Thursday, September 11, 2008

hmmm

Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation's mortgage market. But what is Sen. John McCain's excuse? Both act as if the financial meltdown of the U.S. economy has nothing to do with the policies of the political party they represent — but she at least may not know any better.


Distracted momentarily from her campaign revelries of maverick opposition to the "bridge to nowhere," which she had supported until it became a public relations debacle, and congressional earmarks for which she, as a small-town mayor, had hustled piggishly at the federal trough, Palin made the mistake of dealing with an unscripted subject.

Referring to the government's bailout of Fannie Mae and Freddie Mac, Palin opined that the two had "gotten too big and too expensive to the taxpayers," displaying abysmal ignorance of the fact that only now will those privately owned banks become a huge taxpayer obligation, as the federal government takes them over. Nor can the meltdown of home values be traced to those two beleaguered institutions, because they did not make the original subprime mortgage commitments.

The housing bubble was the result of the Ponzi-scheme antics of those other financial entities: commercial banks, stockbrokers and hedge funds, which were allowed in a GOP-deregulated market to get into the "swap" business. Through the rampant reselling of loans, the obligation to collect on a loan was divorced from the act of selling it in the first place, so who cared if the recipient of the loan was not at all qualified or the appraisal of the property value was inflated, as long as the paper was traded away, or insured, before the moment of foreclosure?

As with any Ponzi scheme, the perps, who included the legislators as well as the bankers who exploited the loopholes they provided, expected to bail long before the bubble burst. The role of the legislators, Republican-led but with far too many Democratic running dogs, was critical to the success of the scam.

The mortgage swaps distancing the originator of the loan from the ultimate collector were made legal only as a result of the Commodity Futures Modernization Act, which former Sen. Phil Gramm, R-Texas, pushed through Congress just hours before the 2000 Christmas recess. Gramm, until recently co-chair of the McCain campaign, also had co-authored the Gramm-Leach-Bliley Act, which became law in 1999 with President Bill Clinton's signature.

That gem, which Gramm had pushed for years with massive financial industry lobbying, destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies. Those two acts effectively ended significant regulation of the financial community, and no wonder we have witnessed an even more rapid and severe meltdown in housing values than during the Great Depression.

Not surprisingly, Gramm was rewarded for his service upon retirement as a senator and as head of the Senate Banking Committee with a top position at the Swiss-based UBS bank, which is close to drowning in the subprime mortgage nightmare he helped create. These folks have no shame, as was evidenced when the senator's wife, Wendy, was named a director of Enron, whose roiling of the energy market had been made possible only through yet another provision of Gramm's Commodity Futures Modernization Act.

While neophyte Palin can claim ignorance of such matters, that would be particularly difficult for McCain, who as a senator consistently lined up with Gramm in his deregulation crusade. Clearly McCain had not learned much from his previous involvement with the savings-and-loan debacle about the risks to consumers in unregulated banking.

McCain served as chair of Gramm's abortive 1996 presidential campaign, and Gramm returned the favor, providing critical support for McCain with the hard-line Republican base, including the editorial board of The Wall Street Journal. It was assumed in the business press that Gramm was the front-runner to be treasury secretary in a McCain administration. Gramm left his role as the top economic person near McCain only after he made an embarrassing statement blaming the current economic downturn on "whiners," an awkward reference to the victims of his disastrous legislation.

Amazingly, the turmoil in the housing market, which has led to the socializing of the nation's revered homeownership market in a massive expansion of the role of big government, has apparently not troubled McCain's conservative supporters. As I said, ignorance is bliss, and evidently not just for the newbie Palin.

Robert Scheer's new book is "The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America." E-mail Robert Scheer at rscheer@truthdig.com. To find out more about Robert Scheer, and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Webpage at www.creators.com.

COPYRIGHT 2008 CREATORS SYNDICATE INC.

Wednesday, September 10, 2008

What is in your garden?


A Baboon Bottom Iris


Honey Tiger Iris


& a Royal Purple Batik Iris


I love Iris's and these ones, I just planted in my front yard

?hmmm

The GOP Loves the Heartland To Death
By THOMAS FRANK
September 10, 2008; Page A13

It tells us something about Sarah Palin's homage to small-town America, delivered to an enthusiastic GOP convention last week, that she chose to fire it up with an unsourced quotation from the all-time champion of fake populism, the belligerent right-wing columnist Westbrook Pegler.

