Obama Death Panel Debate:
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Are you for private death panels, universal death panels, or the Republi-con favorite, wants whatever scares the public most?
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UPDATE XII: What candidate, of which party awash in grievance, self-pity, resentment, and anger, impervious to facts or logic, might win 2012 presidential election? Read The New York Times, She Broke the G.O.P. and Now She Owns It, for the answer.
UPDATE XI: Who does Peggy Noonan, political conservative and former speech writer and Special Assistant to President Ronald Reagan, call "the most careless sower of discord since George W. Bush, who fractured the party and the movement that made him?"
Noonan says this person is "out of her depth in a shallow pool. She was limited in her ability to explain and defend her positions, and sometimes in knowing them. She couldn't say what she read because she didn't read anything. She was utterly unconcerned by all this and seemed in fact rather proud of it: It was evidence of her authenticity. She experienced criticism as both partisan and cruel because she could see no truth in any of it. She wasn't thoughtful enough to know she wasn't thoughtful enough. Her presentation up to the end has been scattered, illogical, manipulative and self-referential to the point of self-reverence . . . She makes the party look stupid, a party of the easily manipulated."
Read the Wall Street Journal, A Farewell to Harms, for the answer.
UPDATE X: For a remarkable exchange between John McCain and Sarah Palin, the erstwhile mavericky twins, in bites of 140 characters or less, read The New York Times, Sweet, Tweet Revenge.
UPDATE IX: Several lengthy but good articles on The Rogue Diva. Read Time, The Outsider: Where Is Sarah Palin Going Next? and The New York Times, What’s Sarah Palin’s Political Future?
I predict that she will earn a lot of money in the next 18 months, build her network by campaigning and fund raising for other Republican (notice I didn't say Republi-con because I'm trying to be serious here) candidates, run for the presidency, and lose, possibly the primary, but probably the general election in 2012, unless the unemployment rate remains above 8-9%, and if it does, she might just win the elections. That's my prediction, and you heard it here first. In any case, it is going to be an interesting campaign.
Gentlemen, and Lady, let the campaign begin.
UPDATE VIII: As I suspected, Palin realizes that it is time to cash in. Read the Washington Post, Gold Rush In Alaska.
BTW, there is nothing wrong with the decision. Obama did the same thing by cashing in on his fame and popularity after his speech to the 2004 Democratic National Convention. And look where he ended up.
Tune in Friday when I discuss why I might support Palin in 2012.
UPDATE VII: Now we know, she quit because she is not a quitter. Really, I'm not making this up. Read CNN, Palin: 'I am not a quitter; I am a fighter.'
Reminds me of her support for the bridge to nowhere, before she didn't support it.
How do you know when a politician is lying?
As another veritasphobic politician, she should make a good president.
UPDATE VI: More seriously though, is it time to cut Palin some slack? Read the Washington Post, The Establishment's Palin Panic.
I agree with Kristol, Palin has a fascinating story not unlike Obama's. And I also agree with Kristol that the source of Plain's problem(s) aren't the Naive-crats, but her own party's establishment that "fears and even loathes Palin."
UPDATE V: As I noted below, one reason she quit was to cash in on a book deal. She better hurry though, before CollegeHumor finishes the film version of what might have been had McCain won:
UPDATE IV: More analysis of why Palin quit. Read Time, Why Sarah Palin Quit: The Five Best Explanations, which lists the most important factors that Alaska insiders say went into Palin's sudden decision.
Probably the best explanation yet.
UPDATE III: Was Palin popular because she was an "ordinary citizen who [took] on the elites" and represented "the democratic ideal — that anyone can grow up to be a great success story without graduating from Columbia and Harvard." Read The New York Times, Palin and Her Enemies.
UPDATE II: The FBI says it is not investigating Palin on public corruption charges.
In the meantime, the analysis of her speech continues. Read the Washington Post, With Palin, Keep Your Eye on That Audible.
