Categories
Open Thread

A Bumpy Couple of Days on the Campaign Trail

Jesse Jackson lobbed some criticism at Barack Obama resulting in the The New York Times citing the incident as ‘a real generational shift in power and leadership underway within African-American politics‘. In effect, Jesse’s criticism seems to be strengthening Obama’s position in that he is not being embraced by the hard line black political core. While the Jackson/Obama drama had all of the ingredients for a two-day news cycle, John McCain managed to take the talking points when he switched the identity of football teams when recounting his experience during torture in Vietnam, and in doing so raising some interesting questions in the media. On top of this his top economic advisor and National Co-Chair refers to Americans as a bunch of whiners for complaining about an economy that is only in a mental recession. But that’s only scratching the surface of John’s bad week.

MSNBC’s Rachel Maddow provides a summation of the week that was.

In parallel, the planned Obama speech at the Brandenburg Gate is getting only background attention in the US homeland, and a lot more attention over in Germany. First of all we heard the news that the Bush Administration were throwing a wet blanket on the idea, and since then we have seen a number of differing opinions across Germany’s media reflecting a fight between their respective right and left wings of government.

In the meantime VP speculation has been ripe over at the TPM with news about Hagel and Reed joining Obama on the upcoming Iraq visit, and rumors that Hillary Clinton was under consideration for vice president (although apparently Bill may be a problem).

You have to admit, this is almost as good as The West Wing, Season 7.

332 replies on “A Bumpy Couple of Days on the Campaign Trail”

Morning Ecky,morning all,

Off topic but was amused to just receive this email:

” Judy Wallman, a professional genealogical researcher, discovered that Hillary Clinton’s great-great uncle, Remus Rodham, was hanged for horse stealing and train robbery in Montana in 1889.

The only known photograph of Remus shows him standing on the gallows. On the back of the picture is this inscription: “Remus Rodham; horse thief, sent to Montana Territorial Prison 1885, escaped 1887, robbed the Montana Flyer six times. Caught by Pinkerton detectives, convicted and hanged in 1889..”

Judy e-mailed Hillary Clinton for comments. Hillary’s staff sent back the following biographical sketch:

“Remus Rodham was a famous cowboy in the Montana Territory . His business empire grew to include acquisition of valuable equestrian assets and intimate dealings with the Montana railroad. Beginning in 1883, he devoted several years of his life to service at a government facility, finally taking leave to resume his dealings with the railroad. In 1887 he was a key player in a vital investigation run by the renowned Pinkerton Detective Agency. In 1889 Remus passed away during an important civic function held in his honor, when the platform on which he was standing collapsed.” 🙂

Hiya megan. Very amusing. Judy Wallman, professional genealogist, apparently specializes in finding ancestors named Remus. She also discovered that George Bush’s great-great uncle, Remus Bush, was hanged for horse stealing and train robbery in Montana in 1889….etc….but vey funny just the same.

“Let them eat Prozac!!”…….Phil Gramm.

This is the same guy who was instrumental in some shocking financial debacles in the US. The Savings and Loans fiasco, and the architect of some of the dumbest regulatory ideas in recent US history.

Arrogance is hardly even the word for this idiot.

McCain’s friends say it all really.

99 Catrina

Arnie can smell which way the wind is blowing, so of course he’s sending out a few smoke signals.

It must be torture (and how apt is that, eh?) for the dear Republicans to see so many passengers on the good ship of state which they’ve almost managed to sink, all rushing to the other rail.

There’s already a faint whiff of a General Custer moment for McCain’s party in November, and the tom-toms are only just warming up.

Bring it on, as George once taunted.

Mornin’ Blindopt, ain’t it a spectacle of the first order? The Twin Towers of the US mortgage market collapsing, not from the lucky efforts of some misguided Saudi kids with too much testosterone and too little sexual freedom, but from the inside detonations of toxic subprime blowback and chronic Wall Street cronysim.

It’s poetic justice. For years the US has been telling the third world how to regulate their economies and remove the crony elements, and lo, and behold, they’ve been doing the same thing on an exponentially larger scale.

I see their NAP (North American Peso) went over 97 Aussie cents last night!

To misquote Buzz Lightyear: “To Parity, and Be-yond!”