"We grow good people in our small towns, with honesty and sincerity and dignity," the vice-presidential candidate said, quoting an anonymous "writer," which is to say, Pegler, who must have penned that mellifluous line when not writing his more controversial stuff. As the New York Times pointed out in its obituary of him in 1969, Pegler once lamented that a would-be assassin "hit the wrong man" when gunning for Franklin Roosevelt. [The Tilting Yard] Corbis

Small-town America.

There's no evidence that Mrs. Palin shares the trademark Pegler bloodlust -- except maybe when it comes to moose and wolves. Nevertheless, the red-state myth that Mrs. Palin reiterated for her adoring audience owes far more to the venomous spirit of Pegler than it does to Norman Rockwell.

Small town people, Mrs. Palin went on, are "the ones who do some of the hardest work in America, who grow our food and run our factories and fight our wars." They are authentic; they are noble, and they are her own: "I grew up with those people."

But what really defines them in Mrs. Palin's telling is their enemies, the people who supposedly "look down" on them. The opposite of the heartland is the loathsome array of snobs and fakers, "reporters and commentators," lobbyists and others who make up "the Washington elite."

Presumably the various elite Washington lobbyists who have guided John McCain's presidential campaign were exempt from Mrs. Palin's criticism. As would be former House Speaker Dennis Hastert, now a "senior adviser" to the Dickstein Shapiro lobby firm, who hymned the "Sarah Palin part of the party" thus: "Their kids aren't going to go to Ivy League schools. Their sons leave high school and join the military to serve our country. Their husbands and wives work two jobs to make sure the family is sustained."

Generally speaking, though, when husbands and wives work two jobs each it is not merely because they are virtuous but because working one job doesn't earn them enough to get by. The two-job workers in Middle America aren't spurning the Ivy League and joining the military straight out of high school just because they're people of principle, although many of them are. It is because they can't afford to do otherwise.

Leave the fantasy land of convention rhetoric, and you will find that small-town America, this legendary place of honesty and sincerity and dignity, is not doing very well. If you drive west from Kansas City, Mo., you will find towns where Main Street is largely boarded up. You will see closed schools and hospitals. You will hear about depleted groundwater and massive depopulation.

And eventually you will ask yourself, how did this happen? Did Hollywood do this? Was it those "reporters and commentators" with their fancy college degrees who wrecked Main Street, U.S.A.?

No. For decades now we have been electing people like Sarah Palin who claimed to love and respect the folksy conservatism of small towns, and yet who have unfailingly enacted laws to aid the small town's mortal enemies.

Without raising an antitrust finger they have permitted fantastic concentration in the various industries that buy the farmer's crops. They have undone the New Deal system of agricultural price supports in favor of schemes called "Freedom to Farm" and loan deficiency payments -- each reform apparently designed to secure just one thing out of small town America: cheap commodities for the big food processors. Richard Nixon's Agriculture Secretary Earl Butz put the conservative attitude toward small farmers most bluntly back in the 1970s when he warned, "Get big or get out."

A few days ago I talked politics with Donn Teske, the president of the Kansas Farmers Union and a former Republican. Barack Obama may come from a big city, he admits, but the Farmers Union gives him a 100% rating for his votes in Congress. John McCain gets a 0%. "If any farmer in the Plains States looked at McCain's voting record on ag issues," Mr. Teske says, "no one would vote for him."

Now, Mr. McCain is known for his straight talk with industrial workers, telling them their jobs are never coming back, that the almighty market took them away for good, and that retraining is their only hope.

But he seems to think that small-town people can be easily played. Just choose a running mate who knows how to skin a moose and all will be forgiven. Drive them off the land, shutter their towns, toss their life chances into the grinders of big agriculture . . . and praise their values. The TV eminences will coo in appreciation of your in-touch authenticity, and the carnival will move on.

Monday, September 8, 2008

Nothing much happening here

I'm still moving the old posts over and I still adding recipes to my "Cook for Me" site.

As I was adding a old recipe I thought I need to make that this weekend, click HERE to find out what it was.

We spent Saturday at our friend Vickie's house, as she had managed to get her phone disconnected, long story, but Cowboy got it hooked up again, well we had to call the phone service about 20 times.

Sunday was putt around the house...

Friday, September 5, 2008

a bit of fluff



This is one of my favorite video's on You Tube, I did not see it on TV, I only heard about from one of my friends

Thursday, September 4, 2008

hmm?

The Nation -- Everyone is trying to get the measure of Sarah Palin, the woman who was rocketed from small-state obscurity to the national stage when John McCain selected her as his running-mate on the 2008 Republican ticket.