The speech reminds me of the criticism of her tired cliches, random jargon, and catchphrases she had been coached to repeat, often resulting in nonsensical answers and gibberish during the election.
If you can't get enough of her mangled syntax, then revisit the Sarah Palin Quotes Generator 24/7, and hear insightful comment and analysis almost as inspirational as the real thing.
UPDATE: Still don't understand why Palin will quit. Read The Daily Beast, Palin Resignation: 11 Theories Why.
Local and regional: another local corruption scandal and are Chamber of Commerce salaries, paid for by tax dollars, including nearly $200k for the Chamber CEO, worth it? Then why did the chamber ignored the USS Lexington Association's request for info, so that it will hold a reunion in Mobile; andBut I'll discuss anything. (Disclaimer: the host reserves the right to end any discussion and hang up on you.)
Nation and international: The Rogue Diva: a savvy, skilled, and adept politician or out of control, bizarre, and even egotistical (is accusing politicians of being egotistical like accusing ballerinas of dancing on their toes) and why I might support The Rogue Diva in 2012.
WARNING: You may not want to call in if you have veritasphobia, especially if you are a certain veritasphobic politician.
UPDATE: Had enough of Republi-con and Naive-Crat borrow and spend, then join Club Wagner.
Local and regional: is it the end for The Zoo of Northwest Florida and now the teachers sue; andBut I'll discuss anything. (Disclaimer: the host reserves the right to end any discussion and hang up on you.)
Nation and international: Republi-CON family values and feuds.
WARNING: You may not want to call in if you have veritasphobia, especially if you are a certain veritasphobic politician.
UPDATE VII: Another I told ya so. Read the Rolling Stone, The Great American Bubble Machine, about how Goldman Sachs has engineered every major market manipulation since the Great Depression.
UPDATE VI: Ever wonder who the inside man was for the financial industry coup d'état that seized control of the U.S. Treasury. Read The New York Times, Geithner, as Member and Overseer, Forged Ties to Finance Club.
UPDATE V: How much has been looted from the treasury? Read the Washington Post, IMF Estimates Cost of Financial Crisis at $4 Trillion.And besides paying bonuses, buying toxic assets with government money, guaranteeing loans, and posting huge profits, what else is being done with our money? Read the Washington Post, Bailout Recipients Spent Millions on Lobbying, Records Show.
Once a foob, always a foob?
UPDATE IV: You might not have realized it, but our government was overthrown in a coup recently. Read The Atlantic, The Quiet Coup, and find out how the Geithner, as Member and Overseer, Forged Ties to Finance Club has effectively captured our government.
New York financial institutions are using our treasury to more pay bonuses, buy toxic assets with government money, guarantee loans, and post huge profits.
Read the Washington Post, Fannie, Freddie Budget $210 Million On Bonuses, Draw Lawmakers' Fire and Reuters, US banks with taxpayer money could buy toxic assets, The New York Times, U.S. Program Lends a Hand to Banks, Quietly, and The New York Times, Big Profits, Big Questions.
At the center of it all, Goldman Sachs, the former firm of former Treasury Secretary Paulson. The AIG bailout never made sense, except if you understood that the money was meant to save Goldman Sachs. Since early on it has been clear that payments to AIG were just a cover to get money to Goldman Sachs. And when the original terms of the bailout proved too onerous, the terms were waived for another sweetheart deal.
UPDATE III: In an editorial, Joseph Stiglitz, an economist and professor at Columbia University, and winner of the 2001 the Nobel Memorial Prize in Economic Sciences, calls the Obama plan ersatz capitalism, "a win-win-lose proposal: the banks win, investors win — and taxpayers lose." He says:
"Some Americans are afraid that the government might temporarily “nationalize” the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later), and Washington Mutual (seized last September, and immediately resold).
What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership” in which one partner robs the other. And such partnerships — with the private sector in control — have perverse incentives, worse even than the ones that got us into the mess."
