The Patriot Post Chronicle 08-40

[nChrist]

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The Patriot Post Chronicle 08-40
From The Federalist Patriot
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THE FOUNDATION

“A wise and frugal government... shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government.”  - Thomas Jefferson

INSIGHT

“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”  - Ronald Reagan

“Politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.”  - Ernest Benn

UPDATE FROM MARK ALEXANDER

Bailout v. Workout - The continuing crisis

If you did not catch our commentary on the current financial crisis, Bailout Basics, I encourage you to read this brief but comprehensive analysis of the current confidence deficit plaguing our financial markets.

By way of update, as we anticipated, the so-called bailout “deal for taxpayers” did not pass the House Monday.

Though the Bill under consideration had substantial support from conservative organizations like our friends at the Heritage Foundation, and other free-market advocates with trade associations, most House Republicans still objected to the bill because it involved the biggest government intervention in the market since the Great Depression, and did not include sufficient market incentives such as significant tax and spending reductions.

But, media reports to the contrary, it was the Democrats who killed this bill. Had House Speaker Nancy Pelosi lined up the 95 liberal Demos who voted against this legislation, including five Democrat committee chairman, half the Congressional Black Caucus and a majority of the Hispanic Caucus, the plan would have passed.

Democrats voted it down because it did not include enough largesse for their constituents, including billions for Leftist organizations, unions, etc. (For example, read “The Meltdown’s Acorn.”)

Responding to the dysfunction on the Hill, there was a significant selloff in the financial markets on Monday. However, indicating that there is still plenty of rational thought in the market, securities rebounded Tuesday as investors went bottom fishing for stocks that were selling well under their earnings potential.

However, there is real danger that the markets will continue to sell off, threatening the livelihood of many Americans.

As President George W. Bush said Tuesday morning, “As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market. We’re facing a choice between action and the real prospect of economic hardship for millions of Americans.”

Unfortunately, the “deal” that failed on Monday, may have been the best deal possible for House Republicans.

The Senate will convene Wednesday night to consider a similar plan, which also includes a temporary increase in FDIC insurance for large depositors and extensions of expired business tax reductions. Minority Leader Mitch McConnell described the Senate plan as “one of the finer moments in the Senate.”

However, now that House Democrats and their media lemmings have falsely blamed their impasse on Republicans, they are likely to come roaring back Thursday with a proposition “to save America,” including all the largesse they originally wanted. Like pigs at an open trough, nothing attracts big spenders like a crisis requiring emergency spending.
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[nChrist]

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The Patriot Post Chronicle 08-40
From The Federalist Patriot
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Senate deliberations notwithstanding, Democrats can pass that legislation (as they could have passed the bill Monday) without a single Republican vote, and all their shenanigans have been calculated to ensure the election of Barack Hussein Obama.

Obama and the Democrats have been playing the “economic fear card” for the past four years, using the economy as political fodder for their campaigns. As Demo-gogue Nancy Pelosi framed it: “For too long, this government, in eight years, has followed a right-wing ideology of anything goes, no supervision, no discipline, no regulation.”

As for all the Leftmedia economic fear card play, rest assured, ads like those produced and paid for by MoveOn.org blaming John McCain for the meltdown and now running on Leftwing media outlets like CNN and NBC are nothing more than fabrications wrapped in deceptions embedded in lies.

If there is not an amenable solution by Friday, and if the Republicans have it in them - surely John McCain does - it is time for them to put forward a bold plan of attack and force the Democrats’ hand. We deserve serious debate about the future principles that will guide our economy, and let the people voice their opinion on Election Day, 4 November 2008.

For information about the origins of this financial crisis, I refer you to the following Web pages:

From The New York Times in 1999: Fannie Mae Eases Credit To Aid Mortgage Lending “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people...”

