CNN’s Erin Burnett and ThinkProgress’ Ben Armbruster can’t seem to understand why Republicans wouldn’t consider dropping 60,000 pounds of high explosives from a military aircraft on Iran an act of war. Of course it would be an act of war, as we’d be hearing if the shoe was on the other foot. Just don’t tell Ms. Burnett or ThinkProgress that president Obama believes the same thing.
Monthly Archives: October 2012
Fannie is the Real Fraud
On Wednesday, the Federal Government filed suit against Bank of America, alledging fraud in the sale of thousands of mortgages to Fannie Mae and Freddie Mac. According to the suit, this exchange ”[caused] taxpayers more than $1 billion of losses.” As if more proof is necessary, this case highlights just how destructive the state can be.
Whether Bank of America engaged in any fraud with these deals, who knows? They probably did. But regardless, these purchases only led to losses at Fannie and Freddie because the Feds are involved so heavily in the housing and mortage industry. Had the federal government never intervened in the first place, it would have been Bank of America and its shareholders that absorbed these losses.
It should also be noted that if the federal government wasn’t in the business of buying massive packages of mortgage-backed securities, and the central bank wasn’t inflating bubbles with cheap credit, these losses would surely never have happened. Virtually no private business subject to market demands and without a lifeline from the federal government would have made these loans in the first place. It’s only because of the moral hazard of implicit bailouts and corporate welfare that large institutions can engage in such risky practices.
Furthermore, it should also be noted that the $1 billion was lost as soon as it left the hands of the taxpayers, not when Fannie Mae and Freddie Mac saw the value of their portfolios drop. Once the feds begin “investing” our money it’s already lost to its original owners. Any losses will be covered through more taxation, borrowing, or money creation; and any gains will go to the treasury. It’s not as if when the feds turn a profit we all get dividend checks in the mail.
Don’t Enlist
Don’t join the gang. Don’t let the military use and abuse your body and mind. Don’t become a killer, hiring out your services to an organization that cares not for you, your family, nor anyone else. It’s not worth money for college, an opportunity to escape a troubled home life, a poor job market, or any other selfish reason.
As one of the troops interviewed in this short documentary so accurately explains: “People feel that the military is an escape. The military will not do that for you; they will make you dependent on a system that doesn’t care about you in the first place….” Also, the military will abandon and forget you once you’ve ceased to be any use to them.
D’Alesandro’s Dossier
Nancy Pelosi was a guest on NPR’s “Wait, Wait Don’t Tell Me” this week, and during her introduction they discussed her start in politics, which began as child with her father’s career in Baltimore, Maryland. She explained how in her house there was a never-ending campaign atmosphere, with her father, Thomas D’Alesandro, Jr. constantly working to stay in office as mayor.
Young Nancy helped distribute the typical campaign pamphlets, buttons, and stickers, but she was also in charge of keeping track of her father’s “favor file.” When I first heard this term, I thought it might be referring to a list of favors that friends and political allies had done for Mayor D’Alesandro, and it was his way of ensuring that each could be thanked and receive a favor in return at some point, should the need arise.
This seems like something a decent person would do, especially if one receives a number of favors on a regular basis, as I can imagine mayors might.
But no, the file contained the rolls of all the people Mayor D’Alesandro had done favors for, and he kept the list so he’d know whom he could call on or manipulate when he himself needed help.
This seems like something a narcissist would do, especially if one requires a number of favors on a regular basis, as I can imagine mayors might.
