Reagan Democrats got exactly what they’ve been asking for and what they were told they deserve — I’m sure they’re happy.

So, how has that all worked out for you “Reagan Democrats”?

Good question is there any polling yet on this question?

LOL Be Careful what you wish for…it nay come true.

Sorry may come true

WASHINGTON, DC – Senator Jim Webb (D-VA) on Saturday evening urged that any legislation granting the federal government the authority to purchase $700 billion in bad assets include a strengthened regulatory structure to prevent future market instability and a cap on executive compensation in companies being rescued by the American taxpayer.

Webb advocated these two provisions in a letter to Senate Banking Committee Chairman Chris Dodd over the weekend while some members of Congress met on Capitol Hill to assess the financial rescue plan offered by the White House.

“It is inarguable that the regulatory structure now in place has not protected either our financial system or the U.S. taxpayer,” said Webb. “The administration is asking for an unprecedented rescue of the most profitable institutions in America with the taxpayers footing the bill. No bailout should occur without a return to increased regulation.”

Webb also insisted that, if taxpayer money is being used to bail out an American company, the limit on compensation to the company’s executives must be capped at the salary of senior federal government employees.

http://www.margieburns.com/blo…..94451.html

My bold Webb has a good idea for the banks and the car makers. Forget Bush’s deal we can change it after all the Federal Reserve still has all that home loan debt from the banks.
Home loan debt which was valued at face value and given to the Federal Reserve in exchange for the Federal Reserve’s Treasury Bills.
Now then the banks will accept Webb’s idea on their pay or we get an independent audit of the real value of that home loan debt and frog march Treasury Secretary Paulson to prison for fraud!
Then we demand more bank shares from the banks as the debt they gave is clearly not equal to the Treasury bills they gave the Federal Reserve in return.
We demand voting shares and a Majority of the voting shares as a penalty for playing games!

The problem with home loan debt is that homes have lost a lot of their value. Lets say for example that 5 years ago the bank made you a loan to buy a $100,000 home.
Today you lost your job in Detroit and that home is now only worth $50,000
The bank if it accepts your default on their books has lost half their money.
If enough people do this and they have the bank would be showing a loss on their books.
Banks are required by law to have x amount of cash in reserve for x amount of loans out. If the number of losses increase then they need more cash.

Next the banks used to sell this home loan debt to Hedgefunds in fact the banks loaned the hedge funds the money to buy the debt. At 20 to 1 and more leverage meaning for every $1 dollar the Hedgefunds actually had the banks loaned them $20.
So if the homeloan debt the hedgefunds bought lost money that loss was then magnified 20 times by the banks giving the hedge funds such easy credit.
Notice that Payday loan companies never give us that kind of credit!
Class Warfare!

An interesting read at The Guardian re “peak oil” from George Monbiot

When will the oil run out?
George Monbiot puts the question to Fatih Birol, chief economist of the International Energy Agency – and is both astonished and alarmed by the answer

http://www.guardian.co.uk/busi…..energy-iea

In a speech he gave more than six years ago, Chairman Ben Bernanke laid out all the nontraditional methods he’ll be using this year and next to fight the credit squeeze and escape from the liquidity trap.

What exactly is “quantitative easing”? Simply put, it’s an attempt by the Fed to flood the financial system with so much cash that some of it will have to be lent out. The Fed would do that by “purchasing long-term Treasuries and agency debt and possibly financing a wider range of asset-backed securities,” said economists for BMO Capital Markets.

http://calculatedrisk.blogspot.com/

The Banks got $700 billion and the Fed thinks that throwing more money at the problem will get them to lend money?
Do the Blogs have any influence at all?

OT Just went through my closet and found four pairs of shoes that I could donate to anyone that wishes to use them as a missile aimed at the decider.

Thanks Attaturk

So burn this into your mind: between 2007 and 2008 the IEA radically changed its assessment. Until this year’s report, the agency mocked people who said that oil supplies might peak. In the foreword to a book it published in 2005, its executive director, Claude Mandil, dismissed those who warned of this event as “doomsayers”. “The IEA has long maintained that none of this is a cause for concern,” he wrote. “Hydrocarbon resources around the world are abundant and will easily fuel the world through its transition to a sustainable energy future.” In its 2007 World Energy Outlook, the IEA predicted a rate of decline in output from the world’s existing oilfields of 3.7% a year. This, it said, presented a short-term challenge, with the possibility of a temporary supply crunch in 2015, but with sufficient investment any shortfall could be covered. But the new report, published last month, carried a very different message: a projected rate of decline of 6.7%, which means a much greater gap to fill.

http://www.guardian.co.uk/busi…..energy-iea

So what new bit of information changed the assessment? Did UN geologist finally get a modern look at Iraq’s oil reserves?