Republican senators and governors are admitting interviews, as former Senate Majority Leader Trent Lott, R-Mississippi, did with me a few minutes ago that: "Most of us don't really know her personally."

Well, Anne Kilkenny does know Sarah Palin.

Kilkenny's a good citizen of Wasilla, Alaska, the city where Palin got her political state as a city council member and then mayor. She's a self-described "housewife" who volunteers as a voter registrar, has been active in the PTA and regularly attends local government meetings.

She is, as well, someone who has clashed with Palin. More than a decade ago, when Palin was campaigning to ban books, Kilkenny says, "I was one of the 100 or so people who rallied to support the City Librarian against Sarah's attempt at censorship."

What's Kilkenney's take?

Here's a letter she has circulated

I am a resident of Wasilla, Alaska. I have known Sarah since 1992. Everyone here knows Sarah, so it is nothing special to say we are on a first-name basis. Our children have attended the same schools. Her father was my child's favorite substitute teacher. I also am on a first name basis with her parents and mother-in-law. I attended more City Council meetings during her administration than about 99% of the residents of the city.

She is enormously popular; in every way she's like the most popular girl in middle school. Even men who think she is a poor choice and won't vote for her can't quit smiling when talking about her because she is a "babe".

It is astonishing and almost scary how well she can keep a secret. She kept her most recent pregnancy a secret from her children and parents for seven months.

She is "pro-life". She recently gave birth to a Down's syndrome baby. There is no cover-up involved, here; Trig is her baby.

She is energetic and hardworking. She regularly worked out at the gym.

She is savvy. She doesn't take positions; she just "puts things out there" and if they prove to be popular, then she takes credit.

Her husband works a union job on the North Slope for BP and is a champion snowmobile racer. Todd Palin's kind of job is highly sought-after because of the schedule and high pay. He arranges his work schedule so he can fish for salmon in Bristol Bay for a month or so in summer, but by no stretch of the imagination is fishing their major source of income. Nor has her life-style ever been anything like that of native Alaskans.

Sarah and her whole family are avid hunters.

She's smart.

Her experience is as mayor of a city with a population of about 5,000 (at the time), and less than 2 years as governor of a state with about 670,000 residents.

During her mayoral administration most of the actual work of running this small city was turned over to an administrator. She had been pushed to hire this administrator by party power-brokers after she had gotten herself into some trouble over precipitous firings which had given rise to a recall campaign.

Sarah campaigned in Wasilla as a "fiscal conservative." During her 6 years as Mayor, she increased general government expenditures by over 33%. During those same 6 years the amount of taxes collected by the City increased by 38%. This was during a period of low inflation (1996-2002). She reduced progressive property taxes and increased a regressive sales tax which taxed even food. The tax cuts that she promoted benefited large corporate property owners way more than they benefited residents.

The huge increases in tax revenues during her mayoral administration weren't enough to fund everything on her wish list though, borrowed money was needed, too. She inherited a city with zero debt, but left it with indebtedness of over $22 million. What did Mayor Palin encourage the voters to borrow money for? Was it the infrastructure that she said she supported? The sewage treatment plant that the city lacked? or a new library? No. $1m for a park. $15m-plus for construction of a multi-use sports complex which she rushed through to build on a piece of property that the City didn't even have clear title to, that was still in litigation 7 yrs later -- to the delight of the lawyers involved! The sports complex itself is a nice addition to the community but a huge money pit, not the profit-generator she claimed it would be. She also supported bonds for $5.5m for road projects that could have been done in 5-7 yrs without any borrowing.

While Mayor, City Hall was extensively remodeled and her office redecorated more than once.

These are small numbers, but Wasilla is a very small city.

As an oil producer, the high price of oil has created a budget surplus in Alaska. Rather than invest this surplus in technology that will make us energy independent and increase efficiency, as Governor she proposed distribution of this surplus to every individual in the state.

In this time of record state revenues and budget surpluses, she recommended that the state borrow/bond for road projects, even while she proposed distribution of surplus state revenues: spend today's surplus, borrow for needs.

She's not very tolerant of divergent opinions or open to outside ideas or compromise. As Mayor, she fought ideas that weren't generated by her or her staff. Ideas weren't evaluated on their merits, but on the basis of who proposed them.

While Sarah was Mayor of Wasilla she tried to fire our highly respected City Librarian because the Librarian refused to consider removing from the library some books that Sarah wanted removed. City residents rallied to the defense of the City Librarian and against Palin's attempt at out-and-out censorship, so Palin backed down and withdrew her termination letter. People who fought her attempt to oust the Librarian are on her enemies list to this day.

