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Posts Tagged ‘bail out’

I can definitely tell many have already moved in to “holiday” mode!  There were only 13 submissions this week.  Still not too shabby, but expected.  Also, I received word this weekend that The BoBo Carnival of Politics will be the featured Carnival again over at Blog Carnival on Monday, December 29th.  So, make sure you guys get your submissions in this week for the December 28th edition as that will be the one seen by everyone that comes by and checks it out.  That will be the last carnival of 2008!  I’m not expecting too many at all that edition anyway considering it’s right in between Christmas and New Years.  Hopefully, there will be enough bloggers out there that have a real life and will be on vacation – unlike this BoBo!

So, without further adieu – here is this week’s edition:

Liberal

Madeleine Begun Kane presents Why Caroline Kennedy? posted at Mad Kane’s Political Madness.

I’m still wondering just what exactly her qualifications are for being a Senator considering she has no experience in politics at all.  I too am in agreement with Kuby.

Miscellaneous

ANTHONY PHIRI presents Leaders And Commentators:Views Of A Maverick Intellectual posted at AS Online Journal & Top 10 Website Rankings Index, saying, “It’s all about free speech and meaningful argument, nothing else.”

Interesting blog you have there Anthony.  You might want to check the page you linked to.  Your adsense banner ad cuts right through the middle of your last post, your page bottom banner actually cuts right through the following post, and it appears that something is missing from the top of same article.  Other than that, I enjoyed your discussion on Caroline Kennedy.  But, I would have to disagree with your conclusion – she is in no way prepared to be a Senator in THIS country.

David Lamb presents Mr. Keynes Finds a New Home: The exportation of American economic policy posted at Inside Government.

Another excellent post by those guys over at Inside Government (no, I’m not biased or anything).  Looks like other nations who were against lowering rates during a recession and increasing deficit spending just might be seriously considering it.  David lays it out very well in this discussion.

News

debergerac78 presents Was Governor Blagojevich really that stupid? posted at The Business Ethics Blog, saying, “The Illinois governor’s attempt to peddle a Senate seat for money or favors would have Lincoln spinning in his grave.”

I wouldn’t say he is that stupid – I would say that he’s that brazen.  Given he grew up in Chicago politics where corruption is the norm – to him he truly believes he didn’t do anything wrong. Hell, he even challenged the FBI just days before he was arrested. Fortunately for the rest of us and Illinois – this politician is about to find out just how wrong he is and just how wrong and fraudulent those Chicago politicians – like Obama – really are!

Bradley Hankins presents In Response To BoycottAlabamaNow.com Part 1 posted at Kayloo.

Ah yes.  I referenced this in a previous post this week related to the bailouts.  Bradley actually has 3 parts to this series with an expected 4th.  There is some idiot out there calling for a boycott of the state of Alabama because of the foreign auto manufacturers there.  These are various responses from Bradley to some of the most ridiculous crap found on that other site.

Aahz presents Parenting And Politics Don?t Always Mix posted at Philaahzophy, saying, “Passionate political beliefs and proper parenting often clash. But these folx took things WAY too far…”

Welcome back Aahz.  When I read this article on Drudge earlier in the week I was absolutely floored.  Those parents are idiots.  Do you really thinks he believes his own bullshit explanations? I feel bad for those kids.  Once they hit mainstream schools their lives are going to be miserable.  Kids can be cruel to one another. It wouldn’t surprise me if teachers begin to refuse to accept or teach them because they will refuse to call them by there names.

Sammy Benoit presents Governor Patterson PICK ME, Not Kennedy posted at YID With LID.

Hey Yid! Shalom. Mashlomech! You got my vote.  I love that line “Jewish by insemination”  Sure to be a classic. :D

Sammy Benoit presents New York Senator Update-Media Bias posted at YID With LID.

Dude – that really sucks.  If they are going to follow her and Al Sharpton – they should have given you equal time as well.  But, I do have to agree – you are more unqualified that Pamela Geller.  You still have my vote. I also have to point out – an inside curve is practically a guaranteed homerun.

SpkTruth2Pwr presents Blago’s Free Market of Political Representation posted at The Apathy Remedy, saying, “Corruption and free market goes hand in hand in Blago’s Book. Read on!”

Ain’t that the truth!  It’s just the corrupt politics of the Chicago machine.  As stated earlier – he probably really believes he did nothing wrong since this is business as usual in Illinois.  It still amazes me that anybody would think that Obama isn’t corrupt considering he learned his politics by these same people.  But – I still want to hear Bloggy’s side.  It will make for some great entertainment and interesting blogging!

Ron McKie presents White people win again posted at Phuck Politics.

Well – I’m just going to reiterate something I said in a previous post – GWB is a freakin’ idiot.  The good news is that our representatives listened to us this time.  The bad news is – the President is a freakin’ idiot.  I don’t really buy in to your idea that we’re a nation of pussies.  I think what is happening is that a lot of us out here are trying to figure out what we can do short of a complete pillage and takeover of D.C.

