March 27, 2008

Wonk Alert - Here's Obama's speech today on the economy, economic history, capitalism and his plans for financial regulation



31 minutes. Lots of detail. A terrible idea or two, and many great ones. And in the end, if he wins in November, I think we can all be glad that we'll no longer have an idiot as president.

I hope even the Fox-News-Obama-Haters listen to the speech. America is a great country, Obama is not the devil your channel is programming you to believe, and there is cause for hope.

Obama's plan to change the economy

In the past quarter-century, there has probably never been a better time for a presidential candidate to charge into downtown Manhattan and make a speech arguing for more regulation of the financial industry.

The moral authority of market fundamentalism (if such a thing ever existed) is in tatters, and even Treasury Secretary Hank Paulson, the former CEO of Wall Street's crown jewel, Goldman-Sachs, is acknowledging that new rules are necessary to clean up the current mess.

So for liberal critics of capitalism as currently practiced in the United States, there was much to admire and appreciate in Barack Obama's speech Thursday morning at Cooper Union in New York. The address provided yet another example of what the Senator from Illinois does best: it was an eloquent, nuanced, smart defense of the pressing need to roll back decades of government irresponsibility and ensure that the interests of, as he put it, "Main Street and Wall Street," are better aligned.

68 comments:

Anonymous said...

.
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"So for liberal critics of capitalism as currently practiced in the United States..."

i'm glad the author qualifies what we have here in the US b/c it sure ain't capitalism. more like ponzi corporatism.

Anonymous said...

No but no thanks. Obama is an Empty Suit who just makes speeches, surrounded by Skull & Bones advisers. And you preference Keith, is only based on your irrational hatred for the entire Clinton family. You probably even hate their dog, for no rational reason.

I didn't vote for Bush twice and always beleived that Reagan and Bush 1 were a farce, so I'm better qualified to pick presidential candidates.

Oh, and one more thing, when the corrupt mass media pushes Obama and McCain down your throat 24/7, you vote for Hillary. You know that the corrupt mass media is up to something, since this is the same media that pushed Bush/Cheney and the Iraq war 24/7, just like they're pushing the Messiah Obama now.

So be a mass media's puppet and play their game if you want to. I prefer to be a contrarian.

My candidate used to be Ron Paul, but since the corrupt MSM killed his chances, I'm voting for the candidate that the MSM hates most, which is Hillary. If you're a Ron Paul voter, you should do the same.

If you believe in Obama's speeches, you're a fool.

keith said...

Nice to see the last commenter didn't watch 1 second of the speech

That's what I've come to expect from most Americans - continued ignorance, the inability to research or listen to both sides of an argument, and political paralysis

And America will get what it gets because of this type of attitude and behavior.

Ignorance is not bliss.

AmazingRuss said...

"only based on your irrational hatred for the entire Clinton family."

Irrational? They lie to us, steal from us, and treat us like morons.

No battered wife syndrome here, thanks. No more Clintons, either.

adios amigos said...

He wants to raise the capital gains tax from 15% to 25%. Hmm, I wonder what that will do the the markets if he's ahead in the polls come October?

It always amazes me that Democrats think they have to broadcast their plans to raise taxes before they are elected.

condosleazy price said...

I think the Reverend Right issue forever changed peoples minds about him ... it sure changed mine.

If the roles were reversed and McCains Priest gave
David Duke a lifetime achievement award and condemned the USA for 20 years, you can bet that he would be thrown out of the race. So, with that in mind, I'm not voting for a hypocrite that's being promoted by a hypocritical media. No Way. I was pumped up about Obama before but it turns out he's as bad as the other options.

Look for Al Gore to enter the race in some way while Hillary and Obama destroy each other.

keith said...

The Rev. Wright issue is the Swift Boat and gay marriage of 2004, the Lewinski of 2000, the Willie Horton and flag burning of 1988, the electro-shock therapy of 1972, ...

Americans end up with the losers they end up with because they're easily distracted by bullsh*t issues that have no impact on their lives.

And for the record, I'm against Obama's limited housing gambler bailout ideas. But damn, this was one fine speech.

I encourage all of you to watch it. Even the haters. But I assume you won't do that. You have books you still need to burn (before you read them), right?

31 minutes. If that's too much to ask, then America is doomed.

Afterthought said...

Obama gets a B-. He has a long way to go on the economy.

The question remains what ought the Federal governments actions be over the next 4 yeas?

The barn door has been open for a while and most of the horses (read factory jobs) have gone.

On the flip side we have a lot of upside potential in space, robotics, AI, genetics, stem cells, agriculture, nanotech, and commodities (traditional or new substitutes).

