Of 8 More Close Uncalled House Races, 3 Look to go Republican

With a net gain to date of 61 seats, 3 more defeats of Democrat incumbents look possible.

Bloomberg.com reports similarly here:

“It’s expected that Republicans will hold on and pick up a total of 63 or 64 seats, though recounts can occasionally produce a surprise,” said Larry Sabato, director of the University of Virginia’s Center for Politics.

Vote totals taken from PoliticsDaily.com show Republican Vidak overturning Democrat Costa in CA-20 50.8% to 49.2%.

In IL-8, the Republican Walsh looks to overtake Democrat Melissa Bean 48.5% to 48.3% thanks to Green Party Scheurer siphoning off 3.2% on the Democrat incumbent's left. This was conservative Republican Phil Crane's old seat.

And in NY-25 the Republican Buerkle has a similarly razor thin lead over incumbent Democrat Maffei 50.2% to 49.8%.

Other races don't look as promising for Republicans, close as they are.

A constitutionalist third party candidate in CA-11 has managed 5% of the vote in a race leaning to the incumbent Democrat McNerney over the Republican Harmer by just .3%.

Incumbent Democrat Chandler in KY-6 has a .2% lead over Republican challenger Barr.

Three third parties in VA-11 have bled off 1.8% of the vote in favor of the Democrat incumbent Connolly vs. Republican Fimian who trails by .4% of the vote. Libertarian and Green parties strike again.

WA-2 is a different matter with 95% of the precincts reporting because of voting by mail. The Democrat Larsen is ahead of Republican Koster 50.7% to 49.3%.

The race in NY-1 has looked like Democrat incumbent Bishop's over Republican Altshuler 51% to 49% until the report of a closer count in the Bloomberg story. The Republican says many absentee ballots have not yet been counted. 

Third Party Candidates in Colorado Senate Race Hand Victory to Democrat Bennet

Where the difference between the Democrat winning and the Republican losing was only 16,000 votes.

The Independent Reform candidate, a self-described social liberal and economic conservative, in other words a libertarian, siphoned off 18,000 votes. A non-originalist crank, he thought two bad innovations of the past have been good for the country, as in this:

The graduated income tax and direct election of senators were originally third party ideas adopted by the major parties to win back votes.

The Libertarian Party candidate in the race bled off 21,000 votes.

Two unaffiliated candidates trying to capitalize on opposition to bailouts and ineffective stimulus spending siphoned off another 16,000 between them. One was a dope advocate who subsequently took credit for stopping the election of the Republican Buck.

That's 55,000 votes on the more or less economic right to the environmentalist wacko Greens on the left who bled off 36,000 votes of their own.

Stronger candidates from the two major parties admittedly would have reduced this hemorrhaging. On the right, however, it's evidence of the voters' justifiable distrust of the Republican commitment to economic conservatism. 

If You Opt Out of Airport Naked Scans, Prepare to be Otherwise Intimidated

From Joe Sharkey for The New York Times here:

I have always disliked uniformed authorities shouting at me. So I was unhappy last week when some security screeners at O’Hare International Airport in Chicago started yelling.

“Opt out! We got an opt out!” one bellowed about me in a tone that people in my desert neighborhood in Tucson usually reserve for declaring, “Rattlesnake!”

Other screeners took up the “Opt out!” shout.


Sheeple. Led to the slaughter.

TSA Fondles Women and Children Refusing Airport Naked Body Scanners

Resist the government and the airlines by not flying! Don't submit! Boycott air travel until the scanners come out! The terrorists are laughing at us.

See why here.

Traveling to India: Outlandish, Luxurious, Unprecedented

"Probably not since the days of the Pharaohs or the more ludicrous Roman Emperors has a head of state travelled in such pomp and expensive grandeur as the President of the United States of America."

-- The UK Daily Mail, here

4 Libertarians, 1 Conservative Cost Republicans 5 Victories in US House

In AZ-8, the Libertarian took 4% of the vote in a 2 point race between Democrat Giffords and Republican Kelly.

In IN-2, the Libertarian took 5% of the vote in a 1 point race between Democrat Donnelly and Republican Walorski.

In IA-1, the Libertarian took 2% of the vote in a 1 point race between Democrat Braley and Republican Lange.

In MO-3, the Libertarian took 3% of the vote in a 2 point race between Democrat Carnahan and Republican Martin.

And in NY-23, the Conservative Hoffman took 6% of the vote in a 2 point race between Democrat Owens and Republican Doheny.

By garnering less than 40,000 votes these pests managed to disappoint the hopes of half a million Republicans in just five races. Democrats just love third parties.

Pricks.

Net Republican Pickups 61

Republican pickups number 64 gross, but the net must subtract Democrat pickups, which were 3: the at-large seat in Delaware vacated by primary defeated Mike Castle in the Senate race, Abercrombie's seat in Hawaii only very temporarily occupied by a Republican, and Cao's seat in Louisiana, who lost as the only Republican voting for Obamacare.

So net 61 Republican pickups, as shown at Real Clear Politics, with 8 races still not called.

Uncalled Races Update

Looks like NY-1 all of a sudden goes into the undecided category, with Real Clear Politics this morning showing Bishop vs. Altshuler at 50-50.

The others are (Democrat vs. Republican):

CA-11, McNerney vs. Harmer, 48-47

CA-20, Costa vs. Vidak, 49-51

IL-8, Bean vs. Walsh, 48-49

KY-6, Chandler vs. Barr, 50-50

NY-25, Maffei vs. Buerkle, 51-49

VA-11, Connolly vs. Fimian, 49-49

WA-2, Larsen vs. Koster, 50-50.

So we're back to 8, not 7, uncalled. Republicans still have 64 pickups.

Jesse Kelly Loses a Heartbreaker in Arizona 8th

See his remarks here.

A third party Libertarian candidate bled off over 10,000 votes to allow the liberal incumbent Democrat Gabrielle Giffords to win by less than 4000 votes. Thanks a lot, pest.

That leaves 7 House races still not called. Republicans still have 64 pickups.

Better luck next time, Marine.