Interesting to note they are going to bail out stockholders by pumping taxpayers money into the stock! LOL

This may yet be another way to incinerate public money, apart from the tried and tested way of starting an unnecessary war. I’d have thought nationalising them and cutting the stockholders loose was the only rational way out, and then they’d only have to deal with the bond loses. This way seems expensive as they’ll need to cover both debt and equity with no guarantees they won’t lose on both.

I’ve not read the details yet, but it’s not quite what I expected. Although the speed with which they’ve jumped (well, the comments of Poole and the market reaction forced their hand really) is indicative of how dire it is.

I think they have to try to defend what they’ve got, KR. The stock-holders will get seriously diluted anyway. If they wait till they’re wiped out, the whole damn might burst. Better to act without delay and with all they’ve got.

Will Democrats hush Rush?
Defunct FCC policy is raised as an election issue.

Three weeks ago, James Dobson — who hosts a daily radio show syndicated on 3,000 stations nationwide — devoted his entire half-hour talk show to a policy that has been defunct for decades.

Dr. Dobson, who is also chairman of the conservative organization Focus on the Family, fears that the Fairness Doctrine, an FCC measure that required radio stations to present both sides of issues of public concern, is headed for a comeback.

http://www.post-gazette.com/pg/08195/896760-176.stm

Maybe we could see it introduced in Australia too 🙂

Yes KR. There is no external enemy of America to blame for this one. It is an entirely homegrown disaster. At least in a de facto sense, the US public debt has basically doubled overnight. That would be bad enough, but the future financing of the US housing market relies on an impicit indemnity from the US Government. This is not sustainable for long. The structure is going to have to be re-built and in a hurry!

Obama’s Enigma.

John McCain is the candidate who actually had experience as a wartime flyer, but Barack Obama is the one who has most successfully adapted a favorite tactic of those intrepid aviators. When the pilots were over a target heavily defended by anti-aircraft guns, they would release a cloud of fine metal scraps, hoping to confuse the aim of the shells or missiles being fired in their direction.

In the weeks since he clinched the Democratic presidential nomination, the Illinois senator has done a similar trick, throwing out verbal hints of altered positions on any number of issues. This is creating quandaries for the Republicans who can’t figure out where to aim.

http://www.realclearpolitics.com/articles/2008/07/obamas_moves_confuse_the_oppos.html

I see their NAP (North American Peso) went over 97 Aussie cents last night!

I assume you meant “… the Aussie dollar went over 97 NAP
… cents last night!”

Or are things worse than I thought? 😉

109 blindoptimist

And can’t you just see, in your mind’s eye, George W Bush sitting dumbstruck as he reads “My Pet Goat” and the Twin Towers of mortgage land collapse into rubble?

The parallels are strangely spooky. In both cases, something could have been done to prevent the catastrophe, but nothing was. It’s not like this hasn’t been brewing for years, just like many FBI agents knew something was going down (literally) on 911.

It was a monumental failure of institutions which became complacent, secretive, and arrogant.

You could, almost, feel sorry for George Bush, as he will go down in history right next to Alan Greenspan. A fitting pair, some would say.

113 Flaneur

LOL

Yeah, that was sloppy, well picked up. Amazing how quickly the NAP is sinking eh?

To parity, and be-yond! (My new theme!) Ironic it’s from Toy Story.

Blindopt is right about the US national debt just taking a surge in one fell swoop. Congress is raising the national debt level as we speak.

115 Kirribilli Removals

Sinking so fast I had to double check the rate before responding!

It is easy to ascribe these developments – like 9/11 – to “institutional failure”, but essentially they get down to the same things: feeble thinking, laziness, ineptitude and weak leadership.

In fact, I think it is possible to see these things as the predictable consequences of a nepotistic system, which is essentially how the US Presidency operates. The winner gets to appoint all the key people in the heirarchy and they are chosen for loyalty and obedience rather than on merit. It is a system that resembles a monarchical court and brings with it the same flaws: arrogance, abuse of privilege, lack of responsibility, a tendency towards corruption, dependance on the character of just a few central figures….to name just some. Sounds like the Bush Administration to me…

116 Flaneur

LOL, that’s funny!

I think I was going to write “sent the Aussie over 97″ but was in such a hurry it came out the wrong way. It’s funny, but sometimes typing has a strange dyslexia of its own. Like writing ‘two” for “to”, you hear the sound but type the wrong word. You’d never do it writing by hand however.

Maybe some neurological thingy going on?

118 blindoptimist

It’s catastrophic failure at the top, that is for sure Blindopt.

