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Occasionally something that you looked at many times, but have never seen, suddenly jumps out and changes your whole perspective. For example, I had always thought that as far as the Revolutionary War went, Delaware’s only claim to fame was that the new flag was first flown in battle on Delaware’s soil…….

Not so! Two hundred thirty-six years ago today, things were really jumping in these parts. It may seem like a long time ago to most of us, but in reality it is only a string of three ten year olds who each knew someone who was ninety. In the vernacular, that means that most of us know someone, who themselves knew someone who actually had spoken to someone, who was alive during the Revolutionary War!…… Whoa…….

August 25, 1777 close to 300 ships sailed up the Chesapeake Bay, anchored off off Elk Neck, Maryland, and began disembarking. That has been called the largest fleet ever assembled off either of the America’s coasts. To put that number into perspective, the famous Spanish Armada, consisted of a meager 130 Spanish ships. The most-oft talked about Battle of Trafalger, consisted of a combined total of some 60 ships. Modern historians can get a perspective by comparing those 300 ships to the 700 off of Dunkirk or the 900 off of Normandy…….

It must have been quite a sight to stand on the top Iron Hill and see over 300 tall masts sailing to defeat you. And on board those ships, were 15,000 solders disembarking to begin marching towards your capital city….That’s close to the total number of women living across Greater Newark in 2010.

Were we living 236 years ago, we would all be on edge! Anticipating a major battle on Delaware soil, 11,000 continental troops were moved into Delaware and bivouacked at what used to be known as Red Mill Neck, and now is near the Marshalltown bridge over top of Red Clay Creek.

The British moved in steps, out of Elkton to Gray’s hill, then up the road to Newark. One account said their line stretched from Glasgow to the bridge across the Christiana, where the I 95 and 896 interchange is today. They marched through the village of Newark, and then advanced parallel to today’s Kirkwood highway and camped at Milltown, just two miles from the American Camp in Newport. For one day, they stared each other down. The potential existed for a pitched battle to have occurred on Delaware soil. When no attempt was made by the British, Washington got scared that he was to be flanked to the north. Had General Howe chosen to do so, Washington and the Continental Army would have suffered a catastrophic defeat. At 2 am, the Continentals forced marched north to Chadd’s Ford, thereby occupying the high ground, and then on the following day, occurred the Battle of the Brandywine, the second to last major battle to be fought by Washington until Yorktown, four years latter.

Just a small footnote:  it was in Delaware  where General Pulaski, from Poland, met Washington while in Wilmington and was placed in charge of developing the calvary.

Although only a small skirmish actually occurred in this small state, with just a few things happening differently, a major conflagration could have happened that could have ended the war for the Americans.

Needless to say, it was relatively scary “in these parts” just 11 score and sixteen years ago.

Delaware's Engagement 1777 August 25
Full Resolution

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This is going to my hard core Republican friends. Why are you still supporting Romney?

1) You know he is not going to win.
2) You know as the election heats up, his Bain Capital experience will make Republicans untouchable for decades.
3) You can’t pin down where Romney stands on anything.
4) He tied his dog to a car.
5) He stands with black people and says “Who let the dogs out, woof, woof.”

Most of you are telling me, “I certainly can’t vote for Obama. I guess I’m not voting for President this time.”

Let’s say, just for argument sakes there was a presidential candidate out there who says to have good government you need: …………………

1. Become reality driven. Don’t kid yourself or others.
Find out what’s what and base your decisions and actions
on that.

2. Always be honest and tell the truth. It’s extremely
difficult to do any damage to anybody when you are
willing to tell the truth–regardless of the
consequences.

3. Always do what’s right and fair. Remember, the more
you actually accomplish, the louder your critics become.
You’ve got to learn to ignore your critics. You’ve got to
continue to do what you think is right. You’ve got to
maintain your integrity.

4. Determine your goal, develop a plan to reach that
goal, and then act. Don’t procrastinate.

5. Make sure everybody who ought to know what you’re
doing knows what you’re doing. Communicate.

6. Don’t hesitate to deliver bad news. There is always
time to salvage things. There is always time to fix
things. Henry Kissinger said that anything that can be
revealed eventually should be revealed immediately.

7. Last, be willing to do whatever it takes to get your
job done. If you’ve got a job that you don’t love enough
to do what it takes to get your job done, then quit and
get one that you do love, and then make a difference.

Honesty. Integrity. Principal.

Sounds good so far. Let us say just for argument, he had chief executive experience. Let us say just or argument that he once ran a state, one of the fifty in this union. Let us say while governor, this is what he did…..

During his tenure, New Mexico experienced the longest period without a tax-increase in the state’s entire history.

1) He cut the rate of government growth in half,

2) Left the New Mexico state government with a budget surplus and 1000 fewer employees (without firing anyone),

3) Privatized half of the prisons in the state,

4) Brought a state-wide school voucher system to New Mexico.