America needs to deinvest in finance and reinvest in science and manufacturing: THERE IS NO OTHER WAY!

Can a Democrat get the people to tighten their belts?

Let's see...

Ed said...

"I hope even the Fox-News-Obama-Haters listen to the speech. "

WTF does that mean? Oh wait I remember now. According to the far left anyone who doesn't like Obama must be a racist.

This man is just shy of a communist. He wants government to run your life from the day you are born to the day you die. He was rated the most liberal Senator. Think about it for a second. Ted Kennedy is considered conservative compared to this man.

If he were the whitest white man that ever lived I would not vote for him. He could be named Johnie Whiteman McWhiteGuy and I would still be 100% opposed to him based on the issues. Remember those?

Liberals like Keith keep telling us we need to move away from seeing race. Yet as soon as any black person is challenged on anything, they scream racism. That Keith is the definition of racism. Assuming Obama is too fragile to be challenged because he is black. You are treating him with kid gloves because he is black. In other words you are discriminating based on race and can't even see it.

Anonymous said...

Be a mass media's puppet and vote for the candidates they're pushing 24/7 down your throat, which are both McCain and Obama. Can't you see that the corrupt MSM is up to something here? And I'm the ignorant one?

If Obama is nominated, McCain will win, no doubt about it. And that's the GOP's plan, with the support of its corrupt bootlicker MSM (i.e., Anderson Cooper, Chris Matthews, Tim Russert, Glen Beck, Faux News, etc). Recent unbiased polls indicate that 36% of Hillary voters won't vote for Obama if he's nominated. While only 18% of Obama's voter's (MTV Pot Smoker College Idiots, welfare parasites in ghettos, $10k per handbag celebs, low life rappers) said they wouldn't vote for Hillary if she was nominated. There, if Obama is the nominee, he will lose against McCain.

So far, this blog has endorsed at least 3 candidates in the past year. First it was endorsing Ron Paul, then it jumped to Romney, now it's passing the Obama Kool-Aid. I bet if Obama is out, which everything indicates he'll be, this site will be endorsing McCain.

The irrational hatred for the Clinton family is a mental disorder. Seek a professional; you're mentally ill.

Anonymous said...

While Obama is not perfect he is the best choice. However I have 0% faith that my fellow American has the intelligence to not get distracted by pastors and Ponzi schemes.

Ed said...

HA HA HA. I love you Keith, I really do. Hillary is the one still talking about Wright. Al Gore brought up Willie Horton against Dukakis in the 1988 primary.

But it's all us crazy racists on the right that are to blame.

And you're right, a president who attends a church for 20 years where his pastor is a black Hitler wannabe is a bullshit issue. Had McCain even had lunch with a white version of Wright he'd not only be finished as a presidential candidate, he'd be resigned from the Senate.

keith said...

OH CRAP, YOU MEAN OBAMA'S BLACK!?

HP withdraws it's endorsement. I didn't realize the dude was black.

Back to Romney I guess.

Oh, wait, I never endorsed Romney.

Hmmm... OK, Clinton's cool. He was a good president except for the BJ thing. Clinton 2008!

Oh, you mean it's his WIFE? OK, forget that one.

McCain 2008! He's an old angry white guy right?

Come on people. If you're for or against a candidate because of his or her skin color, or sex, or religion or height or any other stupid meaningless criteria, then again, you get what you get.

Someone, anyone, please watch the 31 minutes and then comment intelligently. Someone. Anyone. This level of ignorance is killing me.

Afterthought said...

If you are a self-proclaimed right winger, here is a query:

What happened to your party?

More spending than Democrats; unending wars like Viet Nam and Korea; absolute theft and communism at the highest level;

Democrats are not worse.

And this is from somebody who has never given a dime to the Dems; but did give money to Ron Paul.

I'll offer this: one of the main reasons I probably am giving Obama a chance is that I despise all races equally.

Anonymous said...

keith said...

That's what I've come to expect from most Americans - continued ignorance, the inability to research or listen to both sides of an argument, and political paralysis

Ignorance is not bliss.

Actually ignorance has been total bliss in America since WWII, with a small break for Vietnam and Watergate.

Your Euro buddies are rubbing off on you Keith :-).

You are outside the hologram now. No one inside the hologram can even comprehend what you see from the outside so don't be too critical. We just can't see beyond it.

shtove said...

Obama is definitely presidential. If only Ron Paul had that coherence and delivery.

The rhetoric is great, but not comfortable with the details - looks like the heavy movers in government and the finance industry still get to set the levels of "opportunity".

Anonymous said...

keith said...

Someone, anyone, please watch the 31 minutes and then comment intelligently. Someone. Anyone. This level of ignorance is killing me.

