California having a hard time going further into debt

Posted on October 3rd, 2008 by bile Tags: , , , , , , , ,

http://www.reuters.com/…

California Gov. Arnold Schwarzenegger has informed U.S. Treasury Secretary Henry Paulson that the most populous U.S. state may need to turn to the federal government for short-term financing because of a lack of liquidity in credit markets.

California needs $7 billion to cover short-term expenses and has planned to issue revenue anticipation notes for it.

“Absent a clear resolution to this financial crisis that restores confidence and liquidity to the credit markets, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the Federal Treasury for short-term financing,” Schwarzenegger said in a letter to Paulson dated Oct. 2 and provided to Reuters on Friday.

“The economic fallout from this national credit crisis continues to drain state tax coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time,” Schwarzenegger said, adding he supports a $700 billion emergency financial rescue plan due to be voted on Friday by the U.S. House of Representatives.

It’s not like we’ve had states go bankrupt before. Perhaps California will be the first in modern times. One can only hope.

JPMorgan agrees to acquire Washington Mutual’s deposits and branches

Posted on September 25th, 2008 by bile Tags: , , , , , , , , , , , , , , ,

http://www.bloomberg.com/…

JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.’s deposits and branches for $1.9 billion after regulators seized the thrift in the biggest bank failure in U.S. history.

Customers withdrew $16.7 billion from WaMu accounts since Sept. 16, leaving the Seattle-based bank “unsound,” the Office of Thrift Supervision said today. WaMu’s branches will open tomorrow and customers will have full access to all their accounts, Sheila Bair, chairman of the Federal Deposit Insurance Corp., said on a conference call.

“JPMorgan is getting a steal compared with what they were going to pay,” said Scott Adams, a pension and investment analyst at the American Federation of State, County and Municipal Employees in Oakland, California, which owns WaMu shares. “It’s very tragic.”

WaMu collapsed as its credit rating was slashed to junk and its stock price tumbled. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week after firing CEO Kerry Killinger this month. The bank named Alan Fishman as his replacement on Sept. 8, agreeing to pay him a $7.5 million signing bonus and $1 million salary.

JPMorgan won’t acquire WaMu’s liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said.

The consolidation continues. Any bets on who’s next?

Taxpayers comment on bailout

Posted on September 22nd, 2008 by bile Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , 2 Comments »

http://money.cnn.com/…

  • “NO NO NO. Not just no, but HELL NO,” writes Richard, a reader from Anchorage, Alaska.
  • “This is robbery pure and simple,” Anna from Denver posted on CNNMoney.com’s TalkBack blog this weekend.
  • “I’m tired of rewarding institutions and people for the bad decisions they have made,” said Dean from Madison, Wis. “Sure, it will hurt tax payers if/when some of these institutions fail, but perhaps we need to let that happen. We do not need more big government involved in our lives. Enough is enough.”
  • “Companies, like individuals, should be held responsible for their decisions,” wrote Jorge from El Paso, Texas. “This buyout does not address the other problems in the pipeline such as personal credit default and market slowdowns in most industries. No new jobs will be created.”
  • “It is time for the financial institutions of this country to be called to the mat. We should be expecting and demanding responsible and ethical business practice, not rewarding it at the expense of taxpayers.” Paul from Portsmouth, N.H.
  • “The government does not have $700 billion dollars. WE have $700 billion, and it is being taken from us. If this is passed then the next administration and the next will be extracting this one from the people who are supposedly being protected by this bailout.” John from Springfield, Va.
  • “Why not take the billions and … make funds available to home owners stuck in the loans these idiots created, marketed and sold,” asked Don from Coarsegold, Calif. “It will put the money where it should be with the little guy who made a mistake, instead of the big guy who created the problem.”
  • “Once I invested in something and lost money. Maybe I could just change the rules of investing so that my loss turns into a gain? Oh, I forgot only banks can do that!” Jordan from Charlestown, Ind.
  • “I will be watching to see which of our representatives vote for this bailout,” said R. Kidd in Troy, N.C. “Let the American people see how many we can fire come election time.”
  • “Call your Congressman. Stop blogging, posting comments, and call your congressman. This is the patriotic thing to do. Let them hear your opinion, show them this is still America and that you will not stand for this!!” Danny from Texas

Not everyone is upset about this though:

  • “I was opposed to the bailout at first, but realized that the scope of this thing is global and so massive that the entire global economy could collapse if nothing was done. …The priority has to be resolving the present crisis of confidence in our economy. Remember, if Wall Street collapses, Main Street will go with it.” Bill from St. Louis
  • “This money is not a handout to companies. It’s simply giving banks and mortgage companies loans, since the banking system itself is too unstable to raise this kind of capital. And no, the government cannot just use the $700 billion to pay back all the citizens that will be hurt by this. If the companies like AIG fail, the cost will be far far greater than $700 billion. Wake up!!” Andy from Chicago
  • “It’s NOT a bailout. The government is not handing out cash, they actually stand to make a great deal of money out of this, which will trickle down to YOU. First priority should be to try to control and fix the problem, then regulate sufficiently to make sure this NEVER happens again.” Surfta from Brooklyn, N.Y

From Answers.com:

bailout: n. A rescue from financial difficulties: corporate bailouts.