No, not in this case anyway. The powers that be have their own agenda and they do not give a clam about what the public wants or needs. They are determined, like poppy was, was steal as much of the treasury as they can before being sent to the woodshed or, in this case, Dallas.

The vast sums of money thrown around by Paulson have absolutely nothing to do with “saving the economy” it is all about theft, pure and simple. Apparently stealing $billions by giving it to “defense” corporations was not enough for the bushie bastards.. they want $trillions and nothing less will do. Raid the treasury, fuck the country, screw obama, keep $trillions to finance another attempt by the nazi bushes.

Steel Toed Shoes? Laced up heavy rubber Snow boots? 5 inch or more spiked high heels? Cripes seeing Bush might soon be like going to the airport:)

True I agree but I don’t think even the Bushies could survive another Great Depression. Which they do seem to be creating. I will grant that the Bushies think they can survive.
But the Bushies have been wrong so far about everything.

How many decades does this have to go on before people realize that Dem “leadership” allows this crap to HAPPEN ON PURPOSE!

Issue after issue, year after year, it’s the same thing – “Those big bad Repubs keep stopping everything we really want to do. WAHHH!!”

This has been the same when we had a Dem Prez, and/or Dem control of Congress. Look how much Repubs right now are able to supposedly scuttle anything Dems “try” to do even though they’re in the minority. There simply isn’t a sincere desire to bring actual Liberal reforms on the part of most of the Dems in DeeCee. I’ve felt the DLC/Blue Dog bit was created specifically and INTENTIONALLY to destroy the Dem Party from within, and first started feeling that way about 1994. The opinion was based on ACTIONS.

Kabuki dancing of the highest order, yet so many still fall for it. Do people really believe that Dem “leaders,” even if they really wanted Liberal reforms, could be so ineffective for so long now? This whining about “Repubs stopped this…” or “Repubs blocked that…” is getting insufferable. There’s plenty the Dems could’ve been doing all these years to actually pass some meaningful legislation, that is if there was enough will there.

This is why the Blue America movement and “More and Better” are so vital for our country’s survival.

In the 2007 report, the IEA does appear to support the government’s view. “World oil resources,” it states, “are judged to be sufficient to meet the projected growth in demand to 2030,” though it says nothing about what happens at that point, or whether they will continue to be sufficient after 2030

http://www.guardian.co.uk/busi…..energy-iea

Who ever can produce the most goods using the least amount of oil will be the big economic winner after 2030.

How many decades does this have to go on before people realize that Dem “leadership” allows this crap to HAPPEN ON PURPOSE!

The blogs have been on to the DLC, blue dogs, Center Dems, and holy joe for awhile:) I think the rest of the country is catching on. Reverse Shock Doctrine Time!

Issue after issue, year after year, it’s the same thing – “Those big bad Repubs keep stopping everything we really want to do. WAHHH!!”

We must get rid of Harry and Nancy, they both as minority leaders signed off on many of Bush’s torture and spying policies.
So if we take down Bush we take them down as well the GOP will scream them too as a defense…which is EXACTLY what I want:)
Bwahahaha!
Jackal laughs over bones in a desert.

You are soooo right. The Dem “leadership” is a wholly owned subsidiary of EfU America Corp. Reid, Pelosi, Hoyer and that insufferable Schumer to name a few of the guilty have found it convenient to blame anyone but themselves (sound familiar?) for the bloody mess in DC and the Clintonites, the DLC, are the worst of it. The DLC gave the country nafta, welfare reform (Hah!) and all the deregulation the corps could want. It is pretty damned sad to see Mr “change” obama surrounding himself with all the same actors that got us into the bloody mess we are in now but then, of course, he is also a bought and owned subsidiary of the MIC so why should I be surprised.

The Blue dogs and the GOP have destroyed the economy beyond any half measures ability to fix.
They can hold on to power or save the economy. There is no guarantee they will succeed either way. They can try fail and the other result may come about.
Truly these are interesting times.
Things are Coming Undone! Something New

My 20 was in reply to bonkers 16. Oops

Gettin’ down to the nitty, they’re either DEMOCRATS ™ or DINOCRATS ™, pick your poison.

reagan could possibly be more damaging then bush, without reagan bush could not exist

it was the reagain regulation policies that gave birth to the economic philosophy we see today, the reagan tax increase policies that redistributed middle class wealth to the wealthy and it is the reagan who is to blame for all we see today

the democrats are not gonna be able to change this course until and unless they change the way industry is allowed to buy our law

Good morning, pups. It’s Kristol, Cohen and Krugman today in the NYT. Oh. My. God. Kristol, in “Left and Right, Piling On,” actually is trying to make sense. He says an undeserved disdain, even casual contempt, seems to characterize the attitude of the political and media elites toward the American auto industry. I never thought I’d live to see the day… Mr. Cohen, in “A Church in Guantánamo,” says a sermon on the Parable of the Tenants provokes thought about New York’s financial disaster, based on greed for redoubled assets, and the economic ravages of Cuba’s head-in-the-ground Communism. Prof. Krugman discusses “European Crass Warfare,” and says Europe’s economy is in trouble. But Angela Merkel, the German chancellor, and her economic officials stand in the way of a much-needed European rescue plan.