I watched the speech. I also watched his interview with Maria Barfaromo. He is well spoken, answers questions well and is impeccable.

So what. By the time he is elected the U.S. Treasury will be full of mortgage garbage and the criminals will be in Grand Cayman sipping fruity drinks with their billions of U.S. Treasuries.

The entire country is broke. What will he do? What will any of them do? Who in their right mind talks about raising taxes and bailing out FB's when the bank account is empty? None of them have a clue. We shall see how well his speeches are received when there are fuel shortages and bread is $10 bucks a loaf.

He gives a good speech, yes.

Anonymous said...

Anyone catch in Obama's speech, the call for using the empty houses for low income housing?

Not in my neighborhood and I aint voting for him.

He has hidden agendas

Sorry, the Reverend's opinions are are definitely shared by others.

Anonymous said...

Your not getting it Keith, most of us do not want your political views. As it is I rarely visit HP due to this. Obama is clearly another insider, part of the same gang as Bush. You should know this. I wonder why you act like you do not.

Anonymous said...

Funny how Keith and the corrupt MSM avoids the shady issues involving Obama, such as:

1. His economic adviser, Goolsbee, a Skull & Bones member like Bush, was selling the American jobs cheap to Canadian officials, at the same time Obama was lying to OH workers that he's against NAFTA. Goolsbee was giving guarantees to the Canadian goverment that Obama's position against NAFTA was just an electoral trick to fool voters.

2. Michelle Obama's shady property deal, in which the crook Rezko "gave her" a $600k loan to buy the land next to her mansion. Obama colluded with criminal Rezko in order to get "a break on the price" of a house Obama bought in Chicago in 2005. Who gives a $600k loan without asking anything back these days?

3. The huge amount of campaign money that Obama was getting from his pal, the criminal Rezko. Over $200k.

4. Executives and employees of Exelon Corp., a Chicago-based energy giant and nuclear plant operator, have contributed more than $200,000 to Obama’s campaigns since 2004. This month, The New York Times examined whether Obama, at the behest of Exelon lobbyists, had watered down legislation aimed at tightening regulations on the nuclear industry.

5. Obama has co-sponsored and/or passed ZERO bills since joining the US Senate, voted over 160 times in the Illinois State Senate "Present" other than taking an actual position on an issue. Mr. Flaky Obama doesn't have the balls to take a position on an issue, so he keeps voting present to get away from responsibility of his votes.

6. Obama’s main overall image adviser and foreign policy adviser is Zbigniew Brzezinski, the co-founder of David Rockefeller’s Trilateral Commission, and the mastermind of the disastrous Carter administration. Obama’s wife Michelle is reputed to be closely linked to the Council on Foreign Relations. Read more about Zbigniew Brzezinski on wikipedia.

7. Obama's only bill in the Senate was to give billions of dollars of taxpayer money to Africa. Our country is imploding and he wants to support Africa at our expense, only because was based on the 10 points of Wright's church of hate, which's to help only African Americans around the planet with white people tax money. Prepare your wallets because you'll be supporting a lot of Africans around the globe. The few tax cuts that your retirement funds have will be gone to support Africa, while you go bankrupt and retire poor. It's payback time for Rev. Wright against the white people. Enjoy.

8. I wouldn't attend a church for 20 years, especially with my little kids, to hear messages of hate from my pal Reverend against other races that are not black. Not my thing, but if you like it, go for it and take your kids along to shape their characters.

9. Obama bought stock in two companies whose investors included several major donors to his campaign. One of the companies -- AVI Biopharma -- was developing an avian flu treatment even as Obama began work to secure increased federal funding for the disease.

10. According to Obama's book, he spent a lot of time doing coke, while some of his friends tell that he used to smoke crack. You know, the same friends that the GOP is lining up as we speak to bring into the news 24/7, just like the Swift Boat veterans? Sorry but I don't like my presidents to lack neurons because of heavy usage of narcotics. Smoke a doobie once in a while is okay, but crack and blow?

Anonymous said...

Looks like Obama loses the Angry White Man vote

Anonymous said...

he gives a great speech

so did hitler

your point?

and no you freaks I am not equating BO with hitler, just making the point that a good speaker doesnt mean shit if what he speaks is garbage

Anonymous said...

A few topics for Keith:

A. If you're so sure that Hillary is out of the race, why the constant desperate threads against the Clintons? That goes to the corrupt MSM, too.

B. If you're so sure that the American people are a bunch of idiots and sheeple who don't know how to vote, why are you following them in voting for Obama? Isn't Obama the favorite amongst all the American sheeple, according to you, the GOP, the corrupt MSM, the youtube, the celebs, the rappers, the college kids, Oprah? Why are you following the herd, then?

