Let’s not forget…
Archive for September, 2008
Here is the information from the ticker in the sidebar.
DJIA 10365.45 chart-777.68
NASDAQ 1983.73 chart+0.00
S&P 500 1106.39 chart+0.00
09-29-2008 04:14 pm EDT
I wanted to post it for it’s historical significance.
I believe that if Obama looses in November, as I believe he will, the race baiters will be out in full force, claiming that he lost due to racial discrimination and trying to stir up people’s emotions.
Also, keep in mind that our country has an element of people, who need no reason at all to riot. These are the same type of people who riot after their team fails to win the “big game”. They are a criminal element and merely use the current circumstances to act.
A political scientist at a Christian college in New York City warns that if Democratic presidential nominee Barack Obama loses the election on November 4, race riots could break out in large U.S. cities.
A recent Associated Press-Yahoo News poll suggested Senator Obama’s race could cost him up to six percentage points on election night. David Corbin, a politics professor at The King’s College, contends there is potential for public riots the night of or after the election, if Obama’s lead in the polls does not translate into victory.
“I don’t think that’s something that we’ve looked at very closely, and I think that this could be a powder keg here as we get towards that day, given that Senator Obama is an African-American and given that there might be some backlash if he actually loses,” Corbin explains.
Looks like we are facing bailout round two now.
I’m not an economist, but I suspect that if we will just sit tight and take our lumps, the insolvent companies will be bought up and the market will stabilize. We all know that stock brokers sell when there is even the slightest hint or rumor of problems anywhere in the world. This is the nature of the stock market.
Stock prices do not necessarily show a true picture of the stability a company. It is only one aspect that needs to be looked at.
My point is, if everyone will avoid panicking, the market will stabilize on it’s own. I don’t believe that the government should even be considering a bailout.
Guess y’all better contact your representative and let them know how you feel about this. I suspect that most of us are still of the “no bailout” mindset.
WASHINGTON — Top congressional and White House officials, stunned when the House of Representatives rejected a massive rescue plan for the U.S. economy, scrambled to structure a new bailout proposal that would attract reluctant lawmakers and still soothe the unnerved financial markets.
“Doing nothing is not an option” House Majority Leader Steny Hoyer said after seeing the $700 billion emergency package for the nation’s financial system fail 228-205 on Monday.
With the House not scheduled to meet again until Thursday, congressional leaders and Bush administration officials promptly sought to assess what types of changes could win over enough votes to guarantee success. President George W. Bush planned to make a statement on the rescue plan at 8:45 a.m. EDT Tuesday.
The outcome of Monday’s vote fed a huge sell-off in the stock market, sending the Dow Jones Industrial Average into its biggest single-day plunge, dropping 777 points. The carnage spread Tuesday to Asia, with all major stock markets in the region tumbling sharply amid heightened fears of a broader global financial crisis.
The House vote and the market’s terrified reaction shook Washington and New York centers of power, but no immediate solution seemed at hand.
The bill’s failure came despite furious personal lobbying by President Bush and support from House leaders of both parties.
But the legislation was highly unpopular with the public, ideological groups on the left and the right organized against it, and Bush no longer wielded the influence to leverage tough votes. Even pressure in favor of the bill from some of the biggest special interests in Washington, including the U.S. Chamber of Commerce and the National Association of Realtors, could not sway enough votes.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other deficient assets held by troubled financial institutions. If successful, advocates of the plan believed it would help lift a major weight off the already sputtering national economy.
Treasury Secretary Henry Paulson emerged after the vote and warned of a credit crunch that would affect American businesses and said families would find it harder to get student loans and car loans.
“We need to work as quickly as possible,” he said gravely. “We need to get something done.”
The sense of urgency was not universal. Many opponents of the bill argued that the package amounted to a too-costly commitment of taxpayer money to bail out financial institutions for their own mistakes.
Rep. Dean Heller, a Nevada Republican, offered a typical sentiment. “I cannot with good conscience put Nevada’s taxpayers on the hook for the foolish excesses of Wall Street,” he said. “Congress should pass legislation that protects the taxpayer, assists with bad assets and allows the market to correct itself.”
Looks like any bailout is going to have to be made much more palatable to the average person.
WASHINGTON — Stocks spiraled downward as much as 685 points on Monday as a $700 billion bailout of Wall Street ended in defeat in the House of Representatives.
House leaders held open the vote as they tried to sway reluctant lawmakers to support the plan, which failed 205-228. Arm-twisting continued even after the vote clock expired. One member, retiring Republican Rep. Jerry Weller, did not vote.
House Majority Leader Steny Hoyer said Democrats will take a look at what to do next.
“We did our part,” said Hoyer of Maryland. “As I said on the floor, this is a bipartisan responsibility and we think (Democrats) met our responsibility.”
Asked whether majority Democrats would try to reverse the stunning defeat, Hoyer said, “We’re certainly not going to abandon our responsibility. We’ll continue to focus on this and see what actions we can take.”
Hoyer was joined by House Financial Services Committee Chairman Barney Frank, who were among Democratic leaders debating whether and when to offer a new plan.
“We have to take a look at what to do next,” Frank said.
The bill aimed to open up clogged credit lines for financial markets that had come to a near collapse. Sellers continued to shed stocks as the market teetered down more than 500 points after the vote ended.
