Monthly Archives: September 2008

Manufacturing Consent: Imminent Financial Crisis or Political Theater?

Since last Friday, almost every sound bite on every news update or channel is of Barack Obama blaming John McCain for being in favor of “deregulation.” The implication is that McCain favored deregulating Wall Street financial institutions and Fannie Mae/Freddie Mac. This implication is patently false. In 2005, John McCain and three other Senators tried to tighten regulation of Fannie Mae (Who caused “the biggest financial crisis since the Great Depression?”, Roger Kimball, Pajamas Media). Bill Clinton, to be honest, also tried to tighten regulations during his Administration. Congress continuously tried to squelch these efforts.


Suddenly, in July 2008, Congressional Democrats decided that Fannie Mae and Freddie Mac needed reform (Democrats Receptive To Fix For Fannie, Freddie, Brian Naylor, NPR). Why then, after years of warnings? Why then, after years of defending the institutions and the failed leaders who ran them?

Why do we need this $700 Billion dollar bailout right now, right this minute?

Last week, we were warned that the house of cards would collapse on Monday. Monday has come and gone. Last night, Glenn Beck pointed out the following from an article in Forbes magazine:

BECK: First of all, it`s — wouldn`t that be nice. First of all, it`s $700 billion. And I just want to give you guys a quote from — from “Forbes” magazine. Are you ready for this one? This was actually from a treasury spokesperson on how did you arrive at this $700 billion number.

Are you ready? Here`s the quote. Quote, “It`s not based on any particular data point. We just wanted to choose a really large number.”

I couldn’t find this exact statement at Forbes.com but did find this:

The $700 billion figure is basically a placeholder, or, better yet, the worst-case-scenario figure Paulson could come up with to make sure his plan didn’t fall short in the funding department.

Manufactured numbers to produce manufactured consensus.

On Friday, Rush Limbaugh discussed the “behind the scenes” events at the emergency White House meeting (attended by John McCain and Barack Obama) on Thursday, September 25.

“According to an Obama campaign source…” and this is from the American Spectator blog today. “According to an Obama campaign source, the notes on the Republican position, House Republican position were passed to Obama via senior aides traveling with him who had been e-mailed the document via a current Goldman Sachs employee and Wall Street fundraiser for the Obama campaign. The Obama campaign source said, ‘It was made clear the memo was from friends and it was reliable.’ The memo, which basically briefed Obama on the Republican position…”

You see, Obama did not defend the Democrat position on this [the bailout]. He led off with an attack on the Republican position, as though it was a shock and a surprise, under the auspices that this deal had already been agreed to. When of course there’s no surprise about what House Republicans believe and there’s no surprise what conservatism is. “The memo allowed Obama and his fellow Democrats to box in Republican attendees and essentially took what President Bush had billed as a negotiating meeting off the rails.” Now, “‘Paulson and his team have not acted in good faith for this President or the administration for which they serve,’ says a House Republican leader who was not present at the White House meeting” and told the American Spectator. Paulson — Goldman Sachs — is a Democrat. He’s very close to Chuck Schumer, and obviously close to Obama.

Why do I feel like I’m being played? That I’m being manipulated to believe the sky is falling?

While I do think that we have a serious problem in the financial industry, I’m beginning to wonder if Henry Paulson isn’t a player and this whole imminent collapse isn’t just manufactured political theater (i.e., an attempt to focus the nation on economic issues because conventional wisdom says that this will benefit the Democrats in the November election). This article (Convict Bush, McCain and the GOP for the Economy) is a perfect example of the manufactured reaction.

Extra Reading:
Carnage in the markets! Carnage in the markets! Carnage in the markets! Oops, never mind, Michelle Malkin
The Financial Mess: How We Got Here, American Thinker
The financial crisis in bullet points, The Adam Smith Institute

McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005, HotAir.com

Advertisements

4 Comments

Filed under 2008 Election, Barack Obama, Fannie Mae, John McCain, Mortgage crisis, Politics

Saturday Night Songs: Classix Nouveaux

One of the first videos to debut on the newly created MTV

Leave a comment

Filed under 11163771, Uncategorized

Twilight’s Last Gleaming. P.S. Our Flag Was Still There.

Notorious bigot, Ernesto Cienfuegos, editor-in-chief at the Voz de Aztlan (an online website promoting ‘La Raza’) has been vozing his glee–or his dismay, it’s hard to keep track of his meandering thesis–at the proposed bailout of the U.S. banking industry: ‘Twilight’s last gleaming’: The disintegration of the USA. The article sticks to the Voz de Aztlan party line of blaming the U.S., Israel, and the banking industry (i.e., the Jews) for all of the troubles in the world today. The article completely ignores the role of the Community Reinvestment Act in the mortgage crisis (see previous blog post below). The CRA’s goal was to provide home loans to people whose credit was not sufficient to receive a conventional home loan. The beneficiaries of this program were for the most part the low-income blacks, Latinos and other ethnic minorities that Cienfuegos so valiantly champions. It also ignores how these evil banks have been falling over themselves to provide financial services such as loans, bank accounts, etc. to “undocumented” workers (i.e., illegal immigrants from Latin America).

But, for the intellectually dishonest Cienfuegos, history begins with the war in Viet Nam and military spending by the US and Israel are to blame. On the one hand, he criticizes U.S. military actions and “war profiteering” while crowing about Hugo Chavez’s military alliance with Russia:

“In November the Venezuelan Armed Forces will be holding military exercises in the Caribbean with a large and powerful Russian naval flotilla that is presently sailing toward Venezuelan territorial waters.”

