Contrairimairi forwarded this story from M. Simon's Power and Control blog. Simon writes of the Superior Bank of Chicago's bankruptcy:
"The uninsured depositors were dealt another blow recently when the U.S. Supreme Court let stand a lower court decision to put any recovered money toward the debt that the bank owners owe the federal government before the depositors get anything.
"But this seven-year-old bank failure has relevance in another way today, since the chair of Superior’s board for five years was Penny Pritzker, a member of one of America’s richest families and the current Finance Chair for the presidential campaign of Barack Obama, the same candidate who has lashed out against predatory lending.."
Moreover:
“The [sub-prime] financial engineering that created the Wall Street meltdown was developed by the Pritzkers and Ernst and Young, working with Merrill Lynch to sell bonds securitized by sub-prime mortgages,” Timothy J. Anderson, a whistleblower on financial and bank fraud, told me in an interview."
Simon adds:
"Well, isn't that special. Kind of reminds you of O's special friend Tony Rezko who worked the low income housing scam in Chicago. Small potatoes that Tony. He only destroyed millions in housing value. Pritzker was involved with trillions. But you know the Democrats really have a heart for the poor. As long as they can rob them blind."
Simon discusses another "thief for Obama", Jim Johnson. As well, he discusses ACORN's many links to Fannie Mae. He asks:
"Which politicians did Freddie Mac and Fannie Mae's Political Action Committees support? How about a look at the top five.
1. Dodd, Christopher J D-CT $133,900
2. Kerry, John D-MA
$111,000
3. Obama, Barack D-IL
$105,849
4. Clinton, Hillary D-NY
$75,550
5. Kanjorski, Paul E D-PA
$65,500"
Well what do you know. They're all Democrats. Change we can believe in. Read it all here.
Tuesday, September 16, 2008
Barack Obama's Leeches
Mayor Bloomberg was on television yesterday. I wasn't paying careful attention but he seemed to be suggesting that American International Group will survive despite financial losses and that markets need to be regulated. The Sun reports today that Governor Paterson is changing New York insurance law to allow the firm to borrow from its subsidiaries. The rule of law is is becoming an alien concept to our increasingly socialistic, government-by-whim society. What especially troubles me is that I doubt that Governor Paterson or Mayor Bloomberg have ever learned about or thought about why the rule of law was associated with the solitary (in world history) rise of technology and wealth under free market capitalism, and how violating it will destroy the incentives and flexibility that enable it. Americans have allowed themselves to be led by fools.
Another potential milestone on America's government-built expressway to serfdom is that, as the Sun's Russell Berman reports, our inept automakers may get a bailout from the American people. The automakers don't think enough of American workers to locate their plants in Flint or Detroit, but they are happy to accept alms from those same workers.
The Sun notes:
"The nation's top car manufacturers are pushing Congress to act by the end of this month to guarantee $25 billion in loans to help them invest in the production of fuel-efficient vehicles. The idea is being greeted warmly by both the Democratic and Republican presidential candidates, who see it as a way to win votes in the swing state of Michigan while also moving America away from dependence on foreign oil."
The pattern of government support for incompetently managed businesses, from Fannie Mae in Washington to General Motors in Detroit to Bear Stearns in Manhattan, is a function of a failed, mercantilist economic model associated with Harvard University and the New Deal. The vicious harm that this ideology is doing to America's future is evident. When firms are badly managed, they should be closed and replaced by more nimble firms with more capable managements, not supported at taxpayer expense through the printing of money. Readjustments are painful, but the alternative is economic decline as resources are diverted to incompetent and slothful cronies at the expense of innovative entrepreneurs.
In response to massive over-regulation, government subsidized-firm incompetence and failed, New Deal economic theories, Senator Barack Obama, like Mayor Bloomberg a product of Harvard's graduate program, calls for more regulation. This call is echoed by John McCain, Harry Reid and our other illiterate leaders, who tell the American public that they will illegalize greed, all the while snickering as the laws that they pass reflect their own greed.
