Jay Bookman

By getalife

September 21, 2008 11:03 PM | Link to this

This will not end well.

By TonyP4

September 21, 2008 11:05 PM | Link to this

Bail out Happy

• Just ask, and we’ll bail you out. No matter who you’re: AIG, FNM, FRE… Lehman Brothers, get a bridge loan quick and help is coming. 1 billion to Georgia even you did not ask. Use it to dig a big hole to sink Russian tanks before they crush your police cruisers.

• See the incredible results. Instead of 9 out of 10 voters lose his job, only 1. Instead of 9 out of 10 investors jump out of the window, only 1.

• How to get the bail money? Most voters do not know 1 billion from 1 million. Until some idiot explains 1 billion is equal to a 12 pack for each voter. Or, just speed up the money-printing machine. Until they spend $1,000 for a French champagne. Or, ask the Chinese to loan us more money. Until our credit cards from China are all maxed out.

• The best solution: sell Alaska to Russia. Republicans declare great success in buy low and sell high. Democrats agree finally, as long as no Russian governor be our vice president. How hard to write a check to solve a ‘big’ problem?

By TonyP4, a sad day in US

By Hillbillly Deluxe

September 22, 2008 1:01 AM | Link to this

These 208 people are indispensable? Lehman couldn’t have gone broke without them? What are we doing bailing out foreign banks?

I really can’t even comprehend all this.

By AJC/DNC Management

September 22, 2008 5:15 AM | Link to this

You’re only about 699 Billion dollars off of the problem but if lynching a few CEO makes you feel better…….

By AJC/DNC Management

September 22, 2008 5:25 AM | Link to this

I can’t believe what I’m looking at:

Ground rules set for vice presidential debate- But in the negotiations, the Republicans wanted to limit the amount of time available for their neophyte candidate, Palin, to be questioned on a single topic.-Urinal

You want to talk about crossing the line.

By AJC/DNC Management

September 22, 2008 5:31 AM | Link to this

U.S. Sen. Saxby Chambliss, the senior GOP partner pushing the “Gang of Ten” bipartisan energy bill, announced late Friday that the legislation would be placed on hold until after the November elections.-Urinal/DNC

Sounds like just another lib, don’t he?

By Conservative Amusements

September 22, 2008 5:48 AM | Link to this

The bailout. Congress wont let the handful of lenders suffer the same fate as the millions of borrowers, who face homelessness and ruin.

Taxpayers face homelessness: zzzzzz

Bankers face homelessness: OMG! We have to save them. OMG! Do something!

I say let them rot in H…E…double hockeysticks!

Palin 08: America goes to H…E….Double Hockey Sticks.

By AJC/DNC Management

September 22, 2008 5:50 AM | Link to this

The Wall Street Journal agrees with me:

The Community Reinvestment Act. This 1977 law compels banks to make loans to poor borrowers who often cannot repay them. Banks that failed to make enough of these loans were often held hostage by activists when they next sought some regulatory approval.

Robert Litan, an economist at the Brookings Institution, told the Washington Post this year that banks “had to show they were making a conscious effort to make loans to subprime borrowers.” The much-maligned Phil Gramm fought to limit these CRA requirements in the 1990s, albeit to little effect and much political jeering.

This is the same Act that Klinton strengthened in 1994.

And is the root of the problem.

By Conservative Amusements

September 22, 2008 5:58 AM | Link to this

The Pope: a Dogma Whisperer?

Well, the Pope couldn’t have been more persuasive than the chicken littles who are soliciting bipartisan agreement on an unaffordable bailout. Why did our representatives believe the sky is falling so easily? We better review that cartoon again and find out what’s really happening.

An Editorial stolen from the New York Times and Greenspan’s book: The banning of short selling is dangerous. The only path to clear valuation of securities is short selling, (Greenspan), and without it, then an artificial bubble could occur.(NY times)

The underlying worthlessness (sic) of the bad debt instraments has not changed with this bailout.

Determining the true asset value of each block of bad debt is nearly impossible.

The bailout is nothing more than a conspiracy to hoard the wealth in this new war of the haves and the half-wits. (sic)

I know what’s coming, for I have climbed the corporate ladder and I have looked over the glass ceiling, and I have SEEN the market’s top. I’ve SEEN the intrinsic value of our greed, and it has a tail and horns and prances around drunk in a crotchless red body stocking and a cape…..(hic)

Palin 08: America goes to H..E..Double Hockey Sticks.

McCain 08: The sky is falling! The sky is falling!

By JAY BOOKMAN

September 22, 2008 6:47 AM | Link to this

Management, I have yet to see a financial or housing expert claim that the CRIA has had any major impact on this crisis. Yes, it’s the favorite charge of the conservative press — it allows them to dump the blame on their favorite whipping boy, the poor, while excusing the rich and powerful. But I have seen nobody who actually knows what they’re talking about make that claim.

Furthermore, if this crisis were confined to or even largely limited to poor neighborhoods where CRIA might have an impact, it would be a lot easier to handle. The truth is that vast swaths of middle-class and upper-class developments, especially in places like Florida and California, are being hit by foreclosures. For example, there’s this report from Flagler County, Fla, south of Jacksonville:

“Sandra Negron, a long-time resident and real estate professional with over 20 years of experience offered a unique snapshot of what is happening in Flagler County.

When asked. she said the typical residence in foreclosure is a mid to upper middle class home worth between $150,000 to $300,000. Most foreclosures are occurring in single family homes mostly in the Palm Coast area where the population is comprised of the working class and retirees.

In the unincorporated areas of Flagler County, like the Hammock Dunes and Hammock Beach areas, the typical foreclosure is an affluent three bedroom, two bath single family home or condo on the beach in the $750,000 range.

Then there’s this, from the Lake Arrowhead resort area in California:

“There are some good bargains out there now,” said Clark Hahne, managing broker of Lake Arrowhead Re/Max Realty, referring to homes available via trustee sales. “There are probably 50 houses in Arrowhead Woods under $300,000. Let’s face it; it’s tough times now.”

trustee sales

“Hahne said that “for practically every trustee sale the deed was recorded in 2006 or 2007. They bought at the top of the market or refinanced or had a small downpayment.” He cited one Lake Arrowhead house, refinanced four times in 10 years, that had $419,000 worth of mortgages and eventually listed, because of the declining market, at $339,000. Another, a bank repossession, he said, sold in September 2005 for $775,000, with a $620,000 loan, yet was listed not long ago at $399,000, and has a $350,000 offer pending.”

So keep on pushing your fantasy, Management. The rest of in the world known as reality will press on without you.

By ByteMe

September 22, 2008 7:11 AM | Link to this

I’m not sure we’re not talking about apples and oranges, Jay.

On the one hand, Barclays is buying the Lehman operation via the bankruptcy court, so this isn’t part of the bailout.

On the other hand, the bailout offer was extended to cover the US banking operations of foreign-owned banks. Since this wouldn’t be part of the banking operations, I’m pretty sure it won’t qualify as taking money from taxpayers.

But if there’s a possibility of bleed-over between the operations….

The bailout is still necessary if done properly. However, the way Bush and the Republicans want to do it, with no obvious oversight, is the wrong way. And the way the Democrats want to throw minor populist changes into it is also wrong. What’s needed is structural changes in oversight and it’s needed before we give up a dime to bail out the screwups.

By AJC/DNC Management

September 22, 2008 7:12 AM | Link to this

The Wall Street Journal doesn’t know what they are talking about????

The Community Investment Act of 1994, which basically called lenders racist for not giving loans to people who could not pay them back, setting accountability standards not based on financial qualifications but instead on how evenly the loans were spread across the community, opened the floodgates for lenders to give risky mortgages with governmental incentives and backing.

I ain’t got time but I’d be willing to bet that the areas you point out at one time or another were slums, slums that got redeveloped for no better reason than the government making it easy to turn a buck.

And from there it like “trickled up.”

By JAY BOOKMAN

September 22, 2008 7:26 AM | Link to this

They used to be slums, Management?

How about this?

“The crisis on Wall Street is shrinking net worths and erasing nest eggs. Next on the block: multimillion-dollar homes.

In some of America’s wealthiest spots, that’s already happening. According to RealtyTrac, an Irvine, Calif.-based listing firm that tracks foreclosures and provided the data here, several of the country’s wealthiest ZIP codes—where year-to-date median home sales are above $700,000—have reported foreclosures into the triple digits. They include La Jolla, Calif.; Miami Beach; and Carlsbad, Calif.

In Carlsbad, for example, there are 302 homes in foreclosure. The wealthy beach town—the median home sale price is $710,000—has suffered from overvaluation and risky financing, says Rick Sharga, a senior vice president at RealtyTrac.

“In this real estate cycle, no ZIP code, no neighborhood, was immune,” says Sharga. Not only are average Americans defaulting on subprime loans, wealthier individuals who were relying on bonuses that never came through or who took out option adjustable-rate mortgages and must now face the skyrocketing monthly rates have also had to flee.

Take Lake Forest, Ill., a Midwestern town with a love for—of all things—polo. (The local country club hosts matches every weekend in August.) Still, many of the community’s properties are vacation homes, which means that those who secured a second mortgage even though it was beyond their means are now defaulting. While the median house sale price is $873,750, the current number of foreclosures is 53.

Speculative activity, or people betting pricey homes will always have ready buyers, is another factor. “People were leveraging the equity in their homes to speculate on other properties,” says Sharga.

