Editore"s Note
Tilting at Windmills

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October 23, 2008

THURSDAY'S MINI-REPORT.... Today's edition of quick hits:

* After struggling for most of the day, the Dow closed up 172 points today.

* Not all of today's economic numbers were good: "New applications for state unemployment benefits increased by 15,000 in the week ended Oct. 18 to a seasonally adjusted 478,000."

* Alan Greenspan's faith in the free market was apparently a big snafu.

* On a related note, no serious person believes Fannie Mae and Freddie Mac were responsible for the financial crisis.

* McCain defended Palin's exorbitant campaign wardrobe today, telling reporters, "She needed clothes."

* The White House fired Scott Bloch before he could resign.

* Bill O'Reilly will get $10 million a year to tell people to shut up.

* I don't think Palin knows what a "precondition" is.

* The polls on marriage equality in California remain close, but a new LA Times poll shows a majority opposing a ban on gay marriage.

* Usually, Republican race-baiting isn't as blatant as this direct-mail piece in Texas.

* Usually, Republican gay-baiting isn't as blatant as this direct-mail piece in North Carolina.

* The RNC is denying robo-texting efforts.

* Newt Gingrich thinks "Saturday Night Live" should be sued for its skits about Palin.

* Next year, Bono will be a contributing writer to the New York Times' op-ed page.

* James Dobson has quite an active imagination.

Anything to add? Consider this an open thread.

Steve Benen 5:30 PM Permalink | Trackbacks | Comments (67)

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Comments

GOTV video:

http://www.youtube.com/watch?v=HOOUtOf1--M

Tune in, turn on, turn out.

dk

Posted by: dk on October 23, 2008 at 5:31 PM | PERMALINK


Opie and Andy are back!

http://www.huffingtonpost.com/2008/10/23/ron-howards-call-for-obam_n_137214.html

Posted by: koreyel on October 23, 2008 at 5:40 PM | PERMALINK

Bono writing for the NYT? Fuckin' brilliant.

Posted by: Spero Melior on October 23, 2008 at 5:42 PM | PERMALINK

Bono? Is this an attempt to boost circulation? Be more hip? Should be interesting, though it seems there might be a more credible candidate at that end of the political spectrum.


Posted by: Alex Kirby on October 23, 2008 at 5:51 PM | PERMALINK

I hate Hugh Hewitt and as usual, the Blitzer threw him a good many softballs on CNN today. I can't believe the guy actually is part of the Law Department at Chapman University in Orange County, CA. Pretty frightening.

California is bizarre:

Don't underestimate the hyper-religious right fundies and bigotry in CA--with the Asians and the Hispanics, I'm afraid they make up a huge portion. Along with sections like the Inland Empire and the Central Valley, they all add up to some serious trouble.

This could be why Prop. 8 is threatened. Hope Obama campaign is confident they got it sealed.

Posted by: on October 23, 2008 at 5:54 PM | PERMALINK

koreyel: Shaaaaa-zam! That was funny!

Posted by: MissMudd on October 23, 2008 at 5:58 PM | PERMALINK

Yes, Newt that sounds like an excellent idea... here's the quote that he references when he says they did a sketch about "Todd Palin and his daughters," spoken by a NYT assignment editor:

"[Todd Palin] very well could be [the father of Bristol's baby]. Admittedly, there is no evidence of that, but on the other hand, there is no convincing evidence to the contrary. And these are just some of the lingering questions about Governor Palin."

The joke was that the NY Times would investigate a ridiculous story about them even though there was no evidence... they were actually attacking the media for being unfair to the Palins! I'm not a legal expert, but when a satirical show says that there's no evidence for the satirical allegation, it's seems like it's probably not slander. He's obviously just trying to mute the effects of SNL's success in lampooning her (by repeating her interview answers verbatim) by claiming they are generally out to get her.

Posted by: ibid on October 23, 2008 at 5:59 PM | PERMALINK

James Dobson is merely channelling Janet Folger, speaking from the future. Said to myself, "Where have I heard that name?" Yup, same person. Janet Folger was the president (and, for all I know, creator) of Ohio Right To Life, and used to haunt the Columbus Public Access studios back when I worked there some twenty-five years ago, before she hooked up with James Kennedy and departed for better funding and a national stage in Florida.

