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Prepare for the Worst
American Spectator ^ | 10/8/08 | Peter Ferrara

Posted on 10/08/2008 8:43:04 AM PDT by truthandlife

Just two weeks ago, a book on economic policy was released that will be a classic for the ages. Entitled The End of Prosperity, by Art Laffer, Steve Moore, and Peter J. Tanous, the book explains in full detail the economic disaster that will befall America if it takes a sharp left turn to neo-socialism under the leadership of the far left President Barack Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators, and their pal the ultraliberal Howard Dean heading the Democrat party.

Indeed, one of the insights of the book is that a major factor already tanking the stock market and leading foreign capital to flee America is the threat of the economic policies promised by Obama. Obama proposes increases in every major federal tax, on savers, investors, employers, small business, big business, and anyone who would start a business. Obama also promises to add additional federal spending of almost $1.5 trillion over the next four years, including a new global war on poverty in which Obama would tax Americans and send the money to the UN to spend worldwide (already introduced by Obama in legislation). That would be on top of all the spending increases already scheduled for our exploding entitlements and other programs. Obama also promises a massive increase in regulatory controls, even though government regulation is already estimated to cost America over $1 trillion per year, about $8,000 in lost output for every U.S. household. Then there is Obama's attack on free trade and promises of protectionist trade policies that contributed so much to the Great Depression.

(Excerpt) Read more at spectator.org ...


TOPICS: Business/Economy; Editorial; Front Page News
KEYWORDS: 2008; artlaffer; bailout; democratcongress; democrats; economy; electionpresident; elections; financialcrisis; laffer; nobama08; obama; pelosi; reid; socialism; taxes
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Great article!
1 posted on 10/08/2008 8:43:04 AM PDT by truthandlife
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To: truthandlife
"Entitled The End of Prosperity, by Art Laffer, Steve Moore, and Peter J. Tanous, the book explains in full detail the economic disaster that will befall America if it takes a sharp left turn to neo-socialism under the leadership of the far left President Barack Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators, and their pal the ultraliberal Howard Dean heading the Democrat party."

OMG, what a NIGHTMARE!!!!

2 posted on 10/08/2008 8:44:42 AM PDT by Jersey Republican Biker Chick (Some days it is not worth chewing through the restraints.)
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Prepare for the Worst

I am.

3 posted on 10/08/2008 8:44:56 AM PDT by CE2949BB (McCain/Palin 08)
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To: truthandlife

It’s a nice change from “It’s Clinton’s fault...”.


4 posted on 10/08/2008 8:45:21 AM PDT by Wolfie
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To: CE2949BB

God is in control.

Remember that. We will ride through the dark days.


5 posted on 10/08/2008 8:46:08 AM PDT by se_ohio_young_conservative (GO Sarah Palin !)
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To: truthandlife

Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators,
That says it all.


6 posted on 10/08/2008 8:47:04 AM PDT by Vaduz (and just think how clean the cities would become again.)
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To: CE2949BB

Prepare for the Worst

Note to self - BMA


7 posted on 10/08/2008 8:48:17 AM PDT by GreyWolf (My $.02)
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To: truthandlife

This could be as bad as the Crash of 1987 </sarc>


8 posted on 10/08/2008 8:48:23 AM PDT by HammerOfTheDogs
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To: Vaduz

On the bright side, after two years of the Uberleft running the country, the Repubs will retake both houses of Congress in 2010. Unfortunately, by then Obama will have packed the courts with Marxist hatemongers and largely destroyed the financial markets.


9 posted on 10/08/2008 8:49:14 AM PDT by pabianice
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To: Jersey Republican Biker Chick

MOST INTERESTING PART OF THE ARTICLE:

The End of Prosperity

Laffer et al. explain why they think the end is now near:

[W]e are now witnessing nearly all of the economic policy dials that were once turned toward growth being twisted back towards recession. [O]ur politicians in both parties, but especially the liberal Democrats, are getting everything wrong — tax policy, regulatory policy, monetary policy, spending policy, trade policy. We call this the assault on growth. The political class seems to be almost intentionally steering the United States economy into the abyss — and, to borrow a phrase from P.J. O’Rourke, the American electorate, alas, seems ready and willing to hand them the keys and the bottle of whiskey to do it.