Politics

Buck Says presents Auto Bailout: A Horse With Two Ends posted at Buck Says, saying, “The Auto Bailout has politicians lining up left and right with little attention to the possible scary results of their actions”

Welcome, Buck!  Well, as we all know – the good news is our representatives heard us.  The bad news is, President Bush is an idiot. One of the other aspects that you failed to mention is that almost $2,000 of any American built car goes directly to those union organized legacy costs.  The foreign automakers are able to put a heckuva lot of cool stuff in their cars for that extra $2000 which is why they are more attractive and affordable.  I agree with your assessment there – bankruptcy never should have been taken off the table.  It would have forced the UAW to make concessions.  Unfortunately, Bush gave the automakers $17.4B with now strings attached.  They just have to submit a plan by viability plan by March otherwise the loan comes due.  My only question is – what if the plans aren’t worth shit and Congress and Obama reject them – how the heck are we taxpayers going to get $17.4B back from the automakers when they won’t have it?

vjack presents Obama’s Inaugural Blunder: Rick Warren posted at Atheist Revolution.

I thought his choice of Warren was pretty odd myself given Obama’s politics and promises to you guys on the left.  Looks like we right-wingers aren’t the only one’s who will be watching now!  But, what surprises me is that it surprises you guys.  He clearly stated in a debate that he is opposed to gay marriage.  Why wouldn’t he invite a pastor who opposes gay marriage to give the invocation?  The reason why I thought it odd that he invited Warren is the fact that Obama is a follower of Black Liberation Theology – why would he invite an Evangelical?  But, still – we on the right were warning you guys on the left for the last year that he’s not showing his true face.  He was only saying what he needed to say to get the power.  He has lied about his entire history and denied his relationships with far-left radicals.  It doesn’t surprise me that he has done an about face.  It looks like you guys will be left without hope because he has changed.  Is this the change you were expecting?

U.S. Common Sense presents Political Blog Listing posted at U.S. Common Sense, saying, “I still need at least four bloggers to volunteer for a free blog review. Anyone who just wants their site listed is more than welcomed to participate.”

Everyone should take him up on this.  It’s a great opportunity to get your site listed and to get some good advise regarding your blog.  He gave me some good pointers – which I haven’t implemented yet – but plan on it.  Sometimes its a good thing to get another eye on things.

That concludes this edition. Submit your blog article to the next edition of The BoBo Carnival of Politics using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Wow! 21 Submissions this week! I think that’s a new record! All right guys – let’s see if we can beat that next week – try for at least 22! With all these great submitters – and with all you great readers – this Carnival is become very popular! Keep up the great work people!

With that being said – these really are some great submissions – again – this week! Please – take a look through these and go visit these blogs and their posts. My comments are just that – my comments – and they may not do them justice. Go see for yourself and make up your own minds! Make sure you show them support and leave them a comment!



Conservative

The Hawg presents Why the Republican party is a mess and how to fix it posted at The Natural State Hawg – ramblings from an Arkie, saying, “It’s time to rebuild a party. Hopefully, my fellow Republicans are up to the task.”

Dude!  You’re making me feel so old!  You were only 11 in 1980?  I’m glad that Reagan impressed you enough at such a young age that you could find a party of values to believe in.  I have to agree with everything you’ve said over there – including some of your recommendations for fixing the problem.  I echoed some of those fixes here myself.  Great post!

Quisani presents The Future of Tomorrow posted at The Quisani League.

I think your end statement says it all:

This “New Era of America” is one that is care free. But only if you are poor.
I too agree that our economy under Obama is going to get much worse before it can get better.  His policies are all wrong.  Only time will tell now!

Pauly T. Kal presents Obama’s Buddy Shootin’ off missiles again! posted at Political Rants from the Right, saying, Muckymud Imanutjob shot off some new missiles last week with a range of 1900km compared to the Shahab3 that only had a 1200km range.  It really looks like these guys want to sit across from Obama unconditionally!

Democrats

Arun presents Election Season! posted at Arun is Bringing You…Your Daily Remedy, saying, “My liberally slanted view of the presidential election and California’s proposition 8!”

Yasu, Arun!  Wow!  You have quite the list of things up in this post to consider!  Also – if you don’t mind – since you consider yourself well informed as it relates to American politics – our constitution is not bound by separation of church and state.  That is a misnomer and no where in the constitution does it make any such statement.  The closest thing you have is the 1st Amendment under Freedom of Religion where it says that:

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof;
This means that the FEDERAL government cannot endorse any religion.  However, you have to remember that our constitution was written that gave all the power to the states – therefore – the Civil War.  The phrase “separation of church and state” has been taken out of context ever since Thomas Jefferson wrote it in a letter to the Danbury Baptist Association in 1802.  He was only responding at a national level – not at what a state itself has the rights to do.  It was his “belief” there should be a wall of separation – but he did not declare there is one.

Louise Manning presents 10 quotes on expectation posted at The Human Imprint.