Representatives worked throughout the weekend to make a bill palatable. Republicans had insisted on a mortgage securities insurance paid by firms who had invested in bad housing loans. That was included in the bill voted on Monday as were provisions to prevent executives from getting massive severence packages, additional congressional oversight, more transparency and accountability and a means to let the taxpayer get back its investment before shareholders.
But many lawmakers continued to oppose the plan for a variety of reasons, including the massive price tag that would expand the national debt, and GOP members said their constituents were calling 10-1 in opposition to the bill, which had been described as too much government intervention. Of 235 Democrats, 140 supported the legislation. Of 199 Republicans, 133 opposed it.
President Bush was to meet with his economic team, including Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson, to determine the next steps, and White House officials said they will meet and then contact congressional leaders.
“The crisis we are facing remains,” said White House Deputy Spokesman Tony Fratto, who added, “We’re obviously disappointed.”
Fratto said that he thinks many Americans were mistaken by believing that the bill was a “bailout of Wall Street.” Instead, he said the bill was to prevent a large economic crisis.
Nobody wants to bail out Wall Street, and we understand Americans might be opposed to bailing out Wall Street … This is not a bailout,” he said. “We hope Americans don’t need to see real evidence of a break down in order to prevent a break down.”
Earlier in the day, Bush argued that jittery U.S. taxpayers will benefit from a number of safeguards that lawmakers wrote into the pending legislation during weekend negotiations on Capitol Hill, including checks and balances on the operation of the program.
But supporters — even Republicans — said they didn’t like the bailout but didn’t want to play with history or risk an economic collapse.
“I’m not willing to put that bullet in the revolver and spin it. I will take the political risk,” said Rep. Spencer Bachus, R-Ala., the ranking member of the House Financial Services Committee.
“We’re all worried about losing our jobs,” said Rep. Paul Ryan, R-Wis., before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it — not me.’
“We’re in this moment, and if we fail to do the right thing, Heaven help us,” he said.
Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source. House Minority Whip Roy Blunt said he thinks Republicans could have provided a dozen more votes had Pelosi not given her speech.
Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the “failed economic policies” of the last eight years.
“When was the last time someone asked you for $700 billion?” she asked. “It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.”
House Republican Conference Chairman, Rep. Adam Putnam, R-Fla., said “he was disappointed that the process that yielded a bipartisan approach took a very marked, partisan tone at the end of the debate.”
This is not a partisan crisis, this is an economic crisis,” said Deputy Minority Whip Rep. Eric Cantor, who said that 94 Democrats also refused to go along with the bill. He described the vote as the result of “Speaker Pelosi’s failure to listen and failure to lead.”
Pelosi said that Republicans have not received the message from the White House that bipartisanship was needed.
“We delivered on our side of the bargain,” Pelosi said, congratulating Democratic leaders for getting 60 percent of the caucus to support the White House bill. “We extend a hand of cooperation to the White House, to the Republicans so we can get this issue resolved”
Bush used a four-minute speech at the White House to try to assure Americans that the plan is good for the country.
“I’m confident that this rescue plan along with other measures taken by the Treasury Department and the Federal Reserve will begin to restore strength and stability to America’s financial system and overall economy,” Bush said. “And I’m confident in that in long run, America will overcome these challenges and remain the most dynamic and productive economy in the world.”
The president spoke shortly after two leading players in the Hill bargaining went on television news shows to urge passage, even as both acknowledged the necessity of this action represents a sad day for the nation.
Asked if the compromise bill indeed will go through Congress, Sen. Chris Dodd, D-Conn., replied: “We hope so.”
But the Connecticut senator, chairman of the Banking Committee, also said the bill is not a panacea for all the problems that have bedeviled the U.S. financial markets. He also said, though, that failure to act would spread the contagion of frozen credit markets even further. “This is not just about Wall Street,” Dodd said. He said that it’s “potentially going to hurt other people across the country.”
Sen. Judd Gregg, R-N.H., who represented fellow Republicans in the weekend talks, called it a “tourniquet” for the ailing financial industry and slow-moving economy.
The latest assessments of prospects for passage came as investors worldwide and in early trading in the United States continued to show doubt about whether the bill would go through, much less go a long way toward curing the systemic problems that have unnerved financial markets across the globe for weeks.
Bush said the legislation addresses the root cause of the problem — “assets related to home mortgages that have lost value during the housing decline.”
And the president noted that under provisions of the pending bill, “the federal government will be authorized to purchase these assets” and said that will help financial institutions to resume lending to individuals and businesses.
“I know many Americans are worried about the cost of the bill,” Bush said. But he also said the nonpartisan Congressional Budget Office and the federal Office of Management and Budget expect that the “ultimate cost to the taxpayer” will be much less.
Rosh Hashanah begins this evening at sun down. so we wanted to take a moment to wish a very happy Rosh Hashanah to our Jewish friends!!
לשנה טובה תכתבו ותחתמו
לאלתר לחיים טובים ולשלום
l’shanah tova tikkatevu vetechatemu
le’altar lechayim tovim ul’shalom
May you be inscribed and sealed for a good year!
Immediately, for a good life and for peace.
OK, let’s see the full quote:
“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
“”We just wanted to choose a really large number.” Are these jokers for real???
We (the tax payers) are supposed to add $700 billion to a massive national debt in order to bail out a bunch of poorly run companies, but we find out that the Feds aren’t even sure how much money they need.