5) Vetoed 750 bills (more than all the vetoes of the other 49 Governors in the country at that time, combined) with only 2 overrides, earning him the nickname Gary “Veto” Johnson.

6) In 1999, Johnson became the highest-ranking elected official in the United States to advocate the legalization of drugs.

7) Shifted Medicaid to managed care.

ISN’T THAT WHAT YOU WANT? ISN’T THAT WHAT WE NEED?

Can you not think of a better way to show your lack of enthusiasm over a wealthy capitalist buying his way to the top of your ticket, by voting for someone who has character, who does what you’ve always wanted, a doer, not a talker?

And to think…. you were simply just going to throw your vote away.

His name is Gary Johnson. He is the new party’s candidate for President.

Remember Republicans. It is your values that are important. If your party has given up and moved on from your values, don’t think you have to be loyal to the word…. “Republican”… What you have to be loyal too, is yourself. Always. Never lie to yourself.

You don’t need to waste your vote on Romney. You probably need to find more about this guy, Gary Johnson, and then throw your support behind him.

Don’t worry it is not one of the two parties on whose ticket he is running. Remember, at one point in time, the Republican Party was a once a third party too. One that went mainstream because of its core values, its principles resonated with everyday American People.

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..

Duffy leads: Wall Street’s problems were caused by Fannie and Freddie loaning money to people they knew couldn’t pay and moreover, forcing banks to lend money to people who couldn’t pay. That was not deregulation but misregulation

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.
Investment Homes lead forclosures not inner city Residences

Second off, The housing bubble reached its point of maximum inflation in 2005.
The Housing Bubble Starts to Dive 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…
Freddie and Fannie on the lowest line
Courtesy of NYT

Fourth off; During those exact same years, private secures, like Delaware’s own AIG, grabbed the lions share of the market.
Private, not Public Insurers Caused the Crash
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…”

Duffy leads: The loosely regulated hedge funds escaped this mess largely unscathed. Why? They can’t count on a bailout like the big banks. The Too Big To Fail banks were counting on a bailout (not unlike the S&L bailouts which started on the Republican’s watch) and they got them.

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. 🙂

“Hedge funds were not in my understanding, at fault in the credit crisis,” said David Ruder, former chairman of the Securities and Exchange Commission. “At the most what they did was to sell securities when some of their investments were declining and they needed to have liquid funds. They were not the architects of these problems.”

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.

The roughly $200 billion the Treasury Department has handed out to battered banks was swapped for a special class of stock that pays a 5 percent dividend (rising to 9 percent after five years.) As of April 15, the Treasury had collected about $2.5 billion in dividend payments on its investment.

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.

Duffy leads: Banks have successfully lobbied to get their losses absorbed by taxpayers and gains are kept private. How nice for them. They felt comfortable making insane gambles because they knew they’d be bailed out. Most of them were right. Also remember that it was Bill Clinton who tore down the wall between retail and investment banking. The idea was to give banks more stability as they typically perform as exact opposites in bull and bear markets. (FWIW, I think that was a good idea and I can tell you first hand that two of the Fortune 100 banks I worked for were carried by retail banking in bear years. They may not have had bonuses those years but they didn’t have layoffs either)

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.

Today’s intellectual allotment was strewn throughout comments on a multiplicity of posts.

🙂

Occasionally something that you looked at many times, but have never seen, suddenly jumps out and changes your whole perspective. For example, I had always thought that as far as the Revolutionary War went, Delaware’s only claim to fame was that the new flag was first flown in battle on Delaware’s soil…….

Not so! Two hundred thirty years ago today, things were really jumping in these parts. It may seem like a long time ago to most of us, but in reality it is only a string of three ten year olds who each knew someone who was ninety. In the vernacular, that means that most of us know someone, who themselves knew someone who actually had spoken to someone, who was alive during the Revolutionary War!…… Whoa…….

August 25, 1777 close to 300 ships sailed up the Chesapeake Bay, anchored off off Elk Neck, Maryland, and began disembarking. That has been called the largest fleet ever assembled off any of the America’s coasts. To put that number into perspective, the famous Spanish Armada, consisted of a meager 130 Spanish ships. The most-oft talked about Battle of Trafalger, consisted of a combined total of some 60 ships. Modern historians can get a perspective by comparing those 300 ships to the 700 off of Dunkirk or the 900 off of Normandy…….

It must have been quite a sight to stand on the top Iron Hill and see over 300 tall masts sailing to defeat you. And on board those ships, were 15,000 solders disembarking to begin marching towards your capital city….Thats the total number of women estimated to be in Newark in 1998.

Were we living 230 years ago, we would all be on edge. Anticipating a major battle on Delaware soil, 11,000 continental troops were moved into Delaware and bivouacked at what used to be known as Red Mill Neck, and now is near the Marshalltown bridge over top of Red Clay Creek.

