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Chris Matthews Attacks Palin: ‘Can a Palm Reader Be President?’ (video)
MSNBC ^ | Feb. 8, 2010

Posted on 02/08/2010 10:35:41 PM PST by Free ThinkerNY

Matthews: "Is she a balloon head?"

(Excerpt) Read more at breitbart.tv ...


TOPICS: News/Current Events
KEYWORDS: mrpotatohead; msnbc; palin; sarahpalin
Navigation: use the links below to view more comments.
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To: Free ThinkerNY
Can a palm reader be President? If it's her palm; why not. (Did Chris use his own 'reading' from a teleprompter for this shot?)

As for his question; perhaps he should have TOTUS on to get the answer.

41 posted on 02/09/2010 12:19:24 AM PST by cricket
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To: Dallas59
Can a guy be president that has to read to 6th graders off of a teleprompter?

Aren't most newscasters/talkshow hosts reading off teleprompters?

Have you ever listened to any of them when they are without benefit of a teleprompter?

42 posted on 02/09/2010 12:19:29 AM PST by UCANSEE2
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To: toddausauras
and the media lets him get away with it because ...

they too are reading off a teleprompter.

43 posted on 02/09/2010 12:20:55 AM PST by UCANSEE2
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To: Free ThinkerNY
Let's see now..."Tingles" gets a big charge out of just seeing obama...yet is disgusted at the very sight of Sarah Palin.....that's it, he's GAY.

Talk to the hand
"Talk to the hand, Tingles"



44 posted on 02/09/2010 1:12:58 AM PST by FrankR (The ones of us who love AMERICA far outnumber those who love obama - your choice.)
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To: JLS

YES..Every time they attack something so common and insignificant as a couple of notes on a speaker’s hand, they shrink to a new low in the eyes of the American public. One day they and their vicious envy and abuse of Sarah Palin and others will be not be listened to anymore.


45 posted on 02/09/2010 1:35:47 AM PST by jazzlite (esat)
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To: wardaddy
As I posted on another thread, here are some of the "comments" posted about this at Conservatives4Palin.com:
munchnstuf
Need I say it? 
 
They're playing right into her hand!!  ;)
-- snip --

Beehive

I wonder what she will write on her hand for the Daytona 500 next week...
-- snip --

Recovering Democrat

Sarah has turned this whole faux-scandal into her advantage, hasn't she?

Now she will have something written on her hand at every stop … it will become a new way of broadcasting her message.

Everyone will want to know what she wrote on her hand, and it will all be a giant kick in the groin to the liberal loonies who can’t stand someone as unpredictable and honest and happy as Sarah. 
 
I think Hillbuzz is right. Sarah will win because she fights back with good humor and turns negatives into positives.

-- snip --

Lakerfanalways

Sarah is a GENIUS..

What the Truck did for Scott Brown writing little notes on the hand is working for Sarah Palin..

People should show up at events and have written on their hand "Sarah 2012" on it.


46 posted on 02/09/2010 1:38:08 AM PST by RonDog
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To: Free ThinkerNY
"Can a palm reader be president?"

Why not? A jackass is a television commentator.

47 posted on 02/09/2010 2:48:17 AM PST by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: RonDog

One of the comments in this blog board really hit it well here. Liberals cannot stand seeing someone energetic and happy. They simply cannot.


48 posted on 02/09/2010 3:19:17 AM PST by castlegreyskull
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To: UCANSEE2

I would love to see Chris’ TV crew take away his TelePrompTer and any notes he had and watch him try to do his show without them.


49 posted on 02/09/2010 3:29:56 AM PST by stayathomemom (Beware of cat attacks while typing!)
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To: Free ThinkerNY

can an asshole be on TV......yes to both.....


50 posted on 02/09/2010 3:45:57 AM PST by The Wizard (I support Madam President, the only President in America today)
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To: toddausauras

half black


51 posted on 02/09/2010 3:49:17 AM PST by The Wizard (I support Madam President, the only President in America today)
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To: liberty or death

How is his being “Irish Catholic” relevant?


52 posted on 02/09/2010 3:59:03 AM PST by jla
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To: Free ThinkerNY

How about, Can a Complete Idiot Have His Own Show?

As soon as Chrissy announced his tingling leg, I stopped watching him.


53 posted on 02/09/2010 4:45:47 AM PST by euram
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To: Free ThinkerNY

Sarah did it again last nite in Redding CA.

Loggers Rock!


54 posted on 02/09/2010 6:16:49 AM PST by Clyde5445 (Gov. Sarah Palin: :"You have to sacrifice to win. That's my philosophy in 6 words.")
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To: Impy; TigersEye; floriduh voter; snippy_about_it; ovrtaxt; syriacus; TigerLikesRooster; ...
That's right. Corpse-men in these fifty seven states never think lowly of the 0. Note even if he used a teleprompter with school kids.

- - -

It was truly tough deciding which thread to post this ping today. So much wild news!

Here's another [top of Drudge]:
WHITE HOUSE: OBAMA CRITICS HELPING AL QAEDA
http://blogs.abcnews.com/politicalpunch/2010/02/wh-some-critics-serving-the-goals-of-al-qaeda.html
[What about the Turban Durbin Crowd? Hypocrites. Obama: “Targeting villages and killing civilians.”]

Hot Link blast in response to this ping.

Four Major Parts: 1. 0bama’s brilliant diplomacy. 2. Latest on drowning polar bears [climate-gate]. 3. Borders and free speech. 4. Palin’s Hand-gate and misc. mayhem. But first, five quick links about ‘the Economy Stupid’ in all 57 states.

55 posted on 02/09/2010 7:29:30 AM PST by Arthur Wildfire! March (2010 HOUSE RACES! Help everyone get the goods on their House Rats. See my profile.)
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To: Free ThinkerNY

I’d rather have a palm reader than a tingly leg .... just sayin...


56 posted on 02/09/2010 7:31:09 AM PST by IMissPresidentReagan (Let us not get bogged down in the small squabbles; Let us get caught up in the big ideas. Palin '12)
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To: Arthur Wildfire! March; All

[When news is coming at a quick pace, my link blasts can help you catch a lot in a short time. Just one ping a day, or maybe two pings on a truly wild day.]