That’s the case in Malibu, Calif., and other California spots, including Newport Beach and La Jolla. The median home sale price in Newport Beach is $1.4 million and there are 89 homes in foreclosure; in La Jolla, there are 158 foreclosures, due mostly to second-home buyers overextending themselves.

In other areas, buyers took out loans for properties that were beyond reach. This happened in Scarsdale, N.Y., just 30 minutes from Manhattan’s Grand Central Terminal. This pleasant commuter town, whose Tudor-style buildings evoke an English village, currently has 57 foreclosures.”

CRIA didn’t make lenders offer no-doc or lo-doc loans. CRIA didn’t make real-estate appraisers overvalue homes so they could keep the gravy train going. CRIA didn’t force Wall Street to “securitize” debt so the risks were hidden. CRIA didn’t make the major investment companies overleverage their deposits. CRIA didn’t make the bond rating companies ignore major problems. CRIA didn’t make financial firms pay themselves billions in bonuses with other people’s money.

Greed did.

By hillbilly ragger

September 22, 2008 7:28 AM | Link to this

“The Wall Street Journal doesn’t know what they are talking about????”

The editorial pages which, presumably, you’re quoting from (per usual, you provide NO CITE)? Uh, yeah. Most of the time, they have no freeking clue. The WSJ’s editorial section might be the most fact-free printed pages of any major daily anywhere this side of North Korea.

Poor Luckotrool. He has no friends, no life, and no case. Be nice to him, Jay.

By JAY BOOKMAN

September 22, 2008 7:30 AM | Link to this

Of course there’s “bleedover,” Byteme. While Barclays was poor-mouthing its way into the US bailout, demanding that it too needed help, it was offering billions in bonuses to former Lehman executives.

By Bud Wiser

September 22, 2008 7:37 AM | Link to this

“*By JAY BOOKMAN

September 22, 2008 6:47 AM | Link to this

Management, I have yet to see a financial or housing expert claim that the CRA has had any major impact on this crisis. “*

In 1995, as a result of interest from President Bill Clinton’s administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators’ attention on institutions’ performance in helping to meet community credit needs. These revisions with an effective starting date of January 31, 1995 were credited with *substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for seven years. Thus in 2002, the regulators opened up the regulation for review and potential revision.*

Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new sub prime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing sub prime mortgages. The first public securitization of CRA loans started in 1997 by Bear Stearns. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent.

Does Countrywide or Bear Stearns ring any bells? Are they big enough to be see, or too big or too small to ignore? Perhaps, but only if your political leanings take you that way. Try as you might to cover for Bill Clinton, there’s just no area it seems that hasn’t been stained (pun intended) by his presidency.

That was not a very hard find from Wikipedia, Jay. If you seek, then you shall find. So sayeth Bud.

Obama/Biden ‘08 - making it easy to be stupid

By hillbilly ragger

September 22, 2008 7:39 AM | Link to this

By the way, Jay, I’m assuming you have the Calculated Risk blog on your short list of must see sites during this latest manifestation of the Big Sh!tpile’s collapse.

Ever consider adding it to your official, posted list of “Favorite sites”?

By Mike

September 22, 2008 7:48 AM | Link to this

Among Obama’s campaign contributors are many Lehman Brothers Executives, such as CEO Richard Fuld ($2,300), President Joseph Gregory ($4,600) and dozens of other top Lehman Executives. On June 19th, Lehman shareholders filed suit against Fuld and Gregory for the company’s exposure in the subprime market. In addition to dozens of Lehman executives are Obama’s bundlers from Lehman Borthers who have raised top dollar for the campaign. Direct contributions from Lehman Brothers have exceeded $395,000 for Senator Obama

By Fed up

September 22, 2008 8:30 AM | Link to this

So the Wall Street executives want their trillion with no strings attached. Must be nice. And if the taxpayers insist upon some oversight over compensation, they will turn down the trillion and send the country into a depression. Now that’s patriotism. What we have now is Communism for the rich. From each according to his abilities, to each executive according to his need for another vacation home. Oh yes, blame Bill Clinton. I seem to be forgetting that he’s only been out of office for SEVEN AND A HALF YEARS. So just when does your boy W take some responsibilities?

By AJC/DNC Management

September 22, 2008 8:46 AM | Link to this

Now I have time:

Foreclosures in Cleveland’s inner ring of suburbs, while still low compared with those in Cleveland itself, have climbed sharply, especially in lower-income neighborhoods that border the city.

The areas^^ specifically in mind when the Community Redevelopment Acts were written.

Cuyahoga County, including Cleveland and 58 suburbs, has one of the country’s highest foreclosure rates, and officials say the worst is yet to come. In 1995, the county had 2,500 foreclosures; last year there were 15,000. Officials blame the weak economy and housing market and a rash of subprime loans for the high numbers, and the unusual prevalence of vacant houses.

That ain’t “next up on the block” like your example, that has already happened.

All over America, every city has the same exact example of people renovating and building in blighted neighborhoods without being able to sell the home or to sell the home to buyers who couldn’t pay for it.

Every disaster has a starting point, and democrat folly is what is dragging down the real estate and mortgage industry, period.

By hillbilly ragger

September 22, 2008 8:53 AM | Link to this

Luckotrool, you continue to suck at this.

You still haven’t placed a percentage of the Big Sh!tpile’s liability on these loans to po’ black folk. That’s because you don’t have any clue what it might be, just a vague idea that it was surely the “starting point”, and that all the bad debt that followed was somehow inevitable.

It’s a laughable case, and I fully expect your party to continue to take its entirely justified lumps in the polls over this.

By Melinda

September 22, 2008 9:09 AM | Link to this

According to Newsweek magazine’s web site on Sunday, registration records show the McCains currently own 13(yes, that’s right, 13) cars — two of which are foreign-made: a Honda and a Volkswagen. That appears to contradict the Republican presidential nominee’s past statements he only buys cars made in America. (Cindy McCain also drives a Lexus and daughter Meghan owns a Toyota Prius, but neither are registered to the McCains.)

The magazine also reported Barack Obama owns 1( yes, that’s right, only 1) car, a Ford Escape Hybrid.

By AJC/DNC Management

September 22, 2008 9:11 AM | Link to this

By Fed up September 22, 2008 8:30 AM So the Wall Street executives want their trillion with no strings attached.

1) If Wall Street doesn’t get their “trillion,” the entire US economy will collapse.

Do tell us how this will help our financial situation, I’d love to hear it. Will you suggest that we become an communal agricultural worker’s “paradise?”

2) Part of the “accountability” that the liberals want to attach to this bill concerns the pay of CEO’s.

Would anyone like to go to bat and tell us all that the CEO’s made off with 699 Billion dollars?

3) The other part of the dimocrat “accountability” is “more of the same” that got us into this mess in the first place, rewriting mortgage contracts with favorable terms to deadbeats that will not guarantee that the loan will ever get paid and “foreclosure protections” that let the deadbeat totally off the hook.

Can you say future mortgage lender “bailout?”

By AJC/DNC Management

September 22, 2008 9:18 AM | Link to this

What is Freddie Mac and Fannie Mae but more governmental meddling in the private sector, created by………………democrats:

Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street’s efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

In the times that Fannie and Freddie couldn’t make the market, they became the market. Over the years, it added up to an enormous obligation. As of last June, Fannie alone owned or guaranteed more than $388 billion in high-risk mortgage investments. Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.

Take away Fannie and Freddie, or regulate them more wisely, and it’s hard to imagine how these highly liquid markets would ever have emerged. This whole mess would never have happened.

From 1938 to 1968, the secondary mortgage market in the United States was monopolized by the Federal National Mortgage Association (Fannie Mae), which was a government agency during that period.

By Mrs.Godzilla

September 22, 2008 9:23 AM | Link to this

Mornin’ all and greetings from Tempe.

We must not allow Bush and Co the blank check that this bail out has turned out to be.

Damn the Republicans and what they have done to our nation.

By Swami Dave

September 22, 2008 9:24 AM | Link to this

Just my thoughts:

Compensation for executives of entities participating in these bailouts should be indexed to their on-track progress to repaying them and profitability of their organizations. It is not class warfare to demand such, but a simple reality that those who created the existing mess should have some role in correcting it.

Likewise, mortgages should be underwritten based on financially-sound principles not attempted mechanization of equity and fairness. A borrower either qualifies under reasonable standards that portend acceptable risk and expectation of repayment or they are not qualified to get a mortgage. That goes for the attempted social engineering of the mortgage process under CRA, second mortgages / luxury homes / vacation homes, and investors trying to become Donald Trump overnight.

This is not a failure of market principles. It is an example of the failures that occur when you have quasi-market-based approaches externally influenced by outside forces that controvert the effective operation of an open market. Whether those outside forces are internal players attempting to manipulate for their own gain or government / social players attempting to manipulate it for their political benefit, they are each obstructing the normal flow and operation of the market & its ability to deliver goods and services to customers in fair exchange of value. Again, it was a failure of the free market, but evidence of what happens when you attempt to manipulate or manage it for external ends.

-Swami Dave

By Eric

September 22, 2008 9:28 AM | Link to this

McCain voted for Bush’s 2006 Social Security Privatization Plan. In 2006, McCain voted for the Social Security Reserve Fund.

The proposal would shift Social Security’s annual surpluses into a reserve account that would be converted into risky private accounts.