Senator Obama reminds me of Benjamin Rush, the physician who signed the Declaration of Independence. As a political activist we can respect Rush, but as a physician he advocated the aggressive use of leeches to cure disease. The idea that leeches can cure cancer is much like Senator Obama's and Mayor Bloomberg's idea that more regulation can cure economic decline.
The Sun notes that Senator McCain's diagnosis is as off base as Senator Obama's, and they are right. The state of education about economics is this. The establishment advocates economic ideas that harm innovation and the average American's long term prospects, and they do it in the name of helping the average American. Regulation is a leech-cure that weakens the patient instead of curing him. What is worse, though, is that regulation does protect one group: the physicians' friends, the wealthy recipients of corporate welfare.
Benjamin Rush aimed to cure his patients. Barack Obama and Mayor Michael Bloomberg are much worse. They are willing to harm the American public in order to benefit themselves, their contributors and their fellow Harvard alumni. They may really believe their silly ideas. But alternative knowledge is available, and they are unwilling to be educated.
Another potential milestone on America's government-built expressway to serfdom is that, as the Sun's Russell Berman reports, our inept automakers may get a bailout from the American people. The automakers don't think enough of American workers to locate their plants in Flint or Detroit, but they are happy to accept alms from those same workers.
The Sun notes:
"The nation's top car manufacturers are pushing Congress to act by the end of this month to guarantee $25 billion in loans to help them invest in the production of fuel-efficient vehicles. The idea is being greeted warmly by both the Democratic and Republican presidential candidates, who see it as a way to win votes in the swing state of Michigan while also moving America away from dependence on foreign oil."
The pattern of government support for incompetently managed businesses, from Fannie Mae in Washington to General Motors in Detroit to Bear Stearns in Manhattan, is a function of a failed, mercantilist economic model associated with Harvard University and the New Deal. The vicious harm that this ideology is doing to America's future is evident. When firms are badly managed, they should be closed and replaced by more nimble firms with more capable managements, not supported at taxpayer expense through the printing of money. Readjustments are painful, but the alternative is economic decline as resources are diverted to incompetent and slothful cronies at the expense of innovative entrepreneurs.
In response to massive over-regulation, government subsidized-firm incompetence and failed, New Deal economic theories, Senator Barack Obama, like Mayor Bloomberg a product of Harvard's graduate program, calls for more regulation. This call is echoed by John McCain, Harry Reid and our other illiterate leaders, who tell the American public that they will illegalize greed, all the while snickering as the laws that they pass reflect their own greed.
Senator Obama reminds me of Benjamin Rush, the physician who signed the Declaration of Independence. As a political activist we can respect Rush, but as a physician he advocated the aggressive use of leeches to cure disease. The idea that leeches can cure cancer is much like Senator Obama's and Mayor Bloomberg's idea that more regulation can cure economic decline.
The Sun notes that Senator McCain's diagnosis is as off base as Senator Obama's, and they are right. The state of education about economics is this. The establishment advocates economic ideas that harm innovation and the average American's long term prospects, and they do it in the name of helping the average American. Regulation is a leech-cure that weakens the patient instead of curing him. What is worse, though, is that regulation does protect one group: the physicians' friends, the wealthy recipients of corporate welfare.
Benjamin Rush aimed to cure his patients. Barack Obama and Mayor Michael Bloomberg are much worse. They are willing to harm the American public in order to benefit themselves, their contributors and their fellow Harvard alumni. They may really believe their silly ideas. But alternative knowledge is available, and they are unwilling to be educated.