Obama promises across the board tax increases, America’s corporate tax rates are already the second highest in the industrialized world, prices are already rising and the dollar is declining, America is turning its back on free trade, the federal budget is already spiraling out of control and entitlements threaten far worse, regulations already strangle energy production, producing high energy costs for the economy, cap and trade global warming regulations threaten to shut the economy down, unions calling for legal powers to force unionization, the left campaigns for costly but low quality socialized medicine, these are all indicators of a fatal economic heart attack for America. Laffer et al. explain what is behind the current financial crisis:

This list of economic body blows explains why, for the first time in years, hot capital is escaping over the borders out of the United States and flowing into China, India, Europe, and even Japan....[S]tarting in late 2007, foreigners started pulling their money out of the United States, and Americans started investing more abroad. Global investors are losing confidence in the U.S. The result is a falling stock market and a collapse of the dollar.

The threatened left-wing economic policies are all the more dangerous now because the rest of the world has shifted so sharply towards much lower tax rates and free markets, threatening to leave America in the dust as an uncompetitive wasteland mired in nostalgia for socialism. Since Reagan, income tax rates across the industrialized world have been cut by more than one-third, and corporate tax rates have been reduced by one-half. The flat tax has been adopted in 24 countries. Putin adopted a 13% rate for Russia that raises more revenue than the former system with a 50% top rate. From 1978 to 1998, China reduced its tax burden by two-thirds. A recent study found that “supply-side” countries that have cut their tax rates almost in half since the 1990s have grown three times as fast as countries that have raised taxes since that time.

It is, frankly, obvious that lower tax rates increase incentives for economic growth and productive activity, and that higher tax rates reverse such incentives. Nor is it hard to understand that increasing regulatory costs will slow the economy while reducing such costs will expand it. Obviously, ample supplies of low cost energy will help the economy, shortages of high cost energy will kill it. High government spending is clearly not good for the economy, lower government spending is. We know how to create an economic boom, and we know what policies will lead to economic disaster. The Left denies these obvious truths only because it craves more government power. If America does not wake up to what is happening, there will be much suffering through a long dark night.


10 posted on 10/08/2008 8:49:50 AM PDT by truthandlife ("Some trust in chariots and some in horses, but we trust in the name of the LORD our God." (Ps 20:7))
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To: truthandlife

Good point. THe RNC ought to be running ads suggesting the scenario of an unchecked Dingy Harry, Nancy 9 percent, and Obama.


11 posted on 10/08/2008 8:51:14 AM PDT by Obadiah
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To: Jersey Republican Biker Chick
"Entitled The End of Prosperity, by Art Laffer, Steve Moore, and Peter J. Tanous, the book explains in full detail the economic disaster that will befall America if it takes a sharp left turn to neo-socialism under the leadership of the far left President Barack Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators, and their pal the ultraliberal Howard Dean heading the Democrat party."

OMG, what a NIGHTMARE!!!!

Not for William Ayers, Osama bin Laden, Michael Moore, Castro, Hugo Chavez and the rest of America's enemies...........

12 posted on 10/08/2008 8:52:02 AM PDT by cowboyway ("The beauty of the Second Amendment is you won't need it until they try to take it away"--Jefferson)
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To: All

Does anyone have the Saturday Night Live Bailout Skit?? If so, put it up here. It was pulled this morning because it really slams the Democrats hard, showing who did what and to whom!! Limbaugh had the YTube clip and it was all taken down and out by NBC about an hour ago. A little levity goes a long way in these dark time with the market and the debate last night.