Any profit the government would make on this is going to be completely negated by price inflation and interest on the debt accumulated. There is no money to perform this bailout. The money will be borrowed or printed. If the market was allowed to unwind this those issues would not occur and recovery would be far faster. Malinvestment needs to be liquidated and prices recalculated… not arbitrarily inflated.

Democrats, keep digging your grave

Posted on August 31st, 2008 by bile Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

http://www.lewrockwell.com/…

It’s long been my contention that if the demonrats would just jettison the relatively small elitist wing of their party–the condescending limousine liberals, the middle-America and normalcy-hating “urbane” and cosmpolitan condescending types–and just have a mildly populist, redistributionist, soft-socialist but culturally conservative platform, they could clean house and recapture all the inexplicably Republican Joe Sixpack types who are their natural constituency (but who are alienated by Barbra Streisand’s screeching). (See my How the Democrats Could Win.) But their stupidity knows no bounds. Why they need to anchor their image to the vapid Hollywood and libertine types is beyond me. Apparently abortion is all that matters to them.

Their inexplicable self-destructive behavior is on fully display in their reaction to the Sarah Palin VP nomination. A few choice quotes and examples below:

As I noted here, after Hillary Clinton’s speech during the Democrat convention, Susan Estrich admitted that because of female demonrat disappointment over Hillary’s loss to Obama, if McCain just picks a woman VP, “it’s Cha-Ching” (i.e., he’ll rack up many female votes that otherwise could have gone to Obama). So, she said, “As a democrat, I hope McCain doesn’t pick a woman VP.” So she wanted McCain to discriminate against women. Nice.

In this post on HuffPo, David Sirota explains why Palin “is a pretty smart choice”:

1. Putting a woman on the ticket is McCain’s best hope to peel off some disaffected Hillary Clinton supporters

2. Palin comes from an energy state, and specifically, an oil and gas state. With Democrats’ pathetically (yet predictably) tepid behavior on the drilling issue, the GOP senses an opportunity to exploit it, and you can bet Palin will be making the drilling case, with first-person narratives and anecdotes.

3. It will be difficult — though not impossible — for the Obama campaign to make an experience argument against Palin. Even though Palin is probably the most inexperienced candidate for vice president in contemporary American history, the Republicans have spent months attacking Obama’s supposed lack of experience. So when gnats like Rahm Emanuel issue silly, over-the-top press releases about Palin’s career, they re-open an experience debate that John McCain probably wants to have with Obama.

4. As the Nation’s Chris Hayes reports, Palin is a die-hard right-winger who could help McCain solidify the Republican base.

Sirota fails to mention, however, another important factor: the condescending the way the left is sure to react–is already reacting–belittling normalcy, middle class, “beauty queens,” “small” states is also going to hurt them.

A good example of liberal condescension (and hypocritically sexist, at that) from Jane Smiley: “If the red phone rings in the middle of the night and she’s breastfeeding, will she answer it?” The contempt for normal America–the bizarre, sneering sexism–just oozes out of this liberal vitriol, doesn’t it? Think middle America won’t pick on up on this? Why vote for those who feel they are superior to you and who relegate normalcy to peon status?

And another, by “Michael Seitzman”:”She’s never actually used the word Shiite in a sentence before. She’s never had to. She’s never given any thought whatsoever to nuclear proliferation. She’s never had to. She’s never thought about Israel, Russia, Korea, or Iran. She’s never even thought about Mexico.”

How in the world does he know? He’s implying that unless you are a federal politician, or some savvy DC Denizen, you haven’t “thought” about …. Russia, Korea, etc. Hell, even mere state governors are peons and not worthy to sit at the table with the benighted Beltwaytarians–if you are only governor of “small state”, that is. Gee, I wonder what citizens of, say, most states outside Yankeeland, California, and DC think about that snub? These condescending attacks on Palin, small-town america, “small” states, and normalism are just amazing to behold.

And what’s that say about, say, housewives and career women? I guess they’ve never “thought about” these weighty matters either? I guess they’re too busy breastfeeding or running in beauty pageants or merely being mayors of “small” towns.

