Perspective worth reading on the mortgage crisis and the proposed bailout, going before the U. S. Senate today: Dave Ramsey’s Common Sense Fix: Government insurance for mortgages in exchange for rolling back payments into current balance, fixing the r…

….is still God-awful. But it’s a lot better than it could have been had John McCain not done the unexpected by sticking up for House Republicans in his otherwise disastrous attempt to intervene in the Wall Street b[uy]out negotiations: A……

There may have been greed at the bottom of this — but it was greed for political power. (via Power Line)

It was for money greed, too. But unlike the usual stereotype of greed held by the left, the money was coming indirectly from the government.

In fact, isn’t this a lot like money laundering? Sure, the money for the loan comes from a regular bank, but then the loan is sold, and the bank now has money directly from a quasi-nongovernment institution like Fannie Mae for a loan they don’t necessarily intend to collect on, and is free to loan the same money from the first loan to someone else.

Lather, rinse, repeat. For about 10 years. Then wait for the bubble to burst, and call for a bailout.

A good example of capitalism being corrupted by the government.

One of the biggest failures of the Bush admin is the failure to push back and defend the decision to start the Iraq war. At some point they decided it wasnt worth the effort and now it’s generally accepted to be stupid and based on lies. McCain barely pushes back on that because it’s so ingrained that it’s better to just change the subject and talk about the surge. They MUST have learned this lesson. I don’t profess to know what the strategy is, I just refuse to believe there isn’t one. Maybe that’s wishful thinking, I don’t know.

Personally I’m going to be sending out the CSPAN video, the other youtube video about how we got here and stanley kurtz’s new column to as many people as I can. I’m on a mailing list with a bunch of members, I figure that’s not a bad place to start even though I’ll get some blowback.

I hope he’s got something up his sleeve, because I don’t see how we can win this election. Not now.

Wow! You mean once upon a time, the New York Times actually printed things that were true?

Right_of_Attila

That they did. For decades, in fact, the NYT on their front page even printed stories where they called the bad guys from the Middle East “terrorists”.

Now they’re called “militants”.

Koryagina: It is possible to do anything to the U.S. … whose total debt has reached $26 trillion. Generally, the Western economy is at the boiling point now. Shadow financial actives of $300 trillion are hanging over the planet. At any moment, they could fall on any stock exchange and cause panic and crash. The recent crisis in Southeast Asia, which touched Russia, was a rehearsal.

Pravda: What is the sense of smashing just America?

Koryagina: The U.S. has been chosen as the object of financial attack because the financial center of the planet is located there. The effect will be maximal. The strike waves of economic crisis will spread over the planet instantly and will remind us of the blast of a huge nuclear bomb.

Pravda: Did Russia’s crisis of 1998 have this religious-mystical component?

Koryagina: … The Russian crisis of 1998 was preconditioned by internal factors. Yeltsin’s policy enlarged its consequences. Now we have President Putin, and this is a good choice.

Pravda: What do we have to do now?

Koryagina: Recommendations, compiled by the Duma Commission of Economic Politics after the recent Duma hearings, offer instruction on what should be done to escape the consequences of a world crisis inspired by a financial catastrophe in the U.S. This document will be sent – or has already been sent – to President Putin.

Pravda: What should Russian citizens do?

Koryagina: They should start changing their dollars for rubles. President Putin and the Russian Central Bank are already taking the necessary healthy measures. There are high chances that after 19 August the ruble will become a very good currency.

Pravda: Why 19 August, say, and not the 21st?

Koryagina: Some fluctuation in this date is possible. Serious forces are acting against THOSE WHO ARE NOW PREPARING THE ATTACK ON THE UNITED STATES [emphasis added]. August, with very high probability, will bring the financial catastrophe to the U.S. … The last 10 days of August have especial importance from a religious-sensible point of view.

[End of excerpt]

Our response to attack was to flood the system with cash to build the subprime pyramid even bigger. That we now can see was an ebola contaminated band-aid. Damn, the Russians play some killer chess, don’t they? Somebody tell John McCain they’re inside our/his OODA loop.

Straight from the mouths of Maxine Waters and Barney Frank.

fogw on September 29, 2008 at 12:36 PM

Personally I am disgusted that the same Democrats who begrudge our troops the funding for basic equipment to protect them in combat are in the forefront of bailing out greedy homeowners and irresponsible companies.

i thought we didn’t trust this paper… I guess we just call them a rag when it’s expedient.

That article was in 1999, before BDS struck the New York Times. When they were, you know, journalists.
Financial analysts could see this coming, it was just a matter of time. Now we must pay the piper for terrible terrible policies.

i thought we didn’t trust this paper… I guess we just call them a rag when it’s expedient.

Trent1289 on September 29, 2008 at 12:31 PM

I think you’re missing a key piece of data like THE DATE – September 30, 1999of the story.

i thought we didn’t trust this paper… I guess we just call them a rag when it’s expedient.

Trent1289 on September 29, 2008 at 12:31 PM

What’s this “we” stuff. Clearly you think the NYT is a fine upstanding paper that would never ever make stuff up or color the reporting to fit an agenda. Thinking people know better than that.

Straight from the mouths of Maxine Waters and Barney Frank.

Trent1289 on September 29, 2008 at 12:31 PM

I think the point is, that even “the rag” could see this coming.