Hello Louise – and welcome.  Some very interesting quotes there regarding Obama and the expectations everyone has given over to him under the guise of hope and change.  I fear he set those expectations way too high for his supporters – and as one of your quotes suggest – there will be some serious let down!

cryton presents Oh! That’s Why John Edwards Wasn’t Chosen as the Running Mate posted at Welcome Back Rosenthal, saying, “The ugly truth comes out, but nobody was volunteering.”

Bwahahaha!  Good one!  Say, has he actually admitted yet that the child is his?

Miscellaneous

Michael. presents The Wiretapping Debate: George W. Bush and Barack Obama posted at International Law News.

Hey Michael – good post on this issue.  To answer your question – Yes – I believe it is.  I was in the Air Force serving under the Electronic Security Command that reports to the NSA.  I know what our capabilities are – and I also know that there are ways that it can be abused.  However, you forgot to mention the second part to this new law – once the intercept has been made – and it is determined there is a potential national security risk – they must obtain the FISA warrant for continued surveillance.  The transmissions are run through computer algorithms that contain a limited set of parameters.  Once a select transmission fits that parameter – only then would it go live for someone to actually monitor.  Not all phone conversations around this country are being actively monitored.  Also – everyone seems to forget that Clinton did the same thing.  No one seemed to care when he did it.  And, I have no doubt now that Obama has been involved in the security briefings – he too will continue with this policy.

News

Christine Decourlande presents Gingrich – End Adolescence posted at Frog In North Georgia.

Welcome back Christine – Wow!  I completely missed that one from Newt!  I’m with you on this.  Kids should be kids and there should be no rush to get them in to the workforce.  I didn’t have my first job until I was 18 – and that was only temporary while I waited to go to college.  I told all of my kids as they were growing up we would never tell them they had to work.  We also didn’t stop them from getting a job if they wanted one either.  But – there was always a limit – if their grades suffered – they had to quit work.  We also did not allow them to take any of those “work force business classes” where they get out half a day so they can go to work.  That’s a rubbish class.  The kids here go to work in grocery stores as baggers, at fast food joints flipping burgers, or at the malls as cashiers, etc.  They aren’t really learning anything about business – they were only learning how to be slaves to their supervisors.  Also as an aside to something else you have posted – in my state – you can start working as young as 14.  There are exceptions – such as if you’re a family farmer – kids can start in the workforce as young as 12 and get a driver’s license at 14 to help maintain the family farm.

Ron McKie presents Congress is full of pussies posted at Phuck Politics.

I know I can always expect a good one from you, Ron. Gang banged by Princess Di?  Bwahahaha!  You are right on target there though.  Rather than ask the CEO to quit – they should just take all the money back and let them fail!

Sam presents NEW !! The Bank Crisis, the Subprime Mortgage Crisis and How they Affect You posted at Surfer Sam and Friends, saying, “At the foundation of the bank crisis and the stock market crash of 2008 are money, greed and risk.

The New World of Mortgages

Traditionally, when you applied for a mortgage, your bank handled all stages of the transaction. The bank checked your credit, lent you money to buy a house, held the mortgage in its vault, collected your monthly payments and foreclosed on any bad loans. In the 1990s, things changed. A different specialist handled each stage of the mortgage. Mortgage brokers drummed up applicants for mortgages. Mortgage banks lent the money and held the mortgage note. They quickly resold these mortgage notes to investment banks. Mortgage servicing companies collected your monthly payment, and remitted the money to the owner of your mortgage.

Creative Finance with Mortgages

Meanwhile, investment banks put the mortgages into a trust, sorted the mortgages by risk and designed a new financial instrument, called a CMO, collateralized mortgage obligation. Basically CMOs were fancy debt instruments, IOUs with a fixed rate of return, based on bundles of home mortgages. The CMOs were supposed to work just like corporate bonds. Some CMOs, the toxic ones, were based on high risk mortgages, and some CMOs were based on high-quality, lower-interest mortgages. CMOs were rated for quality just like corporate bonds. Everyone in the financial world wanted to own them”

Well – I can’t add any more to this!  I just know that this is the second time this week that I’ve heard about these (Fearless History provided a link in one of my comments to some NPR audio).  Pretty scary stuff.  This is another great post about this economic mess! Surfer Sam just provided a brief synopsis of the whole thing – I suggest you go check out the whole thing.

Politics

Josh Gillespie presents What is an Executive Order? posted at Inside Government, saying, From a new blog that takes a non-partisan look at American politics.  With Obama announcing last week that he plans on reviewing all of GWB’s Executive Orders (which is unprecedented) to determine which one’s he’s going to overturn – this is a detailed look at just what an Executive Order is and what it means for Obama to repeal or overturn them.

Howard Miller presents The (apolitical) reason Proposition 8 won posted at Fulcrum Point Partners, saying, “could be under many categories”

Howard – if only it were so cut and dried as you put it.  I must commend you on putting a very thoughtful post together regarding the reason why it failed.  Unfortunately, some of your anti-Prop 8 radicals that are firebombing churches will disagree with you.  I do agree that it was about core values – but – there are those who believe it was based on hatred and bigotry.  I like the ideas you propose for resolving our differences.

