Open Thread


For general discussion and debate. Possible talking point: Should the government takeover/bailout the two largest federal mortgage insurers?

Alarmed by the growing financial stress at the nation’s two largest mortgage finance companies, senior Bush administration officials are considering a plan to have the government take over one or both of the companies and place them in a conservatorship if their problems worsen, people briefed about the plan said on Thursday. The companies, Fannie Mae and Freddie Mac, have been hit hard by the mortgage foreclosure crisis...Now, as housing prices decline further and foreclosures grow, the markets are worried that Fannie and Freddie themselves may default on their debt. Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers.

Treasury Secretary Hank Paulson just said that this is nonsense, but rumors are flying around Wall Street that this is imminent. What say you, NewsBusters? Is this a good idea to shore up the lending industry, or should troubled financial entities be allowed to fail in order to discourage risky behavior in the future?

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They should be allowed to

They should be allowed to fail. Then, everyone involved should be fired. No way I want my money to shore up any lousy decisions by business. There are consequences to risky behavior.

___________________________________ 

If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber

TnT, while I agree that

TnT, while I agree that there should be no Goverment intervention, it is, at least in part, the fault of the Goverment with mandated lending practices. That said, if the goverment is going to involve themselves even more, it should be that their salaries be confiscated and contributed to bail out these two institutions.

Save a SeAL, club a liberal!!

BnD, You're right -- I

BnD,

You're right -- I had forgotten about that. Indeed, Congress has been making a mess of things all over, especially when it comes to political correctness.

___________________________________ 

If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber

I agree

Since when did it become the responsibility of the Government (us) to bail out everyone that makes a bad investment?

When I make a mistake, I don't expect anyone else to 'fix' it for me.

Does anyone take responsiblities for their own actions anymore?

Its not that simple.

Its not that simple.  F-mac/F-may hold trillions in mortgages, but tens or hundreds of trillions in credit derivatives are based on these mortgages.  Right now, write-downs on those CDOs, CDSs, etc. are expected to eventually be to 1.6 trillion, so far they've written-down about 500 billion.  If F-mac and F-may can't back their bad mortgages, the expected write-downs would increase (at a bare minimum) by a factor of 10.  And these credit derivatives are in virtually every portfolio and 401K/pension plan.  I hope you can imagine what this means. 

Bad business

I agree.  The same lousy business practices that caused the problems are still there.  It is healthy for our economy for businesses like this to fail and I include Bear Stearns in that statement.  The leadership that caused the problems will still be there to continue with failed practices.  Let's get out of the way and let the marketplace do its thing.  I thought libs liked Darwinism:  survival of the fittest.  Lets try it and I'm sure our economy and country will be better for it.

"Money is the scourge of the men who attempt to reverse the law of causality--the men who seek to replace the mind by seizing the products of the mind."  Ayn Rand

The 8th Dirty Word You Can't Say on TV

In light of Jesse Jackson's oh-so-vulgar remark, and just because it's Friday, I'm breaking my no-posting at work rule today.

IRISH GAS STATION:

Taking a wee break from the golf course, Tiger Woods drives his new Mercedes into an Irish gas station.

An attendant greets him in typical Irish manner, unaware who the golf pro is...

"Top o' the mornin to ya".

As Tiger gets out of the car, two tees fall out of his pocket.

"So what are those things, laddie?" asks the attendant.

"They're called 'tees'," replies Tiger.

"And what would ya be usin 'em for, now?" inquires the Irishman.

"Well, they're for resting my balls on when I drive," replies Tiger.

"Aw, Jaysus, Mary an' Joseph!" exclaims the Irish attendant. "Those fellas at Mercedes think of everything!

David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive

 

Tiger drive's a

Tiger drive's a Buick 

 

"Television is a freak show" Bernie Goldberg

Hey Blonde

This is off subject but I had to tell you. You know how we make fun of all the FSU players that get into trouble with the law? Well it does not come out nationally because most don't considered East Carolina to be a threat to win a natioanl championship but they are having a lot of problems with players.  

At the fireworks on the 4th I talked with a friend of mine who is the resource officer at the local high school. On the last day of school he had to arrest a football player that was headed to ECU on scholarship for this season on charges of robbing students pocketbooks in the lockerrooms. Just this morning on the radio I heard that Greenville (NC) police had arrested a star from JH Rose High for B&E that was on his way to ECU this fall to play. This is not all of the incidents but I think I am going to lay off FSU crooks for a while.

Be kind to your kids. They'll be choosing your nursing home.