13 posted on 10/08/2008 8:52:03 AM PDT by cousair
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To: se_ohio_young_conservative

Thank you. I need to be reminded/refocused daily anymore!


14 posted on 10/08/2008 8:52:13 AM PDT by aussiemom
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To: truthandlife
This list of economic body blows explains why, for the first time in years, hot capital is escaping over the borders out of the United States and flowing into China, India, Europe, and even Japan....[S]tarting in late 2007, foreigners started pulling their money out of the United States, and Americans started investing more abroad. Global investors are losing confidence in the U.S. The result is a falling stock market and a collapse of the dollar.

China is a more capitalistic country than the USA...

15 posted on 10/08/2008 8:52:30 AM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: All

Does anyone have the Saturday Night Live Bailout Skit?? If so, put it up here. It was pulled this morning because it really slams the Democrats hard, showing who did what and to whom!! Limbaugh had the YTube clip and it was all taken down and out by NBC about an hour ago. A little levity goes a long way in these dark time with the market and the debate last night.


16 posted on 10/08/2008 8:52:56 AM PDT by cousair
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To: truthandlife

......Obama also promises to add additional federal spending of almost $1.5 trillion.....

More incomprehensible numbers.

Last night Obama repeatedly spewed numbers. Every number produced a groan from my wife. The numbers are a meaningless jumble of mind numbing proportions. She is my sounding board for reality. Is she is sick of numbers, so are many many more.

Rush knows and wisely advises that numbers over the radio don’t come across. So it was with Obama in the debate. It ends up being Gargantuan garbled garbage.


17 posted on 10/08/2008 8:55:13 AM PDT by bert (K.E. N.P. +12 . Off With her head.....)
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To: Jersey Republican Biker Chick
Neo-socialism. Now that's an interesting word and an accurate description. We should start throwing that word around like the libs do with "neo-con".
18 posted on 10/08/2008 8:55:26 AM PDT by jersey117
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To: se_ohio_young_conservative

God is in control.

We know how it all ends.


19 posted on 10/08/2008 8:55:32 AM PDT by FES0844 (FES0844)
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To: truthandlife

20 posted on 10/08/2008 8:57:45 AM PDT by kingattax (99 % of liberals give the rest a bad name)
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To: cousair

http://www.nbc.com/Saturday_Night_Live/video/clips/c-span-bailout/727521


21 posted on 10/08/2008 9:01:12 AM PDT by sheikdetailfeather (DRILL HERE! DRILL NOW!)
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To: truthandlife

Reality is that we are heading back to the 1970’s with another Carter and a Liberal, unfettered Communist Congress in tow.

The US will look like Europe soon with no growth, huge taxes and unchecked 3rd World unskilled immigration, with the Muslim population growing exponentially as Obama will increase levels from the Middle East like never before.

The author mentioned the Global Poverty Act, but forgot the Civilian Corps that is supposed to rival the size and scope of the US military...cutting out the missle shield...

There is no wonder our enemies in Venezuela, China, the Middle East and Russia want Obama...this nation will not resemble the US in a generation.

I hate to be a naysayer, but under the spell of Obama and the cover provided by the Media who refuse to portray or expose his disturbing upbringing, affiliatons and mentors, the welfare and latte’ crowd could win this election if McCain does not step up and slam the Marxist for what he really is, an empty suit that is controlled by Soros.


22 posted on 10/08/2008 9:01:36 AM PDT by wac3rd (The MSM will accompany the Captain of the SS Marxist Titanic to the bottom of Lake Michigan)
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To: se_ohio_young_conservative

Those of us who haven’t turned our backs on God must keep the faith. Those who turned their backs on God will soon realize that He has turned his back on them.


23 posted on 10/08/2008 9:02:35 AM PDT by Terry Mross
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To: se_ohio_young_conservative

The Lord helps those who help themselves.