Archvillain presents Tangled webs, etc. posted at A Dark and Sinister Force for Good, saying, “Whatever happened to minding one’s own business?”

Archivillain – good post.  It goes along with Howard Miller’s submission as well – you might want to go check out his post linked here.  However, with regards to your citing of the 14th Amendment as it relates to State’s rights and the passing of Prop 8 in California – You might have forgotten about The Federal Defense of Marriage Act that was signed in to law by Clinton back in 1996 that protects and defines marriage as being between a man and a woman and states that neither the Federal Government nor any other states are required to recognize same-sex marriages allowed in other states.  In order for the state to overturn the rule as being unconstitutional – it will have to go to the Federal level and repeal the DOMA of 1996. But, on the surface of everything else you have stated – while I am Conservative – that means I’m for states rights and limited government – not that social religious conservative stuff that has creeped in to our society.  Government needs to stay out of our personal business – regardless of what that business is as long as it is not harmful or puts anyone in danger.

Recoil presents Palin’s Pathetic Pundits posted at Double Barreled Opinions.

Ah – my sentiments exactly.  You stated in your post some of what I said in a submission here last week that was anti-Palin.  Good post!

Aahz presents Why Do We Pay The President Of The United States? posted at Philaahzophy, saying, “From the “things that make you go hmmmm’ department.”

Aahz – welcome to the party brother!  And..Amen to that!  The only thing he has to spend that income on is other investments or big toys!  And..you’re right – they get 100% retirement and 100% benefits – and – it gets passed on to the surviving spouse as well – same goes for Senators.  Senators only need to serve one term and they get full 100% income and benefits.  The Clintons will be soaking us dry for years.  Regarding BO – even if he is a one termer – he will continue to get the same pay for the rest of his life..and considering he’s what – 46?  Hell – we could be paying him $400k (plus any increases) for the next 40 years! Why is it that we only elect millionaires in to this position – knowing they are taking a pay cut and don’t need the money?

Heather Johnson presents Top 50 Homeland Security Blogs posted at e-Justice Blog.

Heather – excellent list – I have it in my favorites now!

burgson maria presents In the name of the Lady posted at WORTH TO BE BLOGGED.

Hmm..I take it you’re not a Rupert Murdoch fan? :)

Patricia Turner presents The Top 100 Libertarian Blogs posted at Web Design Schools Guide.

Patricia – I made several attempts – I just can’t seem to get to your blog.  I’ve left this link here having faith that your post is as it is advertised in case some of my readers are able to get there.  Since I can’t see your list – if these two aren’t on your list – perhaps you should consider them – likewise – they have links to other Libertarian blogs:

Vulcan’s Hammer and Shaving Leviathanhighly recommended!

Zaira presents Libertarian By Click posted at Butterfly Diaries, saying, “Do you really know where you fall on the political spectrum?”

Awesome – we have a family submission!  So – Aahz is your dad! Cool!  I don’t even think my older kids could spell blog nevertheless get them to sit behind a computer! And – thanks for this submission – I’ve seen these diagrams posted up – but, could never find them.  I took the test and came out exactly where I thought I would – Libertarian, Conservative – leaning more Libertarian than Conservative.  Also – you might want to correct your link to the quiz – I had to backtrack it through the main website that it links to.

Woman Tribune presents Time for Change: Get Marijuana Law Reform on the Agenda! posted at Woman Tribune.

Hey! Holly!  Welcome back!  I won’t comment on this article – you know from our chats how I feel already.  I’ll just let my readers come over and decide for themselves! But, what I will say is – you make some compelling arguments – and – you might find yourself being very disappointed if you think Obama is going to uphold any promises he made on the campaign trail! As myself and everyone else on the right had been saying all along – he is not who he was trying to say he is!

Joseph presents The Obama Plan – What It Includes posted at Penny Pinching.

Hey Joseph – thanks for putting up the details regarding Obama’s tax plans.  I’m a fiscal conservative and libertarian when it comes to government – so – without going in to detail – you know that I already feel that this plan will ruin our economy and amounts to welfare for the poor.  I’ve never worked for a poor person! But, I do have readers that will probably agree with your post.  Go check out Louise Manning’s post up there on expectations – you might need some of those quotes!

Anna Callahan presents Fight Fire with Water: How Obama Won the Presidency posted at Indie Times, saying, Was it Bush’s low approval rating? Obama’s stance on Iraq? McCain’s VP pick? Obama’s funding? Nope, nope, nope, and nope. Find out what viral message Obama used to bring millions of people to his aid and to inoculate himself against all Republican attacks.

Thanks for the submission, Anna! Well – I’m sure it will come no surprise to you (if you have followed this blog at all) that I disagree – but – we’ll let our readers come over there and decide for themselves.  I consider myself to be extremely and well informed.  For you guys to NOT see that he is socialist just means to me that you buried your head in the sand.  After all, Bill Ayers just stated on air Friday morning that he and Obama are great FAMILY friends – not just some guy in the neighborhood and that he has been contributing to Obama’s campaign.  Not what Obama said!  Same thing now with Wright, Farrakhan, and Pfleger – they all came out last week stating the complete opposite of what Obama was saying – in fact – they all said they waited until AFTER the election because they didn’t want to hurt Obama’s chances.  Hmmm.