C. Obama was making a speech against NAFTA to OH blue collar workers, while at the same time his economic adviser Goolsbee was telling Canadian officials that Obama's position against NAFTA was just a hogwash to fool voters. Nothing to pay attention to, as Obama wouldn't do a damn thing about it after elected. So why would trust any other speech made by Obama? Can't we assume here that Obama's speeches are nothing but hogwash to fool voters? Use logic and common sense here, rinse twice.

bobby jones said...

"That's what I've come to expect from most Americans"

Isn't this an ad hominem attack?

His speech sounded like nonsense;

i.e. after people were set up by the banks to fail their rewarded with laws that let the government inspect their financial records....

Akubi said...

For those suggesting that Obama is nothing but an empty suit I would suggest listening to his speeches in their entirety and reading his books.
Hillary wants to include Alan Greenspan to lead a “high-level emergency working group” to resolve the mortgage crisis. WTF? That’s rather like asking Dick Cheney to broker peace in Iraq. I'm amazed how many Clintonistas are on this blog.
Of all the candidates Obama is by far the most fiscally conservative and economically sane one.

As far as anonytroll's list of "shady issues" there are too many to list in regards to Hillary so I'll just direct you to The Hillary Project.

In terms of McCain, I would like to remind you of The Keating Five.

Anonymous said...

President Obama

Get used to it

Akubi said...

Also, I can't believe people are still buying Billary's NAFTA lie and can't wait until the results NAFTA-gate probe are pulicized: Mr. Brodie told CTV reporters during the media lockup for the Feb. 26 budget that Ms. Clinton's campaign had reassured Canadian diplomats that her tough talk on NAFTA was just posturing, a reporter with the network has revealed. But when the network aired a story the next day, it reported mainly on the Obama campaign.
The MSM has *not* favored Obama. He just happens to be running a much better campaign.

obama's manly man said...

"That's what I've come to expect from most Americans"

I think it is. People aren't getting the kind of salaries that support current home prices.

So Obama seems to be in favor of doing a bailout and not a profit sharing program which, by the way, wouldn't help us anyway since the banks wouldn't get their profit until the home was sold!

Thus, Obama isn't doing anything short term?

Anonymous said...

A committee that will work with the governement and president to assess risk in the markets and economy? Isn't that the Working Group on Capital Markets? Other than the Housing bailout, I liked the speech. Actions need to be taken to prevent a complete systemic failure of the credit markets. What we have to realize is that it is ok for us to have a recession every once in a while. Let some deflation into the economy right now. Lets shake off all of the bad apples, then put some liquidity into the markets to revive sound organizations. Pumping liquidity now is allowing some poor organizations to stay afloat, and that liquidity isn't making into the market anyway. Banks are hoarding it. So I guess I agree with McCain. Do nothing. Some failure isn't total failure. If they all really are tetering on the end of failure, and if one goes, they all go, we are just screwed anyway. When the mrket has reached reasonable levels, it will recover. If it doesn't, thats when we pump in liquidity.

Karl said...

It sounds just like FDR2 to me. Which is probably the inevitable.

There is a time for everything. Booms (in which everyone gets dumb) and Busts (when most call for a do over).

"Hard working people" get cheap health care, cheap college, has their expensive house price propped up (gee, that's consistent!), and can retire, etc. Oh, I forgot "green jobs", and being pulled instantly out of recession.

Not a single mention of a gold backed currency. I believe that's the original 'pay as you go', Mr. Obama.

The only thing I really agree with him on is that wealth and power in this country is concentrating at the same time as - or perhaps because - the government is deficit spending deeper into debt. That's completely immoral.

Anonymous said...

Its funny.

So, if the dollar is going to be worth jack sh*t, then what do you think the government can do? Yep, jack sh*t. You think they can pay the police or firemen?

Everyone is so trained.

brianbb said...

Does he mention his 850 billion dollar plan to ship US tax dollars abroad to "end world poverty"?

This is 850 billion over 10 years.

That's a good plan!

Keith keeps saying people who don't vote for him are basing that on race. Basically calling them racist. Where do you get that? Is it possible they just don't like his opinions and positions? Empty rhetoric?

Is it possible that you are voting for him based ONLY on his race?

If he were white and had ties to David Duke, would it be a minor "pastor issue"? If he got a mortgage from an indicted political fixer would that be a non-issue? Of course not.

Obama gets a free pass because of his race. And idiots keep shouting that anyone who doesn't vote for him is racist. They have it backwards. ANyone who DOES vote for him is racist. WEll not everyone, but a lot of people.

