On tap for Saturday's program (Bakersfield 1230 AM / 2-4 pm): Obama in Cairo ... a speech for the world, not just America; Republicans are now officially rooting for President Obama, and our nation, to fail ... I'll explain; Dick "Johnny Appleseed" Cheney; Wall Street's Middle Finger to America; and more.
- Mark
Saturday, June 6, 2009
Friday, June 5, 2009
REPUBLICANS: STILL ROOTING FOR FAILURE
The Wall Street Journal is reporting - and Congressman Kevin McCarthy's (R-Bakersfield) Friday evening "Facebook Post" verifies - that the Republicans are going to start attacking President Obama because of his dismal job creation record. Not only have 2.2 million jobs been lost since the recession began, but unemployment now hovers around 9.4% for the nation.
Part of the "jobs problem" that Republicans are rooting for can be attributed to the too-bold-to-be-true projections made early on by the Obama administration (which were designed to bolster confidence). As well, the missteps made by Treasury Secretary Tim Geithner, as he stumbled in front of Congress and during the roll out of the various bailout programs, did not help build confidence. Finally, and perhaps most important, George W. Bush handed President Obama a national economic disaster. Still, can you blame the fire department because the house continues to burn while they're getting the hoses out? The Republicans seem to think so.
But as the Wall Street Journal points out, the record is clear. George W. Bush not only had to backtrack from his first term job projections, but he ended up with the worst job creation record of any U.S. President since records have been kept. And this was after President Bush added over $6 trillion to our national debt (a lesson for President Obama?).
George W. Bush's job creation record (3 million) even pales in comparison to stagflation-haunted Jimmy Carter (10.5 million). Even John F. Kennedy, in his short tenure, created more jobs than George W. Bush (3.5 million jobs). In fact, going all the way back to President Harry S. Truman, payroll expansion under presidential administrations is dominated by Democrats rather than Republicans. Bill Clinton leads the way with 21.1% (23.1 million jobs created), followed by Truman's 20.1% (8.4 million jobs created) and LBJ's 20.8% (11.9 million jobs created). Ronald Reagan is fourth at 17.6% (16 million jobs).
With current trends we can expect all of the jobs "created" under George W. Bush to disappear by the end of the summer (yet, the result of his failed policies remain). In the meantime, we can also expect the Republicans to continue to root for our nation's continued economic demise. But can you blame them? With their record under President Bush this is the only way they believe they can make it back into power.
So much for Country First.
- Mark
Part of the "jobs problem" that Republicans are rooting for can be attributed to the too-bold-to-be-true projections made early on by the Obama administration (which were designed to bolster confidence). As well, the missteps made by Treasury Secretary Tim Geithner, as he stumbled in front of Congress and during the roll out of the various bailout programs, did not help build confidence. Finally, and perhaps most important, George W. Bush handed President Obama a national economic disaster. Still, can you blame the fire department because the house continues to burn while they're getting the hoses out? The Republicans seem to think so.
But as the Wall Street Journal points out, the record is clear. George W. Bush not only had to backtrack from his first term job projections, but he ended up with the worst job creation record of any U.S. President since records have been kept. And this was after President Bush added over $6 trillion to our national debt (a lesson for President Obama?).
George W. Bush's job creation record (3 million) even pales in comparison to stagflation-haunted Jimmy Carter (10.5 million). Even John F. Kennedy, in his short tenure, created more jobs than George W. Bush (3.5 million jobs). In fact, going all the way back to President Harry S. Truman, payroll expansion under presidential administrations is dominated by Democrats rather than Republicans. Bill Clinton leads the way with 21.1% (23.1 million jobs created), followed by Truman's 20.1% (8.4 million jobs created) and LBJ's 20.8% (11.9 million jobs created). Ronald Reagan is fourth at 17.6% (16 million jobs).
With current trends we can expect all of the jobs "created" under George W. Bush to disappear by the end of the summer (yet, the result of his failed policies remain). In the meantime, we can also expect the Republicans to continue to root for our nation's continued economic demise. But can you blame them? With their record under President Bush this is the only way they believe they can make it back into power.
