November 5, 2008

Bits Bucket For November 5, 2008

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Comment by Anonymous
2008-11-05 06:43:42

God bless America or God save America???

Comment by Muir
2008-11-05 07:06:28

Got “real Americans?”

Comment by hd74man
2008-11-05 07:36:28

RE: Got real Americans

A dying species….

http://online.wsj.com/article/SB122584386627599251.html

Comment by Muir
2008-11-05 08:03:39

from WSJ:
“Earlier this year, 12,000 people in San Francisco signed a petition in support of a proposition on a local ballot to rename an Oceanside sewage plant after George W. Bush. The proposition is only one example of the classless disrespect many Americans have shown the president.”
-
Are you sh*tting me?!!
-

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Comment by yogurt
2008-11-05 11:06:16

The proposition is only one example of the classless disrespect many Americans have shown the president

What goes round, comes round.

 
Comment by NYCityBoy
2008-11-05 11:57:42

Respect isn’t like money. The only way to possess respect is to earn it. It can’t be inherited or won in a lottery. Bush is bankrupt in that sense.

 
Comment by AdamCO
2008-11-05 15:05:02

Americans are great…we won’t respect a president just because of his office. He has to earn our respect like NYCB says.

Republicans decided Clinton didn’t deserve their respect cause of the affair. Democrats and Independents and most everyone in the country decided Bush doesn’t deserve respect because of an unnecessary war and an apparent policy of willful ignorance. So we name a sewer plant after him. Only in America!

 
Comment by Matt_in_TX
2008-11-05 16:45:30

“We will not tire,
we will not falter,
and we will not fail.”
- G.W. Bush

The Obama state of the union speech will be interesting to hear. Hopefully, it will be more profound than “We need to surrender so we can bridge our woeful gap in fully subsidized English-as-a-third-language kindergarten classes.”

 
 
Comment by Muir
2008-11-05 08:06:12

And this from the WSJ:
“Our failure to stand by the one person who continued to stand by us has not gone unnoticed by our enemies. It has shown to the world how disloyal we can be when our president needed loyalty”
-
“Earlier this year, 12,000 people in San Francisco signed a petition in support of a proposition on a local ballot to rename an Oceanside sewage plant after George W. Bush. The proposition is only one example of the classless disrespect many Americans have shown the president.”
-
Maybe rename the WSJ?

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Comment by yogurt
2008-11-05 11:09:59

“To announce that there must be no criticism of the president… is morally treasonable to the American public.”

Theodore Roosevelt

 
Comment by DinOR
2008-11-05 12:20:36

Uh yeah, little bit different era.

 
Comment by SanFranciscoBayAreaGal
2008-11-05 12:49:29

Uhhh folks the proposition was defeated.

 
Comment by Big V
2008-11-05 14:01:40

If people hate the President, then why not say so? I thought it was a gas!

 
Comment by Eudemon
2008-11-05 15:48:30

We’ll soon see just how much hatred can be spewed in the direction of Obama.

The stock market drop of 486 points today is Obama’s fault.

 
 
 
Comment by ahansen
2008-11-05 08:27:30

An American flag is flying chez ahansen for the first time in 28 years. It is indeed morning in America.
YEEE-FREAKIN HAAAAA- YOU REDNECK WHITETRASH!
Let’s see you tear THIS one down.

Comment by Arizona Slim
2008-11-05 08:56:19

“My fellow Americans, our long national nightmare is over.”

– Gerald Ford, speaking to the American people after he was sworn in as President

Methinks that another nightmare is ending. Can’t wait for 1/20/09.

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Comment by Blano
2008-11-05 09:03:55

Somebody’s feeling better!!! : )

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Comment by ahansen
2008-11-05 12:11:52

Wh, HELL yes, son!

Thanks, Blano.

 
 
 
Comment by Olympiagal
2008-11-05 09:19:26

Got “real Americans?”

Here I am! Here I am! Here I am!
Oh, my goshamighty, I am SO happy! And you know what? I don’t even have a hang-over! How can that be? In the past I would have attributed this to an experienced liver, or maybe a miracle, but now I see that there has been a special dispensation for all victory- party- goers who voted correctly, verily, those who voted in a way that pleased Sweet Baby Jeebus.*
Also, here in Thurston county and in WA state there were some very significant local wins: Gov. Gregoire vs. the Builder’s Wh*ore, aka Rossi, (I was quite anxious about that one, I thought it’d be waaaay close, and that maybe she’d lose) Goldmark vs. Another Builder’s Wh*ore, aka Sutherland, and so forth… most important to me personally, Sandra Romero won Thurston county commissioner! Oh, golly, what a happy happy Olygal is here today! I think I better go cry happy tears. Again!

*Now if He’ll just help me get the paint of my body. ‘Washable’? Not hardly. Stupid Chinese paints.

Comment by Olympiagal
2008-11-05 09:22:22

‘get the paint of my body’

I meant ‘off’. The paint ‘off’ my pallid person. Although the blue does go pretty with my fluffy yellow hair. Maybe I’ll just leave it.

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Comment by Al
2008-11-05 12:51:37

Blue body and fluffy yellow hair.

Smurfette?

 
 
Comment by Prime_Is_Contained
2008-11-05 10:03:19

Oh my, Olygal. The mental image of your happy happy tears running down your blue body-paint may not have been suitably rated for this all-ages blog. :-) Or was that just my dirty mind??

I celebrate with you on many counts. I didn’t so much vote for Gregoire as vote AGAINST the Builder’s Wh*re, aka Rossi, as you so elegantly put it. :-) :-) That smarmy b-tard ran one ugly campaign.

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Comment by BanteringBear
2008-11-05 11:06:59

I begrudgingly voted for Gregoire myself. I’m lukewarm on her.

 
Comment by Olympiagal
2008-11-05 14:38:00

‘Oh my, Olygal. The mental image of your happy happy tears running down your blue body-paint may not have been suitably rated for this all-ages blog. Or was that just my dirty mind??’

:)
Tell you what, Prime, I’ll make a video. It’ll be one of those ’specialty’ kinds, handed out by furtive distributors. But, and this is the most important thing here, it will be a * patriotic * specialty video.
Possibly a brand new genre! Awesome! Hey, the world really IS changing!

 
Comment by Olympiagal
2008-11-05 16:54:51

‘Oh my, Olygal. The mental image of your happy happy tears running down your blue body-paint may not have been suitably rated for this all-ages blog. Or was that just my dirty mind??’

Where IS my earlier post?!

 
 
Comment by Muir
2008-11-05 10:49:21

Congrats Olympia! :-)
-
Amen to the special dispensations!

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Comment by Professor Bear
2008-11-05 07:06:48

Both and.

 
Comment by hwy50ina49dodge
2008-11-05 07:33:51

Are you from Mississippi, Alabama, Georgia, Arkansas, Tennessee, or South Carolina, you name gives me no clue. :-)

Rash Limpbaughs: “This election is about race!” ….Wait until I turn the St. Louis Rams into an all white team, then you’ll see what football is all about. ;-)

 
Comment by Mot
2008-11-05 17:45:40

Darn shame that mortgage forgiveness is no longer counted as income - the “rich” could be owing even more taxes.

 
 
Comment by aladinsane
2008-11-05 06:45:11

I first heard of President-elect Obama in a 2004 New Yorker article, and fantasized about him being the leader of our country some day, and sometimes dreams come true-ahead of schedule…

Congratulations to Barack on a well-run and very classy campaign.

=====================================================
May 31, 2004

“Jan Schakowsky told me about a recent visit she had made to the White House with a congressional delegation. On her way out, she said, President Bush noticed her “OBAMA” button. “He jumped back, almost literally,” she said. “And I knew what he was thinking. So I reassured him it was Obama, with a ‘b.’ And I explained who he was. The President said, ‘Well, I don’t know him.’ So I just said, ‘You will.’ ”

http://www.newyorker.com/archive/2004/05/31/040531fa_fact1?currentPage=all

Comment by NYCityBoy
2008-11-05 07:07:03

“and fantasized about him being the leader of our country some day”

You really need a hobby that doesn’t include playing with trees or stroking gold bars.

Comment by aladinsane
2008-11-05 07:17:54

I’ve had the displeasure of living in an America that celebrated dumb people and tended to trash anybody with a scintilla of intelligence, and the pain smarts.

But finally, out of the political wilderness comes a brain, with a man attached to it…

Comment by darthrealtor
2008-11-05 07:19:18

QFT.

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Comment by NYCityBoy
2008-11-05 07:39:30

“But finally, out of the political wilderness comes a brain, with a man attached to it…”

Unfortunately, we can’t say the same about our members of Congress.

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Comment by manhattanite
2008-11-05 07:58:53

you are quite right about the congress, nycb.

i voted for obama, and am thrilled with the symbolism his victory represents. sometimes (like now), the power of a symbol trumps any possible “substance.”

i predict obama will signal his centrist, no bs style by letting the most zealous of the congressional democrats know that reinstating the so-called “fairness doctrine” (that would effectively kill talk radio) is a nonstarter.

but i also enjoy listening to rush limbaugh.

i’m sure there are many, many across the fruited plain that feel the same way.

 
Comment by jsocal
2008-11-05 10:05:15

let Dems know that reinstating the so-called “fairness doctrine” (that would effectively kill talk radio) is a nonstarter.

ROTFLMFAO - I can’t wait to see that one happen!

“centrist no bs style” - who in Hades did you vote for?

I’m actually glad Obama won because a nation in which a half-black man from a broken home can go to Harvard and be elected President means that racism as a cause (or excuse) is dead.

But then so is public financing of elections. How soon will they take that stupid box asking for donations off the IRS form?

 
Comment by yogurt
2008-11-05 11:12:58

How many black people the US were raised by middle-class white people in a state where everyone is a minority?

 
Comment by Mot
2008-11-05 18:00:36

The presidential candidates of the major parties were two members of the lowest rated congress in the history of the United States.

Says something doesn’t it?

 
Comment by SH
2008-11-05 18:43:31

“i predict obama will signal his centrist, no bs style by letting the most zealous of the congressional democrats know that reinstating the so-called “fairness doctrine” (that would effectively kill talk radio) is a nonstarter.”

Are you kidding??? Obama threw journalists from three organizations that did not endorse him off his plane! That is not the action of a man who will tolerate anyone who disagrees with him.
I predict Obama will lead the charge in trying to silence any serious criticism of him or his administration, and begin by pushing the “fairness doctrine” as hard and fast as possible.

 
Comment by SDGreg
2008-11-05 23:07:13

“but i also enjoy listening to rush limbaugh.”

“i’m sure there are many, many across the fruited plain that feel the same way.”

Not only do a I not enjoy listening to Rush, I don’t appreciate that being my only option. If it takes a new fairness doctrine to bring back other options, please bring it back. These are supposedly the public airwaves, not state run corporate media.

 
 
Comment by CrookCounty
2008-11-05 07:43:25

That’s funny.

He’s a socialist who thinks not taking away someone’s money or taking less of their money, is “giving” them money.

I first worried about Obama being a threat to the Illinois Senate and then the Presidency back in the late 90s. It’s not that he’s a person of bad character, I smoked an occasional cigarette with him after lectures, but he’s just another politician LAWYER, and the most leftist Democrat.

But I suppose it’s about time all these dumb leftists, who don’t realize just how religious and unscientific they are, get a lesson in economics.

He was just elected, and already there are whispers that expectations need to be tempered. You think? You mean turning every one dollar bill into a one million dollar bill won’t solve world poverty?

Have fun trying to finance the deficit and debt at absurdly artificially low interest rates as hyperinflation comes storming back sometime in the next couple years. The idiots succeeded in convincing the dumb that government manipulation is the “free market”. And Obama is here to save us from the “free market”.

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Comment by rms
2008-11-05 08:00:51

Dubya turned out to be a big government socialist.

 
Comment by darthrealtor
2008-11-05 08:40:54

It’s really hard to ‘accuse’ anyone in the good ‘ole USA of socialism when the Gubment has effectively nationalized the entire economy. Free markets…my A double S.

I guess that really is what defines the difference between the political parties these days. The Reps socialize corporate America and the Dems socialize the general populace. Frankly I’ll take the one that doesn’t help the rich get richer.

 
Comment by slorenter
2008-11-05 08:51:37

This is why I wrote I in Ron Pauls name for pres. He was the only hope for america. He should get a few million write in’s. They are counting them too.

 
Comment by scdave
2008-11-05 09:06:36

Dubya turned out to be a big government socialist ??

Ya think !!

 
Comment by MightyMike
2008-11-05 09:58:31

Well, the Republicans spent a lot of time right at the end of the campaign telling everybody that Obama would bring in socialism. The people heard that message and then went to the polls yesterday and voted him in. So we have decided that we want socialism. It should be interesting.

 
Comment by packman
2008-11-05 10:08:20

“Dubya turned out to be a big government socialist.”

I think that was part of CrookCounty’s point. The media has portrayed him as a free-marketeer, when in fact he has been the opposite.

Very 1984-ish.

 
Comment by Big V
2008-11-05 14:13:29

Crook County:

Your indictment of Obama is really just a litany of crimes committed by your precious Republicans. It’s gonna be tough going for Obama. He has a lot of problems to fix.

 
Comment by sleepless_near_seattle
2008-11-05 15:32:56

“So we have decided that we want socialism.”

Yes, if you were duped into buying into the desperate, last-minute campaign tactics.

Or, alternatively, people recognized the pot calling the kettle - ahem - black and rejected the notion altogether.

 
 
Comment by Blano
2008-11-05 07:49:47

It’s not the intelligence that’s the problem, it’s the “I know what’s best for you” elitist arrogance that comes with it.

Obama doesn’t come across like that (yet). And if you don’t have that attitude, you need not concern yourself either.

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Comment by exeter
2008-11-05 08:02:42

“I’ve had the displeasure of living in an America that celebrated dumb people and tended to trash anybody with a scintilla of intelligence, and the pain smarts.”

Well stated Lad.

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Comment by Pondering the Mess
2008-11-05 10:19:06

While Obama’s victory is symbolic and significant in many ways, the general population still worships “dumb” as livestyle. Don’t forget that many voted for Obama purely because of his race and because of dreams that “he’ll give me free stuff!” To be fair, there are those who voted against him because of his race, too. Stupidity cuts both ways, of course.

Point being that the population is still stupid and still wants “free stuff,” such as housing that costs infinite money (buy now or be priced out forever!) so they can buy their oversized SUV’s and ride around, waving their egos around in each other’s faces. That, to many, is the American Dream. I don’t expect Obama to change this; all I expect is more malaise that drags on for years.

 
Comment by AdamCO
2008-11-05 15:06:59

I have a hard time believing the argument that Obama won by capturing the dumb vote. I mean…George Bush…Sarah Palin…the reps have been thriving on ignorance since the 90s

 
Comment by Matt_in_TX
2008-11-05 16:51:42

Looking at the map, the democrats won majorities in the bankrupt and need-a-handout states.

 
Comment by Mary Lee
2008-11-06 03:14:28

You mean the states which hand over their taxes to be distributed to those others? Pretty funny, all in all, that the red states make a great return on their tax, ahem, investment…..receiving more than they paid in?

Redistribution is ever-present. The point is to whom the redistribution is paid. Repubs appear to zealously protect the wealthy, to the point of bailing out their misadventures with tax “money”.

The Dems make a stab at tossing crumbs back to the working stiffs.

 
 
Comment by Carlos Cisco
2008-11-05 08:14:35

Shades of Jimmy Carter.

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Comment by CA renter
2008-11-06 03:40:31

Jimmy Carter was right.

But nobody wanted to hear his message.

Wonder where we’d be if we had followed his lead instead of “Mr. Sky-High Deficits” Reagan.

 
 
Comment by aNYCdj
2008-11-05 08:15:21

GEEZ Alad:

I don’t think obahmaah is anywhere near Colin Powell or Codni Rice ..maybe he more closer to al sharpton smart yeah kinda,

Hey maybe we can get the ghetto “N” to actually learn to speak English, not to swear and act and be responsible like real black men….

American NEEDS that kind of change, but then the downside is we may have to lay off 100,000 police officers for lack of crime.

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Comment by CrookCounty
2008-11-05 08:42:57

He’s highly intelligent. He was a Professor at the University of Chicago. He’s far smarter than Powell and Rice. But being smart doesn’t mean you won’t make dumb mistakes. LTCM was run by smart guys. Keynes was a smart economist.

But if Obama surrounds himself with a bunch of Keynesian economists, watch out. There are plenty of people out there operating with fundamentally unsound economic theories.

 
Comment by mgnyc99
2008-11-05 08:51:25

i hope you do not convey those types of attitudes on your job search

i am very happy obama won and the red states can have palin and the rest of the right wing wackos

it is a great day imo

god bless america

 
Comment by Blue Skye
2008-11-05 09:28:36

That’s a good thing to hope for dj, but I think if we are laying off police officers in NY over the next few years, it will be for lack of funds, not for lack of crime.

 
Comment by aNYCdj
2008-11-05 12:02:53

Blue:

I am so damn frustrated it seems like all employers want today is a clueless kid.

I had a job interview yesterday with a Real Estate Auction Company, and he was honest he hired a college kid first job because he was naive.

How can I or anyone compete with that kind of Employer mentality.

And today someone contacted me for a commission only job selling cruise tickets on carnival lines, when i stated i will work for $10hr if its close to home.

The Illiteracy and stupidity is just too much to bear sometimes.

 
Comment by Blue Skye
2008-11-05 12:42:53

I can sympathize, having had a rut of unproductive interviews at one time myself. I can only suggest the obvious, that you reinvent yourself somewhat in the hopes of changing your odds. In my case, college & job titles disappeared from my history, so that I could qualify for a job that didn’t require smarts. Papermaker sounded less threatening than Papermaking Process Engineer, etc. It beat being hungry. Sometimes less is more. Just a thought.

If I lived in the city and needed work, I’d spend one day a week walking into all the shops and resturants and ask if they need a helper. Next week same thing.

 
Comment by aNYCdj
2008-11-05 13:26:37

Thanks…….it not been a good couple of weeks

Ive tried to dumb it down, but i guess its not enough….maybe i”l take NYCboy’s idea of a few stiff shots and see how dumb i can make myself.

 
Comment by BanteringBear
2008-11-05 13:57:07

Forgive me aNYCdj, but it seems to me that either there are glaring problems with your resume, skill set, etc., or you’re not taking the job hunt seriously. It shouldn’t take as long as it has for you to find a job, especially given where you live. Either you’re being too picky, or are not spending enough time looking for work. I speak from experience, believe me.

 
Comment by amoney
2008-11-05 14:31:30

How can you say Obama is smarter than Powell or Rice? What were their grades? Obama wont release his, which makes me suspect they arent that hot and that affirmative action may have played a big role in getting him into and through his schools. No proof he is smarter than either Powell or Rice but I know you wont let the absence of facts get in the way of spewing BS.

 
Comment by aNYCdj
2008-11-05 15:17:51

I just don’t think anyone you get how dumb this country has become.

I just am not a good fit…99% DON’T READ blogs like this

I used to be able to call companies or just walk in and find somebody smart who can answer questions like do you have any job openings in_________

The perfect is fit is a clueless person who bough a house with zero down……

I can’t hide the fact i’m smart from employers that don’t want it.

 
Comment by Muggy
2008-11-05 19:06:33

“Forgive me aNYCdj, but it seems to me that either there are glaring problems with your resume, skill set, etc., or you’re not taking the job hunt seriously.”

In fairness, DJ and I communicated privately because I was trying to help him (I figure at some point you’ve got to try to help an HBB’er out) get a para gig since I have some lawyer buds in NYC. It’s a really, really, really bad time to be looking for a job.

My lawyer friends have lawyer friends looking for work.

And sorry, DJ, I don’t recall if I ever responded to you, but everyone’s paras are staying put and nobody is expanding. I’ve been busy myself possibly switching up careers.

 
Comment by Vermontergal
2008-11-05 19:14:56

I can’t hide the fact i’m smart from employers that don’t want it.

*sigh* I have the safety of knowing you’ll probably never read this. We’ll try 1 more time.

The problem is that flippin chip on your shoulder the size of Manhattan. It doesn’t matter if the world is “stupid” for not hiring you.

My guess is that any employer that would hire you has picked up on the “I’m smarter than everyone around me” vibe and doesn’t want to work with it (quite literally).

 
Comment by aNYCdj
2008-11-05 21:03:37

Sorry Vermont gal

I really don’t think i have a chip on my shoulder, Maybe its just the opposite.

I went into the interview with the RE auction company excited the market was collapsing and the tsunami was going to hit NYC and there would be tons of foreclosures just looking for an auction company to get rid of the properties, easily a few really good years of work.

And that the Long Island City condozes would be bankrupt next year. I asked did you even see them? Nope but I did…they looked like hotel rooms for $500K and UP

I said you cant even fit a turkey platter in the sink, and they had no back splashes How could you cook a turkey dinner for family or friends with a sink that tiny. The bathroom sink was bigger then the kitchen sink!

I guess he was taken aback by what i saw and knew. and told me he hired a college kid becuase he was naive.

 
 
Comment by Mormon_Tea
2008-11-05 08:34:41

“The difference between genius and stupidity is that genius has its limits.”
Albert Einstein

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Comment by Ken
2008-11-05 10:07:04

“I’ve had the displeasure of living in an America that celebrated dumb people and tended to trash anybody with a scintilla of intelligence…”

By your comments I’m assuming you’re speaking of the youth of America that celebrates the Paris Hiltons of the world by watching her show, and other shows of that ilk, gets their political education from Stewart & Colbert and read anything other than a newspaper while trashing those who have actually lived life and have an opinion other than theirs.

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Comment by desertdweller
2008-11-05 10:20:59

I was amazed at the long lines at universities for student voters.
That alone made me choke up with excitement. Finally, we are going to see activism, participation amongst the younger generation.
It is an exciting future.

 
Comment by JeanValjean24601
2008-11-05 11:00:31

Colbert & Stewart leak out more real news than the real news does.

 
Comment by Meshell
2008-11-05 11:42:05

Their show was hilarious last night.

 
Comment by SanFranciscoBayAreaGal
2008-11-05 12:55:51

Ken,

Let’s not forget we were once the youth of America.

 
Comment by Big V
2008-11-05 14:23:39

Sure, Ken, young people are stupid and you are smart. Whatever. Don’t make me pull out my IQ again.

 
Comment by CA renter
2008-11-06 03:47:56

Finally, we are going to see activism, participation amongst the younger generation.
It is an exciting future.

———————-

DD,

How very true!!!

I haven’t been this excited and happy about our govt in a long, long time.

Let’s just hope we can temper our expectations, as President ( :) ) Obama has a lot of damage to clean up first. Unfortunately, the past eight years have tied his hands as he will not have the same resources to deal with the current problems.

Never thought I’d say it, as I’m not an apologist for any particular race, but it sure is a fantastic thing to see a young black man become President of the United States of America. We can all be very proud! :)

 
Comment by Ken
2008-11-06 07:56:20

“Sure, Ken, young people are stupid and you are smart. Whatever. Don’t make me pull out my IQ again.”

