The "New Economy"

who to blame for the current financial crisis

If you find yourself looking for someone to blame for the current financial crisis. Don't worry, there's quite enough blame to go around. For the past several years, senators (mostly democratic senators) have turned a deaf ear to the warnings of coming problems; before that, President Bush did have a Republican congress during his first term and they didn't get anything done about this situation (although his defenders would say he was probably a bit distracted with 911 and the whole war thing); then you have President Clinton, who, according to most financial professionals in the know should take a majority of the blame. In Ann Coulter's last article ( http://www.humanevents.com/article.php?id=28714 ), she said, "Before the Democrats' affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.

Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001."

Ann is right on the money here. She summed it up well. Although, again I would say there were other people involved that should take some of the blame. We even have President Carter who started this inevitable financial fiasco rolling with the Community Reinvestment Act of 1977 which forced banks and lending institutions to make loans to the lower-income areas in their communities. This was fine as long as housing prices and values were rising, but markets can't rise forever and earlier this decade, when the housing market crashed, banks had to start with their "alternative accounting practices" until they completely ran out of money. Moronic laws/policies have a way of looking good in the short-term, but we need leaders who look out for our interest in the long-term. The Community Reinvestment Act of 1977 made Carter look like a saint, but set into motion the travesty of stupidity we are now being called upon to bail out.

So, please rest assured that whatever politician you decide to blame, you'll probably be correct. They just love sticking their regulatory noses in things they don't completely understand so they can take credit for things they know are not of their doing and continue to gain power they have no business having - the jack asses.

Politicians got us into this mess and now they say for a mere $700,000 billion, everything will be OK. If you believe political intervention and your money can fix this, please see me after class so I can sell you some mars rocks I just had flown in from Antarctica.


If you'd like to sign a petition telling congress not to bail out stupidity, click here: http://nowallstreetbailout.com/

Cost of Government Day

According to our friends at the Americans for Tax Reform (ATR), today is Cost of Government Day. This means that for the average American, tomorrow you can start working for yourself and your family, but so far this year (on average and including federal, state and local taxes) you’ve been working for ‘the man’. This brings me to an interesting point regarding those who feel that government is not doing enough (which usually means ‘giving’ enough) to help the financially lower class in this great country. How much is enough?

To those people who think our government should be bigger, exactly how much more than 50% of our work year should be given to fund government spending? 75%, 90% how much is too much and who should decide that???? The Elitists because they think they’re smarter than the working class? And how much will the accountants and lawyers charge to find loopholes for the rich so the working class gets stuck with all the taxes, or how many rich people have to move oversees before we realize that our taxes are too high. California is seeing a lot of their wealthier people move across the state line into Nevada because California taxes are too high. This eventually causes an even greater shortfall in tax revenue generated.

Government can’t and shouldn’t use tax money to give to anyone. That’s simply robbing one class to give to another class. Then we have to designate a “KING” to decide how much to tax, how much to give away, how long his servants have to work each year to pay the KING’S TAX. Our founders fought against this very thing. See the quote below from some of this country’s historical documents.

"[W]e are confirmed in the opinion, that the present age would be deficient in their duty to God, their posterity and themselves, if they do not establish an American republic. This is the only form of government we wish to see established; for we can never be willingly subject to any other King than He who, being possessed of infinite wisdom, goodness and rectitude, is alone fit to possess unlimited power."

Instructions of Malden, Massachusetts for a Declaration of Independence, 27 May 1776

Reference: Documents of American Histroy, Commager, vol. 1 (97)

By the way, the King with infinite wisdom, goodness and rectitude they’re speaking of there isn’t George Bush or even Barack Hussein Obama.

Look into it.

President Obama

Does anyone still think that McCain has a chance in this upcoming election? If you do, just look at history - moderate Republicans never win. The truth is, most Americans simply aren't moderates. They either come down on one side or the other. Either they are among the 'educated elite' who think because they paid obscene amounts of money to a particular indoctrinating institution they have a responsibility to educate, indoctrinate, and lead (through forced laws) the ignorant masses to make a better world, or they believe in freedom of the people to choose their own path (even the path of failure). Moderates are simply appeasers blown to and fro by every latest poll. As the old saying goes, you've got to stand for something or you'll fall for anything. And I wont even charge you obscene amounts of money for that little bit of redneck education. Right, wrong or indifferent, we might as well get used to saying President Obama.

Bush Administration

This administration has, if nothing else, taught us some lessons about politicians. Mainly that what we need in politics today is someone who is at least consistent. (Bill Clinton was at least consistent, with him it was just one scandal after another.) We need someone who won’t ‘change’ when he/she gets to Washington and feels the pressure to conform to the ‘I’ll vote for your crappy bill if you vote for mine’ mentality. I know these things are done in the spirit of ‘compromise’, but we didn’t put you in office to ‘compromise’ – jack ass. Oh well, I guess we can just throw all the new crappy bills on the pile with the other 347,590,617,335,480 piece-of-shit bills on the record. We also learned that we need someone who doesn’t use flowery words or phrases, (buzz words) that have little of no meaning, just to make people feel good about wasting their vote. The good news is that six years into Bush’s administration we’re finally figuring out what he means when he says he’s a ‘compassionate’ conservative. The bad news is that it means he’s a pussy (I guess his last name really does suit him). Because he got a tax cut passed, conservatives tried to overlook it when he told congress to send him any kind of crappy additional Medicare bill regardless of the cost and he’d sign it. (Thanks for wasting all of our money poop-head!) They also defended him as the media forgot, on a daily bases, exactly what a ‘long war’ looks like. He’s starting to get on the nerves of even the strongest conservatives, however with this whole amnesty bill he’s trying desperately to ram through. (Has someone taken his dog hostage until he gets an amnesty bill passed?) And in the interest of trying to get along with a few, our president has alienated virtually everyone. Look man, if you’re a newly elected politician, the people who hate you are going to hate you regardless of what you do so you might as well do what the majority of Americans want you to do. You got elected for a reason stupid, so don’t screw the pooch. Stop flip-flopping when you get to Washington.