Hell, Alaska is even more backward and lacking of culture and interesting people than Auburn, Alabama. And forget about liberals for a sec–how could the Kochtopus support this ticket? Jesus. Listen to these cackling hypocrites. Is dissing Alaska as some hick backwater supposed to help them with voters?

Seitzman continues: “There is not a fireball’s chance in Alaska that Sarah Palin could make that argument in a debate with Joe Biden. She lacks the gravitas, she lacks the knowledge, she lacks the experience. If she were a news anchor we’d say she reeks of local.”

Read that again: She REEKS OF LOCAL? Oh my God, if only I were a Republican so I could enjoy this self-immolation. These clueless condescending nabobs are going to just bury themselves, the condescending, these “cosmopolitan”, “urbane,” “hip” morons!

As a friend noted, “I must admit I found the statement about “mayor of a town of 9,000″ particularly stupid. If somebody could pull out a map for me and show me where, precisely, they intend to pick up electoral votes with such a statement, I would be thrilled. In fact, if ever a party were determined from the outset to find a way to win the popular vote and lose the electoral college, it would look an awful lot like what the D’s are up to these days. Of course, maybe they are trying to lose both - here I had thought that the popular vote was a foregone conclusion, but Obama, et al. are trying to lose even that.”

Finally, see this collection of demonrat comments on Palin. It’s just incredible. As a friend of mine might say, LOL Democrats!

Update: S.M. Oliva notes in a post on the Mises blog: “… it seems to me that “experience” is more about the possession of certain credentials then time spent furthering the evils of the state. Mr. Obama may not have any particular legislative achievements or “executive” experience, but he does possess an undergraduate degree from Columbia and a law degree from Harvard. Mrs. Palin, in contrast, has only an undergraduate degree from the University of Idaho - her fourth stop in an extended college career - financed partially through her winnings as a beauty pageant contestant. She is, as one Democrat told me yesterday, one step removed from white trash.”

Some people want to know how the Democrats could loose this election? This is how. Sarah Palin deserves to be criticized. She appeared to be a relatively decent, more traditional, small government Republican. Her husband and oldest son aren’t registered to a party and she talked highly of Ron Paul. Her selling of her soul to the neocons however has completely tainted her. Or at least it should. But this limousine liberal, high and mighty, attitude will likely not fly with the average voter. Obama already has this aura of elitism. This ’she’s a local’, ‘one step removed from white trash’ will just push blue dog democrats and centralists to McCain, IMO.

Hillary Clinton to attend Service Nation Summit, I may not be able to as a member of the press

Posted on August 27th, 2008 by bile Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

NEW YORK, August 27, 2008-The historic ServiceNation Summit will begin
the evening of Thursday, September 11, 2008 with a Presidential Forum
featuring Senators John McCain and Barack Obama. On September 12, New
York City Mayor Michael Bloomberg will open the day-long summit with
welcoming remarks and California Governor Arnold Schwarzenegger will be
the keynote speaker and conclude the day.

The co-hosts of the summit are Caroline Kennedy, attorney, editor and
writer; Alma Powell, Chair, America’s Promise Alliance; Vartan
Gregorian, President, Carnegie Corporation; Bill Novelli, CEO, AARP, and
Richard Stengel, Managing Editor, TIME. Confirmed participants and
speakers include:

* Senator Hillary Clinton, New York
* Senator Chris Dodd, Connecticut
* Usher Raymond IV, Summit Youth Chair; Founder, New Look
Foundation
* Governor Charlie Crist, Florida
* Governor David Paterson, New York
* Her Majesty Queen Noor of Jordan, The King Hussein Foundation
* Dr. Mehmet Oz, Founder and Chairman, HealthCorps
* Jeffrey Sachs, Director, Earth Institute at Columbia University
* Laurie Tisch, Philanthropist, Laurie M. Tisch Illumination Fund
* Robert Kennedy, Jr., President, Waterkeeper Alliance
* Kenneth Cole, Fashion Designer
* Martin Luther King III, CEO, Realizing The Dream
* Kelly Caffarelli, President, Home Depot Foundation
* Geoffrey Canada, President and CEO, Harlem Children’s Zone
* Laysha Ward, President, Target Foundation
* Dr. Amy Gutmann, President, University of Pennsylvania
* David Gergen, Professor, Harvard’s John F. Kennedy School of
Government
* Scott Cowen, President, Tulane University
* Jean Case, CEO, The Case Foundation
* Ray Chambers, Amelior Foundation
* Chancellor Joel Klein, New York City Schools
* Wendy Kopp, Founder and CEO, Teach For America

The ultimate vision of ServiceNation is an America in which, by 2020,
100 million citizens will volunteer time in schools, workplaces, and
faith-based and community institutions each and every year (up from 61
million today), and that increasing numbers of Americans annually will
commit a year of their lives to national service.