Feel free to pull out your IQ. Feel free to pull out your bank statement, last years W2 and your most recent check stub. I’m sure you believe if those #’s are higher than mine that makes you better than me. And that’s exactly what I meant about having lived life.

 
 
Comment by AppleEye
2008-11-05 13:12:00

QED - True Believer.

Hope! Change! Yes We can!

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Comment by sleepless_near_seattle
2008-11-05 15:35:39

“I’ve had the displeasure of living in an America that celebrated dumb people and tended to trash anybody with a scintilla of intelligence, and the pain smarts.”

Lifestyle as well. Why did we decide it was hip to be “gangsta”?

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Comment by aNYCdj
2008-11-05 16:47:15

I don’t play any song with the N word in it…so that leaves out a lot of today’s music and Jobs…..

why do i have a conscience?

————–
Why did we decide it was hip to be “gangsta”?

 
 
Comment by Stars End
2008-11-05 22:50:02

Amen Lad. It is nice to see someone whon can speak eloquently off the cuff. He will represent America in a manner that I can respect. Also, he ran a classy campaign. Note the quick end he made of the issue of Palin’s pregnant daughter, making it a non-issue. I am not sure if the Republicans would have been so gentle.

Stars End

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Comment by Mary Lee
2008-11-06 03:05:10

Thank you alad,alena,olygal…. Yes we can.

How, I have myriad ideas, but doubt Rubin et al will be consulting me. Deep concerns there, and elsewhere, but mostly I’m thrilled….at those faces in Chicago…at the terror we’d be Rove’d again…and weren’t.

A leader with a great mind. A leader who can listen. A leader who I believe will grow into this unspeakable job.

For the moment, our American Taliban is muffled. The neonuts are packing to hie off to an undisclosed location to plot their next attempt at world domination. Real Americans stand a chance of putting this shattered Republic back together again.

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Comment by targetdrone
2008-11-05 07:18:07

Amen

Comment by WhatOnceWas
2008-11-05 07:51:49

I was honestly on the fence until McCain said we need to bailout the homeowners in foreclosure 2 days before the election. Guess we’ll never know how many people got swayed by that comment…Anyway, good for Obama, and hope he lives up to at least part of the hype. A rabid hamster would have been better than the last 8 years.

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Comment by sleepless_near_seattle
2008-11-05 15:38:09

Damn! Why didn’t I think of that?

Write-in: RABID HAMSTER

 
 
 
 
Comment by SUGuy
2008-11-05 07:24:56

Congratulations to Barack on a well-run and very classy campaign.

Yes indeed

Here Here

I hope he delivers some hope and confidence to Americans.

Comment by NYCityBoy
2008-11-05 08:09:40

Aren’t hope and confidence things that we should produce ourselves? Or are we merely consumers of everything?

Comment by ex-nnvmtgbrkr
2008-11-05 09:17:52

Well said my opposite coast friend.

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Comment by Hold Out In Texas
2008-11-05 09:58:07

Aren’t hope and confidence things that we should produce ourselves?
***********************************************************

Waiting for someone else to give it to you….goes nowhere.

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Comment by Ken
2008-11-05 10:09:42

No, the state must provide all.

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Comment by SanFranciscoBayAreaGal
2008-11-05 12:58:43

I agree NYCityBoy. Nothing wrong in someone helping to light the fire to bring back the hope and confidence.

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Comment by watcher
2008-11-05 08:21:52

People like to forget (or ignore?) that Obama was a Daly footsoldier, and is really a product of the Chicago democratic machine, an organization at least as corrupt, inefficient and incompetent at the Bushies.

What he will deliver is a dose of Democratic machine politics, as he has a congressional majority. The best we could have hoped for was a congressional deadlock, and we didn’t get it.

Comment by scdave
2008-11-05 09:17:32

congressional deadlock, and we didn’t get it ??

Unfortunately we didn’t…Through all my excitement I was sobered by all the RED I saw on the map at the end of the night even after all the economic terror the Bush/Cheney group has inflicted on our country…I would have loved to see a 60 vote Senate even if it went against my own self interest…I want the right wing neo’s snuffed out for good…

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Comment by watcher
2008-11-05 10:16:32

If you want to live in a one-party state, may I suggest China or Cuba? Personally I would like to see more parties and more colors on electoral maps, not fewer.

 
Comment by desertdweller
2008-11-05 10:23:17

amen scdave. The neocon’s have wreaked so much hate, lies and havoc on our nation and our psyche, that it looks like there is still much work to do to undo this debacle the chickenhawks and thieves have done.

 
Comment by Kid Clu
2008-11-05 11:47:06

scdave,

The influence the neos still have in red states is derived from the belief of poor white trash that one night while they are asleep, they will be trickled on by the republican wealth fairy and wake up as a rich person. This event should happen anytime now (but hopefully before the rapture, so they can buy some good stuff first). Meanwhile, the neos must be supported, because the neos will not tax them when they become rich.

Perhaps one day soon, while waiting in-line for food at a local charity because the neo corporatists eliminated their jobs, they will be hit in the head with a can of beans. Then they may have an epiphany and come to understand that the neos only pi$$ on those beneath them.

Until then, expect to continue to see red states.

 
Comment by AppleEye
2008-11-05 13:18:38

Delusion. For starters, Obama voted yes to the Patriot Act.

Was the DotCom bubble “economic terror”? Get a grip.

Get a load of all the “right wing neos” here:

http://freedomagenda.com/iraq/wmd_quotes.html

Note the dates, note the votes, note the “fear mongering.”

Partisan blinders are such an ugly thing.

 
Comment by scdave
2008-11-05 14:41:23

:)

 
Comment by sleepless_near_seattle
2008-11-05 15:51:11

Boy, this probably won’t go over well but my belief is that for the true red states (with votes at least 60/40), this was a racial vote.

I don’t think they are pleased by the last 8 years, but it would take a strong white male to get them to vote Dem, IMO.

Voting BO was too big a step for them. Baby steps, man, baby steps.

 
 
Comment by measton
2008-11-05 09:17:49

What he will deliver is a dose of Democratic machine politics

You will proven wrong by his appointments.
Volker
Powel
Chuck Hagel and others
will be brought into this administration.

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Comment by BanteringBear
2008-11-05 09:59:36

“You will proven wrong by his appointments.
Volker…”

Are you talking about Volcker? He’s 81 years old!

 
Comment by Ken
2008-11-05 10:13:11

Ther is already talk of Arne Duncan being Secretary of Education. For those who are not Chicagoans he is the CEO of the continually failing Chicago Public School system. If that appointment happens I have two words of advice for everyone with kids on this board, home school.

 
Comment by Skip
2008-11-05 10:17:56

LOL - someone at work mention Volcker replacing Bernake. I had to point out to them that he was even older than McCain.

I doubt Obama will pull any sitting senators out and reduce the majority, especially since they will be kicking Lieberman over to the other side.

 
Comment by realestateskeptic
2008-11-05 11:08:07

Claire Mccaskill (sp?) is owed big time for all of her talking head appearances,let’s see what she gets….

 
Comment by Matt_in_TX
2008-11-05 18:39:52

What he will deliver is a dose of Democratic machine politics

You will proven wrong by his appointments.
====
Dis-appointment #1:

Rahm Emanuel doesn’t have a partisan bone in his body?
Isn’t a Chicago machinist?


I’m just hoping we won’t be governed by the “I’m so right my supporters deserve to vote 3 times” crowd.

 
 
Comment by Steve W
2008-11-05 09:39:35

Re: Daley

Corrupt? Yes

Inefficient and incompetent? No

Believe me. No comparison to the Chicago of 2008 vs 1980.

May not make it right, and there’s much blame to lay on his head, but for better or worse, the city has survived and even thrived.

Now the Stroger regime is another story…

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Comment by Ken
2008-11-05 10:18:38

Inefficient and incompetent? Yes

People being gunned down at an alarming rate even in the least gun friendly city in America. CPS is a train wreck. Budget crucnhs in a city that should have it’s coffers swelled from the RE boom and some of the most oppresive taxes in the nation.

 
Comment by Pondering the Mess
2008-11-05 10:21:57

Don’t worry - taking guns away from law-abiding citizens is the best way to prevent criminals with guns from hurting you. Expect to see this and more from our near Dear Leader…

 
Comment by Steve W
2008-11-05 10:43:35

Ken–the gangs are horrific here, you’re right, and he certainly hasn’t fixed that.

Which city isn’t in a budget crunch (or soon will be)?

But, again, no comparison to the mid 80s.

 
Comment by whyoung
2008-11-05 11:29:49

People also tend not to remember that Harry Truman also came out of one ofthe most corrupt political machines…

 
Comment by Ken
2008-11-05 12:31:42

And People tend not to remember that Truman left office with approval rates in the 20’s.

 
 
Comment by Elanor
2008-11-05 10:55:46

A Daley footsoldier? Wherever did you get THAT idea?

Obama is in no way a “product” of the Chicago Dem machine. To be a successful Democrat in Chicago one does have to work with that machine, but Obama is definitely NOT a Daley protegee or footsoldier. He is his own man.

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Comment by ET-Chicago
2008-11-05 11:53:47

Yes.

He was even spanked by the Daley Machine for not waiting for his appointed time and place to run (he didn’t step aside when asked in his run for state rep). He also managed to get on the bad foot with the local African American power structure when he dared to take on Bobby Rush for congress.

Anyone who thinks O. is subservient to the Chicago Machine or the Afro-American Southside Faction clearly doesn’t understand our (admittedly corrupt and byzantine) local political process.

 
 
 
Comment by ann gogh
2008-11-05 10:19:19

Now all the crack dealers and wall street scammers will suddenly be friendly and trustworthy.
Everybody will just be kinder. No more drive by’s, car jacking and no more drug dealers. Ah it’s nice when everybody gets along.

 
 
Comment by packman
2008-11-05 08:56:14

I think we have official confirmation that aladinsane is in fact two people - or at least suffers from DID (Dissociative Identity Disorder). No one person could be possibly be a fan of both Ayn Rand and Barack Obama.

Weird stuff.

Next thing you know - we’ll hear about someone who’s both a Dallas Cowboys fan and a Washington Redskins fan. Dogs and Cats living together. Armageddon.

Wait …. I get it now ….

Comment by bluprint
2008-11-05 14:57:15

I’m a Giants fan, have been my whole life. Since Felix Jones went to the Cowboys, I am now also somewhat of a Cowboys fan.

Have to wait and see if it sticks.

 
Comment by aladinsane
2008-11-05 16:19:40

packman,

And please give your reasoning why I shouldn’t be a fan of both Ayn Rand and Barack Obama?

I’m all ears…

Comment by packman
2008-11-05 18:11:02

To boil it down…

capitalist

vs.

not capitalist

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Comment by aladinsane
2008-11-05 18:18:58

Money isn’t everything.

 
Comment by packman
2008-11-05 19:26:50

… said the main whose posts are almost solely about gold.

Let me generalize it some then, since the same concepts can be expanded IMO (though I’m sure you don’t agree)…

freedom

vs.

non-freedom

P.S. Here’s an interesting quote from him from recent campaigning:

“We cannot continue to rely only on our military in order to achieve the national security objectives that we’ve set. We’ve got to have a civilian national security force that’s just as powerful, just as strong, just as well funded.”

Sound familiar? There’s a video on YouTube if you don’t believe me.

 
Comment by packman
2008-11-05 19:31:46

Here’s a link (may take a while to show up):

http://www.youtube.com/watch?v=Tt2yGzHfy7s

 
 
Comment by hllnwlz
2008-11-05 19:11:37

I’ll try. Rand was a proponent of something my uberpreachy objectivist father-in-law lovingly refers to as selfish rationalism. She proposed that those who take from the successful to give to the less successful are robbers.

Wasn’t that what Francisco D’Anconia rails against throughout Atlas Shrugged? Isn’t that why Dagny Taggart has a fit and decides to fight the machine?

I can’t say that I’ve read either of her master works — mostly because I’m a lit snob with a Masters and think she’s a hack of the highest degree — so maybe you can set me right.

I agree with packman here. How do you bridge the gap between Randian capitalism-will-solve-everything and Obama’s redistribution plans?

I’d love to see you up against my father in law though. Ten to one you’d both be throwing gold bricks at each other inside ten minutes.

Two later-middle-aged sanity-questionable coots lobbing the precious at one another. Could we call that…

…goldbuggery?

Tee hee.

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Comment by patient renter
2008-11-05 11:27:15

I still recall being impressed by him after hearing him speak at the Democratic national convention many years back.

I remember the commentators saying that he might make a good President some day. Who knew it would be so soon.

 
 
Comment by Bill in Carolina
2008-11-05 06:46:49

So. what does Obama’s victory mean for the housing bubble’s deflation?

Comment by aladinsane
2008-11-05 07:05:52

It doesn’t mean all that much, as we still have to endure the unendurable for 2 1/2 more months…

 
Comment by Professor Bear
2008-11-05 07:08:20

Financial Times
Dear US president-elect
Published: November 4 2008 14:51 | Last updated: November 4 2008 22:53

Congratulations. After such a momentous night, let’s hope you caught a few hours sleep. Please grab all the rest you can before moving to the White House in January. With the global economy sinking into the mire, an incoming president has not faced such a great burden of expectation in many decades.

Unfortunately, Mr President, you can only influence house prices, corporate earnings, interest rates and jobs at the margin (unless your administration loses its head). But as these issues are politically charged, you will surely be pressed to do something. Resist. If you have to “act”, make your initiatives popular but harmless. Get the crucial things right and the cycle will ride to your rescue in the end.

Comment by Steve W
2008-11-05 07:12:30

Amen.

 
Comment by hwy50ina49dodge
2008-11-05 07:42:23

“…you will surely be pressed to do something.”

Hire Sir Greenispent before he croaks and get the damn M3 & “box index” back into “public” domain! ;-)

 
Comment by packman
2008-11-05 09:06:15

The big question, to be answered long term by history, is - will Obama will be viewed along the same lines as as:

A. Martin Van Buren - inheriting a big financial mess and getting blamed for making it worse, or

B. FDR - inheriting a big financial mess and getting credit for eventually pulling us out?

Comment by packman
2008-11-05 09:34:37

P.S. Many, e.g. those who follow Austrian economic theory, have differing views of Van Buren’s and FDR’s legacy than the majority of historians.

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Comment by Steve W
2008-11-05 09:58:57

I’m game, what’s the opposition views on Van Buren’s legacy?

 
Comment by Ken
2008-11-05 10:24:53

FDR?

Didn’t he hang the weight of Social Security, the FHA and Fannie Mae around our neck? Add to that the most massive civil liberties violations in our country’s history (internment camps). Let’s not celebrate FDR.

 
Comment by Skip
2008-11-05 10:26:56

He was responsible for the Trail of Tears. I guess that makes him a Socialist.

 
Comment by packman
2008-11-05 10:42:21

“He was responsible for the Trail of Tears. I guess that makes him a Socialist.”

I was speaking of economic policy, not social. Jackson and Van Buren were very much non-socialist in economic policy.

And while Van Buren was certainly culpable for the Trail of Tears, Jackson was the main driver (and signer) of the Indian Removal Act. Certainly a stained portion of both their legacies nonetheless.

 
Comment by packman
2008-11-05 11:48:12

“I’m game, what’s the opposition views on Van Buren’s legacy?”

I posted about an hour ago in response to that - hopefully it’ll show up at some point. It was a longer post with a couple of links.

 
Comment by Skip
2008-11-05 12:47:45

Let me re-phrase that.

Van Buren took possessions and property away from one group of people and redistributed it to a more deserving group of people.

 
Comment by packman
2008-11-05 14:42:29

Gotcha - I missed your tongue-in-cheekiness.

To Steve W - for whatever reason my other response about Van Buren never showed up. For what I’m referring too - look up “Van Buren” in mises.org for Austrian view, and look up “Panic of 1837″ in Wikipedia for mainstream view.

 
 
Comment by climber
2008-11-05 09:56:57

FDR proved that if you kill off enough of your competition you can prosper in the after math. What a genius.

Even the most primitive tribes get that one.

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Comment by Skip
2008-11-05 10:21:06

Actually, if you kill them off, then you have no one to sell your products too.

The key would be to destroy their manufacturing facilities, not the people. A sorta negative neutron bomb would come in handy.

 
 
Comment by realestateskeptic
2008-11-05 11:16:42

Let’s see if he allows (1) Bankruptcy “reform” so that 1st mortgages can be altered in Bankruptcy (try getting a low % rate mortgage then) and (2) the law Unions want passed that requires open, non-secret balloting for unionizing or decertifying Unions (wonder how those votes will turn out - Unions have done such a nice job for the Auto workers). If he rejects those 2 proposals it will tell me that I am right to have some hope or if he will head left and make me sorry I voted for him.

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Comment by weez
2008-11-05 09:52:58

So. what does Obama’s victory mean for the housing bubble’s deflation?

foreclosures suspended indefinately?

 
Comment by BAABAABOOIE
2008-11-05 10:22:57

What it means is for more people with shady morals getting your and mine hard earned tax dollars. All in the name of “affordable housing”.

 
Comment by Pondering the Mess
2008-11-05 10:26:36

My guess: hyper-stagflation.

Somehow, unofficially, a bottom will be put on the housing market that will ensure that prices are still too high. This can be done via stupid government meddling that hands out our money to home debtors, or by the “zombie bank” method, where banks just refuse to foreclose on people who are not paying their mortgages, thus keeping the house “worth” some absurd amount. The Bubble will not restart, but in many places that have not already fallen heavily, such as on the East Coast (which was not a hot area for subprime loans), the Bubble prices will never really go away. You’ll still be expected to fork over 5x your income for a piece of cr*p house and our Leader will tell us to be thankful since “high housing prices make better neighborhoods.” or some BS.

Other than that, more of the same: higher taxes, more meddling by government, and a general lack of progress over the next 4 years. Inflation will return at some point and will drive up the cost of living. Wages will decline as what few jobs are left vanish even as the Baby Boomers retire and devour all that is left of Social Security.

Malaise forever will the be result of all this.

Comment by DinOR
2008-11-05 10:47:10

Pondering the Mess,

“Zombie Bank” I LOVE it! Sounds like the title of a “direct to video” B movie already! If only we can get Sam Raimi to direct it.

I agree, ( and will the superlatives e-v-e-r end? ) it’s imperative to “write” the outcome of these next four years ASAP. Just as the Dem’s have done, we’ll just draw our own conclusions as to the state of the economy by 2012. Why not?

The ‘worst’ bail-out package ‘ever’ devised!

The ‘dumbest’ choice for _____

Oh and use ‘failed’ like it was a comma.

Comment by Eudemon
2008-11-05 16:08:44

First off…everything is Obama’s fault.

Second, Obama looks like a chimp.

Thirdly, Obama is a moron.

Fourthly, Obama is out to kill little kids with arsenic.

There’s the spin for the last 10 days of January.

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Comment by Vermontergal
2008-11-05 19:19:08

Well, keep a cheery thought. :)

 
 
 
Comment by NYCityBoy
2008-11-05 06:50:23

It looks like the NAR didn’t pay enough to get Shays reelected. That is definitely one race where housing and politics met. They can wave goodbye to $900,000.

Comment by CrookCounty
2008-11-05 08:00:58

That’s good news. The Ron Paul push for B.J. Lawson defeating Price in N. Carolina’s 4th District failed.

 
 
Comment by hoz
2008-11-05 06:57:29

Yen could rise to 80/dollar - Sakakibara

“SINGAPORE, Nov 5 (Reuters) - The yen could rise to 80 per dollar as the carry trade that has depressed the currency for several years is unwound, Eisuke Sakakibara, a former top official at Japan’s Ministry of Finance, said on Wednesday.
The currency was changing hands around 99.41 per dollar at 0500 GMT.
“Because of the yen carry trade, the yen has depreciated fairly significantly over the last four or five years,” said Sakakibara, known as “Mr Yen” for spearheading Japan’s yen intervention while vice finance minister in the 1990s.
“So what is happening right now is the unwinding process of this cheap yen bubble,” he said.
The yen has risen 11.6 percent against the dollar so far this year as investors have unwound investments funded in yen.
“Until dollar/yen reached something like 80, I think we shouldn’t intervene,” he told reporters on the sidelines of a seminar in Singapore.
“It could go to 80 — it’s a very volatile market.”…
Guardian

Comment by clue
2008-11-05 07:37:24

if the FXY:SPY chart breaks down under 97.50,

look out below.

 
Comment by Gulfstreamfixer
2008-11-05 10:14:53

Nobody can read this, and still deny that currency manipulation by the Japanese Government hasn’t been a big factor in the erosion of our industrial base.

Now that the US auto industry has been eliminated, we’ll see how many people like paying 35-40K bucks for a Toyota Camry.

Never mind……they figured it out already. Call it a Lexus.

Comment by BanteringBear
2008-11-05 11:09:05

They can’t buy what they can’t afford, and the easy money train left the station…

 
Comment by bluto
2008-11-05 14:53:00

Plese tell me which years in the chart indicate an erosion of our industrial base and what Japan’s industrial output was during those years?

Chart on page 6 (pdf warning):
http://www.freetrade.org/files/pubs/pas/tpa-035.pdf

We mechanized so there weren’t jobs created in proportion to that increase in output, but the US manufactured good output has never been higher.

Detroit’s biggest problem is that they have to meet CAFE standards on their domestic and non-domestic fleets (but they can only make large vehicles profitably in the US), and they made it worse by not investing money on domestic small car development (because their costs are already too high to make those investments worthwhile).

 
 
 
Comment by MrVincent
2008-11-05 07:00:51

I have a renewed faith in America.

Obama represents hope. Most of us who support him know that things will not be easy. Undoing what Bush has done to this country will take time.

Comment by NYCityBoy
2008-11-05 07:43:38

“Obama represents hope.”

But Pelosi, Dodd, Frank, Schumer, Waters, etc. represent something else. I do not dislike Obama, and I think the Repubs needed a good kick, but optimism is still hard to come by for me.

Comment by slorenter
2008-11-05 09:00:07

The president has about how much power in percent terms as congress? with congress being the house and senate, I would say he about 10% as powerfull as congress?

He has a socialist congress backing him so lets see him go to town and create the new deal of all deals.

Lets write his swear in speach

I barrack obama

promise to amend the constition and take civil liberities away from all americans, to distribute wealth from the hard working to the lazy. To debased the dollar to a one to one ratio with the peso, To increase the National deft to 30 trillion. To increase bailout money to wall st, To make jimmy carter look like walt disney.

Comment by Olympiagal
2008-11-05 09:34:49

…to dramatically increase funding for public schools so that the rants of the petulant and the bitter can thereby display correct spelling, punctuation, capitalization of proper nouns and assorted other English usage devices…

Add that paragraph to the ’swear in speach’, wouldja?

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Comment by BanteringBear
2008-11-05 09:42:28

No kidding. Is this guy for real?

 
Comment by NYCityBoy
2008-11-05 09:57:23

I would like to reiterate what Oly wrote.

 
Comment by Muir
2008-11-05 11:03:01

I too would like to rettardiate that!
-
…to dramatically increase funding for public schools so that the rants of the petulant and the bitter can thereby display correct spelling, punctuation, capitalization of proper nouns and assorted other English usage devices…

Add that paragraph to the ’swear in speach’, wouldja?