Here they are.

The coffee, tea and hot chocolate are ready, and the biscuits are out of the oven. We’ve got a gray, cloudy, foggy morning here. 36 days to go. Have a grand Monday.

Dec. 15 (Bloomberg) — BYD Co., the Chinese automaker backed by Warren Buffett, started selling the world’s first mass-produced plug-in hybrid, gaining an edge on Toyota Motor Corp. and General Motors Corp. in electric-powered vehicles.

The F3 DM can run for 100 kilometers (62 miles) using only batteries, Shenzhen-based BYD said in a statement today. Toyota plans to begin testing plug-ins, which can be recharged from household powerpoints, late next year, it said in August. GM aims to start selling the Volt plug-in in late 2010.

http://www.bloomberg.com/apps/…..refer=asia

The GOP fights a Car bailout while China the low cost car producer gets the first mass produced plug in hybrid to hit the market ahead of Toyota.
We need to get the car makers to produce plug in hybrids with the best tech.
Because we will lose trying to compete with China on price. Despite the GOP red state Senator’s beliefs about the economy.

My. God. Kristol, in “Left and Right, Piling On,” actually is trying to make sense. He says an undeserved disdain, even casual contempt, seems to characterize the attitude of the political and media elites toward the American auto industry. I never thought I’d live to see the day…

Has he been replaced? Is their a pod behind him?

Morning all, Didn’t get as cold as it was supposed to (at least yet) it is -8.
Marion: saw this article and thought you might like
http://www.scholarsandrogues.c…..e-neocons/

A very yucky international aspect of our economic malfeasances:

How high-risk mortgages crept north

I.e., to Canada. Note the dates: having used up us estadounidenses, the buzzards went off looking for kill elsewhere.

Has he been replaced? Is there a pod behind him?

I figure he held his finger up to the wind and is trying to suck up to the new grownups who’ll take over in 36 days. I don’t expect it to last…

Many of these Reagan democrats still don’t get it and cling to guns and religion above all else.

But I’m still laughing about Bush getting shoes — plural!!!! HAHAHAHAHA- thrown at him. HAHAHAHAHAHAHAHAHAHAHA

Thanks! Just when I thought he might be trying to make sense, there he goes…

I figure he held his finger up to the wind

So that’s the rotten smell coming from the right!

Meanwhile, on the right, free-market analysts have explained that our regulatory scheme of fuel-efficiency standards is counterproductive. But despite the fact that the government is partly responsible for the Big Three’s problems, the right hasn’t really been stirred to enthusiastically promote a deregulatory agenda to help the auto companies. What excites it is mobilizing to oppose bailouts for unionized workers.

http://mgpaquin.wordpress.com/

Nope no pod he lures you in by almost talking sense then he ambushes you when you almost agree with him.

that our regulatory scheme of fuel-efficiency standards is counterproductive.

Less use of oil helped depress the price of oil and helped Reagen enjoy economic prosperity.
SUV’s and Hummvees push down MPG and economic disaster follows.
Using more of any resource to produce the same amount of goods is bad for the economy. Profit minus expense increase the amount of gas we sptnd expense goes up.
Also please cite when where and how free markets have ever lowered gas use?

But Bush is clueless as usual. Says it’s just the same as somebody on a motorcade route giving him the finger or heckling him. That happens to all candidates/officials. He really equates that with having a froiegn jouralist throw a shoe – no, TWO shoes – at him during a press conference and calling him a dog – a major insult in that culture, i think. How many elected officials has that happened to?

American troops training in Senegal is a worrying sign. I doubt that the bushies would want to leave a mess in Somalia…..I mean daddy did that already didn’t he?

Have you noticed how shrub *immediately* knew it was a size 10 shoe?…..And, from what I’ve heard on the idjit box, the so-called “news” has now cemented that truthiness into reality through repetition. GAG :-(

So Senate Republicans chose to threaten to filibuster the House-passed legislation embodying the George Bush-Nancy Pelosi deal. The bill would have allowed President Bush to name a car czar, who could have begun to force concessions from all sides. It also would have averted for now a collapse of the auto industry, and shifted difficult decisions to the Obama administration.