So much for Country First.
- Mark
BILL MOYERS TURNS 75 ...
From Dailykos I found this "semi-tribute" to Bill Moyers, who turned 75 today.
In this piece Bill Moyers shows what it is to be a professional journalist. One of Bill O'Reilly's goons is trying to do an intimidating ambush piece, challenging Bill Moyers' position on Iraq while trying to shame him into coming on O'Reilly's show. Bill Moyers turns the interview into a criticism of Ruppert Murdoch's support for the war in Iraq and challenges O'Reilly's credibility as an entertainer. Watching O'Reilly's Ambush Man walk away with his tails between his legs is classic.
- Mark
In this piece Bill Moyers shows what it is to be a professional journalist. One of Bill O'Reilly's goons is trying to do an intimidating ambush piece, challenging Bill Moyers' position on Iraq while trying to shame him into coming on O'Reilly's show. Bill Moyers turns the interview into a criticism of Ruppert Murdoch's support for the war in Iraq and challenges O'Reilly's credibility as an entertainer. Watching O'Reilly's Ambush Man walk away with his tails between his legs is classic.
- Mark
DICK (UNCUT)
Jon Stewart of the Daily Show takes former VP Dick Cheney to task for his selective memory and stunning accusation that Richard Clarke, "missed" the signals that 9/11 was coming. What an idiot. Anyone who knows anything about pre-9/11 Washington knows that Richard Clarke was so obsessed with an impending attack that he asked high level Washington agency heads to cancel their vacations during summer 2001. Clarke even thought about resigning his counter terrorism post during summer 2001 because he felt he was the only one in Washington seeing things.
- Mark
| The Daily Show With Jon Stewart | M - Th 11p / 10c | |||
| Dick (Uncut) | ||||
| ||||
- Mark
WALL STREET'S MIDDLE FINGER
Oh, the incompetence of it all ...
One of the goals of the numerous bailout programs for the Obama administration is to help homeowners and other troubled borrowers. To do this the American taxpayer has ponied up trillions in funds and other guarantees. The idea is to save banks and other financial institutions so that they, rather than the federal government, can extend credit and renegotiate with those in financial trouble. It doesn't look like this is going to happen any time soon. Here's why.
According to this Bloomberg.com article the Private-Public Investment Partnership (PPIP), which was designed by the Secretary of Treasury to get the truly toxic instruments off of the books of the banks, has hit a snag. PPIP, which is designed to put credit into the system by purging the truly toxic ("legacy") assets from the system is being undone by the financial sector's new cojones. Simply put, after receiving trillions in government bailout funds, and other guarantees, market players don't want to sell their toxic instruments.
In essence they are saying "we've gotten enough taxpayer money and federal guarantees - and have seen our situation stabilize - so we're going to wait for a better deal."
But wait, it gets better.
Today Bloomberg.com is reporting that Tim Geithner's Term Asset-Backed Securities Loan Facility program not going to be all that it can be. TALF funds are essentially Federal Reserve backed loans (for certain securities) that are designed to put credit back in the market by putting money in the hands of lenders.
The problem is that market players are not happy that the range of security "assets" that they can borrow against - which currently includes SBA loans, credit card loans, student loans, etc. - may not include real estate (because of problems associated with valuation). Put more simply, market players are saying "we won't participate in TALF if we can't borrow against the toxic mortgage securities that we helped create."
So this is what we have. In the PPIP case market players who have been stabilized by taxpayer dollars are simply holding out "until they are repaid at full value" for the toxic instruments that they helped create. In the TALF case market players are saying if the federal government wants them to put taxpayer-backed credit into the system the federal government needs to use taxpayer money to guarantee the toxic assets they want to borrow against.
If you're an American taxpayer, a pampered and bailed out Wall Street has just given you the middle finger.
