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With the anticipated demise of the NRA, I have found a face saving solution… They can switch their charter to become a political organization in support of good dentistry.
They would just have to make a little curvy thing on the “n” in guns, and turn all their literature into saying “gums.”
I don’t need any thanks. Consider it a public service.
Today’s debt: $14,639,000,000,000.. Longhand, that is fourteen trillion, six hundred thirty-nine billion dollars…….
All caused by the Tea Party of course.
To pay that off in one year (with no interest), would cost us… would cost us…. would cost us… $463,881 every second…. (Oops, a million just passed by while reading this)…
But no one pays off a debt in one year… Instead, let’s take 30 years… Again, with no interest, per second we would need to pay… $15,463 dollars every second…. Now take a deep breath of a sigh of relief… Now only $100,000 went by in just those 6 extra seconds.
Considering that the US’s GDP is crunching forward at $411.374 dollars a second, those same six seconds generated $2,468,248 dollars in income… Therefore to pay back the entire debt we owe, over the next thirty years (with no interest) we would be paying… 16.6 percent of every dollar earned….
So obviously balancing our budget first is a capitol idea (pun: we certainly can’t do it when “they” are opposed)… Then over the next thirty years, we simply need to account and only spend 83.4% of every incoming dollar we are taking in.
In thirty years, we’ll be in the black… and you will be… uh, how old?
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 was intrigued by this article in Delaware Liberal. Apparently their take was different than that in the Philadelphia Inquirer.
Mike Castle did vote yes on the impeachment vote, but a yes vote was to “shelve” the bill, and bury it in committee, thereby once again protecting Bush from facing the truth..
For a second I thought he had recanted and we were actually going to have a close election on our hands…. But he still supports Bush, making him still a loser out of touch with America’s people…
Talk about an elitist…..
Courtesy of Department of Defense
Delaware‘s blogosphere is awash in posting at this time. There are five basic themes.
Obviously the first is elections. The Primary election is gearing up for three weeks from tomorrow. Just three weeks. Rudy signs were the first to appear. Then I crossed my first Ron Paul sign last night. Obama organizer Brandon Hurlbut has contacted Delaware Liberal. The game is on. FSP is split between “Flip Flop” Romney, Fred “Flintstone” Thompson, and “Huckleberry Hound” Huckabee, depending which contributor is posting. (Anyone support Giuliani or McCain anymore?)
Ron Paul still remains the favorite of Republicans who do not go to meetings in undisclosed locations, although it looks like he has finally ticked Alan Coffey off a little. “Stop the war. Stop our nations slide. Grow our economy”. While the other Republicans jockey among themselves to determine which one of them is the cruelest when it becomes time to torture illegal aliens or terrorists more viciously, Ron Paul focuses on issues relative to most Americans. The media can say what they will…..When it comes to the effect of the media, America drowns them out as noise.
And just to prove I’m a hypocrite like everyone else……hat’s off to Shirley for leading off this mainstream media article… My take is bloggers lead. Media follows………..As Shirley says: does it really matter? Dem’s 23 out of 2025, Repub’s 18 out of 1191? While we act like good citizens, the real decisions are being made simultaneously in California, Texas, Illinois and New York. Since no candidate can meet and greet effectively in such a short time, this election will be decided by the ad gurus. Who’s ad resonates, wins the nomination.
In some of the best original analysis of the early elections, Duffy provides an interesting comparison and contrast between 4 of the leading candidates.
Take this test. What are the five things your candidate will do if he get elected. As an aside, I can tell you Ron Paul’s, Joe Biden’s, and creepy Tancredo’s, and those of “in the purse” Kucinich. But when it comes to the mainstream candidates, i am a little more fuzzy, and this was the longest lead-off time before the first caucus in history. Do the mainstream candidates even have a plan? Or are we voting for 18th Century values, preceded by a capital letters: Enthusiasm, Change, Experience, Security, Imperialism, Rusticism, Evangelism, 9/11? And in doing so making the assumption that the person behind them doesn’t really matter?
