Pharaoh Obama could talk us into a real crisis:
Click here to put the current conditions in perspective.
Click here for more on Obama’s cynical “Shock Doctrine”.
“Many people don’t realize that over geological time, we’re really in a CO2 famine now. Almost never has CO2 levels been as low as it has been in the Holocene (geologic epoch) – 280 (parts per million - ppm) – that’s unheard of. Most of the time [CO2 levels] have been at least 1000 (ppm) and it’s been quite higher than that,”
“Obama's initial job approval rating in January stood at 68 percent, second only to Kennedy's 72 percent among elected presidents since Gallup began tracking the rating during Eisenhower's administration.”
“Obama joins Clinton, however, as the only two elected presidents in Gallup's polling history to watch the balance of opinion become more negative as Americans see them in action through their first month.”
“I encourage everyone to watch the video of last night’s debate between Dr. John Christy, noted climate scientist and Alabama State Climatologist, and Dr. William Schlesinger, President of the Cary Institute of Ecosystems Studies and former dean of Duke's Nicholas School of the Environment. What I thought was particularly interesting is that right after making a few opening remarks about how nearly ‘all scientists agree’ and that it's time to stop discussion and get on with making dramatic changes to curtail CO2 emissions and change our lifestyles, Schlesinger said that he was not going to discuss the science. He then went directly to rattling off scary scenarios about the future. So about two thirds of his talk was scare mongering with no actual defense of the hypothesis that human induced catastrophic global warming is in the process of occurring.”Click here to read the rest of Dr. Cordato’s comments.
George Carlin saw through this self-serving nonsense:
“As California goes, says an old cliché, so goes the nation. Oh my.
These days, the Golden State leads the nation on economic and fiscal dysfunction, from the empty homes spread across the Central Valley to the highest state budget shortfall in the nation's history. Meanwhile, its political class pioneers denial in the face of catastrophe.”
“For more than seven decades, American government has acted to provide housing for the poor. In America’s Trillion-Dollar Housing Mistake, Howard Husock explains how, as with so many anti-poverty efforts, low-income housing programs have harmed those they were meant to help while causing grave collateral damage to cities and their citizens. Public housing projects, Mr. Husock writes, are only the best-known housing policy mistakes. His book explains how a long list of lesser-known efforts—including housing vouchers, community development corporations, the low-income housing tax credit, and the Community Reinvestment Act—are just as pernicious, working in concert to undermine sound neighborhoods and perpetuate a dependent underclass. He exposes the false premises underlying publicly subsidized housing, above all the belief that the private housing market inevitably fails the poor.”
“In moving, even tentatively, into this new area of [subprime] 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.”That one move by Clinton - inspired by the CRA - shifted to the tax payers ALL moral hazard associated with originating ANY bad subprime loan - whether directly covered by the CRA or not. From that day forward, ANYBODY could originate an excessively risky subprime loan, book the origination profits and then sell that risky loan to Fannie Mae or have Fannie Mae or Freddie Mac or any other “too big to fail” entity insure that risky loan.
“According to the latest data, 25 percent of subprime loans and 13 percent of near-prime loans are now seriously delinquent--that is, more than 90 days past due or in foreclosure. The serious delinquency rate for prime mortgages, at between 3 percent and 4 percent, is much lower than for nonprime loans”Whether the CRA - in isolation - is solely responsible for the current mess is a moot question. The CRA is the contemporary nucleus of a much larger Democrat driven low income housing entitlement folly which, with lots of “help” from an hysterical media and spineless, incompetent (at BEST) knee jerk politicians, wrecked the entire global economy.
“Where the polarizing partisan George Bush managed to obtain the vote of majorities in both parties to remove Saddam Hussein, the healing bipartisan Barack Obama lacked the support [for his unprecedented porker package] of even a single Republican in the House and won over a mere three Republicans in the Senate.
Liberals who once screamed that congressional opponents of the Iraq war were being unfairly tagged as unpatriotic by the Bush administration now yelled louder that the opponents of the Obama debt program were, in fact, unpatriotic.