Keith Olbermann Suspended For Donations to Democrats

He who accused Fox of shilling for political causes has been doing it himself, contributing monies to three Democrats: Conway, Grijalva and Giffords.

The Democrat Way: Projecting failings onto others which are more true of oneself, aka hypocrisy, the pot calling the kettle black, and liberal projection syndrome.

Lovely.

CNN has the story here.

A Housing Lotto?

Reuven Brenner for Forbes thinks a lottery might be the solution to the foreclosure and shadow inventory mess. He got the idea from Thomas Jefferson:

Shortly before Thomas Jefferson died, he tried to pay debts that amounted to $80,000 by disposing of land he owned through the use of a lottery, a well-established method at the time. He explained the rationale for such financing: "An article of property, insusceptible of division at all, or not without great diminution of its worth, is sometimes of so large value that no purchaser can be found ... The lottery is here a salutary instrument for disposing of it, where men run small risks for a chance of obtaining a high prize."

Go here to read how Brenner thinks it could be made to work.

Republicans Should Invest in Tea Futures

The Washington Examiner weighs in on the breadth and depth of the Republican victory on Tuesday:

Republicans took control of at least 19 additional state legislative bodies Tuesday for a total of 26 in which the party controls both chambers, compared with 21 for Democrats and with three still up for grabs. ... These developments have national implications, especially for redistricting. According to the Republican State Leadership Committee, Republicans now will play a role in redrawing the boundaries of a whopping 314 congressional districts.

Lots more detail here.

Tuesday, In a Nutshell

From the inimitable Pat McIlheran, for the Milwaukee Journal Sentinel:

Nothing was so fatal to House Democrats, especially newbies, than to have voted for Obamacare. Dozens fell, including Rep. Steve Kagen (D-Appleton). The one Republican who favored it lost.

Running against it saved the jobs of 11 out of 34 Democrats who had opposed the bill, and a popular Democratic governor won West Virginia's Senate seat only after he reversed to say he'd oppose Obamacare.

In Wisconsin, the Senate race became a referendum after incumbent Russ Feingold stood firm for Obamacare. Victorious challenger Ron Johnson spent the campaign telling how it was the bill's passage that goaded him into running. At every turn, he said he was convinced it is a government takeover that will kill innovation.

He pointed out repeatedly that fear of the plan's costs were depressing the economy.

Johnson won, 52% to 47%.

You'll not want to miss the rest here. 

Why They Lost: House Democrat Casualty Lists for November 2, 2010

In politics it always pays to avoid controversy if you want to survive.

If I'm counting correctly, there are 64 Republican pickups from the Democrats in the House as of this morning over at Real Clear Politics, with 9 races still not called in Arizona (2), California (2), Illinois, Kentucky, New York, Virginia and Washington (Grijalva, Giffords, McNerney, Costa, Bean, Chandler, Maffei, Connolly and Larsen).

In 50 of these 64 races lost by Democrats, incumbents were defending seats, and 33 of those, or 66%, had voted FOR Obamacare in March, despite its unpopularity in the polls: Oberstar [L], Titus [f], Ortiz [L], Kirkpatrick [f], Mitchell [BD], Salazar [BDL], Markey [fBD], Pomeroy [BDL], Rodriguez [L], Hill [BDL], Boyd [BD], Klein, Spratt [L], Perriello [fL], Etheridge [L], Wilson [BDL], Boccieri [fL], Kosmas [f], Grayson [f], Halvorson [f], Foster, Hare, Schauer [f], Shea-Porter, Hall [L], Scott Murphy [BD], Driehaus [fL], Kilroy [f], Carney [BDL], Kanjorski [L], Dahlkemper [fBDL], Pat Murphy [fBD], and Kagen.

The remaining 17 incumbents lost despite voting AGAINST Obamacare: Minnick [fBD], Bright [fBDst], Sandlin [BD], Taylor [BDst], Nye [fBD], Boucher, Space [BDst], Marshall [BDst], Kratovil [fBD], Skelton [st], Childers [BDst], Adler [f], Teague [fst], McMahon [f], Arcuri [BD], Lincoln Davis [BDst] and Edwards.

20 of the 64 who lost were freshmen [marked f], representing 63% of the 32 freshmen elected with Obama in 2008, and 31% of the total.

Of 54 Blue Dogs on the coalition's list in March at the time of the Obamacare vote, 22 were defeated yesterday [marked BD], or 41% of that membership. 3 races were still too close to call: Chandler [st], Costa and Giffords.

Of 21 Stupak Amendment supporters who proved it by voting NO on Obamacare [marked st], 8 still lost yesterday. Of 32 more who proved they didn't really believe in the Stupak Amendment by voting YES on Obamacare [marked L], 16 lost.

The distribution of self-definitions shows that the group most likely to get booted was the fiscally conservative Blue Dogs (22 associations), undoubtedly because the voters saw that despite the self-identification their voting records were anything but fiscally prudent. "Methinks Thou dost protest too much."

Next most likely to get booted were freshmen (20 associations). Inexperience makes you vulnerable by definition. The vast majority of new business fails, which is why spawn are numbered in the millions.

Pro-lifers in name only come next in vulnerability (16 associations). It's best not to lie about matters so serious because you will be found out eventually.

The least vulnerable among these losing Democrats? Those who were pro-life and meant it (8 associations), and those who defined themselves not at all (7 associations).

Nine Years of Housing Inventory Owned by Banks

Which is why Chris Whalen calls the banks unwilling REITs (Real Estate Investment Trusts). This is a national catastrophe which threatens our very way of life. No one can sell. No one can move.

As reported here by the Wall Street Journal on October 30th:

As of September, [banks] owned nearly 994,000 foreclosed homes, up 21% from a year earlier. The shadow inventory stood at 5.2 million homes, down 7% from a year earlier. Grand total: 107 months of inventory.

And Obama's off on another junket at taxpayer expense, costing an estimated $200 million PER DAY according to widely circulated reports.

Why are Americans putting up with this?