The British moved in steps, out of Elkton to Gray’s hill, then up the road to Newark. One account said their line stretched from Glasgow to the bridge across the Christiana, where the I 95 and 896 interchange is today. They marched through the village of Newark, and then advanced parallel to today’s Kirkwood highway and camped at Milltown, just two miles from the American Camp in Newport. For one day, they stared each other down. The potential existed for a pitched battle to have occurred on Delaware soil. When no attempt was made by the British, Washington got scared that he was to be flanked to the north. Had General Howe chosen to do so, Washington and the Continental Army would have suffered a catastrophic defeat. At 2 am, the Continentals forced marched north to Chadd’s Ford, thereby occupying the high ground, and then on the following day, occurred the Battle of the Brandywine, the second to last major battle to be fought by Washington until Yorktown, four years latter.

Just a small footnote:  it was in Delaware  where General Pulaski, from Poland, met Washington while in Wilmington and was placed in charge of developing the calvary.

Although only a small skirmish actually occurred in this small state, with just a few things happening differently, a major conflagration could have happened that could have ended the war for the Americans.

Needless to say, it was relatively scary “in these parts” just 11 score and ten years ago.

When Johnson fired Edwin Stanton back in ’68, Radical republicans decided that this firing violated the Tenure of Office Act , and politically inspired, they drew up impeachment proceedings against then president, Andrew Johnson. It was 1868. Based on party lines the vote looked good and most republicans were casting straws to see who would become the next president.

Their plans came to a quick end when one of their own, Edmund Ross, refused to lay down the deciding vote. He voted no on impeachment. ” I looked down at my open grave.” is is often commented as saying.

As one commentator remarked, the political climate in ’68 was so divisive that Andrew Johnson would have been impeached for “stepping on a dog’s tale”. The Republicans had been looking for a chance to impeach for over a year and finally had their opportunity. One man, Edmund Ross, went against his party, for a higher ideal. He believed the president should be allowed to hire and fire whom he pleased. He also believed that just because Congress was of a different political stripe, one did not fire the president for a minor trumped up charge.

A similar republican attempt occurred in ’98. This time it was 1998 with Bill Clinton. The charge was masqueraded as a perjury violation, but really it was a political move designed by republicans to sully the most popular president ever. It failed. Furthermore public opinion backfired upon Republicans who themselves heavily lost popularity points and many of those who were instrumental in its prosecution, became the butts of public jokes. Americans refused to buy into the philosophy that their president should be impeached for something that goes on in most American homes every day.

Ironically both times impeachment processes have been initiated in our nation’s history, they were 1) initiated by republicans and 2) done so for purely political reasons……..

With the clear view of hindsight, one could argue that perhaps the republicans knowingly went through the Clinton impeachment process so that their following president could break the law and not have to be impeached. It is unlikely that it was planned as such, but that is exactly what happened.

The best protection Bush/Cheney has against impeachment, is the recent memory of the folly of the last one 9 years ago.

Surely we do not want to go through with that process again. Or do we?

Let’s apprise our current situation and see where we stand.

When one US attorney refused to strip black voters off the registration forms in Missouri, he was removed. His replacement promptly did just that. It was irrelevant. They hate Bush so much in Missouri, that his candidate lost anyway. Manipulating an election. Not a crime.

During the 2000 election huge, monstrous contributions went into the Bush campaign treasury from BP, Exxon, Mobil, Texaco, and Chevron. For this, they were promised exclusive rights to the oil lying just under the sand in Iraq. It was tough but a war was created that put us over top of those sands. We are in the process of getting the Oil PSA’s some cover by having them legitimized by our puppet government, despite total Iraqi opposition. Those PSA’s will allow those companies to extract the oil for free up to amortization, then pay royalties on only 30% thereafter. Bribery perhaps? Not a crime.

Currently a member of the White house staff was forbidden to testify before Congress. Today it was learned that a warning went out: any judge or attorney who attempted to file a contempt of Congress charge on any White House staff member, would be fired………Embarrassing, perhaps? But not a crime.

The language for impeachment is specific. It must be for either “treason, bribery, or other high crimes and misdemeanors. ” Precedent has shown that finding a little rule broken, does not constitute a high crime or misdemeanor. If impeachment is to carry, if done by the Democrats, it needs to be done right. Impeachment is a serious action and all its consequences need to be taken seriously.

Do we impeach Bush, or Bush and Cheney. Will the perspective of Pelosi as chief executive hurt, or help Bush’s case before the Senate.

Are the crimes that serious? Impeachment should be reserved for someone who accumulates power and refuses to listen to either 1) Congress, 2) the Judicial Branch, or 3) the American people. When once we have determined that we have a president like that, then it will be time to impeach…………….