Locally breaking news of who is running this time. DWA (of course) provides titillating evidence that our state’s Vestal Virgin is taking on Joe Biden. Dave is for it, creating just enough gossip to take our minds off of what we should be concerning ourselves about.
Apparently Carney should be concerned with Jack’s 1.6 million. Soapbox Matt now on DWA has the comparison, and rebuts Carney’s reply to Markell’s huge war chest. (Ah John, you forgot about the bloggers, huh? So used to dealing with the News Journal who accepted what you said at face value?) Well done Matt.
As for the republican candidate for governor? His actions can only remind one of this line from William Blake: “The invisible worm that flies in the night.”
The second prevalent topic is our local General Assembly. It will be a week old this session on Tuesday. Happy Birthday. Starting off with a bang, the two topics that focus the heat, are the OOGA bill and the Wind controversy. Nancy tells us that this time….the Democrats are behind FOIA, at least publicly. Its a Democrat on the legislative committee who refuses the take the OOGA bill out of his drawer ….The stumbling block are those members of the Incumbent Party of Delaware affectionally known around these parts as the Adam’s Family. More concerned with their own than our welfare, they are and will continue to be that way until challenged in primaries throughout the state by real candidates not picked by party leadership. That of course applies to both Democrats and Republicans who have been returned to office without a challenge
Unrestrained Growth and Development seems to have surfaced as a Sussex issue. Of course it is too late to do anything about it in New Castle County, but Kent County, its nearest neighbor, has seen the enemy and “it is us.” Sussex has a chance to join them before it is too late. Tie developers up in knots. It works. Nancy carries two group’s attempts to teem up in a statewide effort for the support of home owner’s rights vs those of the road builders.
Education, often on the back burner of liberal blogs, has been kept alive by those on the other side. The micro analysis of Red Clay School District as seen from inside the School Board meetings, should be a wake call to all across the state. So is DSU budget process, as covered by Nancy.If hired by the current administration and you are less than competent, you get shoved over the educational field…..Mike Mathews expounds upon and tags FSP’s coverage of the Charter School Controversy, courtesy of the DSEA. Hube keeps us informed of idiocy anywhere students are given more rights, security, and sympathy than those teachers there to teach them. Discipline is indeed lacking.
And finally there seems to be some concern about our economy. Duh? For some reason things do not seem as rosy as the administrations financial reports keep touting. Oh, no……you don’t suppose they are wrong again, as they were on WMD’s, Iranian Nukes? Relax. We certainly are not being mislead intentionally…..But no matter how bright the economy appears to bloom, its seeds of enrichment never seem to fall to the ground, creating new growth and benefits for those on that level. No one it touching Republican economics this season. That issues has been proven to have been nothing more than a pipe dream. A return to the earlier Clinton economic plan is sorely wished by all: rich and poor alike…….
The one thing that has been quietly brushed aside by all the hoopla occurring simultaneously throughout the state,……is the fact that Mike Castle votes with Bush 90% of the time. He seems to have received the greatest benefit from the wealth of opportunity bloggers these days at their fingertips……Compared to the heat he was feeling earlier, looking over the blogs of the last several weeks, one might erroneously conclude that he was doing a good job …………
Complacency is not in our nature.
“Troops out now”. We hear it all the time. It is the opposite of “Stay the course.” But how many troops are going to leave? How many troops are going to stay? Those answers from the candidates, may surprise you.
Two candidates have forthrightly said, we need to pull all troops out now…….Both of those candidates, Kucinich and Richardson make up less than a combined 2% of all poll numbers. The big movers and shakers, Hillary, Obama, and Edwards have much different messages.
When we hear “withdrawal of American troops from Iraq” we think of all our troops coming home to parades and flags. However what is really being said, is these major candidates support the withdrawal of “combat troops” or “combat brigades.” These effective fighting forces, at the most, make up only 45% of all troops in Iraq. The rest, who are unmentioned, one can assume are to remain there for a long time, especially now that we have a new embassy and need to maintain our new military bases.