Disinformation Election Headlines at Real Clear Politics Repudiated by Republican Tsunami

Compare Walter Shapiro's "The Democratic Debacle" at Politics Daily today here:

America has seen tidal wave off-year elections before (three, in fact, in the past 16 years). But what was epic about the glub-glub election of 2010 is that even with months of warning most imperiled Democrats could not find high enough ground.

In the House, Republicans gained a minimum of 60 seats, dethroning Nancy Pelosi as House speaker, probably making this the GOP's biggest off-year triumph since (gulp!) 1938 once all the votes are counted.


And these headlines from Real Clear Politics, which admittedly disappeared rather suddenly in early October, for a good belly laugh on this historic day for America:

Saturday, October 9, 2010: Dem: Election Won't Be So Bad After All - Tim Fernholz, American Prospect

Friday, October 1, 2010: Democrats Will Hold the House and Senate - Bob Shrum, The Week

Wednesday, Sept. 22, 2010: Why the Generic Ballot May Underestimate Dems - Nate Silver, NY Times

Tuesday, Sept. 21, 2010: GOP Has Tough Road to Win House - Martin Frost, Politico

Monday, Sept. 20, 2010: Tying GOP to Tea Parties is D's Best Hope - Michael Tomasky, The Guardian

Sunday, Sept. 19, 2010: Don't Forget That the Bailouts Worked - Fareed Zakaria, Newsweek [If they had worked we'd know it and wouldn't need to be reminded. After all, we are paying for it right now . . . and Will. Be. Forever.]

Sunday, Sept. 19, 2010: Landslide Midterm is Hardly Certain - Charles Blow, New York Times [Did we mention a landslide is hardly certain?]

Saturday, Sept. 18, 2010: Landslide Midterm is Hardly Certain - Charles Blow, New York Times

Friday, Sept. 17, 2010: Faustian Deal w/Tea Party Will Cost GOP Dearly - Bob Shrum, The Week [Hahahahahahahaha!]

Thursday, Sept. 16, 2010: David Plouffe: Tea Parties Help Democrats - Lloyd Grove, The Daily Beast [Yeah right, when pigs fly in formation]

Wednesday, Sept. 15, 2010: Pelosi: Democrats "Absolutely" Will Retain the House - The Hill [When pigs fly upside down]

Sunday, Sept. 12, 2010: Maybe All Isn't Lost for Democrats - Dick Polman, Philadelphia Inquirer

Sunday, Sept. 12, 2010: Democrats Can Win the House - Ben Crair, The Daily Beast [When pigs fly]

Saturday, Sept. 11, 2010: 10 Things Dems Could Do to Win - Thomas Geoghegan, The Nation [No. 10: Become Republicans]

Friday, Sept. 10, 2010: Dems' Gloom May Be Premature - David Corn, Politics Daily

Thursday, Sept. 9, 2010: It's Good to Have Obama on the Campaign Trail - Gene Lyons, Salon

Thursday, Sept. 9, 2010: Dem Strategists Pooh-Pooh the Polls - Dana Milbank, Washington Post

Thursday, Sept. 2, 2010: Democrats Doomed? Not So Fast - Susan Estrich, Creators

In Victory, Representative Justin Amash Already Disappoints

In televised remarks last night thanking his supporters and outgoing Michigan 3rd Congressional District Representative Vern Ehlers, who stood out like a sore thumb in a sea of young faces assembled for the event, Justin Amash made two statements which sounded incredibly tone-deaf to his Republican political base.

He pledged himself to the cause of transforming America and transforming Michigan, and to the cause of bipartisanship. The former has been the clarion call of the Obama led Democrats, which the voters of America soundly rejected yesterday in an historic Tea Party inspired Republican takeover of the US House of Representatives: We don't need no trans-for-ma-tion, they might have been singing. The latter, bipartisanship, is hardly the message being trumpeted by the likes of Rush Limbaugh, whose  radio program's commercial breaks have been saturated with Justin Amash for Congress political ads in recent days. Americans have had quite enough of the (demolition) work being accomplished by a Congress controlled by Democrats and don't want Republicans to join in the destruction, but reverse it.

One can chalk it up to rookie mistakes, but Kent County Michigan voters would do well to prepare themselves for many more such disappointments from Justin Amash, whose kinship to president Obama's ideological habit of mind was revealed by the faux paus. Libertarians and Marxists have more in common than American liberals and conservatives have at issue between them.

From tax policies favoring the nuclear family to support for the defense of the state of Israel, Republicans may all too soon learn that the libertarian and pro-Arab ideas which undergird Amash's thinking can and will lead to some surprising votes in the next Congress. And one can well imagine how Amash may use his pledge to vote NO on bills he has not read as an excuse to avoid difficult votes in the US House. Illinois voters got plenty of that political cowardice from one Barack Hussein Obama during his tenure in their state senate, where he often voted PRESENT to avoid taking politically inexpedient stands. Look what that has got us. Amash's assiduous courting of the support of the fiscally moderate and pro-TARP Vern Ehlers should have already warned voters to regard Amash's incessant appeals to principle and consistency as expressions of politically winning aspirations, not of the reality. But you can fool most of the people most of the time, especially with lots of money from outside the district.

Buyer beware!

The story was reported here:

In his victory speech at Kent County GOP election night headquarters, he said the party should work to bring more Democrats and independents into the party to "transform this state" and "transform this country."

The congressman-elect thanked his predecessor, U.S. Rep. Vern Ehlers, calling him a model of integrity. Ehlers did not seek re-election.

Economic Distress Defines Today's Election

Exit polling results indicate that after two years with complete control of the White House, the US House of Representatives and the US Senate, Democrats have not done much to convince voters that things have appreciably improved:

Preliminary exit poll results underscored the economic distress defining the 2010 election. Eighty-eight percent of voters today said the national economy's in bad shape, nearly as many as the record 92 percent who said so two years ago. Only 14 percent say their own family's financial situation has improved since 2008.

And few see much respite: Compounding the political impact of the long downturn, 86 percent remain worried about the economy's direction in the next year, including half who are "very" worried.

The economy has deeply affected the broader public mood. Sixty-two percent say the country is seriously headed in the wrong direction (a record 74 percent said so in 2008, as the economy fell into the abyss). More broadly, 39 percent expect life for the next generation of Americans to be worse than it is today, compared with 32 percent who say better.