The Obama Has Hit the Fan

0’s Acorn Economy:

Wall Street hammered, Dow closes below 10,000...
http://www.cnbc.com/id/35296846
[Come on, Tax Cheat Geitner. I thought you were ‘indespensible’.]

Recession chugs on, except in government
http://www.infowars.com/recession-chugs-on-except-in-government

Chavez declares “electricity emergency” in Venezuela
http://www.freerepublic.com/focus/f-news/2447203/posts

Senator Prodded Fed to Aid Ailing Bank From Home State
http://www.freerepublic.com/focus/f-news/2447413/posts

Study shows why it is so scary to lose money...
http://www.reuters.com/article/idUSN0823962020100208
[It doesn’t take a rocket scientist. What dimbulb paid for that?]

[Bush was doing great until the orchestrated econonomic meltdown. Links in response to this post.]

- - - -

PART ONE — OBAMA’S BRILLIANT DIPLOMACY

‘STOP SENDING YOUR SPIES HERE,’ JUDGE TELLS CHINA
http://www.freerepublic.com/focus/f-news/2447382/posts
[I am sure China will listen after Eric Holder gives them an ACLU lawyer.]

China’s hawks demand cold war on the US
http://www.infowars.com/china%e2%80%99s-hawks-demand-cold-war-on-the-us
MORE than half of Chinese people questioned in a poll believe China and America are heading for a new “cold war”.

A devastating war between Israel & Hezbollah is on the horizon
http://www.infowars.com/a-devastating-war-between-israel-hezbollah-is-on-the-horizon
[Come on, Obama. You said that peace in Israel is hard, but you are the One.]

Moscow says U.S. missile shield aimed at Russia...
http://www.reuters.com/article/idUSLDE6181JK20100209
[Next time it might be Willow aiming an acorn at them!]

Al Qaeda leader calls for attacks on US interests...
http://www.breitbart.com/article.php?id=CNG.8c9ddfb0847e0b0a20aad5f334c07ca8.591&show_article=1
[I think Zero is doing a great job bringing the world together.]

Iran moves closer to nuke warhead capacity...
http://apnews.myway.com/article/20100208/D9DO9TR00.html
[I’m even more impressed with the One. His and Hillary’s diplomacy skills are astonishing.]

Will Obama Play the War Card?
http://www.infowars.com/will-obama-play-the-war-card
Patrick J. Buchanan | Harry Reid is surely aware a U.S. clash with Iran, with him at the president’s side, could assure his re-election.
[We respect the One so much that we would never accuse him of wagging the dog.]

The Reign of Terror Continues in Iraq
http://www.infowars.com/the-reign-of-terror-continues-in-iraq
[Obama’s healing of the world progresses smoothly.]

Iran says CIA agents arrested ahead of Feb. 11 rally
http://www.infowars.com/iran-says-cia-agents-arrested-ahead-of-feb-11-rally

Anthrax contaminated heroin spreads
http://www.infowars.com/anthrax-contaminated-heroin-spreads
[In Scotland, but still — Zero was going to bring peace.]

Security scare closes airport concourse: DRY RUN FOR ISLAM??
http://www.freerepublic.com/focus/f-news/2447374/posts

Yes, our president is doing a fine job of putting those stinking infidels in their place, uh, I mean, to bring peace.

Huckabee “Absolutely” Backs Drive to Bomb Iran
http://www.infowars.com/huckabee-absolutely-backs-drive-to-bomb-iran
[Vile infidel! Send Obama’s special corpse-men after him.]


PART TWO — LATEST ON CLIMATE-GATE

Blizzard Rearranges Announcement of Feds New Global Warming Office...
http://blogs.wsj.com/washwire/2010/02/08/noaa-blizzard-rearranges-climate-change-announcement

IPCC faces another desertion – its own past chair!
http://www.freerepublic.com/focus/f-news/2447415/posts

Ed Miliband declares war on climate change skeptics
http://www.infowars.com/ed-miliband-declares-war-on-climate-change-skeptics

DC COULD GET ANOTHER 20 INCHES!
http://forecast.weather.gov/showsigwx.php?warnzone=DCZ001&warncounty=DCC001&firewxzone=DCZ001&local_place1=Washington+DC&product1=Winter+Storm+Warning

Climategate now infiltrating TV ads?
‘GREEN POLICE’ SUPER BOWL AD CAUSES STIR...
http://www.youtube.com/watch?v=Ml54UuAoLSo

British army may patrol streets to confront terror threat
http://www.infowars.com/britisharmy-may-patrol-streets-to-confront-terror-threat
[The streets of Britain might need boots on the ground. I thought Obama would bring peace to the world.]

[More climate-gate links in response to this post.]


PART THREE — Borders and Free Speech

Christian speech targeted as ‘hate’
http://www.wnd.com/index.php?fa=PAGE.view&pageId=124553
[I’d rather read Worldnetdaily than the nuts who criticize it.]

Obama Proposes to Cut 180 Border Patrol Agents
http://www.infowars.com/virtual-border-fence-plagued-by-glitches-long-delays
[OK McCain. Prove to us you are as concerned as your opponent, Hayworth.]

‘Virtual’ Border Fence Plagued by Glitches, Long Delays
http://www.infowars.com/virtual-border-fence-plagued-by-glitches-long-delays
[What have you been doing about that, McCain? Hayworth for Senate!]

Think Government Is Corrupt? You May Face 10 Years In Jail
http://www.infowars.com/think-government-is-corrupt-you-may-face-10-years-in-jail
South Carolina forces “subversives” to register with the authorities or do hard time.

Internet Censorship Alert! Alex Jones exposes agenda to shut down the web
http://www.infowars.com/internet-censorship-alert-alex-jones-exposes-agenda-to-shut-down-the-web

Frightening Taste Of Internet Censorship As Major Free Speech Websites Blocked
http://www.infowars.com/frightening-taste-of-internet-censorship-as-major-free-speech-websites-blocked


PART FOUR: LATEST ON PALIN’S DREAD HAND-GATE AND MISCELLANEOUS MAYHEM:

Palin brings out crowd for Perry rally near Houston
http://www.infowars.com/palin-brings-out-crowd-for-perry-rally-near-houston

NOW claims Tebow ad promotes domestic violence
http://www.wnd.com/index.php?fa=PAGE.view&pageId=124557
[NOW was first openly pro-death, ‘dead set’ against this ad. But a football commercial shows a Mom getting tackled — God forbid! NOW wants women to be police officers and in the military, but they don’t want to see some schtick about a woman getting tackled? Maybe I should go back to calling fire fighters ‘firemen’ and police officers ‘policemen’. And the silence about Reid’s ‘negro’ remark, should I refer to someone black as a negro? This is getting confusing.]

