Tuesday, September 30, 2008

Monday, September 29, 2008

Who caused “the biggest financial crisis since the Great Depression?”

From Pajamas Media

The Root Cause

* According to Senator Chris Dodd (D. CT) the “root cause” of the problem is “the housing foreclosure crisis.”

Not 100% accurate, perhaps–it’s really a credit crisis–but close enough for government work, especially from someone who has just happens to chair the Senate Banking Committee and who, completely coincidentally, has been such a conspicuous beneficiary of preferential mortgages and who, also coincidentally, leads the list of those who have received campaign contributions from Fannie Mae and Freddie Mac. (Guess who comes in 2nd and 3rd?)

* But what caused the housing crisis to which Senator Dodd alludes? The housing “bubble.”

* And what caused the housing bubble? “Sub-prime,” i.e., risky, mortgages; that is, mortgages made to people who, in the normal course of things would have to pay a premium in order to obtain a mortgage (if they could obtain one at all) because

a) they had bad or non-existent credit

b) their income was insufficient or

c) both.

Packaging the American Dream

A home of your own. It’s part of the American dream. Work hard, save up for a down payment, pay your bills on time and, presto, you, too, can buy a home.

For decades the government has done things to help Americans to realize the dream, e.g., graciously allowing citizens to keep some of their own money to help pay for the interest on a mortgage (the official term for this is a “tax deduction,” but I prefer my locution since it emphasizes the fact that it is YOUR MONEY we are talking about).

But what about people who do not work hard (if they work at all)? What about people who have not saved up for a down payment? What about people who do not pay their bills on time (if they pay them at all)? Why shouldn’t they get to live the American dream?

That was the question that led to

”The Community Reinvestment Act” (see here for more).

* The original Community Reinvestment Act was signed into law in 1977 by Jimmy Carter. Its purpose, in a nutshell, was to require banks to provide credit to “under-served populations,” i.e., those with poor credit.

The buzz word was “affordable mortgages,” e.g., mortgages with low teaser-rates, which required the borrower to put no money down, which required the borrower to pay only the interest for a set number of years, etc.

* In 1995, Bill Clinton’s administration made various changes to the CRA, increasing “access to mortgage credit for inner city and distressed rural communities,” i.e., it provided for the securitization, i.e. public underwriting, of what everyone now calls “sub-prime mortgages.”

Bottom line? It forced banks to issue $1 trillion in sub-prime mortgages.

$1 trillion, i.e., a thousand billion dollars in sub-prime,i.e., risky, mortgages, in order to push this latest example of social engineering.

But wait: how did it force banks to do this? Easy. Introduce a federal requirement that banks make the loans or face penalties. As Howard Husock, writing in City Journal way back in 2000 observed: “Bank examiners would use federal home-loan data, broken down by neighbourhood, income group, and race, to rate banks on performance. There would be no more A’s for effort. Only results—specific loans, specific levels of service—would count.” Way back in 1994, for example, Barack Obama sued Citibank on behalf of a client who charged that the bank “systematically denied mortgages to African-American applicants and others from minority neighbourhoods.”

* In 1997, Bear Stearns–O firm of blessed memory–was the first to get onto the sub-prime gravy train.

* Fannie Mae & Freddy Mac–were there near the beginning, too.

Anatomy of a bubble

Step 1. The intoxication: “My house is worth millions!” From 1995 - 2005, the number of sub-prime mortgages skyrocket. So did the house prices.

Step 2. The hangover: “Oh my God, my house isn’t selling. What went wrong?”

Why didn’t someone try to stop it?

Someone did: “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago,” The New York Times, September 11, 2003.

But someone intervened to stymie the Bush administration. Who? The New York Times reports:

Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. . . . “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”



Why didn’t someone else ring the alarm?

Someone else did. In 2005, John McCain co-sponsored the “Federal Housing Enterprise Regulatory Reform Act,” which among other things provided for more oversight of Freddie & Fannie. The bill didn’t pass. Guess who blocked it?

The bill was reintroduced in 2007. But again, no luck. Fannie Mae and Freddie Mac had friends in the Senate:

* Chris Dodd, a recipient of “sweetheart” loans from a Freddie and Fannie backed company.

* The junior senator from Illinois, i.e., Barack Obama, who turned to Jim Johnson, former head (1991-1998) of Fannie Mae, to help advise him on whom to pick for the vice-presidential slot on his ticket. From 1985 to 1990, incidentally, Johnson was managing director of Lehman Brothers. Remember them?