Sarah complained about the "old boy's club" when she first ran for Mayor, so what did she bring Wasilla? A new set of "old boys". Palin fired most of the experienced staff she inherited. At the City and as Governor she hired or elevated new, inexperienced, obscure people, creating a staff totally dependent on her for their jobs and eternally grateful and fiercely loyal--loyal to the point of abusing their power to further her personal agenda, as she has acknowledged happened in the case of pressuring the State's top cop (see below).

As Mayor, Sarah fired Wasilla's Police Chief because he "intimidated" her, she told the press. As Governor, her recent firing of Alaska's top cop has the ring of familiarity about it. He served at her pleasure and she had every legal right to fire him, but it's pretty clear that an important factor in her decision to fire him was because he wouldn't fire her sister's ex-husband, a State Trooper. Under investigation for abuse of power, she has had to admit that more than 2 dozen contacts were made between her staff and family to the person that she later fired, pressuring him to fire her ex-brother-in-law. She tried to replace the man she fired with a man who she knew had been reprimanded for sexual harassment; when this caused a public furor, she withdrew her support.

She has bitten the hand of every person who extended theirs to her in help. The City Council person who personally escorted her around town introducing her to voters when she first ran for Wasilla City Council became one of her first targets when she was later elected Mayor. She abruptly fired her loyal City Administrator; even people who didn't like the guy were stunned by this ruthlessness.

Fear of retribution has kept all of these people from saying anything publicly about her.

When then-Governor Murkowski was handing out political plums, Sarah got the best, Chair of the Alaska Oil and Gas Conservation Commission: one of the few jobs not in Juneau and one of the best paid. She had no background in oil & gas issues. Within months of scoring this great job which paid $122,400/yr, she was complaining in the press about the high salary. I was told that she hated that job: the commute, the structured hours, the work. Sarah became aware that a member of this Commission (who was also the State Chair of the Republican Party) engaged in unethical behavior on the job. In a gutsy move which some undoubtedly cautioned her could be political suicide, Sarah solved all her problems in one fell swoop: got out of the job she hated and garnered gobs of media attention as the patron saint of ethics and as a gutsy fighter against the "old boys' club" when she dramatically quit, exposing this man's ethics violations (for which he was fined).

As Mayor, she had her hand stuck out as far as anyone for pork from Senator Ted Stevens. Lately, she has castigated his pork-barrel politics and publicly humiliated him. She only opposed the "bridge to nowhere" after it became clear that it would be unwise not to.

As Governor, she gave the Legislature no direction and budget guidelines, then made a big grandstand display of line-item vetoing projects, calling them pork. Public outcry and further legislative action restored most of these projects--which had been vetoed simply because she was not aware of their importance--but with the unobservant she had gained a reputation as "anti-pork".

She is solidly Republican: no political maverick. The State party leaders hate her because she has bit them in the back and humiliated them. Other members of the party object to her self-description as a fiscal conservative.

Around Wasilla there are people who went to high school with Sarah. They call her "Sarah Barracuda" because of her unbridled ambition and predatory ruthlessness. Before she became so powerful, very ugly stories circulated around town about shenanigans she pulled to be made point guard on the high school basketball team. When Sarah's mother-in-law, a highly respected member of the community and experienced manager, ran for Mayor, Sarah refused to endorse her.

As Governor, she stepped outside of the box and put together of package of legislation known as "AGIA" that forced the oil companies to march to the beat of her drum.

Like most Alaskans, she favors drilling in the Arctic National Wildlife Refuge. She has questioned if the loss of sea ice is linked to global warming. She campaigned "as a private citizen" against a state initiaitive that would have either a) protected salmon streams from pollution from mines, or b) tied up in the courts all mining in the state (depending on who you listen to). She has pushed the State's lawsuit against the Dept. of the Interior's decision to list polar bears as threatened species.

McCain is the oldest person to ever run for President; Sarah will be a heartbeat away from being President.

There has to be literally millions of Americans who are more knowledgeable and experienced than she.

However, there's a lot of people who have underestimated her and are regretting it.

Wednesday, September 3, 2008

My New Home

I have lost the inspiration to blog, so I'm going to take a break.

I THINK I'll TRY TO UPDATE ONCE A WEEK

However, since I don't feel like blogging, I don't think I need to pay to host a vanity site anymore, so I'm going to move things here and let the other site go.