Bush was pilloried for supposedly hyping al-Qaeda in order to create a security state. Obama trumped that by proclaiming that the present recession is a catastrophe, a disaster, a Great Depression. He ceased his scare-mongering only when he had exhausted the vocabulary of doom. ‘You never want a serious crisis to go to waste,’ bragged Rahm Emanuel, reminding us that the envisioned Obama socialism could take root only if a climate of fear was created.”
“Now we are witnessing one of the most scandal-plagued incipient administrations of the last half-century. And these ethical embarrassments are doubly ironic. The Treasury secretary and nominal head of the IRS is a tax dodger. The egalitarian liberal Tom Daschle, who was going to make health care accessible for the masses, was caught hiding from the tax man tens of thousands of dollars in free limousine service. Reformist cabinet nominees like Bill Richardson (who has already withdrawn) and Hilda Solis cannot themselves follow the laws they were asked to enforce. The would-be performance czar, Nancy Killefer, did not perform on her taxes. We are now awaiting a third try for commerce secretary. The more Obama railed about his new no-lobbyist policies, the more he issued exemptions for the dozen or more insider lobbyists he hired.
The list of ironies could be expanded. Reps. Maxine Waters, Barney Frank, and Gregory Meeks — infamous for their Fannie Mae laxity — now interrogate supposedly incompetent or greedy bank CEOs. Nancy Pelosi, who demanded that the Speaker of the House in novel fashion receive a government-financed private jet, rails against government-enabled private jets. Bush supposedly politicized the White House, so in reaction Obama moves control of the census — the very linchpin of the American political system — for the first time into the White House. Big Brother comes not through tapping a terrorist’s phone, but, perhaps soon, through having the state collect and centralize everyone’s medical records or monitor the content of talk radio.”
“A government effort to promote lending in low- and middle-income areas has not been a significant contributor to the nation’s housing woes, Federal Reserve Board Governor Elizabeth Duke said.
An analysis of loan originations shows that only 6% of higher-priced loans - those typically extended to subprime borrowers - were made by lenders covered by the Community Reinvestment Act to borrowers in neighborhoods targeted by the act, Duke told community bankers gathered in Phoenix Monday.”
“In moving, even tentatively, into this new area of [subprime] 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.”That one move by Clinton shifted to the tax payers ALL moral hazard associated with originating ALL bad subprime loans - whether directly covered by the CRA or not. From that day forward, ANYBODY could originate a bad loan, book the origination profits and then sell that bad loan to Fannie Mae.
“The U.S. Treasury Department released a report on Wednesday detailing lending to low- and moderate-income borrowers and low- and moderate-income communities covered by the Community Reinvestment Act. The study found that such lending rose significantly, totaling more than $600 billion between 1993 and 1998.”So, right there, you have the Clinton Administration crediting the CRA with “more than $600 billion” in CRA loans in a single six year period during their tenure. AND, this six year period PREDATES the coup de grâce which the New York Times warned us about in 1999!
“According to the latest data, 25 percent of subprime loans and 13 percent of near-prime loans are now seriously delinquent--that is, more than 90 days past due or in foreclosure. The serious delinquency rate for prime mortgages, at between 3 percent and 4 percent, is much lower than for nonprime loans”Whether the CRA - in isolation - is solely responsible for the current mess or not, it was clearly the nucleus of a much larger Democrat driven low income housing entitlement folly which, with lots of “help” from an hysterical media and spineless, incompetent (at BEST) knee jerk politicians, wrecked the entire global economy.
“People of all demographics used Obama as a vessel in which to invest their hopes and dreams. But today, just three weeks into his presidency, Mr. Obama is on the verge of losing the country’s confidence and the large reservoir of national goodwill afforded to all incoming presidents.”
“What could anyone have possibly expected from a young, overtly leftist Chicago upstart who had accomplished precisely nothing of significance throughout his short career — and yet still promised the world, and more, to his loyal adherents?”
“During last year’s campaign, critics of Barack Obama contended he was too inexperienced, too leftist, and in a sense, too good to be true. He was, we observed, just another politician — in fact, one uniquely entrenched with Chicago corruption and archaic tax-and-spend philosophies. In other words, a less noble Jimmy Carter.