24 posted on 10/08/2008 9:05:24 AM PDT by snowrip (Liberal? YOU ARE A SOCIALIST WITH NO RATIONAL ARGUMENT.)
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To: wac3rd

The difference between now and the Carter years: T

aking a few people hostage will seem tame compared to what will happen when the socialists are in charge.


25 posted on 10/08/2008 9:05:32 AM PDT by Terry Mross
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To: truthandlife

Ouch!!! How much of the market drop is due to calculations that Obama may win?


26 posted on 10/08/2008 9:05:54 AM PDT by cookcounty (Dismissing Ayers as a 1960's radical is like saying Barbara Walters was a 1960's TV dogfood salesman)
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To: truthandlife
President Barack Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators, and their pal the ultraliberal Howard Dean heading the Democrat party.

We would have this only because Bush was such a giant cluster****.

Frankly, the Republicans have given up any rights to govern, considering their performance.

Only the rogues listed above could ever cause me to vote for McCain, and I hope there are enough people like me to prevent a total decline into Socialism.

27 posted on 10/08/2008 9:08:45 AM PDT by Boiling Pots (Wright, Ayers, Alinsky, ACORN and Odinga - Attack!!)
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To: cookcounty

I think the market sees socialism in America’s near future.


28 posted on 10/08/2008 9:09:16 AM PDT by hope (Time for the people to rise up and say no to the socialist stronghold!!!)
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To: snowrip

Yes indeed.

And he also says fear not. Also read Psalm 91.


29 posted on 10/08/2008 9:10:02 AM PDT by se_ohio_young_conservative (GO Sarah Palin !)
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To: snowrip

Is that a scripture somewhere in the Bible?


30 posted on 10/08/2008 9:11:43 AM PDT by hope (Time for the people to rise up and say no to the socialist stronghold!!!)
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To: Vaduz
Obama, the ultraleft Speaker of the House Nancy Pelosi, Senate Majority Leader Harry Reid with 60 liberal Democrat Senators,
That says it all.

Don't forget the Obama appointed Supreme Court Justices.

And as Commander in Chief, Obama can certainly destroy the morale of our troops.

Perhaps our military needs a new mission like "Meals on wheels, or some sort of peacekeeping roll under UN supervision. - tom

31 posted on 10/08/2008 9:13:42 AM PDT by Capt. Tom (Don't confuse the Bushies with the dumb Republicans - Capt. Tom)
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To: snowrip

“God helps those who help themselves” is probably the most often quoted phrase that is not found in the Bible. This is actually a quote from Ben Franklin and it appeared in Poor Richard’s Almanac in 1757.

In fact the Bible teaches the opposite. God helps the helpless! Isaiah 25:4 declares, “For You have been a defense for the helpless, a defense for the needy in his distress, a refuge from the storm, a shade from the heat...”


32 posted on 10/08/2008 9:14:31 AM PDT by truthandlife ("Some trust in chariots and some in horses, but we trust in the name of the LORD our God." (Ps 20:7))
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To: Obadiah
For the life of me, I cannot understand why W has not assembled a group of top economists to come up with a comprehensive, cohesive, intelligent plan to deal with this crisis. Instead, we have hysteric flailing as a “policy” and then wonder why we can't stop the bleeding.
33 posted on 10/08/2008 9:17:24 AM PDT by Heartland Mom (Those who would give up liberty for temporary safety deserve neither liberty nor safety. - Franklin)
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To: cousair

SNL Bailout Skit per your request-—

http://msunderestimated.com/SNLBailoutSkit.wmv


34 posted on 10/08/2008 9:19:18 AM PDT by Presbyterian Reporter
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To: truthandlife
This was a good read about preparedness, a collapsed economy, and life there after. I enjoyed it.
Patriots, by James Wesley Rawles.
35 posted on 10/08/2008 9:19:26 AM PDT by showme_the_Glory (ILLEGAL: prohibited by law. ALIEN: Owing political allegiance to another country or government)
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To: cousair
Unedited original SNL Bailout skit.
36 posted on 10/08/2008 9:19:31 AM PDT by Bloody Sam Roberts (Prepare for rain.)
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To: Heartland Mom

I think W is trying to stop the bleeding before the election and they are trying to do a short term fix for problem that needs a long term fix.