* You might also want to check out one of Barack Obama’s other advisors: Franklin Raines, former CEO of Freddie Mac: see here , for example, or here , or here.

Towards the end of the video, we read this salutary observation: “Everyone deserves a home, not a house of cards.”

Who gave us the house of cards?
Watch the whole thing here. And then pass it along to everyone you know.

Phillips: Subversives For Obama

Another great observation from Melanie Phillips: Subversives For Obama.

Barack Obama appears to sit on a nexus between Marxist revolutionary activists, unrepentant former terrorists, Black Power racists, Chicago mobsters – oh, and a Saudi who is trying to buy up America. If you were to turn up at US immigration control with a background of such associates, it’s a fair bet they wouldn’t let you off the air-bridge. Yet this man may well become President of the US! If any other candidate had had merely a fleeting relationship with William Ayers, his candidacy would have been terminated before it was even articulated — let alone what we now know about Obama’s key role in Ayers’s CAC and its funding of radical groups; let alone the fact that Obama had been mentored during his formative years by a Communist Party plant; let alone his work for organizations modeled on the seditious philosophy of Saul Alinsky; let alone his two-decade membership of a Black Power church; let alone his relationship with fraudster Tony Rezko.

And yet despite all of this, virtually no-one in the mainstream media is asking any questions. Has there ever been a more staggering, surreal and scary race to the White House?

Thursday, September 25, 2008

Ulysses Reveals Global Solar Wind Plasma Output At 50-Year Low

This should be the final nail in the coffin of "Global Warming" which probably explains why it's not the lead story in all news media.

Update 1: There are now no longer any links to this article on NASA's website. This Link will take you to the one page that is left with the graphics and videos from the news conference. If it too disappears, I've downloaded it all, and will upload it if required. I find it disturbing that something this significant is buried or, at least not linked to, from NASA's main page. Even the Ulysses homepage doesn't have a link to the News conference of 23 Sept 08.


RELEASE : 08-241
WASHINGTON -- Data from the Ulysses spacecraft, a joint NASA-European Space Agency mission, show the sun has reduced its output of solar wind to the lowest levels since accurate readings became available. The sun's current state could reduce the natural shielding that envelops our solar system.

"The sun's million mile-per-hour solar wind inflates a protective bubble, or heliosphere, around the solar system. It influences how things work here on Earth and even out at the boundary of our solar system where it meets the galaxy," said Dave McComas, Ulysses' solar wind instrument principal investigator and senior executive director at the Southwest Research Institute in San Antonio. "Ulysses data indicate the solar wind's global pressure is the lowest we have seen since the beginning of the space age."

The sun's solar wind plasma is a stream of charged particles ejected from the sun's upper atmosphere. The solar wind interacts with every planet in our solar system. It also defines the border between our solar system and interstellar space.
This border, called the heliopause, surrounds our solar system where the solar wind's strength is no longer great enough to push back the wind of other stars. The region around the heliopause also acts as a shield for our solar system, warding off a significant portion of the cosmic rays outside the galaxy.

"Galactic cosmic rays carry with them radiation from other parts of our galaxy," said Ed Smith, NASA's Ulysses project scientist at the Jet Propulsion Laboratory in Pasadena, Calif. "With the solar wind at an all-time low, there is an excellent chance the heliosphere will diminish in size and strength. If that occurs, more galactic cosmic rays will make it into the inner part of our solar system."

Galactic cosmic rays are of great interest to NASA. Cosmic rays are linked to engineering decisions for unmanned interplanetary spacecraft and exposure limits for astronauts traveling beyond low-Earth orbit.

In 2007, Ulysses made its third rapid scan of the solar wind and magnetic field from the sun's south to north pole. When the results were compared with observations from the previous solar cycle, the strength of the solar wind pressure and the magnetic field embedded in the solar wind were found to have decreased by 20 percent. The field strength near the spacecraft has decreased by 36 percent.
"The sun cycles between periods of great activity and lesser activity," Smith said. "Right now, we are in a period of minimal activity that has stretched on longer than anyone anticipated."

Ulysses was the first mission to survey the space environment over the sun's poles. Data Ulysses has returned have forever changed the way scientists view our star and its effects. The venerable spacecraft has lasted more than 18 years, or almost four times its expected mission lifetime. The Ulysses solar wind findings were published in a recent edition of Geophysical Research Letters.