Read The New York Times, Obama’s Ersatz Capitalism.
UPDATE II: An update from on my post in February. Joseph Stiglitz, an economist and professor at Columbia University, and winner of the 2001 the Nobel Memorial Prize in Economic Sciences, agrees that the Obama public-private partnership to buy up to $1 trillion of 'toxic' bank assets "amounts to robbery of the American people." Read The Daily Telegraph, Geithner rescue package 'robbery of the American people.'
The winner of the 2008 the Nobel Memorial Prize in Economic Sciences, Paul Krugman, an economist and professor of economics and international affairs at Princeton University, and an op-ed columnist for The New York Times, also doesn't like the plan. Read The New York Times, Financial Policy Despair.UPDATE: Next week Uncle Sam is expected to triple down on AIG. Read the appropriately named article in The New York Times, Propping Up a House of Cards, in which the writer predicts that the government will spend "quarter of a trillion dollars" to prop up AIG. All for the purpose of saving Goldman Sacks, the former firm of former Treasury Secretary Paulson, the focus of an initial bailout proposal that never made sense, beneficiary of over a hundred billion bailout dollars, and then a hundred billion more.
It is robbery of the future!
"Losers double down.
That’s the classic trading rule which the USA is about to violate in an enormous way. According to trading maven Dennis Gartman, one should “never, ever, ever, under any circumstance, add to a losing position.”
And yet that is what we are about to do.
To review: Former Treasury Secretary Hank Paulson made a terrible investment on behalf of the taxpayers by purchasing a 7.8% stake in Citigroup (C) for an initial $25 billion dollars. He further put the US on the hook by guaranteeing against 90% of future losses on $301 billion in assets. Subsequently, we (the taxpayers) injected another $20 billion dollars.
At the time, Citigroup had a market cap of about ~$50 billion dollars. Today, its worth ~$13 billion.
So for about 100% of the market value of Citi, plus insurance guarantees worth of as much as 500% of its value (~$275 billion), we got less than 1/10 of a company that in total was worth 1/5 of our investment.
Pretty good deal, eh?
That $45 billion dollar stake now has a market value of just over a billion.
And, its about to get even worse.
Rather than do what is the FDIC-mandated-by-law thing, we will instead convert the nearly worthless common into preferred shares. The taxpayers stake will rise to near 40% of Citigroup.
NYT:
“Under the terms of the deal, the Treasury Department has agreed to convert up to $25 billion of its preferred stock investment in Citigroup into common stock. It will convert its stake to the extent that Citigroup can persuade private investors, including several big foreign government investment funds, to do so alongside the government, two people close to the deal said.”
What does this do for us? Well, the higher investment stake creates an enormous incentive for John Q. Public to continue to pour money into Citi, regardless of valuation. The inept banking giant then has access to infinite amount of capital, courtesy of you, the 1040 filers.
Its just another example of why these insolvent banks should be nationalized, or for you squeemish free marketers, FDIC mandated, pre-packaged Chapter 11, government funded reorganization.
If Obama continues to listen to the god-awful advice of Larry Summers and Tim Geithner, he will doom his presidency, and finsh marginally ahead of George W. Bush on the list of worst presidents.
This is not change we an believe in . . ."
"The modern bank robber calmly hands a note to the teller, asking for money and making a moderately specific scary threat. The robber, of course, expects the teller to hand over unmarked bills without a fuss.
This morning’s “research” note from a major international bank is entitled, “Falling Short: The government needs to buy toxic assets,” and the heart of their one page argument is, with the emphasis as in the original,
One main stumbling block to the purchasing of troubled assets has been pricing, specifically how does the government price a diverse set of assets in a way that does not put the taxpayer on the hook. However, this should not be the standard by which we judge the efficacy of the plan, because a more prolonged deterioration in the economy will result in a higher terminal unemployment rate and a greater deterioration of the tax base. As such, the decline in tax revenues will crimp many of the essential services provided by the government. Ultimately, the taxpayer will pay one way or another, either through greatly diminished job prospects and/or significantly higher taxes down the line to pay for the massive debt issuance required to fund current and prospective fiscal spending initiatives. We think the government should do the following: estimate the highest price it can pay for the various toxic assets residing on financial institution balance sheets which would still return the principal to taxpayers.