NY Gov. Paterson won’t resign, spokeswoman says...
http://apnews.myway.com/article/20100208/D9DO9T101.html
...lashes back at rumors

Congressional Dems blame Rahm for Collapse...
http://thehill.com/homenews/house/80315-congressional-dems-point-finger-at-rahm

NBC’s Todd: Fox News Trying To ‘Undermine’ MSM
http://www.freerepublic.com/focus/f-news/2447443/posts
“... by alleging that it [MSM] has a liberal bias.”

What is Iran Planning for Thursday? [devastating “punch”]
http://www.freerepublic.com/focus/f-news/2447442/posts

‘Miss Me Yet?’: Mystery Surrounds Who Paid for George Bush Billboard
http://www.breitbart.tv/miss-me-yet-mystery-surrounds-who-paid-for-george-bush-billboard/

Iran anniversary will be ‘punch’ to West: Khamenei
http://www.freerepublic.com/focus/news/2446690/posts?page=1

Illinois Lt Gov Democrat Nominee Scott Cohen Drops out emotional breakdown.
http://www.freerepublic.com/focus/f-news/2447224/posts

Tea Party activists look to unseat U.S. Sen. Robert Menendez
http://www.freerepublic.com/focus/f-news/2447414/posts

IPCC faces another desertion – its own past chair!
http://www.freerepublic.com/focus/f-news/2447415/posts

[to kick a dead horse ...]
http://news.yahoo.com/s/ap/20100208/ap_on_re_us/us_edwards_sex_tape
Officers to retrieve John Edwards sex tape...

Man ‘high on medical marijuana’ forces flight to divert...
http://www.nbcsandiego.com/news/local-beat/He-Messed-With-the-Wrong-Flight-Attendant—83757722.html
...He Messed With the Wrong Flight Attendant


57 posted on 02/09/2010 7:32:35 AM PST by Arthur Wildfire! March (2010 HOUSE RACES! Help everyone get the goods on their House Rats. See my profile.)
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To: Arthur Wildfire! March

Drowning Polar Bears!

IPCC faces another desertion – its own past chair!
http://www.freerepublic.com/focus/f-news/2447415/posts

RFK, Jr. 15 months ago: Global warming means no snow or cold in DC...
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/RFK-79834057.html

Drudge headlines over the weekend:
Historic snowstorm rages on...
Paralyzing nation’s capital...
200,000+ without power in DC metro...
Nearing all-time storm total snowfall record for Baltimore...
Snow measurements for DC/MD/VA/WVA...
Multipe Roof Collapses Around Region...
Up to 30 inches in parts of Philadelphia...
Severe Winter Storm Striking Mid-Atlantic...
[Related, outside Drudge]
‘Snowmageddon’ blankets Mid-Atlantic in heavy snow
http://www.freerepublic.com/focus/f-news/2445883/posts

PEW: Global warming ranks dead last as concern for Americans...
http://people-press.org/report/584/policy-priorities-2010.

Democratic Climate Revolt
http://www.freerepublic.com/focus/news/2446552/posts?page=9

The IPCC’s Latest Climate Change Blunder “To Boldly Go Where No Stupidity Has Gone Before.”
http://www.freerepublic.com/focus/f-bloggers/2446504/posts

CLIMATE SCANDAL PROFESSOR: I THOUGHT OF KILLING MYSELF...
http://www.timesonline.co.uk/tol/news/environment/article7017922.ece

- - - -

FReeper Kitchen’s link blast:

Holes in climate science:

http://research.fit.edu/sealevelriselibrary/documents/doc_mgr/328/Global_Holes_in_Climate_Science_-_Nature_2010.pdf
Climate-gate:

http://blogs.telegraph.co.uk/news/jamesdelingpole/100020126/climategate-goes-serial-now-the-russians-confirm-that-uk-climate-scientists-manipulated-data-to-exaggerate-global-warming/
http://canadafreepress.com/index.php/article/18584

http://www.createspace.com/3423467

Glacier-gate (aka Pachauri-gate):

http://www.foxnews.com/scitech/2010/01/20/panels-glacier-disaster-claims-melting-away/
http://www.timesonline.co.uk/tol/news/environment/article7009081.ece

http://www.telegraph.co.uk/comment/columnists/christopherbooker/7062667/Pachauri-the-real-story-behind-the-Glaciergate-scandal.html

Amazon-gate:

http://www.hotair.com/archives/2010/01/26/more-bogus-agw-information-in-ipcc-report/http://grandrants.wordpress.com/2010/01/26/discredited-scientific-theory-receives-yet-another-blow/
http://www.timesonline.co.uk/tol/news/environment/article7009705.ece

Thermometer-gate:

http://wattsupwiththat.files.wordpress.com/2009/05/surfacestationsreport_spring09.pdf
Temperature-gate:

http://scienceandpublicpolicy.org/images/stories/papers/originals/surface_temp.pdf
http://www.vancouversun.com/technology/Scientists+using+selective+temperature+data+skeptics/2468634/story.html

Greenhouse-gate:

http://www.worldscinet.com/ijmpb/23/2303/S021797920904984X.html
http://www.junkscience.com/Greenhouse/index.html

Greenland-gate:

http://www.cfact.org/a/886/Melting-the-facts-about-Greenlands-ice-sheet
IPCC-gate:

Scandal Deepens: UN IPCC Lead Author Turns on Pachauri: Calls for his Resignation – Declares IPCC ‘tainted by political advocacy’
http://network.nationalpost.com/np/blogs/fullcomment/archive/2010/01/26/terence-corcoran-heat-wave-closes-in-on-the-ipcc.aspx

http://www.spiegel.de/international/world/0,1518,673944,00.html

http://canadafreepress.com/index.php/article/19458

http://www.telegraph.co.uk/earth/environment/climatechange/7111525/UN-climate-change-panel-based-claims-on-student-dissertation-and-magazine-article.html

NASA-gate:

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=514429
http://www.washingtontimes.com/news/2009/dec/03/researcher-says-nasa-hiding-climate-data/