ABC News has much more here.

The Answer: Because He's Going Golfing For The Rest Of His Life For Free

The Question: Why Is Obama So Calm Right Now?

Jonathan Cohn for The New Republic has a different answer, however, here:

"I keep thinking back to that email that circulated in late 2008, when Obama was behind in the polls. It had a picture of him speaking at the convention with the caption 'I’ve got this.' Part of me thinks he still does. And part of me doesn’t."

Meet Nemesis Jonathan, starting today.

QE (Quantitative Easing): How to Bailout Banks by By-Passing Congress

TPC at Pragmatic Capitalism makes a persuasive case that we have government of the banks, by the banks, and for the banks:

[I]f you’re a bad bank with a few trillion dollars in bad mortgage paper you’re delighted if a AAA rated entity [The Federal Reserve] comes in and swaps those assets out with their highly rated paper. This is exactly what the Fed did in 2009 and make no mistake – it was hugely successful in clearing the credit markets and altering the composition of bank balance sheets. This was Mr. Bernanke’s goal after all. He was simply trying to clear the credit markets and improve the banking system and he believed that would ultimately fix the problems in the US economy. Unfortunately, he misdiagnosed a household balance sheet recession as a banking crisis. QE1 provided liquidity in the credit markets and it gave the banks some much needed breathing room. Unfortunately, the impact on the real economy was far more muted.

The author points out that QE II is now necessary because the banks are going to be in trouble again very soon as the next leg down in housing ensues.

Don't miss the rest here.

Tomorrow Is Election Day: Time To Become A . . .

Enshrining Bailouts Into Law: Both Parties Terrified of Upsetting High Finance Status Quo

A reminder from Nicole Gelinas from July why the Dodd-Frank legislation was a failure:

For 25 years, Washington has done everything in its power to subsidize Americans' profligate borrowing habits. Debt became the fuel for economic growth. Washington subsidized the financial industry's borrowing through implicit guarantees against loss.

The feds first started rescuing creditors to "too big to fail" banks in 1984. Since then, it's become clear to lenders -- Wall Street's global bondholders and trading counterparties -- that the government would save them anytime a large financial firm foundered.

Indemnified against losses, bondholders could lend nearly infinitely to Wall Street. Wall Street found creative ways to lend that money right back to the public, through mortgage brokers and credit card marketers.

Some exceptions exist. In September 2008, the feds refused to rescue Lehman Brothers' lenders. But the exceptions have only proven the rule. Today, conventional Washington wisdom is that letting Lehman fail was a catastrophe.

The Dodd-Frank bill is a monument to the status quo. Despite promises that the bill will end bailouts, it enshrines bailouts into law.

Read the whole thing here.

Foreclosure and Securitization Fraud: Conjuring Collateral Documents From Thin Air

Yves Smith of Naked Capitalism writing for the New York Times zeroes in on the fraud which lies at the heart of the mortgage securitization and foreclosure crisis:

Consider a company called Lender Processing Services, which acts as a middleman for mortgage servicers and says it oversees more than half the foreclosures in the United States. To assist foreclosure law firms in its network, a subsidiary of the company offered a menu of services it provided for a fee.

The list showed prices for “creating” — that is, conjuring from thin air — various documents that the trust owning the loan should already have on hand. The firm even offered to create a “collateral file,” which contained all the documents needed to establish ownership of a particular real estate loan. Equipped with a collateral file, you could likely persuade a court that you were entitled to foreclose on a house even if you had never owned the loan.

That there was even a market for such fabricated documents among the law firms involved in foreclosures shows just how hard it is going to be to fix the problems caused by the lapses of the mortgage boom. No one would resort to such dubious behavior if there were an easier remedy.

Read the rest of her excellently presented discussion here.

GDP Q3 2010 at 2%

The Bureau of Economic Analysis has the numbers here. They're sticking with 1.7% for Q2, for now.

Yves Smith of Naked Capitalism: Obama's Lies On Jon Stewart Epitomize His Failure

"I’m so offended by the latest Obama canard, that the financial crisis of 2007-2008 cost less than 1% of GDP, that I barely know where to begin. Not only does this Administration lie on a routine basis, it doesn’t even bother to tell credible lies. And this one came directly from the top, not via minions. It’s not that this misrepresentation is earth-shaking, but that it epitomizes why the Obama Administration is well on its way to being an abject failure."

And that's just the opening paragraph. The rest is not to be missed, here.

Katie Couric Wants a Whiff?

Divine this mood Tinkerbell:

Couric has spent recent weeks in Chicago, Philadelphia, Boston and New Brunswick, New Jersey. She is touring what she calls “this great unwashed middle of the country” in an effort to divine the mood of the midterms.

Quoted here.

Yea, we can't spell "literally" and "capitol" either, but "NO!" is really easy.

The Official Pace Car for Obamacare

2010 Consumer Contraction Worse Than 2008

Read the data for yourself here at Pragmatic Capitalism, but don't miss the second half of the entry which discusses the genesis and meaning of "the new frugality" and the devastating consequences of the Fed's war on the average American through ZIRP (zero interest rate policy):

On Wall Street and inside the Beltway there are no perceived victims of low interest rates, because low rates result in obscene spreads between the real cost of institutional borrowing (essentially zero) and the real rate of consumer lending (18% to 24% on real-world short term loans). Meanwhile every barrier possible has been raised to prevent those lower rates from propagating to those most in need of longer term relief.

Down with debt! Down with the Fed!

Making a List and Checking it Twice

Ears: They're Not Just For Presidents Anymore

Major Banks Appeal Federal Reserve Disclosure Ruling to Supreme Court

But the Federal Reserve did not join in the appeal, apparently in order to enhance the standing of the banks in the case.

At stake are the details of $2 trillion in Federal Reserve assistance to financial institutions beginning in late 2007 and running through the crisis of 2008, details which the Fed does not want to reveal to protect the institutions which received the dough.

Nevermind it's your money.

Down with the Fed!