(SCR 83, Vote #68, 3/16/06; SCR 83, Vote #68, 3/16/06)

By getalife

September 22, 2008 9:37 AM | Link to this

Jay,

Andy alaways blames Clinton or the other side and never blames his.

It’s one way argument, he thinks he never loses and common troll tactic.

The markets are fine, loaning is shaky but there is no reason to rush this bill.

I think they should debate until the election and hold them accountable. Not a single penny for those responsible and not a single vote for the politicians responsible.

Write the bill after the election like Chambliss drill bill bs.

By BS Aplenty

September 22, 2008 9:38 AM | Link to this

The question is were the bonuses contractually based for these employees and were they involved in the businesses that caused the failure of Lehman.

In investment banking, your biggest asset is your people. And not all of the investment bankers at Lehman work in the mortgage/credit-related areas that generated large losses. Many other businesses in investment banking continue to be profitable and sound. The bankers that generate business in these other areas are valuable assets and much in demand in the still lucrative investment banking world.

And these investment banking businesses will go on.

By getalife

September 22, 2008 9:40 AM | Link to this

Good catch Eric.

McCain should resign and retire.

By Hall

September 22, 2008 9:40 AM | Link to this

Swami Dave, you ROCK!!

Mornin’, Mrs. G. You ROCK also!!

By Swami Dave

September 22, 2008 9:42 AM | Link to this

Melinda:

I noted that you counted all cars owned by the McCains, but saw fit to only count the car owned by Senator Obama himself.

Does Michelle drive? What about the two daughters or are they too young?

Is it plausible that the McCains bought and registered vehicles for their kids other than the two that you specifically mentioned?

Gee, does it matter what Cindy & Meghan drive? Senator McCain -may- only buy American vehicles, but if his wife and daughter -want- another type of vehicle, so be it. Maybe you’d suggest that he just “man-up” and tell them what he is going to buy for them since that would be the politically-expedient thing to do.

But, really, who cares? Keep up the good work of manufacturing (or parroting) meaningless talking points.

By the way, I’ve missed Senator Obama climbing out of his rolling beer can on wheels while on the campaign trail that you mention he owns. Why is he not following the good environmentalist-wacko policy of conservation on the campaign trail instead of flying all over creation and riding in nasty, gas-guzzling SUVs?

…or is this like his “support” for public financing of political campaigns that he “believes” in, but decided against once it became political-expedient?

Thanks for the laughs on Monday morning.

-Swami Dave

By Paul

September 22, 2008 9:42 AM | Link to this

Melinda 9:09

[[the McCains currently own 13(yes, that’s right, 13) cars — two of which are foreign-made: a Honda and a Volkswagen]]

And on such is this will some people decide their votes.

You may want to check the number of Honda US plants. Volkswagern’s opening a US plant. Not sure what Dem anti-free trade position is on this. Also the financial arrangements of the McCains - the separateness - Sen McCain’s car is a Caddy - has been for some time.

This is a repeat of the Kerry SUV story. Does it show he’s out of touch? No - just that his wife is rich. Same with Kerry.

Jay - AJC/DNC

After reading your back and forths it appears this is another case of valid points on each side, with a reluctance to admit any liability on one’s position and a defense of “well, how much exactly did your side contribute?”

Did Congress pass legislation to compel loans to those who would not otherwise qualify? Sure. Did the legislation provide for regulation of such loans? Not as far as I know. Congress saw a social need, they addressed it and moved on.

Management, the reunion I spoke of the other day in which I related the discussion with the financial guy whose job it was to come up with new financing options to expand the pool of borrowers , was held in Carlsbad CA, the city Jay mentioned (not my hometown, though). Those $700k houses? In many parts of the country you could get the same for less than a third. Many of my classmates were pleased several years back with the value - the only ‘savings’ they had’ - but were concerned because their kids who had higher paying jobs than they did couldn’t qualify for traditional loans.

So the new buyers, with incomes not all that different than in the rest of the country, availed themselves of whatever they could get to get into a home.

Many of these same people took out second mortgages, did home remodels, paid cash for a depreciable asset (vehicle) because money was cheap. Most of them were solid middle-class citizens. Others sold their paid-off homes and bought nicer homes to make even more in appreciation with little out of their pocket.

And I have also mentioned my friend in FL - bought a 2500sf home for $380k, no down, appreciated to $420k, took out another loan. Now in his subdivision of 300 homes 60 are in foreclosure. A $520k home sold for $269.9. I told him to check his tax assessment and challenge valuation to reduce his property tax. He did - current valuation was $273, slated to go to just over $200k next year. He was happy with his tax savings until I pointed out he was still on the hook for the difference.

So it appears to me there were people at all socioeconomic levels who contributed to this mess - a pretty good cross-section of America. Many don’t want to publicly acknowledge their own responsibility. But we’re all paying for their decisions.

But a question: much talk of lack of regulation and oversight. There was. But what form would it have taken to avert the crisis? Imposition of govt-mandated lending standards? Uniform income/debt criteria? “Regulation” is a nice, generic term with broad appeal. The specifics get dicey.

Out for a while -

By getalife

September 22, 2008 9:44 AM | Link to this

BS,

The investments banks are history:

“The era of the standalone investment bank comes to an end as Goldman Sachs and Morgan Stanley elect to become bank holding companies.”

By BS Aplenty

September 22, 2008 9:45 AM | Link to this

Why Obama Should Not be President

To know a man is to understand the gods to which he kneels.

A man’s speech may be used to inform or misinform others but his worship seeks to edify his own soul – rarely is there need for deception. And so to understand the candidate Barack Obama one must pass through his place of worship, the Trinity United Church of Christ - a congregation where he worshipped for twenty years. A congregation where he also found a life’s mentor in the person of TUCC’s erstwhile minister, Jeremiah Wright.

TUCC is a numerically significant and unique church among the United Churches of Christ. How unique? Unique in that it has adopted as doctrine the teachings of one James H. Cone, the theologian who systematized black liberation theology. And it is in the doctrine of Cone where one finds candidate Obama’s genuine worship. To many Americans that doctrine would differ markedly from what they view as Christian worship. In fact, one wonders what this archaic, racist doctrine has to do with Christianity at all as demonstrated in a passage from Cone’s A Theology of Black Liberation:

This understanding of blackness can be seen as the most adequate symbol of the dimensions of divine activity in America. And insofar as the country is seeking to make whiteness the dominating power throughout the world, whiteness is the symbol of the Antichrist. Whiteness characterizes the activity of deranged individuals intrigued by their own image of themselves, and thus unable to see that they are what is wrong with the world. Black theology seeks to analyze the satanic nature of whiteness and by doing so to prepare all nonwhites for revolutionary action.

In passing, it may be worthwhile to point out that whites are in no position whatever to question the legitimacy of black theology. Questions like “Do you think theology is black?” or “What about others who suffer?” are the product of minds incapable of black thinking. It is not surprising that those who reject blackness in theology are usually whites who do not question the blue-eyed white Christ. It is hard to believe that whites are worried about black theology on account of its alleged alienation of other sufferers. Oppressors are not genuinely concerned about any oppressed group. It would seem rather that white rejection of black theology stems from a recognition of the revolutionary implications in its very name: a rejection of whiteness, an unwillingness to live under it, and an identification of whiteness with evil and blackness with good. [7-8]

It seems that for Americans to know the soul of candidate Obama, that is, to understand what he thinks is soul-edifying for himself, his wife, his children, one must slog through a racist doctrine of yester-year. The candidate’s ‘Change You Can Believe In’ sloganeering now reveals a politician all-too-comfortable with politics as usual deception. Obama’s genuine worship reveals him as wed to an archaic racist doctrine wherein little tolerance for the larger American community.

The candidate then seems easy enough to parse, but what are we to make of his avid supporters who well-know the philosophical background of his church, who cheer on their candidate even with his well-known acceptance of racist thought like Cone’s? What are we to infer about an American media that seems decidedly negligent in reporting this to the voters? I’ll leave that to you good people.

Did I mention this guy wants to be president of the United States?

By sunshine and thunder

September 22, 2008 9:46 AM | Link to this

JAY

Where was it reported by your “newspaper” that Barack Obama was number three on the list of donations from Fannie Mae over the past few years?

Where was it reported by your “newspaper” that Franklin Raines, Jamie Gorelick and James Johnson were the three democrats who ran Fannie Mae into the ground yet took home tens of millions of dollars in salaries and bonuses?

Where was it reported by your “newspaper” that Franklin Raines cooked the books in order to smooth out bonuses for he and his cronies?

Where was it reported by your “newspaper” that Barney Frank resisted all attempts by the Bush Administration to reform Fannie and Freddie?

By getalife

September 22, 2008 9:58 AM | Link to this

“The New York Times reports this evening that “foreign banks, which were initially excluded from the [Wall Street bailout] plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.”

The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.

Let’s add this up.

John McCain’s top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm. (Indeed, just last night his spokesman refused to say Gramm wouldn’t be McCain’s choice for Treasury Secretary.)

Gramm is both vice chairman of UBS’s US division and a lobbyist for UBS.

If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm’s role in the lobbying?”

Unbelievable.

By Goldie

September 22, 2008 10:08 AM | Link to this

Good morning intelligent progressive bloggers, and others:

Ain’t it a beautiful day when Wall Street extends its feeble hands for Repug-style CORPORATE WELFARE? Do you hear the Repugs’ fake outrage today about all those welfare CEOs and their “golden parachutes”?