Are we going to keep allowing this nonsense to continue???
Lawmakers on Capitol Hill seem determined to work together to pass a bill that will get the credit markets churning again. But will they do it this week, as some had hoped just a few days ago? Don’t count on it.
“Do I expect to pass something this week?” Senate Majority Leader Harry Reid, D-Nev., mused to reporters Tuesday. “I expect to pass something as soon as we can. I think it’s important that we get it done right, not get it done fast.”
Sen. Sherrod Brown, D-Ohio, says his office has gotten “close to zero” calls in support of the $700 billion plan proposed by the administration. He doubts it’ll happen immediately either. “I don’t think it has to be a week” he says. “If we do it right, then we need to take as long as it needs.”
The more Congress examines the Bush administration’s bailout plan, the hazier its outcome gets. At a Senate Banking Committee hearing Tuesday, lawmakers on both sides of the aisle complained of being rushed to pass legislation or else risk financial meltdown.
“The secretary and the administration need to know that what they have sent to us is not acceptable,” says Committee Chairman Chris Dodd, D-Conn. The committee’s top Republican, Alabama Sen. Richard Shelby, says he’s concerned about its cost and whether it will even work.
In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.
“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
As Pakistani investigators hunt the terrorists behind the massive Marriott Hotel bombing in Islamabad, FBI agents in the U.S. have begun aggressively hunting for Americans who have recently returned from trips to Pakistan where they may have trained at al-Qaida camps, WND has learned.
A coast-to-coast dragnet has been launched partly in response to leads developed in the arrest of one of al-Qaida’s “fixers” in the U.S., say FBI officials. They report the bureau is in a race against time to identify Pakistan-trained sleeper cells and disrupt a possible pre-election “October surprise.”
For the first time since 9/11, counterterrorism field agents have been authorized to spy on young Muslim men and women – including American citizens – who have traveled to Pakistan without any specific evidence of wrongdoing.
Controversial new investigative guidelines approved by the Justice Department allow agents to monitor suspects and conduct undercover interviews even before opening formal investigations.
FBI headquarters has ordered its field offices to aggressively pursue anonymous tips and report back any suspicious activities in their Muslim communities. The intelligence will be immediately analyzed and shared in a threat matrix to avoid a repeat of the so-called “Phoenix memo” intelligence failure, officials say.
In the weeks prior to 9/11, an alert agent in the FBI’s Phoenix office noted that several radical Middle Eastern men were taking flying lessons. He drafted a memo and sent it to headquarters, which promptly buried it, missing an opportunity to act before the disastrous hijackings of 9/11.
The FBI’s new rules and current sense of urgency follow the recent interrogation of al-Qaida operative Aafia Siddiqui, an M.I.T.-educated scientist who fled to Pakistan after 9/11. She was arrested this summer in Afghanistan and brought back to the U.S. after sustaining injuries from a gun battle.
According to a federal indictment, Siddiqui was found with handwritten notes that referred to a “mass casualty attack” and listed various locations in the U.S. including Wall Street, the Empire State Building, the Statue of Liberty, Plum Island and the Brooklyn Bridge. In addition, certain notes referred to the construction of “dirty bombs,” chemical and biological weapons and other explosives.
Listening to the many voices offering “solutions” to the current economic crisis reminds me of some sage advice from an old friend who was diagnosed with prostrate cancer. Looking for help, he bounced from doctor to doctor, each of whom assured him they had the cure, i.e. surgery by the surgeon, radiation by the radiologist, chemotherapy by the oncologist, etc. My friend laughed it off observing that, “To a hammer, everything looks like a nail.” If my friend were alive today he’d listen to all those who have the sure cure for what ails our nation’s economy and say, again, “To a hammer, everything looks like a nail.”
To a lame duck president who is desperate to deal with “the legacy thing” his solution is doing anything to avoid the Hoover label. He is dreaming if he thinks Americans want to assuage his fear with their money.
To the Democrats in Congress who shook down Freddie and Fannie, the solution is pretending they never did. Since Obama was particularly adroit at this shakedown, his protectors in the mainstream media will turn a blind eye to it while allowing the Bush administration to twist in the wind. More government is a solution with which they can always live happily ever after.
For Republican Senator Richard Shelby (AL), who was frustrated by the Democrats in his attempts to reform Freddie and Fannie, it is payback time. His solution: let Dodd and friends twist in the wind. The only question is whether Shelby and friends are tenacious enough.
To the socialists of both parties the solution is bigger government with smarter bureaucrats packing more oversight, knowing what is best for us. After all, why were they elected to Congress if not to legislate? Fortunately, this group is adroit at reading the tea leaves and may be dissuaded by the mixed reviews the bailout plan is receiving in the polls.
To the freedom lovers, who understand that success and failure are the yin and yang of free market capitalism, the solution is to let the market work thereby allowing only the truly strong rise from the ashes of bad decisions. Let the risk takers on Wall Street reap what they’ve sown—period. In other words, the fundamentals of our economy are strong. Hint for Senator McCain: it’s the capitalist system that is fundamentally strong.
