Strengthening Constitutional Self-Government

No Left Turns

In Trying Times

...people will turn to McCain’s judgment, and not Obama’s vision. That’s the opinion of our Julie, and a learned and astute expert emailed me this morning with a more detailed version of that thought:

Driving in this morning and listening to the radio about the AIG bailout plan, etc., it occurred to me that the current economic crisis might actually work in MCCAIN’s favor. Obama’s appeal is as a visionary, promising future greatness. But as the global financial system collapses around us, it seems to me people will want to "hunker down," and they will focus on a stop-loss kind of rationality. This effectively voids Obama’s central appeal: there’s just no money to spend on grand projects, even the grand project of tax relief for the bottom 95%. It also increases McCain’s attractiveness, since despite his total lack of any real economic policy, he exudes the character traits of flinty responsibility, like an old-fashioned banker, which is "just what we need" in a time like this.

Discussions - 19 Comments

I was thinking along the same lines: in good times, Obama would be a risk people could afford. But after Russia's invasion of Georgia and the current economic crises it's the old guy who is the better bet.

If it's Obama in 2008, it'll be Osama in 2009.

This site is an endless parade of right-wing spin doctors and almost fantasy projections. It is hilarious. It was republican 'judgment' that got us into all of these messes. Maybe it was their 'natural aristocracy' kicking in. Several weeks ago you guys were claiming that the republicans did not deserve to win, given their terrible governance these last few years. But the smell of blog-blood and the batting of Palin's eyes make it all ok.

No, "wt". It is all FDR's fault. And Clinton's. Clearly. Reagan tried to save us, but he didn't have enough time . . . If only he could have been patriarchal dictator for life.

If we had never strayed from the path of the Founding Fathers and the teachings of Jesus Christ, we wouldn't be in this mess today. All those leftists ruined our God-given political experiment!

Don't worry, though. We're God's chosen people, tapped to bless the world with capitalism and representative democracy (regardless of what they want). We'll be back on our feet before you know. It's all part of God's plan. Just put your faith in the oracles of the market and that Good and Great Free Market. God's invisible hand will bring stability to it once again. Blessed be the name of the Lord, George Washington, Abraham Lincoln, and Ronald Reagan.

Sounds like we have a couple of terrorist sympathizers right here.

Crunch Hardtack, meet Hal Holst. I'm sure you'll be great pals.

I remember that McCain's "judgment" wasn't deemed all that terrific during the S & L crisis in the 80's.

It was republican 'judgment' that got us into all of these messes.

I'd ask you to explain that comment, if I didn't know that doing so would be an exercise in futility.

The management at Fannie, Freddie, Lehman, etc were all solid lefties.

If you want to know what "got us into this" go back past FDR to Woodrow Wilson and the creation of the federal reserve system. A system of fiat debt currency will always function like this. The only two presidents to ever issue a debt free fiat currency were Lincoln and Kennedy and they both ended up dead in qeustionable circumstances.

BO is making vigorous arguments promoting what he calls 21st century reform. Look at his speech from yesterday, where he describes 6 "principles" of his strategy (see RealClearPolitics for transcript). The interesting and remarkable thing is that its all warmed over 20th century big government programs and regulation, every one of them. The first -- I swear -- is virtually to create an agency to do what the Fed (Wilson's creation) already does. Another is a $50 Billion jobs creation program to fix up infrastructure, for heaven's sake, the PWA all over again. Not a single 21st century proposal among them. This is of a piece with BO's acceptance speech which was all traditional Democrat Party liberal programs. This excuse for 21st century reform could be made for McCain to make mincemeat of. For example, it is low hanging fruit to demonstrate that federal regulations (think Community Reinvestment Act and various housing regulations) forced mortgage lenders, Fannie Mae, and Freddie Mac to write high risk mortgages for low income and low credit borrowers. The Clinton Administration enforced CRA with a will and thought it was terrific stuff, and crowed when millions of dollars in subprime loans flowed into poor communities. I call this making the federal government the ultimate predatory lender...and BO wants to do much more of the same. More regulation is no plan for ending the mortgage crisis...regulation IS the mortgage crisis!

