatting on their sites and proclaiming themselves all-knowing and all-seeing. Banning all and sundry who disagree with the LW, that’s Lefty Wisdom, never realizing that in the ‘sphere you cannot shut anyone up. They just move down the URL and let you have it when you ain’t lookin’.

As always anyone disagrees with me show up in the comments and have at it.

Be warned, I’m in no good mood and apt to play rough.

Because….

Progressives Fight Back!

They do not pick corporatist scum for their Veep.


Unity 08!

August 26, 2008

From my ‘progressive’ acquaintances, can’t call ’em friends anymore friends hang with ya even if they think you are wrong., on facebook I read and hear about how fabulous the Dem Convention in Colorado is going. I understand the weather is great and that Michelle Obama gave a good speech. Swell.

Here’s a slightly different look:

‘Get over it loser!’ Is a phrase Clinton supporters are apt to hear in the streets….

I’ve gotta tell ya folks, that is not how you build bridges, win over Hillary’s supporters and re-unite a party.  But that’s the kind of thing Hillary’s folks are hearing from BHO’s crowd in Denver this week, and the only way that’s going to stop is if The Chosen One takes the lead and tells them to knock it off’.

Check out the rest. Me? I’ll have a lot more to say later. I’m busy with computer construction and marketing. One thing I will be talking a lot about, as I find it interesting, is the tremendous similarity between how Obamacans, some Hillaristas and yer median RedStater act and think. One thing that Obama’s candidacy has made crystal clear for those with eyes to see is that politics can be a great leveler. The real question is….

Why the level is so low.


Lunatics? Aslum? Or Fascistii in Action.

August 21, 2008

Here’s the lede:

The Obama campaign staff learned its lesson early in this contest – don’t let those Hillary supporters get loose and start a ruckus. And WHATEVER you do, don’t let them get their hands on a kazoo.’

A superficial read of this puts it in the ha..ha…hah category of Convention news. I have a different take. Wherever I go in the ‘sphere where the Obots have not taken over, which includes every Web 1.0 site except MyDD where Jerome rules with and iron hand and does not allow the fascist Obots to take over, we see story after story of the Obama campaign’s efforts to disenfranchise voters, depress turnout and vilify opponents. He’s running a classic Rovian campaign against Hillary and having success since for some reason The Hill has stopped fighting. Perhaps she’s giving him the rope-a-dope but right now Obama is frantic. His campaign is doing one stupid thing after another. Cages for protestors…..yeah, right. The latest is calling out McSame ’cause A. He’s rich and B. He owns too many houses. Yep.

Nobody every beat a Republican ’cause the ReThug was rich. Most voters are so brain-washed they don’t even give that argument a listen. After all any American can be rich.

And I guess Barry is so delusional that he’s convinced himself that the Rezco thing is all gone and forgotten. Why else would he want to get into a debate with McSame about their respective housing. I can hear McSame now, ‘My opponent wants to make a big deal about how many houses I own. I wonder does he want to talk about the corrupt deal he struck with Tony Rezko to buy his home. I paid for my houses solely out of my pocket. Can the good Senator say the same?’

How’s that shoe leather taste Barry?