Now of course we get to see how the US public responds to these events and how much they are willing to punish the Republicans for it. (Although it all goes back way further, we agree on that.)

Bush and Co have only accelerated the process by applying no brakes and as you say, appointing a string of mediocrities and cronies who have utterly failed to grasp their predicament.

It must feel like the Imperium is imploding, and it’s going to be very interesting just how this affects them. Will they take a good hard look at their democracy and find it wanting? Will they take the hard medicine and start saving?

It’s going to be VERY interesting to watch, that’s for sure.

President Obama is going to inherit some colossal problems. I wish him luck.

McCain would be happy with that crowd, KR. 🙂

Will the Greens peel anymore votes away from Obama than Nader will? Or will Nader and the Greens divvie up the same bloc between them?

As Alan Kohler puts it, the US housing market would become a firesale if Fannie and Freddie failed:

http://www.businessspectator.com.au/bs.nsf/Article/Trillion-dollar-bailout-GESCP?OpenDocument

…or conversely, the government can stump up for the equivalent of another Iraq war.

Take ya pick.

It’s been a hell of year for world markets and the US has been the eye of the storm. Of course this all impacts on the November elections BIGTIME, (IMHO!), and you have to conclude the Republicans will be wiped out for a generation if there’s any justice in the world.

And good riddance.

“McKinney revved up a crowd of about 350 Green Party delegates from 38 states”

Saying it all and a bit more.

Thanks ChrisB@112.
seems a sif the way the US economy is going Obama couid go and sit in the caribbean with a cocktail; and just wait this one out. The GOP are fcked.

Not that I want the green party to get a single vote that would otherwise go to Obama, I have a real admiration for Cynthia McKinney. As a Dem congresswoman from Georgia, she went places most of her colleagues were too scared to go….and she paid for it big time.
This is well worth a look for many reasons.

http://www.commondreams.org/views03/0619-12.htm

Hopes on race relations are high, poll shows.

Barack Obama’s groundbreaking candidacy has raised high expectations among blacks and whites that his election would make race relations in the United States better.

A USA TODAY/Gallup Poll of nearly 2,000 Americans also finds about a third of both groups say the defeat of the first black to win a major party’s presidential nomination would worsen race relations.

http://www.usatoday.com/news/politics/election2008/2008-07-13-racepoll_N.htm

Why polling does not reflect the true mood in the USA.

Say you want to reach a representative sample of the U.S. electorate for a presidential poll. The Obama-McCain race is relatively close these days, with the Democrat’s lead hovering around 5 to 6 points in most surveys. Someone tells you that he’s selected a sample that’s predominantly under 40 years of age (oops, that one favors Obama); disproportionately renters rather than homeowners (Obama-leaning again); full of college students (sounds like a Starbucks Obama thing to me) — and, for good measure, includes a higher proportion of blacks and Hispanics than the national population does.

http://www.salon.com/opinion/feature/2008/07/14/cell_phone/

New York Times. Must register. Best political commentary.

Spending $1 Billion to Restore Fiscal Sanity.

Gaffes have commanded presidential campaign headlines lately, including Carleton S. Fiorina’s remarks on Viagra and health insurance, and the Rev. Jesse Jackson’s vulgar criticism of Senator Barack Obama. Peter G. Peterson wants people to focus on what he considers real news: the nation is going broke.

Because he wasn’t born yesterday, Mr. Peterson, co-founder of the Blackstone Group and a secretary of commerce under President Richard M. Nixon, will spend $1 billion in an effort to get the public’s attention. The money, which comes from the windfall Mr. Peterson received when Blackstone went public last year, will finance a media blitz, starting with a documentary, “I.O.U.S.A.”

Be interesting to see how this one pans out. He has endorsed McCain. But it may have the opposite reaction.
http://thecaucus.blogs.nytimes.com/2008/07/13/spending-1-billion-to-restore-fiscal-sanity/

NYTimes puts it very bluntly:

There is less danger than in the savings-and-loan crisis of the 1980s, but as many as 150 U.S. banks could fail over the next year, analysts say.

…remember, last August was still telling anyone silly enough to believe him that the subprime thing was small and contained! LOL

Ye olde Intrade page of spiffy graphs has been updated for the week for those interested.

Nicely summed up:

It seems a strange coda to an era in which markets were sacred, and regulation heresy.