Monday, September 15, 2008
New York Huckabee Supporters Helping Obama Slide
Pinni is my former student who also happens to be the head of the Federalist Society at Cardozo Law School in New York. Pinni was one of my very few best students in 17 years of teaching, and I pleased to say that he is doing well in law school. He just forwarded a fascinating e-mail from Myers Mermel, former New York State chair of New Yorkers for Huckabee. Mermel points out that McCain/Palin are within 4.2% of Obama. Wow, what a difference a few weeks can make! Mermel is now head of the McCain campaign's grassroots efforts. Mermel is encouraging New Yorkers to go to www.nymccain.com and sign up for county MEETUPS. Yay!
>Former Huckabee Supporters:
I am sure you have been as encouraged by Gov. Sarah Palin as I have. Her agenda and values are very much like Gov Huckabee's.
The Republican Presidential team of McCain/Palin is now addressing the concerns that we raised during the primaries.
I am writing to ask your help. I have become a part of the McCain campaign and am in charge of our grassroots efforts across New York State. Basically I am in charge of getting out the vote
I have remarkable news. Today Siena released a poll showing Obama was only 4.2% points ahead of McCain in New York State. This lead has been narrowed since June when Obama led by 18 points.
The McCain/Palin ticket is gaining in the polls by gathering the vast support of many Republicans and Democrats across New York State. But we are not there yet. However, we are in the home stretch.
I want to ask you to go back into the fields of politics one more time. We all need your help in order to turn New York into the biggest surprise victory in decades.
Please go to www.nymccain.com and sign up within your county. I would like you to go to your county and join the local MEETUP group. If there is not a MEETUP group in your county, please form one.
We are trying to get all MEETUP groups to gather around the first debate which is September 26th. From there we will start with targeted get-out-the-vote efforts.
Please consider helping; a lot is at stake. Please let me see you at MEETUP.
For such a time as this,
Myers Mermel
Former Huckabee NY State Chair
McCain/Palin Chair Grassroots NY State
myers.mermel@nymccain.com
>Former Huckabee Supporters:
I am sure you have been as encouraged by Gov. Sarah Palin as I have. Her agenda and values are very much like Gov Huckabee's.
The Republican Presidential team of McCain/Palin is now addressing the concerns that we raised during the primaries.
I am writing to ask your help. I have become a part of the McCain campaign and am in charge of our grassroots efforts across New York State. Basically I am in charge of getting out the vote
I have remarkable news. Today Siena released a poll showing Obama was only 4.2% points ahead of McCain in New York State. This lead has been narrowed since June when Obama led by 18 points.
The McCain/Palin ticket is gaining in the polls by gathering the vast support of many Republicans and Democrats across New York State. But we are not there yet. However, we are in the home stretch.
I want to ask you to go back into the fields of politics one more time. We all need your help in order to turn New York into the biggest surprise victory in decades.
Please go to www.nymccain.com and sign up within your county. I would like you to go to your county and join the local MEETUP group. If there is not a MEETUP group in your county, please form one.
We are trying to get all MEETUP groups to gather around the first debate which is September 26th. From there we will start with targeted get-out-the-vote efforts.
Please consider helping; a lot is at stake. Please let me see you at MEETUP.
For such a time as this,
Myers Mermel
Former Huckabee NY State Chair
McCain/Palin Chair Grassroots NY State
myers.mermel@nymccain.com
Dow Falls 504 Points as Obama's Chances Fade
The decline in Senator Obama's fortunes in the 2008 election have been followed closely by a sharp stock market decline today due to the bankruptcy of Lehman Brothers. This bodes ill for my home town, New York City, and for my home state, New York, as both depend heavily on Wall Street and finance for their revenues.
Contrairimairi has forwarded a seemingly unrelated piece of news. Jennifer Rubin of Commentary Magazine.com notes that Mr. Obama is one of the largest recipients of donations from Fannie and Freddie Mac. Back in 2007 the Washington Post noted that Senator Obama was the largest recipient of donations from Wall Street. Thus, 17 months ago, before he overtook Senator Clinton in the primaries:
"The Illinois senator raised $479,209 from employees at the banks in the quarter, according to Federal Election Commission filings. Giuliani collected $473,442, and Clinton got $447,625. The figures are based on employers listed by the donors; in some cases, names are incomplete or missing."