Tell me if you think I am overreacting - it has been a difficult week - but I interpret this as saying: “give us as much money as you can, or else.” And the “or else” appears to be unemployment up around 20% and debt/GDP in the red-for-danger zone.
Can bankers really trump the American government in this fashion? It’s painful to read, but probably helpful that the oligarchs put their cards (and notes) on the table so brazenly. This is, after all, a critical fight to save American democracy, and it’s good to know what we are up against."
All the while the investment banks and other financial institutions pay dividends and bonuses, and have lavish retreats and their CEOs get 'golden parachutes.
This is why it is time to refresh the tree of liberty.
UPDATE III: Got this link from Mike, who said it made him "wanna take up running." Read Runner's World, I'm a Runner: Sarah Palin. For the reading challenged, try the the picture version.
Not sure whether this helps her image as a possible president, but it will sell a lot of magazines. It also helps explain her appeal to the Republi-con party, the angry old white guys are smitten by Sarah.
UPDATE II: And yet another. Read the Washington Post, The Sarah Palin Chronicles Mask Deeper GOP Troubles.
UPDATE: Are the arguments about Palin within the Republi-con party just a personification of the dispute over the future of the party? Read the Washington Post, Latest Palin Controvery Just a Subset of War Over Direction of GOP.
UPDATE V: Sanford should blame his monkey ancestors. Read The New York Times, Politicians Are Primates Too.
UPDATE IV: From the internet:"New GOP Amendment to the Constitution: marriage should be between a man and 2 women."
"This is all Clinton's fault. If he hadn't been unfaithful, then these repubs would not have felt it was OK to do it too. -- signed RNC"
UPDATE III:
UPDATE II: Is Pensacola Joe the party's next Clinton? I ask because he was in town last week promoting his latest book, "The Last Best Hope," and one newspaper article claims Joe is a "political genius." The article, in a paper that claims there are no sacred cows, states:Is that true, or is Pensacola Joe a sacred cow?“Joe walked away from politics to spend more time with his sons, who were 10 and 13 at the time.
Joe has since been approached to be run for both the U.S. Senate and Florida Governor, but has chosen to stay away from politics.”
I ask because lord knows that the Republi-con party needs some help after the last week in which the party’s family values propaganda joined the fiscal conservative farce in the trash can of political fraud.
All hail the Republi-con family man.
UPDATE: The South Carolina governor has a future writing Harlequin romance novels. In an email he sent to his Argentina love he wrote:"You have a particular grace and calm that I adore. You have a level of sophistication that so fitting with your beauty. I could digress and say that you have the ability to give magnificent gentle kisses, or that I love your tan lines or that I love the curve of your hips, the erotic beauty of you holding yourself (or two magnificent parts of yourself) in the faded glow of the night’s light - but hey, that would be going into sexual details."
12. CEO's are now playing miniature golf.
11. I got a pre-declined credit card in the mail.
10. I went to buy a toaster oven and they gave me a bank.
9. Hot wheels and Matchbox car companies are now trading higher than GM in the stock market.
8. Obama met with small businesses - GE, Pfizer, Chrysler, Citigroup and GM, to discuss the Stimulus Package.
7. McDonalds is selling the 1/4 ouncer.
6. People in Beverly Hills fired their nannies and are learning their children's names.
5. The most highly-paid job is now jury duty.
4. People in Africa are donating money to Americans.
3. Motel Six won't leave the lights on.
2. The Mafia is laying off judges.
And the number one indicator:
1. If the bank returns your check marked as "insufficient funds", you have to call them and ask if they meant you or them.