The Ulysses spacecraft was carried into Earth orbit aboard space shuttle Discovery on Oct. 6, 1990. From Earth orbit it was propelled toward Jupiter, passing the planet on Feb. 8, 1992. Jupiter's immense gravity bent the spacecraft's flight path downward and away from the plane of the planets' orbits. This placed Ulysses into a final orbit around the sun that would take it over its north and south poles.

The Ulysses spacecraft was provided by ESA, having been built by Astrium GmbH (formerly Dornier Systems) of Friedrichshafen, Germany. NASA provided the launch vehicle and the upper stage boosters. The U.S. Department of Energy supplied a radioisotope thermoelectric generator to power the spacecraft. Science instruments were provided by U.S. and European investigators. The spacecraft is operated from JPL by a joint NASA-ESA team.

More information about the Ulysses mission is available on the Web at:

http://ulysses.jpl.nasa.gov



Now, from what I've read in the past (sorry, no references yet), more cosmic radiation means more clouds, more clouds and less solar radiation means colder temps. Maybe very cold! I'd say global warming will become a wish rather than a fear in the very near future.

Wednesday, September 24, 2008

Asylum Seekers: having trouble in the UK? Canada will take you!

We’ve been hearing lots of stories out of Great Britain and the rest of Europe too about immigration rules tightening. Not to fear, here is a website called “Asylum Destitution Support Network” that instructs, among other things, on how to get into Canada.

If you are in the process of seeking asylum or been refused asylum in the UK, you will not be able to apply for asylum in another member country of the European Union.

However, if your asylum claim has been refused and the Home Office do not intend to remove you by force or cannot obtain travel documents to facilitate your removal, continuing to live in the UK with out the right to work or access to the normal benefits UK citizens are entitled to, life for you in the UK will be very harsh.

Likewise you may have made a claim years ago but Home Office has failed to make a final decision.

You may wish to find another country that will accept you as an economic migrant or refugee.

Economic migrants, by the way, are people literally flowing by the millions out of their home countries trying to find work (or a welfare security net). This website instructs readers on all the programs available to them in Canada.

Refugee/Economic Admission Programmes

Many countries have ‘Refugee’ or ‘Economic’ programmes, which allow refugees or people seeking work to apply for entry into their country from another country, which is not the country of residence of the applicant.

Notably Canada, who have various schemes to facilitate entry for refugees and economic migrants.

For all the details, read on.

Saturday, September 20, 2008

Thursday, September 18, 2008

Barack Hussein Obama - Political Hero or Radical Leftist?



Definitely a RADICAL Leftist!

Tuesday, September 16, 2008

Dear Mr. Obama

An Iraq Veteran has a personal message for Barack Obama

Yeah, OK Obama, whatever

Sunday, September 14, 2008

Devastating Video, Obama talks about job Ayers gave him

Why anyone with an IQ above room temperature would vote for such a terrorist loving, socialist empty-suit is completely beyond comprehension.

911 at NORTHCOM - The Marines and the Babies Seven Years Ago

Posted By Blackfive

Mr Wolf sent this as he cannot post right now:

Wolf- Just came from the memorial ceremony here at NORTHCOM. LTC (CH) Robert Leivers led the group in a ceremony here at the headquarters. During the ceremony, he relayed this little-known story from the Pentagon on 9/11:

During a visit with a fellow chaplain, who happened to be assigned to the Pentagon, I had a chance to hear a first-hand account of an incident that happened right after Flt 77 hit the Pentagon. The Chaplain told me what happened at a daycare center near where the impact occurred.

This daycare had many children, including infants who were in heavy cribs. The daycare supervisor, looking at all the children they needed to evacuate, was in a panic over what they could do; there were many children, mostly toddlers, as well as the infants that would need to be taken out with the cribs. There was no time to try to bundle them into carriers and strollers.

Just then a young Marine came running into the center and asked what they needed. After hearing what the center director was trying to do, he ran back out into the hallway and disappeared. The director thought, 'well, there we are- on our own.' About 2 minutes later, that Marine returned with 40 others in tow. Each of them grabbed a crib with a child, and the rest started gathering up toddlers. The director and her staff then helped them take all the children out of the center and down toward the park near the Potomac and the Pentagon.