I just got back from

I just got back from visiting my BiL and family in New Bern, his name is Rick. You sure do sound just like him. 

 

"Television is a freak show" Bernie Goldberg

Fannie and Freddie

are basically the inbred cousins of Uncle Sam. They face so much government regulation that they are essentially run by the government. In fact, wasn't Fannie a love child of the 1930s Raw Deal? And isn't the leadership of both Fan and Fred a political appointment?

Both are "parastatals" and explain why they are run so poorly. The WSJ was sounding the warning bell at least 5 years ago on these two "venerable" institutions.

Can anybody say "moral hazzard?"

<insert witty signature here>

Absolutely not!

 Why is it the taxpayer's burden to help out 1. people who signed up for ARMs (the A stands for ADJUSTABLE people) and 2. banks who took advantage of the situation and gave out bad mortgages? I think we've got too much tax burden the way it is, and I am against any government policy, bailout, etc. that increases that. Nuff said.

"Green, the new Red."

Men at Work

Anyone read about what's going on in Atlanta? "Men at Work" signs are offensive to the ladies and Jessie Jackson-surgically-repaired-men, I suppose.

Oh, and don't forget the Black Hole -- how offensive is that?!!

___________________________________ 

If you can read this, thank a teacher. If it is in English, thank a Soldier. - My barber

RD posted this yesterday.

RD posted this yesterday. He said it didn't matter because he has yet to see anybody working around Atlanta.  

Be kind to your kids. They'll be choosing your nursing home.

That

black hole story was hilarious! I guess I should be offended whenever I hear someone use the term "white dwarf?" My 7 year old son knows what a black hole is, where do they find these people? I guess you'll always have the people who are chomping at the bit to find any reason to be offended.

New slogan:

Atlanta, Georgia. Where men AND women are at work!

"Green, the new Red."

 Better make it "Where

 Better make it "Where woman and men work" just to be safe

 

"Television is a freak show" Bernie Goldberg

Good point.

Sure wouldn't want to ruffle any feathers.

"Green, the new Red."

Men, er, People at Work

What about the 1980s pop band?  Will they have to change their name if they do a flashback retro concert at Stone Mountain?

They might

get a pass since they're from Australia.

 "Green, the new Red."

'Open thread' so here's my latest pet peeve...

Friggin' cell phone shoppers (add this to 'cell phone drivers'). Seems like half the people pushing carts down the aisles at my local grocery store have a cell phone glued to their ear, gabbing away loudly (about nothing) as they inch along, scanning the shelves. And it's my responsibility, of course, to get out of the way if I happen to be standing in their lane. They have enough to contend with without having to look forward and worry about (be considerate of) other shoppers.

Carful their bud, I

Carful their bud, I resemble that remark. How the heck am I supposed to know why I am even there, if the wife isnt telling me what to put in the cart? : ] 

 

"Television is a freak show" Bernie Goldberg

It aggravates my wife when

It aggravates my wife when I am standing in line behind folks talking too loud on their cell phone and I pull mine out and pretend (but not too convincingly) to have a loud conversation that conflicts with theirs. You can even repeat what they are saying. It is really annoying. (Ruth just walks away and pretends she doesn't know me.)

I was in an airport and this young woman was having a very personal conversation about her boyfriend and everyone in the area was trying to pretend they weren't listening (it was quite graphic). So I just started giving her advice, figuring she was talking that publicly looking for input. She didn't seem to appreciate it, but I am sure some of it she took (cause men do like leather, don't they?).

“it is not the role of this Court to pronounce the Second Amendment extinct.” - Justice Antonin Scalia

Yeh, and . . . . .

What about the retail workers who have to do business with someone who won't get off the phone long enough to do the transaction?  Very rude!!!

"Money is the scourge of the men who attempt to reverse the law of causality--the men who seek to replace the mind by seizing the products of the mind."  Ayn Ran

Did anyone else get mailed a Free Copy of Rolling Stone - Obama?

The one with the Obama cover? I'm curious because I got a free copy mailed to me yesterday and I've never subscribed to Rolling Stone. I'm wondering if this is a widespread free advertising gimmick for Obama. Could it be a way to to circumvent campaign finance laws?
Is this just a weird coincidence that it's the first time I've ever been mailed a free copy?

"Constantly attacking (peaceful) religions rather than politely sharing your own shows lack of faith " DB

No Dee...but if you will

No Dee...but if you will send it to me, I can use it next time I go to the range...:-)

Save a SeAL, club a liberal!!