Folger's a real example of how much damage total craziness, a giant ego and limitless need for attention can cause. Her "letters from the future" probably seem true to her, because she possesses no capability of seeing from any viewpoint other than her own severely twisted one. As a poster on another site said, she'd be very funny if she weren't so dangerous. And by the way, the portrait on her website is approximately as old as my association with her.

Posted by: ericfree on October 23, 2008 at 5:59 PM | PERMALINK

"..Newt Gingrich thinks "Saturday Night Live" should be sued for its skits about Palin."

Republicans love them some 2nd Amendment rights, the First Amendment? Not so much...

Now, I've heard of "Cafeteria Catholics" who go to Mass, but believe in stuff like birth control. Could we call Newtie a "Cafeteria Constitutionalist"?

Posted by: BuzzMon on October 23, 2008 at 6:00 PM | PERMALINK

kriby said:

Bono? Is this an attempt to boost circulation? Be more hip? Should be interesting, though it seems there might be a more credible candidate at that end of the political spectrum

Well they are trying to balance out Kristol.

Posted by: thorin-1 on October 23, 2008 at 6:06 PM | PERMALINK

"Alan Greenspan's faith in the free market was apparently a big snafu." - This is a must read. Absolutely astonishing. How could this man be so naive about human nature, at his age? I've never for a moment believed that these free market fanatics believed what they were telling us. Apparently some of them do. I don't know which is worse - the greedy millionaire bastards who are robbing us blind with their ideology, or the naive millionaire guys who don't know their cronies are all crooks.

Posted by: hark on October 23, 2008 at 6:15 PM | PERMALINK

LOL.

"...Many of our freedoms have been taken away by a liberal Supreme Court..." Eh-what?! "...gay marriage and abortion were mandated..." Like, for everyone?

Wow. just...wow. These people need to take their meds, lest the rest of us end up dying of laughter.

Posted by: hesionymous on October 23, 2008 at 6:15 PM | PERMALINK

LOL.

"...Many of our freedoms have been taken away by a liberal Supreme Court..." Eh-what?! "...gay marriage and abortion were mandated..." Like, for everyone?

Wow. just...wow. These people need to take their meds, lest the rest of us end up dying of laughter.

Posted by: hesionymous on October 23, 2008 at 6:15 PM | PERMALINK

Did I hear Alan Greenspan say on the Hill today of the financial situation, "Who could have foreseen this could happen? We had a lot of very smart people working on this. Who could have envisioned that if we dismantled regulations, that greed would consume the financial industry? Who could have predicted this? "I wonder if he now realizes that Ayn Rand was full of shit?

Posted by: PJbacfl on October 23, 2008 at 6:18 PM | PERMALINK

I need to be clear that I didn't mean in any way from my wording above that the Hispanics and Asians are bigoted.

Rather, they do seem to represent a large portion of folks who seem very un-informed and even fearful of the idea of gay marriage--along with other whites in CA, such as in O.C. and in the Inland Empire of CA and Central Valley-- and somewhat in San Diego County as well. I think a good many churches have sadly been distorting the Prop. 8 thing.

Even Ellen Degeneres, who is typically publicly a-political, came out on her show yesterday with a statement against Sarah Palin with regard to her strong stance on Gay Rights. I sorta wish Ellen would do more overall for Obama Campaign in general. This is no time to sit on the sidelines, IMHO.

Posted by: on October 23, 2008 at 6:20 PM | PERMALINK

Alan Greenspan say..."Who could have envisioned that if we dismantled regulations, that greed would consume the financial industry? Who could have predicted this? " Posted by: PJbacfl on October 23, 2008 at 6:18 PM

Well, the Bible predicts it repeatedly. But then, Republicans don't read the Good Book, do they.

Posted by: Zli on October 23, 2008 at 6:25 PM | PERMALINK

I have a suggestion for you. Why not pay for Palin's wardrobe with Obama's illegal campaign contributions ? Sounds fair to me although we could buy 100 wardrobes with what is coming in from Europe and the Middle East.