And where’s John McBush all these years in the Senate, other than on the wrong side of America with his stinking deregulation proposals that has contributed to our current banking crisis? Was the BILLIONS of $$$ in the savings & loan bailout in the 80’s not enough damage caused by McBush???

By Ray

September 22, 2008 10:16 AM | Link to this

Sunshine,

The Annointed One was number two on Fannie Mae’s list of political contributions, at over 100K. Number one was Christopher Dodd, head of the Banking, Housing and Urban Affairs Committee, and number three was, who else but John Kerry. Mr. Butt Buster, Barney Frank, head of the House Finance Committee has been “concerned” about over compensation of execs. Yeah, right. And it’s a Repub problem. Yeah, right again.

By Debbie

September 22, 2008 10:18 AM | Link to this

I cannot believe the foolishness of some of you who feel that Obama is elitist, yet feel McCain is not? It’s your way of saying Obama is “uppity.”

Do you know anything about where Obama lives compared to where McCain lives? Obama has one house, no telling how many McCain has!

McCain DOES NOT CARE ABOUT YOU. If he did, his chief economic advisor wouldn’t have been one of the reasons for the financial mess and who also calls Americans “whiners” because they’re complaining about the economy. He was a shill for UBS and the mortgage crisis is partly his fault.

I don’t care if you dislike Obama, but stop with the nonsense about “elitist” because when in the hell has Obama ever treated some of you as if he thought he was above you?

PERCEPTION and REALITY are two very different things and those who don’t even know the man, clearly deal in the former.

Amazing how the Republicans show their hypocrisy on these matters. Someone handed everything in life (like McCain) is perceived as “down to earth”. Because Obama had the nerve to work hard to get where he is, he MUST be “elitist.”

Wake up, people, the president isn’t supposed to be like you. The president needs to be exceptional and brilliant. If he/she were like you, then we could all be president based on nothing more than the perception of humility… heaven forbid they’re also exceptionally intelligent.

Watch the movie “Idiocracy”… it’s the direction our country is going because some people are so egotistical that they forget what we should be looking for in a president.

My president shouldn’t be someone “I have a beer with.” The president isn’t supposed to be your “buddy,” he/she is supposed to be a LEADER and an INTELLIGENT one at that.

OBAMA/BIDEN 2008

By getalife

September 22, 2008 10:18 AM | Link to this

Early voting starts.

Perfect timing and think about this gop greed and your children stuck with the bill and their future.

By ByteMe

September 22, 2008 10:20 AM | Link to this

Oh, this is rich:

http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?ref=us

For those of you who want to point out the false or overblown links between Obama and Freddie/Fannie, savor this quote from the article:

“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.

The “Mr. Davis” in the quote is the head of McCain-Palin campaign.

By Goldie

September 22, 2008 10:32 AM | Link to this

McBush\Palin ‘08: “Reckless and Inexperienced — What a ticket!”

By getalife

September 22, 2008 10:32 AM | Link to this

PELLEY: In 1999 you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?

McCAIN: No, I think the deregulation was probably helpful to the growth of our economy.

Pathetic.

Ya’ll have gas?

By MW

September 22, 2008 10:34 AM | Link to this

I don’t know about the rest of you, but these days I find myself tuning into Cable News just to get a laugh … and shake my head sadly.

McCain, just a few days ago, said that the fundamentals of the economy are sound. Now, he claims the system is broken, and even said that as President he would fire the head of the SEC, which of course the president can’t do. Which is it, Sen. Einstein, is the economy sound, or is it broken?

McCain and his lackies falsely claim that Obama called Palin a “pig” (albeit one with make-up on). It never happened, and only a determined half-wit, a liar, or both, would make such a claim.

Palin recently touted her willingness to cooperate in the Alaska “Troopergate” investigation. “Hold me accountable”, she crowed. Suddenly, she, the so-called ‘First Dude’ and a long list of pathetic underlings have decided not to cooperate with investigators. Accountability, anyone?

McCain asserts that he knows how to catch bin Laden, that he knows where he is, that he will follow him to the ‘gates of hell’, etc. etc. However, despite his “Country First” slogan, he absolutely refuses to put his alleged abilities into practice, and help us catch the guy. Oh, but wait, he wants you to actually elect him President before he does anything worthwhile to save this country from a prolific terrorist …

Whenever McCain is confronted with the fallacious and outrageous nature of the ads his campaign has recently foisted upon us, he immediately becomes irate and indignant, parroting that if only Obama would agree to debate him (McCain) in a ‘town hall style meeting’, the tenor of the campaign would change.

One major issue with this rancid illogic is the suggestion that only if Obama does EXACTLY as McCain demands, will McCain (perhaps) speak truthfully to the nation. Obama is under no obligation, regardless of what anyone thinks, to jump simply because MCain wants him to.

Straight Talk my foot!

By Ray

September 22, 2008 10:35 AM | Link to this

Debbie,

The greatest president of the 20th century was a Democrat, Harry Truman. Had only a high school education, a common man who could make good decisions. About as far from elitist as you can get. Frumpy wife, frumpy daughter who played the piano….. retired from the presidency on a pension of $13,720/year. Turned down the Congressional Medal of Freedom at age 87 because he felt he was not worthy. Never accepted a single speaker honorarium….. said it was selling the presidency which did not belong to him, it belonged to the American people.
Don’t undersell the common man. Every elected official doesn’t have to be a general, a Rhodes Scholar or a Harvard educated lawyer. I’m not so sure that any of the above qualifications are necessary to be a good president. By the way, I would give a month’s pay to have a beer with old Harry and being the kind of guy he was, he would probably buy.

By Celia P.

September 22, 2008 10:39 AM | Link to this

Yeah, Ray, but Harry Truman was intelligent.

By Ray

September 22, 2008 10:48 AM | Link to this

Celia,

Yes he was, uncommonly so.

By RW-(the original)

September 22, 2008 10:56 AM | Link to this

Speaking of deceptive ads. From Jay’s favorite folks.

An Obama-Biden ad says McCain supports “cutting benefits in half” for Social Security recipients. False!

Same old politics of fear that we see every election from Democrats. What’s changy about that?

They aren’t fond of the lies his telepromter has him read to the audience either.

He tells Social Security recipients their money would now be in the stock market under McCain’s plan. False.

By getalife

September 22, 2008 10:58 AM | Link to this

The markets are fine, credit is shaky buy no reason to rush this thru except to get it off the media.

It is death for the gop.

Like the drill, dril, drill, bill the gop wants to vote after the election.

I say debate the bailout bill and vote for it after the election too.

Perfect timing for early voting to start.

Obama is going to win this cycle.

By AJC/DNC Management

September 22, 2008 11:08 AM | Link to this

Some times Newt does pitch in:

If this were a Democratic proposal, Republicans would remember that the Democrats wrote a grotesque housing bailout bill this summer that paid off their left-wing allies with taxpayer money, which despite its price tag of $300 billion has apparently failed as of last week, and could expect even more damage in this bill.

Dimocrats have a track record of government embezzlement and extortion so that they can provide tax payer money to their fringe kook groups like ACORN.

And guess what they are up to again?

By getalife

September 22, 2008 11:18 AM | Link to this

If this was a dem proposal, the gop would scream socialism and walk out.

Lets get real.

This is a gop bailout. Socialism. Period.

Admit it.

By hillbilly ragger

September 22, 2008 11:18 AM | Link to this

Jay, and fellow rational people, thought you might get a chuckle out of this:

*With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their “distressed assets”, i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we’d give regular Americans the same opportunity to sell their bad assets to the government. We need your help and you need the Government’s help!

Use the form below to submit bad assets you’d like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD “MMMbop”, it’s not what you can sell these items for that matters, it’s what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets.*

Form available at:

http://www.buymysh!tpile.com/

(be sure to replace the “!” with, well, you know what.)

By Dusty

September 22, 2008 11:19 AM | Link to this

Ray@10:35

Your thoughts on Harry Truman give us a picture of a great president. He was strong and ethical. I don’t think he was overly popular at times but he went ahead and made the tough decisions.

President Bush has those qualities but the times have changed. Americans let their own ethics slip to the point of losing sight of the greatness of this country. They forgot faith, morality and thrift. They lagged on the support of freedom. Some forgot that you had to fight against killers. Bush has done all that he can but the tide rolled against him.

History will extol the virtues of Bush but regret the current character of Americans. Bookman gives us a hint of what I speak. Critical, demanding, prejudiced, partial and non supportive of any effort that displeases him even if it hurts the country. He and his newspaper are pure evidence of the me-and-mine and anything goes party in America.

Americans may now reject a man with the character of Truman. McCain has the attributes of a strong character, the type that made America great. Against him runs the movie-star man who runs on a populist personality of a brainy basketball professional.

America may take the thrill instead of the hero. We will then be a terminal team of socialistic servants. Truman would not even recognize us as real Americans, only as ‘has beens’.

By Lisa

September 22, 2008 11:20 AM | Link to this

On cnn.com this morning, under Latest News, “Palin’s Town Charged Women For Rape Exams”. It’s an update. This woman must really hate women.

By Paul

September 22, 2008 11:23 AM | Link to this

RW-(the original) 10:56

Golly! If someone says something that’s false, that they know is false, to deceive people, does that mean the teller, or the approver of the ad, is a liar?

Anyone else can answer. Just tryin’ to apply the definitions consistently.

Seriously,

I went to factcheck to try to determine if either side was clean, if they were equally dirty, or if one ran away with the deception title.