I have been receiving RS

I have been receiving RS free for about 6 months now. Some of their articles about Republicans have been disgraceful. I have contacted them several times, but they keep sending them. My 15yr old guitar player son wont even read them, he just throws them away as soon as they come. 

 

 

"Television is a freak show" Bernie Goldberg

GC...send em my way, I can

GC...send em my way, I can use them for target practice..the covers anyway...:-)

Save a SeAL, club a liberal!!

That is a good idea, might

That is a good idea, might give me some incentive to out shoot my Daughter 

 

"Television is a freak show" Bernie Goldberg

GC...its not your fault,

GC...its not your fault, they have younger eyes..

Save a SeAL, club a liberal!!

Bass and General - My son plays guitar and drums

and I could probably see it more if it was addressed to him, but it's addressed to me. I am kind of a music nut but I'm very old fashioned and still buy CD's from the stores (I don't download songs etc...) so I don't know how they would target me. I just think it's very curious.

This issue has 3 articles and 14 pages dedicated to Obama (not including the advertising pages). Then there are an additional 8 pages on an article "Greenland Is Melting".

There is also an advertisement for "More Obama" at their web site on the contents page.

It's amazing how much free publicity this guy gets. The Chicago Tribune and Suntimes have done "magazine" pieces on him quite a few times and of course their general reporting is heavily tilted.

I'm very curious though if anyone else got a free copy of this Rolling Stone Issue. I wonder if I'll get it for 6 months also.

 

"Constantly attacking (peaceful) religions rather than politely sharing your own shows lack of faith " DB

Dee, I have never gotten a

Dee, I have never gotten a copy of Rolling Stone. I dont think they would dare send me one... Its better that they dont. I would send it back to them with some very personal comments and suggestions for the use of said rag.

Save a SeAL, club a liberal!!

bass Maybe I should do that - "return to sender"

I don't know if you can do that or not on a magazine. If you can, it would cost them more money.

I'd have to make sure and deface it so they couldn't send it to someone else

 

"Constantly attacking (peaceful) religions rather than politely sharing your own shows lack of faith " DB

Dee...Magic Markers work

Dee...Magic Markers work wonders:-) 

Save a SeAL, club a liberal!!

yeah Bass - I could draw some devil horns

on his head and vampire fangs on his teeth ; )

"Constantly attacking (peaceful) religions rather than politely sharing your own shows lack of faith " DB

Now your getting it Dee

Now your getting it Dee....have fun with it and let em know how you really feel....

Save a SeAL, club a liberal!!

Ridiculous!

Years back, I had a stock that went belly-up.  Am I going to get "bailed out" too?  If I did get bailed out, why would I ever be careful about investing ever again?

Throwing responsible taxpayers' dollars at other people's bad decisions is not only immoral and unjust, it encourages more recklessness in the future.

By the way, guess where McCain stands on this.  Ugh.  He IS the third party candidate.  The GOP isn't running anyone this election cycle.

A chilling thought

I was reading Nealz Nuse (Neal Boortz) about Pelosi calling drilling for oil a "hoax". The last line of Boortz's post had this "Aren't you people just going to love it when Pelosi, Reid and Obama are running the whole show?"

I never really thought about that. What kind of damage could the 3 do with a veto or fillabuster proof Congress? It is chilling to think about it. Obama may make Chrissie's leg tingle but he sends chills up and down my spine.

The Dems are saying it would take 10 years to get the oil out of the ground if we started today. To me there is the real hoax. I have been watching Black Gold. They were pumping oil  within about 3 weeks of the start of drilling. I understand that if they could go after the shell oil in the western states they could be pumping in less than 6 months.

Be kind to your kids. They'll be choosing your nursing home.

Pelosi, Reid and Obama

Now that is "Friday the 13th" material...Or maybe "End Of The World" type stuff...

Save a SeAL, club a liberal!!

Obama, Pelosi and Reid are

Obama, Pelosi and Reid are opposed to drilling for other reasons.  They purposely distort all of: how much recoverable oil there is in any find, how long it will take to tap, and how much effect it will have on prices; in order to delude the public into accepting their policy.

case in point:  As you have obsereved any new oil well can be in production within a few days to few weeks of an oil strike.  Pelosi, et. al.  deceive the puiblic about this by telling the public it takes 10 years to get an oil field into full production. [a large field will take 15 years to reach peak]  While this is true, it does not describe the true picture.  In a few short months oil will start to flow from new production. Within a year or two, significant production will be coming from the new field.  In the years leading up to peak, prodigious amounts, but still less than peak production will be occurring.  It is this that Pelosi is concealing from the public. 

