Angry, Mean Obama Supporters?

I keep hearing about all the reports of rage and hatred at McCain-Palin rallies.  The liberals are outraged and scared of the McCain “mob”.

What a joke.  This is how liberals treat McCain supporters in New York city.  Anything at a McCain rally would likely be pretty tame compared to this.

The Democrat Housing Crisis

Here is an area that John McCain can put his money where his mouth is.  He was one of a number of Republican Senators who called for reform of Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac, back in May of 2006.  Notice that the letter is calling for reform and regulatory oversight of these agencies.

The failure of Fannie Mae and Freddie Mac is a Democrat scandal. Here is a brief time line of the developments over the years:

1977:  Pres. Jimmy Carter signs the Community Reinvestment Act into Law.  The law pressured financial institutions to extend home loans to those who would otherwise not qualify.   The Premise:  Home ownership would improve poor and crime-ridden communities and neighborhoods in terms of crime, investment, jobs, etc.   Despite this act, statistics show that it did not help.

1992:  Republican representative Jim Leach (IO) warned of the danger that Fannie and Freddie were changing from being agencies of the public at large to money machines for the principals and the stockholding few.

1993:  Clinton extensively rewrote Fannie Mae and Freddie Mac’s rules turning the quasi-private mortgage-funding firms into semi-nationalized monopolies dispensing cash and loans to large Democratic voting blocks and handing favors, jobs and contributions to political allies.  This potent mix led inevitably to corruption and now the collapse of Freddie and Fannie.

1994:  Despite warnings, Clinton unveiled his National Home-Ownership Strategy which broadened the CRA in ways congress never intended.

1995:  Congress, about to change from a Democrat majority to Republican, Clinton orders Robert Rubin’s Treasury Dept to rewrite the rules.  Robt. Rubin’s Treasury reworked rules, forcing banks to satisfy quotas for sub-prime and minority loans to get a satisfactory CRA rating.  The rating was key to expansion or mergers for banks.  Loans began to be made on the basis of race and little else.

1997 – 1999:  Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Development, allowing Freddie and Fannie to get into the sub-prime market in a big way.  Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks.  Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities requiring no money down and no verification of income.   Worse still was the cronyism:  Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats.  384 politicians got big campaign donations from Fannie and Freddie.  Over $200 million had been spent on lobbying and political activities.  During the 1990’s Fannie and Freddie enjoyed a subsidy of as much as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work?  Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority home ownership rates are shrinking fast.

1999: New Treasury Secretary, Lawrence Summers, became alarmed at Fannie and Freddie’s excesses.  Congress held hearings the ensuing year but nothing was done because Fannie and Freddie had donated millions to key congressmen and radical groups, ensuring no meaningful changes would take place.  “We manage our political risk with the same intensity that we manage our credit and interest rate risks,” Fannie CEO Franklin Raines, a former Clinton official and current Barack Obama adviser (according to the Washington Post), bragged to investors in 1999.

2000:   Secretary Summers sent Undersecretary Gary Gensler to Congress seeking an end to the “special status”.  Democrats raised a ruckus as did Fannie and Freddie, headed by politically connected CEO’s who knew how to reward and punish.  “We think that the statements evidence a contempt for the nation’s housing and mortgage markets” Freddie spokesperson Sharon McHale said.  It was the last chance during the Clinton era for reform.

2001:   Republicans try repeatedly to bring fiscal sanity to Fannie and Freddie but Democrats blocked any attempt at reform; especially Rep. Barney Frank and Sen.Chris Dodd who now run key banking committees and were huge beneficiaries of campaign contributions from the mortgage giants.

2003:  Bush proposes what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago”.  Even after discovering a scheme by Fannie and Freddie to overstate earnings by $10.6 billion to boost their bonuses, the Democrats killed reform.

2005:  Then Fed chairman Alan Greenspan warns Congress:  “We are placing the total financial system at substantial risk”.  Sen. McCain, with two others, sponsored a Fannie/Freddie reform bill and said, “If congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole”.  Sen. Harry Reid accused the GOP of trying to “cripple the ability of Fannie and Freddie to carry out their mission of expanding home ownership”  The bill went nowhere.

2006: Republican Senators, including John McCain, call for Fannie Mae/Freddie Mac reform yet again in the above letter from May 2006.

2007:  By now Fannie and Freddie own or guarantee over HALF of the $12 trillion US mortgage market.  The mortgage giants, whose executive suites were top-heavy with former Democratic officials, had been working with Wall St. to repackage the bad loans and sell them to investors.  As the housing market fell in ’07, subprime mortgage portfolios suffered major losses.  The crisis was on,  though it was 15 years in the making.

2008:  McCain has repeatedly called for reforming the behemoths, Bush urged reform 17 times.  Still the media have repeated Democrats’ talking points about this being a “Republican” disaster.  A few Republicans are complicit but Fannie and Freddie were created by Democrats, regulated by Democrats, largely run by Democrats and protected by Democrats.

A video from the hearings.

Another fairly well done video summarizing the crisis from beginning to end.

The fact that the Democrats and their willing accomplices in the media are attempting to hang this stinking albatross around the necks of Republicans is just dishonest.  Could 2008 be the year known as the “death of the objective media?”