NODC-gate:

http://wattsupwiththat.com/2010/01/31/nodc-revises-ocean-heat-content-data/#more-15879
Climate crooks:

http://www.timesonline.co.uk/tol/news/environment/article7004936.ece
http://www.cfact.org/a/1652/Monckton-names-names-on-Climategate

32,000 scientists [the Oregon Petition AGAINST global warming]:

http://www.oism.org/pproject/

- - - -

‘The great global warming collapse’...
http://www.theglobeandmail.com/news/opinions/the-great-global-warming-collapse/article1458206

UNBELIEVABLE ! Still Another IPCC Screw-Up Found
http://www.freerepublic.com/focus/f-bloggers/2446092/posts

Top British scientist says UN panel is losing credibility [UK Times]
http://www.freerepublic.com/focus/f-news/2446028/posts

Graham: Congress Needs A ‘Win’ On Climate Policy
http://www.freerepublic.com/focus/f-news/2440629/posts
Timing, Grahamnesty, timing. Ever hear about Climatgate? [Good grief.]

12 Days, 3 Networks and No Mention of ClimateGate Scandal
http://www.businessandmedia.org/articles/2009/20091202135822.aspx

Boxer: Hackers should face criminal probe over ‘Climategate’ - The ...
http://thehill.com/blogs/blog-briefing-room/news/70249-boxer-hacked-climategate-emails-may-face-criminal-probe
Dec 2, 2009 ... Leaked e-mails allegedly undermining climate change science should be treated as a criminal matter, Sen. Barbara Boxer (D-Calif.

Climategate Mashup
http://www.infowars.com/climategate-mashup/
CLIMATEGATE!!! arrest al gore! protos Says: November 25th, 2009 at 12:56 pm. Way to go hackers. Now we need you to expose the rest of their Lies. ...

YouTube – Lord Monckton on Climategate: Whistle Blower, Not A “Hacker”.
http://climategate.tv/?p=451

Van Jones [communist revolutionary] on the Advisory Board of the Presidential Climate Action Project
http://www.freerepublic.com/focus/f-chat/2436607/posts

UN scientist admits unverified data used for politics...
http://www.dailymail.co.uk/news/article-1245636/Glacier-scientists-says-knew-data-verified.html
Calls for UN climate chief to resign...
http://blogs.telegraph.co.uk/news/geoffreylean/100023489/pachauri-must-quit-as-head-of-official-science-panel

Climategate: CRU Was But the Tip of the Iceberg
http://www.freerepublic.com/focus/f-news/2434568/posts

UN abandons climate change deadline...
http://www.ft.com/cms/s/0/87479ee2-0600-11df-8c97-00144feabdc0.html

Chief admits mistake on Himalayas warning...
http://www.timesonline.co.uk/tol/news/environment/article6994774.ece

James Cameron: ‘I Believe In Eco-Terrorism’
http://www.freerepublic.com/focus/f-news/2430694/posts

ClimateGate’s Michael Mann Received Stimulus Funds
http://www.freerepublic.com/focus/f-news/2431012/posts

THE NEW CLIMATE CHANGE SCANDAL
http://www.freerepublic.com/focus/f-news/2431016/posts
“Himalayan glaciers would melt by 2035 was lifted from a 1999 magazine article.”

IPCC Pondering New Steps in Wake of Hacked E-mails Episode
http://www.freerepublic.com/focus/f-news/2430998/posts

PAPER: World Misled over Himalayan Glacier Meltdown...
http://www.timesonline.co.uk/tol/news/environment/article6991177.ece

Computer accused of ‘warm bias’ by BBC weatherman...
http://www.dailymail.co.uk/news/article-1243846/Met-Office-accused-warm-bias-BBC-weatherman.html

ClimateGate’s Michael Mann Received Stimulus Funds
http://www.freerepublic.com/focus/f-news/2431012/posts

THE NEW CLIMATE CHANGE SCANDAL
http://www.freerepublic.com/focus/f-news/2431016/posts

IPCC Pondering New Steps in Wake of Hacked E-mails Episode
http://www.freerepublic.com/focus/f-news/2430998/posts

PAPER: World Misled over Himalayan Glacier Meltdown...
http://www.timesonline.co.uk/tol/news/environment/article6991177.ece

Computer accused of ‘warm bias’ by BBC weatherman...
http://www.dailymail.co.uk/news/article-1243846/Met-Office-accused-warm-bias-BBC-weatherman.html

Danny Glover:Haitian earthquake was caused by climate change and global warming
http://www.freerepublic.com/focus/f-news/2429022/posts

BIN LADEN’S ‘GLOBAL WARMING’ RANT [FR link]
http://www.freerepublic.com/focus/f-news/2439926/posts

EPA Suppresses Internal Global Warming Study [previous Infowar Headline]

Scotswife: “Let’s not forget the wise wors from then-Governor Sarah Palin during her interview with Diane Sawyer. I remember a scene where Palin took Sawyer on a tour of the pipeline and Diane began her AGW questioning. Sarah raised the possibility AGW could be cyclical, and could have natural causes as well. Remember how she was mocked?” Right, and Bush was mocked too.

Sarah Palin — visionary. Hayworth — visionary [vs. McCain — cactus brain.] Rush, Hannity, Boortz, Levin, Beck — visionaries. Bush — visionary. Wizards of smart.

DRILL BABY DRILL! [REAL stimulus.]


58 posted on 02/09/2010 7:34:08 AM PST by Arthur Wildfire! March (2010 HOUSE RACES! Help everyone get the goods on their House Rats. See my profile.)
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To: Arthur Wildfire! March

[More info about the Fannie-FReddie Meltdown in response to this post.]

Mystery Men of the Financial Crisis [NYT?]
http://www.freerepublic.com/focus/f-news/2444906/posts

More light shed on the way we are economically manipulated.
Russia Urged China to Dump FANNIE, FREDDIE Bonds...
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afbSjYv3v814
http://www.freerepublic.com/focus/f-news/2441326/posts
“This is indicative of how dangerous the Chinese holdings of U.S. debt are. It is a huge financial weapon ...”

Barney Frank gets clarity. Finally
http://www.freerepublic.com/focus/f-news/2441738/posts
WASHINGTON - Barney Frank has been one of the staunchest defenders of Fannie Mae and Freddie Mac and their mission to increase access to affordable housing. Now he’s helping to lead the charge to dismantle the troubled mortgage giants.
[Would that be because of Paulson’s book now revealing the Russia/China negotiations to sabotage our economy?]