I gave up after a few minutes. There was so much garbage put out by both camps it was next to impossible to determine whose stunk the worse.

BTW - Midori this should make your day:

Over the weekend Fox News said their review showed both sides lied on their commercials. But the McCain camp lied more.

Question: since Fox News is Faux News and you can’t believe a thing they say, does this mean the assertion the McCain camp lied more is itself a lie?

:-)

By getalife

September 22, 2008 11:31 AM | Link to this

Paul,

McCain lies are so bad even fixed noise and ABC turned on him.

I thought they would turn on Obama by now.

What a cycle.

Now, they are debating socialism.

Where did my country go?

My head spins.

By getalife

September 22, 2008 11:40 AM | Link to this

Lisa,

It was Sarah that finally made the left respect Hillary.

Sarah makes Hillary shine.

Sarah lost the Independent votes for McCain.

Sarah’s fifteen minutes have expired.

By Paul

September 22, 2008 11:42 AM | Link to this

getalife,

Don’t socialists have some mantra about standing all the perpetrators up against a wall at the start of a revolution?

Bad idea. There’d be no one left to pay the bills.

Sometimes it’s just easier to by a cynic.

By BGN

September 22, 2008 11:46 AM | Link to this

Seriously, do you all really believe McCain will make a good president?

Do you all really feel like he is SMARTER than YOU?

I know a lot of folks love this idea of a President that’s kind of like a buddy, like one you could joke about rape with, and who doesn’t know the names of pertinent Western European countries, or what birth control has to do with sexually transmitted diseases—you know, the kind of buddy you have that calls his wife a c*nt.

I know pointing out McCain’s mistakes aren’t going to change any of your minds. I just hope there aren’t enough of you to make a difference in this election, so I can be proud to have an intellectually superior President.

By getalife

September 22, 2008 11:50 AM | Link to this

Paul,

No, it is much harder to fight the destruction of our country. Folks that actually put country first and hate to see what the gop have done to our country.From stealing freedoms, needless war and now sociaism, it has been a tiresome fight.

Being a right wing dittohead is easy. Just march lockstep with failure and cowardly blame the other side. How hard is that?

But, the fight is coming to and end and not a moment too soon.

By AJC/DNC Management

September 22, 2008 11:53 AM | Link to this

It is not at all clear what, if anything, Gramm’s legislation has to do with the current difficulties in the market, other than the fact that Democrats instinctively recoil when they hear the word “deregulation.”

Without the Gramm-Leach-Bliley reforms, Bank of America would have been legally forbidden to take over Lehman Brothers — very possibly leaving taxpayers on the hook for that one, too. Morgan would not have been able to buy Bear Stearns without Gramm’s reforms.

Well, well, what do you know, where did I hear this before:

Much more problematic than Gramm-Leach-Bliley is the Community Reinvestment Act, a bit of legislative arm-twisting much beloved by Sen. Obama and his fellow Democrats. One of the reasons so many bad mortgage loans were made in the first place is that Barack Obama’s celebrated community organizers make their careers out of forcing banks to do so. ACORN, for which Obama worked, is one of many left-wing organizations that spent decades pressuring banks and bank regulators to do more to make mortgages available to people without much in the way of income, assets, or credit. These campaigns often were couched in racially inflammatory terms. The result was the Community Reinvestment Act. The CRA empowers the FDIC and other banking regulators to punish those banks which do not lend to the poor and minorities at the level that Obama’s fellow community organizers would like. Among other things, mergers and acquisitions can be blocked if CRA inquisitors are not satisfied that their demands — which are political demands — have been met. There is a name for loans made to people who do not have the credit, assets, income, or down payment to qualify for a normal mortgage: subprime.

bwa.

By RealityKing

September 22, 2008 11:56 AM | Link to this

Funny how we never get what we expect from goverment and yet continueously argue that more is needed..

By getalife

September 22, 2008 12:00 PM | Link to this

See what I mean Paul with Andy’s posts. You can always find a right wing hack to deflect the blame.

It’s easy.

Where did that come from Andy?

By Paul

September 22, 2008 12:01 PM | Link to this

getalife,

You may be confusing some people. Many here equate “Left” with “Democrat” with “socialist.” They base is on such ideas as “from each according to their ability, to each according to their needs”; heavy federal involvement in many areas; gov’t mandated provision of services they see as areas the gov’t should stay out of eg medical, health.

I think the point Jay may be tweaking people with is their grand old nonsocialist party is pushing legislation, again, many would label classic socialism.

Never thought I’d hear you say socialism is part of the destruction of our country. At least that’s how I read your first paragraph.

Your needless war phrase - I know I sound like a broken record - but I am quite concerned about the Democratic ticket’s seeming propensity to engage in war under the guise of humanitarian intervention. As well as straight old intervention. Given the areas in which they want to intervene, and the reaction our fundamentalist enemies have said would result - well, I get the impression many Democratic supporters just don’t want to acknowledge or think about it.

By getalife

September 22, 2008 12:11 PM | Link to this

Paul,

I see no concern for the right just concern on the left.

I think you are confused on the current events. See, the right’s ideology has changed. Small government, personal responsibility, free markets are no more.

Yes, this bailout is socialism. Can you at least admit that?

Yes or no?

By tcoach

September 22, 2008 12:17 PM | Link to this

Do you think it may have been an elitist staement about me clinging to guns or god in a time of crisis. Some would say that is mildly out of touch and elitist.

By Bosch

September 22, 2008 12:24 PM | Link to this

tcoach,

No, it’s not elitist - it just happens to be the truth.

By getalife

September 22, 2008 12:25 PM | Link to this

I guess are a concern troll Paul.

Anyhoo, socialism like police and fire serve the people.

This socialism is serving the corporations.

I do think many Americans think this corporate socialism is a good thing.

As a matter of fact, I see outrage.

Where is your concern Paul?

By Tell It Like It Is

September 22, 2008 12:25 PM | Link to this

Our government is showing us that capitalism really for the rich and powerful. We elected these idiots and now we need to kick all incumbents out of office. We also need to limit terms in office to no more than three 2-year periods(6 years). We will never clean this mess up as long as the people who put dirt on the floor without supervision are the same ones cleaning up the floor without supervision. What a joke .

By JAY BOOKMAN

September 22, 2008 12:28 PM | Link to this

Hey Commie, pls repost that just as a link. Posting the entire column can cause copyright problems for us.

You’re right — Bloomberg is not a rightwing site. But Kevin Hassett, the author of the piece you cite, is described as “director of economic policy studies at the American Enterprise Institute,” the heart of the neocon world. It also states that Hassett “was chief economic adviser to Republican Senator John McCain of Arizona during the 2000 primaries.”

By Bud Wiser

September 22, 2008 12:29 PM | Link to this

This bailout is not socialism.

It is a violation of the Constitution, just as the feds getting involved was a violation. But Congress sidestepped the Constitution when they bailed out Chrysler by helping out old buddy Lee Iacocca, and thought then that they were real businessmen, so here they went again.

If Congress the last 40 years were held as accountable for their spending as you or I, they would all either be dead, dead broke, or in prison. Period.

The only ones that can hold them accountable are We the People, and at this point just voting them out of office doesn’t seem like enough. Unfortunately, We the People, as a collective group, are to selfish, self centered, and concerned about our one and only to do anything about it.

So, We the People get candidates like The Token One, and Mr Personality, and here we are again.

It makes me sick.

You all make me sick.

I’m just sick and tired of being sick and tired.

Obama/Biden ‘08 - making it easy to be stupid

McCain/Palin ‘08 - who the hell are we?

By Paul

September 22, 2008 12:29 PM | Link to this

getalife

I rather get the impression a point of the column is the right’s ideology as measured by their actions has changed and they are unaware.

‘Socialism’ is one of those terms like ‘pretty’ - it’s in the eyes of the beholder. But as far as it involves gov’t being heavily involved in the system, controlling much, sure, it’s socialism.

And that ain’t necessarily a bad thing.

Which is why I asked earlier: back up a few years. We have a chance to ‘regulate’ - what form does that regulation take? Prohibiting no-down mortgages? Putting a floor on interest charges? Severely restricting ‘affordable’ loans? ARMS? Or changing reporting and methodology for assessing risk?

Or even mandating changes in private companies’ tying compensation and bonuses to short-term economic performance when it conflicts with the national interest?

But the point I made last week - watch for Obama to shift on his tax plans and for both candidates to either adjust their spending/entitlement plans or to act as if this crisis won’t impact their promises - in other words, deceive the voters so they can get elected.

By Bosch

September 22, 2008 12:29 PM | Link to this

tcoach,

Hit the post button too soon.

What’s the first thing religious people do when they have a crisis? They pray. Think prayer lists, prayer circles, etc. Many people pray when they are in need, and there is nothing wrong with that.

9/11 - we saw a huge rise in military recruits? Why? Many recruits wanted to join the fight.

It’s not elitist - if John McCain had said it, no one would have had a problem with it. A majority would have answered with “HELLLLLLL YEAHHHHHH!!! (and if you could hear me say those words, think those words with TWO syllables).”

By getalife

September 22, 2008 12:31 PM | Link to this

I do think many Americans think this corporate socialism is a good thing

Oops:

I do not think many Americans….

By tcoach

September 22, 2008 12:31 PM | Link to this

Well that’s strange cause I am middle class and own a gun but rarely shoot it. As far as god, I do believe but would say am far from clinging to god. So if I own a gun or I believe in God I clinge to them. This was just another way for Obama to talk down to those he thinks he is better and more inlightened than.