For a generation, American policy makers have lectured the world on the need to unleash the animal instincts of the market. China’s rickety banks should stop lending to protect state factory jobs, Americans said, and focus on the bottom line. Now the Bush administration is reluctantly concluding that Fannie and Freddie might need to be propped up to protect the American homeowner.

During much of Japan’s lost decade of the 1990s, Americans called for an end to its coddling of weak banks. Better to let them keel over, along with the paper tiger companies they sustained. No company was “too big to fail,” Washington said.

Yet here, in the aftermath of a financial crisis brought on by what were once called American virtues — financial engineering and risk management — Washington may bail out Fannie and Freddie for the simple reason that they are too big to fail. If they go down, so do whole neighborhoods. So, perhaps, does the global financial system.

“The thing we have to do now is to make sure that Fannie and Freddie remain solvent and continue to make loans,” Mr. Baily said. “We just don’t have any choice.”

http://www.nytimes.com/2008/07/14/washington/14guarantee.html?hp

…and so the hubris, comes finally around and bites them on the bum.

It’s indeed an astonishing tale, a tale of two idiots (Greenspan and Bush srping to mind! LOL) who either knew what was happening and ignored it (Greenspan), or had no friggin’ clue (Bush) and let it blow up in his face.

Reaganism is dead, buried, and today the corpse gets chucked onto the bonfire of the inanities (along with another trillion minus change) that lead to this preposterous mess.

US taxpayers are about to get some rude shocks in the mail that will make George’s gift vouchers look like very small beer.

Chris B at 131

Catrina You should be able to make the current thread the first one to come up when people visit this site.

Sorry Chris – it’s not an option. I can make static pages like ‘About’ or ‘Help Wanted’ the front page, or (and this is the only other or) the list of posts starting with the latest post.

Urgh – dare I say it, we need a conservative commentator on this blog to liven things up. It’s starting to be a little too much groupthink (with the additional problem being that I agree with the groupthink).

Am I the only one here wishing Ron (or GG/ESJ/Finns/other random Republicans) were here???

Boo. 🙂

GG is trolling the atheists on the OZ threads if you need some stimulation.

Sing Lowe – it is something that I have thought about, but to tell you the truth things around here are so much nicer. I’m kind of more interested in how the thinking evolves in that there is now a lot more room for looking more broadly at what’s going on over there without having to join a particular party.

147 Catrina-
I reckon things will start to get a bit more diverse as time goes on.
Firstly there may well be lurkers out there who have been too afraid to get into the stoushing that went on before ,who may feel more comfortable now to dip their toe in – it’s pretty scary the first time I well remember. Not to mention blogging.

And then hopefully some of the old posters will return as there were some really valuable contributors who certainly were not avid O. supporters but who didn’t get quite so bottom-trawling as some of the aforementioned. I hope the membership increases as people realsie that while we can have a bit of fun we are not trying to tear each other assunder.

Catrina,

That’s fair enough. It’s just that I find it odd that I (a DLC-er/moderate Democrat) am now probably the most conservative commenter on this blog (I am sure ESJ, if he’s reading this, would find this highly amusing given our exchanges in the lead-up to the Australian election last year)…

OK – back to business – some commentator from Hartford, CT, reckons Sen. Kay Bailey Hutchison (R – TX) would be an ideal running mate for McCain.

http://www.courant.com/news/opinion/editorials/hc-rennie0713.artjul13,0,7068989.column

Personally, I think this is a particularly stupid idea (why would you want to put a Texan on the ticket?), but the comment about women voters in the mid-west (i.e, Hillary Democrats) switching to McCain over the issue of sex if Hutchison is his VP may be one worth exploring further…

wayaway….Here’s a commentary on what US should do with their credit crisis…
…
in other words, panic before it’s too late….very very troubling stuff

blindoptiist (missing m) – interested in subscriber account? long in once, edit your comments, and, its free!

UPDATE: Actually, I’ll prepare a more detailed page about this subject shortly.

Catrina, I am fully dressed now…please tell me more about the subscriber account….:)

147 wayaway

good blog W2, and pretty much like I expected: the Fed and Congress will do exactly the wrong thing because they’ve become so terrified of the beast they’ve created they dare not kill it.

It deserves to be put down. But now they intend to throw more mountains of money at it!

When do these clowns learn?

Sounds like Schwarzenegger would accept an Obama cabinet post.