Anonymous said...

Personally, I think if either of Obama's or Hillary's (especially Hillary's) economic plans are enacted upon, the country will spiral into an economic casim the likes of which we haven't seen since WW II.

I think everyone needs to take a step back from their emotions and personal bias and really evaluate the situation at hand.

What is the primary, number 1 issue that faces us as a country at this very moment? Answer: the economy. The situation is rather dire and will get much worse before it gets better.

That being said, the ideas and concepts being pushed by both Obama and Hillary would, in my opinion, be disasterous for the economy and would like extend the duration of the downturn and the recession. Not to mention the moral hazards involved.

McCain has been chastised for the fact that he is not making more policy recommendations on the economy. But he is the only one willing to take the hands off approach and let things correct. That is the fundamental basis for our capitalist system.

Now I have no quarrel with the owner of this blog, but quite frankly, McCain has more in common with Ron Paul than Obama does. Both take a non-interventionist view on bailouts and government-sponsored and brokered deals to "save" fat cats at Bear Stearns or failed flippers.

I am sorry but I have to disagree. I like Obama as a person and quite frankly, I have tremendous respect for him. But my number 1 voter issue is the economy and I think neither Hillary nor Obama have good policies to deal with it.
(Hillary appointing Greenspan to investigate the problem is akin to hiring Jeffrey Dahmer as my new chef)

Now things may change in the intervening months between now and the election. But I have serious reservations at this stage with both democratic candidate's economy policy plans.

And just to show I am being unbiased, I also have serious issues with the war in Iraq and I don't like McCain's stance on it. But frankly, despite what Hillary or Obama say, does anyone here think they will have the stones to end the war like they state they will? I doubt it because like all democrats, they are pussies afraid of being scolded by that dipshit Sean Hannity. So from that perspective, that issue is almost moot since I don't think any of the current candidates will change policy much in that regard.

Personally, from an economic standpoint, the way you deal with these types of issues is to requisition the help of some of the economic world's greatest entrepreneurs and thought leaders. (Note: not bank CEOs)
You get Warren Buffett, Robert Shiller and Prof. Roubini into a room and have them work the problem. That might give you something tangible to work with.

Anonymous said...

Obamabot alert! Obamabots invaded HP now.

Anonymous said...

Consipiciously lacking is a discussion of what government practices have made the problems worse.

The fed pressed down interest rates, and the lawmakers have set up many incentives for people to purchase real estate.

Before having a discussion about what new regulation is needed, shouldn't we talk about what regulation went wrong and needs to be taken away?

The governement should take on the motto from medical school: First, do no harm.

Only when they have mastered the art of not doing harm should they start to consider fixing things.

Anonymous said...

"...and ensure that the interests of, as he put it, "Main Street and Wall Street," are better aligned."

But the question is, who benefits from more regulation and bailouts: Main street or Wall street? I think Wall Street.

So Not Buying It said...

C'mon -- the guy is great with a teleprompter & the canned "Hope & Change" pep rally speak. I've noticed a VERY CLEAR tendency to stammer and studder when off message -- the Rev. Wrong issue being classic examples. "uh...uh..uh..." I should probably start counting his stammers during his next impromptu, off message gaffes.

Still Not Buying It said...

To Anon 9:25 -- HEAR! HEAR! Nice job exposing the empty suit. Can't wait for the Repubs to start. Oh -- so sorry -- that would be racist now, wouldn't it! Keith, love the blog & the economic exposes -- don't be a dope on this one!

Anonymous said...

woah. I was a faithful HP'er till you just endoresed Obam. Yuo blew it. I'm done. adios.
8sofar

Anonymous said...

ObamaBOTS......I don't like his plan, but what a speech.

THIS IS INSANE.

Obama hates women, jews, whites and italians (guess they aren't white)

but at least I know this president hates me from day one. I know he wants me to bail out the bastards who ruined America in this housing bubble, banks and home gamblers. NO WAY.

Paul E. Math said...

I watched. But I'm also watching Bruins v. Leafs so I may not have fully absorbed it all.

I was prepared for this to make me sick. It didn't.

He appeared pretty intelligent and for some reason I felt he may have some integrity.

I liked that he talked tough against special interests and lobby groups.

I did not like his plans for additional taxpayer expenditure on things like the expansion of healthcare coverage but at least he mentioned that lowering costs was part of the solution.

I think that whoever is president is going to be faced with the most adverse economic circumstances since World Depression I. No matter who it is, they are not going to know what the hell to do.

They are going to have to process a lot of information, have a strong will and be very intelligent. Based on these requirements, perhaps Obama is the best candidate left.

Anonymous said...