Let’s not forget the people who are running the show. To regulators like Bernanke and Paulson more regulation by smarter, more powerful bureaucrats is the answer. As recently as July 8, 2008, Chairman Ben S. Bernanke said:
I welcome recent efforts to improve the regulatory oversight of the government-sponsored enterprises, Fannie Mae and Freddie Mac. If these firms are strong, well-regulated, well-capitalized, and focused on their mission, they will be better able to serve their function of increasing access to mortgage credit, without posing undue risks to the financial system or the taxpayer.
These folks believe in bigger and bigger government—and they are wrong.
Unfortunately, most observers of the political class believe that the regulators will eventually have their way, only after much gnashing of teeth by our electeds in Congress. Why? Because as my old friend also taught me, “You can put all the courage in Washington in a thimble.” That’s why “mavericks” stand out.
Finally, most taxpayers have simply had enough of Washington “solutions” purchased with their money. Ordinary Americans are entirely skeptical when Bernanke and Paulson tell them that things will be worse without the bailout—because things are already worse. To most Americans the solution is for Congress to find the courage to put the hammer down and let our capitalist system work. If so, this will have proven to be a truly remarkable political season full of hope and change.
Chants of “Stop Iran” and “Shame on the Grand Hyatt” could be heard on East 42nd Street in midtown Manhattan, early Thursday evening, September 25th, as over 1000 Jews and non-Jews, representing over 60 political and religious organizations gathered across the street from the Grand Hyatt Hotel. Angered by the invitation extended to Iranian President Mahmoud Ahmadinejad to attend a gala dinner in his honor at the Grand Hyatt Hotel, an umbrella organization called 9/25 Rally, under the leadership of the Jewish Action Alliance’s Beth Gilinsky assembled for a historic rally featuring a veritable cornucopia of speakers representing a broad cross section of affiliations. The dinner at the Hyatt was hosted by the American Friends Service Committee, the Mennonite Central Committee, the Quaker United Nations office, a group called Religions for Peace and the World Council of Churches – United National Liason Office. The co-sponsor of this event was the Permanent Mission of the Islamic Republic of Iran to the United Nations.
The rally was held just two days after the Iranian president took the podium at the General Assembly of the United Nations and addressed the world body. Calling the United States “occupiers, without a sense of shame”; a direct reference to the US military presence in Iraq and consistently pointing to the US as a “bullying power”, Ahmadinejad saved his most vitriolic statements for Israel and the Jewish people.
Questioning Israel’s right to exist he stated, “In Palestine, 60 years of carnage and invasion is still ongoing at the hands of some criminal and occupying Zionists. They have forged a regime through collecting people from various parts of the world and bringing them to other people’s land by displacing, detaining, and killing the true owners of that land. ”
In typical Hitlerian fashion, he intimated that worldwide Jewry maintains a secret cabal, whose ultimate goal is global domination. Substituting the politically correct word “Zionists” for “Jews”, he assigned direct blame on Jews for the collapse of the financial markets and several Wall Street investment icons. Said Ahmadinejad, “The dignity, integrity and rights of the American and European people are being played with by a small but deceitful number of people called Zionists. Although they are a miniscule minority, they have been dominating an important portion of the financial and monetary centers as well as the political decision-making centers of some European countries and the US in a deceitful, complex and furtive manner.”
Commenting on what he perceives as pandering by American presidential nominees to Jewish interests, the Iranian president continued spewing forth his invective by intoning “It is deeply disastrous to witness that some presidential or premiere nominees in some big countries have to visit these people, take part in their gatherings, swear their allegiance and commitment to their interests in order to attain financial or media support. This means that the great people of America and various nations of Europe need to obey the demands and wishes of a small number of acquisitive and invasive people. These nations are spending their dignity and resources on the crimes and occupations and the threats of the Zionist network against
Among the personalities speaking at the rally were Rabbi Avi Weiss of the Hebrew Institute of Riverdale, Guardian Angels founder, Curtis Sliwa, Edward Cox, Representative of Governor Sarah Palin, Beth Gilinsky, Jewish Action Alliance & Women United, Father Keith Roderick, Christian Solidarity International, Amir Abbas Ffakhravar, Council for a Democratic Iran, State Senator Ruben Diaz, New York Hispanic Clergy Organization, Father Rob Schenck, National Council of Clergy and Faith in Action, Rabbi Zev Friedman, Rambam Mesivta High School, Michael Hines, International Christian Embassy in Jerusalem, Joseph Hakim, International Christian Union, Aryeh Eldad, Member of Israeli Knesset, New York City Councilman David Weprin, New York State Assemblyman Rory Lancman, Gregory Wright, Log Cabin Republicans of New York, Rabbi Joseph Potasnik, New York Board of Rabbis, Simon Deng, former Sudanse slave, Sudan Freedom Walk, Dr. Richard Land, The Ethics & Religious Liberty Commission of the Southern Baptist Convention, Fira Stukelman, Holocaust survivor, Council of Jewish Émigré Community Organizations (COJECO), Andrea Lafferty, Traditional Values Coalition, Desiree Bernstein, 911 Families, Banafshe Zand-Bonazzi, Alliance of Iranian Women, Christine Brim, Center for Security Policy who read a prepared speech by Dr. Phyllis Chesler, author and women’s right activist, Anne Bayefsky, Eye on the UN, Dr. William Donohue, Catholic League for Religious and Civil Rights and Frank Gaffney, Center for Security Policy.