ServiceNation’s bipartisan Summit Leadership Council includes mayors,
governors, former senators and leaders from every sector of American
society (attached is complete list). Major supporters-in addition to
AARP, Carnegie Corporation of New York, Target and TIME-include the
Peter G. Peterson Foundation, The Home Depot Foundation, Bank Of
America, Case Foundation, Charina Endowment Fund, The Jenesis Group, the
Laurie M. Tisch Illumination Fund and Goldman Sachs.

At the bottom of the email are instructions on getting press credentials just like all other releases I’ve received. The difference in this latest one is the inclusion of “PLEASE NOTE: NYPD/U.S. STATE DEPT. CREDENTIALS REQUIRED!” I do not have a NYC press ID and according to the NYPD website it takes 3 to 4 weeks to acquire one… and that’s assuming they’d actually issue one to me. I’ve sent an email to the Service Nation media person concerning this as well as my fellow Manhattan Libertarian Party members. Worse case, I make up my own press ID and show up. Worst that could happen is I get arrested.

Barack Obama and John McCain to participate in forum on service and civic engagement

Posted on August 21st, 2008 by bile Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

From:
Be the Change, Inc.
Tim Zimmermann
(703) 850-0735
tzimmermann@bethechangeinc.org

Additional Contacts:
Rubenstein Communications, Inc.
Germaine Febles
(212) 843-8031
gfebles@rubenstein.com

TIME
Ali Zelenko 212.522.1502
ali_zelenko@timeinc.com

FOR IMMEDIATE RELEASE

PRESIDENTIAL CANDIDATES BARACK OBAMA AND JOHN MCCAIN TO PARTICIPATE IN
FORUM ON SERVICE AND CIVIC ENGAGEMENT ON SEPT. 11 IN NEW YORK CITY

* * *

FIRST JOINT APPEARANCE OF PRESIDENTIAL NOMINEES FOLLOWING THE PARTY
CONVENTIONS

* * *

FORUM KICKS OFF HISTORIC SEPT. 11-12 SERVICENATION SUMMIT

August 21, 2008 [New York, NY] - Presidential candidates Barack Obama
and John McCain will discuss in depth their views on service and civic
engagement in the post-9/11 world during a primetime forum on the
evening of September 11 in New York City.

The Forum is being staged by ServiceNation, a dynamic new coalition of
110 organizations that has a collective reach of some 100 million
Americans and is dedicated to strengthening our democracy and solving
problems through civic engagement and service. It will be the opening
event of the bipartisan, Sept. 11-12, ServiceNation summit, which will
launch a one year grassroots campaign to expand voluntary community and
national service opportunities for all Americans; use proven service
strategies to tackle some of America’s most chronic social challenges;
and call on all Americans to make service a bedrock ideal in our
democracy

At the Forum, called “A Nation Of Service,” Senators McCain and Obama
will appear on stage separately to discuss their respective visions for
the role of service in America’s future. Richard Stengel, Managing
Editor of TIME, will moderate, and the event will be open to all
broadcast networks.

“I look forward to participating in the 9/11 service forum,” said
Senator Obama. “After September 11, Americans of every age, race, region
and walk of life were ready to step up and answer a new call of service
for their country. Making that call to service will be a central cause
of my presidency, because we need the active citizenship of the American
people to meet the challenges of the 21st century.”

“I am pleased to be participating in the ServiceNation Summit in New
York City. The Summit will be an important remembrance of those that
made the ultimate sacrifice serving their country and others as we focus
on how to inspire others to serve causes greater than their own
self-interest through national and community service,” said Senator
McCain.

The Forum audience will include 9/11 family members, young Americans,
military veterans, and thought leaders, and questions can be submitted
by the general public at http://tinyurl.com/6jmhd5. “The Presidential
Candidates’ Forum will serve as a call to action for the next
administration,” said Forum moderator and TIME managing editor Richard
Stengel. “I hope to have candid conversations with Senators McCain and
Obama about their plans for engaging more Americans in national
service.”

I’ve got media credentials now for the summit but I don’t know that I will be able to attend the forum as my confimation email said: “More detailed information, including a schedule of events open to the media and details on media availabilities will be provided shortly.” I’ve sent an email to the Director of Strategic Partnerships to be placed on the invitation waiting list to attend the actual summit. While it seems very unlikely I’ll get the invite I did include that I was a director of the Manhattan Libertarian Party to spice up the request. You can find the rest of the press report minus some quotes from affiliates after the jump.



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