Keith,

Do you just want more regulations like SOX so more public companies flee from the US to Europe?

I don't care about BO's race or name. YOU are the one who gets distracted by non-issues.

While you chant "we can" prevent bubbles in the future through expanded bureaucracy, you forget that they ALREADY have the legal means to go after corrupt executives and board members NOW. You want politicians who fixate on baseball, encouraging home "ownership" and all movements of more than $10k to have even more regulatory power?

Did Europe fry your brain? You switched from libertarian to big government.

Anonymous said...

"greed, corner cutting, insider deals."

uhhmm...rezko, Exelon Corp?

andy in nz said...

Your creationist loony religious right endorses the republicans and no one even blinks, Obama goes to a fiery Black preacher and its the end of the world!

To get to that level all candidates have skeletons and have compromised, thats life!

He maybe your only hope to win back the old friends and not make new enemies! And the fading power of the USA!

Good luck voting americans, a vote for McCain may mean an attack on Iran because they are helping Al Queda in Iraq (according to McCain not once but six times), I mean WTF he wants to be president but does not know the diff between Sunni and Shia? That old fool is a bigger scandal and bigger risk to your long term viability as a country.

Take note it may be your last chance to save what is left of your tattered reputation.

Westparker said...

Keith, you're killing me.
Why try and pick the the best of bad choices? Your argument sounds like recommending Kendra Todd as a Realtor instead of Greg Swann.

Bottom line, they're all bad:

Obama's a racist. Who could go sit in church for 20 years and not believe at least some of the pastor's remarks?.
Clinton is a liar. "I flew in through gunfire... oh wait"
McCain is a Nut. Stay in Iraq, open the borders...

Why not pick a 3rd party, or something to send a message? HousingPanic was started to give an alternative point of view. Why not do that with politics too? If we keep going along with who the parties and MSM want, we will continue to have poor candidates

Refuse to buy overpriced said...

Obama has great public speaking ability, a willingness to treat his oponents with respect, and apparent sincerity. He deserves credit for opposing the unnecessary invasion of Iraq. As a biracial American, he has keen insight into both the black and white point of view on racial issues, which is suprisingly rare in American politics today.

And yes, he is very intellegent and has a strong understanding of American history. In that regard he lives up to the implied comparison he likes to make between himself and another inexperienced Illinois politician with the ability to make a good speech.

But there is a profound difference between the two men.

Abraham Lincoln used his great talents to advance the correct point of view on the most important issues of his time - i.e. preserving the union and ending slavery.

Barack Obama, on the other hand, uses his great talents to defend the monstrously unjust housing bailout / price fix.

Did you hear how the Ponzi crowd clapped? Of course they are willing to be regulated, maybe even taxed a little more in the future. Just please, please Mr. Obama, don't let house prices fall any further! We'll be exposed as a bunch of parasitic, bubble-riding, sham-millionaires. He did not talk tough to this crowd, he told them exactly what their itching ears longed to hear. They don't want another bubble, they're rich enough without one - if house prices stablize at current levels. If not . . .

A price fix is not an economic impossibility. Completely unrestricted immigration, combined with massive government house purchases and no foreclosures, can keep prices at current levels. It will destroy America as we know it, but it will work. And it was hinted at in this speech.

I think I understand why he began his speech with a reference to Alexander Hamilton. During the revolution, there were 3 types of people. Some were Tory, some were Patriot, and others were neutral. The Tories put everything they had at the disposal of George III, lost everything, and settled in Nova Scotia afterwards. The Patriots accepted Continental currency as pay, sold their produce to the American army in return for Continental currency, and invested their small store of hard money in Continental Bonds. The neutrals sold to both sides for hard currency. Continental currency became completely worthless through inflation, and economically ruined patriots traded their continental bonds way below par to neutrals with hard currency. Hamilton's funding at par, to current holders, was basically a bribe to get neutrals to support the new government.

Obama's bailout / price fix is a $5 trillion bribe which will give him a dedicated power base. Combined with a Democratic Congress, his own speaking ability, and the prestige associated with being America's first non-white President, his power will be immense. Judging by the way he coolly ignores the interests of future first time home buyers, I shudder to think how that power will be used.

Here are my final grades for the canidates:

Ron Paul: A
I don't care about his lack of public speaking skills. Under President Paul, this country will live within its means. Our sovereignty will be preserved, and there will be equality before the law.

John McCain: C
I don't care about his lack of public speaking skills either.
Foreign policy will be too expensive, with needless confrontations (Russia, Serbia, Iran) and prolonged troop deployments, but otherwise no major problems.

Hillary: D-
Immigration and housing disater, foreign policy as bad as McCain.