[In light of Russia’s attempt to manipulate Fannie/Freddie bailout during China’s Olympics ...]
YouTube:Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=channel_page

More light shed on the way we are economically manipulated.
Russia Urged China to Dump FANNIE, FREDDIE Bonds...
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afbSjYv3v814
http://www.freerepublic.com/focus/f-news/2441326/posts
“This is indicative of how dangerous the Chinese holdings of U.S. debt are. It is a huge financial weapon ...”

- - -

Shocker: Electronic Money Market Run Nearly Destroyed US Economy

http://www.freerepublic.com/focus/news/2183027/posts?page=117

Shocker: Electronic Money Market Run Nearly Destroyed US Economy
RushLimbaugh.com ^ | February 10th | Rush

Posted on Wednesday, February 11, 2009 3:03:27 AM by Halfmanhalfamazing

RUSH: I want you to listen to this, Paul Kanjorski. He’s a Democrat member of Congress from Pennsylvania. He was on C-SPAN’s Washington Journal on January 27th.

KANJORSKI: On Thursday at about 11 o’clock in the morning —

RUSH: Stop the tape a second. Go back and recue this. He’s talking about September the 18th here. Let me tease you even further. September the 18th is the day last year that the world economy almost came to an end. Don’t smirk. It’s true, Snerdley. That’s what Kanjorski is saying. So he’s talking here about Thursday, September the 18th.

KANJORSKI: On Thursday at about 11 o’clock in the morning the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States, to the tune of $550 billion was being drawn out in a matter of an hour or two. The Treasury opened up its window to help. It pumped $105 billion in the system and quickly realized that they could not stem the tide; we were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there.

RUSH: Do you remember this? This is the day I think that the Atlanta banks ran out of one-hundred-dollar bills. But now stop and think of this: A $550 billion withdrawal from money market funds in one-to-two hours. I am convinced — and there’s one more sound bite to go here — I am convinced that this is what they took to the White House and said to President Bush, “We have got a disaster, you have got to get on board with a bailout,” which came later on in October, “you’ve got to get on board with this $700 billion, the TARP 1,” all because 550 — now, what precipitated this? Here’s the second Kanjorski sound bite.

KANJORSKI: If they had not done that, their estimation was that by two o’clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it. We’re really no better off today than we were three months ago because we’ve had a decrease in the equity positions of banks because other assets are going sour by the moment.

RUSH: Now, this is January 27th, Kanjorski is talking about this, and we have to allow, since Kanjorski is a Democrat he’s part of the Pelosi team, we have to allow that some of his comment here is being flavored. When he ends up saying we’re no better off today than we were three months ago, some of this is obviously oriented toward panic and getting people to go along with the bailout today, but let’s leave that aside because that’s traditional Democrat Party politics. If they had not done that, if that $550 billion-dollar withdrawal in an hour or two had not been stopped, if they hadn’t closed the windows, he says that five-and-a-half trillion would have been drawn out of the money market system of the United States. Now, when I hear money market I think of savings accounts, higher interest rates than passbook savings at the old downtown building and loan where people park their money temporarily ‘til they decide where to put it permanently. He says five-and-a-half trillion would have vanished from the banking system, would have collapsed the entire economy of the US and within 24 hours the world economy would have collapsed.

Now, we’ve gotta allow here for some exaggeration. It’s amazing this was said on C-SPAN on Thursday, January 27th, and nobody picked up on it. We got it from a website called LiveLeak. They were rummaging through things, and they found this. Now, let’s assume for a second here that elements of this are true. Let’s assume that there was a $550 billion run, electronic run on the banks and money market accounts in one to two hours. The question is who was doing this? Who was withdrawing all this money? And the next question is why? That’s where my mind starts exploding, and this is dangerous to have these explosions going this way. Could it have been George Soros? Could it have been a consortium of countries — Russia, China, Venezuela — countries that are eager to have Barack Obama elected because they know that will make it easier for them to continue their own foreign policies in the world? In the meantime, five-and-a-half billion dollars in one to two hours, that can probably be confirmed. The five-and-a-half trillion is speculation based on the rate at which money was coming out. We could check that the Fed stopped the trading windows, they closed the window. We do know they were pumping money into the system left and right. And remember when the Federal Reserve loaned elements, $2 trillion and we weren’t told who got the money? And we still haven’t been told who got the money.

We know that last fall, the Federal Reserve lent $2 trillion to somebody or a series of somebodies, and we still don’t know where it went. We know last year that we had a crisis on our hands and everybody was saying if we didn’t do this today the country was finished and they got Bush on board, they got Paulson on board. Obviously this kind of news, if somebody from the Fed shows up and Bernanke and Paulson say, “Hey, we got a chance here of losing five-and-a-half trillion dollars if we don’t do something,” I mean that’s gotta scare anybody into some sort of action to stem the tide. RUSH: We have an AP-Obama story here that targets the date of this run on money market accounts to September 16th. It was Kanjorski on C-SPAN on January 27th, said it was Thursday the 18th. Here’s the AP story: “A money-market mutual fund that ‘broke the buck’ amid a rush of orders to pull out cash has begun returning an initial $26 billion to investors who had been unable to access their money for more than a month. ... On Sept. 16, the rapid sell-off of assets caused the value of fund assets to fall to 97 cents for each investor dollar put in — the first instance in 14 years of a money-market mutual fund ‘breaking the buck,’ or having its per-share value fall below $1. Reserve Management froze redemption orders. That led institutional investors to pull out cash...” I think both dates are right. September 16th, the rapid sell-off begins and “[t]hat led institutional investors to pull out cash from that fund and others, creating fears about the safety of the $3.4 trillion in assets held in money-market funds, and a new temporary government money fund guarantee program.’” It’s sort of just a casual, hey, no-big-deal kind of story from the Associated Press — and here again is Kanjorski talking about this. Let’s go back to these two sound bites, Paul Kanjorski (Democrat-Pennsylvania) on C-SPAN’s Washington Journal on January 27th.

KANJORSKI: On Thursday at about 11 o’clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of $550 billion was like being drawn out in a matter of an hour or two. The Treasury opened up its window to help. They pumped $105 billion in the system and quickly realized that they could not stem the tide; we were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there.