- Mark
One of the goals of the numerous bailout programs for the Obama administration is to help homeowners and other troubled borrowers. To do this the American taxpayer has ponied up trillions in funds and other guarantees. The idea is to save banks and other financial institutions so that they, rather than the federal government, can extend credit and renegotiate with those in financial trouble. It doesn't look like this is going to happen any time soon. Here's why.
According to this Bloomberg.com article the Private-Public Investment Partnership (PPIP), which was designed by the Secretary of Treasury to get the truly toxic instruments off of the books of the banks, has hit a snag. PPIP, which is designed to put credit into the system by purging the truly toxic ("legacy") assets from the system is being undone by the financial sector's new cojones. Simply put, after receiving trillions in government bailout funds, and other guarantees, market players don't want to sell their toxic instruments.
In essence they are saying "we've gotten enough taxpayer money and federal guarantees - and have seen our situation stabilize - so we're going to wait for a better deal."
But wait, it gets better.
Today Bloomberg.com is reporting that Tim Geithner's Term Asset-Backed Securities Loan Facility program not going to be all that it can be. TALF funds are essentially Federal Reserve backed loans (for certain securities) that are designed to put credit back in the market by putting money in the hands of lenders.
The problem is that market players are not happy that the range of security "assets" that they can borrow against - which currently includes SBA loans, credit card loans, student loans, etc. - may not include real estate (because of problems associated with valuation). Put more simply, market players are saying "we won't participate in TALF if we can't borrow against the toxic mortgage securities that we helped create."
So this is what we have. In the PPIP case market players who have been stabilized by taxpayer dollars are simply holding out "until they are repaid at full value" for the toxic instruments that they helped create. In the TALF case market players are saying if the federal government wants them to put taxpayer-backed credit into the system the federal government needs to use taxpayer money to guarantee the toxic assets they want to borrow against.
If you're an American taxpayer, a pampered and bailed out Wall Street has just given you the middle finger.
- Mark
Thursday, June 4, 2009
A STEP IN THE RIGHT DIRECTION ...
From the NY Times ...
Angelo R. Mozilo, the man who built Countrywide Financial, has finally been charged with securities fraud and insider trading by the Securities and Exchange Commission. In addition to generating $140 million in profits from 2005-007 by selling stock in the company - as the company's share price was tanking - the suit alleges that Mozilo misled investors about growing risks in the company’s lending practices. Mozilo was doing all of this at the same time that he was going to the federal government for bailout money, which they were then calling "loans."
If the feds get this right, they should be able to make Mozilo the first of many poster boys for what went wrong in the mortgage lending markets. I say that as long as they're going after him for fraud they should also consider using RICO statutes to catch him for criminal intent too.
Sure, RICO laws are used mostly for the mob. But what else do you call the shake down that the finance and mortgage industry are putting on the American taxpayer?
- Mark
Angelo R. Mozilo, the man who built Countrywide Financial, has finally been charged with securities fraud and insider trading by the Securities and Exchange Commission. In addition to generating $140 million in profits from 2005-007 by selling stock in the company - as the company's share price was tanking - the suit alleges that Mozilo misled investors about growing risks in the company’s lending practices. Mozilo was doing all of this at the same time that he was going to the federal government for bailout money, which they were then calling "loans."
If the feds get this right, they should be able to make Mozilo the first of many poster boys for what went wrong in the mortgage lending markets. I say that as long as they're going after him for fraud they should also consider using RICO statutes to catch him for criminal intent too.
Sure, RICO laws are used mostly for the mob. But what else do you call the shake down that the finance and mortgage industry are putting on the American taxpayer?- Mark
OBAMA IN CAIRO
President Obama's Cairo speech strikes a new tone and puts America on a broadened path with the Middle East.
If you want to read the entire speech, with interactive (streaming) video, click here.
President Obama pointed to several areas that demonstrated religious tolerance in the U.S. and how Islam has always been a part of our history. Among those included his reference to Morroco being the first nation to recognize the United States and how an elected member of Congress used the same Koran that Thomas Jefferson had in his library at his swearing in ceremony.