FUNG, that was back in the day. You don't want to preclude the possibility of a guy learning on the job.

The Duke of Wellington learned early in his military career that night attacks are apt to become chaotic. He learned that in India, but he learned it by failure.

Likewise in politics. Early in his Washington career, McCain got scorched in the S&L crisis, and it nearly cost him his Senate seat. His response has been to stay well away of anything that smacks of inside dealing, earmarks too.

Obama on the other hand hasn't been around long enough to learn, nor has he been exposed to the number of issues that McCain has.

Obama should spend the next 8 years in the Senate, making himself an expert of a few key issues, putting the corruption of Chicago politics way back there in his rear-view mirror, then run for higher office.

Not to be cynical about the unending wisdom of the American voter, but perhaps in trying times there's a greater market for snake oil and miracle pills. How did a clunker like Kerry come to close to beating President Bush (in better times both politically and economically)? I'd suggest it was by convincing a crucial segment of voters, subconsciously, that they could make all this unpleasant terrorism stuff go away by voting in a Democrat who more or less denied it.


Was it as long ago as McCain's stint in Hanoi? He doesn't mind blowing the cobwebs off of that one, does he? And didn't Palin say (recite) something in her nomination acceptance speech about on-the-job training? As I recall, McCain was being paid by taxpayers back in the day.

FUNG, Hanoi was formative, you may not like it because it plays in favour of the GOP, but it was a formative experience for the young Naval Aviator. As were events surrounding the Keating 5, which as I mentioned, scorched him. Why do you think he went off on some bender about "campaign finance reform," {other than the fact that the media was pushing it, and he saw it as an excellent vehicle to push himself forward, which he's overfond of}.

The Keating 5 happened when he was in a lesser position, without final or executive authority. Thus it was a learning experience.

I've no prob with guys learning on the job, --------------- so long as that job isn't the CHIEF EXECUTIVE of the land.

Besides, Obama isn't simply learning how to do things, ---------- his whole journey has been a journey of SELF-DISCOVERY. Hence his constant prattling on about some "father figure," and why he constantly seems to be in need of some "mentor."

Not to get personal here FUNG, ----------------- but think about it, ------------- have you ever had a mentor?

Do you know of anyone who had a mentor?

Now ask yourself how many people have you heard of who've had MULTIPLE mentors?

I don't know of anyone who ever felt the need to go off on some quest to "discover" their father. Then felt the need to mythologize him when the guy was, shall we say, ----------------------------------- certainly less than reputable.

What does this mean for Obama's political future?

It means he needs more seasoning. Another 8 years in the Senate, making himself an expert on a few issues, putting creepy Wright way back there in his rear-view mirror, staying far afield from the corrupt ways of Chicago, {easier said than done...}, ----------------------- THEN coming out and presenting himself as a man ready to lead.

Many of our leaders, such as Obama, are trying to limit the accessibility of short term, high demand financial assistance. Some areas are attempting to put legislation in place that would limit where these legitimate businesses can operate. Some states, such as Georgia and North Carolina, have out-and-out banned the industry altogether, and others are close behind. Across the nation, citizens are trying to have their voices heard by fighting legislative bans on the payday loan industry. The odd turn of events is that Obama and others are trying to eliminate an entire industry, losing thousands of jobs in the process and thousands more in potential jobs, during a time when unemployment and financial hardship is at the highest in recent memory, all in the name of political gain.

