It Just Can't Be That Simple
Thursday, February 26, 2009
Economic Time Warp
From The New York Times, Feb. 30, 1999.
"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders."
1999 - That would be the Clinton administration encouraging risky mortgage lending.
Late the article prophetically states:
"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
I'd love to say the mortgage industry collapse was just an unintended consequence of a noble cause - enabling low income folks to own a home. It would make the current situation palatable - in a warm and fuzzy way. Unfortunately, it's simple not true. The current situation is fallout akin to Mr. Spock doing a mind meld between greed and stupidity. ¶ 26.2.09 0 comments
"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders."
1999 - That would be the Clinton administration encouraging risky mortgage lending.
Late the article prophetically states:
"In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
I'd love to say the mortgage industry collapse was just an unintended consequence of a noble cause - enabling low income folks to own a home. It would make the current situation palatable - in a warm and fuzzy way. Unfortunately, it's simple not true. The current situation is fallout akin to Mr. Spock doing a mind meld between greed and stupidity. ¶ 26.2.09 0 comments
WTF of the Day
Today I passed a car with Canadian license plates and an Obama '08 bumper sticker.
The only thing I can figure is that liberals are so stupid they don't know they can only vote within their own country. ¶ 26.2.09 0 comments
The only thing I can figure is that liberals are so stupid they don't know they can only vote within their own country. ¶ 26.2.09 0 comments
Wednesday, February 25, 2009
Russian Rouxlette
Last weekend I made shrimp and okra gumbo. I went for authenticity and started with a roux. I've made roux a bunch of times. It's not as big a deal as some would have you believe - as long as you pay attention.
I like gumbo made with a dark roux. Problem is the darker the roux the longer the preparation time. So in my haste to achieve culinary nirvana, I endeavored to keep the pot right at the oil's smoke point. Inevitably this resulted in moments where I felt it necessary to remove the pot from the flame. (When the vent hood isn't keeping up with the smoke, it's a strong sign bad things are near.) After a few cycles of heat, stir, cool it occurred to me that I was playing Russian Rouxlette. ¶ 25.2.09 0 comments
I like gumbo made with a dark roux. Problem is the darker the roux the longer the preparation time. So in my haste to achieve culinary nirvana, I endeavored to keep the pot right at the oil's smoke point. Inevitably this resulted in moments where I felt it necessary to remove the pot from the flame. (When the vent hood isn't keeping up with the smoke, it's a strong sign bad things are near.) After a few cycles of heat, stir, cool it occurred to me that I was playing Russian Rouxlette. ¶ 25.2.09 0 comments
Ye Ole Switcharoo
Today CNN reported: "The State Department issued a report Wednesday sharply critical of China's human rights record, despite the Obama administration's decision to take a different approach to the Asian country."
Funny, I thought the State Department is a part of the Obama administration. Seems like Barry & Judas are playing some version of that good - cop bad cop routine you see in the movies. Sorry but you can't have it both ways. Some of us are too smart for that routine. ¶ 25.2.09 0 comments
Funny, I thought the State Department is a part of the Obama administration. Seems like Barry & Judas are playing some version of that good - cop bad cop routine you see in the movies. Sorry but you can't have it both ways. Some of us are too smart for that routine. ¶ 25.2.09 0 comments
Monday, February 23, 2009
Pork Fest - Part Deux
From a Yahoo news report on the $787 pork fest legislation Barry signed Feb. 17:
"..The measure's full of projects that Democrats, who are in charge of the legislative and executive branches for the first time since 1994, have sought for years, and it's questionable whether many of those provide the economy much of a short-term boost.
Even more such projects are included in the next round of legislation, a $410 billion spending plan for the rest of fiscal 2009 that the House of Representatives is to consider Wednesday.
That package would spend about 8 percent more than the same programs got last year, the second biggest annual increase since 1978 for discretionary spending, programs that the government isn't required to fund, unlike Social Security and Medicare.."
At this rate, Congress is going to have to appropriate a bigger trough! ¶ 23.2.09 0 comments
"..The measure's full of projects that Democrats, who are in charge of the legislative and executive branches for the first time since 1994, have sought for years, and it's questionable whether many of those provide the economy much of a short-term boost.
Even more such projects are included in the next round of legislation, a $410 billion spending plan for the rest of fiscal 2009 that the House of Representatives is to consider Wednesday.
That package would spend about 8 percent more than the same programs got last year, the second biggest annual increase since 1978 for discretionary spending, programs that the government isn't required to fund, unlike Social Security and Medicare.."
At this rate, Congress is going to have to appropriate a bigger trough! ¶ 23.2.09 0 comments
Strike Two
From the AP:
"The Obama administration, siding with the Bush White House, contended Friday that detainees in Afghanistan have no constitutional rights.
In a two-sentence court filing, the Justice Department said it agreed that detainees at Bagram Airfield cannot use U.S. courts to challenge their detention. The filing shocked human rights attorneys."
First Judas & now this, it's a bleeding heart double whammy. I believe at this point Lt. Col. Frank Slade would add - Hoo-ah!
What part of no jurisdiction do these people not understand. ¶ 23.2.09 0 comments
"The Obama administration, siding with the Bush White House, contended Friday that detainees in Afghanistan have no constitutional rights.
In a two-sentence court filing, the Justice Department said it agreed that detainees at Bagram Airfield cannot use U.S. courts to challenge their detention. The filing shocked human rights attorneys."
First Judas & now this, it's a bleeding heart double whammy. I believe at this point Lt. Col. Frank Slade would add - Hoo-ah!
What part of no jurisdiction do these people not understand. ¶ 23.2.09 0 comments
Friday, February 20, 2009
Judas Strikes Again
From today's news: "Amnesty International and a pro-Tibet group voiced shock Friday after US Secretary of State Hillary Clinton vowed not to let human rights concerns hinder cooperation with China."
¶
20.2.09
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Tuesday, February 17, 2009
The proper fix
The media and the government keeps telling us we are in the midst of a "financial crisis". Unless you live under a rock, you've probably heard something about it. Well if it's such a big emergency, why isn't FEMA involved? I mean they are the Federal Emergency Management Agency?
Today I found a Wall Street Journal article listing the bailout provisions. As you read the list, you should listen to this. ¶ 17.2.09 0 comments
Today I found a Wall Street Journal article listing the bailout provisions. As you read the list, you should listen to this. ¶ 17.2.09 0 comments
Monday, February 16, 2009
Trickling On
Do you think trickle up economics - i.e. Obamanomics will be as successful as trickle down - i.e. Reganomics?
Earlier I was reading a news report that referred to the economic stimulus as "the great experiment". In the words of Eric Idle - "Say no more..."
Lets assume this this Pelosi pork fest has a positive effect. What is going to be the long term impact? Why can't we ride out this main stream media inspired recession the same way we've ridden out the previous ones? Seems to me the "stimulus" is trying to recreate the hyper-growth conditions which precipitated the current "crisis". (I emphasized the word crisis because only 93% of the eligible work force is currently employed.) ¶ 16.2.09 0 comments
Earlier I was reading a news report that referred to the economic stimulus as "the great experiment". In the words of Eric Idle - "Say no more..."
Lets assume this this Pelosi pork fest has a positive effect. What is going to be the long term impact? Why can't we ride out this main stream media inspired recession the same way we've ridden out the previous ones? Seems to me the "stimulus" is trying to recreate the hyper-growth conditions which precipitated the current "crisis". (I emphasized the word crisis because only 93% of the eligible work force is currently employed.) ¶ 16.2.09 0 comments