On the surface, it appears that President Obama's trump card is that he is not President Bush (who derailed the 2003 "Road Map to Peace" proposal). Put another way, the messenger matters.
I'll touch on this and other issues facing the U.S. in the Middle East on Saturday.
- Mark
If you want to read the entire speech, with interactive (streaming) video, click here.
President Obama pointed to several areas that demonstrated religious tolerance in the U.S. and how Islam has always been a part of our history. Among those included his reference to Morroco being the first nation to recognize the United States and how an elected member of Congress used the same Koran that Thomas Jefferson had in his library at his swearing in ceremony.
On the surface, it appears that President Obama's trump card is that he is not President Bush (who derailed the 2003 "Road Map to Peace" proposal). Put another way, the messenger matters.
I'll touch on this and other issues facing the U.S. in the Middle East on Saturday.
- Mark
Wednesday, June 3, 2009
REIN IN THE NEANDERTHALS
In what can only be described as an attempt to insure that they continue to be viewed as little more than a band of angry white males - who are ready to throw a political temper tantrum at the drop of a hat - a conservative group organized by Manuel Miranda and Mark Levin, a conservative talk show host, is urging Senate Republicans to filibuster (or hold up) Sonia Sotomayor's nomination to the Supreme Court. Miranda was an aide to former Tennessee Senator Republican Bill Frist.
For those of you who may have forgotten, Miranda is also famous for tapping into computers to gain access to Democratic political strategies concerning judicial nominees. He was dismissed from his post with Frist for doing so (actually, he was dismissed because he got caught). Other supporters from this Miranda-led group include evangelicals, gun-rights advocates, anti-tax leaders, anti-abortion groups, and libertarians.
The group say their intent is NOT to kill Sotomayor's nomination. Rather they want to provide time for lengthier debate on the merits of Sotomayor's nomination.
On the "merits"? If this is the case, and the group wants to be taken seriously, they need to start speaking up and ostracize those from the conservative wing who want to demean Sotomayor and the process by referring to her as "stupid," a "racist," an "affirmative action pick," and that "Hispanic chick lady."
Simply stretching out the process so the rants of their colleagues can get time to stick is not appropriate. If it's the merits of her qualifications they want to look into they need to start talking about the "merits" of her decisions, and not stand idly by as their ideological brethren call Sotomayor names and bring up quotes that are taken out of context.
Let me repeat, these guys need to shout down the Neanderthals and the knuckledraggers in their movement if they want their call to stretch out the process to be taken seriously.
If they start doing this talking about Sotomayor's qualifications for a few more weeks might even be enlightening. Her experience will carry the day. But something tells me that this isn't the political sideshow this circus act really wants to present. They want to taint and drag out the process. Senate Republicans need to ignore these people.
Stay tuned.
- Mark
Tuesday, June 2, 2009
REAGAN DID IT?
I like it when this happens ...
Paul Krugman's most recent piece in the NY Times made my day. It comes as close to a synopsis of the two biggest points that I made in Chapters 10 & 11 of my book as any I've seen. In a few words, Krugman argues that deregulation and massive deficit spending - which took off under Ronald Reagan - are the keys for understanding how the mess we're in now got started. He even uses the examples I used in the book to make his points (the 1982 Garn-St. Germain bill and debt as a percentage of GDP).
Of course you can read my book for an extended version of what Krugman points out.
- Mark
Paul Krugman's most recent piece in the NY Times made my day. It comes as close to a synopsis of the two biggest points that I made in Chapters 10 & 11 of my book as any I've seen. In a few words, Krugman argues that deregulation and massive deficit spending - which took off under Ronald Reagan - are the keys for understanding how the mess we're in now got started. He even uses the examples I used in the book to make his points (the 1982 Garn-St. Germain bill and debt as a percentage of GDP).
Of course you can read my book for an extended version of what Krugman points out.
- Mark
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