Have you noticed when the

Have you noticed when the polls were indicating the majority wanted to end the war immediately, the dems talked constantly about "doing the will of the people"; but now that polls are saying the majority wants to drill for oil, the dems are basically saying we are just too dumb to know what to do?

You bet. Such are the ways

You bet. Such are the ways of the elitists. 

McNotObama '08

"I never really thought

"I never really thought about that. What kind of damage could the 3 do
with a veto or fillabuster proof Congress? It is chilling to think
about it. Obama may make Chrissie's leg tingle but he sends chills up
and down my spine."

Yeah, but you're missing the most important part: At least McCain won't be President. We're gonna teach them Republicans a lesson...by screwing ourselves.

That'll show'em....

I'm hoping this rumor is

I'm hoping this rumor is nothing more than a trial balloon.  POP!

Let's see now, the government run quasi-private institutions responsible for setting lending standards to buy packaged mortgages from banks is having problems with people who had no business buying a home in the first place defaulting on loans they guaranteed.  And now they want a bailout by the taxpayer.  NO!!!!!!!!!!!!!!  OVER MY DEAD LIFELESS BODY!!!!!!!!!!!

Not everyone has the mindset to be homeowner, no amount of equal outcome arguments is going to change that fact of life.  What these two institutions did was to buy into the equality of outcome argument and now we have the predictable outcome, default.

They can go sell bonds like everyone else to raise money and cover their losses.  If they had any brains at all, they would on a case by case basis review each loan in default or in late payment to determine IF the mortagee has the ability to actually make the loan payments at the current prevailing interest rate with a new fixed 30 year mortgage. IF they can't, the occupants need to move out and rent a place that is appropriate to their income.  It's called Equality of Choice!

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

On Your Side


Not everyone has the mindset to be homeowner
...

What about the 'super six' who had privileged loans from Countrywide, including Dodd who chairs the Senate Banking Committee.

Who is talking about Rangel's NY deal?

JDW

SAPPY NEWS

DAILY WAVE

Can't Wait for the Weekend Sports Blog

There was a record set yesterday on the LPGA golf tour. Paula Creamer shot 60 in the first round of this week's LPGA event. I realize that pros (both men and women) have recorded 59's in competition before, but to my knowledge this is the first time anyone has shot 60 using a pink ball.

http://www.daytondai...

One of her excellent putts

One of her excellent putts made Sportcenter's Top Ten last night. Pretty impressive!

What Party Does This Crook Belong To?

Here in NYC, there is an affordable housing shortage.  Rent stabilization was put in many years ago to try and protect the affordable housing stock.  Supposedly there are strict rules in place that a rent stabilized apartment is for primary residence.

Recently, we find out that Democrat Charlie Rangel has use of four rent stabilized apartments in Harlem, one of which he is using as an office, not a residence. 

http://www.nytimes.com/2008/07/11/nyregion/11rangel.html?_r=1&ref=nyregion&oref=slogin

You mean Rangel is actually

You mean Rangel is actually playing fast and loose with the rules of government controlled housing to benefit himself? I'm shocked, Rangel strikes me as so honest and trustw- oh, who am I kidding -the guy positively reeks of crookdom. 

 

McNotObama '08

Harumph!

This Shrubber is OUTRAGED!!!

Roger, you mean it is a

Roger, you mean it is a "Gay Right" to engage in sex, outdoors in a public area??? What about our "Hetro Rights" to do the same? I say we want equal rights!!!!

Save a SeAL, club a liberal!!

Even those who arrange and

Even those who arrange and design shrubberies are under considerable economic stress at this period in history. And now we must deal with outrageous actions like this!?!?!?!?

or as an opportunity - a

or as an opportunity - a strategic slip of the snippers could work wonders regarding the gay problem

I don't understand. You

I don't understand. You have a problem with gays? 

 

Oh, what sad times are these when passing ruffians can say `nee' at will to old ladies.

as long as no one is ever

as long as no one is ever gay, I don't:) 

as a protestant fundie I just assumed the reputation preceeded me

Spoken like a true

Spoken like a true bigot.

Take your meds.

 

This is like the sanctuary

This is like the sanctuary city movement aiding and abetting criminals by issuing ID cards and banning the police from turning a illegals over to ICE.  When an activity is illegal, those in authority who act in deference to law breakers are guilty of malfeasance.

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

NO!  Not only NO by H___

NO!  Not only NO but H___ NO!  Enough already!  Stop or I'll _____. (additional audience participation exercise)  Cease and Desist!  Halt!  Never!  Show your colors (a naval combat term)!

