The financial system bailout

I'm against the federal government being involved in so much because I don't as a rule trust congress to do what's really best for the people. They are as a rule selfish and self-important. They are like the rooster who thinks the sun rises because he crows.

But this time there may have to be a big government solution because BIG Government created this damned situation. The faults and flaws with Fanny Mae and Freddie Mac have been known for 5 years and even massive fraud a few years ago didn't cause congress to stop it.

One other thing...I get damned sick and tired of people who know better that this bailout will cost the taxpayers 700 billion to 1 trillion dollars. Anyone who believes that is an asshole or is willfully ignorant. The proposal is not to give money to profligate investors. Most of these mortgages etc will be repaid in substantial part and considerably secured. The assets acquired will be later sold, many at a potential profit.

I do disagree however with bailing out the auto industry and school loans. This will be effectively pissing money away. Naturally the Dems are pushing this. You can always depend on them to make a bad situation horrible.

I'm an accountant....and I'm sorry

I feel I must apologize.

Yes, I am an accountant. Been one for decades. Seen a lot of financial crap and crises in that time.

For the first time I feel I'm part of the problem.

You see, my profession thought the financial transparency of publicly traded companies would be enhanced by...enhanced accounting principles and financial auditing standards. You see, we are a lot like generals-we prepare to fight the last war. And that war was Enron, among others that followed.

So we promulgated something called 'mark to market' for certain financial transacttions. This has been getting a lot of press lately. This was stupid and I thought so a couple of years ago as it was being debated.

Yes, the profession was being pushed by the SEC and GAO and Congress and maybe we were just following orders.

But most of us should have known better. The system really wasn't broken at the time. But in our mission to make things better for investors, we forced financial corporations to swallow a poisoned pill. It was time released and has now hit the system's 'blood stream.'

This is what happens when you allow lawyers, and accountants pushed by lawyers and congressmen, to be responsible for...hell, anything!

Sorry.

Religion of Peace, My Ass! (Part 22)

From Little Green Footballs:

The chief of Saudi Arabia’s Supreme Judiciary Council has issued a fatwa letting Muslims know that if a TV channel airs “immoral” content during Ramadan, it’s OK to murder the owners.

I know, it's been a long time since I've posted on the Religion of 'Peace' but it got too easy finding atrocities that have been committed or is authorized to be committed in the name of Islam. And I'll say it again, Islam as practiced by a substantial minority of its adherents is a dark ages religion suitable for a proudly backwards people.

Nope, I'm not a hater and I know most practitioners are likely good and sincerely peaceful people. That does not change the tenets of the Koran as taught in the birthplace of Mohammad. You got a problem with me, take it up with the prophet first.

Answer: Because Democrat voters are...

... the dumbest 2-legged creatures on the planet.

The Question: Why do Democrats charge that the voter registration rule could keep (their) voters away?

Well, that seems to be what the Florida Democrat Party thinks about their voters.

(Per the Ocala Star-Banner): The state began enforcing the law last Monday, following a court decision in June upholding the statute. The so-called "no match, no vote" law requires newly registered voters to provide a driver's license, state-issued identification card or their Social Security number to verify their identity. The information is then matched against state and federal records for verification.

If the information cannot be matched, the would-be voters will be notified by their local supervisors of elections and given a chance to resolve the conflict. If they show up at the polls and their registration is still in doubt, the new voters will be able to cast a provisional ballot during the Nov. 4 election, while being given an additional two days to resolve the issue.

Critics say the law could block voting by legitimate voters if their applications are rejected because of a typographical error or other minor flaws. They also said the barriers could be more significant for black and Latino voters who are less familiar with the system. (Now doesn't that make the Dems seem racist? They expect their minority voters to be stupid to comply with simple instructions.)

*********************

Democrats said the new law could have more of an impact on their voters since more Democrats are registering in this presidential election year than Republicans and independent voters.

Of the 490,000 voters who registered this year through Sept. 1, nearly 60 percent of them have been Democrats. And although the new law will have no impact on the thousands of new voters who registered before Sept. 8 — the effective date of the new standards — some suggest the flood of new applications before the Oct. 6 registration deadline for the general election will make it difficult for local elections officials to help voters who have had their initial applications rejected.

Here's the bottom line. When you register, you're expected to register under the same name as is on your driver's license or social security card. Pretty damn basic, don't you think? You know, the same type of requirements that are expected when you open a bank account, to cash a check, to obtain a loan, to apply for social security benefits. Hell, just to live your life. But the Dems apparently believe their voters are too damn stupid to comply with this simple requirement.

Maybe the Dems know best. Hey, and maybe they're right. It definitely seemed so in the 2000 election here.

Thank you, Mr. President

Another September 11th has passed and we are still much safer now than on that day in 2001.

This is not an accident. Nor mere chance.

It is due to the strength and character of our president. And our great military comprised of men and women who far surpass so much of our congress.

Imagine how much better off we would be...militarily and economically...if there wasn't a majority in congress who would destroy this good man, and in the process destroy this nation to gain and maintain their own power.

Sigh...what could have been.

But that does not change this...we owe President George W. Bush our thanks and appreciation. He will be judged great in the very near future, particularly if we're stupid enough to elect even more Democrats.

It's a September 12th world

And has been ever since September 11. 2001.

Imagine...7 years and the USA is still standing.

Hell, we've gotten so complacent that we're considering installing an inexperienced lefty in the White House to join the fun with a lefty congress.

Which will mean we will return to a September 10th mindset in DC.

Which means there will be another September 11th in our future.

But that is for the future to decide.

I've been taking a breather

because of some family matters that require attention. I'll be back pretty soon.

In the meantime I've been enjoying the Democrat meltdown and then excitement from Sarah Palin. Hell, McCain seems more energized and we really need that if the Dems coronation of the Most High Obama is to be forestalled.