Posted by: Mike K on October 23, 2008 at 6:27 PM | PERMALINK

Dobson is not a minister so why is he talking like some raged ordained fanatic. Fear mongering from the future like if Obama is chosen then the US is virtually destroyed and it's all the young CXhristian's fault. They didn't take the time to know about Obama...Nonsense...that is exactly why we are voting for him because we did take the time to find out about him beyond all the misinformation from the McCain campaign and the likes of Dobson. We took more time to find out about McCain and saw him as dangerously erratic and standing for the big corporations, the very wealthy, and war which is against the Christian ideal. Instead of "looking out for the least of these"...it became looking out for #1 only and with a Palin pick it was not country first...it was get me elected before country. It was just a continuation of Bush policies with more of a anger problem, poor judgment, and a Keating five erratic huff and puff attitude to our financial crisis. Dobson is crazy wrong if he cannot see that Obama is the right one at the right time for our situation and the future is positive from the hope and willingness to change that Obama has encouraged across the country. Time for Dobson to stop fear mongering and help with the coming changes to ensure a positive progressive American future or fall into the abyss with McCain/Palin and the rest of the fanatic neocons that put our nation in such distress.

Posted by: bjobotts on October 23, 2008 at 6:31 PM | PERMALINK
Sounds fair to me although we could buy 100 wardrobes with what is coming in from Europe and the Middle East.

How can you tell? There are a number of expatriates working overseas, you know....

Posted by: gwangung on October 23, 2008 at 6:32 PM | PERMALINK

Has Charlie Crist cancelled his December wedding to the costum company owner yet?

Posted by: Fain on October 23, 2008 at 6:36 PM | PERMALINK

I was struck and disturbed frankly by Greenspan's admission that we still need to look at what happened, that it's still all a quandary to him.

I'm not an economist, but it seems fairly clear what happened was massive drunkedness--greed and exploitation and self-indulgence unchecked over a long period of time. I mean, just look at what is still going on--look at the salaries and perks of these guys in the the banking industry, of CEO's ins general.

And UNCHECKED is key here, because, hey--we all get a little carried away, we all are prone to selfishness and greed. We are all human.

I mean UNCHECKED as heads in the sand, unbelievable sense of denial and naivete that we would and could get away with such abuses.

It's really unbelievable. I remember wondering a few years ago out loud to my relatives: How could such a thing happen? How could housing prices rise at the rate they are-- and how is that folks seem able to afford them? I never really did a get a good explanation. Some shrugged and said that folks made out well during the dot.com times and that's why they could afford all of this....

Sigh...I really hope Obama wins. We need a sober leader.

Posted by: on October 23, 2008 at 6:41 PM | PERMALINK

Being more specific, the experts said the Fannies did not start the thing, but blew themselves up trying to play the game. A condemnation almost as bad, that a government agency run by Congress would be so stupid.

I remember, early, way before the housing run up when testimony in Congress was to the effect that the Fannies would go bankrupt trying to play catch-up, just like the entitlements are going bankrupt as Treasury Sec Paulson plays catch up.

Posted by: MattYoung on October 23, 2008 at 6:45 PM | PERMALINK

Newt Gingrich thinks "Saturday Night Live" should be sued for its skits about Palin.

The funniest part about this is that during the Couric interview skit, they actually quoted Palin. Besides the obvious fact that satire is, y'know, "legal" - sometimes they werent even satirizing her! They were just repeating what she said to show how stupid it was.

Posted by: TG Chicago on October 23, 2008 at 6:47 PM | PERMALINK

Why not pay for Palin's wardrobe with Obama's illegal campaign contributions? Posted by: Mike K on October 23, 2008 at 6:27 PM

I googled Obama illegal campaign contributions and I also googled McCain illegal campaign contributions and got the following.

RNC Demands FEC Probe Obama Contributions, etc.

Judicial Watch Calls on FEC to Investigate McCain Presidential...FEC Queiries McCain Campaign on Excessive Contributions, ect.

Click away. Let us know when there is enough actual evidence on either of them to convict.

Posted by: Zli on October 23, 2008 at 6:53 PM | PERMALINK

How could this man be so naive about human nature, at his age?

This is why I back away slowly from anyone who starts enthusing about Ayn Rand. She may have an attractive philosophy for a certain kind of person, but it's about as applicable to real life as Marxism turned out to be.