Why? Because any serious contender for President cannot publicly be for the chaotic fall of any country in the Middle East……..in other words….the loss of oil….
So the Democratic front-runners must promise voters that they will end the war — with not too many ideologically laden ifs, ands, or buts — while they assure the foreign-policy establishment that they will never abandon the drive for hegemony in the Middle East (or anywhere else). In other words, the candidates have to be able to talk out of both sides of their mouths at the same time. Ira Chernus: The Democrats’ Iraqi Dilemma: Questions Unasked, Answers Never Volunteered
“It is time to begin ending this war…. Start bringing home America’s troops…. within 90 days ” says Hillary Clinton. Excuse me but did anyone hear the word “all”? It seems to have been casually omitted. Previously she said this: “We have remaining vital national security interests in Iraq…. What we can do is to almost take a line sort of north of, between Baghdad and Kirkuk, and basically put our troops into that region” One reporter admits that Clinton expects U.S. troops to be in Iraq when she ends her second term in 2017. She wants 80,000 more troops with an emphasis on special forces.
Obama is not pulling all the troops out either…..To control everything and everyone, he wants “the strongest, best-equipped military in the world.… A 21st century military to stay on the offense.” That, he says, will take at least 92,000 more soldiers and Marines. Like Hillary, Barack would remove all “combat brigades” from Iraq, but keep U.S. troops there “for a more extended period of time” — even “redeploy additional troops to Northern Iraq” — to support the Kurds, train Iraqi forces, fight al Qaeda, “reassure allies in the Gulf,” “send a clear message to hostile countries like Iran and Syria,” and “prevent chaos in the wider region.” “Most importantly, some of these troops could be redeployed to Afghanistan…. to stop Afghanistan from backsliding toward instability.”
Obama plans to use redeployment as a carrot. The redeployment could be temporarily suspended if the parties in Iraq reach an effective political arrangement that stabilizes the situation and they offer us a clear and compelling rationale for maintaining certain troop levels.
Edwards goes further than either Obama or Clinton in spelling out that we “will also need some presence in Baghdad, inside the Green Zone, to protect the American Embassy and other personnel”. Edwards continues: : “I would put stabilization first.” “Stabilization” is yet another establishment code word for insuring U.S. control, as Edwards certainly knows. His ultimate aim, he says, is to ensure that the U.S. will “lead and shape the world.”
The top Democrats agree that we must leave significant numbers of U.S. troops in Iraq. This is remarkably similar to the Republican position. However,…..both sides politely seem to dismiss any mention of the number of Iraqis and/or servicemen killed during our lengthy stay………..
Well, perhaps it’s time Americans started asking such questions. A lost war should be the occasion for a great public debate on the policies and the geopolitical assumptions that led to the war
Tomsdispatch.com puts the challenge before us in clear terms. “Bush, Cheney, and their supporters say the most important message is a reassuring one: “When the U.S. starts a fight, it stays in until it wins. You can count on us.” For key Democrats, including congressional leaders and major candidates for the imperial Presidency, the primary message is a warning: “U.S. support for friendly governments and factions is not an open-ended blank check. If you are not producing, we’ll find someone else who can.”
This is a debate about tactics; not about goals. Among the American people a greater debate is raging. At stake is whether America should be allowed to create a war to further certain interests of its own economy? Or………… should America agree to play by the same rules it insists that all other’s abide by: thou shalt not invade another country for resources. At first glance it appears that in their courtship with the powerful elite for those delicious campaign dollars, the leading Democrats have placed their foot in the very same traps that snapped shut upon the feet of the Republicans.
It is time that all Americans look hard at this duplicity.
Perhaps in such a reflective light, many of the minor candidates, such as Biden, do appear to have the better shine after all…………..