Everyone understands Schwarzenegger’s got to live with his wife, Maria Shriver, who’s a Democrat. And she’s endorsed the other guy. Fine.

But instead of full support, what the McCain camp got was their surrogate nibbling at the Democratic bait.

Stephanopoulos: “If he were president and he called, you would at least take that call?”

Schwarzenegger: “I would take his call now, I will take his call when he’s President. Any time. Remember, no matter who is president, I don’t see this as a political thing, I see this as we always have to help no matter what the administration is.”

http://latimesblogs.latimes.com/washington/2008/07/obama-schwarzen.html

Very interesting. According to votemaster, Obama is only 10% behind in this senate seat. Anything within 10% is fair game…
Not a seat I had originally thought would be within range for the senate.

For 76 consecutive years, Kansans have elected only Republicans to serve in the U.S. Senate. There have been 13 presidents elected in that time and the country has gone through five wars. It’s the longest streak in the nation but given the current political climate nationally, some think this is the year the streak could be broken.

http://www.kwch.com/Global/story.asp?S=8663557&nav=menu486_2_2

What a shame the election isn’t in the UK.

US election 2008: Britain’s backing Obama: Democrat beats McCain by five votes to one. Mind you I still thiink it will be close to that in the finish. It won’t show up in the polls till the last month. Time will tell……..

Barack Obama is overwhelmingly Britain’s choice to be the next US president, five times more popular than his Republican rival, John McCain, a Guardian/ICM poll shows today. Carried out ahead of the Democratic candidate’s visit to Britain next week, the poll reveals that 53% feel certain he would make the best president, with only 11% favouring McCain; 36% declined to express an opinion.

http://www.guardian.co.uk/world/2008/jul/14/barackobama.johnmccain

Maybe the lack of dissenting views is actually a reflection of what is happening: Apart from the most die-hard Repugs (and apparently even thier candidate can’t use a computer) they really don’t have many supporters left. Maybe we could try McCain’s mum (who is probabaly 110),- betcha even Cindy secretly hates his guts.

Will this count for anything when the vote is on in November. I think that when people come to put pen to paper that the enormous unpopularity of George Bush. Will way much more on peoples minds. Plus, it’s the economy stupid.

The national Right is fretting about Gov. Charlie Crist as a vice-presidential pick for John McCain. But back home, Florida conservatives seem eager to tout their ties to the governor despite his centrist leanings.

“Virtually every Republican candidate running for office is calling me for an endorsement, or to get the governor to campaign in their district,” said state GOP chief Jim Greer.

There’s good reason. Crist’s approval ratings remain close to 60 percent, making him an enormous asset in what looks to be a down year for Republicans.

http://www.orlandosentinel.com/community/news/deland/orl-capview1308jul13,0,2648218.column

For some, Republican John McCain is ‘too old.

So how old is John McCain? Six-packs, automatic transmissions and the American Express card were all introduced after he was born, not to mention computers which McCain admits he doesn’t use.

McCain, himself, jokes that he’s older than dirt. And while his age is being raised as a campaign issue, medical experts say voters shouldn’t be concerned that, if elected, McCain would be the oldest man to assume the presidency, at 72.

I just can’t wait till they sing happy birthday to McCain at the Democrat convention.

http://ap.google.com/article/ALeqM5g2npK7j1d9EfupgZpXJpm914vxgwD91TGC600

http://editorialcartoonists.com/cartoon/display.cfm/56156

http://editorialcartoonists.com/cartoon/display.cfm/56175

http://editorialcartoonists.com/cartoon/display.cfm/56184
———————–
Nice one Possum, great to see The Kid tracking steady on 322 ECVs, a buffer of 52.

Swingers, need to see more of the the TX GOP Veep prospect, but I reckon Johnny Bomb-Bomb could pick Captain America as a running mate and still get stomped come November.

Kirri, cool link and hot comment, to wit, “bonfire of the inanities”. Devilishly Wolfian.

Chris B, Ah-Nuld as an Obi cabinet member with spouse Shriver has all the pillowtalk potential of the Ragin’ Cajun/Mary Matalin boudoir.

Cat, please check your email.

Votemaster

The Democrats have registered 107,000 new voters compared to 17,000 for the Republicans. If each of the new voters votes for his or her own party, that’s a net gain of 90,000 votes for the Democrats. Remember that George Bush won Florida by 537 votes in 2000, so 90,000 is a serious number.

