History of a Scandalous Rape of Taxpayers: Once Again Congress is the Culprit

Watch and weep at this extensive history of legislative malfeasance. H/T Jawa.

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McCain’s Statement

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Energy and Jobs

As long as energy is expensive and less abundant we will be harming our ability to compete on the world market, and decreasing jobs at most local levels. It’s a steady static downward spiral that we cannot afford to stay in.
One party has blocked new sources of energy steadily for thirty years, and during that time we’ve seen steady offshoring jobs and decreasing expectations in America. It’s time to put a stop to that, it’s time to build America anew. But ignoring reality will not gain us any relief.

There are new technologies for solar, wind, and geothermal that show a great deal of promise, but they are not ready today and cannot do the job. We must continue to use coal over the next thirty years, and we must find ways to make it cleaner while doing so. We must expand our use of nuclear energy as well to fill the gap of burgeoning energy needs.
Remember when energy prices go up, so too do food prices. While that’s a discomfort here in the US, in many countries it’s the difference between having flour or soy protein for a meal, or eating grass or foraging in the woods for food daily in poor countries. We must make energy abundant for our children and grandchildren, as well as relieve this dire pressure for the rest of the world, but we must first immediately increase our energy production capabilities across the board in our own country if we are to maintain the ability to solve the future energy problems. 50-70 Petawatthours of electricity will be needed by 2050, and we are in the 12-15 petwatthour range now. That’s a huge task and challenge, and it will take Americans working together and using an “all of the above” approach to solve.

The other impact to jobs of importing so much energy is that it’s money we send offshore – if we send the money offshore, it’s not here anymore working in our economy, which also leads to fewer jobs. The wealth of the future lies in energy creation, and it’s about time that the US started leading that new wave energy sources as we have all others. Here you see John McCain speaking in Ohio on the extreme import of extending the energy base we have now to create jobs and security while building the path to our energy future.

This topic might seem a bit dry, but it’s actually critically important to our future, especially now in this time of economic downturn. Please give it your attention.

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Cabo Rocks

The Rocks in the bay at Cabo San Lucas.

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Who’s Behind the Mess?

This is pretty much all you need to know about the current situation in a nutshell, straight to the essentials.

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The Housing Bubble Link Round up

First you must read Robert Bidinotto’s synopsis here:

While Barack Obama was getting campaign contributions from Fannie Mae’s Franklin Raines, John McCain was sounding the alarm about the crisis to come and trying to do something about it. On May 25, 2006, McCain spoke on the floor of the Senate on behalf of his proposed Federal Housing Enterprise Regulatory Reform Act of 2005:

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation

Robert’s done the best collection of pertinent links, after poking through those please read Lee Cary’s piece on the Obama/Daley housing debacle in Chicago at the American Thinker.

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Mum

McCain has spoken about the financial crisis at length, in a couple of places I do disagree with him. Much of the fault here does lie with Congress, and John seems unwilling to assign their portion of blame. Perhaps he’s saving that for the debates however, you’ve seen plenty of material here. One thing I do know: Capitalism works best with less regulations. This whole mess is because of a crazy quilt of financial regs including CRA that work at counter purposes and which result in two socialist government backed housing lending agencies both ripe for corruption and abuse.

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The Newest Palin Smear Comes as Astroturf

Rusty over Jawa report has done a fine job of digging into the people behind the lastest supposedly “grassroots” video that smears Sarah Palin. It’s a grand opus, and Rusty’s investigation has been every bit as thorough as the ones he does against internet Jihadis. (E.G. rumor has it that Al Qaeda’s latest tape was released six days late partially due to his efforts.) I highly recommend that you read it in full, then stop back by here for some background on Joe Vogler and the AIP.

The professionally produced PR firm video attempts to tie Sarah Palin to the Alaskan Independence Party and Joe Vogler, and that was a real hoot since the ties are so weak, and since everyone in Alaska knows that the chances of AIP getting a secession vote are nil, nada, nyet, no way, not going to happen. Even the majority of AIP members (about 1% of Alaska’s miniscule population) also know that the secession is just political theater with a point.

With the exception of a few real dedicated, passionate nuballs most are just there for the humor and to vent about the Federal Bureaucracies that have locked up most Alaskan lands and thrown away the key. During the many boom and bust periods of Alaska’s economy AIP has floated many petitions, and there are very few Alaskans who haven’t signed one at one time or another. The ones I remember signing dealt with drilling in ANWR, and building a natural gas Pipeline.

I call them nutballs because some of the long term members occasionally expouse conspiracy theories where general government malaise and liberal environmental stasism are the real cause.
Some of them spout everything from the Trilateralists, to gold conspiracies, to Johnson had Kennedy shot; in other words they would fit right in at a Hollywood party, a troofer convention, or a John Birch meeting. (Few people realize how thin a barrier separates the Hollywood elite kooks from the Birchers and the deluded troofers, they are all tied together by a willingness to believe in the preposterous over reality when given the choice, witness people like Michael Moore and David Duke.)

I grew up in Alaska, and Joe Vogler as well as AIP are part of the background of some in the state, but you will find them mostly in Fairbanks Alaska. Joe’s a colorful character – ok character is too non descriptive… let’s call him a passionate nutball. However Joe’s one of the passionate nutballs who pioneered Alaska, and he was a patriot who worked and fought for his country. His beef with the US is more with the bureaucracies and the fact that they claim-jumped his mining stake, you would be hard pressed to find a more ardent defender of the US Constitution however. He just thinks modern Fed Bureaus do not follow it.

Think of Joe as an alcoholic Ron Paul without the baggage of past prejudices.  Joe Vogler was always strongly in favor of the US Constitution, I know this because I’ve had a few conversations with him on the subject; a couple of times at Tommy’s Elbow room, and a couple of times at Bob’s Saw Shop, both in Fairbanks.

What he wasn’t in favor of was the extreme Federal lock up of land and resources in Alaska. The Secessionist movement has always had some stated goals, but they are more interested in achieving the same rights that other states enjoy when it comes to their natural resources. The parts of Alaska that aren’t federal preserve, parkland, military base, or owned by the Native corporations are few and far between, and the amount of land in private citizen hands is tiny. When you see the Lower 48 blocking development in Alaska ala stopping drilling in ANWR is when you will see the AIP membership rise. The people still vote R or D when they hit the booth however.

That’s Joe’s and AIP’s beef, and to Sarah Palin they are also constituents so it’s natural that she would send a video greeting to their convention.

AIP is mostly political theater – to paint it as much else is really preposterous. To paint Joe as some kind of malevolent anti-us dingbat is also bit off the mark, to be sure he has no love of the Park service, BLM, and the other federal agencies that keep Alaska in the 19th century. However he was a true patriot who loved the US constitution, and he was one of the few people who can say they helped fight off a foreign invasion of US soil. You can hear him at link number 5 on this page describing what it was like.

You will also see some of the conspiracy theories he believed, e.g. link number one, he’s on the same page as Pat Buchanan on WWII, and it’s idiocy to be certain. In Alaska there’s a saying that goes something like “We attract a lot of real winners, but we get our share of losers”. Where’s Joe on that spectrum? You decide.

UDPATE: Please Revisit Jawa Report for Updates: The sites and vids in question have been nuked but not forgotten, Rusty was smart enough to take their cyberprints.

Update II: We have a carefully crafted confession designed to protect the PR firm and Obama. More here.

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Citizens Against Government Waste Fact Checks Obama and Biden

Ugly record for both.

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Obama’s Machine

This is one of the harder hitting McCain ads so far, but there’s much more that could be said regarding each of the “callouts” in this video, and many others in Obama’s background.

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