By Tuffy, the Airborne Soldier

September 22, 2008 12:36 PM | Link to this

I CALL FOR A MORTGAGE STRIKE!!! If no one pays there mortgage for 2 months, it will bring these idiots to their knees and I bet they’ll really start putting the consumer first instead of their greedy butts.

I can’t believe this is happening to us all, in broad daylight….

By Bosch

September 22, 2008 12:40 PM | Link to this

Not at all tcoach, you don’t represent the majority - as much as you’d like to think, just because it’s your reality, it doesn’t make it true - and admit it, if McCain had said it, not one person would have remembered it.

Reaching for straws. That is old history and news - to bring it up now just shows the desperation in the party. What’s next? Rev. Wright? Yawn.

By getalife

September 22, 2008 12:41 PM | Link to this

Very good concern Paul.

Ah, regulations. You should be concerned the candidate on the right calls himself a deregulator and led on deregulations with Gramm. That is a fact no matter how Andy tries desperatly to spin it.

Do you think it will take longer than week and there is no rush?

Obama has not changed his tax plan but the corporate media spins he should.

I am concerned you watch too much corporate media.

By Paul

September 22, 2008 12:44 PM | Link to this

getalife 12:31

Whew! Thanks for the clarification! You had me worried!

I have to ask, if thy think it’s not a ‘good’ thing then what is the alternative?

It wasn’t a ‘free market’ that got us here- it was a lot of factors. Sure there will be angst if some of the more egregious elements go through an no one is held to account, but the flip side - let nature take it’s course - is catastrophic.

What has me concerned? That Congress will again pass legislation with no follow-up provisions to see if it does what’s intended. That there will be no changes in our system that will allow the real nature of derivatives to be masked. That those who manipulated will walk. I could go on and on - but I just have to hope what’s taking place is better than nothing.

Heroes Alert

If you don’t care, don’t read.

Hey Bosch, three hours tonight. I understand the first hour is a recap, but has a lot of new material.

Hope RW-(the original) catches this.

Lessening the political divide, so to speak.

By CommunistAJC

September 22, 2008 12:54 PM | Link to this

JAY BOOKMAN, The AJC website will not allow me to post an entire web address without cutting off the end of the address. I’ve tried many many times. Anyway, wasn’t aware that anyone from Bloomberg would be reading the AJC. My bad. Yeah, and the guy is an adviser to Mccain. So what? Half of these bloggers post crap from Huffingtonpissed and never mention who writes them. I mean, look at the media. George Stephanopolufagus was Clintons advisor. Chris Matthews was Jimmy Carters. Want to talk about bias? How about Cynthia Tucker going on Hardball on more than one occasion? I mean, you are an opinion writer, right? So…..

By getalife

September 22, 2008 1:02 PM | Link to this

Paul,

The alternative has always been regulations to stop the greed.

Which part of they got drunk did you not understand?

They should hold hearings, debate, regulate, hold them accountable and vote after the election.

They want to rush it thru because it is bad for the gop at election time.

New thread up.

By AJC/DNC Management

September 22, 2008 1:03 PM | Link to this

It’s all jumping bad for the democrats, this mortgage scandal will enlighten a whole bunch of people to how hostile liberals are to US financial strength and security.

No drilling? Pray tell, when you think of it as a means to harm America, is there really any good reason not to be drilling?

Global warming? The coldest summer in decades, August was downright chilly, what in the hell are the liberals talking about? Or do they see it as a chance to cripple the United States?

How many more schemes have been uncovered and overlooked? Terrorist propaganda against our soldiers? The world doesn’t “love” us. We use more resources than the rest of the world, blah, blah, blah.

Even this very day, the liberals are attempting to hijack the bailout on behalf of deadbeats and loafers.

Wake up and smell the coffee America, before it is too late.

Liberalism is our worst enemy.

By tcoach

September 22, 2008 1:04 PM | Link to this

Right some do in times of stress turn to prater. I do not think that only middle class does though, I believe upper and lower class also pray.
I am a believer, but in times of crisis I do NOT pray immediatly, I think of a course of action and try to resolve the problem. Also I do not think that the people rushing to join the military, as you pointed out, came from teh same socioeconomic status. The fact that Obama said these things about a certain group is an elitist idea. It gives the impression that one is saying that he and his class are above those kind of actions. Also it does not take into account that all of those you try to imply may not do as you say. I am sorry to say a group clings to Guns and God in a tough time is derogatory. By saying that it means you, the one who say it, feels as though the ones talked about are incapable and unitellegent enough to use other ways to deal with them.

By WillieBkind

September 22, 2008 1:05 PM | Link to this

Getalife…geta idea! Remember Satan is a liberal….if you dont believe me look at the definitions….

By Tonto

September 22, 2008 1:06 PM | Link to this

It’s the economy, stupid.

Republicans talk of a good economy, Democrats produce a good economy. No one can deny that Democratic Administrations produce the best economy. Clinton produced peace, prosperity, and good jobs, Bush the opposite. If you compare job creation, public debt, or the Dow Jones Average, Republicans have done a pathetic job. Compare job creation first.

Manufacturing Jobs

Since 1960, every Democratic President (Kennedy, Johnson, Carter, and Clinton) has increased manufacturing employment during their administration for a total of 4.7 million additional manufacturing jobs.

Every Republican President, except Nixon, has lost manufacturing jobs during their administration for a total 6.1 million jobs lost. Bush Sr. (–1.3 million) and Bush Jr. (-3.6 million) have outsourced more than 4.8 million manufacturing jobs alone.

If you want your children and grandchildren to have good American jobs, vote Democratic. If you want American jobs outsourced to foreign workers and your children working for third-world wages, vote McCain. The choice is clear.

Total Nonfarm Employment

The last 3 Democratic presidents averaged 2.8, 2.6, and 2.4 million jobs increase every year in office. On average Clinton, Carter, and Johnson created 2.6 million jobs per year over their 17 years in office, and so far neither Bush has come close to creating 2.6 million jobs in any one year of their administrations; in fact Bush Jr. has averaged only 670,500 jobs added per year. That is more than 2 million jobs per year less than Clinton. If we had those 16 million jobs that were not created in the Bush/McCain economy, people with subprime loans would have been able to take a second job and keep up with the payments and would have not had this crisis at all. It would have also made the immigration problem mute also because we would have had to import workers to fill all those jobs.

That sucking sound you hear is rich CEO’s sucking up jobs. For instance, Richard Grasso of the New York Stock Exchange was paid $140 million in his last year. That is excessive and $1 million per year would be more than adequate for his substandard job performance involving after hours trading of mutual funds. The excess of $139 million could have been used to create 2,780 good jobs of $50,000 each to investigate, observe, prevent, and prosecute stock market offenses with no increase in personnel costs. One CEO sucked up about 3,000 jobs and when you multiply that by thousands of CEO’s, millions of good jobs could have been created. Bush’s reaction to this was to borrow from the Public Debt (our children’s credit card) and give Grasso and other CEO’s millions of dollars each in tax rebates.

Talking about the Republican tax cuts for the rich, Warren Buffet has stated that he pays less percentage of his income in taxes than his housekeeper does. In another example of the rich not paying their fair share, we find that Cindy McCain had income of 6 million and paid 1.7 million in taxes which is 28% of her income. In that same year, John McCain had 24 times less income and yet paid 34% in taxes or 6% more than his wife and the average middle income worker would pay even more if they filed “married, filing separately”. (You wonder why Cindy doesn’t trust John with her money and doesn’t tell him how many homes they own, yet wants the country to trust him with our economy). There is class warfare under Republicans and the rich are winning and the middle class are suckers if they don’t stand up.

Republicans believe in Supply-side stimulus of giving to the rich and letting it trickle down to the poor. This has never worked. Democrats believe in Demand stimulus of giving to poor and middle class workers and letting it bubble up to the rich. If you monetarily stimulate the lower classes you create more customers who can spend more and small businesses have to hire to keep up with the demand. The past Stimulus Package was a Democratic idea that temporarily avoided a recession because it produced a big jump in the GDP. The only things wrong with it was that it was a one shot stimulus and it was borrowed and not paid for. Obama’s suggestion of middle class tax cut paid by tax increases to the rich would be a big improvement in duration and fiscal responsibility. We should have a progressive income tax where the rich pay a greater percentage of their income than the poor, not the other way around. We are registering voters and getting this information to every person going into a state unemployment office.

If you want similar facts on the Public Debt and the Dow Jones Average, let me know.

By tcoach

September 22, 2008 1:20 PM | Link to this

No Bosch I was only responding to a post asking why or condemning those that may have questioned whether or not Obama was an elitist. To me making those types of comments about others does make you an elitist. Also to answer your question no if McCain had tried to tell me I clinged to my guns and god I would have said something else about it. To another point you made are you saying we should ignore the Rev. Wright things? That is something that I think is important.
That is something that I know I could not change your opinion on though, you think he was right for sitting there listening to at least 5 radically racial statements by his pastor then saying he nevr heard him say anything like that. If that ias your point you need to go after everything being said about Palin and her Pastor with the god’s will comments people have went after her for. You cannot have it both ways. By saying old history and news, are you saying there is a cut off point in time when things you have done or left undone are no longer part of your record. If that is teh case then the Dem. party needs to quite talking about the last 8 years as according to your theology those things that have happened in the last 4 months are relative? Right

By Bud Wiser

September 22, 2008 1:26 PM | Link to this

Tonto heap big dumb arse.