John McCain Picks Sarah Palin for VP

This is a simple ad, but the best part of this has Governor Palin shooting an assault rifle with the military.    Very cool.  I’m looking forward to her debate with Joe Biden.  Biden is likely to come off like the true blow-hard that he is.

Bush Administration Falls for Polar Bear Gimmick

As originally reported on TownHall.com, the Bush administration took a page from Al Gore’s playbook and named the polar bear to the “threatened species” list because of anticipated losses of the polar bear due to global warming. Computer models show that loss of polar ice caps may degrade the polar bear population down to endangered species levels in approximately 45 years. So by adding the polar bear to the threatened species list, it might slow a population decline if global warming is true.

Of course, these computer models probably aren’t aware that all of the allegedly lost polar ice has now frozen back. Or maybe they didn’t hear any of the latest research that continues to debunk the entire man-made global warming myth. Perhaps the computer just forgot to take into account that the U.S. Fish and Wildlife Service currently reports that polar bear populations are on the rise. There are currently between 20,000 and 25,000 polar bears, which is up from the low of 5,000 to 10,000 in the 1950’s and 1960’s.

Now of course, we should expect the environmental lobby and the EPA to accept any computer model that furthers their agenda of man-made global warming. However, we should not accept the Bush administration recognizing the same kind of computer generated models without asking the hard questions and challenging the “facts” laid out by the environmental lobby. For this, the Bush administration should be ashamed. They have largely given the opponents of legitimate domestic energy production (i.e. Progressives and Democrats) another reason not to explore for any oil or natural gas in the entire state of Alaska. Can’t you just hear Chuck Schumer arguing that drilling in Alaska will threaten the population of polar bears 45 years from now?

Maybe if conservatives and Republicans are lucky, domestic energy production will be at the forefront of the Presidential campaign this year. It’s funny that the main people you hear railing against the U.S. purchasing oil from the Middle East are Democrats, yet Democrats are the main opponents of domestic energy production.

As reported by Gateway Pundit:

Which party blocked the development of new sources of petroleum?– Democrat
Which party blocked drilling in ANWR?– Democrat
Which party blocked drilling off the coast of Florida?– Democrat
Which party blocked drilling off of the east coast?– Democrat
Which party blocked drilling off of the west coast?– Democrat
Which party blocked drilling off the Alaskan coast?– Democrat
Which party blocked building oil refineries?– Democrat
Which party blocked clean nuclear energy production?– Democrat
Which party blocked clean coal production?– Democrat

We are in very grave danger of being completely dependent on foreign oil because of the Democrats in Washington, and yet the general public blames the Republicans for America’s dependence on foreign oil. Despite the fact that oil is at $127 a barrel, Democrats continue to demonize American oil companies and impede their ability to search for new oil reserves or tap the known reserves that would bring down the global price of oil.

But now, thanks to the pandering by the Bush administration and liberal “environmental friendly” Republicans like John McCain, we might very well see Alaska added to the “No Drilling” zone as well. And all because a computer owned by someone in the environmental lobby told us that there might be fewer polar bears in 2053. Unless this pandering by some on the right stops, the Republicans are heading for a monumental and embarrassing defeat in November.

McCain Finally Makes Some Sense

I am utterly disappointed with John McCain and the way he is running his campaign. My displeasure with Senator McCain has been going on for about twelve years now, so I can’t say that I am all that surprised by the fact that I don’t agree with him on most things now. Republicans that voted for McCain solely for his “electability” may not even get what they ask for if he keeps up this class warfare and global warming nonsense. If he doesn’t change his tune and take a conservative stance on the majority of issues, he risks completely isolating the conservative base of the Republican party. And no matter what anyone tells you, there isn’t a politician in the history of America that ever won the Presidency while isolating the base of his own party.

With all that said, McCain finally made a little sense today as he called for the suspension of the federal gasoline tax. Thank God! All we ever hear about is how GREEDY the big bad oil companies are and how they are soaking all of us. Very few people realize that the government makes more on a gallon of gas than the oil companies do. The oil companies search, drill, refine, ship, research more types of energy and better ways to maximize the use of oil and gas and make about 9-12% profit. On the other hand, the government sits around and talks about how big and bad and evil these companies are, and the government taxes an average of $.47 per gallon of tax nationally (state and federal combined), or between 12-15%. The federal tax is 18.4 cents per gallon on gas and 24.4 cents per gallon on diesel. So government bureaucrats don’t do anything for the process other than criticize the oil companies and pass laws making it harder to do their job, but the government actually soaks the American people more than the oil companies do.

Eliminating the gas tax would have a tremendous effect on the economy, much more than any nonsense stimulus package that gives each of us between a few hundred to a little over a thousand dollars this spring. Eliminating the gas tax would not only help us out a little at the pump, but it would stimulate the economy by decreasing transportation costs (planes, trains, automobiles). Decreased transportation costs would ultimately help drop the price of good in the stores (because they don’t cost as much to ship to the store). Now, just eliminating the gas tax wouldn’t turn a failing economy around, but it would at least help ours and I think much more than anything else the government is offering right now.