That concludes this edition. Submit your blog article to the next edition of The BoBo Carnival of Politics using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Has there been any reporting lately of whether or not the Clintons have paid off their campaign debts yet?  Last we heard, Obama had asked his supporters to help out.  Funny thing is – with that $650 million that he raised – surely he could have helped out!

I also understand that none of his supporters came to the Clinton’s aide!

So – we now have headines reporting today of some bailout money being doled out or requested:

Bush wants $25B in loans released to carmakers

I sure as hell hope that doesn’t happen!  Again, being the true capitalist that I am, I say – let them fail!  Plus, considering Barney Frank is asking for a government stake in these companies should we bail them out – I say HELL NO!  We don’t need a nationalized auto-industry.  Part of the reason they are failing is because of government regulation and interference.  If you really want to help out the auto-makers – 1.) get rid of all those stifling regulations you have, 2.) Move them out of Detroit, and 3.) Get the damned unions out of there – union costs and forced benefits make up a little over 30% of the total cost of the car!

Mayors of Philadephia and Phoenix seek bailout share

Holy freakin’ shit already?  They want part of the $700B bailout package because:

“The mayors sought help with their pension costs, infrastructure investment and cash-flow problems stemming from the global financial crisis”

I got a little tip for you guys – CUT YOUR SPENDING!  CUT BACK on the waste in your city budgets!

And, this next one – all I can say it – You gotta be outta your freakin’ mind.  They really have the balls to ask.

Freddie seeks government aid after $25.3B loss

Go to freakin’ hell!  It was partly the fault of this organization run by Democrat insiders that we’re in this freakin’ mess to begin with!  I say, fuck you!  I can’t even believe you have the nerve coming to the American people asking for a damned handout!  Knowing Chris Dodd, Barney Frank, and Obama who have been the largest recipients of their charity – I’m sure somehow there will be some arm-twisting to make sure they get some!

Good lord!  Next thing you know. Mexico is going to ask for some of that bailout money!  What? You don’t think it could happen?  It already did – once before – under Clinton.

And..NOW – NOW – Bush comes out saying we need to keep government out of private business?  You idiot! What the hell do you think just happened with that $700B bailout package you approved?  You put government right smack dab in the middle of private business!

Seriously, it wouldn’t surprise me at all if the Clinton’s didn’t ask for a slice.  You know, considering Hillary is a possible candidate for Secretary of State now!  Is that freakin’ hillyarious or what?  Surely, she can’t have debt like that hanging over her head if she’s to be the representative of this country abroad.  That is a huge national security risk.  So – like I said – it wouldn’t surprise me if the government bails her out of her debt!

Related Stories:

The Tampa Pirate has a good post up about the bailout issue: The Fix Is In!

From MY Vast Right Wing Conspiracy: It Starts

B.C. over at the Rottie weighed in too:  Who Would Have Seen This Coming?

Vulcan’s Hammer: GM Gets On Line For Some of Our Money

Dave Lamb at Killer Buffalo: General Motors and the Free Market: Why bankruptcy is in order.

Welcome again one and all to this week’s Carnival of Politics.  Again – we have some very interesting posts from all spectrums.  I highly encourage you to go check them out – and – make sure you submit your best from the week to next week’s Carnival!

Miscellaneous

Sam presents NEW !! The Bank Crisis, the Subprime Mortgage Crisis and How they Affect You posted at Surfer Sam and Friends, saying, “The Bank Crisis, the Subprime Mortgage Crisis And How They Affect You

At the foundation of the bank crisis and the stock market crash of 2008 are money, greed and risk.

The New World of Mortgages

Traditionally, when you applied for a mortgage, your bank handled all stages of the transaction. The bank checked your credit, lent you money to buy a house, held the mortgage in its vault, collected your monthly payments and foreclosed on any bad loans. In the 1990s, things changed. A different specialist handled each stage of the mortgage. Mortgage brokers drummed up applicants for mortgages. Mortgage banks lent the money and held the mortgage note. They quickly resold these mortgage notes to investment banks. Mortgage servicing companies collected your monthly payment, and remitted the money to the owner of your mortgage.

Creative Finance with Mortgages

Meanwhile, investment banks put the mortgages into a trust, sorted the mortgages by risk and designed a new financial instrument, called a CMO, collateralized mortgage obligation. Basically CMOs were fancy debt instruments, IOUs with a fixed rate of return, based on bundles of home mortgages. The CMOs were supposed to work just like corporate bonds. Some CMOs, the toxic ones, were based on high risk mortgages, and some CMOs were based on high-quality, lower-interest mortgages. CMOs were rated for quality just like corporate bonds. Everyone in the financial world wanted to own them.”