Obama: F
Identical platform as Hillary
Great talent + a bad cause = a future without hope

I refuse to buy a house $100,000 overpriced, and I won't vote for a man who will keep houses across this country $5 trillion overpriced.

Keith, is your support for Obama more street theater?

Anonymous said...

Obama says McCain's approach "amounts to little more than watching this crisis happen".

This clearly shows McCain is the lesser of two evils. I would rather have McCain do nothing and let the market correct itself than have Obama spend billions of tax dollars on failed housing gamblers.

Anonymous said...

Obama's not black. Obama's not white. Obama is mulatto.

If he gets elected he will NOT be the first black president.

Anonymous said...

Keith-

Unfortunately, you missed Obama's interview today on CNBC (The Closing Bell segment, I think).

I was shocked to hear him say this: "The government *needs to put a floor under the housing market*".

Obama does not understand that obscenely over-inflated home prices are killing people.

Apparently, he's on as big a disconnect with the Average Joe as all the other candidates.

I really wanted Obama until I heard that from him, straight out of his very own mouth.

Now he scares me to death.

Disgusting as it may be, McCain may be our only hope for reasonable home prices in America.

Please look up the interview, it was shocking. At any rate, I'm glad he finally let the cat out of the bag (that he will do whatever is necessary to maintain high home prices) before the election.

I would have voted for him otherwise.

Anonymous said...

I will write in ron Paul or vote for the Constitution Party as I have done since 1992. The 2 major parties have lost me permanently

Samuel said...

He's literally the opposite of Bush. In almost every way.

Come out of your caves, rational americans. This national nighmare might be over -- all we have to do is overcome

the politics of personal destruction

swiftboat attacks

the bogeyman

fearmongering idiocy and

idolatory and religious paralysis.


That's it. Then we're home free. Ignorance is not a virtue. Make me proud of this great country again.

Anonymous said...

Yes they are all bad. What amazes me is with all the talent in this country these are our choices??
It's a little club the two parties, look at these freaking senators talk about useless and out of touch. Ron Paul said some on the congressmen on the banking committee think we are still on the gold standard! I recall that one congresswoman who said to Bernanke "You were the CEO of Goldman Sachs." Geezzzzzzzzzze

Americans too STUPID to vote for Ron Paul, how sad.

Now you have the choice of a racist or a racist with a bomb.
What are you gonna choose?

God Help us all

Anonymous said...

So anyone who doesn't want to vote for Obama is Ignorant now?

I thought that because I didn't like him that meant I was racist?

Which is it??

They say this is gonna rip the Democratic Part open.. So many people have stabbed Hillary in the back so if I were her, I would stay for as long as I could just to make sure that it ripped the party apart.

If Hillary doesn't get it, then I'm gonna become a Republican.

Any you can stick your scaremongering website up your ass! Been reading it for a while now and you're just pissed because you were priced out of the housing market and have been bitter about it ever since.

Peter T said...

Obama is a good orator but his heart was not in it as much as in his speech on race. It was missing the engaging human anecdotes and relied instead on many talking points. I hope that he will find the right advisors to correct many of the things that have gone wrong.

Peter T said...

> Anyone catch in Obama's speech, the call for using the empty houses for low income housing?

I caught it, and I liked it. I want the cities and counties playing a bigger role in this crisis, condeming blighted houses, and make houses affordable for average wage earners. That's what the bust's about.

> Not in my neighborhood and I aint voting for him.

NIMBY ... do you have better policy than that?

Anonymous said...

I watched it and understood it completely. I'm still writing in Ron Paul. Speech was very good. Obama has a great team of speech writers. Unfortunately, he is instructed by CFR management and we know what they want. Our country is going into a depression weather we like it or not. Obama presents no real logical answer in his speech on how to solve the problem, Only Ron Paul does that. However, Obama would make a good vice president for Ron Paul.

Peter T said...

> In terms of McCain, I would like to remind you of The Keating Five.

That was a mistake of McCain, committed in the 80s and publicly acknowledged. I rather have a president who can admit a mistake than a Hillary who lies as long as possible. I still prefer Obama.

Anonymous said...

Forget the speechifying - Obama gives good lip and we know it...

has somebody got a quick point-by-point summary of his proposals - that's all we need for analysis...

Anonymous said...

Holy sh*t did I read Ed saying something coherent, something cogent, something I actually agree with?
Say it isn't so!

F*ck me there is hope in this world....

Anonymous said...

Third party candidates. While they may not win, the more votes they get the more their ideas are stolen by either of the two ruling parties.

Ross Perot got 19% of the vote in 1990 but did not win. Both parties very fearful of where those votes would go in 1994. The Republicans stole his platform with the "Contract for America" and won in 1994. The more votes the indie gets the more his platform is absorbed into the parties that can win.