-
Olympia, you rock!

 
Comment by kyle0
2008-11-05 11:25:30

haha, great comment Olympiagal. Can someone explain the Jimmy Carter/Walt Disney reference to me? I wasn’t aware that Walt was an extreme example of anything.

 
Comment by Bill in Carolina
2008-11-05 11:39:36

MORE money for public schools? Please explain what that will solve.

The best solution: CLOSE the public schools, make education optional, and let each parent make the choice about how his or her kid(s) should be educated.

It won’t be any worse than it is now.

 
Comment by BanteringBear
2008-11-05 12:31:28

“MORE money for public schools? Please explain what that will solve.

The best solution: CLOSE the public schools, make education optional, and let each parent make the choice about how his or her kid(s) should be educated.

It won’t be any worse than it is now.”

This is quite possibly the dumbest statement I’ve ever read, EVER. I hope you’re kidding.

 
Comment by CrookCounty
2008-11-05 13:58:34

Ban the internet. How many mailmen are out of a job because people post stuff on the internet? How many conferences are gone, costing cities convention revenue?

You can’t learn anything on the internet. If it doesn’t transpire in a brick and mortar building by a certified union instructor, it isn’t educational, informative, or even funny for that matter.

Without the internet, sites like HBB wouldn’t be causing economic terrorism by frightening the masses, leading to panic and housing price collapses. You should change the HBB into newspaper or magazine format only, and require submissions only be sent in by certified journalism school graduates. Maybe 5-10 uncertified reader comments per issue, but no more than that!

If education is a right, then we should get rid of all copyrights, and make all textbooks and all educational material available on line for free. But hearing words that cost $12,000 (more than State School college tuitions) per student per year in a brick and mortar building is more effective than hearing those same exact words posted as free and equal to all videos to internet school sites by only the very best 1% of teachers. More effective at robbing you!

And if there weren’t taxes for schools, then what would be the point of even living in a house? The government would have to ban houses, or at least only allow igloos with no windows, all the same size and shape, so that people won’t get offended by bigger igloos, and those without means won’t have self esteem issues from living in smaller igloos. And that, ladies and gentlemen is the truth path of hop to ending the housing bubble. No more houses, no more bubble!

 
Comment by Cassandra
2008-11-06 13:01:02

Ban houses? Require uniform igloos? This has already been tried.

http://www.galenfrysinger.com/Photos/georgia36.jpg

 
 
Comment by SanFranciscoBayAreaGal
2008-11-05 13:06:40

slorenter,

I beleive Bush took that oath

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Comment by Olympiagal
2008-11-05 09:26:19

‘…but optimism is still hard to come by for me.’

Really? I couldn’t tell…
Hahahahahaa!
Listen up, ya big grump, you cheer up right this minute and stop grouching around or I’m gonna’ drive out there at lunch-time, find you, and paint yer pouty person all blue, culminating my design efforts with a cheery smiley face over the top of your regular NYCity face. I mean it. I’m counting! One…two…three….

Comment by NYCityBoy
2008-11-05 11:08:52

“culminating my design efforts with a cheery smiley face over the top of your regular NYCity face”

You better bring a lot of paint. It will take several coats to undo this Francophile face.

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Comment by peter m
2008-11-05 09:31:41

“But Pelosi, Dodd, Frank, Schumer, Waters, etc. represent something else. I do not dislike Obama, and I think the Repubs needed a good kick, but optimism is still hard to come by for me.”

Demos have white h and congress. but it was not a landslide-see the populist votes margin. Look for more and bigger legislation giving relief to debtors, underwater homeowners,credit card debtors, gov’t programs for jobs train ing in inner cities, jobs corps for UE youths , massive jobs retraining programs with attendant graft.

U will seen some thing like a combo of Woodrow Wilson, JFK, fdr, truman presidencies. There will be Attempts to pass quasi- socialist legislation by the howling socialists, a few of which might get passed but many will fail as even a newly-elected lefist leaning Democratic Pres has to steer toward the middle.
Actually Lyndon Johnson had the most success in passing a Democrat/socialist agenda as he had a much bigger landlide margin of victory than Obama. Also big business/wall street will have an influence as any attempts at socialist money grabbing will only crash stocks further- the Obama team knows this and will attempt to steer a middle course.

Only Corp America and private sector businesses can eventually bring the economy back from the brink, and team Obama has to succor big business/wall street.

Comment by MightyMike
2008-11-05 10:22:34

What do you consider to be socialist about the programs that LBJ established? I think that Medicare is the largest of his Great Society programs. Do you consider Medicare to be socialist? Do you think that it should be eliminated?

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Comment by Skip
2008-11-05 10:37:00

Do you have any idea how many doctors would be unemployed if that happened?

 
Comment by yogurt
2008-11-05 11:20:26

People only consider government programs to be “socialist” if they benefit someone other than themselves or their family. Thus nobody considers Medicare to be “socialist”.

 
Comment by Bill in Carolina
2008-11-05 11:42:35

I do. And I’m a “recipient.” It should have been means-based.

Ultimately it will, along with social security payments. Govt can’t continue the generational wealth transfer when the younger generation becomes smaller than the older generation.

 
Comment by Eudemon
2008-11-05 16:17:54

I do as well. Medicare is most definitely a socialist construct.

The notion that you know of no one who considers Medicare as socialist shows how intellectually biased you are. Typical of lefist elitists.

 
 
 
 
Comment by hwy50ina49dodge
2008-11-05 07:46:02

“…Undoing what Bush has done to this country will take time”

First order of business: Make the last days of Cheney-Shrub memorable…put them & all “Shadow Gov’t” employees into temporary offices: FEMA Trailers. ;-)

 
Comment by ex-nnvmtgbrkr
2008-11-05 07:56:49

You guys are pathetic. It wouldn’t have mattered who won, what is going to happen is going to happen. In 6 months when the disillusioned realize there is no such thing as the “Messiah” revolution will fill the air. Oh, change is comin’ alright!

Comment by Not Mssing It
2008-11-05 08:37:07

Finally a voice of reason!

Comment by DinOR
2008-11-05 09:34:28

ex-nnvmtgbrkr,

Well, all this talk of “hope” certainly has inspired ME!?

Look, if the last 8 years ( and 57 days ) has been “pure hell” just think what it will be like when 49.9% of the population decides that everything ( however vaild ) B.O proposes is an “un-funded mandate” and simply refuses to do it?

Bury the hatchet? Set aside “petty differences”? I know there’s been a call to to “take the high road” and be of good cheer but sorry guys, there’ll be plenty of us watching him 24/7 with a microscope to expose the slightest flaw, and a bullhorn to announce it from the roof tops. We should at the very least give him every bit the support we gave *shrub, where’s your sense of fair play?

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Comment by Ken
2008-11-05 10:41:30

“We should at the very least give him every bit the support we gave *shrub, where’s your sense of fair play?”

By support do you mean the 17 different recounts demanded in Florida and the whining and crying that the election was stolen from day one?

 
Comment by DinOR
2008-11-05 10:58:34

Ken,

LOL! Yes I mean ‘exactly’ that! Starting with the slime job on Katherine Harris. ( Sarah Palin wasn’t the first Rep. gal to be parodied by SNL )

Yet I don’t want people to get me entirely wrong here? I don’t have anything against B.O personally and I would have felt this way had it been virtually any of the candidates. Hell I was a Rudy guy.

I just think after ( yes ) EIGHT YEARS of every thing from snide remarks to outright refusal to cooperate in the slightest, don’tcha’ think it’s a ‘little’ unrealistic to expect any of us to blindly lend support? You know, to “pitch in and git r’ done”? Don’t make me laugh.

 
Comment by nycjoe
2008-11-05 11:45:40

Hey, remember Whitewater, travelgate, The Contract on America (iirc), the bloviating rise of Newt and Rush? The bumper stickers about “Your President,” the legalistic goofiness of the Monica persecution? Believe it or not, millions considered those scorched-earth GOP glory days a withholding of support!
rrrrr

 
Comment by DinOR
2008-11-05 12:37:16

Wait a minute? On one hand you speak of a ‘witholding of support’ and on the other go out of your way to re-hash the old twisted phrase “Contract -ON- America” ( which again the left coined before the ink was dry )

Besides, I’ve already copped to that and it is small, small potatoes compared to the last eight years. Clinton had a relative safety margin, as a LOT of guys have had affairs, not to mention sympathy points that generated for HC. To be swiftly followed by “Clinton Lied ( nobody died )”

Further, this was a time of war ( which quickly got lost in the mad shuffle ) Not necessarily apples and oranges but definitely of degree. Bush haters, to this day, have never tired of it, it’s always fresh to them.

 
 
Comment by Bronco
2008-11-05 09:37:26

exactly…

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Comment by intheknow
2008-11-05 08:45:22

Finally, somebody who gets it! This is not an attack on Obama, who I think has the capacity to do good things in the presidency.

But, the problem with hero worship is that when the masses realize that Obama is a mere mortal and that change takes a long time, they’ll turn on him. Many people who voted for Obama think that their situation will magically change come January. I’m not saying that Obama can’t effect some change, I’m just saying that people have built him up as such a savior, anything less than an instant fix to all their problems is going to be a huge disappointment.

Every candidate who runs against an incumbent (with McCain as an incumbent due to the Republican party being the incumbent party) runs on a platform of change; it’s always been that way and it always will. And whoever runs against Obama in four years will run on a change platform; the minute you get into office you go from being the outsider to the establishment.

Wait, was this a political thread?

Comment by Gulfstreamfixer
2008-11-05 10:03:50

My vote wasn’t so much FOR Obama, as it was a vote AGAINST the Republican Party, as currently led and configured.

And, IMO, the only way we are going to see any CEO/Wall Street “perp walks”, is with a Democrat running the Justice Department.

Now, I’m just waiting to see who his nominees and appointees are…….if they are the same retread Democrats that I’ve come to despise, bringing with them their usual way of doing business, then the honeymoon won’t last long.

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Comment by CrookCounty
2008-11-05 12:39:05

And thus you are sucked into the never ending cycle of choosing between a lesser of the same two evils, exactly as the Federal Reserve Bankster powers that be designed.

Nothing changes. Government gets bigger. Controls more of peoples’ everyday actions. Makes more of them dependent. Smothers the free market goose that laid the golden wealth egg.

And people talk about solving problems with Universal Health Care. Government can’t even get Social Security and Medicare costs and quality under control. Such ponzi schemes would land corporations in prison.

Just look at all those doctors being pumped out of medical school factories to save us! Whoops. That’s law school. Well at least they can sue the remaining doctors and hospitals when the baby boomers die under the knife. Sacrificial kids is the way to wealth!

 
Comment by Carlos Cisco
2008-11-05 17:57:54

Very soon we will get what we voted for. Odds are, if we’re in rent now,we’ll still be in rent 4 years from now. Socialists have a unique way of attaining election victories with promises of taxing the undeserving and largess to the struggling masses. Im still looking for the country where that has been a successful formula.

 
 
Comment by realestateskeptic
2008-11-05 11:21:40

Sort of like Pelosi. Tell me what that woman has done for this country??? As a conservative, I am glad she has been so remarkably ineffective and failed to lead and hope it continues.

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Comment by Gulfstreamfixer
2008-11-05 11:32:09

Barbara Boxer is the one that really sticks in my craw.

They need to put child-locks on everything she can get ahold of, lest she hurt herself.

 
 
 
Comment by santacruzsux
2008-11-05 08:58:16

Hey folks, haven’t been around for a while as I got to travel the country for a bit. That was certainly nice I must say!

I have only this to say on the Obama election. Anyone that voted for him on the basis of “hope” has most likely lived an unfulfilled and empty life. There are plenty of good reasons to have wanted to vote for Obama. But to vote on nothing but “hope” means that your life has been nothing but a continuous battle against “despair”. Cling to your leader that promises you hope and change, perhaps it may occur for the best. But I want to hear NO cries of desperation from the ones that cried for hope and change if the promises given turn out to be as ephemeral as promises are wont to be.

Hope was in Pandora’s box for a reason. It is the most insidious evil that preys upon the psyche.

Comment by San Diego RE Bear
2008-11-05 16:57:46

“I find I’m so excited, I can barely sit still or hold a thought in my head. I think it’s the excitement only a free man can feel, a free man at the start of a long journey whose conclusion is uncertain. I hope I can make it across the border. I hope to see my friend, and shake his hand. I hope the Pacific is as blue as it has been in my dreams. I hope.”

Red and I disagree with you. :D

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Comment by Namehasbeenchangedtoprotectdainnocent
2008-11-05 09:07:46

Meet the new boss, same as the old boss. The really scary part is the cult of personality. Looking at the Obamabots last night on TV was very frightening. What I saw were a bunch of sheeple that could have easily been waving little red books, seig heiling, or clapping endlessly for their glorious leader, it was very disturbing. But it won’t take long for the euphoria to wear off once they figure out that he aint gonna’ be able to change jack squat.

Comment by Elanor
2008-11-05 11:01:56

What I saw was a diverse group of people who want America to change for the better and are willing to work for that goal. He already warned us all in his acceptance speech that we face difficult times and huge challenges. So stop with the labeling and the accusations of a ‘cult of personality’ already.

Were you actually comparing Obama to Bush, the old boss? What a moronic statement.

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Comment by Eudemon
2008-11-05 16:43:35

Boy, Obama’s not even in office yet and here you are getting all worked up already!

Remember - it’s all Obama’s fault!

By the way, Obama is a moron. 57 states of America? What a dolt.

 
 
 
Comment by Muir
2008-11-05 09:18:09

Nobody, I mean NOBODY here is a big enough fool to believe that things will be magically solved, now that Obama will be President.
Of course things will get a lot worse, that’s a given.
It’s sort of condescending to imply that this is not understood by all here.
My own personal celebration is that Palin will not have her Fuchsia painted false fingernails on the thermo-nuclear button in 2009.
For this, I rejoice!

Comment by scdave
2008-11-05 09:27:23

Amen…

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Comment by Bronco
2008-11-05 09:41:10

and I rejoice that now that Obama has won, the miserable human hillary will never be at the helm.

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Comment by LostAngels
2008-11-05 09:43:33

Obama will be one and done. He’s inherited a pile of dog sht and the pile is turning into a streaming river. His “team” will be filled with ex-Goldman Sachs banksters, not unlike the Shrub. Come on this two party system is a joke - it’s a one-party system, that one party being the ELITE.

BTW, I wrote in Ron Paul. The Republic is dying.

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Comment by exeter
2008-11-05 10:23:40

Retardicans are whining already. They give new meaning to the word LOSERS.

 
Comment by palmetto
2008-11-05 10:48:28

Amen, Lost. I voted for Nader, myself. He knows the score where O’Bama is concerned.

 
 
Comment by rms
2008-11-05 12:56:03

“My own personal celebration is that Palin will not have her Fuchsia painted false fingernails on the thermo-nuclear button in 2009.”

Yeah, you just know she’s mad as hell. Oh well, she can go home now and kill something from a helicopter.

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Comment by BanteringBear
2008-11-05 09:24:49

The only “messiah” blather I’ve heard comes from bitter, disgruntled neo-cons. I haven’t encountered so much as a single Obama supporter with unrealistic expectations. Most just want Alfred E. Newman and Co. out on their collective @sses.

Comment by Prime_Is_Contained
2008-11-05 10:12:50

I have to disagree, BB; did you not hear Oprah call him “The One”? Kinda freaked me out, cause I could hear the capitalization in her voice…

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Comment by BanteringBear
2008-11-05 10:46:10

Boy, was that crude rally short lived. While price jumped $6 yesterday, they’re down nearly $5 today. Of course, what sort of fundamental changes could have occurred in less than 48 hours time? The speculation continues…

 
Comment by BanteringBear
2008-11-05 10:48:31

That’s really strange. My crude oil comment was not supposed to nest anywhere, but rather stand on it’s own. Hmmm.

 
 
Comment by steadykat
2008-11-05 10:36:38

“The only “messiah” blather I’ve heard comes from bitter, disgruntled neo-cons. I haven’t encountered so much as a single Obama supporter with unrealistic expectations.”

Allow me to introduce you to Ms Peggy Joseph:
http://uk.youtube.com/watch?v=P36×8rTb3jI&feature=related

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Comment by BanteringBear
2008-11-05 12:28:14

I stand by what I posted. I haven’t encountered any “Peggy Joseph” types. If she is stupid enough to believe the government is going to pay her bills, she is in need of a psychiatrist. While her choice of words was poor, it sounds like she’s just hopeful that the economy as a whole takes a turn for the better under the President elect.

 
 
 
Comment by Ken
2008-11-05 10:38:11

You’re 100% correct Ex but the disillusioned will stay that way. They will never believe the world wasn’t better when they messiah was in power even when nothing changes. It’s that disillusionment that gives them comfort and…wait for it…HOPE.

Comment by exeter
2008-11-05 10:43:57

“even when nothing changes”

Oh there is change coming irrespective of whether you agree with the contents of that change but if I were an angry gop type hater, I’d be preparing myself.

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Comment by bluprint
2008-11-05 15:06:52

It’s different this time, eh?

lol

I’m glad for the social and possibly international aspects. That’s about it, everything else stays the same more or less.

But maybe that’s enough. I guess it has to be.

 
 
 
Comment by salinasron
2008-11-05 11:18:49

Ah, at least someone here gets it! It reminds me of the start of the civil war. Such euphoria after the first shot was fired that victory would be fast and sweet. A year later and the euphoria was gone, gone, gone. One thing that the American people have shown time and time again of late, the lack of fortitude to follow through on any action that requires support for more than a years duration and requires any form of sacrifice without a quick reward. Reminds me of the training at ‘dog obedience’ school.

Comment by Skip
2008-11-05 12:53:59

Sherman sure didn’t suffer from lack of fortitude.

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Comment by Eudemon
2008-11-05 16:34:17

Thank you - and I agree, finally a voice of reason!

Predictably, HBB is largely populated by leftists - afterall, a doom and gloom board like this (even if it’s correct in the short term), is going to attract lefties. It’s their nature to see every glass as half empty as is repeatedly demonstrated here.

A dilemma now exists for these posters. Doom and gloom and all things evil will be who’s fault now? Theirs!

A shame I didn’t go into psychiatry. It’ll be a hugely booming business on both coasts by 2010 as there’ll be no one to blame misery on.

Comment by AmazingRuss
2008-11-05 17:38:07

You want doom and gloom? Go have a look at freerepublic.com…they’re predicting nothing less than armageddon!

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Comment by Vermontergal
2008-11-05 19:29:41

Predictably, HBB is largely populated by leftists - afterall, a doom and gloom board like this (even if it’s correct in the short term), is going to attract lefties.

This is an equal opportunity blog. It attracts doom and gloomers from every religion and politco stripe.

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Comment by climber
2008-11-05 09:59:51

I agree, if you have hope you must have noticed that in CONgress we’ve just got more of the same jerks that brought this mess.

Bush wasn’t the problem, just like his dad, he just didn’t do much.

Now we’ve turned the whole apparatus to the corrupt and inept folks that authored the whole credit crisis and many of the social and moral ills that allowed it to thrive.

Comment by palmetto
2008-11-05 10:50:12

I like to say, Bush could never have done it without the Dems. Especially the bankster bailout, which both candidates supported with gusto.

 
Comment by DinOR
2008-11-05 11:07:36

climber,

Well said act…ually. Anyone that’s been around the BB’s should know I was no huge supporter of Bush, just when faced w/ Gore and Theresa Kerry ( you should have seen her get “poured” off the bus in Portland ) whadda’ gonna’ do?

I’m surprised there hasn’t been (1) post about George Soros or the Sandlers and their role in all of this? Anyone that thinks these people are shelling out major bucks and expect ‘nothing’ in return is kidding themselves. Doesn’t anyone else find it ironic that the Sandlers’ sale of their subprime portfolio funded a good portion B.O’s victory? ( I mean being bubble bloggers and all? )

 
 
 
Comment by Frank Giovinazzi
2008-11-05 07:03:11

A couple of days back, someone asked what they could do to get out of the funk that comes with following bad economic news closely. I suggest spending time near water.

Since selling my websites in August, I’ve been trying to figure out what’s next and found myself going down to the beach, doing the long walk and exercise thing. After a couple weeks I noticed it was becoming a near-necessity as taking in the calm and beauty was really helpful. I would also say it has had the effect of recharging my subconscious, and helping me come up with a couple new ideas for businesses.

FWIW.

Comment by combotechie
2008-11-05 07:14:35

“I suggest spending time near water.”

Early morning walks around the neighborhood do it for me. The stillness and beauty of dawn quiets the mind and allows events to be placed in perspective.

 
Comment by DIMEDROPPED(ORLANDO)
2008-11-05 07:53:43

Amen Frank

 
Comment by peter m
2008-11-05 08:54:20

“Since selling my websites in August, I’ve been trying to figure out what’s next and found myself going down to the beach, doing the long walk and exercise”

That is what i have been doing . head down to huntington beach in the OC and bodysurf and ride my bike. Oct was a bad month for economy but the the weather here in scal has been like near summer-indian summer- and the OC beaches are clean and accessable . Have a great getaway beach locale -sunset beach-with the bikepath and a near pristine beach . Bodysurfing-actually bodyboarding- is a great workout and tension releaser, and i have even surfed without a wetsuit some days with the hot sunny Oct weather we had.

Only in Scal

 
Comment by scdave
2008-11-05 09:22:34

“I suggest spending time near water.” ??

Ditto here…Either on the beach with my dogs or flyfishing on some #2 weight stream…

 
Comment by DinOR
2008-11-05 09:39:21

Frank,

I appreciate that, really I do, but unfortunately the only time we get to be “near the water” in Oregon is when it comes down vertically. But I ‘do’ appreciate it.

Comment by patient renter
2008-11-05 11:35:18

Hahaha. I guess you guys are nice and relaxed up there in Oregon then, eh?

 
 
Comment by SanFranciscoBayAreaGal
2008-11-05 13:16:03

Frank,

I live about 10 minutes from the beach. Just a quick drive over the hill. Love the feel of the spray mist and the smell that comes from the ocean. Everyday, there is a new color to the waves and the sky. I never get tired of going to the ocean. I even start having withdrawl symptons if I stay away too long.

 
Comment by Professor Bear
2008-11-05 13:51:26

I am going for it, starting tomorrow morning. Thanks for the useful suggestion.

 
 
Comment by aladinsane
2008-11-05 07:03:36

Remember, remember the fourth of November,
Intelligence, foresight and thought,
I know of no reason
Why evangelical treason
Should ever be forgot.

Comment by Blue Skye
2008-11-05 07:19:16

reality check; isn’t the President elect also an evangelical?

That hatred thing, it can cloud your vision.

Comment by aladinsane
2008-11-05 07:23:32

Because you evangs made believing in a deity the most important part of the selection process of electing a President, everybody had to play along this election.

Welcome to the political wilderness, where you will spend the rest of your time on the outside looking in, from now on.

Comment by Blue Skye
2008-11-05 07:29:52

Yet another wrong call from the prophet of error.

