Archive for December 1st, 2008

Franken/Coleman recount: WTF?

Dec 01, 2008 in Politics

Okay, at 88% of the votes counted, Franken was behind by over 250 officially and other observers placed him 73 votes behind.

At 91%, Franken is ahead by 4,237 votes.

What’s going on up there?

-jb

The banks were forced at gun-point blah blah blah…

Dec 01, 2008 in Uncategorized

Another piece of wingnut mythology gets shot down:

WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

“Expect fallout, expect foreclosures, expect horror stories,” California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.

Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.

“These mortgages have been considered more safe and sound for portfolio lenders than many fixed rate mortgages,” David Schneider, home loan president of Washington Mutual, told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history.

I don’t doubt that in their heart of hearts the wingers still believe that the current mortgage/Ponzi scheme fiasco can be laid exclusively at the feet of The Librulz vis a vi the Community Reinvestment Act. With my hand in a cast it makes it difficult to check with any degree of haste but I’d be willing to bet that Sean Hannity or the drug-addicted, thrice divorced Rush Limbaugh are paying scant attention to the above AP story even though I also don’t doubt that they’ve read it. One thing is for certain;It needs to be nailed to the eyelids of Art “never my fault” Downs. Ugh…the man is like a broken Wurlitzer.

-mg

It’s still Obama’s recession.

Dec 01, 2008 in Uncategorized

Any good dittohead will tell you that the current recession, which apparently didn’t exist until November 6th, can be blamed on the market reacting to an Obama presidency. Before that it was The Librul Media ™ trying to talk us into one. And before that it was “what do you mean unemployment is skyrocketing? The Bush tax cuts are working!!” There is but one conclusion to come to, folks; these people are not to be trusted with the country’s checkbook. They know of only one song and it has but two verses. One verse sings the praises of infinite tax cuts and the other is an ode to the unquestionable wisdom of The Invisible Hand. Unfortunately, like most great minstrels they deal best in abstract fantasies.

Todays news came as no shock to those living in the reality based community; the country is most certainly in a recession and has been for quite some time and the Bush Administration has been fiddling while Rome burns. The ability to look inward and admit error is an attribute completely foreign to your typical, AM radio addicted howler monkey but lucky for us they have been effectively forced to the margins. It is imperative that we keep tuning them out too because the only way to solve a problem is to first take ownership of it and the dittoheads have shown time and again that the only thing they’re good for is recycling myths and casting blame. Put in those terms I’m glad that it is Obama’s recession because right now we desperately need leadership that can accept responsibility and take action.

-mg