I highly recommend everyone check out Surfer Sam’s post on this mess we’re in.  This is just an exerpt of the whole thing.  As you know, I’ve been ranting about the cause of this mortgage conundrum for a while – Sam lays it out straight – and offers some great suggestions at the end for getting through it.

Conservative

Stefanie presents There is no Gray area posted at Random Encounters of We, saying, “Helping get the facts out about why to Vote YES on Prop. 8 on the California ballot.”

If you’re not familiar with Prop. 8 – this is the one in California that all those Hollywierdo types are giving money to fight.  This is the amendment on their ballot regarding reinforcing that marriage is defined as between One MAN and One WOMAN.  Stefanie let’s you know her thoughts about the proposition and her stance on gay marriage.  This was previously voted on in 2000 and was passed.  Those libtard activist judges in California overturned it – so – it’s up for vote again.

Liberal

Snowden presents OMG, Sarah Palin Nude Painting posted at themusement, saying, “This Sarah Palin nude painting hangs in a bar.”

Hey, Snowden – that’s pretty funny stuff!  I agree though – I wouldn’t call that one hanging over the bar art.  Looks like something my teenager could have done.  Considering I have a t-shirt that says “I want to be Sarah’s intern” I wouldn’t mind seeing one more artfully done that looks closer to real!!! :D

Madeleine Begun Kane presents Sarah In Wonderland posted at Mad Kane’s Political Madness.

Well, Mad Kane – you gotta admit – the report itself IS contradictory if it said she was in ethical violation of abusing her powers – yet was cleared of wrongfully firing the commissioner.  After all, that was the whole crux of the trooper gate issue.

The Delinquist presents October 15th Presidential Debates: My Summary posted at The Delinquist, saying, “Angry, funny, offensive, tongue in cheek summary of the 3rd and final presidential debates.”

Well – this is most definitely a liberal partisan view of last week’s debate – but – there is some humor to it.  Go check it out for yourselves.  Good one Delinquist!

Libertarian

Kirby presents Are you stupid for paying your mortgage? | Kirby on Finance posted at Kirby on Finance.

Hey, Kirby – Mrs. BoBo and I were having this same conversation this week – we’re one of the smart ones who didn’t buy in to those stupid sub-prime loans and only bought a house that we could actually afford.  We’re making our payments regularly.  While our monthly payment has gone up and additional 75% since we bought the house – that has nothing to do with our principle amount.  Our monthly payments went up because Florida is a phuxed up state with regards to property taxes and insurance.  Our property taxes doubled and our homeowner’s insurance tripled in the last 6 years – so – our escrow payment is what caused our monthly payments to go up – not our base mortgage.

Our concern over McCain’s proposal is – well – what about us?  Not that we think we should get the bailout – but – why those idiots who are living beyond their means?  We say – screw them – throw their asses out and let’s open up the housing inventory and bring home prices down again.  If what you are saying is true regarding Schiff’s recommendations – I’m floored!  It makes us smart one’s look like the idiots.

To my readers – if you haven’t already heard Schiff’s comments regarding McCain’s proposed bail-out plan – go check out Kirby’s post.  Bring duct tape with ya!

Archvillain presents (Out of) Focus Groups posted at A Dark and Sinister Force for Good, saying, “I see stupid people.

They’re everywhere.

Some of them don’t know they’re dumb.”

First – I must say that Robert Heinlein is one of my favorite authors – right behind Asimov.  Next – OMFG!  Do you live in California or at least REALLY REALLY close to that nutjob state?  I can’t imagine encountering freaks of that nature anywhere else but there.  I think those gullible morons you refer to are the same one’s voting for Obama!

Readers – please do go read this one – I’ve encountered some oddities in my lifetime – but – Archvillain seems to be attracting some serious lunatics lately!  I feel your pain!

News

Raymond presents New FDIC Insured Limit Covers Bank Deposits Up To $250,000 posted at Money Blue Book, saying, “Pursuant to the Congressional bailout package”

Raymond – no problem – I get how this is related to our political discussion.  This goes hand-in-hand with my previous post titled Keep Your Money In The Bank People. I touch upon the increased FDIC limit a bit myself in that one.  But – this is by far the most in depth analysis of the recent change to our banking system and furthers my call for asking everyone to keep their money in the banks.  I heard in a news report recently that a.) there is a shortage of safes in the U.S. as 50% of the population are now looking to buy, and b.) seniors are taking their money out of the banks in waves – mostly those seniors who lived through the first depression and don’t trust the banks.  Good post Raymond!

Politics

BoH presents To fear or not to fear. posted at buddha of hollywood.

Good one, Buddha.  I do my meditating over this blog! BTW – added you to my blogroll.

John Phillips presents Time Off to Vote for Employees?A State by State Survey posted at The Word, saying, “This post contains a state by state survey of the laws governing time off to vote for employees. Since voting has become such a hot button issue in the current election, it’s important for both employers and employees to know their rights.”

Some interesting information for my readers around the country.  Personally, if my boss told me I couldn’t take time off to vote – I’d be like – uh – sure – okay…then I’d leave.  But, good thing is, she’s a die-hard Republican and all about making sure everyone gets out to vote.