McCain took Ron Pauls "Don't bailout, stay out." that eqauls 7 to 10 percent of the vote, they have done it again. The DEMS don't get it, they bashed Nader but never embraced the voters.

The Donner Party Dems
at work as we speak

uninspired said...

"Obama is a good orator but his heart was not in it"

I agree with that! I felt like I was watching a news anchor.

I liked Dennis Kucinich in 2004 and he gave the same speech over and over again and got pretty good at it after a while.

So, in a sense, Obama scored low when dealing with new material.

Anonymous said...

Have any of you freaks commenting about how Obama is a racist actually watched or read any entire speeches by him as well as his former pastor? His former pastor's speeches did not strike me as racist after watching it - except when taken out of context by fearmongering ignorant racists, perhaps.

And you think McCain's religious life is innocent? His "spiritual" advisor(s) have said that Allah is a demon and that the false religion of Islam must be destroyed. And Hillary's "spiritual advisors" belong to The Fellowship - a secretive religious society bordeirng on cultism according to some.

So there you have it. All 3 are advised by religious freaks and belong to freaky churches. Electing any of them will destroy our country. Lol.

Anonymous said...

Keith:
Here it is in a nutshell. I don't HAVE to listen to obama or Clinton's speeched, or McCain's either. Why? Because EVERY speech is pandoring bullsh*t. What I listen to is the gut reaction I get to Obama AND Hilary every time they open their mouths. My gut says LIAR. Despite what my ears are hearing them say (even if it soulnds really good and I agree with it) my gut says they are lying. I really never even liked McCain. I thought he might be senile at one point. I don't like hearing a lot of what he says (we will be in Iraq for 100 years-which to quote Al Gore is probably "an inconvienient truth". One thing I don't get with McCain though is the gut feeling of LIAR when he opens his mouth. You may not get this feeling though because you are young and optimistic. You haven't been lied to enough yet.
Obama is a poser. I will clue all you clueless white people in- obama agrees with Reverend Wright. This is what black people say in private. But is poitically incorrect to say it in public.
I won't vote for Hillary either.

Pete said...

OOOHH, Obama gave a SPEECH!!!! Wow, that'll fix EVERYTHING! LOL

This is the same guy who sat and listened to his Minister preach against America for 20 yrs, in front of his children no less, but now we're supposed to believe that 1) he really didn;t agree with the guy and 2) he really has American's best interest at heart.

Yea, OK, and I have a bridge to sell you....(but for obvious reasons I'm only accepting Euros LOL)

Pete said...

>>>The Rev. Wright issue is the Swift Boat and gay marriage of 2004, the Lewinski of 2000, the Willie Horton and flag burning of 1988, the electro-shock therapy of 1972<<<

So much for taking responsibility for one's words and actions. Nowadays people can continue to support whoever they want and disregard anything negative they've done by claiming it was a "Swiftboating" smear.

>>>Americans end up with the losers they end up with because they're easily distracted by bullsh*t issues that have no impact on their lives.<<<

The base philosophy of a candidate is NOT a BS issue!

And do you even know WHAT Willie Horton did that made people think Dukakis was an idiot for handing weekend passes out to people incacerated in Massachusset's Penitentiaries? Take a look for yourself and tell me what kind of "leader" leaves the good people of his state, or his neighboring states, to fend for themselves against hardened convicted criminals?

http://forerunner.com/forerunner/X0158_Dukakis__Willie_Hort.html

Anonymous said...

McCain was a POW for years and is the only person that deserves to be President . The problem is that McCain in getting old .

On financial matters I'm sure most Presidents have advisers . The basis attitude that McCain has is more in keeping with the American Way .

I didn't want McCain ,but he might be the best choice of the 3.

Anonymous said...

Thanks Keith, I watched it from start to end. (I'm not American).

It was a very good speech - and for those that like to turn strengths into weakness ("I took sniper fire in Bosnia, while all he did was give a speech in 2002"), how else is he to articulate his platform without using words?

There's no doubt that Obama is a smart guy, while Bush slurs and mispronounces even the simplest of prepared sound bites, and McCain loses his way whenever he has to give an answer with more than 10 words.

And yes, Hillary really is an evil bitch, I'm looking forward to Keith's next anti-Hillary outburst.

Anonymous said...

I like this blog but seriously Obama is a whacked out liberal who hangs out with racists and does not practice what he preaches. The only skill he has is giving speeches. He has one of the worst attendance records in the Senate and when he does vote, its always with the far left. I am voting for McCain at this point because at least he has some damn experience.