Stealth supports
I think WEBY radio's morning talk show hosts, Mike Mashburn and Carl Gallups, are probably plants put there by the Obama administration.
I think I've figured what's going on with these two. The purposely go so far over the top with their goofy criticisms of Obama because they know that will make the audience think those opposed to Obama are just a bunch of eccentrics and it will actually serve to garner support for Obama.
I don't think there can be any other explanation for it.
-- Bob Wood, Pensacola
UPDATE: And for a good movie, based on a true story, about a corporation trying to stick it to the little guy, watch Flash of Genius, which tells the stroy of Robert Kearn, inventor of the intermittent windshield wiper.
It has a happy ending, sort of.
Visit msnbc.com for Breaking News, World News, and News about the Economy
UPDATE: For more about what the government does in the name of 'freedom,' read the decision issued late Friday allowing a civil lawsuit by Jose Padilla to go forward against former Bush administration lawyer, John Yoo, who wrote memos which purported to justify "gross physical and psychological abuse at the hands of federal officials as part off a systematic program of abusive interrogation intended to break down Mr. Padilla’s humanity and his will to live.”
Padilla v. Yoo, Order Denying Motion to Dismiss
Are you ready yet Eric?
UPDATE IV: An interesting development in the matter, a teacher threatened to sue the Santa Rosa County School Board for violation of his First Amendment rights after "he and other teachers were prohibited [by the School Board] from participating in the private baccalaureate services that were scheduled to occur on Sunday evening, May 31, 2009, and would be terminated if they chose to do so." Read the Santa Rosa Press Gazette, ADF represents Jay Teacher in discrimination case.
It doesn't seem to me that it is a discrimination case as much as a First Amendment case.
And BTW, the School Board decided that the teacher was right and that the Board could not prohibit "district employee from attending or participating in the baccalaureate, or any other religious service or event, while on their own time and in their personal capacities."
UPDATE III: Everyone is trying to spin this story, even Pastor Poppins, AKA Carl Gallups, on WEBY last week. Now read WorldNetDaily, Graduating students defy ACLU.
The article is misleading. The ACLU never tried to prevent students from praying. The lawsuit was aimed only at stopping school officials from leading the students in religious activity.
UPDATE II: Who is wrong here, the school board in its interpretation of the consent decree, or the Principal who is defying his boss? Read the consent decree below and then at the Pensacola News Journal, Pace principal: We won't back down.
Doesn't sound to me like the Principal is setting a good example for the students. But he is getting close to retirement, so maybe he just wants to be the next Roy Moore.
UPDATE: Read the Pensacola New Journal, Superintendent Wyrosdick has a very big problem.
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UPDATE: More on why FOX News is responsible for a murder, allegedly on behalf of God, in a house of worship. Read the Washington Post, Why I Turned Down O'Reilly.
UPDATE: Here is an argument that the GM bailout won't work. Read The New York Times, The Quagmire Ahead, which argues convincingly that while the Obama plan for General Motors is bureaucratically smart and financially tough-minded, it won’t revolutionize the company’s corporate culture and will likely make things worse.
"In the space of five head-spinning months, the economic downturn and a few strong-willed financial officials in the Obama administration have done what legions of car executives, consultants and policymakers had failed to do in three decades: overhaul the U.S. car industry."

UPDATE: Read the Washington Post, GOP Faces Demographic Dilemma and The New York Times, The Howls of a Fading Species.
UPDATE: It seems that greed is out of fashion for now. Read The New York Times, A Promise to Be Ethical in an Era of Immorality.
Is it the the goal of a business manager to “serve the greater good” and to act responsibly, ethically and refrain from advancing their “own narrow ambitions” at the expense of others?
And how long will it last?
“Government doesn’t provide services to rich people,” Mike Genest, the state’s finance director, said on a conference call with reporters on Friday. “It doesn’t even really provide services to the middle class.” He added: “You have to cut where the money is.”