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The recession has popped a lot of dreams… It has forced a re-evaluation of priorities. It has put reality in the forefront.
So wiping off the table of everything, everything, and sitting down to a blank space, and asking myself, … what do I want, by the time I die.
It is:
A country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement,”
After watching “It’s a Wonderful Life” you can be sure it can’t happen on a Republican’s watch….. For that dream to happen, we need protection from corporations and Big Money; not giving them more and more of what we make.
We need more money funneled away from big business, to be reinvested into the Middle Class… Since they haven’t done it voluntarily, we’ll have to force it.
Republicans can’t force anyone to do anything. They are putz’s. It will take a government of all Democrats to make Americans who die, at least die happy that they were able to secure:
“A country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement”.
Duffy is God’s answer to a prayer.. I miss the old days of blogging when we were debating principals instead of people… Duffy has stuck to the old line of debating principals with facts, and that is what makes him special in the eyes of bloggers everywhere…
Since the passing of Steve Newton, he has been the only one to challenge me in any argument, and usually some pretty good stuff comes out of both sides during the exchange… I have respected that.. Cause once again, opinions mean dick. Facts are what we steer by.. It is my hope that in responding to his challenge that an answer may make itself apparent.. Who knows? It may not come from me… But if I’m the catalyst for bringing it out in the open, then… none of this was in vain..
Why I like to debate Duffy is simple.. Neither side, he or I, is concretely set in their opinions… We accept it when the other side makes sense… I usually go into such debates having no idea where they’ll end up… I hope the rest of you enjoy the ride as welI….
That said..
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate.
First off, the Community Reinvestment Act of 1977 was developed for, and locked in on, urban developmental areas and had no part of the subprime boom, which primarily occurred out in western desert regions where owning 4 to 5 investment homes was normal… Those homes were overwhelmingly funded by loan originators NOT SUBJECT to the act… We all know the crises was not because people couldn’t afford a payment on their house. It came about, because with no occupants, people could not afford the payments of 4 to 5 houses….. Instead of one loan per borrower turning up in default; four to five were.
Second off, The housing bubble reached its point of maximum inflation in 2005.
Courtesy of NYT
Third off, During those exact same years, Fannie and Freddie were sidelined by Congressional pressure, and saw a sharp drop in their share of loans secured by the Feds… Follow the dotted line on the very bottom of the graph…
Courtesy of NYT
Fourth off; During those exact same years, private secures, like Delaware’s own AIG, grabbed the lions share of the market.
Courtesy of NYT
Remember these graphs for later on when I discuss the results of deregulation, versus regulation… But like it or not, these graphs conclusively show that private insurers, who thanks to Marie Evans, we now know were deregulated by Phil Gramm in the 2000 Omnibus Bill, were the primary cause of the worlds financial collapse.. Probably put best by these words of AIG’s spokesperson, who when asked why they didn’t have sufficient funds to cover losses, said point blank, “We were deregulated. We were no laws requiring us to keep any funds, ..so we spent it…”
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate. I agree that the hedge funds did survive better than the banks. Not because of bailouts, but because they sold short during the crises and made billions while firms closed and people got thrown out of work. There is nothing wrong with that; I did the same. In fact close readers may remember my warnings that the crises was impending almost a year earlier. Very close readers may remember my telling them exactly when to sell, and at what point the stock market would rebound… I must say: I called it rather well. 🙂
De regulated hedge funds are not the issue… De-regulated, excessively leveraged, mortgage securities, are a different story however… They, not the banks that held them, are the cause of the crises…Years from now, when academics search for causes of the stock market crash of 2008, they will focus on the pivotal role of mortgage-backed securities. These exotic financial instruments allowed a downturn in U.S. home prices to morph into a contagion that brought down Bear Stearns a year ago this month – and more recently have brought the global banking system to its knees.
Where you err is when you state that banks too big to fail, assumed they would be bailed out… By implication, you say imply they failed from squandering money, and wanted the bailouts.. But your tax dollars didn’t flow directly to the bottom line.
So in that sense, the bailout money represents an expense for banks. That’s one reason a number of banks have said they want to give the money back as soon as possible.