RUSH: By the way, I should tell you that Kanjorski’s source for this is none other than Bernanke — Ben Bernanke, the Federal Reserve — and the Treasury secretary, Hank Paulson. They are the two figures that told members of Congress what was going on with this initial run of $550 billion, an electronic run on the banks, money market accounts, investor accounts here. He goes on to say this, if they had not stepped in to stop this, if they had not closed the window...

KANJORSKI: If they had not done that, their estimation was that by two o’clock that afternoon, $5-1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it. We’re really no better off today than we were three months because we had a decrease in the equity positions of banks because other assets are going sour by the moment.

RUSH: So the last part, I think that’s just salesmanship for doing something now to get the stimulus bill passed, although Kanjorski is among some Democrats starting to shift to the cant that more time is needed to make a correct decision this time; which I think is one of the reasons Geithner postponed his announcement to today from last week or even today. So, you know, I have been suspicious of all this that happened last fall. It just seemed too perfectly timed. Now we know that these are not individual money market accounts like you would have had to withdraw your money. This is money invested in a mutual fund money market account. So it is quite possible somebody could have started a run on this thing and the word spread, and it did — and the $550 billion withdrawal in one hour would panic anybody. So there’s so much to this. You know, it’s always the case that there’s so much more going on in all this that we don’t know. The Drive-By Media, any longer, is worthless in ferreting out the truth involved in events. They totally exist on the surface. They exist with a path of least resistance particularly with Democrats in power, because with the presumption that Democrats could abuse power or commit ethics violations just doesn’t even cross the radar. It doesn’t even show up on the radar. It’s not possible for Democrats to behave in that fashion, and so all this stuff goes on below the surface and we find out about it much later after the fact.


59 posted on 02/09/2010 7:35:14 AM PST by Arthur Wildfire! March (2010 HOUSE RACES! Help everyone get the goods on their House Rats. See my profile.)
[ Post Reply | Private Reply | To 57 | View Replies]

To: Arthur Wildfire! March; SeattleBruce

What Led to our economic vulnerability? As usual, a bubble.

Bill Clinton: “The responsibility that the Democrats have may rest more with resisting any efforts by Republicans in the Congress or by me when I was president to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”

[In other words, Bill Clinton had a plan to prevent this mess. McCain and Bush also had plans.]

I decided to go ahead and do some serious research on the economic meltdown history. First off, Fannie / Freddie are government run corporations [or to be blunt — socialist programs]. Fannie was first formed in 1938 by FDR and his New Deal program. Fannie Mae giant GSE (Government Sponsored Enterprise), which had been “privatized” and listed on the New York Stock Exchange.

In 1999, Bill Clinton [with the help of a Republican dominant congress] wanted to help poor people get house loans, a noble intention but dangerous. Fannie / Freddie bought bad debts, thus encouraging banks and credit card companies to take risks. It was an unnatural market pressure. When you can sell your bad gambles off, why not take more risks? It’s a no-brainer.

Here’s another reason I say this was a socialist program — the president appoints Fannie Mae’s leadership. For example, Bill Clinton appointed Franklin Raines [1999 to 2004].

During a 2003 hearing, here is what one congress critter had to say:

- - -

Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100 percent loans.

— Congresswoman Maxine Waters in a September, 2003, hearing of the House Committee on Financial Services.

Waters seemed particularly proud to say “since the inception of goals from 1993 to 2002, loans to African-Americans increased 219 percent and loans to Hispanics increased 244 percent, while loans to non-minorities increased 62 percent. Additionally, in 2001, 43.1 percent of Fannie Mae’s single-family business served low-and moderate-income borrowers…” She then said “the GSEs are working” and reiterated her opposition to more oversight.

[As an aside, I once saw the esteemed congresswoman pick her nose on live satellite TV (Weyrich’s NET). I would think that would trump Palin’s ‘Hand-Gate’.]

- - -

Representative Barney Frank [the Banking Queen] said, “I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger… Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country.”

[When he’s not letting his boyfriend run a whore house in his apartment. Names of the sodomized prostitutes are kept anonymous, probably because his boyfriend liked to visit schools.]

- - -

BTW, they and many other congress critters were opposed to warnings and solutions proposed by both the Clinton Administration and the Bush Administration. The Bush Administration only suggested a wimpy bandaid — more oversight. In truth, Fannie/Freddie were puppets of government programs, and they could only attract investors through deception. It was treated like a ‘pump and dump’ junk stock. In the long run, no amount of oversight could have fixed the root problem: lenders can’t profit from high risk low interest loans, DUH! But that got in the way of minorities getting loans [many of whom were illegal aliens who can turn invisible and take up a new identity when their credit rating is shot].

Bush’s suggestion of more oversight would have been unnecessary if the market were allowed to work things out itself.

- - -

During the hearing Rep. Gregory Meeks said “I am just pissed off at OFHEO because if it wasn’t for you I don’t think we’d have to be here in the first place.”

The head of OFHEO, the under-funded regulator of Fannie and Freddie, did not take that lying down: “Congressman, OFHEO did not improperly apply accounting rules; Freddie Mac did. OFHEO did not try to manage earnings improperly; Freddie Mac did. So this isn’t about the agency’s engagement in improper conduct, it is about Freddie Mac.” [Only underfunded because the government imposed cock-eyed loan purchasing proceedures. If the banks had been left alone, housing would have been as smooth as it was since the 50s.]

- - -

Senator Christopher Dodd, the largest recipient of campaign contributions from Fannie and Freddie in the past decade, also turned a blind eye to the risks posed by the GSE’s.

The Washington Post (no friend to the Bush administration), offered this: “Sen. Christopher Dodd, the Democratic chairman of the Senate Banking Committee, has the gall to ask in a Bloomberg Television interview: I have a lot of questions about where was the administration over the last eight years’” before explaining that “Dodd — who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 — actively opposed such measures and further weakened existing regulation.”

[Amazing that Obama, a latecomer, caught up with them so quickly.]