Once they got about 3/4 of a mile outside the building, the Marines stopped in the park, and then did a fabulous thing- they formed a circle with the cribs, which were quite sturdy and heavy, like the covered wagons in the West. Inside this circle of cribs, they put the toddlers, to keep them from wandering off. Outside this circle were the 40 Marines, forming a perimeter around the children and waiting for instructions. There they remained until the parents could be notified and come get their children."

Wolf: The NORTHCOM chaplain then said- "I don't think any of us saw nor heard of this on any of the news stories of the day. It was an incredible story of our men there.

I must say- there wasn't a dry eye in the room. The thought of those Marines and what they did and how fast they reacted- could we expect any less from them?? It was one of the most touching stories from the Pentagon I've EVER heard.

____________________________________________________________________________________
Unlike muslims who purposely put their children in harms way, this is the mind set of the American (and Canadian) soldier. Protect the innocent and defenseless from harm and evil. Being the vile, dispicable, subhumans that they are, muslimes just use innocents and children, as human shields and canon fodder. What a filthy, disgusting death cult!!!

cdn.infidel

Wednesday, September 10, 2008

REMEMBER 9/11/01



On this day, remember them all, God rest their souls.

God DAMN Islam!!!

Monday, September 8, 2008

Global Warming’s Kaput; 2008 Coolest in 5 Years

H/T Newsmax.com

Monday, September 8, 2008 1:10 PM

By: Phil Brennan

The global warming theory is going into the freezer, some climate experts say.

The first half of this year was the coolest in at least five years, according to the World Meteorological Organization (WMO). And the global warming that has taken place during the past 30 years is over, says geologist Don J. Easterbrook, a professor emeritus at Western Washington University.

Easterbrook, who has written eight books and 150 journal publications, predicts that temperatures will cool between 2065 and 2100 and that global temperatures at the end of the century will be less than 1 degree cooler than now. This is in contrast to other theories saying that temperatures will warm by as much as 10 degrees by 2100.

In March, Easterbrook said he was putting his “reputation on the line” by predicting global cooling.

“The average of the four main temperature measuring methods is slightly cooler since 2002 [except for a brief el NiƱo interruption] and record breaking cooling this winter. The argument that this is too short a time period to be meaningful would be valid were it not for the fact that this cooling exactly fits the pattern of timing of warm/cool cycles over the past 400 years,” Easterbrook wrote on March 1.

Added to his assertion was the WMO revelation that the first half of 2008 was the coolest for at least five years and that the rest of the year almost will certainly be cooler than recent years, although temperatures remain above the historical average.

The global mean temperature to the end of July was 0.28 degrees Celsius above the 1961-1990 average, Britain’s Met Office Hadley Centre for climate change research said Wednesday. That would make the first half of 2008 the coolest since 2000. Chillier weather this year is partly because of a global weather pattern called La Nina that follows a periodic warming effect called El Nino.

"We can expect with high probability this year will be cooler than the previous five years," said Omar Baddour, responsible for climate data and monitoring at the WMO. "Definitely the La Nina should have had an effect, how much we cannot say. Up to July 2008, this year has been cooler than the previous five years at least. It still looks like it's warmer than average."

Also snowing on the global warming enthusiasts is the highly respected “Farmer's Almanac,” which predicts that the coming winter will be “catastrophic” because of bitter cold weather.

People worried about the high cost of keeping warm this winter will draw little comfort from the prediction of below-average temperatures for most of the U.S., says the 192-year-old publication, famed for its accuracy of 80 percent to 85 percent.

"Numb's the word," the almanac’s 2009 edition says, adding that at least two-thirds of the country can expect colder-than-average temperatures, with only the far West and Southeast in line for near-normal readings.

"This is going to be catastrophic for millions of people," the almanac's editor, Peter Geiger, told The Associated Press, noting that the frigid forecast combined with high prices for heating fuel is sure to compound problems households will face in keeping warm.

The almanac predicts above-normal snowfall for the Great Lakes and Midwest, especially during January and February, and above-normal precipitation for the Southwest in December and for the Southeast in January and February, the almanac states. Also, the Northeast and the mid-Atlantic regions can expect an unusually wet or snowy February.

read the Rest

Modern Day Islamic Slavery

This is still going on this very day. Why are blacks moving to islam while their brethren in Africa are still being brutally enslaved by muslims???

Islamic Child abuse

Religion of Peace, yeah right.


Sunday, September 7, 2008

Palin and the donkeycrats



Awesome. Have at er.