Fiona King presents Obama vs McCain on Healthcare: Top 10 Issues posted at US PharmD.

Fiona – just out of curiosity – why is the author on this piece on your blog named Laura Milligan?  To my readers – while this comes of as attempting to be a partisan look at both candidates – it becomes obvious it leans more towards Obama’s socialist Universal Health plan which we know has failed the people in Canada, England, Cuba, Oregon, etc etc.  Universal health care controlled by the  government is based on rationing of services.  The one’s who suffer the most have the least access.

DWSUWF presents President Jed Bartlett Endorses Divided Government. posted at Divided We Stand United We Fall, saying, “Barack Obama fits in between Jimmy Carter and George W. Bush in these raw One Party Power Rankings. Somehow that seems appropriate. My casual observation is that the amount of damage done by One Party Rule correlates primarily to the number of years the Rule is in place, and whether the party in power has a filibuster proof 60-40 majority. So there is some cause for hope that the damage can be limited in the next two years.”

DWSUWF has posted to the carnival before – as always – this one he gives to us is a most excellent and very thorough look at why we need to vote out incumbents this election cycle and ensure a balance between the executive and legislative branches.  Please do go over and read what he has put up there.  There is a very interesting link to a WSJ article about having a liberal supermajority in power – and uses historical evidence of 1933 & 1965 to prove the point.

Republicans

James Heywood presents Sarah Palin: when politics is personal, ignorance is a woman posted at Society Blog.

James – thanks for bringing this to us.  The actual author of this piece is Jessica Evans – a Senior Lecturer in Sociology.  This is pretty much another “I hate Sarah Palin” post – but – because of the author’s excellent use of the written word – she has the ability to make you think about the reasons behind the Palin Pick!

That concludes this edition. Submit your blog article to the next edition of the bobo carnival of politics using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Well, considering there was a debate last night – you’d think that would be my topic of discussion today.  Nope, sorry – there’s something more important that we need to discuss – this country’s financial and economic security!

As we’re on the eve of yet another vote on this stupid bail-out plan by the government – and – it is expected to pass this time around – there is something else that is not being widely reported right now.  No amount of money provided to the financial sector is going to make a difference if the “silent run” on the banks continue.

A “silent run” is different from a regular bank run.  A bank run is when all the customers line up to withdraw all of their deposits from a bank thinking that bank is going to fail.  When that happens, banks can no longer fulfill their obligations.  A silent run is a withdraw of all the uninsured deposits (those above the $100,000 cap).  This explains the reason why the senate has proposed an increase to $250,000 – to keep those depositors from taking the largest amounts out.

I’m sure you’ve heard that Wachovia was sold to Wells Fargo – the reason being is because of the “silent run” on that bank.  While most of us may not be in that position, the problem is, once the silent run starts – the bank runs follow.  No amount of bail out is going to help this economy if the banking system shuts down entirely.  What has happened as a result – as I am putting this piece together – is that the credit lending system is in a near freeze.  The banks have to freeze right now because of the silent runs going on all around the country.  People with more than $100,000 in deposits are withdrawing funds to below the insured amount and moving them elsewhere (not necessarily in to other banks).

As the banks are seeing their deposits decline, they stop lending money in fear they will not be able to fulfill those credit obligations.  I’m not talking about Joe Public who wants a $5,000 LOC.  We’re talking about major loans to other banks and mortgage companies.  Part of the failure of Wachovia and WaMu was that other banks would not provide them short-term loans to cover their liquidity.  So, even if these banking institutions get the bailout to sell off their bad debt – this just brings them back to zero on their balance sheets.  This does not help them with regards to their credit and loan obligations.  They need actual money in the bank to lend it out.

`Effectively Shut’

“It’s going to get much, much worse,” said Gregory Peters, head of credit strategy at Morgan Stanley in New York. “The credit markets are effectively shut, the CP market, which there’s not enough focus on, is under complete duress. That can’t be sustained, as that’s the lifeblood of corporations funding themselves.”

Commercial banks and bond dealers borrowed $348.2 billion from the Fed as of yesterday, an increase of 60 percent from the prior week amid the worsening credit freeze.

The freeze won’t end with the bailout because, as you can see – they are already borrowing money from the Feds outside of the bailout – and the system is still in a freeze.  These types of freezes effect businesses outside of the financial industry – businesses that need to meet payroll and inventory.

Just a real quick Operations Management lesson – Have you ever heard of JIT Inventory?  JIT stands for Just In Time.  Many large manufacturers rely on JIT.  For instance, when Ford builds a car – as the car is going down the assembly line – lets say they are about to put on the headlights.  They don’t keep a huge inventory of headlights because the cost to store them would be astronomical.  So, what they do is set up an arrangement for the supplier to provide a set amount of headlights at specific intervals throughout the manufacturing process whereby reducing inventory storage costs.  Savings that can be past on to the consumers.  In order for this JIT system to work, Ford needs to have cash available on a regular basis to pay the supplier to provide the inventory.  They do this on revolving lines of credit.