You say big banks were counting on a bailout, and they got them? That didn’t happen to these banks. New Mexico, Georgia, and Florida each lost a bank just last Friday. That brings to 8, the number of banks failed in June. Unfortunately if a bank is failing, it can’t bet on itself to fail, as can a hedge fund.
kavips rebutt’s:Uh… Mr. President. That’s not entirely accurate. The idea is that the banks made bad decisions knowing taxpayers would bail them out is the issue that is inaccurate. For the record, I have no qualms that it was the Clinton legacy who tore down the wall between banks and investment banking. Like you, I feel it was a good idea to do so… Again the problem was not primarily with banks making loans to people who could not pay.. Although, it was as late as October 2009, when I was made aware of one private Bank in Denver still exaggerating income to make loans look good enough on paper to get approval of securitization. What caused the collapse was the leveraging of those loans as securities, so that as the housing market became overextended, and the ARM jumped past the low cost opening years, the damage was 100 times worse because of leveraging. What made the collapse criminal, was that the insurance most financial institutions had bought from AIG, to cover such an improbable event, had already spent by that companies executives, out on bonuses to themselves. What made it doubly criminal, was that when they received government dollars through a taxpayer bailout, those same executives assumed it was to first go towards paying their bonuses again. However, very recent events may give some cover to the argument that some collusion was implicit in the bailing out of Goldman Sacs and AIG… Basically, once bailed out, AIG paid Goldman Sacs for shares twice as much as they were worth. The documents also indicate that regulators ignored recommendations from their own advisers to force the banks to accept losses on their A.I.G. deals and instead paid the banks in full for the contracts.
I disagree with some of those who put down Petraeus as a liar, simply because they fail to agree with his assessment. It may come across to some as funny that I have thought, if not said, some to the same things against which I am now taking issue, and if so, so be it……
What changed?
What happened was this. I became more familiar with what was going on within Iraq. Of course, being of skeptic I tended to look at things hard. Very hard. To my surprise, I found out that I was seeing real signs of hope. This hope was not in the eyes of the politicos; it was the eyes of Iraqis. Since desperate souls grasp any rope tossed to them, I have waited quietly to make sure that these Iraqis were not suffering any type of delusion. I listened to all three reports expecting to see something in them dash my half submerged optimism, upon the reality of Iraqi shores.
I think my conversion may have come about when I was studying the conversion of Al Anbar province. Those Sunnis chose to back us because they like us. Of course it wasn’t much of a contest, considering who their alternative was…..But it may have also come while studying the criticism leveled at us by the British, as they packed up and split. They criticized our arrogance , heavy handedness, and unwillingness to trust: all valid complaints Each of these were addressed under the Petraeus doctrine. After reading the Petraeus Book on the suppression of Insurrections, I realized his tactics were not part of the problem. They were in direct opposition to the problem. I understood what he was trying to accomplish.
What happened under Petraeus, happened not because of the amount of troops we had at our disposal, but because of the way we used them, that made a difference.
The surge may have helped. For before the surge, we, due to our insufficient numbers, acted like Soviets, if I may be blunt. We were there to suppress and pacify. We, with our own patriotic roots, should have been more aware that by taking that stance, we directly increased our own opposition.
Once we added just a few more troops on the ground, we were able to interact with the local population, while still having enough force surrounding us to protect us. Prior to the surge, the problem was that whenever a few shots were fired, we would have to shut down our clinic, and head out across the desert. However with additional troops able to chase the insurgents, the military medical corp could continue to cure the local citizen’s ills. That was the difference. We could finish what we started.
Of course the original problem was created by republicans, Rumsfeld in particular. Had we ramped up enough ground forces from day 1, we never would have needed the surge in the first place. Yes, we know their insurrection began because they believed we wanted their oil. (That republican Cheney messed everything up). But if I understand correctly, we dropped that privatized oil plank as a “no go” and are now supporting the nationalization of oil assets. We are pursuing more of a Biden local strategy, tribal leader by tribal leader, and doing so because of the surge. Paul Bremmer’s national unification strategy was not working.
What I found, in essence, was that everything I said eight months ago that we needed to do in Iraq to win, we were now doing.
Can this late development be twisted to mean I justify this war that was fought on false pretenses? Hell no. It will always stand as a stupid war, instigated by stupid ass republicans. Nothing can ever change that. We could have achieved much better results at far less cost, had we chosen to use other means.
But we didn’t. We went in against all common dignity, history and sense. So since we did, does the resulting mess lie at our doorstep? Does we broke it, mean we own it?
Perhaps. But instead of a “oops, I broke it” moment, it is more of an “Honey, I’m pregnant” moment. Whatever happened way back then, has now changed things permanently.
Of course we can put up our hands and say, “Whoa, that’s your problem bitch…” and walk out the door. Many people do and feel no remorse about doing so. But that is not how I want my America to be perceived. I want My America to be responsible. I want My America to do the right thing. My America will be no punk. My America will be a Dad……….