There was a Wisconsin poll, but he didn’t put it up. Although he did mention it.

http://www.electoral-vote.com

Here’s some mathmatics, the Democrats have signed up possibly 90,000 extra votes. If there is a 5% swing in Florida since George Bush won in 2,000 how many will Obama win by?

But then there could be a 10% swing then what would his margin be? After all Bush is the most hated President ever.
The worst economic issues almost ever. An old man who can’t control his temper and calls his wife a c- – – Then there is the war in Iraq, black vote, latino vote and Huuricane Katrina.
10% would not be much under those circumstances, would it?
Have I convinced you yet?

Bloggers on the NYTimes are in uproar of the latest financial disaster to befall their once great country, and amongst them, this delightful example of the genre, from of all places (note the sender and address! LOL):

Can McCain supply the American people a List of Private Corporations and Companies which in his opinion are “Too Big to Allow to fail”.

When did America become a communist country?

Capitalism demands that failures Die and new companies arise from the Ashes.

Is McCain a Communist?.

Let them Fail and let the Market decide…

No more Bail outs this is not the U.S.S.R.

No more Communism and Bail outs for corporations in a CAPITALIST system.

NONE.

If you cannot stand the heat get out of the Kitchen…..

Sickening Abuse of Power…No bail Outs , It criminal and a form of Communism……

— dunnyart, Woomera Prohibited Area South Australia

Crispy at 176: Your maths quiz makes my brain hurt, but Charlie “Call me Chuck” Crisp is Governor of FL and a GOPper to his gizzards. One of the perks of gubernatorialship is that you get to decide how the popular vote is counted in your State, and unless I’m much mistaken, it’s the Dodgies from Diebold who have been so tasked. Not saying an Obi win is impossible but it’s one of the last States in the Union that I’d want to poultice with the election bookies.

Currently on RCP, even though McCain has only a +2.2% average poll spread, the smart money at InTrade gives the Dems a less than 40% cance of collecting FL’s 27 ECVs.

That’s Crist! As Chopper Read was wont to intone, CB, “See wotcha made me do!”

dunnyart is kind of missing the point though..if F&F are allowed to fail, while they will not be missed for long, the global financial system and its twin brother, the economy, certainly will be.

Amazingly enough, the Eurpoean and US markets are stronger. They like the bailouts. Got to be better than no bailouts, I suppose.

183 blindoptimist

dunnyart may be a thumbnail dipped in tar, so to speak, as he’s sure as hell got his point across, but he’s not too far wrong about one thing: this ain’t capitalism, it’s cronyism.

Bailing out the shareholders????What the fck is that about? Well, if not blatant greasing of Wall Street’s wheels? It really does have a pong to it, and it’s not coming from dunnyart.

Propping up these over-leveraged losers (and let’s face it, the whole point is they are getting creamed on the subprime toxic waste they’ve bought/bundled and insured) and no amount of freshly minted dollar bills (on tick, of course) will change that equation.

It’s money down a hole PLUS the moral hazard of underwriting Wall Street’s gluttony. (Who do you think engineered it so that the government would be the defacto piggy bank of last resort?? eh? They got cheap money to make fat profits with, and the true risk was hidden…until now, of course).

So it’s as corrupt and venal a system as one could concoct and Joe Sixpack is getting slammed at both ends: his house (or hers) is getting pushed underwater, his interest costs are set to explode, all while fuel and food are doubling in price.

God help ’em. It’s enough to start a rebellion if they were smart enough. I’d start somewhere down Pennsylvannia Avenue first.

KR, I take your point about cronvyille. But, in the end, the shareholders are going to get diluted to nil anyway. The Administration has bought themselves a few days or weeks grace to come up with something. We seriously have to hope they can, bailout or no bailout….I suppose they will try to finesse things, but you really wouldn’t want the world’s bankers queuing up on Monday to sell their F&F securities into a vacuum….it would give a whole new and very unwelcome meaning to Bastille Day.

Blindopt, the opinions range:

Other voices were more honest. As Friedman Billings Ramsey analysts put it: “White House jawboning about the desire that the companies remain ‘shareholder-owned’ seems inconsistent with many conversations we have had with senior government officials, who concede that the companies need to raise capital.”
Many in the media shook their heads. Gretchen Morgenson of the New York Times said that the U.S. financial system was being “taken to its knees” and that “somnambulant regulators, greedy bank executives and incompetent corporate directors” were to blame.
Hugo Dixon, writing for Breaking Views, said: “Uncle Same has now underwritten these reckless lenders’ activities without a clear plan to rein them in.” He conceded, however, that “some sort of rescue had to be mounted.”