Posted by: Mnemosyne on October 23, 2008 at 6:58 PM | PERMALINK

I have a suggestion for you. Why not pay for Palin's wardrobe with Obama's illegal campaign contributions ? Sounds fair to me although we could buy 100 wardrobes with what is coming in from Europe and the Middle East.

You don't keep up with posts on Washington Monthly much, do you?

Posted by: Mnemosyne on October 23, 2008 at 7:02 PM | PERMALINK

Re point 4:

Please use "reasonable" or something like that in place of "serious". The latter word has way to much baggage these days.

Posted by: JD on October 23, 2008 at 7:02 PM | PERMALINK

She may have an attractive philosophy for a certain kind of person

Yeah. College sophomores. Most of them get over it by the time they attain their majority.

Posted by: shortstop on October 23, 2008 at 7:02 PM | PERMALINK

Hilzoy did a nice piece on the ignorant assumptions that led to the "foreign contributions" claim, right here in this very blog. Some trolls are so ignorant that they don't know when they've been pwned -- they don't even read the blogs they troll.

Posted by: idlemind on October 23, 2008 at 7:02 PM | PERMALINK

A condemnation almost as bad, that a government agency run by Congress would be so stupid.

Fannie Mae and Freddie Mac were not "run by Congress." There were run by independent business professionals.

Posted by: Stefan on October 23, 2008 at 7:04 PM | PERMALINK

Mike K is aware of all mimeograph traditions.

Posted by: shortstop on October 23, 2008 at 7:04 PM | PERMALINK

MattYoung said of Freddie and Fannie:

that a government agency run by Congress would be so stupid

Neither Freddie Mac or Fannie Mae are 'government agencies' nor are they 'run by Congress'.

They are government charted companies. No government employees ran either one prior to their liquidation in late summer. Their mandate was set by congress and some the loan standards established through law. But both companies are publically traded entities on the stock exchange. They had private Board of Directors that hired CEOs the same as any other publically traded company (GM, IBM etc etc).

They were both for profit entities.

Their decision to enter the mortgage securities market was NOT made by Congress nor by ANY government agency. It was made by the CEOs with the express consent of the Boards.

Posted by: thorin-1 on October 23, 2008 at 7:13 PM | PERMALINK

The originator of the very racist "Obama Bucks" propaganda (depicting Obama alongside watermelon and fried chicken) apparently resigned from her Republican Committee Republican woman position in Chaffee, CA.

She said she is sorry she exercised poor judgment, but adamantly denied her actions were in any racist.

Posted by: iseerussiafromyhouse on October 23, 2008 at 7:15 PM | PERMALINK

How silly to go after Palin on the wardrobe issue. Clothes are merely a small part of expenditures on image building; by far the largest expenditures on image-building are for television and other media advertising. Obama has by far outspent Palin on that. The average "Joe" doesn't spend hundreds of millions in media buys!

Posted by: Henrietta G. Tavish on October 23, 2008 at 7:19 PM | PERMALINK

I have a suggestion for you. Why not pay for Palin's wardrobe with Obama's illegal campaign contributions ? Sounds fair to me although we could buy 100 wardrobes with what is coming in from Europe and the Middle East.

You don't keep up with posts on Washington Monthly much, do you?

Posted by: Mnemosyne

Since you delete my posts with links, I thought you'd know enough about this on your own. No, I just look in once in a while to see what you are talking about. Sort of like a field trip.

It's massive illegal contributions but, if he wins, it will go down the memory hole.

http://minx.cc/?blog=86&post=276324#c3243350

Posted by: mike K on October 23, 2008 at 7:22 PM | PERMALINK
, I just look in once in a while to see what you are talking about

Look harder. You DON'T know what you're talking about.

Posted by: gwangung on October 23, 2008 at 7:40 PM | PERMALINK

Greenspan - Bullshit This guy had been an economist his whole life. Here is the"Slight froth in the housing market" article from 2005 , the alarm bells should have been going off then

http://query.nytimes.com/gst/fullpage.html?res=9c0defdf1539f932a15756c0a9639c8b63&sec=&spon=

Posted by: John R on October 23, 2008 at 7:42 PM | PERMALINK

Bwa ha ha! Mike K's quoting Ace on this story! What, he had a little time left over after devouring the New York Post and Newsmax?