- - -

Fannie and Freddie even threatened to harm “racist” banks which didn’t loan money to (unqualified) minorities, the leadership of the GSEs was clearly just as afraid of being called racist by minority (by race, not political party) members of Congress. In a 2005 video of the swearing-in ceremony of the (with an applauding Michelle Obama prominently featured), Fannie Mae interim CEO Daniel Mudd, cozies up to the CBC: “I humbly ask you to help us and help me… If there areas where we could do better, we’d like to hear it from our friends, and I’d be so bold as to say our family, first.” Mudd was clearly afraid of the Congressional Black Caucus. Why did he fawn all over them? Because the banking reform was a political payoff to black poverty pimps and also for illegal aliens.

- - -

John McCain was one of just 4 sponsors of a 2005 measure to rein in these financial Frankensteins. McCain offered support of the bill with this statement: “If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”

- - -

Even those who cared about our nation’s future had to tread lightly or be accused of being racist.

Here’s a google link to verify:

http://www.google.com/search?hl=en&as_q=Fannie+Freddie+1999+Clinton&as_epq=&as_oq=&as_eq=&num=10&lr=&as_filetype=&ft=i&as_sitesearch=&as_qdr=all&as_rights=&as_occt=any&cr=&as_nlo=&as_nhi=&safe=images

Topping the list is an LA Times headline:

Minorities’ Home Ownership Booms Under Clinton but Still Lags ...May 31, 1999 ... Clinton has threatened a veto if the House concurs. The top priority may be to ask more of Fannie Mae and Freddie Mac. ...

http://articles.latimes.com/1999/may/31/news/mn-42807

Note the emphasis of the word ‘minorities’.

- - -

More of the record on Fannie Mae and Freddie Mac | Stubborn FactsSep 30, 2008 ... Beyond the fact that the Republican “clamp down” on Democrats was ... were in fact bought or guaranteed by Fannie or Freddie. ... If you want to trot out the old “GOP is racist” crap you and your ..... these were based on Miller’s successful 1999 effort when he was state senator in North carolina. ...

stubbornfacts.us/corruption/more_of_the_record_on_fannie_mae_and_freddie_mac - 72k

- - -

[A total of 11,900 pages on that google link]

But here’s where the murkiness starts to clear up — what happens later, Clinton’s appointment of Raines [1999 to 2004].

Fannie, Freddie ignored warning signs - Dec. 9, 2008 Dec 9, 2008 ... Fannie and Freddie, publicly traded but federally backed companies, ... Raines, the chief executive of Fannie Mae from 1999 to 2004, ...

money.cnn.com/2008/12/09/news/economy/fannie_freddie_hearing/index.htm - 65k

- - -

TheHill.com - How Fannie, Freddie sankOct 2, 2008

... former Clinton White House budget chief who ran Fannie from 1999 to 2004. ... And we know that Fannie and Freddie, with significant support on the Hill, ... these were the people who came after Franklin Raines — became more ... I should have heeded the concerns raised by their regulator in 2004. ...

thehill.com/byron-york/how-fannie-freddie-sank-2008-10-02.html - 51k

- - -

Economic Meltdown History [in depth]:

Wikipedia — [left leaning research site]

http://en.wikipedia.org/wiki/Fannie_Mae

The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation’s purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.[2]

[snip]

In 1970, the government created the Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, to compete with Fannie Mae and, thus, facilitate a more robust and efficient secondary mortgage market. Since the creation of the GSEs, there has been debate surrounding their role in the mortgage market, their relationship with the government, and whether or not they are indeed necessary. This debate gained relevance due to the collapse of the U.S. housing market and subprime mortgage crisis that began in 2007. Despite this debate, Fannie Mae, as well as Ginnie Mae and later Freddie Mac, has played an integral part in the development of what was the most successful mortgage market in the world which has allowed U.S. citizens to benefit from one of the highest home ownership percentages in the world.

In 1999, Fannie Mae came under pressure from the Clinton administration[citation needed] to expand mortgage loans to low and moderate income borrowers. At the same time, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans. Shareholders also pressured Fannie Mae to maintain its record profits.[9]

In 1999, Fannie Mae came under pressure from the Clinton administration[citation needed] to expand mortgage loans to low and moderate income borrowers. At the same time, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans. Shareholders also pressured Fannie Mae to maintain its record profits.[9]

[snip]

Early warnings

In 1999, The New York Times reported that with the corporation’s move towards the subprime market “Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s.”[12] Alex Berenson of The New York Times reported in 2003 that Fannie Mae’s risk is much larger than is commonly held.[13] Nassim Taleb wrote in The Black Swan: “The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deem these events ‘unlikely’”.[14]

In 2003, the Bush administration recommended significant regulatory overhaul of Fannie Mae and Freddie Mac. However, the Democrats opposed that proposal, fearing that tighter regulation could sharply reduce financing for low-income housing, both low and high risk. Under immense lobbying pressure from Fannie Mae in association with Congressional Democrats led by Rep. Barney Frank, the Republican controlled Congress did not introduce any legislation aimed at bringing this proposal into law until 2005.

In 2006, the Federal Housing Enterprise Regulatory Reform Act of 2005 (first put forward by Sen. Chuck Hagel)[15] where he pointed out that Fannie Mae’s regulator reported that profits were “illusions deliberately and systematically created by the company’s senior management”.[16] However, this legislation too met with opposition from both Democrats and Republicans. This bill was passed by the House, but was never presented to the Senate for a vote. [17] [My take — filibustered.]


Hard Hitting version [Human Events]

http://www.humanevents.com/article.php?id=28641

On November 12, 1999, President Clinton repealed the Glass-Steagall Act, which for 55 years had prevented banks, the nation’s lenders, to get into the so-called “investment banking” business (stock brokers). With lots of pressure in Congress by the Democratic members of the New York contingent, the Senate and House caved in and trashed a law which had provided stability in both the banking industry and on Wall Street.

What follows next reads like a third-rate screen play.

Banks jumped into the fray, and, encouraged by the Wall Street Democrats, began buying up and merging with Investment Banks, swapping assets, creating new loan “instruments” and weakening both independent systems.

Also in 1999, Clinton appointed Franklin Delano Raines, a Harvard Law School graduate and his Director of the U.S. Office of Management and Budget (OMB), to become the CEO of the obscure but powerful Fannie Mae giant GSE (Government Sponsored Enterprise), which had been “privatized” and listed on the New York Stock Exchange.

Mr. Raines immediately went to work lobbying Congress for less regulation and more “flexibility” in creating the massive dodgy-loan portfolio of under-qualified home loans to fellow minorities which would continue to grow and was encouraged by Barney Frank, another former Democrat & Harvard Law School graduate who now heads up the House Financial Services Committee — which has key oversight over both Fannie Mae and Freddy Mac.