…and I’m leaning heavily towards the idea that the entire bailout is a travesty, since it cannot change the fundamentals ie F&F are deep in the sh!t, and that letting them really fail is the beginning of a major adjustment in the mortgage markets.

Painful? For sure. But delaying it, (which is ALL this will do) and blowing even more hot air into the collapsing balloon, will not fly.

Not to speak of the moral outrage of bailing out the very people who’ve made fortunes from the underpricing of risk.

I for one was almost ready to believe it was a live one, KR. McCain is loopy enough…lol

Blindopt, take a look at FRE and FNM now…surging along. The shareholders are making whoopee coz Uncle Sam has told ’em he ain’t lettin’ em down.

It’s astonishing to watch, the land of ‘free enterprise’ has the government pimping stocks.

Amazing.

Glad you had a chuckle, Kirri, wouldn’t be an Aussie if ya didn’t have a bit of gallows humour about yer.
AS for the Woomera graffiti, Military Seps are all over that place like bushflies at a barby. The dunny artist was more than likely a cheesed off timeserver with web access and feeling ugly at the loss of his/her homeland assets and the sad sate of the USD.

Which reminds me of the time I was passing through Kalgoorlie in 1979 when SkyLab or bits of it, just happened to land in the West Australian desert nearby. The fire-works display as it burst through the stratosphere intactus before disintergrating was a sight to behold, but unbeknownst to me, I was staying at the same motel as the “Men in Black” who were dispatched to fetch the debris.
Late that night bits of space junk were being schlepped into the motel grounds by exhaused “operatives”. Space-jetsom was strapped and tarped to the top of unmarked 4WDs hauling trailers full of “toasted” remains. Curiousity compelled me to open the motel door for a sticky.
Big mistake.
Three semi articulate goons in “civvies” with poorly disguised Southern accents brushed by me into my room and as I stood by flabbergasted, went through my humble belongings with a fine tooth comb, found nothing of interest to them and as they strode out to bunble down their booty more tightly, the last one, a mean mutha with a jarhead cut eyeballed me and said:
“Sir, I’m advising you to remain in your room till the morning and keep this door shut and the curtains drawn.”

Thought it wise to comply with his request. Something about the tone in his voice told me that these were people who were not accustomed to being messed with. Furthur, I felt it wise not to mention this matter to the local constabularly. Bit naive? Yep. Stoopid? Uh-uh.

Since that incident on the Nullabor’s fringes, when push comes to shove, I’ve had absolutely no doubt who’s actually running this country.

Well KR, were F&F to fail, the cost of the loss would be shifted to the bondholders – to central banks, pension funds, commercial banks – all around the world. The other losers would be homeowners, even those who have no debt, but particularly those who do. These parties are innocent, by and large and they should be protected.

The biggest losers will be the taxpayers and holders of US Treasuries. But if this makes these stakeholders more cautious and tough-minded in the future, then so much the better. Along with the shareholders in F&F, they can demand a much more rigorous approach in future: at least they will all have one.

Kirribilli Removals
Blindopt, take a look at FRE and FNM now…surging along. The shareholders are making whoopee coz Uncle Sam has told ‘em he ain’t lettin’ em down….
….
and a fair bit of short-covering going on too…. with luck, most of these trades are losers, KR….The thing is, you’d have to expect the shares will be down again within a matter of days….no-one could be buying them for their capital growth or income stream today….

193 Enemy Combatant

Fear and loathing in the desert, huh? A great yarn Ecky, and a salutary lesson about just who thinks they own the world, eh?

Well before the NAP (North American Peso) disappears around the S-bend, they’d better have one last fling, coz it ain’t gonna last much longer!

No sireee! LOL

195 blindoptimist

yeah, nearly flatlining now, but what a burst of unbridled enthusiasm some government money engenders! LOL

I’m still trying to work out what’s going on (as is everyone I suppose) but the stock is not suffering just now.

199 blindoptimist

For a thread entitled a ‘bumpy couple of days’ it is a bit quiet! LOL

And what days they’ve been! Not only has McCain shown he’s not actually on the same planet, some would say that’s probably not a bad strategy, coz it ain’t lookin’ good in his neck of the woods.

Comments are closed.