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On October 5, 2008, the CW Network premiered a new drama from the creators of The Sopranos. The new show, called Easy Money, is said to be about a family who owns and operates a “high-interest loan” business called Prestige Payday Loans. It’s always great to see shows being produced in an effort to bring underrepresented cultures or things into the limelight; as long as it constitutes a fair and balanced portrayal of the subject matter at hand. However, by taking one look at the trailers for the new drama, as well as a few of the episode synopses, my biggest fear is that the premise for the show is based solely on vicious media stereotypes. With this in mind, think of the last time that you viewed a news story either online or on television news talking about the payday loan industry. Chances are the story you saw or read wove tales of “real” persons’ woes fueled by their getting bogged down in an “endless cycle of debt.” Worst of all, according to such “articles,” it all started when they needed to borrow money to fix their car or pick up the tab on another unexpected bill. Such stories are further proof that, for the sake of winning the ratings wars, news networks will latch on to and report only the juiciest, most scandalous aspects of any big story and completely ignore everything else. It seems as if the CW network is following suit in an effort to recover viewers lost during the Writer’s Strike. One, for instance, opens with the tag line, “for this family of loan sharks, money is easy.” Surely, it’ll be interesting to see whether or not the CW or the show’s creators learned what the industry is really about. Chances are, probably not.

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Democratic Representative Mike Kernell’s son, David Kernell, was caught by authorities. Apparently he had reset the password and gained access to the GOP VP candidate Palin's personal Email account, according to CNN. He had taken a screenshot of her entire email directory which includes E-mail addresses, pictures, birthdates and phone numbers of family members, and more. After turning himself in, he pleaded not guilty despite the fact that he took the information he hacked and posted it to a public Web site. To make matters worse, he also posted the new password he’d created, which allowed others to easily access Palin's E-mail themselves. David Kernell may be subject to the heat of a five-year prison term, $250,000 fine and three years of supervised release as a consequence. At the maximum of $1,500 per loan, that bail would require about 167 individual payday loans to free him from being condemned with other cellmates.

Today’s foreclosure epidemic resulted from the legal mass marketing of dangerous loan products and systematic overcharging of vulnerable consumers. Unfortunately, the consequences are hurting everyone, as massive foreclosures reverse previous gains that had been made in homeownership. Even worse, the housing crisis has set the entire country back as we deal with the spillover effects of reduced property values, lost jobs, and devastated communities.Mortgage lending played a big part in our current economic crisis, which has been a significant topic that is disturbing the standards and values of America. Conversely, this problem does not target the American people alone, but has navigated to other parts of the world. The International Herald Tribune explicates the worldwide credit crunch that is happening in Europe as well. Small businesses like Dominique Boudier’s printing company, outside of Paris, generally depend upon credit with its suppliers in order to maintain the functioning of the company, and her creditors are cutting back their offerings by half. This was approved by the suppliers’ credit insurance companies. Like many others, Boudier’s business needs added cash flow to make up for their major fallbacks, considering a typical 60-day lag time in which clients pay. The future of her company appears shackled without the assistance of her own bank. Her bank, like many other banks across Europe, began to put their money to sleep instead of investing it back into other banks or the economy in general. When the banks began to fall short and liquidity was disrupted, the credit began to dry up. More or less, the European Central Bank is quite similar to America’s Federal Reserve Bank. They utilize a method which is based on the ability to create as much fiat money as necessary. Fiat-money currency, which in fact is credit money, loses value once the government refuses to further guarantee its value. We see this in high inflation rates as the world’s credit crumble. People believe stronger private banking systems that make responsible decisions can solve this problem. Until then, payday advance loans will surely be manageably obtainable for consumers who need immediate short-term help and can no longer depend on a faltering

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The current economy has a lot of people looking for an online payday loan before it is too late. The tendency for companies to enact massive amounts of layouts seems to becoming quite the in style thing to do, as more companies have announced job cuts amounting to 45,000 jobs on Monday having been cut, creating more and more people that need a payday loan. The unemployment rate is continuing to rise, and it has hit levels higher than they have been since the Great Depression. Workers then couldn't get a payday loan if they needed.

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