Many of the speakers excoriated Grand Hyatt Hotel owner, Penny Pritzker for allowing her hotel to be used as a venue to honor the Iranian president. Ms. Pritzker, a Chicago billionaire who now serves as the National Finance Chair for Barack Obama’s presidential campaign was asked by the speakers to turn over all revenue generated by this event to the United States armed forces. Other speakers took direct aim at human rights abuses in Iran and strongly lambasted President Ahmadinejad for executing dracanion forms of torture on all those who do not march lock step with the Iranian regime. Michael Hines of the International Christian Embassy in Jerusalem wore a symbolic armband with a bright yellow Jewish star as a sign of solidarity with the Jewish people and the land of Israel. “Despite the dangerous rants of Mahmoud Ahmadinejad, Israel will not be wiped off the map. Not under our watch,” he declared forcefully.
Fira Stukelman, a Holocaust survivor from Babi Yar, spoke of Ahmadinejad’s popularity with certain organizations. “What we are witnessing is rise of a genocidal maniac, in the same genre as Adolf Hitler and the world remains silent” she said while holding a sign that said, ‘Never Again’. Rabbi Avi Weiss led the crowd in prayers and the recitation of Psalms and applauded those who had the courage and temerity to speak out against evil as personified by Ahmadinejad. Other speakers addressed the ubiquitous phenomenon and dangerous proliferation of Sharia law throughout Europe and how the stringency of such laws could possibly permeate North American society. Edward Cox, the representative for Gov. Sarah Palin, the Republican vice presidential nominee said that the “Iranian uranium enrichment program poses a great danger to the free world and must be stopped at all costs.” Others referred to Ahmadinejad as a terror monger who will stop at nothing to destroy those he bitterly opposes.
In her prepared remarks, read by Christine Brim, author and women’s rights activist, Phyllis Chesler who specializes in documenting horrific honor murders of women in the Muslim world, spoke of the barbaric murder of a Iranian woman named Soraya M. who was falsely accused of adultery. Soraya was stoned to death, with her body being subsequently immolated. Says Dr. Chesler, “The villagers—who had know Soraya since her birth—cursed her, spit on her, hit her, and whipped her as she walked to her stoning. A “shudder of pleasure and joy ran through the crowd” as their stones drew blood. According to one account, Soraya died a slow and agonizing death.”
Gregory Wright of the Log Cabin Republicans spoke of the horrific executions of homosexuals in Iran and chided other left-wing Gay and Lesbian organizations for not speaking out against the persecution of gays in Iran. “The reason Ahmadinejad said that there are no gays or lesbians in Iran last year at Columbia University, is because they’ve all been murdered or are in hiding.”
Signs that read, “Iran Needs Regime Change”, “No Jihad in My Backyard”, “No Nukes for Kooks”, and “Ahmadinejad = Hitler” were held by rally participants as well as signs from such Christian groups such as Christians United for Israel” and human rights organizations.
Fern Sidman holds a B.A, in political science from Brooklyn College. She was the educational coordinator for the Betar Youth Movement in the late 1970s and early 1980s. She was national director of the Jewish Defense League from 1983-1985. She was a researcher for several books written by Rabbi Meir Kahane, ZTK”L. She was the managing editor of the publication entitled, The Voice of Judea, and is a regular contributor to its web site. She is currently a writer and journalist living in New York City. Her articles have appeared in The Jewish Press, The Jewish Advocate, The Jewish Journal of Los Angeles, and numerous Jewish and general web sites including, Front Page Magazine, Daniel Pipes and Michael Freund.
We are delighted to have Ms. Sidman as a regular contributor to the Jesus is Lord, A Worshipping Christian’s Blog.
Good for you, Congressman. It’s level headed thinking like this that makes me vote for you, even though we don’t see eye-to-eye on some other issues.
Congressman John Culberson released the following statement today voicing his strong opposition to the Paulson-Pelosi $700 billion Wall Street bailout:
“The $700 billion Paulson-Pelosi bailout forces Americans to choose between bankrupting our children or big Wall Street banks. The revised plan was just released a few hours ago, and while it contains some oversight, eliminates golden parachutes for bad actors, and creates an investment banking insurance program for the future, the bottom line requires me to oppose it.”
“This bailout will saddle our children and grandchildren with at least $700 billion in new debt on top of the existing $9.8 trillion national debt. It will double the budget deficit overnight, and it will lead to additional bailouts as the multi-trillion dollar credit default pyramid scheme collapses.”
“I fought to help Congressman Richard Baker enact essential reforms of Fannie Mae and Freddie Mac, which would have prevented this crisis today. I was one of only seven congressmen to vote against loosening FHA loan requirements and I have opposed efforts from liberals like Congressman Barney Frank to push Fannie and Freddie to encourage banks to make loans for politically correct reasons rather than sound financial reasons.”
“I will not vote to bankrupt future generations to protect Wall Street investment banks from their own mistakes. The best solution to this crisis is to suspend mark-to-market accounting rules, establish a mandatory insurance/guarantee program to cover the banks’ losses at no expense to taxpayers, cut the capital gains rate to zero, cut taxes for offshore dollars repatriated back into the U. S., and cut corporate tax rates dramatically to encourage investment and lending. Changing the mark to market accounting rule alone will allow banks to keep non-performing assets on their books until they recover their value, and solve a huge part of the problem.”
