For those of you wishing to read more about the reaction of the American people and politicians to the AIG scandal, go to the following pasted link for a great synopsis from some brilliant people putting some of the current administration and Congress's core principles to the test of history:
http://article.nationalreview.com/?q=NmNkNzNhZDA2ODMzNGVlZmM3YmI5NmNiNWUxNDUyZDI=

I wasn't a big Dick Cheney guy and Bush strayed way way too far from basic Republican ideals regarding governmental roles. However, the following article is a great synopsis of the legal predicament of indefinitely holding suspected terrorists. Many people say that because these suspected terrorists are not American citizens, they do not deserve the basic rights afforded to citizens. However, by implying as our Bill of Right does that these are "basic" rights shouldn't they be afforded to all men regardless of what they are suspected of doing? At any rate, the article is written by a former Pentagon adviser and does a great job of educating and informing.

http://article.nationalreview.com/?q=NmNkNzNhZDA2ODMzNGVlZmM3YmI5NmNiNWUxNDUyZDI=

If you haven't seen the new Shep Smith take on the supposed outrage in Congress over the AIG bonuses, you have got to go find it. He is 100% correct in every single fact he quotes and 100% correct that AIG is doing exactly what they should be doing in paying out those bonuses.

Congress, what are you doing? Monkeying around and sticking your filthy little hands in places they have no business being. If only this were like the hot stove analogy.... the one where the little kid puts his hand on a hot stove and learns that he will never do that again.

Unfortunately, this will be nothing like that because Obama, Geithner, and Dodd will spin and say jibberish like, "I can't believe you are willing to use taxpayer dollars like that." Barney Frank, spare me your fake rage you silly sycophant. Your lisp betrays the forked tongue behind your teeth. You and your kin of McCarthey-esque raids on the corp sector are making this country a worse place to live and not a better one.

NOTE TO ALL AMERICANS: We do live in a country where contracts are honored. AIG employees were contractually garaunteed payment based upon performance of certain duties to which they are entitled to renumeration. If Congress goes forward to tax these bonuses 90%, that's the real sin. That's what America ought to be upset about. Why would an AIG employee show up for work tomorrow if their earnings above $250k are about to be taxed to 90%? Why? Executives leave your companies and go to other countries which appreciate the years of learning and economic know-how which Americans no longer appreciate.

If you live in one of the 39 states that elects its judicial officials, you need to go to the following link and read the story:

http://www.slate.com/id/2212798

There must be something about a lengthy career in law that cause all notions of humility to be fanciful exercise for the laity. Anyone who can possibly suggest that multi-million dollar campaign contributions from potential plaintiffs/defendants in forthcoming legal proceedings do not impact future rulings is either an idiot or disingenuous... such as Chief Justice Scalia... who is most likely an idiot and disingenous.

It is not hard to see that West Virginia Justice Benjamin should have recused himself from the case. Arguing he had no direct financial benefit from a cool $3mm contribution is like suggesting that an only child doesn't benefit from her father's 50% raise in salary at work. True, she doesn't see any direct financial benefit in the form of deposit to her checking account but you can bet she will be wearing the latest designer jeans to high school.

I do want to make one minor adjustment to my prior remarks. It seems that the overall goal of the US govt is to restore consumer confidence so we can again consume goods like we are losing our minds.

Make no mistake... the Obama Housing plan is one cog in the machine I am raging against that will perform exactly to plan. If you give
a. 105% Loan to Value to anyone
b. give bankruptcy judges the ability to broker renegotiated mortgages (which is actually a really good idea)
c. give incentives to lenders to renegotiate monthly payments by chaning mortgage structures to bring payment to income ratios "into line"

If you grant all these things to the American people, we will all lose our minds. I know I would (granted to a lesser extent then a lot of other people out there).

Why? If you reduced my mortage by even $100 a month, I would probably start consuming that much more monthly. And to be honest, I could easily save over $100 a month by refinancing to current rates but my LTV is 90%+ making me ineligible.

However, some people out there.... in our nation... don't have maps... the Iraq... everywhere like such as, the Asian countries so we can build a bridge to our future...

Sorry I lost my train of thought. Where am I? Oh yeah.

Remember when people used to save up for things they wanted and then purchased them? Yeah... me neither. I was born in 1983 and since then credit has just been in the air and if you wanted it, you could just reach out and grab it and bite into it like a ripe apple.

I literally lost my mind writing this entry. I was in the middle of some economic comment and suddenly I began channeling Miss Teen So Caro.

Remember Dick Cheney? He was a character. He was like a villan straight out of a comic book series. Now we're stuck with Joe Biden... its still good but just not the same... man, I hope nothing happens to Obama.

I imagine somewhere right now Adam Smith's invisble hand is punching Obama in the groin...

This is the second time I have done this today. The first time I wrote a long political rant and backed away from the table. Then I read what lil' Einstein Press Sec Robert Gibbs said about Santelli's rant on the CBOT Floor. (By the way CBOT floor, I will join you anytime for Chicago style mortgage party).

Let me break it down for you Gibbs... really slow since you bleeding heart types who throw good money after bad money after horrific money at any problem that will score votes for your policital four year shelf-life.

#1. All Homeowners are making an investment by buying a home. There is risk and reward. Subsidizing this asset class is no different than saying the govt should buy back all shares of Citigroup at double/triple/trillion times market rate. You wouldn't dare think of doing that (And so help me if you do that!). Those shareholders took a calculated risk in purchasing Citi stock. A home is no different. It doesn't matter if it was your primary home, secondary, investment property, big real estate mogul, or tiny shanty owner, the facts are the facts. American consumers bought an asset making monthly payments based on the fact that a.) they could live in the asset & b.) it would be worth more at time of resell.

Perhaps next they will start subsidizing gambling losses... All you degenerates for gambling... get ready for that.

2. YOU DON'T HAVE ANY MONEY TO PUMP INTO FANNIE MAE FREDDIE MAC OR TO PAY FOR ANYONE'S MORTGAGE!!! You get money three ways:
a. tax me for it (IT'S MY MONEY)
b. borrow for it (I AM STILL THE COSIGNER ON THAT LOAN HENCE I WILL HAVE TO PAY FOR IT)
c. print it (IT DEVALUES MY MONEY)

I don't want to pay for someone else's mortgage no matter the reason they can't pay for it. If I lost my job today and couldn't find work and couldn't resell my house to pay off the mortgage... The bank deserves to take my home and I deserve to move out to an apartment. I don't want the gov't coming in to save the day. I don't want you readers to pay my mortgage if I can't.

Risk and Reward... its real world... its happening... deal with it.

#3. Everyone acts like if we don't pump billions into the housing market again, these assets are going to go to zero. Are you kidding me? They are houses... people need them... they have a base value. The values were overinflated and a collapse was imminent no matter what. No asset class goes up idefinitely and why this took everyone by suprise is just incredible to me.


HEY ELECTED OFFICIALS... THINK LONG TERM... Sometimes I think crack addicts think longer terms