You don't even have enough dignity to know how much you just humiliated yourself, Nurse Badbody.

Posted by: shortstop on October 23, 2008 at 7:43 PM | PERMALINK

"Fannie Mae and Freddie Mac were not "run by Congress." There were run by independent business professionals."

Then why did Paulson nationalize these two first? The narrative that the CEOs off these two firms operated under was that they are an arm of Congress, and Congress is their ultimate guarantee.

YHe AEI has the alternative


"The government takeover of Fannie Mae and Freddie Mac was necessary because of their massive losses on more than $1 trillion of subprime and Alt-A investments, almost all of which were added to their single-family book of business between 2005 and 2007. The most plausible explanation for the sudden adoption of this disastrous course--disastrous for them and for the U.S. financial markets--is their desire to continue to retain the support of Congress after their accounting scandals in 2003 and 2004 and the challenges to their business model that ensued. Although the strategy worked--Congress did not adopt strong government-sponsored enterprise (GSE) reform legislation until the Republicans demanded it as the price for Senate passage of a housing bill in July 2008--it led inevitably to the government takeover and the enormous junk loan losses still to come."

What does it mean "government sponsored enterprises"? It means that Congress has substantial regulatory and existential control, but enough separation so everyone can deny their involvement when things go bad.

Two posts on this blog seek to run and hide from the connection between Congress and Congress created semi-public enterprises. A common problem, create a semi-public enterprise, have it fo the biding, then when it fails claim no connection. Standard progressive trick, we have to watch out for this nonsense, almost like being a conservative.

Posted by: MattYoung on October 23, 2008 at 7:44 PM | PERMALINK

Mike K speaks but all I hear is:

waaaa waaaa we be losing waaa waaa Mommy!!!

Posted by: MissMudd on October 23, 2008 at 7:47 PM | PERMALINK

Re: Greenspan. I went through a Randian period, some decades ago, but when I started comparing theory to facts, the facts won. I was then roughly half Greenspan's then-age. Some people's learning curves are longer than others', it would seem. Unfortunately, the slow-learners have had the power to wreak a still mounting amount of collateral damage while testing their theories.

Though I'm intellectually glad to see that Alan is finally "getting it," as Citizen Lab Rat, I'm not impressed.


Posted by: on October 23, 2008 at 7:48 PM | PERMALINK

I don't know why anyone would be surprised by what Greenspan had to say. After all, "no one could have predicted" has been one of the most oft-repeated phrases of the past 8 years, as in: "who could have predicted that changing accounting rules would lead to Enron and WorldCom? Who could have predicted that terrorists would attack here in the United States? Who could have predicted that a large hurricane would flood New Orleans?" These folks are a bunch of friggin' anti-psychics - not only can they not predict the unforeseeable, they can't predict the utterly predictable. Also, don't forget that Greenspan himself was encouraging people to get ARM mortgages circa 2003-2004. Yeah, the guy's an economic SOOPER GENIUS.

I note in the linked news about Bono that Rosenthal also "admires the writing of Megan McArdle and Byron York." Perhaps he also admires the poignant dramas of Judd Apatow.

Dobson could have written a lot fewer words if he had just predicted "dogs sleeping with cats, and all that implies!!!"

MattYoung said of Freddie and Fannie:

that a government agency run by Congress would be so stupid

Well, Matt Young also believes that lower tax rates = higher tax revenues, in much the same way he believes that if he is paid $10 per hour, his take-home pay is higher than if he is paid $15 per hour. In short, he believes a lot of really dumb stuff.


Posted by: Jennifer on October 23, 2008 at 7:49 PM | PERMALINK
WASHINGTON The Bush administration will announce in mid-November, after the presidential election, that it intends to establish the first U.S. diplomatic presence in Iran since the 1979-81 hostage crisis, according to senior Bush administration officials.
I wander what Grampa Simpson has to say about this. Posted by: rege on October 23, 2008 at 7:51 PM | PERMALINK

I do dig Jennifer's posts.

Posted by: shortstop on October 23, 2008 at 7:54 PM | PERMALINK

Barry Ritholtz at Big Picture today pointed out the upside of the "no serious person" issue.