The ‘reason’ the economy grew (by your definition, yet unproved) is only your theory.

1 Johnson benefited from the growth of jobs needed by the Viet Nam War. Kennedy did nothing but get us engaged in the war, and wasn’t in office long enough to have any economic impact.

2 Carter…Carter??? Jimmy Carter? Is this more revisionist history? Does 23% annual inflation rate and gas shortages ring a bell with you? Idiot.

3 Clinton benefited from the Reagan tax cut years, Bush One spent his cut in Iraq I. But, not to be outdone, Clinton paved the way for this current fiasco by essentially ordering Fannie Mae and Freddie Mac to loosen up the purse strings by having low-to-no qualifiers for loans, setting up also the sub-prime market. His economic boom was a glass shell of a house of cards foundation - - - when the bills came due for the Clintonian low incomers, they defaulted.

Take your so-called “facts” you have about the DJIA and the Public Debt, roll it into a very tiny ball, (because your ‘facts’ are more fiction) and stuff it into a pipe and smoke it. What a total moron.

Obama/Biden ‘08 - making it easy to be stupid

By willieBkind

September 22, 2008 1:26 PM | Link to this

By Tonto September 22, 2008 1:06 PM | Link to this It’s the economy, stupid.

Tonto get the feather out of your A$$! Clinton had a republican congress with a contract with America. Bush has a “do nothing pelosi” which is going to be passed onto McCain/Palin. If the economy goes bad then its the liberal media’s responsibility because it convinced the populace to take the wrong direction. Liberals put ideology ahead of country and countrymen…I know all those rich people the liberals do not like just poke their billions under the mattress to save for a rainy day. Some go overseas because liberals want to take more than half their money. Has anyone ever asked a millionaire/billionaire to help our government or just try to steal it by taxing. I see some of you believe in women’s rights too by the way you treat Palin….I guess you really mean liberal women’s rights.

By SWC

September 22, 2008 1:55 PM | Link to this

Biden accepted the endorsement of the National Association of Police Organizations this morning on behalf of the Democratic ticket.

He pledged to again provide a seat at the table for local law enforcement. Biden spoke on a conference call with NAPO president Tom Nee. He said the Biden Crime Bill contributed to a 30 percent drop in violent crime in the 1990’s.

Then, of course Bush and McCain, because they don’t believe the federal government should be involved in local law enforcement, decided to stop it.

Biden promised to re-establish those policies and provide funding and technological assistance to communities across the country.

Nee said that since 9/11, local police officers have taken on greater responsibilities for things like immigration and weapons tracking. He also said there is a “clear demarcation” in the philosophies of the Democrats and Republicans.

Biden, who has been talking often during the campaign about his affection for first responders, agreed with Nee, saying that since 9/11 it is often local police on the front lines.

Biden also said he would not have joined the ticket if he was not absolutely convinced that he and Obama feel the same way.

NAPO endorsed Al Gore in 2000, and John Kerry in 2004.

Biden’s schedule called for him to speak this morning at the National Guard Association conference in Baltimore. His son, Beau, a captain in the National Guard’s Judge Advocate General Corps, is scheduled to deploy to Iraq next month.

By Joe

September 22, 2008 2:12 PM | Link to this

It’s just sad that the so called main stream media is not reporting on this fairly. They are trying their best to blame Bush for the whole mess when in fact it is the dem leaders…The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators. It is chaired by Barney Frank (D-MA).

http://www.bloomberg.com/apps/news?pid=n…

By Biker Chick

September 22, 2008 2:20 PM | Link to this

Okay, forgive me for asking, but the facts are that Lehman was NOT bailed out by the gov’t. Barclays is NOT going to be bailed out by the gov’t. But we’re supposed to look at them as being guilty of CAUSING the downfall of all of Wall Street? Perhaps they also held a gun to the heads of thousands of people who willingly (and perhaps ignorantly) signed up for sub-prime mortgages for houses they could not afford?

I don’t support the bailout of any of these investment banks. Personally, I think that the fact that their greed, excess, dishonesty and underhanded ways of making money led to their downfall, should be a warning and lesson for everyone else in the business of finance in this country and abroad. Capitalism has few rules, one of which is, “you screw up, you fail”. Only by doing business in a wise, fair and reasonable manor, do people and businesses succeed in the long run. You might be able to make money in the short term on a gamble, but not for long.

Of course, the media, the politians and the pundits will have a field day in stirring up a furor by writing articles such as this that create a sense of outrage using selective facts and very little real or truthful information. The fact of the matter is that these investment banks, mortgage companies, lenders, real estate agents, our government, homes builders and the consumers were all more than willing to jump on board this runaway train called the “housing boom”. Now that it’s crashed, everyone wants to point fingers and portray themselves as victims.

I say the law of “survival of the fittest” should prevail at this point in time. Whether through ignorance or greed, companies and people got caught up in this mess, they should be the ones that “rescue” themselves, not me and not other taxpayers who took the safe and sure route to purchasing a home and making money on their investments. That’s the best way to make sure this never happens again.

By Tonto

September 22, 2008 2:41 PM | Link to this

Thanks for the encouragement boys. I know that when people start calling other people names, we have hit a nerve that questions the lies that they rely on. I challenge you to go to the Bureau of Labor Statistics and dispute any of the facts in my post.

The Dow Jones Average is a reflection of economic health of the 30 blue chip companies with global influence, so the Dot.Com companies and the NASDAQ have no influence on this analysis. History has established that Reagan’s across the board tax cut occurred in August of 1981 and it resulted in 17 months of recession and negative GDP and a 25% decrease in the Dow. In 1986, Reagan signed into law an increase in income taxes. He raised the capital gains rate from 20% to 28% and increased the Alternative Minimum Tax (AMT) for the upper income taxpayers. During his administration, the Dow went from 800 to 2250, a 1450 point increase over 8 years. For Bush Sr. the Dow went from 2250 to 3300, a 1050 point increase over 4 years. On a per year basis Bush’s economy out gained Reagan’s 262.5 to 181.25 and that is with Bush’s “read my lips” tax increase. So much for the Reagan economic myth. However, neither of these numbers holds a candle to Clintons 912.5 points per year increase in the Dow.

The real basis of the miracle economy was the 1993 Omnibus Budget Reconciliation Act, which was passed by a Democratic Congress and Clinton. The genius of this bill was that it taxed the rich and gave to the poor and was neutral on the middle class. Section 13202 employed a surtax on high-income taxpayers by establishing two new tax brackets of 36% and 39.6% from the existing 31% tax bracket, no change in middle or lower brackets. Section 13203 modified the Alternative Minimum Tax (AMT) rates and exemptions. The AMT was modified to include more high-income taxpayers at a higher rate of 26% for less than $175,000 and 28% for more. In addition, the overall limitation on itemized deductions for high-income taxpayers was made permanent. It increased the top marginal rate for businesses to 35%. It eliminated the deduction of lobbying expenses from the tax code. It required that the Medicare payroll tax cover all wages of all employees, where before the rich were able to stop paying that tax after a limit was reached. As for the poor, the Act greatly expanded those eligible for the Earned Income Tax Credit (EITC). As a credit, this can actually help the poor get back more money than put in. It can amount to more +$3,000 for someone making $15,000 annually. Compare this with Bush’s hoax of establishing a lower 10% bracket for low-income workers where most do not pay tax anyway because of the EITC. Clinton also established the Low-Income Housing Credit and created the Empowerment Zone / Enterprise Community.

After the signing of this 1993 bill and before the enactment of the Balanced Budget Act of 1997 which did have a Republican Congress, the Dow soared from less than 4000 to more than 8000 in July of 1997, more than doubling the market. So, most of the market increase resulted from actions of a democratic congress and president. As for the drop off in the economy in 2000, you have to remember that the Fed and Greenspan were purposely trying the slow down the economy. Not because of inflation, but they thought the economy was too hot (remember the good old days). They had the Federal Funds Rate at 6.5% from June through December of 2000, which was more than twice the cost of money at 3.0% during the last months of Bush Sr. term. Since 12/2000, the Fed has drastically reduced the rate to 1.75%, but the Bush Tax Cut has sabotaged the Clinton Economy into economic misery. No amount of propaganda will obscure the facts that since 1960 we have had 20 years of Democratic Administrations and 21 ½ years of Republican, allowing nearly equal time for the market to increase or decrease. During that period we have had 64 months of recession during Republican terms and 9 months under Democratic. During that period under Republicans, the Dow has increases by 450 points to date and 7,550 points under Democrats. Bush/McCain are not evil; they are just a C students trying to do a Rhodes Scholar’s job. You can time the market, buy at the beginning of Democratic Administrations like 2009 and sell at the beginning of Republican like 2001.

By True victims

September 22, 2008 2:48 PM | Link to this

So it’s all the fault of those lying poor people who falsified their credit applications. How could those Ivy League CEO’s have possibly forseen such a thing? Why the executives are victims themselves. Victim bonuses, that’s the least we can do for the executives. And if the companies don’t have the cash for them, just pass the hat to the taxpayers. Strange, I never thought of poor people as being so clever, so devious, so crafty that they could outsmart the masters of the universe. Of course it’s also the fault of all those liberals who pushed the poor-babies executives into giving all those bad loans to all of those scheming poor people. What I can’t figure out is why didn’t the executives simply walk away from the lending business if it was going to ruin their companies in the long run. As brilliant as they are, surely they could have found a truly profitable way to use the capital put in their care. Ah, but they had no chance in matching financial wits with all those evil poor people

By AJC/DNC Management

September 22, 2008 2:59 PM | Link to this

My goodness, such hissy fits, such eye popping rage, what ever will you whiny little libs do on Friday when Obambi flames out in thee debate?