“My principal, long term goal in Congress is to balance the budget and protect the treasury from bankruptcy – which is why I have opposed so many spending requests as a member of the Appropriations Committee and voted ‘no’ so often against big spending programs like the Farm Bills, the Medicare Prescription Drug Program, fighting AIDS in Africa, and so many others pushed by this Administration.”
Beth sent me this in fun, so I wanted to share it with you.
But I have to ask…if they are going to spend this money, why don’t they do it like this email suggested?
Food for thought…
This idea sounds just crazy enough to possibly work, so naturally it won’t be given serious consideration. How great is our bureaucracy!!
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child.
So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we’re going to re-distr ibute wealth let’s really do it…instead of trickling out a puny $1000.00 (‘vote buy’) economic incentive that is being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can ‘never work.’
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion, We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.
And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
At least 165 economists have signed a letter to Congress members warning of three pitfalls in the Bush administration’s $700 billion proposal to deal with the Wall Street crisis.
The economists say they are well aware of the current financial situation and agree there’s a need for bold action but ask Congress “not to rush.”
They urge lawmakers to hold appropriate hearings and “to carefully consider the right course of action.”
The three problems with the plan proposed by Treasury Secretary Henry Paulson, the economists say, are its fairness, ambiguity and long-term effects.
President Bush was joined today by presidential candidates John McCain and Barack Obama at an emergency White House meeting on the plan. Key members of Congress said this morning they had struck a deal in principle, but the outcome of the proposal is unclear. Participants in the White House meeting called it extremely contentious.
The proposal allows the government to buy the faulty mortgage-based assets of severely weakened financial institutions to prevent them from collapsing and setting off a chain of events that would affect citizens, including depletion of retirement accounts, rising home foreclosures, bankrupt businesses and lost jobs.
The economists contend the plan is unfair, because it’s a “subsidy to investors at taxpayers’ expense.”
“Investors who took risks to earn profits must also bear the losses,” the economists say in their letter. “Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.”
The plan is ambiguous, they contend, as neither “the mission of the new agency nor its oversight are clear.”
“If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards,” the letter states.
If the plan is enacted, the economists argue further, “its effects will be with us for a generation.”
“For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity,” they say. “Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.”
The author of a unique best-selling book on the year 2012 and the return of biblical Nephilim claims mankind may be on the precipice of an earth-shaking event far beyond the imagination of most people. In “Nephilim Stargates: The Year 2012 and the Return of the Watchers,” Thomas Horn quotes the prophet Enoch concerning the history of powerful angels who descended from heaven onto Mt. Hermon “in the days of Jared” and used women to produce giant offspring.
But the history surrounding these demonic beings may not remain in the past. In fact, things may be about to get very scary, Horn claims.
Enoch was the son of Jared, father of Methuselah and great-grandfather of Noah, whose writings provide the most detailed account of the fall of the “Watchers,” the angels who fathered the infamous Nephilim (the bene Elohim Genesis 6:1-2).
While the book of Enoch is no longer included in most versions of the Bible, Enoch’s writings are quoted in the New Testament in at least two places, and he is mentioned by name in both the Old and New Testaments, including Jude 14-15 where one of his prophecies is cited.
During the discovery of the Dead Sea Scrolls, pre-Maccabean fragments of the Book of Enoch were found, illustrating that the ancients held these texts to be sacred. The finding at Qumran also helped scholars to verify the book’s antiquity.
In addition, many early Church Fathers considered the Book of Enoch to be inspired, including Tertullian, Justin Martyr, Irenaeus, Origen and Clement of Alexandria.
Horn believes this is important, because if Enoch was truly a prophet, then the world may be in for one “hell” of a surprise, and soon. His concern stems from several specific parts of the book of Enoch.
“In the tenth chapter of the book of Enoch, it says the Watchers who were judged during the flood would be bound beneath ‘the hills of the earth’ for seventy generations, until the day of their final judgment in which they will be released from those confines and thrown into an abyss of fire, ‘to the torment and the prison in which they shall be confined for ever.’
“But in the fifteenth chapter, Enoch writes about the deceased offspring of the Watchers, the giants or Nephilim, and says that they ‘shall be concealed, and shall not rise up against the sons of men… until they come forth during the days of slaughter and destruction.’
“These prophecies of Enoch mirror those of other apocryphal works, which indicate a specific future date in which the Watchers will rise for a judgment that will be ‘for ever and ever’ (Enoch 10:12) and also when the giant offspring of the Watchers will return to wreak havoc upon earth.”
Of immediate concern, Horn warns, is the “seventy generations” that Enoch said would transpire from the time of the flood until the date of these events.
Why is this important?
“Because according to modern research, the roughly estimated date for the biblical flood is between BC 2800 and 2900. When you consider that a prophetic generation is 70 years based on Psalm 90:10 (‘The days of our years are threescore years and ten’), Enoch’s 70 generations times 70 years equals exactly 4900 years forward from the flood, bringing us to the current hour.
“Is mankind therefore standing on the threshold of Watchers being thrown into an abyss of fire, and giants returning? Does Enoch’s dating of ‘the final judgment’ as occurring following 70 generations from the flood also indicate a looming time frame for the Judgment seat of Christ?”