"The "Blame Fannie/Freddie/CRA" crowd, do provide a service: I know anyone who repeats this meme is an empty headed parrot, a mindless drone without an ability to think."

He could be talking about republicans in general

Posted by: Jasper on October 23, 2008 at 7:56 PM | PERMALINK

On this day in history the Earth was Created

I wonder why Palin didn't take the day off.

It is the Earth's birthday after all.

Posted by: TCG on October 23, 2008 at 8:06 PM | PERMALINK

E.V.E.R.Y.T.H.I.N.G.

Everything that issues from Palin's mouth is suspect.
Everything.

Palin: The medical records. So be it.

Surprise!

Posted by: koreyel on October 23, 2008 at 8:11 PM | PERMALINK

Bwa ha ha! Mike K's quoting Ace on this story! What, he had a little time left over after devouring the New York Post and Newsmax?

He's holding back his Jack Chick comics and John Bircher Monthly until he needs the big guns. THEN look out!

Roy Edroso has a great post on the parallel world wingnuts are increasing sequestering themselves in. Conservapedia, The Discovery Institute, the Creation Museum, Fox News; it's like Dungeons and Dragons, only less grounded in reality and not near as fun.

Posted by: trex on October 23, 2008 at 8:16 PM | PERMALINK

Elitists think they are above the average commuter stuck in traffic: here

Posted by: jcricket on October 23, 2008 at 8:27 PM | PERMALINK

Since you delete my posts with links, I thought you'd know enough about this on your own. No, I just look in once in a while to see what you are talking about. Sort of like a field trip.

Which is probably why you don't know that credit cards issued outside of the US have different numbers. Did your pal try a credit card from a friend of his that was issued in the UK or France and see if it would work, or did he just assume that all credit cards are the same and if a US credit card would work without the right ZIP code, a foreign one would work, too?

Jesus, you people are dumber than bricks.

Posted by: Mnemosyne on October 23, 2008 at 9:03 PM | PERMALINK

Obama had an interview with CBS "The Early Show" in which he discusses dropping scheduled campaign appearances to visit his seriously ill grandmother in Hawaii.

In response to a question about his mother's death, he says, "We knew - she wasn't doing well. But you know, the diagnosis was such that we thought we had a little more time, and we didn't. And so I want to make sure that I don't - I don't make - the same mistake twice."

I found the interview by way of a video clip at Talking Points Memo. The clip highlighted the the above quote and this one:

"I think most people understand - that if you're not - caring for your family - then - you're probably not - the kind of person who's gonna be caring for other people."

Posted by: tanstaafl on October 23, 2008 at 9:19 PM | PERMALINK

Go to www.fivethirtyeight.com right-now. now now now. Or click my 'webpage' link.

Based on a flood of new state polls, Nate Silver is projecting Indiana as a lean for Obama and has McCain's victory odds pegged at 3.7%


Posted by: Matt Lye on October 23, 2008 at 9:22 PM | PERMALINK

If Newt likes lawsuits so much, maybe he should have counseled McCain to vote in favor of the Ledbetter bill.

Posted by: noncarborundum on October 23, 2008 at 9:43 PM | PERMALINK

How about this recent Republican Party of Virginia mailer?

http://notlarrysabato.typepad.com/doh/files/Frederickshitsthebed.pdf

Posted by: Tom on October 23, 2008 at 9:44 PM | PERMALINK

I'm loving the sound of this:

McCain might skip his own election-night party

Guess he could always come over to ours LMAO!

Great GOSH ahmighty!

Posted by: MissMudd on October 23, 2008 at 9:45 PM | PERMALINK

As an aside....I'm watching clips from the McCain/Palin interview with Brian Williams. She said "I'm not gonna try and label myself[...]"

Really, pit-bull with lipstick hockey mom??

Posted by: Katie on October 23, 2008 at 9:48 PM | PERMALINK

Rachel Maddow's show just offered up a scenario where McCain beats Obama 270 to 268. They're targeting three swing states that could bring them over the top. OMG, I think my heart quit beating. Please people, VOTE, VOTE, VOTE on Nov. 4. OBAMA/BIDEN!!!!!