Eat your computers whole?

bwa

By True victims

September 22, 2008 3:26 PM | Link to this

To AJC/DNC Management,

So that’s what you call your triumphant last word?

Pathetic.

By LOLO

September 22, 2008 3:33 PM | Link to this

WTF???

By Shawny

September 22, 2008 4:25 PM | Link to this

In case it hasn’t been posted enough, here is a GREAT piece that speaks to the effort to control Fannie and Freddie, and which party stood in the way

Excerpt:”But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years. “

By MustBeCrazy

September 22, 2008 5:00 PM | Link to this

It’s amazing how dumb “some” of the Conservatives are on this blog. They blame the poor or minorities for taking out a loan for a house with “adjustable mortgages”, but they don’t think Greedy Bankers, Lenders, Realtors, Builders, etc…….were the true culprits to this ENORMOUS Breakdown in the financial industry.

If I lend money, I “—-” well make sure I can get it back. The real problem was that they were so busy selling off those mortgages, as fast as the closing on the house. It’s amazing that so many people in foreclosure are not dealing with the same mortgage company or brokers who original negotiated the LOAN.

Another problem that I noticed, in the last 5 years, was how fast the price of the houses in my area doubled. People, who moved into my area, two to three years after I purchased my house, were paying two and a half the price I paid for my house. My property was bigger and it was the exact same floor plans (with less back, side and front yard). Now we are all looking like FOOLS.

I’ve also noticed about a year ago, that all those credit card and mortgage companies have stopped sending mailings. I use to get 3 to 4 a week over the last 6 years. I guess something GOOD did happen, as a result of this mess.

However, I bet one industry has seen a HUGE increase and that is the Collection Agency. You know, the guys who call your house, when you OWE.

If they really EXPECT PAYMENTS, They MUST BE CRAZY. LOL……

By MustBeCrazy

September 22, 2008 5:01 PM | Link to this

It’s amazing how dumb “some” of the Conservatives are on this blog. They blame the poor or minorities for taking out a loan for a house with “adjustable mortgages”, but they don’t think Greedy Bankers, Lenders, Realtors, Builders, etc…….were the true culprits to this ENORMOUS Breakdown in the financial industry.

If I lend money, I “—-” well make sure I can get it back. The real problem was that they were so busy selling off those mortgages, as fast as the closing on the house. It’s amazing that so many people in foreclosure are not dealing with the same mortgage company or brokers who original negotiated the LOAN.

Another problem that I noticed, in the last 5 years, was how fast the price of the houses in my area doubled. People, who moved into my area, two to three years after I purchased my house, were paying two and a half the price I paid for my house. My property was bigger and it was the exact same floor plans (with less back, side and front yard). Now we are all looking like FOOLS.

I’ve also noticed about a year ago, that all those credit card and mortgage companies have stopped sending mailings. I use to get 3 to 4 a week over the last 6 years. I guess something GOOD did happen, as a result of this mess.

However, I bet one industry has seen a HUGE increase and that is the Collection Agency. You know, the guys who call your house, when you OWE.

If they really EXPECT PAYMENTS, They MUST BE CRAZY. LOL……

By Algonquin J. Calhoun

September 22, 2008 5:37 PM | Link to this

When in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident:

That all men are created equal; that they are endowed by their Creator with certain unalienable rights; that among these are life, liberty, and the pursuit of happiness; that, to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed; that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles, and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security.

By Lee

September 22, 2008 7:11 PM | Link to this

McCain always says he isthe maverick and is the agent for change. Here is a good test. Will he support the bankers and the Republican contributors, or will he take the maverick road and supprt the American people?

Which will it be, John? The Lady or the tiger? Or shuld we say, the lady or the barracuda?

By Concerned Kyle

September 22, 2008 8:10 PM | Link to this

I really don’t understand either side of the spectrum - one side looks at me and says, you only do well because you are lucky - well, if you define luck as four failed business’, two bankruptcy’s, countless hours away from family and friends, and 70 hour work weeks until one finally gets it right, fine - I just object to the fat-a$$ sitting on his sofa watching TV all day blaming his failures on me - and my success on luck.

The other side wants to destroy what’s left of America in the name of corporate profit - $4 gas? Absurd - Can’t buy a damn thing at Wal-Mart (or anywhere else) that isn’t stamped - Made in China? even more so —-

Where is the party of hard work, sacrifice, helping out a neighbor in need, a strong America, a strong middle class, and balancing the budget? How can it be “patriotic” to pay more taxes when the money is being spent like it is? Where is the party that says, hey, we might disagree on a few things here and there, but we agree on the fact that we want jobs here - energy independence as fast as possible, a strong infrastructure, and a secure border? Where is the party that says I am going to hunt down Muslime terrorists and bring them to justice now?

I feel like this (and every other election) comes down to choosing between a kick in the groin or a baseball bat upside the head -

This bail out is complete BS, but if the don’t do it, the whole damn thing collapses - so, now you have the losers in Washington from both sides running around and trying to get their pet projects thrown in -

Where does it end?

By yankee

September 22, 2008 8:33 PM | Link to this

The late great USofA. Never thought I’d see the day.

By Frederick Douglass

September 22, 2008 10:48 PM | Link to this

John McCain’s gonna look out for his wife’s $100,000,000 portfolio,and 13 houses. Oh, and I’d be remiss if I left out that stunning $313,000.00 dress.

By technoFark

September 23, 2008 1:23 AM | Link to this

This shows just how much America is a fool. This is a private contract between mutual parties to pay bonuses to people Barclays decided are essential to the running of the operation they bought. It is legal and Barclays bought the assets of a business and has the right to pay the employees the money. The employees still left a Lehman are working for the bankruptcy court and are claimants. The employees receiving bonuses are working for Barclays…..end of story.

By Mike

September 23, 2008 7:51 AM | Link to this

For years the real estate market, has operated on the premise that prices will always increase. History has repeatedly proven this just is not so. This market—heck, the entire economy—has been like a chain letter in that someone was going to be stuck with nothing at the end.
The banks who issue credit cards will continue to be allowed to increase interest rates to a usurious percent if a payment is a day late. The IRS will penalize that taxpayer heavily if he cannot pay tax due in full..
This bail out seems to assure that property values will remain inflated. What happens if the owner cannot pay the property tax—which correlates directly with the inflated real estate market? Stockholders took a risk. Many “home owners” facing foreclosure and lenders took a risk with irresponsible loans.
But, the responsible property owner, taxpayer and voter seems to be the one who is going to be stuck..
Don’t reelect anyone.

.

By Mel

September 23, 2008 8:30 AM | Link to this

The banking industry is drowning largely as a result of its own actions and now their lobbyists are demanding a luxury yacht instead of a life raft. Keep the caps on exec pay and don’t reward them for their unbridled greed and trickery.

By ZEKE

September 23, 2008 8:42 AM | Link to this

What about the ignorant democrats in Congress that have caused all of this with their meddling in the finance and mortgage systems? Forcing banks to give loans and mortgages to those not qualified to pay them back was mandated by Congress and Clinton in the 90’s with a $5 trillion rape of taxpayers! They called it “red linning” because the banks and mortgage companies used the exact same criteria to qualify minorities and lower income earners for loans! So it was mandated that they could not do that, but, as a cost of doing business they had to give loans to those who could not qualify!! LET THESE SOCIALIST BE HELD ACCOUTABLE WITH HUGH FINES, REMOVAL FROM ELECTED OFFICE AND JAIL TIME!!!

By Williebkind

September 23, 2008 9:45 AM | Link to this

By Tonto September 22, 2008 2:41

Nice post Tonto…how many of you liberals have that saved on your desktop to post at any given moment.now could a conservative read the Bureau of Labor Statistics and come up with a different analysis. I remember the days of the blue dress. I remember the whitehouse firings. I remember working just as hard then as I am now. I felt no tax relief. I guess I just can not live as lofty without statistics.

By Little Lost Non-White Sheep

September 23, 2008 10:19 AM | Link to this

Barack Hussein Obama will save us!

All we need to do is give up a few of our liberties that we aren’t using anyway to help Barack Hussein Obama* rise to power.

OnceBarack Hussein Obama assumes his Rightful Throne of Power over us, he will have his fellow RAG HEADS in OPEC lower the oil prices to give us all cheap gas forever!

Praise You, Barack Hussein Obama!!

Praise Your Holy, Non-Infidel Name FOREVER!!!!!

By Hmmmmm

September 23, 2008 3:24 PM | Link to this

Tonto

You need to give everyone else some of that stuff your smoking….. Democrats produce the BEST economy’s???? Get a GRIP man! If not for the republican revolution that took place on Clinton’s watch, we would of had more tax and spend from Clinton. Good grief, the way you guys still admire Ex president Clinton, who was impeached. It is mind boggling! The bottom line is that both the republicans and the democrats deserve the BLAME! Technically, more the democrats, because they have been in control the longest. We need to vote EVERY ONE of the SCUM BAGS out of office and start over! The problem lies with, We the People, who are stuck on these government programs that give, give, and give until you find us in the condition we are in today!