37 posted on 10/08/2008 9:19:31 AM PDT by truthandlife ("Some trust in chariots and some in horses, but we trust in the name of the LORD our God." (Ps 20:7))
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To: GreyWolf

buy more ammo?

“A man can never have too much red wine, too many books, or too much ammunition.”
-Kipling


38 posted on 10/08/2008 9:20:30 AM PDT by WOBBLY BOB (Conservatives are to McCain what Charlie Brown is to Lucy.)
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To: jersey117

My personal creation is “neo-comm”.


39 posted on 10/08/2008 9:21:33 AM PDT by snowrip (Liberal? YOU ARE A SOCIALIST WITH NO RATIONAL ARGUMENT.)
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To: truthandlife

I’m preparing by investing in precious metals............lead.


40 posted on 10/08/2008 9:21:46 AM PDT by OB1kNOb (Where are we going and what are we doing in this economic handbasket?)
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To: hope

no. just a popular axiom.


41 posted on 10/08/2008 9:21:49 AM PDT by WOBBLY BOB (Conservatives are to McCain what Charlie Brown is to Lucy.)
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To: All

Straight jackets needed over at the Free Republic.....
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4193683

Terror-Supporting Kook’s Message:
“OK, here’s the article, from the cesspool called the American Spectator, that’s the subject of the FR post:”


Everyone smile into the camera for the DUmmies :)
They like to watch but apparently don’t know much about:

Raila Odinga - http://www.youtube.com/watch?v=CBJouPhws1M
http://www.youtube.com/watch?v=S8QcpdUtxNQ

Khalid Al-Mansour - http://www.youtube.com/watch?v=8npeYfKI_ns

Rashid Khalidi - http://www.youtube.com/watch?v=7tNVkPTZQ0k
http://www.youtube.com/watch?v=_a40-dFf7tM

Palin and the AIP was a lie but....B.Hussein a Dem???
Web Archives Confirm Barack Obama Was Member Of Socialist ‘New Party’ In 1996

Beyond the archived web page from the Socialist New Party is the recognition by the “Progressive Populist” magazine in November 1996 that Obama was indeed an acknowledged member of the Socialist Party.

“New Party members and supported candidates won 16 of 23 races, including an at-large race for the Little Rock, Ark., City Council, a seat on the county board for Little Rock and the school board for Prince George’s County, Md. Chicago is sending the first New Party member to Congress, as Danny Davis, who ran as a Democrat, won an overwhelming 85% victory. New Party member Barack Obama was uncontested for a State Senate seat from Chicago. “

Link To The November 1996 Progressive Populist Article

The Democratic Socialist Party of America published in their July/August Edition of New Ground 47 Newsletter.

“The Chicago New Party is increasely becoming a viable political organization that can make a different in Chicago politics. It is crucial for a political organization to have a solid infrastructure and visible results in its political program. The New Party has continued to solidify this base...

the NP’s ‘96 Political Program has been enormously successful with 3 of 4 endorsed candidates winning electoral primaries. All four candidates attended the NP membership meeting on April 11th to express their gratitude. Danny Davis, winner in the 7th Congressional District, invited NPers to join his Campaign Steering Committee. Patricia Martin, who won the race for Judge in 7th Subcircuit Court, explained that due to the NP she was able to network and get experienced advice from progressives like Davis. Barack Obama, victor in the 13th State Senate District, encouraged NPers to join in his task forces on Voter Education and Voter Registration.”

And of course, the BIG “Halloween Surprise”, so remember the eyes from the site that tells lies.

Bye.