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Comment by aladinsane
2008-11-05 08:19:01

Hopefully the come stain that you left will come out in the wash…

 
 
Comment by scdave
2008-11-05 09:34:32

rest of your time on the outside looking in, from now on ??

Can only hope…After that maybe a true physical conservative will evolve…

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Comment by Blue Skye
2008-11-05 10:25:02

dave,

What is a physical conservative?

 
Comment by scdave
2008-11-05 14:47:11

Ron Paul….

 
 
Comment by varelse
2008-11-05 10:36:33

So Obama was putting forth a false image for the masses? I suppose his drift to the center was false as well?

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Comment by Ken
2008-11-05 10:48:26

“Because you evangs made believing in a deity the most important part of the selection process of electing a President…”

Now if I just change evangs to Dems…Voila!

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Comment by BigD
2008-11-05 12:37:25

“Welcome to the political wilderness, where you will spend the rest of your time on the outside looking in, from now on.”
We can only hope so…

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Comment by Blano
2008-11-05 07:20:20

So now the sheeple are suddenly intelligent?? Funny.

Comment by aladinsane
2008-11-05 07:30:41

The sheeple came to the conclusion that blind faith-based government was not the answer, and voted accordingly.

Comment by Blano
2008-11-05 07:44:44

The only blindness I see here is your perception of those you disagree with.

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Comment by watcher
2008-11-05 08:35:11

Main Entry: mag·nan·i·mous
Function: adjective

1 : showing or suggesting a lofty and courageous spirit

2 : showing or suggesting nobility of feeling and generosity of mind

You should learn to be magnanimous in victory, aladinsane.

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Comment by palmetto
2008-11-05 10:56:14

“You should learn to be magnanimous in victory, aladinsane.”

You mean instead of needling anyone with an opposite point of view?

 
Comment by EmperorNorton_II
2008-11-05 11:28:09

Never turn the other cheek when dealing with turncoats…

 
Comment by palmetto
2008-11-05 11:55:56

You don’t have to turn the other cheek, lademp, just maybe back off the needling a bit. Yeah, you’re smart and have a way with words, we get it. Just stick the knife in, don’t twist it.

 
 
 
Comment by edgewaterjohn
2008-11-05 07:47:22

Yeah, I am searching for what changed so drastically in just four short years.

In 2004 as the alert level yo-yo’ed before the elections Suzy Subaru feared for her kiddies and searched for evil doers in her sock drawer. Old Joe spent $75 for screamin’ eagle decal for the rear window of his pick up.

Fast forward to 2008 - Suzy Subaru’s credit card got declined, and Old Joe’s cush union job is about to vanish forever.

What’s changed? Should they have even been scared in 2004? Why don’t they have those same fears now? I guess because Suzy and Joe don’t read about the war anymore it must mean all is well, right? It’s all contained, right?

Comment by DinOR
2008-11-05 09:50:17

edge,

Excellent post. Seriously.

No sooner than the most immediate threat to the consumer orgy is eliminated ( unsafe shopping malls due to Jihadists ) than their focus is instantly retrained on what are now needs ( not wants )

I guess the lesson here for any Pres. that wants to be remembered kindly is to completely ignore ANY threat from a foreign shore and focus on important stuff like “Free Parking” and extra late shopping hours during the Holiday.

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Comment by Skip
2008-11-05 10:44:28

James Carvelle said it best in 1992 - “Its the economy stupid”.

Plus, does anyone know what color the terror alert level is at today? Thought so. I bet you haven’t even check in the past month.

 
Comment by DinOR
2008-11-05 11:32:18

Skip,

But from March 2003 through the end of the surge, it wasn’t “the economy stupid”. People were rolling around naked in big fat stacks of Bubble Bucks and… ( I’m really reluctant to say this, ) but… only ‘pretending’ to give a rip about some 19 y.o from KS that got hit by an IED.

…. it’s also been my experience that when the economy is rock n’ roll, people have the luxury of taking on all kinds of hobbies and causes. To be honest I hate the Wealth Effect almost as much as I do “Suddenly FB’s” playing the victim. Given this campaign was slightly longer than the gestation period of an elephant, “the economy” only became an issue down it’s ( relative ) home stretch.

 
Comment by Incredulous (the original)
2008-11-05 14:09:10

I actually knew a guy who DID roll around in his money naked. He bragged about how he would spread it on his bed, and then roll in it, naked, (evidently in ecstasy: I didn’t ask for details). I dumped him pretty fast from my list of acquaintances.

He also buried money in his back yard. I wonder how that works in Florida with a water table almost at ground level.

 
 
 
 
Comment by clue
2008-11-05 07:23:36

December, December, right after November.
Candy and Presents for tots.
It was a true season.
But Baby jeebus is freezin.
living homeless and sleeping on cots.

Comment by bluprint
2008-11-05 07:35:08

lmfao

Comment by Bill in Carolina
2008-11-05 07:50:32

About this time next year the reality will sink in for the lad.

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Comment by exeter
2008-11-05 08:06:17

Your meeting with reality is today. Enjoy.;)

 
Comment by aladinsane
2008-11-05 08:10:48

I suspect you lost a lot of sleep last night knowing that an uber-liberal will be your leader soon.

 
Comment by NYCityBoy
2008-11-05 08:28:07

I am grateful that there was a clear winner. I did not want to see a repeat of 2000, or even 2004. Whether you like this president or not, at least nobody can speak of a stolen election. Well, I’m sure somebody can but nobody will listen.

 
Comment by DinOR
2008-11-05 09:57:34

But it’s imperative for all to see just how childish this has been. I realize it sounds empty ( w/ McCain as far behind as he was in the polls ) but I’ve been determined to make the statement that we can’t run the country w/ 50% of the people behind the President.

I didn’t care if it was HC or WHOever. You ‘can’ make the case this attitude of non-support started under her husband but there’s no arguing it reached unprecedented levels under Bush. What comes around..?

 
Comment by SanFranciscoBayAreaGal
2008-11-05 13:19:06

Nah, Bill is busy protecting his wallet. ;)

 
 
 
 
Comment by Pondering the Mess
2008-11-05 10:39:01

Huh?

Are we refering to Obama’s hate-spewing priest-buddy Wright, or something else?

Comment by SanFranciscoBayAreaGal
2008-11-05 13:21:59

Not anymore hate filled than Pat Robertson or Jerry Falwell that McCain courted.

 
 
Comment by speedingpullet
2008-11-05 15:07:43

Oh yeah, almost forgot, its Guy Fawkes Night over in Blighty.

Your Haloween is for wusses.
Do it properly, burn someone in effigy and set off fireworks, and drink mulled wine!

 
Comment by Chip
2008-11-05 19:10:18

I guess nobody has noticed who his chief of staff is going to be. Ain’t no evangelical, that’s for sure.

 
 
Comment by Steve W
2008-11-05 07:10:40

You may hate his politics, but I hope everyone here can see what a wonderful and important moment last night was.

We’re far from a perfect country, but I can’t tell you how proud I am to be an American today. We’ve come so far in the last 50 years.

Comment by Professor Bear
2008-11-05 07:13:46

Same here. On a political level, I could barely care less about which candidate won (other than the thought of a hockey mom in the WH was scary). But symbolically, last night’s outcome was a huge victory in the direction of post-Civil War healing and unification.

Comment by bluprint
2008-11-05 07:37:45

+1

I’m glad I got to see this.

 
Comment by Ernest
2008-11-05 07:43:46

Agreed. Now we can get rid of all of these raced based groups. Like LaRaza, NAACP, the Black Caucus, The Hispanic Caucus etc.

Right?

Comment by bluprint
2008-11-05 07:45:31

Liberty first.

Let people congregate as they choose.

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Comment by Ernest
2008-11-05 07:47:29

Including white based groups?

 
Comment by edgewaterjohn
2008-11-05 07:56:47

Boy Scouts?

 
Comment by bluprint
2008-11-05 07:58:49

Um…yeah.

wtf?

 
Comment by WhatOnceWas
2008-11-05 08:01:26

…well at least affirmative action. No more race based preference, or are we still going to keep the most qualified from rising to the top?

 
Comment by bluprint
2008-11-05 09:21:32

I’m all for that. Never liked it anyway.

I don’t think “we” need to do anything in concert, except stop acting in concert. Leave people alone, unless they won’t leave people alone.

Even, for the sake of argument, if you consider affirmative action and such to be productive, at some point it must turn into something that becomes counter productive. We may be at the precipice of that event.

 
 
Comment by Muir
2008-11-05 08:00:04

Well, I think there is a case now against affirmative action.
-
As for getting rid of all race based groups.
If we can start with the predominately white mega Churches in Colorado, I’m all for it!

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Comment by taxmeupthebooty
2008-11-05 09:49:38

maybe you missed the black panthers rejecting whitey in phily
AA is going to be a big hammer for socialism

 
 
Comment by yogurt
2008-11-05 11:25:50

Now we can get rid of all of these raced based groups.

Like the Republican Party?

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Comment by nycjoe
2008-11-05 12:04:19

Ah, let’s just let the rednecks and frat boys party on … past the outskirts of power.

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Comment by BAABAABOOIE
2008-11-05 10:36:11

Unification? Civil War? Did you see the map? My colleagues 8 yr old went up to the screen and said she was learning about this in class….MASON-DIXON line. It was clear as day last nites electoral map.

Comment by Pondering the Mess
2008-11-05 10:42:42

Ah, so anyone who votes against Obama is a racist… right… good thing that a large number of people didn’t vote FOR him just because of his race… oh, wait - they did!

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Comment by nycjoe
2008-11-05 12:10:44

Speaking of the electoral map, for the past 40 years or so, I was wondering just who did win that old war. Maybe they oughta secede again! Might be buh-bye this go.

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Comment by bluprint
2008-11-05 12:44:46

Um, have you ever seen the map after an election?

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Comment by Blue Skye
2008-11-05 07:15:48

I thought his acceptance speach was the best I have ever heard. Let us hope his actions will be as inspiring. As Obama said; “God bless America.”

Comment by ann gogh
2008-11-05 08:05:13

The investor class and the homeowner class has a bulleye on it’s forhead.
If you own a home it’s an asset, period.
What is a millionaire surtax?

 
Comment by slorenter
2008-11-05 09:04:14

I dont think God has blessed america in many decades, Why would he?

Comment by aladinsane
2008-11-05 09:07:57

Everybody claims to have an in with a higher power…

“As a Christian I have no duty to allow myself to be cheated, but I have the duty to be a fighter for truth and justice.”

Adolf Hitler

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Comment by Incredulous (the original)
2008-11-05 12:10:01

He didn’t write it; he just read it. Ditto for all of his speeches, and apparently both of his critically acclaimed “autobiographies.” This confusion of entertainment industry trickery with actual talent or knowledge has been a problem in the West for several decades now.

When celebrities are deliberately created and marketed, and in this case raised to the status of a god or demigod, emotionalism overrides everything else. The words Oprah histrionically swooned over at Obama’s nomination speech (complete with a temple stage set) were not Obama’s; they were his speechwriter’s, endlessly rehearsed. When hundreds of thousands cheered and wept last night at his words of wisdom, they were not his words; they were his speechwriter’s, endlessly rehearsed. People used to gush over Reagan’s speeches; now they gush over Obama’s; some day they will be gushing over someone else’s. People apparently need idols to swoon over and blindly worship, in the same way they need deities. And pointing out to them what they are doing just annoys them. They can’t help themselves.

I hope everything works out great, but I’ve seen this movie before, and the ending, so far, has never changed.

 
 
Comment by aNYCdj
2008-11-05 07:17:15

Yes Obahmaaa powered through the opposition with a sheetload of CASH

But when Bill Gates did it he was called an evil monopoly… and was sued endlessly

Comment by Legal Eagle
2008-11-05 07:25:15

Obama bought the election with his 51 million vote to McCain’s 47 million votes. He spent more money than any cadidate, ever, and he outspent McCain 3 or 4 to 1. He also had the main stream media gushing at every word the chosen one said. If anyone else had spent that much money it would have been a taint on his presidency. Yet here you say you feel proud to be an America. I hope you feel bought and paid for because that’s what Obama did with your vote with the ungodly amount of money he used. He had a 30 minute informercial on the networks last week for god’s sake. What other president has bought a Direct TV channel specifically to promote his cult of personality? I fear for the direction of this country. If you feel like Bush messed the country up, you ain’t seen nothing yet.

/rant off

Comment by NYCityBoy
2008-11-05 08:36:09

I think you need another Xanax.

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Comment by ahansen
2008-11-05 08:41:41

legal,

And all those millions upon millions of USDs he spent? You know where they came from? Guess….

Americans. Millions of us. Mostly writing <$100 checks. Obama is the first truly democratically-elected president in our nation’s history.
Hurrah for the internet!

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Comment by SFC
2008-11-05 09:42:06

Yeah right. From the Washington Post, 10/22:

“only a quarter of the $600 million he has raised has come from donors who made contributions of $200 or less, according to a review of his FEC reports. That is actually slightly less, as a percentage, than President Bush raised in small donations during his 2004 race”

 
Comment by Prime_Is_Contained
2008-11-05 10:19:51

Link please?

I’ve been wanting more information on where his millions came from, so we can see whether his actions favor those segments/businesses. In other words, I’m waiting to see if he is going to be any different from the bought-and-paid-for politicians that I despise.

 
Comment by patient renter
2008-11-05 11:45:55

Obama is the first truly democratically-elected president in our nation’s history

Truly Democratic? I don’t think such a thing is possible. You might want to head over to opensecrets.org and check out the lengthy list of special interests that funded his campaign.

 
Comment by ahansen
2008-11-05 15:48:49

Link:

bloomberg.com

“…The Illinois senator harvested more campaign cash than anyone before him, using both the Internet and traditional high-roller dinners to bring in more than $650 million from some 3 million donors for his presidential campaign.

And if you’d bothered to actually read the opensecrets.org content I posted earlier:

http://www.opensecrets.org

“…Top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates….

 
Comment by ahansen
2008-11-05 15:58:01

I’ve tried to post this all day to no avail. I’m not ignoring you guys.

One more time….

links

from opensecrets dot org-

“…Top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates…..”

From today’s Bloomberg dot com;
“…The Illinois senator harvested more campaign cash than anyone before him, using both the Internet and traditional high-roller dinners to bring in more than $650 million from some 3 million donors for his presidential campaign….”

 
 
Comment by mgnyc99
2008-11-05 08:52:52

so the meth lab states voted mccain palin

yes you lost deal with it

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Comment by Pondering the Mess
2008-11-05 10:44:20

And the welfare, “free-stuff” states voted for Obama, and now we’re all going to have to deal with it.

 
Comment by NYCityBoy
2008-11-05 11:10:10

I like your anger!

 
 
Comment by measton
2008-11-05 09:26:34

He had more money
If you compare PAC and big ticket donation the difference was only slightly in his favor. If you look at small donations he beat McCain by a landslide.

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Comment by bluto
2008-11-05 15:07:40

Helps when your campaign contribution is on the internet and you turn of foreign issued bank checks (even though it costs you a little more).

 
Comment by measton
2008-11-05 22:46:24

Helps when you post facts you pulled out of your A##

 
 
Comment by BanteringBear
2008-11-05 09:38:18

“I fear for the direction of this country. If you feel like Bush messed the country up, you ain’t seen nothing yet.”

This seems to be an argument I hear from neo cons all the time. “Yeah, Bush may have screwed up, but Obama will be worse.” May I ask at what age you harnessed this ability to see into the future? And, since you’ve offered this up, perhaps you can give us a few details of what’s to come, you know, just so you don’t get mixed in with the angry, bitter, tear in the beer crowd.

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Comment by Legal Eagle
2008-11-05 11:34:15

Bantering Bear,

I can answer you question with east. I’m looking at the storm cloud on the horizon. It has increasing foreclosures, rising bankruptices, decreasing industrial production around the world, frozen credit, consumers on the edge of the abyss and general economic troubles around the world.

I see Obama saying that he’s going to raise taxes, remove the incentive to work and earn what you keep, create entirely new areas of welfare and entitlements for children, low-income workers, minorities, college students, etc. And he expects the rich ($250,000, or maybe it’s $200,000, and didn’t Bill Richardson say it’s actually more like $150,000?) to pay for it all.

Now as the economy goes into the crapper, you can kiss many of those higher earning jobs good-bye. So the threshhold goes lower and lower. and then more and more people get taxed, again reducing the incentive to invest and work.

And that’s how things get worse.

Put another way, how is giving the 47,000,000 million people who don’t pay federal income tax MORE free welfare entitlement money (i.e. obama’s tax credits) going to create more jobs?

Obama needs people like me to open a new law firm, hustle my ass to get more business, hire secretaries and law clerks and associates. And under Obama he has made it abundently clear that my reward will be HIGHER TAXES. So, instead of taking that risk, maybe I’ll just stay with my current job for a little while longer, it’s too risky and too taxy to go out and start a small business on my own.

 
Comment by DinOR
2008-11-05 11:43:44

At what point will we be able to drop the neo-con label? I mean when will that be safe? When “we’re” out of power? LOL!

On one hand the Dems want us to “put this all behind us ” yet on the other we’re still being vilified w/ those kinds of sterotypes. Whatever.

B.O got so much money from Silicon Valley it wasn’t funny. And again, why is everyone refusing to even bring up the Soros’ and Sandlers names today? ( Guess they weren’t a factor huh? )

 
 
Comment by what-me-worry?
2008-11-05 14:15:14

Obama probably read this blog and decided he might as well spend the cash now rather than later!

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Comment by hwy50ina49dodge
2008-11-05 07:49:44

So, you miss DOS right? ;-)

Comment by Blano
2008-11-05 08:57:53

LOL!!!

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Comment by Arizona Slim
2008-11-05 09:05:59

No, he misses programming when you had to know how to compile the code. On punchcards.

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Comment by Jay_Huhman
2008-11-05 11:35:03

Or in my case, 7 track punch tape. Cards were a big improvement!

 
 
 
Comment by Bill in Carolina
2008-11-05 08:04:23

Talk about deja vu. I am old enough to remember the giddy elation and high expectations when John Kennedy was elected. He was relatively young and attractive, and an inspiring orator. But his legacy, IMO, was only protected by his assasination. His presidency left no lasting accomplishments and he came oh so close to starting a nuclear war.

How soon will the disillusionment set in for people like that woman in the youtube video who’s expecting Obama to pay her mortgage and gas bill?

Comment by NYCityBoy
2008-11-05 08:38:58

“His presidency left no lasting accomplishments and he came oh so close to starting a nuclear war.”

He had a nut named Curtis Lemay yelling at him that he wasn’t a man if he didn’t go to war with the Soviets. And still he didn’t push that button. I am not a believer in JFK as a saint but sometimes the history on this board is so f—ing wrong that it is amazing. Maybe you think that Khruschev sending missiles to Cuba wasn’t a reason for confrontation. Jeebus H., if you are going to act like somebody that knows something then maybe you should actually know something.

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Comment by santacruzsux
2008-11-05 10:16:45

So do you think Medvedev has a point if we put in the missle “defense” network in Poland? Would that be a reason for confrontation? Just asking.

 
Comment by NYCityBoy
2008-11-05 11:16:30

I think we need to quit thinking that we are the world’s policeman. Why do we think we should be allowed to do what we would never in a million years accept another country doing in our backyard? This missile defense system is provocative to say the least.

We prolonged the Cold War by years so that the War Machine could make huge profits. The idea that Reagan’s defense spending was a good way to end the Cold War is complete bullsh-t. Every adventure we take on foreign soil always comes back to haunt us. We just had the 25th anniversary of the barracks bombings to help illustrate that point. Look at the roots of 9/11 and trace that disaster all the way back. Or should big oil be our number one national priority? We need to focus on national defense and quit thinking we are Big Brother.

 
Comment by santacruzsux
2008-11-05 11:41:40

Interesting points. In some ways you could look at the defense spending in the 80’s as a kind of a bubble as well. Some serious financial repercussions in certain areas when that industry went into the crapper.

National defense. That’s a tough one. Some argue the best defense is to be proactive. We started with the Monroe doctrine which has led to the Carter doctrine, the Bush doctrine and in turn has inspired the opposing Putin directive. I don’t believe there is a means test in terms of military confrontation. The only one that I have heard that comes close is “might makes right”.

As long as we have the military we created post WW2, it will be used. Our new president will not change that fact.

 
Comment by DinOR
2008-11-05 12:49:17

santacruzsux,

Right, talk about “failed policies” you really should check out http://www.thepeoplescube.com for an hysterical rendition. The cartoon graphic shows an America so retrenched the only thing we can do is unfurl the concertina wire and plant land mines.

Won’t work. That’s not to say you should go ‘looking’ for trouble!

 
 
Comment by Muir
2008-11-05 09:51:03

“I am old enough to remember the giddy elation and high expectations when John Kennedy was elected. He was relatively young and attractive, and an inspiring orator. But his legacy, IMO, was only protected by his assasination. His presidency left no lasting accomplishments and he came oh so close to starting a nuclear war.”
-
“he came oh so close to starting a nuclear war.”
You are not old Bill.
You are senile.
-
Both of my parents were in Cuba during the missile crisis, both have assured me that I would not have been born if Kennedy had followed LaMay’s, and that of the other chiefs’, advise.
My loss would have been of little consequence as unknown to the US there were tactical nukes under Soviet control (and a Soviet generals do not surrender nuclear weapons.)
That there was no nuclear war was a miracle. See McNamara in “Fog of War.” For heaven’s sake Kruchev was at Stalingrad.
Of course, you probably refer to the failed Bay of Pigs invasion as the cause of this, and the oft sited “inexperience” of the young President. And his refusal to allow for more air cover.
This would ignore various facts. The Cuban people in the island were fanatically against a US invasion and an invasion would have been illegal. It was Dulles and Richards’ screwup. Kennedy did learn a good lesson and did not repeat his mistakes during the missile crisis.
-
Now, if someone of W’s intellect had been President during….
[static noise....z.zzzzshhhhhhh]

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Comment by Skip
2008-11-05 10:51:27

A friends dad from High School told me that his job before the invasion was to be lowered by a rope over the side of the Navy ship with a bucket of paint and brush to cover up the ship designation.

 
Comment by Michael Viking
2008-11-05 11:33:13

A friend of mine’s dad from High School had a job in the Green Paint Division of the Navy. They were a special outfit designed to hunt down sub packs. Upon contact with enemy submarines, they’d cover the water with green paint, so the lens of the periscope would be green when it was raised. The sub operators would wrongly think they were still under water and keep raising. The boys in the Green Paint Division would wait until the submarines were high enough in the air so they could be shot down with anti-aircraft guns.

 
 
Comment by ann gogh
2008-11-05 10:04:36

If you take all the gains homeowners have based on buying before 2004 you have a ton of money.
This is untapped wealth. I wonder what the capital gains for selling your home at a gain will really be. I think it’s really the only place left to find money.
So sorry your home went down 15% from a 120% increase but when you do sell it we want you to share those juicy gains.

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Comment by yogurt
2008-11-05 11:49:14

. I think it’s really the only place left to find money.

How about making rich people pay the same % of their income in taxes as the average person?