In “Nephilim Stargates: The Year 2012 and the Return of the Watchers,” Horn points to additional prophecies, which he believes could support this timing of Enoch’s 70 generations and a catastrophic soon return of the Watcher’s offspring, which would lead to men’s hearts failing them for fear when seeing what is coming upon the earth. (see Luke 21:26)
As an example, he points to the thirteenth chapter of the book of Isaiah, where it describes the destruction of Babylon (Iraq) at the end of time, something many Christians believe could be imminent given the U.S. military presence and uneasiness there. Yet as soon as the narrative begins, the Lord commands, “Open the gates, ye ruler. I give command and I bring them: Giants are coming to fulfill my wrath” (Isaiah 13:3) Septuagint.
Horn says the word translated here as “Giants” is Gibborim, beings that, according to him, many scholars hold as having been the offspring of the Watchers and Nephilim.
“So perhaps,” he concludes, “the timing of the 70 generations of Enoch coming to an end, and the military buildup in ancient Babylon/Iraq is not coincidental. Perhaps both of these prophets saw the same thing happening at the same time. The ramifications of what this portends may be more than most people can handle, and the return of the Nephilim sooner than we think.”
So after the government takes all of my money, in order to bail out greedy companies with bad management, who is going to bail me out? The answer is “no one”. I’m expected to take care of myself, as it should be. Whatever happened to “fiscal responsibility”? I think that it no longer exist.
John McCain will try to recover ground in Washington, D.C., on Friday after Barack Obama and his Democratic colleagues in Congress accused the Republican candidate of injecting presidential politics into the high-stakes debate on Capitol Hill over economic bailout legislation.
McCain now stands in the unenviable position of fighting off complementary claims — that he barreled into Washington and rallied House conservatives to upend a financial rescue deal on the verge of being sealed, and then stood back and did nothing as negotiations devolved at a White House meeting.
The McCain camp denied both charges.
“Despite today’s news reports, there never existed a ‘deal,’ but merely a proposal offered by a small, select group of Members of Congress. As of right now, there exists only a series of principles … however, these principles do not enjoy a consensus in Congress,” McCain’s campaign said in a Thursday memo.
“At today’s Cabinet meeting, John McCain did not attack any proposal or endorse any plan. John McCain simply urged that for any proposal to enjoy the confidence of the American people, stressing that all sides would have to cooperate and build a bipartisan consensus for a solution that protects taxpayers,” the memo continued.
Supporters also claim that McCain was not disruptive during the White House talks but urged all sides to come together.
But to hear it elsewhere, McCain is largely to blame for the impasse in negotiations on a $700 billion package aimed at saving Wall Street from bad mortgage securities.
“Here’s my observation and I think this may have been confirmed at the meeting today — when you inject presidential politics into delicate negotiations, sometimes it’s not helpful. The cameras change things,” Obama told FOX News after the meeting ended. “It’s not clear to me that having presidential candidates in a high-profile way in the negotiating process is useful.”
Democratic leaders on Capitol Hill were more blunt.
“He’s slowed it down,” Rep. Barney Frank, D-Mass., said of McCain’s impact on the negotiations. “The next thing we know, he’s in a position frankly where he’s making it harder to get things done, rather than help us negotiate differences.”
Obama vice presidential running mate, Joe Biden, suggested that the deal was close to finished until McCain arrived in D.C. on Thursday, one day after he suspended his political campaign to work on negotiations and called for such a high-level meeting of candidates and officials in Washington, D.C.
“We had a deal this morning, it looked like, when I say we -– the leadership of the House, and the Senate, the Democrats — had an agreement on this so-called bailout package and it looked like it was all going to be set and there was a call from the president, would Barack come to the White House with the congressional leadership and sort of sign on the dotted line?” Biden said at a Rhode Island fundraiser Thursday night.
“We were going to all put this behind us and then I’m told that things changed that John McCain landed about 4 o’clock and all of a sudden I don’t know what the reason but some of the House Republicans decided that this, this wasn’t going to go forward, at least not, not right away,” Biden continued.
McCain’s campaign has countered that it was Obama whose presence disrupted the meeting.
“The Democrats allowed Senator Obama to run their side of the meeting,” McCain spokesman Brian Rogers said in a written statement released Thursday night. “That did not work, as the meeting quickly devolved into a contentious shouting match that did not seek to craft a bipartisan solution.”
We’ve blogged about this movie before and I believe that it is going to be a “must-see” for my family. If you get a chance to see it, let us know what you thought about it.
Fireproof, which opens nationwide today in 850 theaters, is the latest movie from the same church in Albany, Georgia, that produced Facing the Giants and Flywheel. Fireproof stars Kirk Cameron as a fireman whose marriage is in serious trouble.
Cameron’s on-screen wife, Erin Bethea, says the movie will influence solid marriages as well as struggling ones.
“We not only have…a great message, a great story, some really good acting in this film, [but also] Kirk Cameron — you have never seen him like this before. I mean, he’s incredible. But then to go with it, it is good quality,” Bethea explains. “You’ll laugh and you’ll cry and enjoy the movie and be entertained, while at the same time getting a great message.”
Parents and Friends of ExGays and Gays is campaigning to put materials on the truth about homosexuality into public libraries.
Parents and Friends of ExGays and Gays (PFOX) says most libraries stock pro-homosexual books, but when it comes to books on the truth about homosexuality and materials on how one can be freed from the homosexual lifestyle, censorship seems to be fair play. PFOX executive director Regina Griggs explains that her organization has sent these types of materials to libraries, only to have them rejected or sent back.