So the "gummint" will now be financing everybody's mortgages?  Hm....  Of course this wouldn't hasten the takeover of government ownership of all enterprises, would it?

There is NO "anthropogenic" Global Warming.  NONE.

The world as we know it did not appear by chance or accident, not even if you allow a time lapse of 1 year less than infinity; nor are you descended from aliens (or apes).  (Well, I guess we can leave that last open for a while longer.)

Fleecing the Flock

I had to post this. It is the handbook on how to Fleece the Flock for Fun and Profit.  

************************************************

Joke of the Day

One day God was looking down at Earth and saw all of the rascally behavior that was going on. So He called one of His angels and sent the angel to Earth for a time.

When the angel returned, he told God, 'Yes, it is bad on Earth; 95% are misbehaving and only 5% are not.'

God thought for a moment and said, 'Maybe I had better send down a second angel to get another opinion.'

So God called another angel and sent him to Earth for a time.

When that angel returned she went to God and said, 'Yes, it's true. The Earth is in decline; 95% are misbehaving, but 5% are being good.'

God was not pleased. So He decided to e-mail the 5% that were good, because he wanted to encourage them, and give them a little something to help them keep going.

Do you know what the e-mail said? Okay, I was just wondering....... I didn't get one either.

Be kind to your kids. They'll be choosing your nursing home.

Thankfully, we have

Thankfully, we have progressed past the Theodoric, Barber of York stage of existence... Some haven't.

 

Oh, what sad times are these when passing ruffians can say `nee' at will to old ladies.

Positive story about Vietnam Vet

Here is a link about a Vietnam Vet you probably won't catch from the MSM, because this Vet is actually proud to be an American and a former soldier.  He is also a Democrat as well.  He went back to visit Vietnam.  The MSM probably wouldn't like his positive attitude about being an American, but here are some quotes from the article.

 

 

"Watching the crowds of people waiting in line for travel visas — many wanting to come to the U.S. — Mayo said he was struck with how lucky he was to be an American. 

“When I stood there on our last day in Vietnam and saw that U.S. flag flying, I was just overwhelmed with the sense that ‘damn, I am a citizen of the United States.’” Mayo said.

Outside of the consulate, however,  Mayo said he was well aware the flags were not American but that of the country he remembers fighting against.

“I never thought I would be bothered by their flag. I am as open-minded as the day is long, and realize it is their country not mine.  But it did hurt and I felt a certain pain I can’t explain,” Mayo said."

 

And then this quote.

 

 

“The South Vietnamese government may have screwed up the situation, the U.S. government may have screwed up the situation; but the American soldier didn’t,” Mayo said. “The American soldiers got it right.”

 

I would probably add that the MSM screwed up the situation with their reporting, especially their reporting on the Tet Offensive.

 

Vietnam Vets are great people and have been villified and stereotyped too long.

  

http://www.pressregister.com/articles/2008/07/08/news/doc4872975c58151691025323.txt

 

 

What a shame

It seems that dog meat will be off the menu in Bejing for the Olympics. There were a lot of people looking forward to a good Great Dane flank steak. My mother in law to this day believes the Chinese places around her home serve cat.  

Be kind to your kids. They'll be choosing your nursing home.

True story

A buddy of mine once took a bunch of us to a Thai restaurant while we were visiting him in Los Angeles, right of college. The Thai restaurant was next door to a veterinarian's clinic. No kidding. The only thing separating them was the outdoor kennel area. This led to jokes regarding picking our own meat, pad thai, etc.

 

McNotObama '08

Disproving abortion

I will never understand this.

http://www.breitbart.tv/?p=129023

The legal basis of the pro-abortion theory is that women have the right to define, by themselves, whether the fetus they are carrying is a full human being or not. Yet this mother is being charged for abusing a corpse, but it's the corpse of the fetus that her own daughter was carrying, and that the mother forced her to abort.

In logic, one way to disprove an argument is to show how it leads to absurdity. Plainly, the legal theory behind abortion, and the legal theory behind charging this woman with anything, are in clear conflict. To be consistent with abortion policy, she shouldn't have been charged with anything. But clearly, what she did was reprehensible.

Between the absurdity of Obama's defense of partial-birth abortion (basically: if we prevented partial-birth abortions, it would disprove all abortions) to cases like these ... you wonder how pro-abortionists claim any rationality at all.

OK......just got done....

watching O'Rielly, and Hannity & dipsh*t.......I'm ready to explode with rage..................time for a beer, before I start breaking the furniture...... ;-) 

"If a man does his best, what else is there"?

General George S. Patton Jr.