Oh sorry, that’s too left wing. Under Eisenhower the top marginal tax rate was over 90%.

 
Comment by bluprint
2008-11-05 14:19:46

Yogurt, to the extent rich people pay a lower income tax rate is largely with capital gains. What ann is proposing would eliminate some of the cap gains favoritism (or if you extend to all assets, then all cap gains tax rate caps could be removed), yet you are still objecting to it?

How about a flat tax on all income, regardless of source or special circumstances, etc? That seems fair.

 
Comment by Blue Skye
2008-11-05 14:25:44

“Under Eisenhower the top marginal tax rate was over 90%.”

There used to be a thing called “deductions” too.

 
 
 
 
Comment by Mormon_Tea
2008-11-05 08:05:05

Great. Now that a African American has made it to the White House, ipso facto, all racial free passes and affirmative action programs should be rescinded, right? Why not? Was not “equality” achieved after all this time?

Or should we expect under the ObamaNation the exact opposite? Probably.

Look for “black” career criminals to be turned into the streets in large numbers. Look for the day soon, when, if they guy who robs a bank is “black”, no one can mention that on an all points bulletin. Look for the day soon when any criticism of BO or his admin is a PC no-no because it would be by definition “racist”. Look for the day soon when any challenge to the new Messiah is a “hate crime”.

This is not “intelligence” winning an election.

It’s PC about to run amuck. I couldn’t cheer that in a million years. Good luck and may BO bless the faithful.

Comment by ahansen
2008-11-05 08:47:49

I hope you find peace, Moro, er Mormon.

Comment by aladinsane
2008-11-05 09:04:59

ahansen,

Why are people still so afraid of acknowledging superior intellect, but have no problem acknowledging stereotypes real or imagined?

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Comment by Gulfstreamfixer
2008-11-05 10:37:16

I thought Khan Noonien Singh was just a Star Trek character.

Boy, was I surprised when I found out he was on this blog.

“For hate’s sake, I spit my last breath at thee…..”

 
 
Comment by scdave
2008-11-05 09:54:17

He will never find peace at least not while he is alive…I does not much matter…Its now a issue of time….The neo’s have lost a whole generation of voters…We just need to let the process occur so their forced dogma can die off….

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Comment by Blue Skye
2008-11-05 09:02:25

I’m pretty confident that you are in the minority. There are quite a few important things to be concerned about, and skin color isn’t one of them.

 
Comment by yensoy
2008-11-05 09:58:43

I don’t get it. President-elect Obama is as white as he is black. One may argue that he is more white than black given that he was brought up by his mother. How exactly does his victory mean that affirmative action has outlived its use?

Comment by Pondering the Mess
2008-11-05 10:49:30

Since when was affirmative action useful?

I recall something about Dr. King wanting people to not be judged based upon their skin color, and yet we give handouts to people based entirely on their skin color. Meanwhile, I am still waiting for that “privelage check” to show up in the mail that I supposedly get for being white.

Affirmative action is nothing but legalized racism.

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Comment by flint 'burbs
2008-11-05 11:25:52

Excuse me, but affirmative action has also allowed a few WOMEN to attain financial independence. THe right of someone’s intellect can now be judged without having passed the “I can urinate my name in the snow” prowess exam with AA.
I only wish more young women would actively seek the more lucrative careers that have been most protected by the testesterone endowed.
The smartest, not the boldest, should be favored in the employment battle IMO no matter what their body shape/color is.

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Comment by NYCityBoy
2008-11-05 11:43:29

It is funny how many white guys that got jobs because of the connections of their fathers, uncles, brothers, neighbors, etc. complain endlessly about affirmative action. Stop all connection based employment and social advances and the world will be a much better place. Or did George Bush really get where he’s at solely on merit?

 
Comment by DinOR
2008-11-05 11:57:34

NYCityBoy,

There’s your case in point. People l-o-v-e to trot out these glaring and obvious examples but gloss over the fact that most us white guys ( don’t know the “secret hand shake”? )

The truth is… most of us won’t make it. For every guy that got a break from the old man, I’ll show you 10,000 Walmart Greeters. You still don’t get it. It’s the “promise” of making it, of being promoted that drove so many of us to work as hard as we did. ‘That’s’ really how “the man” works.

Nearly the entire sales force of the West Coast is awash in “first in the family to go to college” white kids trying to “make it” in the sales game. It’s a freaking graveyard.

 
Comment by NYCityBoy
2008-11-05 12:00:11

“The truth is… most of us won’t make it. For every guy that got a break from the old man, I’ll show you 10,000 Walmart Greeters.”

Complete bullsh-t.

 
Comment by Vermontergal
2008-11-05 19:50:07

Lovely.

We’ll all victims for forever, except of course, for the white guys. White guys are to be hated indefinitely for being in charge for the last several generations. Me, a white chick, is to be hated for not taking on a power career and leaving behind my children for 12 hours a day.

As I run a very small business, I’d like to think, despite the lack of male parts, I made it all by myself, thank you very much. Affirmative action bites the big one. Level the legal playing field, spend money on education, but don’t legislate morality. I wanna win because of talent, not because of race or body parts.

And the best part about this whole rant is that we can get some more of the sensitive white guy types to agree that hating their 1/2 of the genders and alienating a good chunk of the other half for a choice they make with their lives is a worthwhile way to spend time.

 
Comment by Earl The Vagabond
2008-11-05 20:48:16

“Complete bullsh-t.”

Not in my circles, friend.

 
 
 
Comment by Muir
2008-11-05 11:16:45

Mormon_Tea,
-
…..
-
…. never mind.

 
 
Comment by bananarepublic
2008-11-05 09:19:23

Absolutely. Last night renewed my faith in this country.

 
Comment by packman
2008-11-05 09:24:06

It’s nice to see that America as come so far as to elect a black president.

It’s sad to see that American has come so far as to elect Barack Obama.

 
Comment by scdave
2008-11-05 09:41:39

I sent this email to all on my list this morning;

The ghosts of the confederacy is finally Exorcized …Dr. Kings vision manifests itself today and the promise of RFK is resurrected…They assassinated the men but could not kill the vision…I feel blessed to have witnessed this…I am ecstatic for my children and all the other young people in our country

 
Comment by patient renter
2008-11-05 11:39:56

Eh, yea. Happy to see such an event occur, but sad that it had to occur with a candidate who certainly appears to be as bought and paid for as any who’ve come before him.

 
 
Comment by Professor Bear
2008-11-05 07:12:00

It sounds like this firm deserves some taxpayer-funded bailout money.

More Business news ShareThis
BUSINESS BRIEFING
No. 1 homebuilder expects big loss
UNION-TRIBUNE

November 5, 2008

After the stock markets closed – with all eyes on the presidential election – homebuilder D.R. Horton Inc. warned investors that it expected to lose up to $900 million in its fourth-quarter – about 18 times more than in the prior-year period.

Comment by Curt
2008-11-05 08:26:59

DHI stock up 10% on the “good” news!

Comment by packman
2008-11-05 09:21:21

Dysfundamentional.

 
Comment by patient renter
2008-11-05 11:50:42

I’ll give you 50/50 odds that CNBC is touting this as a buy opportunity :)

 
 
 
Comment by Professor Bear
2008-11-05 07:16:00

Ex-Bear Stearns executive joins Fed
Appointment apt to raise questions
By Marcy Gordon
ASSOCIATED PRESS

November 5, 2008

WASHINGTON – The former chief risk officer at investment bank Bear Stearns Cos., which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks.

Comment by Muir
2008-11-05 07:33:23

I’m shocked, I tell you, shocked!

 
Comment by hwy50ina49dodge
2008-11-05 07:55:13

“…is now a senior official of the Federal Reserve division that supervises U.S. banks”

Well rumor has it…. that Crissy Cox and everyone else in the Cheney-Shrub “Shadow Gov’t” is currently only supervising the loading of their “one-way” U-Haul’s,…. banks are currently a “low priority”, unlike the last 8 years. ;-)

 
Comment by watcher
2008-11-05 08:27:14

Nearly collapsed?

 
Comment by Prime_Is_Contained
2008-11-05 10:26:14

This is pretty freakin funny…

FPSS, can we get an appropriate BWAAAAHHAHAHA? Don’t think I can do it justice with my impersonation.

 
Comment by BanteringBear
2008-11-05 11:55:25

The whole system is dysfunctional and incestuous. The perps just get shuffled around like child molesting priests in the Catholic church.

 
Comment by tresho
2008-11-05 12:24:16

There may be a bright side. Richard Fuld will be departing Lehman at the end of this year — without a bonus.

 
 
Comment by cereal
2008-11-05 07:17:00

Our last great President?

How about Gerald Ford.
All he did was veto things, pass out WIN buttons, and crash into trees.

My kind of guy

Comment by Halifax
2008-11-05 08:24:43

(Re)legalized ownership of gold by US citizens.

Comment by patient renter
2008-11-05 11:52:16

+1

 
Comment by yogurt
2008-11-05 11:54:28

Who lined up to buy it and their lost their shirts when the price crashed. Nice scam, Gerry.

Comment by Chip
2008-11-05 19:19:37

Doesn’t that assume that re-legalization/decriminalization is intended as a buy signal, rather than just the proper restoration of a civil liberty? I was an adult then and don’t recall the government encouraging anyone to by gold. It merely stopped prohibiting the possibility.

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Comment by Chip
2008-11-05 19:20:58

by = buy

 
 
 
 
 
Comment by Professor Bear
2008-11-05 07:17:05

Human factor undercut risk models
Wall Street ignored danger, analysts say
By Steve Lohr
NEW YORK TIMES NEWS SERVICE

November 5, 2008

Today’s economic turmoil, it seems, is an implicit indictment of the arcane field of financial engineering – a blend of mathematics, statistics and computing. Its practitioners devised not only the exotic, mortgage-backed securities that proved so troublesome, but also the mathematical models of risk that suggested these securities were safe.

What happened?

Comment by combotechie
2008-11-05 07:30:12

“What happened?”

Reality happened. These guys need to get out more often.

Comment by Professor Bear
2008-11-05 07:46:51

Commissions happened.

Comment by combotechie
2008-11-05 07:50:58

Now not much of anything is happening.

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Comment by aNYCdj
2008-11-05 07:53:54

YES Professor:

Commission only jobs will make you sink into the gutter real fast.

Only a selcet few can really hold their heads up high and say they never signed up a insurance client, or sold a house to someone who didnt need it or was unqulified to buy it.

only a rare few.

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Comment by Blano
2008-11-05 07:47:01

No doubt.

 
 
Comment by CrookCounty
2008-11-05 08:14:53

The same models used at Long Term Capital Management are the same models alleging human caused global warming.

News for ‘XOM’ - (=DJ Under Obama, Dark Days Seen Ahead For Fossil Fuels)

Sen. Obama’s lynchpin policy is a climate change bill that would cap emissions such as carbon dioxide and auction greenhouse gas credits to encourage a fundamental transition away from high emitting industries to low-carbon alternatives. Obama said such a policy would be more aggressive than any other cap-and-trade system proposed.

The coal industry, however, is concerned that Obama’s pursuit of stringent greenhouse gas laws could strangle the industry. Obama has said his cap-and-trade bill would encourage carbon capture and sequestration for coal-fired power plants. Yet he admits that without such technology, new construction of traditional coal-fired power plants could face bankruptcy.

The National Mining Association, whose members include Peabody Energy Corp. (BTU) and Consol Energy (CNX), said it feared Obama’s climate change policy could destroy the U.S. coal industry, “break(ing) America’s energy backbone.”

One of the real questions is how quickly Obama and congressional Democrats can move the country swiftly away from petroleum and coal use without damaging the economy. Obama contends a transition to a lower carbon economy will create up to 5 million jobs.

 
Comment by packman
2008-11-05 09:18:30

“What happened?”

It can all be boiled down to two things:

1. Improper influence on the markets by government and Fed policy.

2. TMBA - The Mother of all Bad Assumptions - housing prices always go up; or at worst if they go down it’s short-term and localized.

 
 
Comment by hoz
2008-11-05 07:25:54

Rainforest Fungus Naturally Synthesizes Diesel

A fungus that lives inside trees in the Patagonian rain forest naturally makes a mix of hydrocarbons that bears a striking resemblance to diesel, biologists announced today. And the fungus can grow on cellulose, a major component of tree trunks, blades of grass and stalks that is the most abundant carbon-based plant material on Earth.

“When we looked at the gas analysis, I was flabbergasted,” said Gary Strobel, a plant scientist at Montana State University, and the lead author of a paper in Microbiology describing the find. “We were looking at the essence of diesel fuel.”

While genetic engineers have been trying a variety of techniques and genes to get microbes to create fuel out of sugars and starches, almost all commercial biofuel production uses the century-old dry mill grain process. Ethanol plants ferment corn ears into alcohol, which is simple, but wastes the vast majority of the biomatter of the corn plant. …”
Wired
http://blog.wired.com/wiredscience/2008/11/rainforest-fung.html

Comment by hwy50ina49dodge
2008-11-05 08:05:47

“Drill here…drill now” …”Sarah the Barracuda”

O.K., Exxon /Chevron / Texaco / Mobil / BP / Shell / Union 76 / Valero / Citgo …here’s you’re 50 year lease’s…now, I really could use a round trip air fare for a family of 7 to New York and a $50,000 Macy’s credit card at 0% interest. ;-)

Comment by Professor Bear
2008-11-05 13:49:38

The oil price crash had a way of undercutting the “Drill baby drill” campaign slogan…

 
 
Comment by Blue Skye
2008-11-05 08:37:54

Very interesting! I imagine the same thing is going on in the vast beds of ocean sediment, where the remains of algae and plankton decompose into limestone and oil. Possibly the oil undergoes some transformation to coal with the help of some anerobic lifeform. Coal, when exposed to air in an upheaval, decomposes to CO2, which is absorbed in the water and synthesized into algae and plankton, & etc. There are bacteria at work on our roads, relentlessly turning asphault into CO2.

 
Comment by salinasron
2008-11-05 11:02:30

Hoz, thanks for an informative posting. Definitely something to follow up reading about in the future.

 
Comment by patient renter
2008-11-05 11:54:20

Cool stuff. Thanks.

 
Comment by SanFranciscoBayAreaGal
2008-11-05 13:32:59

This is exciting. Thanks hoz.

 
 
Comment by Joe Schmoe
2008-11-05 07:27:55

I am in New Mexico right now — I was part of the McCain/Palin legal team.

Congratulations to President-elect Obama! The Dems won the election fair and square and are to be congratulated for that. I also have to say that Obama ran a very dignified campaign. He brought a great deal of civility back to the political process and is to be congratulated for that as well. This last part cannot be overstated; it is easy for partisanship to devolve into mudslinging nowadays and Obama and the Dems rose above all that. I like to think that we did, too. In any event, I tip my hat to the Dems for running a good campaign.

I am a conservative Republican and do not agree with the Democrats’ policy proposals or with some of the ideology which drives their policies. I believe that a Dem administration will not benefit our country.

That said, the Dems won the election and I will not engage in obstructionism or take cheap shots in the weeks and months to come. The Dems now have an opportunity to implement their policies.

I disagree with many of those policies and will voice my opposition loud and long. However, I do not intend to engage in scandal-mongering or make unfair criticisms. If a problem is difficult I will acknowledge that; I won’t take the easy route and simply scream “no!” or pick holes in a Dem proposal without proposing a constructive alternative of my own first. If the Dems are motivated by genuine idealism I will respect that, even if I think they are misguided.

I wish the Dems the best. Congratulations once again.

Comment by rms
2008-11-05 08:06:21

Dubya’s pious arrogance has ruined the GOP for years.

Comment by mgnyc99
2008-11-05 09:01:13

i agree the repubs are a split party in search of a new identity

lets hope they hitch their wagons to sarah dim bulb

she was the icing on the cake for this landslide

old,racist and stupid is no way to run this country

i like john mccain but he sold his soul to the devil and
the devil collected at 11pm or so est last night

Comment by bluprint
2008-11-05 10:01:39

I don’t like either party, but I truly don’t understand how the GOP has attained the label of “racist”.

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Comment by Ken
2008-11-05 11:05:20

Apparently Lincoln was a Democrat

 
Comment by bluto
2008-11-05 15:20:59
 
 
 
 
Comment by aladinsane
2008-11-05 08:06:50

Joe,

Just how strained were things between McCain & Palin?

Comment by Joe Schmoe
2008-11-05 14:39:15

Lad,

I am just a low-level flunky, so I am really not privy to that stuff. I’ve only met McCain once, for about a minute, and I’ve never even seen Palin. Anyway, I am a volunteer; I really don’t want anything from the campaign, so I have not taken any of the opportunities to schmooze with the candidate. I don’t know whether they are upset with each other; I wish I could tell you, but I am not an insider.

For what it is worth, most people in the GOP think that Palin is extremely popular. She drew much, much bigger crowds than McCain. For example, 17,000 people came to see Palin during her last trip to New Mexico, while McCain and the local GOP candidates had about 4,000 people at their rally in Taos on Monday night. She is especially popular with our grassroots volunteers; I spent time working the phones at the local ABQ campaign headquarters when I had down time and everyone there loved her, a lot of people all had Sarah Palin T-shirts and bumper stickers.

I don’t know whether Palin is too much for mainstream America or not. I love her, but she is 220 proof rural America and many voters aren’t used to that. I hope she runs in 2012 and plan to volunteer for her, but we’ll see how that works out. I really hope she is successful, though. I am a huge fan and would love to see her in the White House. In the meantime, the Dems get it for the next four years; I wish them luck.

 
 
Comment by WhatOnceWas
2008-11-05 08:09:37

from the Onion…

Black man given worst job in the country…
…economy finally shitty enough to require social change…

Comment by Muir
2008-11-05 11:29:04

“Although polls going into the final weeks of October showed Sen. Obama in the lead, it remained unclear whether the failing economy, dilapidated housing market, crumbling national infrastructure, health care crisis, energy crisis, and five-year-long disastrous war in Iraq had made the nation crappy enough to rise above 300 years of racial prejudice and make lasting change.”

 
Comment by Muir
2008-11-05 11:33:43

Carrying a majority of the popular vote, Obama did especially well among women and young voters, who polls showed were particularly sensitive to the current climate of everything being f*cked. Another contributing factor to Obama’s victory, political experts said, may have been the growing number of Americans who, faced with the complete collapse of their country, were at last able to abandon their preconceptions and cast their vote for a progressive African-American.

 
Comment by Faster Pussycat, Sell Sell
2008-11-05 11:41:46

As always The Onion rises to the challenge.

Comment by Meshell
2008-11-05 12:09:17
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Comment by hwy50ina49dodge
2008-11-05 08:14:38

“I am a conservative Republican and do not agree with the Democrats’ policy proposals or with some of the ideology which drives their policies. I believe that a Dem administration will not benefit our country.”

It was a hard decision: McSame / McVague…Ralph Nader… or Dennis Rodman, he was running right?

Cheney-Shrub…now there’s a beneficial “Legacy” that lasted what?… 8 years? ;-)

 
Comment by ahansen
2008-11-05 08:55:53

Thank you for reminding us what patriotism is all about, Mr. Schmoe.

 
Comment by Marcus
2008-11-05 09:04:21

Well said Schmoe. In fact, if McCain had taken the approach that he so graciously employed in last nights speach, I think he would have done better. I cannot think that this election sits easy with him. I suspect that he will have some regrets that he carries to the grave.

I hope to see an Obama administration that includes John McCain in the big foreign policy decisions. And Sara Palin can go suck on a moose for all I care.

Comment by DinOR
2008-11-05 10:17:47

Joe Schmoe,

I love ya’ like I brother but sadly that is ‘exactly’ what Dems are relying on. After years of cheap-shots and rejecting proposals out-of-hand we’re suddenly supposed to let bye-gones be bye-gones and I just can’t get onboard w/ that.

No Child Left Behind was dumped on by Dem-run teacher’s unions because… well because they-didn’t-like-it! ( In thinking back I can’t even recall what was so damned controversial about it? ) The rejection was across the board, even before the ink dried. Sorry.

Comment by Blano
2008-11-05 13:09:30

“After years of cheap-shots and rejecting proposals out-of-hand we’re suddenly supposed to let bye-gones be bye-gones and I just can’t get onboard w/ that.”

BINGO.

When the GOP wins, the gloves come off. When the Kumbaya crowd wins, everybody’s supposed to play nice. What a crock.

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Comment by Xenos
2008-11-05 14:24:59

Yikes. Even Teddy Kennedy is being written out of the revisionist histories. No Child Left a Dime has been a disaster, but it is a disaster that we can blame some Democrats for, too.

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Comment by Jon Sellers
2008-11-05 13:39:03

I couldn’t agree more. McCain’s speech last night was a class act all the way. While I am a Republican who voted for Obama, I always thought McCain would make a decent prez also.

I would have voted for him if he had the guts to run his entire campaign with that level of class. Unfortunately, that would have assured an even worse loss as those he represents … never mind, I need to learn to show a little class myself.

 
 
 
Comment by edhopper
2008-11-05 07:32:38

I’d like to thank the Toll Brothers and DR Horton for building those overpriced commuter communities in No. Virginia, and making possible the victory for Barack Obama in that state.

 
Comment by Professor Bear
2008-11-05 07:48:07

Did Mr Market already change his mind about the election outcome?

Comment by bluprint
2008-11-05 09:00:04

shocker

Comment by palmetto
2008-11-05 11:07:06

Feh, it’s just sort of languishing a few hundred points down. I’m waiting for the big 1000 point drop where Wall Street dares O’B to follow through on his tax proposals.

 
 
Comment by takingbets
2008-11-05 09:05:27

I was starting to wonder if they were looking at this fact and thinking maybe were at the tail-end of this recession.

Service sector shrinks as new orders drop

A manufacturing report issued Monday by the same organization showed the worst reading since September 1982, when the country was near the end of a 16-month recession.

http://biz.yahoo.com/ap/081105/economy.html

 
Comment by Professor Bear
2008-11-05 13:55:21

I am wondering if the CIC-elect could put in some kind of moratorium on stock market plunge protection measures from now until inauguration day? Imagine the spectacular wave of stock market gains that could be associated with his first 100 days in office if market forces were allowed to bring about capitulation between now and then.

 
 
Comment by bluprint
2008-11-05 07:55:47

FPSS or PB,

Is there an effective way to measure or visually display the credit/monetary cycle? (I’m thinking in the Austrian sense)

I get the implications of the cycle and I’m versed on why it occurs, but until being on this blog I never really considered how to use it predictively for profit. So before getting to projecting the future, I would like to display the past.

So, is GDP adjusted for inflation an effective way to view that? Maybe GDP growth or some measure of the total credit markets…

I realize experience and “ear to the ground” subjectivity play a part and now that I’ve experienced this thing once I’ll have a better idea of what to look for in the future. But I would like to find ways of objectively evaluating these variations historically to some degree.

Comment by darthrealtor
2008-11-05 08:55:45

This sounds great and I’d love to see this also. But this also assumes that the captains of the ship actually have a clue as to what they are doing now. The rules of the game have changed massively over the past 2 months and I really don’t think anyone can use the past to predict what is going to happen next. I’m betting these clowns will overstimulate to the point of extreme stagflation but who really knows?