“Consequently, the facts and the messages are not getting to young adults and to teens today that homosexuality is not innate,” Griggs laments. “There has never been a replicated study that says one is born gay and that change is not possible.”
Nancy and Billy bought a new home in Central Florida two years ago for $349,000 paying $35,000 down (their life savings) and financing the balance with an adjustable rate mortgage. Today, the home appraises for a mere $229,000—a 30 percent market drop in two years. These Florida homeowners are upside down and there is no relief sight—sadly, they are typical. Now, Nancy has been laid off from her job and this couple is trying (unsuccessfully) to make ends meet. Like many of their neighbors they have quit paying their mortgage, have been served with foreclosure papers and are preparing to walk away from their home. The rows of “for sale” signs are sad evidence that there are no prospective buyers on the horizon, and even if there were, how does one sell a home in this situation?
Do Republicans fail to see the tragedy in this scenario? Do they believe this is a fine example of how the free market works for good in America? If so, they stand to be severely punished in November.
The Democrats seem to get it and are pushing for legislation to allow Nancy and Billy to seek relief from a bankruptcy judge to “cram down” the mortgage debt to the true value of the property and modify the payment schedule accordingly. In the Democratic scenario Nancy and Billy obtain relief from bankruptcy court reducing the debt on their home to $229,000 and resetting their amortization schedule to reasonable market interest for 30 years fixed rate. Proponents say this will stem the tide of foreclosures and keep Americans in their homes. Opponents say that banks will only pass the loss on as higher loan interest rates and tighter lending guidelines.
Paulson brushed this approach aside and told us to trust him to do the right thing for Nancy and Billy. After he has the power, then he will make concessions to financially stressed homeowners. Republicans in Congress are resisting such relief because they are apparently more sympathetic to the National Bankers Association than the thousands of hard working Nancys and Billys who, unlike the “too large to fail” financial institutions, are the true victims of the economic crisis.
The concept that the Republicans are against mortgage restructuring for the “little guy” verges on the “let them eat cake” mentality. Yes, ACORN and other Democratically-aligned groups are pushing mortgage relief, but for once the Republicans should hold their nose and do something for the people who will be paying for the bailout—Nancy and Billy.
It is a legitimate question to ask President Bush, the Republicans in Congress and, yes, John McCain: Why are homeowners who have no control over the vicissitudes of the real estate market punished, and the Wall St. tycoons who are now being investigated by the FBI are being bailed out? The Democrats and their enablers, like the Chicago Tribune, will continue to loudly ask, “Who Will Bail Out American Families?” The New York Times will proclaim, “Housing Experts Say Bailout Proposal May Do Little for Homeowners.”
It’s about time decency won out…
There’s more trouble for “Hounddog,” the controversial Dakota Fanning movie featuring a depiction of a rape of a nine-year-old that had opened last weekend and generated only about $1,100 from each of its 11 theaters.
A report at Contact Music.com today said officials at AMC theaters have pulled the film from its few theaters involved, and the report blamed the move on “mounting pressure from family values groups upset about a rape scene.”
WND had reported earlier on the take from the first weekend of the movie, which was released by Empire Film Group, whose officials jumped into the project after “Hounddog” caused waves at the 2007 Sundance film festival and was unable to attract a sponsor.
The company released the film for last weekend, but even before the release, blogger Steve Pill was reporting on a statement from the public.
“I received a somewhat rueful message of congratulations from Eric Parkinson, the CEO of distribution for Empire Film Group,” he wrote. “According to him, more than 200 theaters across the country had cancelled their scheduled screenings of the motion picture ‘Hounddog,’ citing pressure from ‘vocal groups.'”
Fanning’s behavior has been described as more explicit than what was required of Jodie Foster, who as a 12-year-old played a prostitute in “Taxi Driver,” a 1976 Martin Scorsese production, or Brooke Shields, who was a New Orleans brothel worker in the “Pretty Baby” movie from 1978.
The Numbers website noted “Hounddog” played in 11 theaters across Canada and the U.S. on its first weekend, with a total gate of $12,500.
The movie had been the subject of several investigation requests and was targeted just a week ago in a boycott launched by noted movie critic Ted Baehr of Movieguide and the Christian Film & Television Commission.
“These despicable movies promote pedophilia, whether intentionally or unintentionally,” said Baehr. “There should be a massive public outcry against them. The inclusion of children in sexually explicit films is inappropriate. There also is no excuse for the authorities to allow such material to be shown publicly.”
WND broke the story about the controversial movie when there were objections even while it was being made.
“As an adult whose job should be protecting children, we have to realize there are those who are willing to accept the blurring of lines between adults and children in sexual acts,” said Donna Miller, chief of the No More Child Porn campaign, which joined with Baehr. “Even experts such as the American Psychological Association promoted the blurring of those lines when they published in their journal the Rind Study that stated that sex between men and nine-year-old boys was not always harmful.
“I believe [director] Deborah Kampmeier also blurred those lines when she made Dakota Fanning’s character a sexually aggressive little girl at the age of nine,” Miller said.
“Much has been made about the rape scene regarding lighting – indicating that it was done in taste, etc. But there is no doubt that Fanning’s character asked a boy to expose himself, that she would give him a kiss for doing so, and had done so with other boys. What does this tell other little girls,” Miller continued.