Instead, Bush will now probably have to use the financial rescue funds to save G.M. — instead of being able to draw from sums previously authorized for the green transformation of the auto industry, a fight he had won in the negotiations with Pelosi. And Senate Republicans now run the risk of being portrayed as Marie Antoinettes with Southern accents.

Whichever party can liberate itself from its well-worn rut to propose policies that help both American businesses and workers has a great opportunity. That party’s leaders could begin by offering management and labor at the Big Three a little more sympathy, and heaping upon them a little less calumny. Where’s Charles Wilson when we need him?

http://mgpaquin.wordpress.com/

This from the party that gave us “Bipartisanship Equals Date Rape” it seems that the some in the GOP know they are heading for disaster but they still seem to be confused as to why?

Leaving meesses is job 1 for the bushies.

oops hate those meesses to pieces – should read messes

Well, there are always this kind of Meeses… (ewwwww)

Yeah. I thought that was supposed to be another one of his lame jokes. Helen thomas is still feisty. Think she’s getting any ideas? Bet they’ll keep her in the back.

Glad you corrected that my cats were about to attack the screen!

Off to the salt mines…

C-Span showed a clip of Brian Lamb touring the WH w/ Laura. He was checking out what furniture belonged to the Bushes. The press looking out for our interests, Got to make sure they don’t rip anything off whrn they leave. Way to go

There’s another mortgage “crisis” coming in the next couple of years as big as the sub prime one. That should knock housing prices down another 20 – 30 percent across the boards. People who invested in their homes will have lost their equity, but might be able to save the roof over their heads.

Given the notorious lack of humor for which goopers are known, I guess it is understandable corp. media wouldn’t recognize it as such when attempted by one of them.

Whats the cause of the next crisis? I thought that everything possible that was bad that could happen was happening already?

There was a segment on 60 min about two other :”types” of mortgages, one has low interest for 3-5 years and then resets, and the other bunch were the given to speculators who invested in real estate, unqualified but are going belly up as real estate values tank and they can’t sell their propoerties.

Good morning everyone! Let’s watch the video one more time and let’s try to not laugh so loudly, okay?….

http://www.youtube.com/watch?v=X7GaazqdvRI

*patting tears from my eyes* Wow! George needs to walk a mile in that man’s shoes to understand what it is that made this man so angry with him. ;-)

the other bunch were the given to speculators who invested in real estate, unqualified but are going belly up as real estate values tank

This second group the speculators looking to get rich worries me the most, when do their loans reset?

You ain’t seen nothin yet. The second wave according to 60 minutes in residential will consist of arms and etc. Besides that commercial is going to creat real headaches this coming year.

They vary, but they are resenting beginning in 09.

The other group is large too, people who were put into cheap mortgages, like loans with balloon payments and told they could renegotiate their loans to prevent the interest rate reset and of course that is not happening, so all these mortgages will go belly up.

The industry got drunk and selling/giving mortgages because so many got fees and they just sold them to off in bundles at a profit! Then they were packaged up in complex “instruments” and leveraged and traded and the same with sub prime, these puppies are “toxic” or part of toxic “securities”

Insecure securities!

Speculators are the worse I know one lady who had 4 rental homes. Her husband owned a factory which in this economy must not be doing well.
She delivered newspapers and cleaned houses when I left Illinois her and her husband were delivering papers and cutting lawns to try and keep up.
Middle class white people in the burbs with good credit the GOP’s stronghold were able to borrow more than first time minority home buyers.
I sense a GOP meme collapsing.
The next question is what can be done?

The GOP is going to get killed next election.

The Republican response, though not a surprise, is outrageous. I didn’t think the Republican Senate couldn’t go any further but Bush proved me wrong. Take a look at Global Investment Watch’s perspective on this at http://globalinvestmentwatch.c…..hypocracy/

Insecure securities!

Yes, but the purchasers bought CDSs to hedge their bet. That made their investment secure. Right?

they are resenting beginning in 09.

Wouldn’t you be? ;-)

I sense a GOP meme collapsing.

The captains of capital will be foreclosing on “the ownership society.” A pity, that.

The GOP is going to get killed next election.

IMHO you give our electorate too much credit for good sense.

The party that seems to be in power and on the tele most over the past will take the hit. Folks voted dem because Obi said he would change it all, but that remains to be seen. And if more of the same comes down, regardless of when the seeds were sewn, the guy in power will take it on the chin.

If the dems try to “fix” the old corrupt system and the same shit comes down. They are not going to get support either. Then the question becomes twiddle dee or twidle dumb or shall be storm the bastille?

Excellent article, Attaturk. DUGG and commented there.