Also from an historical point I believe it’s very hard to compare GDP and inflation on any sort of a timeline because the way these metrics are calculated are constantly changing so that the Gubment can paint the rosiest picture possible (see hedonic indexing for a laugh).

I’m inclined to believe the best way to track things is not to track fictional numbers like GDP and inflation but instead use your own yardsticks like the price of milk, rents, fuel, etc in your own area.

Go down to the library and skim through the microfiche (sp?) of local papers for the last 30-40 years and look up the cost of a variety of staples and I think that’s the best way to get a true feel of what happened in the past.

Anyone else? It’s a good question.

Comment by bluprint
2008-11-05 09:34:57

Go down to the library and skim through the microfiche (sp?) of local papers for the last 30-40 years and look up the cost of a variety of staples and I think that’s the best way to get a true feel of what happened in the past.

That’s a good idea, thanks.

I can’t use “my” personal measures, because I haven’t been around long enough (and I haven’t documented the data for the period during which I have been here).

I’m just trying to find ways to quantify the beast. I realize it can’t be done anywhere near perfectly, but there HAS to be ways to make inferences about where we are in the credit cycle based partially on cold, hard numbers.

 
 
 
Comment by Curt
2008-11-05 08:03:07

The jury’s still out, but for the time beign I have a president I can be proud of. I can not say that about George W Bush.

After Obama’s electrifying speech at Grant Park last night, I thought to myself, could Bush have delevered such a speech?

I doubt it….
CC

Comment by edhopper
2008-11-05 09:10:20

The larger point is that Obama writes his own speeches (or should I say co-writes, since he gets a lot of help from his staff)
Bush, on the other hand, can barely speak english, let alone write anything.

Comment by Incredulous (the original)
2008-11-05 17:56:44

He does NOT write his speeches or his books. This has been covered in extensive detail in recent weeks by many sources, so I’m not adding links that may prevent this post from getting through. Just Google “Obama + speechwriter” and “Who wrote Obama’s biographies?” or “Who wrote Obama’s” and let the search engine fill in the blanks.

Samples of his own writing are dreadful; they are inarticulate and riddled with grammatical and structural errors. I mentioned his phony “autobiography” authorship in a posting above.

Notice that his college thesis remains hidden from the Press.

Take away his teleprompter, and he can barely speak a coherent sentence. This is, of course, still better than Bush, who can’t speak one WITH a teleprompter, but if you think Obama is brilliant because of his speeches and writing, you have been utterly fooled.

Comment by Earl The Vagabond
2008-11-05 21:21:46

Oh come on… You’re ruining the delusion. Let these people live out their fantasy for a few more months..

LOL..

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Comment by Elanor
2008-11-06 09:36:55

You really oughta stop getting all your “news” from Faux and redstate.

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Comment by Curt
2008-11-05 08:04:21

BTW way where was “Joe the Plumber” last night?

Comment by rms
2008-11-05 08:11:10

Laying pipe?

Comment by Gulfstreamfixer
2008-11-05 11:23:21

Getting the pipe laid to him……:)

 
 
Comment by Grey
2008-11-05 08:13:19

Repairing the sub-standard plumbing on an overpriced, soon-to-be-foreclosed upon sh*t shack that nobody wants.

Comment by denquiry
2008-11-05 10:01:00

Are you sure he wasn’t stealing the plumbing…a la wall street.

 
 
Comment by Arizona Slim
2008-11-05 09:07:54

Studying for his plumber’s license.

Comment by scdave
2008-11-05 10:05:03

Beat me to it Slim :)

 
 
Comment by scdave
2008-11-05 10:02:59

Studying for his plumbing license….

 
Comment by Ken
2008-11-05 11:09:10

Probably still being scrutinized by the Daily Kos for daring to ask a question of their candidate.

 
 
Comment by DIMEDROPPED(ORLANDO)
2008-11-05 08:10:53

Had the statisticians spent two days in the field with me in 2005 they would have smashed their calculators and changed their pampers.

 
Comment by hwy50ina49dodge
2008-11-05 08:19:59

Would someone please take the “predator-drone” joy stick away from Cheney. ;-)

Afghan president demands Obama end civilian deaths:

http://ap.google.com/article/ALeqM5hvWEqwq3CrRvaQCmt21MfoYhjZJQD948Q2301

Comment by Earl The Vagabond
2008-11-05 21:23:55

Would you please post something housing related in the next 4 years?

God knows you won’t have anyone to bash until then…

 
 
Comment by clue
2008-11-05 08:41:24

I promise you we as a people will get “Their(s)”

 
Comment by Marcus
2008-11-05 08:57:25

I did a little research project last night. Once the election was called, I flipped back and forth between CNN and Fox news to compare the coverage. On CNN I found repeated attempts to capture the significance of the moment. Some cried and some spoke unwaivered, but everybody embraced the history. It was refreshing to my cynical psyche. On Fox I found discussions about how the voting played out… how did the strategy fail? Who is to blame? There were mostly negative commentaries on how this will be bad for the country. It was sad to me that they couldn’t suspend their disdain for a mere one hour to take in the significance of the occasion. They’ve got 4 years to belly-ache… why such a rush to start now? It is this inability to empathize that moved me away from the Republican party 8 years ago. I cannot help but be proud that we have chosen intelect over skin color.

Comment by packman
2008-11-05 09:11:08

Sadly Fox news represents all that is wrong with supposed conservatism today - it has been reduced to tabloid journalism.

Their coverage last night was horrible, even the logistics. They lost the feed right in the middle of McCain’s speech. People walked in front of the blue screen maps. It was a joke.

Comment by whyoung
2008-11-05 11:38:58

I spent the evening flipping between BBC America and the Comedy Channel… couldn’t take the “regular” MSM.

 
Comment by CrackerJim
2008-11-05 13:59:12

Why were you watching it then?

Comment by packman
2008-11-05 18:15:49

Partly flipping back and forth between networks due to all the dang commercials. And partly because I can’t stomach the other networks’ “Obama is God” stance. As tabloidish as Fox is (which also make me want to puke) - at least they weren’t an unpaid arm of Barry’s election campaign.

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Comment by Blano
2008-11-05 09:25:36

“I cannot help but be proud that we have chosen intellect over skin color.”

Since blacks voted 92-8 or so for Obama, that’s not exactly true. Had whites done that for McCain, we’d all be branded racists and told how rotten we are.

Comment by Marcus
2008-11-05 11:19:14

There is a world of difference between the two situations. Blacks are rallying in support of a trancendent figure who never called on race as a campaign topic. They are voting for an end to >200 years of oppression. Such a lopsided vote for a white candidate over a viable black candidate would clearly be a vote against a black candidate and not a vote for a white candidate. 20 years from now, I would admonish 92% support falling down racial lines, but for this one time I am soaking it in.

Your point is exactly the lack of empathy that I was referring to. It is an egotistical response where humility would be much more flattering. For the good and happiness of those who have carried the burden of oppression, try in this moment to forget the double-standard and suppress your own frustration. Make a sacrifice by suspending your logical and appropriate observations in lieu of something bigger than common sense. Your logic will be there tomorrow morning, but the first day when America changed will be over. I recommend trying to appreciate it for just one day.

Comment by Earl The Vagabond
2008-11-05 21:33:11

“They are voting for an end to >200 years of oppression.”

BAHAHAHAHAHAHAHAHAHA!!!!!

Riiiiiiiiiiiiiiiight..

I guess voting for the best candidate whether he or she be black, white, purple, green, blue with orange stripes isn’t the best way to vote?

Horseshit.

I voted for independent, FWIW…

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Comment by manfromyard
2008-11-05 17:11:11

Blacks actually voted 98-2 for Obama. But since they also voted 91-9 for Al Gore, I think accussations of wholesale racism are a bit weak. Only 7 or 6% more blacks voted for Obama than did Gore. Blacks vote mostly Democratic, and Obama was a Democrat. If a black Republican won 98% of the black vote, then you might have a solid thesis.

 
 
Comment by SFC
2008-11-05 09:58:41

Say what you will about FOX, but I’d rather be working there right now than at the CNBC Obama Network. Now that Obama has won and Bush is on the way out, who will watch CNBC? What will they have to talk about? People will tire of 24 hours a day about how great liberals are.

Comment by yensoy
2008-11-05 10:36:04

Do we watch the same CNBC? Just 2 days ago they had a bunch of talking heads (cheered by the ever so crooked Steve Liesman) say what a big disaster an Obama win would be and why folks should vote for McCain. Are you perchance confusing CNBC with CNN?

 
Comment by Marcus
2008-11-05 11:03:41

I think that you mean MSNBC. CNBC is the business channel where countless experts have been screaming their heads off about how Obama will ruin the stock market.

Comment by NYCityBoy
2008-11-05 11:50:46

CNBC is a business channel? I thought it was a comedy channel. Man, you learn so much on this blog. Who would have thought it was a business channel? I feel dizzy.

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Comment by Marcus
2008-11-05 14:09:15

Touche.

 
 
Comment by SFC
2008-11-05 12:02:38

You are correct, MSNBC. IMHO, this Obama victory is the best thing that could have happened for FOX News.

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Comment by exeter
2008-11-05 18:34:02

fixed news rah rah fixed news rah rah!!

Fixed News… We distort, you comply.

 
 
 
 
Comment by scdave
2008-11-05 10:07:16

It is this inability to empathize that moved me away from the Republican party 8 years ago. I cannot help but be proud that we have chosen intelect over skin color ??

Ditto here….

 
Comment by MrVincent
2008-11-05 10:36:09

Fox News coverage was terrible. That right-wing station is on its last days.

Comment by Legal Eagle
2008-11-05 12:04:52

You wish!

 
 
Comment by Pondering the Mess
2008-11-05 10:56:26

Yes, and when Bush won in 2004, CNN was the last major news source to admit to it, and they even called several states on their website that went to Bush for Kerry even though they were flat out wrong. Finally, even after Kerry conceeded, they STILL would not acknowledge that Bush had won and left their website up most of the day with the election still “undecided.”

Both CNN and FOX are biased, one for the left, one for the right. Let’s not pretend that CNN is some sort of model of honesty and that FOX alone has problems with bias.

Comment by Marcus
2008-11-05 11:50:21

You are absolutely right.

But, Bush’s re-election was not the event that hitorically will be viewed as the end of an era. It was just a typical re-election that deserved nothing more than the typical partisan BS. This is different, in my opinion. It is bigger than partisanship. It requires some display of basic humanity above politics, but Fox dropped the ball.

Comment by Legal Eagle
2008-11-05 12:08:57

A majority of the election coverage I watched last night was Fox News. I switched back and forth between the networks but, quite frankly, I could not stand to watch a bunch of liberals cry and celebrate the induction of our first Marxist/Socialist president. Fox News was the place to be for the 52 million or so people who voted AGAINST Obama. I don’t normally get cable fox news so it was refreshing to see Shepard Smith and the crew with their excellent news coverage.

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Comment by scdave
2008-11-05 15:02:36

52 million or so people who voted AGAINST Obama ??

LEagle…Just a honest question for you…No sarcasm here…Do you think the republican party (as we know it today) would ever select a minority for the top spot ?? Lets say, the Governor of Louisiana ?? I have reservations given what I know of some people in the South….

 
 
 
 
Comment by AnonyRuss
2008-11-05 16:41:38

“Some cried and some spoke unwaivered, but everybody embraced the history. It was refreshing to my cynical psyche. On Fox I found discussions about how the voting played out… how did the strategy fail? Who is to blame? There were mostly negative commentaries on how this will be bad for the country. It was sad to me that they couldn’t suspend their disdain for a mere one hour to take in the significance of the occasion.”

I do not subscribe to your definition of proper election night coverage. Nevertheless, FNC spent several minutes on a tearful Juan Williams commenting on what it meant to have a black man elected President. Williams’ comments were mentioned several times after that.

How ridiculous was it for MSNBC to put Olbermann and Matthews as their primary election night anchors. They really have gone over the edge.

 
 
Comment by ET-Chicago
2008-11-05 09:05:25

I’ve been distracted from housing bubbles and the World Series and financial markets and even (somewhat) the election by the birth of my first child, a son.

It was a beautiful day yesterday, and we walked to our polling station with The Lad strapped to my chest with one of those hippie baby slings. Man, it was nice to get outside.

Who was it (Polly?) who said a few weeks back (when I was coherent) that they needed a distraction from the doom-and-gloom? Not that it’s for everyone — but a child certainly provides it. Pretty great.

Now for some much-needed coffee …

Comment by packman
2008-11-05 09:28:47

Congratulations! I hear you on the coffee.

 
Comment by Kim
2008-11-05 09:29:06

Congratulations on the birth of your son!

 
Comment by Frank Giovinazzi
2008-11-05 09:38:34

Congratulations on the birth of your son.

 
Comment by Steve W
2008-11-05 10:28:21

Congrats!

(and beware, the temperature here will be plummeting like Neiman-Marcus stock by the weekend)

 
Comment by patient renter
2008-11-05 12:03:20

Congrats! I’m looking forward to my first in a few months. We’ll see how that goes :)

Comment by ET-Chicago
2008-11-05 14:46:00

Congrats to you, too!

It’s pretty great. Our boy came early, so we weren’t mentally prepared (or diaper-prepared), but we’ve gotten into the swing of things.

 
 
Comment by Meshell
2008-11-05 12:15:12

Aw, congrats :)!!! How old? I have a 2 week old son and 3 year old daughter and I strolled them by the polling place yesterday to see the voters. (I could vote early b/c I was pregnant.)

Comment by ET-Chicago
2008-11-05 14:42:12

He’ll be three weeks old tomorrow (but he popped out early).

Two little ones? We’re having enough trouble keeping up with one. My hat’s of to you.

 
 
Comment by jjb4430
2008-11-05 15:27:35

Congrats!

My wife and I are expecting our first child in June. It is funny how all of the reading about the economy and housing fades away when you see that little heartbeat on the sonogram.

Out of curiosity, how do you like those little “Chest hippie slings”? LOL.

 
 
Comment by taxmeupthebooty
2008-11-05 09:11:11

1930 tax the rich !
1933 super majority

 
Comment by Shane
2008-11-05 09:28:38

Obama has helped “equalize” responsibility:

As a conservative independent, I am left to look for the positives in this election cycle. Here is how it plays out for me, personally-

1. The Republicans received a good butt-kicking! This is much deserved after abandoning core principals, and helping near-bankrupt our country. McCain ran a decent, but poor campaign.
His was an uphill battle all the way, as the citizenry never forgives an Incumbent Administration in an economic down-cycle.

2. Obama is intelligent, but we will have to wait to see how much wisdom he demonstrates. Other than a campaign, which, in every election cycle demonstrates more polish than substance, he has yet to really lead any substantive legislation or so-called “change”.

3. He has finally broken the color-ceiling, in politics, and hopefully put all races in a position of equal responsibility for whatever outcome and course the nation pursues, going forward (no more, “the white man is keeping us down”).

4. If all Democratic programs are implemented, as espoused, we will find our nation financially bankrupt, within Mr. Obama’s first term, and the fallacy of Big Government will finally be made explicit to Americans, just like it has been shown to be the “parasite of all parasites” throughout other nations, throughout history. Our problem is, economically speaking, we fail to see things in the “long run”. Social Security, Medicare/Medicaid, Bank Bailouts, Mortgage Subsidies, and yes, Defence Spending will finally bring all of us to our financial knees. Not the mere existence of these programs, mind you, but rather our inability to reign them in. Mr. Obama will win my confidence if he is able to look us in the eye (individually and collectively) and tell us that the Government cannot afford to solve every problem, and that Government checks are being reduced.

5. Finally, within the next 12 months we will see the most difficult fiscal environment of my lifetime for cities, counties, States, and subequently, the nation. It would test any sitting President, and Mr. Obama will be in a better position than any in recent memory to write his own legacy.

Those of you who voted for President Elect-Obama; please do not get me wrong on these points, as I did not expect anything more from John McCain or Sarah Palin (I know Sarah, by the way-used to live in Wasilla some years back, and she IS an intelligent, decent, middle-class person).

May God truly bless America, and may we all roll up our sleeves and do the best we can to, at once, rebuild our economy, and preserve our liberty!

Comment by scdave
2008-11-05 10:14:12

He has finally broken the color-ceiling, in politics, and hopefully put all races in a position of equal responsibility for whatever outcome and course the nation pursues, going forward (no more, “the white man is keeping us down”) ??

Exactly Shane !!! Cowboy up…The rainbow coalition is dead….The NAACP is next…Time to start taking responsibility for yourself….

Comment by salinasron
2008-11-05 10:54:12

“(no more, “the white man is keeping us down”)”

You dream. I don’t care who is President, it’s the Congress that has the power. Having said that, let’s see how your statement works out when the lower level blacks and hispanics don’t get the freebies that they thought were promised by BO’s election. I fear that the MSM set the stage for greater racial unrest, but only time will tell.

 
 
Comment by Mike in Miami
2008-11-05 10:37:20

1. Maybe the Republicans will split into 2 parties, religious nut cases versus serious conservative politics. That would be one positive from the recent butt-kicking.
2. The world expects much from Obama, i hope good fortune will be with him. He’ll need it after 8 years of arrogance and incompetence.
3. Yes, hopefully that ridiculous racial nonsense is finally behind us. Study hard, work hard and you can achieve anything. Quit whining and get of your butt, NOW!
4. Raise taxes, I don’t like it but it is necessary. Cut spending, cut it till it hurts. Defense spending, highways, social programs, wars, bailouts for the irresponsible, etc.
Raise the retirement age, put a lifetime cap on medicaid/medicare. It sucks but there’s no way around it, thoase are just the facts.
5. Obama can’t do anything he would like to do ‘cos he’ll be putting out fires for the next 2 years from the wreckage left behind by the current administration and the greed orgy of the housing bubble.

“Sarah Palin … she IS an intelligent, decent, middle-class person”
She doesn’t come across as such. Ignorant, gullible, power hungry, naive and a religious zealot, that’s how I see her, sorry. Besides, there’re many decent middle-class people in the US, few are qualified to run the country and Sarah Palin is most definitely not among them.

Comment by patient renter
2008-11-05 12:06:06

1. Maybe the Republicans will split into 2 parties, religious nut cases versus serious conservative politics. That would be one positive from the recent butt-kicking.

One could only hope.

 
Comment by Blue Skye
2008-11-05 14:19:26

Delusion knows no political boundaries.

 
Comment by measton
2008-11-05 23:05:36

“Sarah Palin … she IS an intelligent, decent, middle-class person”

Who speaks in tongues, prays to keep her safe from witchcraft, and believes in the rapture.

Who uses the power of government to settle the score with enemies of the family

Who bills the state for her families travel and the GOP for 150,000 shopping spree.

 
Comment by jane
2008-11-05 23:13:10

Mike in Miami, O Fount of Wisdom - what about being an intelligent middle class person who has class (what you call ‘naivete’) and has duked it out with the big boys disqualifies same from running the country? O please enlighten me Great One.

Personally, I found her a breath of fresh air. And I would welcome somebody from the flyover territories to inject some balance into the dialogue.

Perhaps you have become accustomed to rank corruption masquerading as polish, and are getting set in your ways. Many people do not like to get out of their comfort zones.

 
 
Comment by measton
2008-11-05 23:02:11

“If all Democratic programs are implemented, as espoused, we will find our nation financially bankrupt, within Mr. Obama’s first term, ”

I hate to point this out but as a HBB’r you should know the US is bankrupt now. GOP doubled our national debt in 7 years.

 
 
Comment by NYCResident
2008-11-05 09:33:54

http://www.nydailynews.com/real_estate/2008/11/04/2008-11-04_evictions_soar_as_banks_foreclose_on_lan.html

These renters are innocent victims representing the collateral damage of the housing boom’s demise.

Home ownership can and should promote social stability if price stability returns.

 
Comment by bananarepublic
2008-11-05 09:36:17

It doesn’t get any more historic than what we witnessed last night. I am not embarrassed to say I got misty eyed. The last 8 years have really challenged my belief in the promise of America, but last night it was renewed.

And I think there was one significant lesson to be learned from the last 8 years. The Republicans failed because they chose to govern from the far right. To them, America only really meant Republicans. Everyone else was labeled enemy sympathizers. This attitude divided our country, and hopefully their defeat will be a lesson to BOTH PARTIES.

I think President Obama is smart enough to govern from the middle. Republicans are not our enemies. We are all Americans first, and party a distant second. And we can disagree without branding each other un-American traitors.

I think President Obama will govern this way, and I hope all Americans give him a chance. Our task is not an easy one. We need to work together.

What an historic night! Unbelievable.

Comment by climber
2008-11-05 10:08:33

I’m just constantly amazed at the boundless ignorance of the American public.

The role of president vs congress is so completely misunderstood people just don’t have a clue.

In large part, the Republicans failed because Americans would rather be babied than work. The mortgage mess is proof that Americans don’t deserve a free market anymore. There are no rights without responsibility. We have chosen to give up responsibility first, the rights will surely follow.

Comment by bananarepublic
2008-11-05 10:23:15

I do not share your bitterness! This is a great day in America!

 
Comment by edgewaterjohn
2008-11-05 12:21:03

+1

The truth hurts. Although, the truth was put on holiday for eight years so I suppose one more day won’t matter much.

 
Comment by Faster Pussycat, Sell Sell
2008-11-05 13:36:04

Democracy is the worship of jackals by jackasses.

- H. L. Mencken

 
 
Comment by scdave
2008-11-05 10:16:36

Nice post BR…

 
 
Comment by BlueStar
2008-11-05 10:18:36

One thing most of you people seem to be overlooking is that Obama will have a major positive impact with the rest of the world. Our relations are at rock bottom right now plus we owe trillions of dollars to them and having a popular leader will help a lot. I saw a BBC world poll a few days ago where 80% of the world preferred Obama over McCain and Bush had a worldwide approval of about 15%! We have elected an intelligent, thoughtful person to lead the world and America will be respected instead of feared. Hard to put a value on that.

Comment by bananarepublic
2008-11-05 10:47:05

I didn’t overlook this. It is one of the major reasons I supported him. Just look at the reaction abroad! In one day we essentially got a fresh start from the rest of the planet. I suspect terrorist recruting just took a dive too. Going to be hard to get people to sign up to die so they can kill the evil demon named Barack Hussein Obama.

I think we just won the war on terror.

Comment by Chip
2008-11-05 19:39:44

Do you really think that his new chief of staff is going to let our meddling in the Middle East fade away? I don’t. Read the bio and his father’s political history. Nor do I think there will be any significant loosening of the privacy intrusions that have been enabled by the “War on Terrah.” I hope you are right, but I believe you will not be.

 
 
Comment by bananarepublic
2008-11-05 11:15:45

Even in lands whose leaders are no friends of Washington — such as Venezuela and Iran — the election outcome cut through official propaganda to touch some people.

“It’s kind of nice to feel good about the United States again,” said Armando Díaz, 24, a bookkeeper in Carcacas, Venezuela, where Enrique Cisneros, a storekeeper summed it up like this: “A few hours ago, the world felt like a different place.” In Iran, too, some said the American example should persuade politicians closer to home to adopt similar political ways.