So emotionally, that is how I have come around about to see how we could win in that barren land. It is nothing new. Biden has pushed it for years.
To win, these things must happen. They are in our control.
Congress must finally stand up to the President. If Iraq can finally realize that America does not equal Bush, that we too think he’s a moron, that we too can admit and correct our mistakes, our relations will improve. If the American Congress ever gets some backbone, and forces upon the president a withdrawal timetable, the Iraqis too will get some backbone and begin controlling their own affairs.
Congress must stand up to the president, and eliminate the Bush tax cuts for the wealthy 2%, and invest that money into Iraq’s infrastructure, hiring Iraqis to build their own sewers, roads, and buried electrical conduits. If Congress could do that, then the Iraqis might get some back bone and start controlling their own affairs.
Congress must stand up to the President, and force impeachment if he fails to comply with Congress’s orders. Only then will Iraq realize that America is not over there to conquer, but sincerely is over there to help. If we are decisive over here, they will be decisive over there,……. instead killing time and each other until our next inauguration day.
WDEL featured the Americans Against Escalation in Iraq today. It was good that the group gets some publicity.
However I was surprised that most of the show was an attempt to discredit the group by tying them to a ‘partisan’ partner, and trying to blow the lid off of their non partisan status.
At one point, the inexplicable was asked of the group? “Why are you protesting only Mike Castle, a republican, and not Tom Carper, or Senator Biden?”
I’m listening and not believing my ears. There was no way he was saying what I heard him say. The last time something so off base was allowed over the air waves, was when Gerald Ford said Eastern Europe was not, and never would be under Soviet domination during a Ford Administration. Could anyone else be that confused while on the air?
Everyone in the studio was stunned and tried to save the interviewer’s face by saying politely……”like….duh…. they are on our side, they are against the war…………whereas Mike Castle supports the war, and as the republican, is the enabler who keeps this policy going forward, so we are targeting him……
All I can say is, fortunately they have commercial breaks to allow the interviewers to regroup.
So for those who listened in, here is how it went.
You are a partisan group. . . . . . Uh…..no we are not…..
You are a partisan group. . . . . . Uh…..no we are not…..
You are a partisan group. . . . . . Uh…..no we are not…..
You are a partisan group. . . . . . Uh…..no we are not…..
Of course I was expecting more… Does anyone care about those families who lost children for nothing? That is the true tragedy that republicans seem to ignore. What every American knows and out of politeness does not say, is that every death from Iraq, is the republican’s fault. Every future death in Iraq, is the republican’s fault. We don’t have to prove it to anyone. We know it. Deep down. We know it. It is the republicans fault. Mike Castle is a republican. Every death is his fault.
If Mike Castle stood up and said, this war was started under good intentions, but I cannot support it anymore, the house of cards that keeps this war funded, would dissolve. Years from now, some presidential candidate just might include Mike’s biography in a book titled “Profiles in Courage.” Any attempt, like Fox News, to shift the argument away from what matters, our sons and daughters, is a moral sin. Right now, in Arlington cemetery, lies a St. Marks graduate. From the pages of a William Penn yearbook, a ghost stares out….. And we have a radio host trying to say that stopping the war is a partisan adventure???
It is time for real Republicans to stand up and say this war is wrong. It is time for real Republicans to accept that we were sold a bill of goods that like Enron financial reports, were at the least, untruthful. It is time for real Republicans to publicly repudiate those who mock our servicemen by supporting this administration. It is time!
What would you do with 2.86 Billion? Would you redo every Delawarean High School, and hire additional teachers? Would you inspect and repair those bridges in danger of falling down? Would you put it as seed money into forming a Single Payer health care system so needed by this state? Would you invest it and use the interest to fund the Highway Fund on a yearly basis? Would you buy up farmland in danger of development, so Delaware will always be a wonderful place to live?
What is this 2.86 Billion anyway? Why are we speculating on what we would do with it if we had it?
IT IS DELAWARE’S PORTION OF THE MONEY WASTED IN IRAQ. If we were not spending it on a religious civil war over there……we could be spending it here, on us………
For those of you who still do not know, anyone still supporting the policies of this administration in that part of the world, is the person to be blamed for us not spending that money where it is needed. Here!
That person needs to switch parties, and then support spending that money here, not there.
If you didn’t heed my earlier post and shift all your assets over to fixed rate, you still have time. Not much, however according to this.