McCain’s problem is that he doesn’t go far enough. He should call for a permanent repeal of the federal gas tax and not just a summer vacation from it. He should call on states to repeal their gasoline taxes as well. He should adopt some new ideas like the FairTax plan to overhaul the federal tax system. If McCain ran on a true platform of tax reform and decreased government spending, he might just have a real shot at winning this thing. The problem is, I don’t think McCain really believes in real tax reform. It’s pretty hard to believe that he’s sincere when he spends half his time spouting Democratic talking points about class warfare.

Operation Chaos Working Flawlessly

Operation Chaos

If you have tuned into Rush Limbaugh recently, you may have heard what he refers to as “Operation Chaos”. If you’re unfamiliar with Operation Chaos or with Rush Limbaugh, this is a basic rundown of it:

Republicans are crossing over to vote in Democratic primaries for Hillary Clinton, not because she can get the delegate lead, but because an Obama-Clinton deadlocked race going all the way to the Democratic National Convention would benefit the Republicans. The primary objective of Operation Chaos is simply to create chaos in the Democratic party–nothing more. It isn’t to get Hillary or Obama selected as the opponent in November. The nominee will be left up to the Superdelegates in the Democratic Party to pick. There are even some calling for an early Superdelegate vote to avert such a disaster.

So, this is how this “operation” is working. The battle in the Democratic party is embittering many of the supporters of Obama and Clinton and is drawing attention away from McCain for a while, allowing him to establish his positions without any major scandals that usually accompany any presidential campaign. Also, the Democratic National Convention is only 8-9 weeks before the general election, so if the race is still undecided by convention time, the Democrats will be forced with cramming an entire general campaign in that two month time period. Not an easy task considering that candidates from each party historically move towards the center after wrapping up their party’s nomination. The Obama-Clinton battle is forcing each of them to move further and further left. It will be virtually impossible for either to move back to the political/ideological center in an eight week time period.

The new poll today released by Rasmussen shows that 44% of Democratic voters want either Obama or Hillary to drop out of the race now. 22% believe that Obama should drop out and 22% believe that Hillary should drop out. An even more interesting number is 6% believe that both Hillary and Obama should drop out of the race. What if both were to drop out? You guessed it…Al Gore would be the presumptive nominee. This race may be headed that way eventually. There are already inside talks going on inside the DNC that could lead to Al Gore getting the nomination with either Hillary or Barack as the Vice Presidential pick. This, of course, is a long shot but the possibility remains. A similar thing happened in 1968 with presidential nominee Hubert Humphrey. Humphrey was nominated as the Democratic Presidential nominee but never won a single primary before the convention.

Various news agencies have reported that Operation Chaos is working and others are reporting that it isn’t. Tough to say in the end whether it is really having a major impact, but it certainly appears to be and it’s even got Democrats in Ohio attempting to indict Rush Limbaugh and voters who switched over for voter fraud. One thing is clear though–there is more chaos in this election than there was a few months ago. The longer this goes on, the better the Republican chances are in November.

The Year of the Underdog

It is really an interesting phenomenon that I’ve been observing for a while now. It started last fall with the most unusual of college football seasons because of all the upsets. Then it extended to the NFL where the New York Giants pulled one of the biggest upsets of Super Bowl history. How big was that upset? Vegas lost $40 million on that game alone.

It didn’t stop at football though–it extended into politics. Six months ago both Rudy Giuliani and Hillary Clinton were the inevitable candidates for the parties. We all know what happened to Rudy—he won a whole zero delegates before dropping out. Just las summer, John McCain was seen getting on a Southwest flight to a campaign rally by himself with no staff, no rally, and no supporters. He was out of money and his campaign was written off by the media, the other candidates, and just about anyone except McCain himself. Now of course, he’s going to be the Republican nominee. The Democratic primaries were supposed to be a coronation for Hillary Clinton, but now she’s in the battle for her political life.

Underdog

It seems that whenever a candidate is considered unbeatable, it is just at that precise moment that the candidate is quickly knocked back to earth. Just this week we noticed the same phenomenon happened to Barack Obama. Obamamania has been dominating the left. I haven’t seen this kind of bandwagon fanaticism since the Red Sox won the World Series in 2004. But right when Obama won twelve straight contests, Hillary comes back and wins three of four in one day! This underdog phenomenon continues to go on and is hard to explain.

Whoever the Democratic nominee is will be considered inevitable by most to win the election in November. I also think that this presidential election is likely a win for the Democrats, but if there is anything that this year has taught us about the inevitable winners, nothing is a lock. As soon as anyone is considered inevitable is just the time when they are the most vulnerable.

McCain is likely going to fly under the radar for the next few months and will have the luxury of sitting back and enjoying watching Hillary and Obama lob political grenades at each other. The country is obsessed with the Democratic race and both candidates will be receiving intense media scrutiny for at least the next three months. McCain will largely be ignored until convention time when the attacks will expeditiously increase. This may lead to a certain amount of public sympathy for him as the underdog against an inevitable opponent, and there is a good chance we’re going to observe another colossal upset that has become so commonplace in the “Year of the Underdog”.