Reuters.com has the story here.

US Treasury Still Stonewalling FOIA Request on Citigroup Guarantees

Twenty months and counting, including a non-response response on what securities $300 billion of taxpayer monies guarantee. It's our money! We have a right to know!

And tomorrow it will be the Federal Reserve's turn to continue the stonewalling on a separate FOIA request involving $2 trillion in taxpayer guarantees for financial institutions from two years ago, and we still don't know even though the courts have ordered the Federal Reserve to comply with the requests. When they finally do, how much do you want to bet it will be a similar non-response response?

No wonder the people want the Federal Reserve abolished, and the Treasury to burn down.

Bloomberg, which supports the FOIA requests, has the full story here.

National Debt Up $5 Trillion Under Pelosi, $3.1 Trillion Under Hastert

The woman said in January 2007 that under Democrats there wouldn't be any more deficit spending but pay as you go instead. Yea right.

Under Hastert the deficit increased so much not because of war spending, but because of social spending, particularly on Drugs for Seniors, the largest expansion of government since the 1960s at the time.

You can't trust either party as far as you can throw them.

The story was reported here.

A Libertarian Defends Local Bankers

An analyst of the banks and an increasingly visible commentator on the foreclosure mess, R. Christopher Whalen puts in a good word for local bankers on his blog at Reuters.com:

The bad guys in the housing bust are not the banks who must foreclose on homes, but the politicians in both political parties who used reckless housing policies to further their personal interests. This is a bipartisan national scandal. Barney Frank, Chris Dodd, Phil Graham, Alan Greenspan and their contemporaries are the authors of our collective misery, not the local banker who must clean up the mess created by government intervention in the housing market.

Read the rest here.

Corporate Cash Really Isn't

Mish has an interesting post which contrasts "corporate cash" with corporate debt. The upshot is the cash is concentrated in just four big financials (Goldman Sachs, JP Morgan Chase, Citigroup and Bank of America), and overall in about 50 companies. But corporates with cash are also in debt up to their eyeballs, so much so that the debt outweighs the cash by a TARP-size bailout amount:

As you can see, the total cash (in green) for the top 50 companies is $3.71 trillion, which sure sounds like a hell of a lot of cash, and it would be were it not for the debt (in red) totaling $4.45 trillion.

Read it all and see the graphic here.

Promises! Promises!: Hurt US Congress

Story here.

Hurt is running against Tom “If you don't tie our hands, we will keep stealing” Perriello in VA-5. 

Los Angeles Times Says 2010 Obama Message is "Darker" Than 2008's

Seriously. Here.

Obama Doesn't Know His (Foreclosure) Constituency

John Judis for The New Republic almost says he knew FDR and that FDR was a friend of his, but he does say that Obama is no FDR:

The left will support Obama and Democrats. It’s the working-class voters who reluctantly backed Obama in 2008, but have been turned off by the impression that the administration cares more about the banks than about them. ... [FDR] knew who his constituency was: His was the party of the common man. The Obama administration, meanwhile, worries about the people who listen to "Charlie Rose." And they and the Democrats are going to pay a steep price for their inattention to common concerns this November.


Read the full commentary here.

Some Banksters May Yet Go To Jail for Fraud

According to a story today from CNBC.com:

In a number of cases in the past year — sources put it between five and ten — auditors have found enough evidence of fraud by bankers that they referred the cases to criminal investigators within the Treasury Inspector General’s office for a more detailed analysis.

The rest is here.

On the Lesson of the Log Cabin Republicans

"If you let in a bunch of pricks, eventually you'll get screwed."

-- Imam John

14 More Reasons Not To Be a Republican

One More Reason I'll Never Be a Republican Again

Obama Increases National Debt 29% in 22 Months

Eyeball news has the story here.

National debt on Obama Immaculation Day: $10.626 trillion.

National debt yesterday: $13.665 trillion.

That's about $138 billion of new debt every month Obama's been in office.

GDP in 2009 was about $14.26 trillion.

A Voice Crying in the Wilderness Against Chinese Protectionism

James Kostohryz here doesn't say so explicitly, but he's just a little embarrassed by the fact that Americans are so stupid that he needs to write an article explaining how "China's [currency] policies are blatantly and massively protectionist," because it hoards US dollars to prevent equilibration just like 19th century powers hoarded gold against the rules.

Praying for Clean Spirits: That's Not Weird?

Easily as weird as another First Lady who believed in astrology.

"It means all the world to us to know that there are prayer circles out there and people who are keeping the spirits clean around us," First Lady Michelle Obama said on the "Tom Joyner Morning Show" today.

See that here.

Didn't anyone tell her there's an election coming up shortly and to put a sock in it, or at least some more shrimp, crab and lobster to keep that yap occupied until the danger passes? If she keeps this up that Marian Robinson voodoo stuff is going to start sounding plausible!

Serbians Try to Beat Up Marching Poofters in Belgrade

Thomson Reuters has the story here:

"This government [of President Boris Tadic of the Serbian Democratic Party in coalition with the Socialist Party] wants to protect a deviant, wicked and non-Christian minority against the good, law-abiding majority," said Milija, 28, a construction engineer who described himself as a religious nationalist.

Selling Gold? You'll Pay the IRS at 28%, not 15%

Paul Sullivan reminds us here of a little appreciated drawback to investing in gold:

And even if you invest in gold through an E.T.F. — as opposed to buying bullion — it has two significant costs. The first is that it does not pay a dividend, so there will not be a stream of income from it.

Selling it is easy, particularly with an E.T.F., but this leads to the second problem: gold is taxed at a much higher capital-gains rate. The Internal Revenue Service considers it a collectible and taxes gains at a rate of 28 percent, as opposed to the 15 percent capital gains tax for other securities. This means gold has to appreciate more than other securities to make up for a tax rate on gains that is almost double.

Natural Gas Reserves in US Increase 35%, The Most in Forty Years

And supplies in other countries, also from shale fields, are on the increase and are making energy, economic and political independence more certain for many more nations than ever before:

Last year, the “Potential Gas Committee,” a group of specialists linked to the Colorado School of Mines, reported the biggest increase in US natural-gas reserves in its 44-year history, from 1,532 trillion cubic feet (TCF) in 2006 to 2,074 TCF in 2008.

