Posts Tagged ‘economics’
Bush administration predicted potential repercussions of Fannie Mae and Freddie Mac
Written by Chad Phillips
Wednesday, 10 June 2009 17:52
1 Comment

I've been told that this is the video footage the libtard media didn't want you to see. Allegedly, it was pulled from YouTube by liberwock request once already.  However, the date on the video posting shows September 2008, so that accusation is probably a neocon myth. Anyway, it's certainly worth watching and must be seen to be believed. It's probably the best three and one half minutes of television you'll see this year. But just in case you don't have that much time, here's the short story.

Apparently in 2001 the Bush administration warned and then pushed Congress for stiff regulatory measures on Fannie Mae and Freddie Mac – citing the the potential for a financial meltdown which would subsume the realestate industry.

What's particularly entertaining about this footage is watching Barney Frank pimp the mortgage giant, even as the Bush administration gave dire warnings about the potential financial ruin awaiting us. Check it out. You won't be sorry.

 
Musings From The Old Man – Part 3
Written by Chuck Phillips
Monday, 09 March 2009 09:42
2 Comments

Several weeks ago, I cautioned us to be wary of politicians bearing gifts. Well, today we know some of the details – we are about to get almost $800 billion in government spending that is supposed to reach into every neighborhood across the land, stimulate the economy, and create or save roughly 3½ million jobs. Do you believe it? Do you feel better off so far? Let’s start with a few basics:

1.     How much is $800 billion? Well, if you had spent $1 million per day, every day, since the birth of Christ, you’d be in the neighborhood. Or if you simply gave every man, woman, and child in this country $2,600, you’d be about there.

2.     If we pay down this debt by increasing the amount of the budget allocated to interest from 8% to 10% (a 25% increase), we’ll have to reduce other spending by perhaps $75 billion a year, and continue to do so for the next 20 years to pay this down. As John McCain said on “Face the Nation” last week, “It’s intergenerational theft!”

3.     What does a single state’s share of the goodies look like? Let’s take mine – Georgia: $1.7 billion for Medicaid, $1.2 billion for education, $1 billion for roads and bridges, $333 million for special education, $90 million for public housing, $82 million for child care, $33 million for homelessness prevention, $20 million for Head Start, etc. – a total of $5.9 billion for what? Does any of this look like it creates lots of jobs? Does any of this address mortgages or the credit crisis?

Our senior senator, Johnny Isakson, proposed an amendment to the “stimulus” that would have reduced mortgage rates to 4% and provided an incentive payment to anyone buying a home in order to jump-start the real estate, mortgage, and home building industries. Of course, his amendment was defeated along party lines. The Harry R. and Nancy P. railroad would not be side-tracked.

But I’ll leave you with these 3 questions to consider: if mortgages led us into this mess, should not mortgages lead us out of it? And if the single largest asset for most of the middle class is the family home, must we not stabilize the value of homes as our first order of business? And if bad mortgages are plugging up the credit markets, should we not lower mortgage rates and restructure salvageable mortgages as a first step to re-liquidate these markets?

Face it, the stimulus is one big Democratic orgy of special-interest spending with little in the way of economic recovery except wishful thinking. I know talking about economics is not very sexy, but I have never in my lifetime seen anything like this for big-government log rolling, and it is downright scary!

 
Tax rebate to stimulate foreign economies
Written by Chad Phillips
Friday, 02 May 2008 02:30
No Comments

A longtime reader sent us this chain email today. We don't know who the author is or we would attribute it. In any case, despite the simplistic economic outflows listed, the humor as well as the message is quite poignant when you consider how "duh gubmint" has sold us out to foreign countries. ENJOY!

As you may have heard, the Bush Administration said each of us would get a rebate check to stimulate the economy.

If we spend that money at Wal-Mart, all the money will go to China.

If we spend it on gasoline it will go to the Arabs.

If we purchase a computer it will go to India.

If we purchase fruit and vegetables it will go to Mexico, Honduras, and Guatemala.

If we purchase a good car it will go to Japan.

If we purchase useless crap it will go to Taiwan and none of it will help the American economy.

We need to keep that money here in America. The only way to keep that money here at home is to spend it at yard sales, since those are the only businesses still in the U.S.