Posted by: on October 23, 2008 at 10:02 PM | PERMALINK

jennifer is still angry, but I respond to her comment

"Well, Matt Young also believes that lower tax rates = higher tax revenues,"

Lower tax rates yield more government share (supply and demand), tax revenue always stays about 19.7% (Hauser's Law), in the current 30 year period.

What Jennifer, and perhaps the big O himself want, is a new equilibrium of greater government share.

I doubt it is in the cards, the more likely new equilibrium will be less government but more global investment.

I am sorry, but it is the panic of your selected political leaders who threaten your entitlements.

Posted by: MattYoung on October 23, 2008 at 10:03 PM | PERMALINK

MattYoung @ 7:44,

What does it mean "government sponsored enterprises"? It means that Congress has substantial regulatory and existential control, but enough separation so everyone can deny their involvement when things go bad.
By which you presumably mean Blackwater, the CPA, no-bid government outsourcing of services generally and ... stuff. Those being instances in which your argument makes a bit of sense, as opposed to your rigidly choreographed fantasies of a party-aligned plot at FM&FM, in which it makes none.

Posted by: Jassalasca Jape on October 23, 2008 at 10:14 PM | PERMALINK

I am sorry, but it is the panic of your selected political leaders who threaten your entitlements. Posted by: MattYoung

Look, dumb ass, the last time the government was running a budget surplus (and actually retire debt) was during the last three years of the Clinton administration. Tech bubble or not, the top two tax rates were higher. The rich weren't starving, investment dollars were flowing into anything and everything.

If they'd left tax rates alone ("Calling Mr. Greenspan!"), we wouldn't be in quite the financial quandary we are today.

Posted by: Jeff II on October 23, 2008 at 10:31 PM | PERMALINK

Pfeviserates

Chris Matthews Eviscerates Nancy Pfotenhauer.

Oh my God.

Posted by: koreyel on October 23, 2008 at 10:37 PM | PERMALINK

Who's angry? Not me. Just because I don't suffer fools gladly doesn't make me angry,though I can see how a fool could mistake my lack of patience with his various and assorted dumbassery with anger. But just like in your fantasy tax scenario, your mistaken opinion as to my emotional state doesn't make it so.

Posted by: Jennifer on October 23, 2008 at 10:39 PM | PERMALINK

Elizabeth Dole bears a striking resemblance to Caesar Romero in Batman. Its impossible to take her or her homophobic mailings seriously.

Bono in the NYT. Isn't U2 going on the raod next year to promote their new cd? His columns will be interesting, but man, those guys sure know how to promote themselves.

Posted by: Saint Zak on October 24, 2008 at 6:23 AM | PERMALINK

Alan Greenspan's faith in the free market was apparently a big snafu.

Let's also not overlook another aspect of Greenspan's snafu -- that the held the pedal to the metal at the Fed in order to create an illusion of prosperity that could be attributed to Bush's tax cuts.

Posted by: Gregory on October 24, 2008 at 8:20 AM | PERMALINK

Obama had an interview with CBS "The Early Show" in which he discusses dropping scheduled campaign appearances to visit his seriously ill grandmother in Hawaii.

In an astounding display of cluelessness, NPR referred to Obama "suspending his campaign," which of course creates a false equivalence to McCain's non-suspension during the bailout bill negotiations. Only Obama suspended campaigning; his TV presence and surrogates continue apace. Yeesh.


Posted by: Gregory on October 24, 2008 at 8:38 AM | PERMALINK

The narrative that the CEOs off these two firms [Fannie Mae and Freddie Mac] operated under was that they are an arm of Congress, and Congress is their ultimate guarantee.

No, that is simply false. Fannie and Freddie were never, in any way, considered "arms of Congress." While they used to be federal agencies, back in 1968-1970 they chartered by Congress as private publicly-traded companies, run by an independent management and an independent board, and answerable to their shareholders.

Posted by: Stefan on October 24, 2008 at 10:54 AM | PERMALINK

Moreover, neither Fannie nor Freddie received any government funding or backing, and neither their securities nor certificates nor interest on those certificates were guaranteed by the government, and their financial obligations were not considered a debt of the US goverment. The law that authorized Fannie and Freddie as government-sponsored entities is quite clear on this.

Posted by: Stefan on October 24, 2008 at 11:01 AM | PERMALINK




 

 

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