Less than a month into his presidency, this view of President Obama has been vindicated — until he proves otherwise. Hang on to your hats (and wallets); it might be a long four years.”
“Preoccupied as it was poring over Tom Daschle's tax returns, Washington hardly noticed a near-miracle abroad. Iraq held provincial elections. There was no Election Day violence. Security was handled by Iraqi forces with little U.S. involvement. A fabulous bazaar of 14,400 candidates representing 400 parties participated, yielding results highly favorable to both Iraq and the United States.”
“The big strategic winner here is the United States. The big loser is Iran. The parties Tehran backed are in retreat. The prime minister who staked his career on a strategic cooperation agreement with the United States emerged victorious.”
“Despite Obama's opposition, America went on to create a small miracle in the heart of the Arab Middle East. President Obama is now the custodian of that miracle. It is his duty as leader of the nation that gave birth to this fledgling democracy to ensure that he does nothing to undermine it.”
“One of the difficulties the green zealots have had is that Antarctica has been not warming but cooling, with the extent of its ice reaching record levels. A few weeks ago, a study led by Professor Eric Steig caused some excitement by claiming that actually West Antarctica was warming so much that it more than made up for the cooling in East Antarctica.”And, it turns out that this invented Antarctic disinformation was foisted upon the world by one of the two charlatans - and his ever complicit whores in the media - who brought us the now infamous “Hockey Stick” graph!
“Various scientists immediately spotted the flaw in Steig’s methodology of combining satellite evidence since 1979 with temperature readings from surface weather stations. The flaw they identified was that, since Antarctica has so few weather stations, the computer Steig used was programmed to guess what data they would have produced had such stations existed. In other words, the findings that caused such excitement were based on data that had been made up.”
“He alone, who owns the youth, gains the Future
- Adolf Hitler, 1935
No regime in modern history exploited propaganda as diabolically and successfully as did the Third Reich, thanks, in large part, to its focus on those most vulnerable to their ideological manipulation -- children. And with more American adults seeing the cold truth behind warming misinformation, alarmists are stepping up efforts to brainwash our schoolchildren using a playbook that would have impressed Joseph Goebbels himself.”
“The centerpiece of President Obama's domestic agenda is an $819 billion economic stimulus plan. The Senate will consider the measure this week, with an eye toward the amount of tax cuts and spending. Republicans and Democrats spar over what to consider a tax cut. An analysis by the nonpartisan Congressional Budget Office tallies the tax-cut portion to be significantly less than the one-third Democrats claim it to be.”
“Have you ever wondered how the geniuses who report business news know why the stock market opens or closes up or down on any given day -- especially when they venture into political explanations?
I received this e-mail from CNN just after the markets opened:
Gosh, those e-mail drafters at CNN are smart. Who knew that the markets want the stimulus package so bad?
Can't you hear, senators? The markets want their stimulus and they want it now!
Give me a break. There is no hard evidence of CNN's assertion.”
“I appreciate the opportunity to add my name to those who disagree that global warming is man-made”Quoting NASA Astronaut and Physicist Walter Cunningham of NASA’s Apollo 7:
“Hansen is a political activist who spreads fear even when NASA’s own data contradict him”Click the image & read the rest:
“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”Note: On September 20, 2010, The NBER changed their definition. Click here for the current definition. Click here to examine the history of changes to their page containing their definition. They may have changed their definition -- among other reasons -- in order to bring their recent declarations on recession start and stop dates more in line with their definition. The new definition is much more ambiguous and (conveniently) makes it virtually impossible for anybody to present quantitative data which disputes either their declarations or recession centric political hyperbole. It almost seems a little too convenient.
Primary Conclusion -
The total number of jobs lost in the current recession is certainly unprecedented since at least 1970. We can further note that unemployment has -- since 1970 -- NEVER before remained this high for this long.
This jobless recovery will surely go down in history as Obama’s Epic Failure.
“we will have lost in 2008, uh, more jobs than at any time since, uh, World War II.”