‘’His election can be a lesson for the dictators of the Middle East,” said Badr-al-sadat Mofidi, the deputy editor of the daily Kargozaran newspaper. Some in Iran focused on their hopes for a change in American attitudes towards their country. ‘’The nightmare of war with the United States will fade with Obama’s election,” said Nehmat Ahmadi, a lawyer.

Immediate impact.

Comment by bluprint
2008-11-05 13:38:20

do you have links?

 
 
Comment by patient renter
2008-11-05 12:11:55

Yes, this is certainly important and I too would like to think Obama’s Presidency will boost the opinion of American around the world.

But some of the policies he’s hinted at, such as illegal unilateral military strikes into Pakistan will certainly not help things.

 
Comment by nhz
2008-11-05 12:45:10

definitely agree about that. Congratulations to all Americans with this new president; I think this is an important first step towards a (possibly) better future for the US and maybe the world as well. I shows a glimpse of the American Dream and proves that America can change.

Although the current Dutch government has been very pro-Bush over the last years, in a poll published today 93% of Dutch voters would choose Obama over McCain. Our TV news for several days was almost 100% dedicated to the US elections (which is unusual). No doubt that America is getting some more respect from most EU countries from now on; of course they still have to prove they are worth it.

Europe also understands that Obama is up for a very difficult task, but I guess it can’t get any worse than Bush (especially when it comes to foreign relations). I’m not holding my breath regarding Obama’s economic policies, lets hope he finds some good advisors in that field.

 
 
Comment by jeff saturday
2008-11-05 10:24:12

This is only a test

MOSCOW — Russia will deploy missiles near NATO member Poland in response to U.S. missile defense plans, President Dmitry Medvedev said Wednesday in his first state of the nation speech.

Medvedev also singled out the United States for criticism, casting Russia’s war with Georgia in August and the global financial turmoil as consequences of aggressive, selfish U.S. policies.

He said he hoped the next U.S. administration would act to improve relations. In a separate telegram, he congratulated Barack Obama on his election victory and said he was hoping for “constructive dialogue” with the incoming U.S. president.

Medvedev also proposed increasing the Russian presidential term to six years from the current four, a major constitutional change that would further increase the power of the head of state and could deepen Western concern over democracy in Russia.

The president said the Iskander missiles will be deployed to Russia’s Kaliningrad region, which lies between Poland and the ex-Soviet republic of Lithuania on the Baltic Sea, but did not say how many would be used. Equipment to electronically hamper the operation of prospective U.S. missile defense facilities in Poland and the Czech Republic will be deployed, he said.

Comment by exeter
2008-11-05 10:39:22

As they should. Good for them.

 
Comment by Pondering the Mess
2008-11-05 11:00:43

And the USSR rises against in the east, backed up by Red China.

Let’s see if Obama has the guts to deal with them…

Comment by Shuzilla
2008-11-05 12:15:50

Why summon the courage to deal with Russia, something Americans probably don’t want in light of our more pressing domestic problems, when you can simply wordsmith a speach that effectively says “Good for them!” and everyone is immediately enthralled with your tolerance and turning of cheek?

 
Comment by Muir
2008-11-05 12:40:14

scare tactics are wee bit late, aren’t they?
-
“guts” I prefer intelligence myself when talking about thermo-nuclear weapons, just me I guess.

Comment by exeter
2008-11-05 13:20:15

Muir, the best offence the knuts offer is a poorly framed worn out mantra of fear and hobgoblins.

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Comment by Muir
2008-11-05 15:01:48

Your right exeter.
Fear of this world and the next.
Old, old tricks.

 
 
 
Comment by NYCityBoy
2008-11-05 13:59:22

“And the USSR rises against in the east, backed up by Red China.”

Brainless beyond belief. Those two countries will never get along in a prolonged, meaningful way. They hated each other more during the Cold War than they hated the United States. They are two gangster states that vehemently mistrust each other. Check out their history on the Manchurian border. If you boneheads keep insisting on making historical statements, please do some historical research.

 
 
 
Comment by JeanValjean24601
2008-11-05 10:30:20

Freed @ long last from my prison sentence of 8 years…

Comment by San Diego RE Bear
2008-11-05 18:03:54

I thought your sentence was 5 years with 14 added for bad behavior? :D

 
 
Comment by bananarepublic
2008-11-05 10:43:14

Now that my party is firmly in charge of the country, I want you guys to know I am NOT going to give them a free pass. Never going to happen, and I didn’t give Bill one either. I will applaud their good decisions and be critical of their bad ones.

I also make a distinction between intent and results. If I feel a decision was made based on sound thinking, I can forgive a bad outcome. But I cannot accept a good outcome based on poor thinking.

The way our leaders make their decisions is more important than the result IMO. If the Dems don’t live up to my high expectations I will let them, and everyone else, know about it.

As always, country first.

I also want to add that I thought McCain’s speech was wonderful. Total class.

Comment by Prime_Is_Contained
2008-11-05 11:44:30

I agree on the McCain speech. Probably the best concession speech I’ve heard.

Comment by bananarepublic
2008-11-05 16:45:14

I also liked the colors Barack and Michelle wore. They wore a lot of red, with Barack having a red tie, along with Michelle and the oldest daughter’s dress. I immediately got the message. That was a symbolic gesture acknowledging the other half of the country that didn’t vote for him. I don’t think it was an act either. I really think Barack wants to be all of our president.

BTW, is it ever going to be PC now to tell off-color jokes?

 
 
 
Comment by salinasron
2008-11-05 10:46:42

What a great day. I was in a local coffee house and overheard what looked to be illegals (hispanic) talking to a black lady and all three were saying how great it was and now they don’t have to worry about paying their mortgage anymore and car either. They can’t wait to see how much their income tax rebate the government is going to give them. I cheerfully told them that it’d be somewhere around $5000 for each family member and they were giddy. Hope they charge up them CC’s for Xmas.

Let the circus begin! Freebies to all.

Comment by BanteringBear
2008-11-05 11:21:32

LOL! C’mon, you expect us to believe that? Thanks for the laugh though.

Comment by salinasron
2008-11-05 11:31:45

You laugh and I laughed at the time, but I really wanted to cry. You need to get out where these people are and see what they really think that was promised. Remember, they didn’t get their news from the MSM they got it from poll workers urging them to vote and for whom to vote and many a carrot was dangled their way. That is why I say a year from now we will see the true impact of this election.

 
 
Comment by Prime_Is_Contained
2008-11-05 11:47:16

Wow, you can tell just by _looking_ at a person what their citizenship and visa status are??? You should rent that skill out to the Border Patrol!

Comment by Legal Eagle
2008-11-05 12:12:14

The illegal immigrant cleaning lady in my office (yes she’s illegal) told me she thought that the other guy (she didn’t know mccain’s name) was the BROTHER of George Bush. I’m not making this up. That’s what they’ve been spreading around the underground latino community. Thanks LA RAZA.

 
 
Comment by patient renter
2008-11-05 12:14:40

This would be hilarious if it were believable.

 
 
Comment by Professor Bear
2008-11-05 11:00:04

Mortgage applications fell 20.3% last week: MBA
By Amy Hoak, MarketWatch
Last update: 8:46 a.m. EST Nov. 5, 2008

CHICAGO (MarketWatch) — Mortgage applications filed last week fell a seasonally adjusted 20.3% compared with the previous week, as rates on fixed-rate mortgages increased, the Mortgage Bankers Association reported on Wednesday.

Compared with the same week in 2007, application volume was down 43.4%, the Washington-based MBA said. The MBA’s weekly application survey covers about one-half of all U.S. retail residential mortgage applications.

 
Comment by bananarepublic
2008-11-05 11:07:54

I hope Obama includes some Republicans in his Admin. One person I would love to see is Sen. Chuck Hagel as Secretary of Defense. The best way to stop the partisan BS is to have an admin that includes both parties. It will make it a lot easier to govern from the middle.

 
Comment by exeter
2008-11-05 11:13:59

Remember txchuck wagered that McCain would be elected? She rabidly typed here on the HBB last summer, “Say it exeter! Say President McCain!”.

lmao!!!

Comment by santacruzsux
2008-11-05 12:09:02

Both you and txchick are reasons why both political parties should be thrown into the trashbin. You’re like a couple of siblings constantly having spats in the back of the family station wagon. We normal people have to pull the car off the road every couple of miles so you idiots can battle it out over the same old crap. Then you’re right back at it again a few minutes later. The older I get the better a constitutional monarchy sounds to me.

Ugh. 2012 is right around the corner.

Comment by watcher
2008-11-05 14:35:56

I have to agree. Partisans calling each other names is just stomach-churning. The democrats are now ready to pour eight years of bile on the republicans. A pox on both their houses…

 
Comment by hoz
2008-11-05 16:00:04

Benevolent dictatorship is what I would prefer.

 
 
Comment by Muir
2008-11-05 12:42:21

I remember.
I tried to take a bet but I had problems logging in.

 
 
Comment by EmperorNorton_II
2008-11-05 11:21:23

The Empire Strikes Back…

 
Comment by dude
2008-11-05 11:27:02

OT, but I saw the word “tater” in the BB yesterday, and I couldn’t resist.

My trashcan potatoes are doing really well, and they were unbelievably easy. I put about 6 inches of dirt in the bottom of a big plastic trash can, put the spud seeds in and covered them with about 3 inches of dried lawn clippings. I’ve been giving them a soda can of water daily when I remember.

After about 6 weeks the plant emerged, and as it did I’ve continued adding grass clippings to keep only about 6 inches of green exposed. 1/2 inch holes get drilled in the sides to allow a conduit for shoots to get sunlight on the burried portion of the plant.

I started it 2 months ago and hope to have the can filled by the time the plant dieds off from frost.

If I had 5 or 10 of these in rotation I could easily keep the family in potatoes year round.

BTW, I’m no green thumb.

Comment by In Montana
2008-11-05 13:47:16

Wow, that’s the neatest thing I’ve read in a long time! LOL
I planted potatoes in the ground once, and the taters were great but the following years it was just a mess. Plus the plants fall down and have to be propped up at some point.

I’m going to print out your comment and save it…

 
Comment by Blue Skye
2008-11-05 14:07:48

dude,

I used to do this with automobile tires. Free. Stack em up.

Comment by dude
2008-11-05 14:54:46

I’ve seen reference to the tire thing as well. I got the trash can free too.

They frequently fall out of gardener’s trucks on the freeway. I just paid attention for a couple days on my drive and the first one I saw in the same place two days in a row I picked up for my project.

 
 
 
Comment by mrktMaven
2008-11-05 11:38:08

Nov. 5 (Bloomberg) — Credit card companies were shut out of the market for bonds backed by customer payments in October for the first time in more than 15 years, as investors shunned the debt amid the global credit freeze.

Comment by Faster Pussycat, Sell Sell
2008-11-05 12:00:55

Maybe the Fed can help them out?

 
Comment by edgewaterjohn
2008-11-05 12:54:21

Word is getting around, the hyper-consumers are kaput.

BUT…maybe if we get just one more stimulus package it’ll be ok. Just one more, I promise…we’re this close [.] to boom times again!

Comment by Faster Pussycat, Sell Sell
2008-11-05 13:39:06

“Please Sweet Baby Jeebus, one more boom and we promise not to p*ss it all away.”

 
 
 
Comment by tiger
2008-11-05 11:45:26

Anyone have experience with discount brokers like help u sell? I don’t want a broker to do anything more than list on mls and help with paperwork.

As long as I price lower than comps, does anyone see a problem with using a discount broker?

Comment by Stan_the_man_at_6500_ft
2008-11-05 11:59:21

I tried the discount broker route in June. Got blackballed by all the Realturds. Had to go with one of theirs at 5%.
They wont show a FSBO or lim service. And my price as $499k and my neighbors were $650k. NAR sucks!!!!! I am still on the market at less than 2005 prices, BUT THERE ARE NO BUYERS OUT THERE LOOKING AT NON_BANK OWNED PROPS.

Comment by tiger
2008-11-05 14:55:38

Why would they care if the seller uses a discount broker as long as they get their 3%?

Comment by Chip
2008-11-05 19:53:01

They wouldn’t - especially when they’re starving. Must be more to it - like a way-below-average % offered to the one representing a buyer.

I agree somewhat with the bank-owned bit, though - buyers deduce what happened after the S&L bust - as banks piled up inventory, they started taking lower and lower percentages of their original asking prices, undercutting almost all of those trying to sell their own homes. I have been waiting for prices to drop. And waiting and waiting. Now I am ready to talk to banks and make them ridiculous offers. I believe that most private sellers will continue to slam the door on a really lowball offer - the banks have stopped doing that, so at least they listen. Today my wife saw a closing on a waterfront property that was right at 60% of the original asking price - believe it was a short sale.

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Comment by bluprint
2008-11-05 12:21:25

Put a sign in the yard (get one from Lowes or Home Despot), put a good bunch of flyers (informative, quality pictures and prints as people will derive the quality of the house from the quality of the print) in an info tube and replace if they get wet and maybe an ad in the paper.

If it’s priced right, it will sell.

Comment by packman
2008-11-05 12:59:20

Speaking from personal experience?

I’m wondering since I’m thinking of doing this myself someday, and am curious about others’ experiences.

The times that I have bought and sold homes, it’s been subsidized by relocation packages, so I’ve used realtors. However I may not do that in the future.

My impression is that homes that are for sale by owner are generally less marketable than otherwise, in large part because of the lack of MLS/realtor exposure, but also due to the extra hassle and risk (perceived or otherwise) on the buyers’ part. As a result, I believe typically there’s somewhat of an offset in the home price - e.g. a home may sell for say 3-4% less than it otherwise would, which offsets a portion of the realtor’s fees.

However I’m guessing this is changing a lot now.

Comment by bluprint
2008-11-05 13:55:59

I’ve sold two. In both cases the person buying the place was in the neighborhood and just saw the sign and got a flyer., although we did get a little traffic from the newspaper ads.

We used newspaper advertisement the first time, but only got a little traffic. The second house it was only a sign in the yard and an ad in the internal online classifieds of the place at which I worked. Had a signed contract in 4 weeks, no realtors.

I emphasize the quality of the flyers b/c I think it makes a big difference, although my evidence is mostly just opinion with some anectdote.

An acquaintance of mine was also selling a house in the same neighborhood as me (two doors down) in one case, his flyers were crap, just thrown together, black and white and didn’t do anything to try and emphasize the good features of the place.

My wife is a graphic designer for an engineering firm. She took good quality photos, made touch-ups in photoshop to enhance.

My acquaintance still had his on the market 6 months after I had closed.

Of course, he also didn’t do much to spruce up the outside either, so that probably made a difference.

If I were going to sell a house now, I would also do a craigslist ad but not a newspaper, at least not for a while. Maybe if the house were out in the country on a road with no traffic, then I would start with a paper, and maybe even get a realtor.

Main thing is price, and when you cut out the realtor (6%) you can really beat your competition on price when they are using realtors.

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Comment by packman
2008-11-05 14:39:29

Thanks for the response & details!

 
 
Comment by bluprint
2008-11-05 14:04:07

Short answer (waiting on longer answer to appear): I sold two, one with newspaper ads one without. Sales came from sign in yard and good flyers.

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Comment by bluprint
2008-11-05 14:44:38

One other data point, one house was an 1144 sq. ft and sold for 103k. The other was 1540 sq. ft and sold for ~128k.

Maybe this don’t work on the 400-500 range…I dunno.

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Comment by exeter
2008-11-05 16:46:53

Clearly it is a overpriced shack. If it were priced correctly it would sell now.

 
Comment by bluprint
2008-11-05 20:26:37

Which? I sold two, they are both gone. Unless you are referring to my friends, he did finally sell it. I don’t know if he changed the price or not.

 
 
 
 
Comment by Muir
2008-11-05 12:44:11

$99 to put your property in the MLS in FL.
Have sold 3 properties that way.

Comment by packman
2008-11-05 13:04:47

When you do that - do you typically sell to people using an agent? If so - do you pay the agent commission?

Thx

Comment by Muir
2008-11-05 15:06:49

3% commission to buyers agent.
You basically cut out the listing agent.
You do have to know some stuff.
You decide on the listing price.
You negotiate.
You negotiate and sign contract.

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Comment by tiger
2008-11-05 15:02:20

Thanks for all the feedback. I can’t wait to be free of this house and become a renter again.

 
 
Comment by packman
2008-11-05 11:55:45

The next real estate domino is falling hard -

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/04/AR2008110402590.html

Up in the Air

Economy’s Downdraft Is Blowing Through Commercial Real Estate

With few lenders doling out money these days, commercial real estate sales — including office, mall and warehouse properties — are expected to be less than half of last year’s record-setting $514 billion, according to Real Capital Analytics of New York. More than $14.5 billion in deals have been canceled or pulled away from this year, including about $1 billion in the Washington region, according to Cassidy & Pinkard Colliers.

In addition, growing layoffs and falling profits mean companies are giving up office space at rapid rates. Nationwide, more than 19 million square feet of space — enough to fill more than 300 football fields — has been emptied by office users this year, the most since the months after the Sept. 11, 2001, attacks. Locally, about 1 million square feet of office space is dark and empty, according to Reis Inc., a New York-based real estate research firm.

Comment by SD_CDL
2008-11-05 21:50:51

Yep, I heard a commentator on CNBC try to say there was no commercial overbuilding like residential yet throught Socal and Las Vegas I see TONS of empty office space.

 
 
Comment by Stan_the_man_at_6500_ft
2008-11-05 11:56:28

WOW!!! Obama has a tough road ahead of him. He is smart, fit and young, if he cant make things better no one can. the 8 yrs of Bush might take 16 to fix. God bless him and his cabinet.

 
Comment by Stan_the_man_at_6500_ft
2008-11-05 12:01:13

Realtards will black ball ya. FSBO and limited service get no showings…trust me, I just went through it. Realturds all pinky swore to only show full service listing to protect their monopoly.

Comment by bluprint
2008-11-05 14:02:26

FSBO…get no showings

I sold two FSBO. Did my own comps for the neighborhood and priced competitively. Worked fine, your prices were probably too high.

 
 
Comment by cactus
2008-11-05 12:49:41

new stupid ideas from government

http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”

yea Jim McDermott is worried about the savings rate, no I think he wants to get his paws on more money and he must know SS is busted so ………

 
Comment by Lost in Utah
2008-11-05 13:17:25

I went to bed last night praying I’d wake up as VP of the US of A.

I woke up feeling a bit delusional. Was it all real or did I have too much Midnight Sun Beer?

-SP

:)

(Gotta be boring going back to just being the good ole gov. And even though I’m living in a red state, I heard cheering and fireworks last night.)

 
Comment by Professor Bear
2008-11-05 13:21:18

Ambac, MBIA post bigger losses; shares dive
Bond insurers suffer as residential mortgage exposures deteriorate again
By Alistair Barr & John Spence, MarketWatch
Last update: 2:39 p.m. EST Nov. 5, 2008

BOSTON (MarketWatch) — Ambac Financial and MBIA Inc. lost at least a fifth of their market value on Wednesday after the two largest bond insurers reported bigger-than-expected quarterly losses from exposures to complex credit derivatives linked to the sagging housing market.

Comment by Professor Bear
2008-11-05 13:57:33

It seems this is a bad time in history for big insurance companies, including my former employer.

latest news
[$INDU] Dow Jones Industrial Average falls 319 points to 9,305.65
Marsh & McLennan slips on ‘discouraging’ results
Recovery in profitability of main brokerage business may take longer
By Alistair Barr, MarketWatch
Last update: 3:39 p.m. EST Nov. 5, 2008

SAN FRANCISCO (MarketWatch) — Marsh & McLennan shares slumped more than 12% on Wednesday after third-quarter results increased concern about the profitability of the company’s main insurance brokerage business.

 
Comment by hoz
2008-11-05 16:58:04

This is a triggering event.

As big a triggering event as Lehman’s - unless the State of NY comes in with a rescue package, AMBAC files BK.

“…As a result of the downgrades, the Moody’s-rated securities that are guaranteed or “wrapped” by Ambac are also downgraded to Baa1, except those with higher public underlying ratings….” Pay up Ambac.

Comment by Earl The Vagabond
2008-11-06 08:30:23

LOL… You mean the same New York that is projecting a 47 billion deficit over the next 4 years?

http://www.huffingtonpost.com/2008/10/28/governor-new-york-deficit_n_138643.html

 
 
 
Comment by Professor Bear
2008-11-05 13:31:51

Credit, economic woes push sea freight to 9-year low
Wed Nov 5, 2008 12:59am IST
By Stefano Ambrogi

LONDON (Reuters) - The Baltic Exchange’s dry sea freight index for global resources trade sank to a 9-year low on Tuesday, as fears of global recession and tight lines of credit suffocated trade, industry experts said.

The London-based index, which tracks prices for carrying commodities like iron ore, coal, grains and cement on top export routes, fell 12 points to 815, its lowest level since February 1999.

“Credit underpins the whole of the business world. There are even ships hanging outside China full of cargo waiting to get the banks’ approval to discharge it,” Collins said drawing on ancecdotal evidence.

The index, used by economists to help predict global growth cycles, is in sight of an all-time low of 554 points struck in July 1986 when bankruptcies plagued the industry.

Comment by Professor Bear
2008-11-05 13:34:12

The Independent
Jeremy Warner: Shipping has become the new banking
Wednesday, 5 November 2008

One of the more worrying signs of global recession to have manifested itself over the past few months is the veritable collapse in the price of chartering a ship. Since Lehman Brothers was allowed to go under in September, the Baltic Dry Index, which tracks the cost of shipping dry cargo, has fallen by nearly 80 per cent, having already halved in the month before that. Shipping brokers say that it is now possible to charter a ship for less than its operating costs.

Even more worrying than the drop itself are its underlying causes, which go way beyond the direct impact of the economic downturn on world trade. Cargo for shipping tends to be financed through letters, or bills, of credit. This is a relatively simple device that ensures that the provider of the cargo gets paid on delivery.

When he releases the cargo for shipping, the provider gets issued with a letter of credit, which he can either sell immediately for a discount, or cash in when the buyer takes delivery. This market, along with many others, became gummed up when Lehman Brothers went bust. In part, this is just another manifestation of the wider loss of confidence among banks in credit instruments of all types. However, substantial quantities of letters of credit business were frozen in the system when Lehman’s went down, causing the market to suffer near collapse.

Comment by Faster Pussycat, Sell Sell
2008-11-05 13:37:30

Smoot-Hawley turbo-charged on steroids.

Comment by Professor Bear
2008-11-05 14:09:08

I am murky on why Lehman was so essential to this purpose? Why can’t the Fedury issue letters of credit? They apparently claim to be able to insure anything they please.

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Comment by Faster Pussycat, Sell Sell
2008-11-05 14:19:28

Nobody wants counterparty risk on their plate. It’s a simple vote of no confidence in the ability of the counterparty to pony up.

In a sense, it has nothing to do with Lehman. They just illustrated what happens if the system stops and you start having to go to bankruptcy court to collect your own money.