42 posted on 10/08/2008 9:23:12 AM PDT by JerseyDvl (What do Obama and Osama have in common?-They both have friends who bombed the Pentagon! - Bill Ayers)
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To: hope

“God helps those who help themselves” is not in the Bible.


43 posted on 10/08/2008 9:23:41 AM PDT by Fiji Hill
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To: truthandlife

We have reached a point in our history that too many people feel the answer to every problem is more gov’t and it scares the hell out of me.


44 posted on 10/08/2008 9:24:30 AM PDT by umgud (In a crisis, dump gold, buy lead)
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To: truthandlife

I am aware that it is not found in the bible; however, are you attempting to suggest that God prefers us to sit around and wait to be rescued by Him?

I think that is not the case.


45 posted on 10/08/2008 9:25:15 AM PDT by snowrip (Liberal? YOU ARE A SOCIALIST WITH NO RATIONAL ARGUMENT.)
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To: pabianice
Unfortunately, by then Obama will have packed the courts with Marxist hatemongers...

I'm relatively confident of our ability to bork Obambi's nominees. We couldn't stop the bailout because of the gun that Bush and Paulson were holding to Congress' heads, but we really don't NEED nine SCOTUS justices all that badly.

We haven't had a liberal nominated to the Court since the first Clintoon term, we really didn't have the full power of the Internet to get around the MSM back then.

46 posted on 10/08/2008 9:25:28 AM PDT by hunter112 (Gov. Palin is ten times the woman Hillary could've hoped to be, if she had stayed a "Goldwater Girl")
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To: pabianice
On the bright side, after two years of the Uberleft running the country, the Repubs will retake both houses of Congress in 2010.

I have zero confidence in the current losers running the GOP/RNC to be able to exploit two years of Democrat lunacy the way they did in '94. There is no Newt Gingrich to put together a Contract with America, but instead a bunch of moderate losers running the party into the ground. This may well be a time for a 3rd party to rise up to ultimately replace the GOP as the GOP is clearly the weak party right now. Unfortunately, I have no idea which party would rise up, but I do know that moderates will never surrender control of the GOP to conservatives.

47 posted on 10/08/2008 9:30:39 AM PDT by Major Matt Mason (A happy member of the New Media.)
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To: truthandlife
Nancy to Barney and Reid, "As long as we control the mediots, and so called conservatives, who suffer from BDS and blame Bush for everything, we elite/rich/white liberals in Congress will have no problem. Heh, Heh, Bush's fault!"


48 posted on 10/08/2008 9:33:12 AM PDT by Grampa Dave ( I do not want to know the type of person, who does not like Sarah !)
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To: truthandlife
I think W is trying to stop the bleeding before the election and they are trying to do a short term fix for problem that needs a long term fix.

Bush may as well start looking long-term because McCain isn't going to win. McCain is too concerned with being a member of the US Senate Old Boys Club to do what has to be done to be elected president. Now I know why senators rarely become presidents.

49 posted on 10/08/2008 9:33:58 AM PDT by Major Matt Mason (A happy member of the New Media.)
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To: truthandlife
I still think Fannie Mae will sink DNC in this election. Not long ago it was assumed by all the pundits the dems would add to their majorities. Those majorities include conservative districts, however. This thing could turn around.

Fannie Mae blew up at exactly the wrong moment. If this had happened a few days or even a week before the election it could have spelled doom for the GOP. With a slanted press it has taken this long to start getting the truth out. Now we even have SNL getting in on the act (and I'm still amazed that happened) but this one single issue should be the bombshell that sinks the dnc ship.

Americans are angry. This has been a national embarrassment. People want heads to roll and Obama is in this thing with his liberal progressive socialists to their eyeballs. This was something created by a liberal (Carter) and expanded by current liberals, and all regulation blocked by the same. America, you know what to do... vote the bums out!!

50 posted on 10/08/2008 9:37:18 AM PDT by 1-Eagle (Yeah that Ayers guy just lives down the street. Don't know why I started campaign in his livingroom.)
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