Since the US used approximately 23 TCF in 2008 at a unit cost in excess of $9.00, the vast new reserves point to prices closer to $6.00 going forward and decades of supply. Americans should get serious about committing to compressed natural gas powered automobiles instead of gimmicks like electric and hybrid electric cars in order to bridge the gap to a cleaner energy future.

Read the fascinating details from Peter Foster for The Financial Post here.

Obama: The God That Failed

The Associated Press is reporting today here that unemployment holds high and steady at 9.6%:

Unemployment has now topped 9.5 percent for 14 months in a row, the longest stretch since the Great Depression of the 1930s.

Flash back to the beginning of the year when we were in month six of the fourteen:

"And the notion that I would somehow resist doing something that cost half as much but would produce twice as many jobs -- why would I resist that? I wouldn't. I mean, that's my point, is that -- I am not an ideologue. I'm not."

-- BHO, Baltimore Q and A, January 29, 2010

What else but devotion to a failed ideology would work like such a charm and keep unemployment so high for so long?

Obama: 22 Months of Making This Time Different Than All the Rest

"We are the ones we've been waiting for. We are the change that we seek. We are the hope of those boys ... We are the hope of the father ... We are the hope of the woman ... We are the hope of the future; the answer to the cynics who tell us ... we cannot remake this world as it should be.

[W]hat began as a whisper has now swelled to a chorus ... that will heal this nation, repair this world, and make this time different than all the rest."

-- BHO, speech in Chicago, February 5, 2008

Obama The Utopian

"Our union can be perfected."

-- BHO, speech in Chicago, IL, November 4, 2008

Remember This Health Insurance Premiums Whopper?

"If you already have health insurance, the only thing that will change under my plan is that we will lower premiums."

-- Barack Hussein Obama, speech in Canton, Ohio, Monday October 27, 2008

A new survey of companies by Hewitt Associates here projects an 8.8% overall increase in premiums for 2011, 11% to 22% of which is directly caused by ObamaCare.

Obama: "We Are Going To Have Hand-to-Hand Combat"

The Los Angeles Times has the story here:

"They are fired up. They are mobilized. They see an opportunity to take back the House, maybe take back the Senate," he said. "If they're successful in doing that, they've already said they're going to go back to the same policies that were in place during the Bush administration. That means that we are going to have just hand-to-hand combat up here on Capitol Hill."

Suddenly it's OK to use this kind of speech.

Just seven months ago Democrats were accusing Republicans of trying to foment physical violence over the passage of Obamacare because they used this kind of vivid language of "fighting." Within a week the FBI had raided the Hutaree militia in southeast Michigan and other states, accusing them of planning an armed revolt against the government. Google "Republicans threaten violence over healthcare" and see how many million  results you get. It was an hysterical reaction designed to incite hysteria, and perhaps goad someone into making a mistake which would be very politically valuable to the Democrats.

This is the m/o of leftist extremism.

Nat Hentoff Worries We Are Ignoring Obama's Gutting of the Fourth Amendment

Nat Hentoff is justifiably worried that Tea Partiers have ignored the threat posed by Obama to the Fourth Amendment:

Insofar as the tea partiers will continue to be an influence on the Republicans – having already been instrumental this year in re-electing some – I have not, as I've reported, seen much concern among them about our vanishing privacy (though I admire the tea partiers declared devotion to the Constitution).

Perhaps when the drones start scanning you in your own home you'll wake up, but by then it may be too late.

Read Nat Hentoff at The Village Voice here, or The Richmond-Times Dispatch here, or at World Net Daily. His latest on the Fourth Amendment for the latter appeared here.

The Scope of Democrat Gridlock Continues to Grow

The Democrat Party has controlled both the US House and Senate since the 2006 midterm elections, but 420 bills passed by the current House elected in 2008 continue to languish unactioned by the Senate, which the Democrats presently control with an effective majority of 59 seats (which includes two independents) vs. 41 seats held by Republicans.

In February the number of unactioned bills had stood at 290. During the summer it climbed to 372.

Isn't there a pill for impotence?

TheHill.com has the story here.

Daniel Gross: "To Spend Money We Don't Have is Vital"

Ah, no, but for some Americans there is no choice.

Daniel Gross for The New York Times here protests that he's witnessed a "frugality" kick twice in America and has lived to see us shake it off both times. He points to signs which he thinks show that Americans may be doing that once again because total debt is up, and boy is he happy about it.

What he won't say honestly, however, is that total debt continues its inexorable rise because while consumers have in fact cut back, government has stepped into the breach to make up for it. A good little Keynesian that Daniel Gross.

Unfortunately, it's the poorest Americans who are spending more, and it's because they must.

Sara Murray for The Wall Street Journal here points out that for the poorest quintile, spending rose 5.6% in 2009 from 2007 while experiencing at the same time a 5.5% drop in their after-tax income. Food spending alone for this group went up 15.4% in 2009 from 2007, because of rising prices. To make ends meet, they are using up what little savings they have left, and . . . tapping credit!

Meanwhile the middle quintile's spending in 2009 is down 3.5% from 2008, and 3.1% from 2007. Overall, Americans are spending 2.8% less in 2009 than in 2008, including the rich.

Many of these statistics are "firsts". And if the Bush tax cuts are allowed to expire, another first will be inflicted on the poorest Americans by benevolent, compassionate liberalism: a 50% tax increase when the 10% bracket disappears and reverts to 15%.

In Everlasting Debt

The recent decline was almost completely the result of defaults written off by banks and credit card companies, not of consumers paying down their debts:

Kenneth Rogoff on Gold

Kenneth Rogoff for Project-Syndicate.org here weighs in on the increased interest in gold, adding the not often heard warning that rising interest rates could cause the price to fall as investors invest elsewhere seeking return in the form of cash flows which an American Gold Eagle in your safe simply cannot provide.

He also notes that the long-term inflation adjusted price lags current gold prices:

At $1,300, today’s price is probably more than double very long-term, inflation-adjusted, average gold prices.