This was back in April 2007 when I and many others had heard little about Senator Obama. Of course, with the backing of George Soros and Warren Buffett, Wall Street has been absolutely thrilled with Senator Obama's candidacy. Obama was talking about change for Americans when he really meant million dollar bonuses for the good folks on Wall and Broad.
In June 2008 I blogged that:
"In contrast to Goldman Sachs, Morgan Stanley has traditionally given to Republicans, according to Open Secrets.org. However, in 2008 Morgan Stanley has donated $1.4 million to Democrats and only $824.8 thousand to Republicans. As far as the finance, insurance and real estate industry as a whole, open secrets reports that in 2008, for the first time since 1990 when it begins its report, the industry as a whole is favoring the Democrats over the Republicans."
Wall Street has benefited from decades of Republican financial subsidies in the form of artificially reduced interest rates that have inflated the stock market, enhancing stock valuations and hence the turnover of stocks as investors have speculated to a far greater degree than they would have. Clearly, the Republicans have been running out of steam, as their subsidies have gone into the pockets of Wall Street bounders who lack the competence to manage even a subsidized business. Wall Street probably hoped that Mr. Obama was a plumed knight come to rescue them from their self-created dragons of inflation and American economic decline. Wall Street has been slurping up the resources of hard working Americans via Federal Reserve Bank inflation for decades, and now they are going bankrupt nevertheless. This is not incompetence. It is corruption.
I can't help but wonder if the stock market is declining in part as a reaction to the reality that Mr. Obama won't be around to help them in the coming four years.
Contrairimairi has forwarded a seemingly unrelated piece of news. Jennifer Rubin of Commentary Magazine.com notes that Mr. Obama is one of the largest recipients of donations from Fannie and Freddie Mac. Back in 2007 the Washington Post noted that Senator Obama was the largest recipient of donations from Wall Street. Thus, 17 months ago, before he overtook Senator Clinton in the primaries:
"The Illinois senator raised $479,209 from employees at the banks in the quarter, according to Federal Election Commission filings. Giuliani collected $473,442, and Clinton got $447,625. The figures are based on employers listed by the donors; in some cases, names are incomplete or missing."
This was back in April 2007 when I and many others had heard little about Senator Obama. Of course, with the backing of George Soros and Warren Buffett, Wall Street has been absolutely thrilled with Senator Obama's candidacy. Obama was talking about change for Americans when he really meant million dollar bonuses for the good folks on Wall and Broad.
In June 2008 I blogged that:
"In contrast to Goldman Sachs, Morgan Stanley has traditionally given to Republicans, according to Open Secrets.org. However, in 2008 Morgan Stanley has donated $1.4 million to Democrats and only $824.8 thousand to Republicans. As far as the finance, insurance and real estate industry as a whole, open secrets reports that in 2008, for the first time since 1990 when it begins its report, the industry as a whole is favoring the Democrats over the Republicans."
Wall Street has benefited from decades of Republican financial subsidies in the form of artificially reduced interest rates that have inflated the stock market, enhancing stock valuations and hence the turnover of stocks as investors have speculated to a far greater degree than they would have. Clearly, the Republicans have been running out of steam, as their subsidies have gone into the pockets of Wall Street bounders who lack the competence to manage even a subsidized business. Wall Street probably hoped that Mr. Obama was a plumed knight come to rescue them from their self-created dragons of inflation and American economic decline. Wall Street has been slurping up the resources of hard working Americans via Federal Reserve Bank inflation for decades, and now they are going bankrupt nevertheless. This is not incompetence. It is corruption.
I can't help but wonder if the stock market is declining in part as a reaction to the reality that Mr. Obama won't be around to help them in the coming four years.
Subscribe to:
Comments (Atom)