So – when credit lines freeze – Ford can’t pay the supplier – the supplier can’t produce or deliver – cars don’t get built – the auto industry shuts down because they can’t put headlights in their cars.  This has nothing to do with the bail out that is intended to purchase bad debt.  This has everything to do with making sure there is still money in the banks to lend out – which can’t be done if customers are withdrawing their money.

Please – keep your money in the bank!  If you have deposits of less than $100,000 it is insured.  You can’t lose that money.  It is yours.  If I’m fortunate enough to have readers that have more than $100,000 in deposits – please don’t take that money out of your bank.  In the least – if you withdraw – only do so down to the insured limits – move your money in to another bank.  As long as the money is still flowing within the banks – it might ease the tension and fears in the lending market that could help break this freeze.

While the bailout might provide some confidence in the markets – we the people putting our money in the banks need to do our part as well – have confidence in the banks and keep it where it is.

UPDATE!  Well – that bail out bill just passed in Congress 263 – 171.  Here’s the REAL reason this bill passed – these are the “incentives” or PORK as I like to call it!

From:

That’s Not Change You Can Believe In

I spent some time this morning with the Joint Committee on Taxation score of the “tax extenders” portion of the bailout bill. The rough cost of the additions, which your children and grandchildren will pay, is $110 billion through 2018. This includes an Alternative Minimum Tax patch, and lots of tax subsidies for renewable energy. Some other highlights:

$2 million excise tax exemption on “certain wooden arrows designed for use by children.”

$49 million in tax breaks for people (in Alaska, mostly) receiving compensation from the litigation over the Exxon Valdez oil spill.

$100 million in tax breaks for “certain motorsports racing track facilities.”

$179 million in tax incentives for “investment in the District of Columbia.”

$49 million for a charitable deduction for corporations who donate books to libraries.

$33 million for an economic development credit in American Samoa.

$61 million in added credits for “steel industry fuel” also known as liquefied coal waste sludge.

$397 million for the “domestic production activities deduction” for film production

$81 million to extend and modify treatment of “certain film and television productions.”

Well – that pretty much just sucks now don’t it?  Here I was, all prepared for the second coming of Jesus now that Congress did not pass that stupid assed bail out bill.  I had the clown-mobile all packed up and ready to go.  The BoBo Family was put on alert and they had all their gear ready.  I grabbed up all my seltzer bottles, balloons, over-sized shoes, noses, hand guns, and rifles and crammed them in to the back of the ol’ BoBo Mobile (BTW – you know how much shit you can pack in to a clown car?  Holy crap!) just waitin for the financial armageddon.

Well – as I sit here – DJIA is UP almost 300 points at mid-day.  I thought it was supposed to crash?  I thought people were supposed to start jumping out of windows on wallstreet?  – actually – I’d still like to see that anyway!  But, supposedly, as all of our so-called smart leaders had told us while whipping us up in to a frenzy – if this bill didn’t get passed – we would find ourselves in the middle of a collapse proportionate and equivalent to the collapse of Russia.  Maybe there is someone out there smarter than me that can explain to me if that were true – why is the stock market on the increase today?

Oh – wait – I get it.  Congress is on vacation today!  There’s no one in D.C. to interfere with and screw up business today.  Awesome!  Also, could it actually have to do with the fact that our stock market is just ONE indicator out of a whole host of economic indicators?  See, the thing today is, even if the market crashes – business for the rest of us will actually continue!  People will get sick and need healthcare – so, doctors, hospitals, insurance companies, and all those that have anything to do with healthcare will still be working.

Everybody needs to eat – so – grocery stores, corner markets, farmers markets, farms, truckers, distributors, etc – will still be working because we as consumers will still be buying food.

Same thing with housing – we all need shelter – while some may not be able to afford their own homes – there will still be apartment complexes, homes for rent, etc.  As the foreclosures start coming on the market – this opens up more inventory for the smart investors – prices come down and investors can afford to rent them out cheaply.  Now would not be the time to flip them.

Certainly, our dollar may decline which will cause prices to go up, oil/gas will go up, etc – but – as long as you are not stupid about your money and actually budget – you can make it through.  Do you really need that Hostess Ding Dong?

I saw this coming last year.  I started moving all my money in to cash-based investments (cd’s, money markets, etc.), gold, and coin collections – things that have real tangible value.  I started paying down my debt last year – we only have 2 credit cards now with small balances – the rest will be available credit lines in case of emergencies.  Additionally, while I am the first to rail against those who force global warmongering on us – you know I’ve been all for conservation – I put solar panels on my roof.  With all the state and local rebates, federal tax incentive, and local exemptions, I saved a lot of money putting it in.  I got rid of my hot water heater and turned off the circuit breaker to that tank.  I save $100/month alone on that.

What I’m saying is – if you’re smart about your money – you will survive any hardship coming our way as a result of Congress’s failure to pass the bail out bill (and rightfully so).  Yes, there will be some trickle down as a result – but – catastrophic and world changing to the rest of us?  I don’t think so.

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