Adjusting the price of gold for inflation from its price in 1913 to 2009 would put gold at $462 the ounce last year, so at $1,300 an ounce the price is 2.8 times that already, and climbing.

Are ya feeling lucky? Well are ya?

On Suffering Women's Suffrage

In a dull stream, which moving slow,
You hardly see the current flow;
When a small breeze obstructs the course,
It whirls about for want of force,
And in its narrow circle gathers
Nothing but chaff, and straws, and feathers:

The current of a female mind stops thus,
and turns with ev'ry wind;
Thus whirling round, together draws
Fools, fops, and rakes, for chaff and straws.

-- Jonathan Swift, 1713

Making Afghanistan Safe For Pedophilia

I don't know how I overlooked this story from the end of August, but the effeminate church I narrowly escaped this morning set me to surfing when I got home, and Voila! Our forces as presently constituted find the pedophilia revolting, which must be why the Obama regime is working so hard to repeal DADT. Fag forces will be positively begging for deployments to the theatre:

For centuries, Afghan men have taken boys, roughly 9 to 15 years old, as lovers. Some research suggests that half the Pashtun tribal members in Kandahar and other southern towns are bacha baz, the term for an older man with a boy lover. Literally it means "boy player." The men like to boast about it.

"Having a boy has become a custom for us," Enayatullah, a 42-year-old in Baghlan province, told a Reuters reporter. "Whoever wants to show off should have a boy."

Baghlan province is in the northeast, but Afghans say pedophilia is most prevalent among Pashtun men in the south. The Pashtun are Afghanistan's most important tribe. For centuries, the nation's leaders have been Pashtun.

You'll find the rest of "Afghanistan's Dirty Little Secret" here at The San Francisco Chronicle, where  it must have found considerable local interest. In it you'll also learn that there are more pedophiles per capita in Afghanistan than in any other place in the world, even Rome!

I found the way Muslims are said to explain this away as not being homosexuality, which they forbid,  poignantly reminiscent of the kind of text-trimming you will meet with in just about any church or synagogue in America: It's not homosexuality because they don't love the boys.

And the Taliban? I'm sure they're more than ready to blame it all on Alexander the Great.

Priceless.

Govern Your Self

"It is the proper business of every man, who is governed by laws, to study into the nature of those laws; and wherever he finds an error, point it out, in order for amendment."

-- A Countryman, 1765

Q2 GDP 2010 Revised Up To 1.7% From 1.6%

The story was reported here.

A second and final revision will follow.

Z Backscatter Vans Caused Snarled Truck Traffic in Atlanta This Week

According to this source, vehicles equipped with the same scanners now being deployed in airports to provide full body scans were tested by Homeland Security and the TSA in Atlanta this week at a weigh station on I-20.

More than 500 Z Backscatter Vans have been produced so far for use abroad by the military and at home by the regime, according to the report.

This story from September 28th did not identify the scanners as backscatter vans, nor does the photo provided in the story show a van which looks like the rolling surveillance unit depicted in this post.

Do you feel secure in your person, house, papers, and effects, against unreasonable search and seizure? Where is the probable cause, and where is the warrant issued by a judge, describing the particular place to be searched, and the particular person and the particular thing? Your Fourth Amendment rights are being shredded before your eyes.

Gridlock, Despite Democrat Control of Everything!

No budget, no tax bill, no jobs, no more!

Individual Charitable Giving Declines Nearly 5% Between 2008 and 2009

Caroline Baum reports some interesting figures for Bloomberg.com about the relatively puny contributions people have made to the US Bureau of the Public Debt:

Last year, the Treasury received more than $3 million in gifts, the biggest annual take since 1995’s $7.3 million. ...

Public Law 87-58, “Gifts to Reduce the Public Debt,” was passed on June 27, 1961, in response to a generous bequest of $20 million dollar from an estate. ... Since then the single largest gift was $3.5 million in 1992, also a bequest from an individual’s estate.

In the first 10 months of fiscal 2010, which ends today, Treasury received $2.7 million in gifts.

For all the handwringing that goes on about the growth of deficit spending, you'd think the numbers would show a little more civic-mindedness, but they don't. Compared with giving to private charities, this tells you all you need to know about where people think their money will do the most good, and it sure isn't the government.

Boston College's Center on Wealth and Philanthropy reports the latest numbers:

Individual charitable giving in 2009 amounted to $217.3 billion . . . $228.5 billion total in 2008. ...

The American people still believe there is a huge need out there which government spending through forced taxation is not meeting, and despite that taxation they open their wallets to address it. But what should disturb more people is the recent decline in giving due to the financial meltdown, a casualty of this country's war on the middle class:

[T]he total decline in inflation adjusted dollars [was] $25.3 billion between 2007 and 2009.

Follow the links for the stories.

On The Theory of Evolution

"There is no other explanation for the existence of the Democrat Party than descent from the apes."

-- Imam John

"The Economy Has Slowed . . . to Near-Stall Speed"

Rosie wonders here why the administration continues to propose more stimulus spending, why the Fed again is signaling it's ready for more quantitative easing, and why credit unions suddenly needed a government bailout last week if in fact the recession ended in 2009 and we are in a recovery.

Well yeah.

You Can Always Tell A Harvard Man, But You Can't Tell Him Much

Writing for The Providence Journal, Bruce Bartlett of Reagan administration fame relates an illuminating episode for the character of President George W. Bush, who intended from the beginning that his tax cuts sop up the Clinton surplus:

One morning in 2001, one of President Bush’s most senior economic advisers walked into the Oval Office for a meeting with the president. The day before, the adviser had learned that the president had decided to send out tax-rebate checks to stimulate the faltering economy. Concerned about deficits and the dubious stimulatory effect of such rebates, he had called the president’s chief of staff, Andy Card, to ask for the audience, and the meeting had been set.

As the man took his seat in the wing chair next to the president’s desk, he began to explain his problem with the president’s decision. The fact of the matter was that in this area of policy, this adviser was one of the experts, really top-drawer, and had been instrumental in devising some of the very language now used to discuss these concepts. He was convinced, he told Bush, that the president’s position would soon enough be seen as "bad policy." This, it seems, was the wrong thing to say to the president.