Maybe someone should explain to Cienfeugos that Russia is another predominantly Caucasian military Super Power that mirrors his own characterization of the U.S. He also approves of Chavez’s business dealings with China, another nation not known for supporting the ethnic minorities that live within its own borders. Rounding out Cienfuegos’s list of beneficial dictatorships is his hat-tip to Iran:

“President Hugo Chavez is today known as ‘Chavez of Arabia’ because he has come forward in defense of the besieged Arab/Muslim people by the USA and Israel. The region refers to the USA and Israel as ‘The Great Satan and the Little Satan.’ Hugo Chavez has also forged a powerful alliance with Iran. It does not take a rocket scientist to contemplate what this all means for the future of the USA.”

Cienfuegos warns the Aztlan community to prepare themselves for the coming trouble and that “… in a few months you will be paying possibly 12 dollars for a loaf of bread.” Just like in Mexico. Isn’t that what Aztlan wants: for the US to become Mexico?

What truly confounds me is that Cienfuegos is based in Los Angeles and seems to welcome any and all destruction that could be visitied upon the U.S. Does he walk around in some special protective bubble that will keep himself safe if his “heroes” attack the U.S.? He operates under the typical childish delusion that you can spite other people without suffering the consequences yourself.

“Let the naive so called ‘patriots’ suffer for their ignorance. Most of them believe in UFOs and in Big Foot…”

Cienfuegos is an expert on naive beliefs.

Chupacabras of the world, Unite!

For you reading pleasure:

15 Things You Should Know About ‘The Race’, Michelle Malkin
Reconquista 101, Hot Air
Mexico Reconquers America, Absolut Drinks to That, Los Angeles Times

Leave a comment

Filed under Aztlan, Bank Failure, Bigots, Fannie Mae, Hugo Chavez, Hypocrisy, Mortgage crisis, reconquista, Uncategorized

Party Like It’s 1999

Ace of Spades dug up the original New York Times article from Sept. 30, 1999 in which Fannie Mae eases restrictions on home loans: Fannie Mae Eases Credit To Aid Mortgage Lending.

Fannie Mae was amazingly honest about their intent. The program

“… will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.”

Giving credit to folks whose credit isn’t good enough? No problema, holmes (sounds nicer than ‘no sh– sherlock’). Think that might get you into trouble eventually?

Moe Lane at Redstate.com posted this excellent video summary of the root causes of the current economic crisis.

Update: For a summary of events leading up to the crisis click this link: Investors’ Business Daily.

Update: What the freak? WaMu Gives New CEO Mega Payout as Bank Fails.

That’s right, $20 million for 17 days on the job … and his company failed.

Leave a comment

Filed under 2008 Election, Bank Failure, Fannie Mae, John McCain, Mortgage crisis, Politics, Washington Mutual

No! No! Little ‘Roo: Global Warming Guilt Mongering

Have your little kids come home from school in tears because they heard that the polar bears are all going to die because of global warming? Wait until they see this:

So much for subtlety. It’s not ok to use camels in advertisements for cigarettes-even though the products are made for adults-because kids will be attracted to the animals, and by extension, to the products. Yet, it’s perfectly fine for an environmental advocacy group to make a cynical use of animals such as this. Ok for me but not for thee.

Skeptics Global Warming has a good article on the hypocrisy of global warming environmentalism, Hypocrisy and Arrogance of Global Warming Activists.

Leave a comment

Filed under Advertising, environmentalists, Global Warming, marketing, Suicide

Blood for No Oil

A 9/19/08 reply to an opinion piece posted in The Modesto Bee Online caught my attention. The opinion piece Right-wing regurgitates hatred poses this question:

“If the surge has worked, why are the troops still in Iraq?”

To which reader xix replies

“Because they still have some oil! Even if republicans win the White House this coming election, you can bet the farm that our troops will be heading for home the minute their wells run dry! Make that ESPECIALLY if republicans win the White House!

The wells are not dry and the U.S., for all its efforts in Iraq, will not benefit directly from Iraq’s oil reserves.

After an open bid process in which international oil giants such as Chevron, Shell, BP and Exxon Mobil participated, the first contract was awarded to China National Petroleum Corporation (CPNC). CNPC (aka: PetroChina) was awarded a $3 billion oil service contract. The Government of Iraq was apparently prepared to sign no-bid contracts with several of the American and European firms until three U.S. Senators-Chuck Schumer (D, NY), John Kerry (D, MA), and Claire McCaskill (D, MO)-tried to intervene in the negotiation process. The three insisted that the Iraqi government not sign any contracts until an official revenue-sharing plan was established between the various Iraqi ethnic and religious groups. The Iraqi government balked and put the contracts out for open bid.

Whether western oil companies secure any additional contracts remains to be seen. Regardless, China benefits first and foremost from the blood U.S. and Allied soldiers have spilt. Way to go Schumer, Kerry, and McCaskill.

P.S. – xix, we haven’t pulled out of Iraq yet.

Sources:

No Oil for Blood, Frederick W. Kagan, Weekly Standard

China agrees $3bn Iraq oil deal, Aljazeera.net

China Hails $3bln oil deal with Iraq, Yahoo! News

Foreign companies bid to boost Iraqi oil production, Said Rifai and Doug Smith, Los Angeles Times

Iraq’s oil fields open to bidders, CNNMoney.com

Leave a comment

Filed under Blood for Oil, China, Iraq, Oil, Politics

Hope, Change and Lies Smear Campaign

Think you know the truth about the dirt on Sarah Palin? Rusty Shackleford at The Jawa Report has some info for you….
Hope, Change, & Lies: Orchestrated “Grassroots” Smear Campaigns & the People that Run Them

Leave a comment

Filed under 2008 Election, Barack Obama, Politics, Sarah Palin