The good results of Mr. Raines’ efforts soon became apparent.

On December 21, 2004, Raines accepted what he described as “early retirement” from his position as Fannie Mae’s CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, has now accused him of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.

Then, in 2006, the OFHEO filed suit against Raines in order to recover the $50 million in personal payments made to Raines based on Fannie Mae’s overstated earnings which were initially stated to be $9 billion but have since been reduced to under $6.3 billion.

Undeterred, Mr. Raines now works for another Harvard Law School graduate, Mr. Barack Obama’s presidential election campaign — as an advisor on mortgage and housing policy matters.

Meanwhile, continuing pressure by the New York Democratic Congressional caucus encouraged both retail banks and the new mortgage subsidiaries of investment banks to also make home loans to less qualified borrowers (read: low income, poor-credit, deadbeat, and undocumented liars) — if they wanted to continue to be able to benefit from light supervision and aggressive merger and acquisition practices.

By the end of the ‘90s, no less than nine separate, independent, and uncoordinated Federal Regulators had been created by Congress. These agencies included the SEC, CRTC, Controller of the Currency, Treasury, FRB and OFHEO, among others. They would poorly supervise what Clinton had now given birth to: a jungle of speculators, favor-seeking financial lobbyists, and Democrat-dominated Wall Street organizations who duly poured millions of dollars of contributions into Democrat coffers for the Congressional and Presidential elections.

By the time that “Securitization” of home loans (Fannie Mae began to convert its original business of making mortgages to creating packages of home loans that it could sell off as safe investments on Wall Street) began to grow, the Democrat Senators and Representatives cheered the wonders of the new-found ability of America’s financial community to enable the poorest and least-qualified of their voters to finally be able to own their own homes.

U.S. home ownership, averaging around 65% for 50 years, suddenly jumped up to almost 70% — and the housing construction sector took that cue to start building even more houses on spec, knowing that they would soon be bought using doggy loans.

Fixed rate mortgages gave way, under encouragement by the legislators, to so-called variable-rate ARMS and low-initial-entry-cost loans (”sharks”).

In 1998, Senator Chuck Schumer of New York was elected. He now serves on both the Finance, and the Banking, Housing & Urban Affairs Committees, and is the Chairman of the powerful Housing, Transportation and Community Development Sub-committee. He also graduated from Harvard Law School.

After the sub-prime mortgage industry began its meltdown in March 2007, Schumer proposed a bailout by the Federal Government of sub-prime borrowers — ostensively to prevent these poor-credit owners from losing their homes. Financial commentators immediately observed that such a “bailout” would primarily benefit Wall Street bankers and other lenders — who had made large campaign contributions to congressmen. (Schumer’s
nine biggest campaign donors are financial institutions — who had contributed over $2.5 million to his re-election campaign.)

As the recent Indy-Bank collapse occurred, CNBC financial analyst Jerry Bowyer said that “Schumer was responsible for the second largest bank failure in US history.”

The final invention of the new-world-order of funny money was the “Credit Default Swap”, a derivative instrument which resembles an insurance policy but, in fact, can be used to magnify raw speculation profits — and down side risks — and was, ahem, generously exempt from regulation or even transparency.

The conditions had been set for a gigantic credit collapse and subsequent financial world meltdown which is continuing as we write. All from a simple idea to “help the little people” — who would show their appreciation by re-electing the Democrat politicians who were the vocal cheerleaders (and recipients of gobs of doggy-lender re-election campaign funds).

So the pattern becomes clear. Harvard Law School attorneys — noted for their lack of economic knowledge — create an easy-money system which relies on flakey loans provided by fat-cat financial manipulators who are the primary contributors to the re-election campaigns of the legislators — almost exclusively Democrats.

But this makes sense.

Demographers have shown that since the 1940s, the Democratic Party has segued from the party of the working middle class to the party who’s voters look like a double-hump camel: they are either the poor who vote for entitlements or the extremely wealthy millionaires and billionaires who provide the “juice” to buy the allegiance of the first group.

Meanwhile, the Republicans have morphed from the fat-cats (who are all mostly Democrats now — see the Obama campaign donation records at www.fec.gov) to the party of the working and middle class which saw landslide support for an ex-union-leader and Democrat-turned-Republican, Ronald Reagan.

The solution is simple: the Democratic Party in control of the Senate and House needs to get back to its roots and stop being co-opted by the world’s wealthiest — and financially manipulative — Wall Street “titans”.

A return to the values of the small business owner would be a good start: hard work and personal savings, not get-rich-quick (like the Democrat-voting dot.com billionaires). Small business is the real growth engine of the American economy, and these “mom and pop” shops employ the majority of our citizens.

This may be more difficult than it seems, however. Small business owners strongly empathize with people like Gov. Sarah Palin and her fishing-boat husband, not Joe Biden, another attorney who turned professional politician one year out of law school, in 1969.

So what’s next?

The U.S. Government will create a Resolution Trust Company to temporarily take over the perhaps $1 trillion doggy-loan portfolios of the nation’s lenders and free up the grid-locked system to start inter-bank lending again so the free-market economy can continue to grow. This “New RTC” will eventually dispose of its portfolio — hopefully, as before, at a profit for the taxpayer.

A centralized regulator, most likely the Federal Reserve, will subsume most of the other eight regulators. Regulations which worked for decades, like Glass-Steagall, the up-tic sell rule and sound-accounting regulations may be restored.

And maybe, Congress will remove its addiction to the Wall Street money re-election game. Without the latter, of course, we can expect to see another, worse, financial fiasco in the next decade or two.

Since our fiat dollar currency is now only backed by the “faith and credit” of the United States” (there isn’t any politician-proof gold or silver backstopping this fiscal house-of-cards, Kennedy & Nixon killed them off), it’s inevitable. We’ll see.

- - -

Obama’s Stimulus Stimulates Nothing But Votes for Obama
http://www.stoptheaclu.com/2009/07/14/obamas-stimulus-stimulates-nothing-but-votes-for-obama


60 posted on 02/09/2010 7:36:44 AM PST by Arthur Wildfire! March (2010 HOUSE RACES! Help everyone get the goods on their House Rats. See my profile.)
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