According to senior administration officials who learned of the encounter soon after it happened, President Bush looked at the man. "I don’t ever want to hear you use those words in my presence again," he said. "What words, Mr. President?"

"Bad policy," President Bush said. "If I decide to do it, by definition it’s good policy. I thought you got that." The adviser was dismissed. The meeting was over.

The rest should not be missed, here.

Obama The Lazy: No Intellectual Curiosity

Ulsterman for NewsFlavor.com claims to have the following from a White House insider, there from the beginning but recently out:


Obama the tireless, hard working candidate became a very tepid personality to us. And the few news stories that did come out against him were the only things he seemed to care about. He absolutely obsesses over Fox News. For being so successful, Barack Obama is incredibly thin-skinned. He takes everything very personally. ...

I’ll tell you this – if you want to see President Obama get excited about a conversation, turn it to sports.  That gets him interested. You start talking about Congress, or some policy, and he just kinda turns off.  It’s really very strange. I mean, we were all led to believe that this guy was some kind of intellectual giant, right? Ivy League and all that. Well, that is not what I saw. Barack Obama doesn’t have a whole lot of intellectual curiosity. When he is off script, he is what I call a real “slow talker”. Lots of ummms, and lots of time in between answers where you can almost see the little wheel in his head turning very slowly. I am not going to say the president is a dumb man, because he is not, but yeah, there was a definite let down when you actually hear him talking without the script. ...

Bill Clinton is a smart guy – he would run intellectual circles around Barack Obama. ...

When you take away the crowds, Obama gets noticeably smaller. He shrinks up inside of himself. He just doesn’t seem to have the confidence to do the job of President, and it’s getting worse and worse. Case in point – just a few days before I left, I saw first hand the President of the United States yelling at a member of his staff. He was yelling like a spoiled child. And then he pouted for several moments after. I wish I was kidding, or exaggerating, but I am not. The President of the United States threw a temper tantrum. The jobs reports are always setting him off, and he is getting increasingly conspiratorial over the unemployment numbers. ...

Obama is not up to the job of being president. He simply doesn’t seem to care about the work involved.  You want to know what? Obama is lazy. He really is. And it is getting worse and worse. Would another four years of Obama be the best thing for America? No it would not. What this country needs is a president who is focused on the job more than on themselves. Obama is not that individual. I actually hope he doesn’t run again. ...

Much more here.

Foreclosure Crisis Not Even Half Over

Based on Richard Suttmeier's take on the data here:

About 2.5 million homes have been lost to foreclosure since “The Great Credit Crunch” began in March 2007, and another 3.3 million homes could be lost to foreclosure or distressed sale before “The Great Credit Crunch” comes to an end.

Wal-Mart Moms Think Obama is Overwhelmed by the Presidency

Pretty stupid when you consider that he's finally having the time of his life. Golf every Sunday. Parties every Wednesday. The world is his oyster.

Call it female projection syndrome. They are the ones who are overwhelmed, so he must be too.

They don't know the truth, don't see it, don't have time for it, don't have the money to find out about it, nor the inclination. And if the truth breaks through occasionally, they think "If it could only be me."

And that is precisely what the Democrats continue to count on. The effeminate party is an easily distracted party.

The story is here, in USA Away. 

Congress Votes to Purge Phrase "Mental Retardation"

According to this report:

Disabilities advocates are applauding Congress for passing legislation that eliminates the term "mental retardation" from federal laws.

The phrase can still be used on this blog according to the editor, especially as a synonym for "member of Congress," as in "A congressman who thinks an island can tip over if it gets too populated on one side of it is a mental retard."

Decline in Household Debt Due to Defaults, Not Deleveraging

So concludes Mark Whitehouse for The Wall Street Journal, here. Of a decline of $610 billion in debt, only $22 billion is due to deleveraging. The vast majority of the decline is due to default, over a half trillion dollars.

Michael Pento here apparently hasn't gotten the message, but points out that whatever else may be said about consumers not adding to their debt profile, the government has picked up the slack, and stratospherically so. For that reason he abjures all talk of debt deflation.

A.A.R.P.: Armed And Really Pissed

Up Yours, Obama, You Marxist Jackass

"Cool" (as in Deceiver)

An adjective of Dutch derivation,

signifying:

neither zealous, nor ardent;

neither angry, nor fond;

in short without passion,

a deceiver.

-- Samuel Johnson's Dictionary

THE ONE

What is a communist? The One who has yearnings
For equal division of unequal earnings.
Idler, or bungler, or both, he is willing
To fork over his penny and pocket your shilling.

- Ebenezer Elliott, son of "Devil Elliott", adapted

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Liberty or Slavery? Which Will It Be?

"And whenever their constituents neglect to call [their representatives] to account for such their neglect and breach of trust, they are not worthy the name of the SONS OF LIBERTY, the name of slave is more suitable, for slaves they really are, and are fit for nothing else."

-- A Countryman, 1765

Fried Fruit Cocktail

"Politics is like a cookbook where the recipe for everything is to fry it."


-- PJ O'Rourke, here

Decades of Economic Shrinkage Ahead

"Just as the housing sector and the related debt was the driver of the US economy over the past several decades, I believe that the deflation of the housing market could spell an equally drastic period of shrinkage in economic activity in the US and around the world."

-- Chris Whalen, here.

Heard After the Colonoscopy

"Doc, would you write me a note for the wife stating that you checked twice and my head is most definitely not up there?"

h/t Theo

Army General Equates Christians With Bigots and Racists

Lt. Gen. Thomas P. Bostick, Army Deputy Chief of Staff in charge of personnel, quoted here:

"Unfortunately, we have a minority of service members who are still racists and bigoted and you will never be able to get rid of all of them. But these people opposing this new policy [repeal of DADT] will need to get with the program, and if they can't, they need to get out. No matter how much training and education of those in opposition, you're always going to have those that oppose this on moral and religious grounds just like you still have racists today."