The global credit system is just too large and complex for the Fedury to have any meaningful impact.

They’re trying and failing clearly. Each intervention makes them look sillier and sillier and erodes confidence.

 
Comment by nhz
2008-11-05 14:21:48

I guess it was just another bubble waiting to be pricked; prices became unsustainable.

My neighbour manages the building of the biggest bulkcarriers (on a wharf in Vietnam). He has been home for some months now and is working on fixing up his home (that was way too expensive to begin with, and certainly not worth what he is spending on it now …).

 
Comment by bluprint
2008-11-05 14:29:59

Seems like someone (like Buffett) could open a small businesses specializing in one thing, in this case shipping LOCs. Make the financials as transparent as possible and only focus on this one line of business. Everyone would dump the multi-purpose financial institutions for this functionality wouldn’t they?

And I’ve seen you twice now refer to the collapse of the Baltic index as smoot-hawley. This confounds me b/c the index isn’t a policy and doesn’t affect anything really, does it?

Do you mean to say the risk issues associated with dealing with the banking/credit system is affecting shipping LOCs in such a way as to resemble the SH tariff act?

 
Comment by Faster Pussycat, Sell Sell
2008-11-05 14:39:09

Yep, functional equivalent not literally equivalent. As in it has the same end effect.

Agreed on the Buffett thing. Would be a classic move for him too. However, he probably grasps that this is “too big” and could easily end up bankrupting him.

Note that he yanked providing insurance for amts. over the FDIC limit to banks a while ago.

 
Comment by Professor Bear
2008-11-05 14:59:35

“My neighbour manages the building of the biggest bulkcarriers (on a wharf in Vietnam).”

Cool — you must live in an interesting neighborhood, nhz!

 
Comment by bluto
2008-11-05 15:51:05

It wasn’t that Lehman was essential to providing LOCs, it’s that Lehman’s failure meant that banks realized that one of the old, big, and thought to be nearly impossible to fail, failed and paid $0.10 on the dollar to bondholders. So, they charge a lot more for vouching for payment from similar bretheren. Think of it this way, before Lehman failed, banks would guarantee payment of $10,000,000 for about $50,000. So when Lehman failed, they had to pay ~$9,950,000 they were guaranteeing (and they’ll probably get $1,000,000 from Lehman). You’d be a lot more gun-shy after that, too.

 
Comment by bluto
2008-11-05 15:53:55

Also, the colapse in the baltic dry means that very little shipping of raw commodities is being done (because banks don’t trust each other). After S-H, very little global trade occured because many nations raised tarrifs on trade. The causes are very different, but the effect is the same, a huge reduction in trade. The impacts on the economy from less trade are large.

 
Comment by Professor Bear
2008-11-05 16:02:16

“You’d be a lot more gun-shy after that, too.”

There are oh so many reasons for financiers to be gun shy anymore!

 
Comment by aladinsane
2008-11-05 18:28:51

A Bullion Brahmin that deals in the precious told me he knows somebody in the less-than-precious business (scrap metal) and not only have base metal prices collapsed, but no letters of credit also means they can’t ship it eastward to the end user.

Business has stalled…

 
 
 
Comment by beelzebubble
2008-11-05 15:14:03

This is a good example of why the decrease in the TED spread is not that big of a deal (although the stock market seems to like it). Sure, the banks have -started- to lend each other money, because most of them now have government guarentees. But those institutions/organisations that do not have a government guarentee (i.e., those in the “real” economy) are still struggling.

 
Comment by BanteringBear
2008-11-05 16:02:31

“…the Baltic Dry Index, which tracks the cost of shipping dry cargo, has fallen by nearly 80 per cent, having already halved in the month before that. Shipping brokers say that it is now possible to charter a ship for less than its operating costs.”

Wow. I’m not quite sure what the repercussions of this might be, but that’s a huge plunge.

Comment by Professor Bear
2008-11-05 16:15:09
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Comment by Professor Bear
2008-11-05 16:16:45

Hypothesis 1: A sufficiently large liquidity tsunami can swamp out all fundamental signals on the face of the planet.

Hypothesis 2: We have one in progress at the moment.

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Comment by Blue Skye
2008-11-05 14:01:20

It may be temporary, but welcome to the 1980s!

 
 
Comment by Michael Viking
2008-11-05 13:58:14

From Reuters:
http://www.reuters.com/article/marketsNews/idINN0525645620081105?rpc=44

GOOD NEWS

The lone outlier of good news in the ISM report was that inflation pressures also fell sharply, which should allow the Federal Reserve — the U.S. central bank — more leeway in its efforts to stimulate the moribund economy with low interest rates and measures to support the credit markets.

Once we hit zero on the interest rates, there will no longer be any good news regarding the lowering of rates.

 
Comment by Big V
2008-11-05 13:59:43

I just thought I’d drop into the Bits and say “Go Obama, go Obama”.

 
Comment by SanFranciscoBayAreaGal
2008-11-05 19:00:18

Big V,

Sh*t disturber :)

 
 
Comment by takingbets
2008-11-05 14:55:09

GMAC 3Q loss widens on ResCap losses

GMAC has said it is holding discussions with U.S. federal regulators about becoming a bank holding company, a move that could help it access government funding and be part of a potential acquisition of Chrysler.

“Regardless of the outcome of our application, we’ll continue our efforts to protect liquidity at almost any cost, even if it means further reducing our lending originations,” Hull said.

http://biz.yahoo.com/ap/081105/earns_gmac_financial_services.html

Comment by Professor Bear
2008-11-05 17:46:44

“GMAC has said it is holding discussions with U.S. federal regulators about becoming a bank holding company,…”

Whatever it takes to qualify for bailout money, I guess…

 
 
Comment by Professor Bear
2008-11-05 15:10:14

Who enabled this morph into a full-fledged global panic? And if the problem is simply too few dollars chasing too many goods, why couldn’t speeding up the dollar printing presses a bit more and increasing the rate of helicopter drops of cash cargos fix all?

News Analysis
by Daniel Schorr
New President Will Have To Tackle Deflation

All Things Considered, November 4, 2008 · To the conventional list of challenges facing the new president — from Guantanamo to global warming — add a new one: the threat of deflation.

Roughly defined, deflation is too few dollars chasing too many goods. Inflation is too many dollars chasing too few goods.

Since 2003, when the specter of deflation raised its head, America has managed to stave it off. And the Federal Reserve’s recent interest rate cuts, along with the bailouts for several financial institutions, can be seen as anti-deflationary measures.

Will it work? Harvard professor Kenneth Rogoff is the former chief economist for the International Monetary Fund. He is quoted by The New York Times as saying, “We’re entering a really fierce global recession. A significant financial crisis has been allowed to morph into a full-fledged global panic.

So, the new president faces the prospect of coming into office as goods pile up waiting for buyers and prices drop, discouraging new investment and increasing unemployment. All of a sudden, all those rosy campaign promises about a resurgent America may not look so rosy.

Comment by Chip
2008-11-05 20:03:13

Do any of us believe campaign promises? If any do, why?

 
 
Comment by Professor Bear
2008-11-05 15:14:35

It’s not a pit bull — it’s a Presa Canario.

Seeking Alpha
Deflation: The Fed’s Ugly Pit Bull
Mark Caffee November 05, 2008

If you are unfamiliar with deflation, you are not alone. In fact, the past 80 years has been the antithesis of deflation…..inflation. Inflation is as American as apple pie. A right of passage from one party to another, or one Federal Reserve Chairman to another. We are not surprised by inflation, but we, the people, have come to expect inflation. In economics, we call this the expected rate of inflation. How can inflation be so ingrained in our collective psyche? Because the Federal Reserve’s very ability to control assets depends on it. So why would Chairman Bernake place the entire system in harm’s way?

Every so often the bankers are faced with a problem that only deflation can solve. And so enters the pit bull of the Fed. A pit bull is a ferocious and vicious defender of its owner, but non-owners beware. What is the biggest fear of Chairman Bernanke and the money center banks? Deflation! So why play the dangerous game of releasing deflation? Control is the purpose of deflation. The Federal Reserve has lost control of money due to the shadow banking system. This is NOT acceptable, thus the “pit bull of deflation”.

Comment by hoz
2008-11-05 17:50:06

“…There are plenty of things to worry about in the current economic situation. But deflation isn’t one of them….

… If the U.S. were ever to arrive at such a situation, here’s what I’d recommend. First, have the Federal Reserve buy up the entire outstanding debt of the U.S. Treasury, which it can do easily enough by just creating new dollars to pay for the Treasury securities. No need to worry about those burdens on future taxpayers now! Then buy up all the commercial paper anybody cares to issue. Bye-bye credit crunch! In fact, you might as well buy up all the equities on the Tokyo Stock Exchange. Fix that nasty trade deficit while we’re at it! Print an arbitrarily large quantity of money with which you’re allowed to buy whatever you like at fixed nominal prices, and the sky’s the limit on what you might set out to do.

Of course, the reason I don’t advocate such policies is that they would cause a wee bit of inflation. It’s ridiculous to think that people would continue to sell these claims against real assets at a fixed exchange rate against dollar bills when we’re flooding the market with a tsunami of newly created dollars. But if inflation is what you want, put me in charge of the Federal Reserve and believe me, I can give you some inflation.”
James Hamilton

” Is 2008 Our 1929? No. It is not. The most important reason it is not is that Bernanke and Paulson are both focused like laser beams on not making the same mistakes as were made in 1929….

They want to make their own, original, mistakes..”
Brad DeLong

Comment by Professor Bear
2008-11-05 19:31:00

“Inflation is always and everywhere a monetary phenomenon.”

–Milton Friedman–

Corollary: Deflation is always and everywhere a monetary phenomenon.

Comment by Chip
2008-11-05 20:06:22

Yup. Just the much-less-expected one.

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Comment by Professor Bear
2008-11-05 21:42:07

Inflation is a seldom-played strategy, as crushing debt burdens are far more unpleasant than cheery debt-reducing inflation.

 
 
 
 
Comment by CrookCounty
2008-11-05 22:13:20

Inflation robbed the middle classes of all the lower prices that should have come about from a century of technological innovation and improved economic efficiency. Inflation is never simultaneous and even, and wage inflation came completely off the rails to asset inflation. This is why we have a housing bubble.

And I have to say “what deflation”? What is cheaper today than 10 years ago? Health care? Education? Houses? Food? Gasoline? The money supply DOUBLED in 8 years. Housing prices doubled and tripled.

Bring back the old ladies Wendy’s commercials. “Where’s the beef?!”

“Where’s the deflation?!”

This is exactly what I mean by fundamentally unsound economic theories. Nobody, and I mean nobody, including both the Chicago and Austrian Economic schools, understands monetary theory and trade.

We are at all times in a 100% subjectively valued strict barter system.

“Too few dollars chasing too many goods.” That’s hilarious! As if the goods just up and magically multiplied like Gremlins and/or the dollars just up and magically disappeared into a black hole! Fiat currencies can’t be independently subjectively valued GOODs. No, never, never. As if more goods per fewer dollars wouldn’t by definition mean everybody was, society was net, richer.

What’s next? Too many zombie houses chasing too few tuna fish?

It all goes to back to a 20th century fundamentally fatally flawed economic theory error of alleging an equation of VALUE between money and goods.

This is what happens when you lose multiple redundancy free market money goods back ups to a government fiat enforced MONOPOLY infinite paper currency sand money system. What the hell is anything worth compared to anything else? Exactly. :P

The problem is that trade collapses because of DEBT CONTRACTS that require the delivery of value in one monopoly specific form. Other than that, it’s a story of Shakespearean alchemistic witches:

“Double, double toil and trouble;
Fire burn, and caldron bubble
Let inflation loose by deflation vice
And deflation multiply by inflation versa

That’s why trade slows down dramatically; the trades that occur are the ones that HAVE to occur, at unfavorable conditions that one side doesn’t voluntarily want it to occur at. And debtors “trade” pearls for sand from the bankers. It’s just that sometimes the wheels come off unexpectedly in the money master’s hamster cages. Deflation. Hoarder of Whores! Whorer of Hoardes!

Is it really dollars that become more valuable? Or is it bubble inflated assets that become less valuable to a relatively similarly valued dollar? How many years of toil and trouble for that house? The supply of dollars is INFINITE. They are only artificially scarce, unlike all other real goods. And thus you see the bankster conundrum. Too little is not enough, too much and the jig is up.

 
 
Comment by Professor Bear
2008-11-05 15:27:31

Globe and Mail: Market Blog
Worry about deflation, not inflation
David Berman, today at 11:32 AM EST

“The entire goal of recent government spending has been to put a lid on the evaporation of money from the economy,” Mr. Lascelles said. “For instance, the government is injecting equity into financial institutions so that as they deleverage, they do not reduce lending too severely. If the banks ever start to grow more comfortable and stop the deleveraging process, these injections will be halted with a startling speed.”

“As a result, there is a failsafe device built into all of this that will halt the flow of any hypothetical printed money the instant it might become inflationary.”

Comment by hoz
2008-11-05 18:15:51

Fear sells, irrational fear sells better.

Books by Dr Ravi Batra
The Crash of the Millennium
The Downfall of Capitalism and Communism
The Myth of Free Trade
The Great American Deception
The Great Depression of 1990
Stock Market Crashes of 1998 and 1999
Studies in the Pure Theory of International Trade
The Pure Theory of International Trade Under Uncertainty
Prout: The Alternative to Capitalism and Marxism
Muslim Civilization and the Crisis in Iran
Prout and Economic Reform in India

“Indeed, there are always people predicting imminent financial disaster and they are usually wrong”. The NYT and WSJ now cater to the fear. It is difficult to overcome irrational biases. “I read it in the NYT, WSJ, Telgraph, Guardian etc.” garbage news sources these days. Irrational exuberance or pessimism is not healthy.

http://www.valueinvesting.de/en/inflation-equity-investor-by-warren-buffett.htm
‘How Inflation Swindles the Equity Investor’

 
 
Comment by Professor Bear
2008-11-05 15:50:05

Still merely a slowdown with associated economic concern, but no recession yet.

U.S. Stocks Post Biggest Post-Election Drop on Economic Concern
By Elizabeth Stanton

Nov. 5 (Bloomberg) — The stock market posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern the economy will worsen even as President-elect Barack Obama tries to stimulate growth.

“We had an election yesterday; that doesn’t mean the problems go away,” said Kevin Rendino, a Plainsboro, New Jersey- based money manager at BlackRock Inc. who oversees $10 billion. “We still have an economic slowdown.”

Comment by realestateskeptic
2008-11-05 19:46:28

Should have followed my own FXP advice yesterday when I posted it, I missed a 15% profit today :-(

 
 
Comment by Professor Bear
2008-11-05 15:51:51

Financial Times
GMAC warns ResCap could fail
ByJohn Reed in London

Published: November 5 2008 14:41 | Last updated: November 5 2008 19:15

GMAC, General Motors’ financing arm, on Wednesday said there was “substantial doubt” as to whether Residential Capital, its mortgage finance unit, would survive without support.

 
Comment by Professor Bear
2008-11-05 15:53:33

housingwire.com
Mortgage Applications Fall, Touch 8-Year Low
By: DIANA GOLOBAY
November 5, 2008

In what would appear the latest downward plunge of a perpetual yo-yo, the volume of mortgage applications fell across the country last week, according to data from the Mortgage Bankers Association and the Mortgage Maxx LLC. In fact, the MBA data suggests that applications are now at an 8-year low.

 
Comment by hoz
2008-11-05 15:56:27

Solar power game-changer: ‘Near perfect’ absorption of sunlight, from all angles

Researchers at Rensselaer Polytechnic Institute have discovered and demonstrated a new method for overcoming two major hurdles facing solar energy. By developing a new antireflective coating that boosts the amount of sunlight captured by solar panels and allows those panels to absorb the entire solar spectrum from nearly any angle, the research team has moved academia and industry closer to realizing high-efficiency, cost-effective solar power.

“To get maximum efficiency when converting solar power into electricity, you want a solar panel that can absorb nearly every single photon of light, regardless of the sun’s position in the sky,” said Shawn-Yu Lin, professor of physics at Rensselaer and a member of the university’s Future Chips Constellation, who led the research project. “Our new antireflective coating makes this possible.”

Results of the year-long project are explained in the paper “Realization of a Near Perfect Antireflection Coating for Silicon Solar Energy,” published this week by the journal Optics Letters. …”

http://www.physorg.com/news144940463.html

Comment by Blue Skye
2008-11-05 17:44:27

another gem, thank you!

I spent a few years doing thin film coatings on IR laser optics, my introduction to high vacuum process and electromagnetic wave theory matrix math calculations for predicting the performance of multiple films in reflectance of specific wavelengths of light at various angles. Typical antireflective coatings were a simple two layer design. Seven layers was something special, like a beam splitter. Expensive stuff.

20 years ago, we measured layer thickness in Angstroms. Now I guess the vogue is nanometers.

We used a lot of Thorium Floride. I’m glad this research is with Titanium Oxide. Environmental durability is an obvious challenge for a seven layer thin film coating.

 
Comment by clue
2008-11-05 19:07:36

ok Golden boy.

whats 120 million migrant Chinese workers gonna do when America and Europe plop down into depression?

I dont think they are gonna lay down in the rice paddy and smoke opium all day. Alternative energy infrastructure notwithstanding.

 
 
Comment by Stan_the_man_at_6700_ft
2008-11-05 16:03:41

what a buzz kill day, after last night’s joy!

Comment by palmetto
2008-11-05 17:34:03

If you’re referring to the stock market, I posted a few days ago about something I had read on a rather libertarian site, where the columnist speculated that Wall Street would plunge 1,000 points the day after election to sort of warn Obama on his proposed economic policies and choices for Treasury Secretary. He thought there’d even be trading curbs, etc., and that the market would continue down from there the following day. And that after about two days of that, Obama would cave and “reassure” Wall Street (wink, wink, nod, nod) that he didn’t really mean what he said and in fact would keep Paulson on. OK, so we only had half about the 1,000 points today. But the headline on my ISP says “Dow Drops Nearly 500 on Obama Anxiety”.
Interesting. Now the BS starts. So I hope Obama has the stones to face this down, if indeed the market drops further tomorrow. On the CBS News tonight, Katie Couric commented that Wall Street wants an answer NOW on Obama’s financial team, although O’Bama wants to take his time. If I were him, I’d go on national TV and talk to the people about it. Reminding folks that GW is still in office and it’s up to him to handle things for another couple of months.

 
 
Comment by Professor Bear
2008-11-05 16:13:57

SPX poised to test tech stock crash lows. Got capitulation?

Comment by clue
2008-11-05 18:52:14

John Hempton of BronteCap has called for the BK of ABK.

Without a “Commissioner” stepping in, monoline insurance is a flawed concept.

As such, I would expect a bailout of Ambak, that ultimately fails.

Delegation of regulations to unregulated paper money pimps is like throwing a football to a bunch horny monkeys.

 
Comment by The Housing Wizard
2008-11-05 19:18:32

I am sick and tired of Wall Street and all their demands . Wall Street thinks it’s their God-given right to have Bull Markets . Wall Street thinks it’s their God-given right to be Bailed Out by the Government ,even when so much of Wall Streets actions were simply creating fake markets and values .
This bizarre new credit debt World was created by a bunch of greedy pigs and they don’t like any corrections of their fake rah rah daily Gambling Casino . There is nothing trustworthy about Wall Street these days and there is nothing trustworthy about the real estate market .
The problems that exist today need real solutions ,not another round
of propping up fake markets . America needs job creation ,we need to produce to get out of this mess .
I am sick of the cheerleaders ,I am sick of the gamblers ,I am sick of the fake market makers that take the money and run .

This fake economy that relied so much on debt and stupid fake housing wealth to exist has to be replaced by a productive society
again . No, lenders can’t allow people to buy things just because its their dream to have it .

 
 
Comment by Professor Bear
2008-11-05 19:45:18

Shanghai’d again!

November 5 2008 9:44 P.M. EST

Bulletin Shanghai stocks fall to lowest level since September 2006

U.S. losses weigh on Asia

Japan, Australia and South Korea move sharply lower in early trading as Asian investors assess Dow’s big loss, global economic worries. Stronger yen clips Japanese exporters.

Comment by clue
2008-11-05 21:12:44

domt get stuccoed.

markets shutdown dead ahead.

more ICEBERG !!!!!

 
 
Comment by sm_landlord
2008-11-05 21:09:14

One son just called to say he is stuck in traffic due to gays protesting over Cali Prop 8 restricting gay marriage. Apparently the blowback from this election is not over with yet.

Apologies for polluting the BBucket with local issues, but have not seen a Cali thread in some time now.

 
Comment by Professor Bear
2008-11-05 21:39:22

Multiple choice question:

The Fedury has not yet acknowledged the U.S. economy is in recession because
a. they are in denial;
b. they hoped to help a Republican win the presidency;
c. the NBER has not yet said we are in a recession, so by definition we are not yet in one;
d. they believe the economy will perform better if they don’t inform the public we are in a recession, even though they know better;
e. none of the above.

Comment by bluprint
2008-11-05 22:21:55

f. Recession is a technical term the requirements of which we have not yet hit?

 
 
Comment by SanFranciscoBayAreaGal
2008-11-05 23:16:07

Ben,

Thank you for letting all of us Red, Blue and Purple HBBers, cheer and boo, rant and rave today. I believe a lot of us was able to throw in our two bits :)

 
Comment by Professor Bear
2008-11-05 23:21:59

One thing we still have to look forward to during an Obama presidency: Pointing out what a bunch of dimwits populate Congress.

Wall Street Journal
* OPINION
* NOVEMBER 5, 2008

I Vote No Confidence in Congress
If we raise trade barriers, subsidize Detroit and enable union bullying, we’re in for a long recession.
By HARVEY GOLUB

It’s the day after a historic election and I can’t help but worry. I’m one of those people who are pessimistic about the near- and medium-term prospects for our financial markets and our economy.

I’m not pessimistic about our country or our capitalist system: They are not the problem. I am pessimistic about whether our next president and the savants in Congress can deal with the massive economic issues we face.

 
Comment by Professor Bear
2008-11-06 06:42:22

Schwarzenegger proposes mortgage aid
Plan calls for 90-day stay of foreclosure
By Emmet Pierce
STAFF WRITER

November 6, 2008

In an effort to slow the pace of home foreclosures and stabilize California’s shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable.

The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger today is expected to call for a special session of the Legislature to consider the strategy, along with other economic issues.

Under the proposal, lenders could exempt themselves from the 90-day stay by providing evidence that they have an aggressive loan modification program in place. An “aggressive” program is broadly defined as one that will keep troubled borrowers in their homes in cases where doing so brings lenders a greater return than simply foreclosing.

 
Comment by Professor Bear
2008-11-06 06:43:52

November 4, 2008, 5:21 pm
Great Depression Offers Lesson on Foreclosure Moratoriums

Michael Corkery reports:
A Dustbowl farm in the 1930s; Getty Images

Putting a temporary freeze on foreclosures, as some federal and state officials have proposed, could put a quick stop to the flood of bank-owned properties hitting the market. President elect Barrack Obama, for example, supports a 90-day moratorium on foreclosures.

 
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