From the New York Post: Alarms and Denial

Bloomberg Financial News: “How the Democrats Created the Financial Crisis”

YouTube: Democrats in their own words

YouTube: Burning Down the House

YouTube: Obama Ranks Second In Freddie/Fannie Contributions

And a timely endorsement from the Boston Herald: McCain for president: A certain leader for uncertain times

White House: Three page Legislative Proposal for Treasury Authority to Purchase Mortgage-Related Assets

House of Representatives: 109 page LPTAPMR Discussion Draft

Contact President Bush - http://www.whitehouse.gov/contact/

Contact your Senator - http://www.senate.gov/

Contact your Representative - http://www.house.gov/

House and Senate switchboard: 202-224-3121
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[nChrist]

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The Patriot Post Chronicle 08-40
From The Federalist Patriot
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UPRIGHT

“It’s incredible how generous you can be with other people’s money.”  - Star Parker

“So, yes, our recent financial turmoil does suggest failure - a failure to truly practice capitalism and a failure to accept and believe in the value, appropriateness and morality of a limited government and maximum personal responsibility.”  - Larry Elder

“Fannie Mae and Freddie Mac do not deserve to be bailed out, but neither do workers, families and businesses deserve to be put through the economic wringer by a collapse of credit markets, such as occurred during the Great Depression of the 1930s. Neither do the voters deserve to be deceived on the eve of an election by the notion that this is a failure of free markets that should be replaced by political micro-managing.”  - Thomas Sowell

“Treasury Secretary Paulson, asked about conservative complaints that his rescue program amounts to socialism, said, essentially: This is not socialism, this is necessary. That non sequitur might be politically necessary, but remember that government control of capital is government control of capitalism.”  - George Will

“It is an affront to the nation that some of the people who brought on the crisis (and financially and politically benefited from the status quo) were asking the questions at the Banking Committee hearing. They should have been in the witness chair. [Sen. Chris] Dodd said the crisis was ‘entirely foreseeable and preventable.’ Then why didn’t he try to prevent it? He should have been answering questions about the PAC contributions he received from Fannie Mae and Freddie Mac, (according to opensecrets.org, he’s the Senate’s no. 1 recipient of campaign contributions, $133,900, Barack Obama is no. 3, $105,849), his sweetheart Countrywide Financial mortgage rate and whether they influenced his inattentiveness to the growing mortgage crisis.”  - Cal Thomas

EDITORIAL EXEGESIS

“Liberals love to talk about those evil corporations and those big, bad, overpaid executives - the bogeymen of the era. Since the fall of Enron, Lefties learned they could pick on businesses with immunity. They learned that they could use the idea of the evil corporation run by the evil corporate executives who secretly fritter away all the hard-earned money of the employees to entice voters away from Republicans. It is an easy ploy. Everyone likes to have a fall guy, and it is comforting in hard times to blame someone - an unseen presence that is far away and inhuman - for one’s troubles.”  - The Washington Times

DEZINFORMATSIA

Couldn’t be more wrong: “Republican lawmakers and presidents who abhor government restrictions and oversight because of their anti-government philosophy have put America in a critical financial state.”  - White House Press Corps member Helen Thomas

Major chutzpah: “If this [bailout] doesn’t pass, do you think there’s a risk of another Great Depression?”  - CBS’s Katie Couric to Sarah Palin, who repeated the phrase in her answer. Couric later asked John McCain, “But isn’t so much of this, Senator McCain, about consumer confidence and using rhetoric like the ‘Great Depression,’ is that the kind of language Americans need to hear right now?”

From the sycophants: “Bottom line, the winner [of Friday’s debate was] Barack Obama. He comes into this race where the country wants change. His number one goal was to show that he belonged on that stage. He was a credible commander-in-chief, that he could hold his own on national security. He did that [Friday]. He gets the win.”  - ABC’s George Stephanopoulos Break “It is very important, I think, that the first objective analysis - you know, not from us, but from polls, and I think it’s consistent across the networks - all show Obama winning.”  - CNN’s Jeffrey Toobin
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[nChrist]

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The Patriot Post Chronicle 08-40
From The Federalist Patriot
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Over the top: “The rain pouring down, his jacket off, his white dress-shirt clinging to his body, Barack Obama played to a crowd in a state that hasn’t elected a Democrat since 1964.”  - ABC’s Sunlen Miller, Matt Jaffe and John Berman getting a little carried away

This week’s “Leftmedia Buster” Award: “In an imaginary world where liberal journalists are held to the same standards as everyone else, [PBS anchor and vice-presidential debate moderator Gwen] Ifill would be required to make a full disclosure at the start of the debate. She would be required to turn to the cameras and tell the national audience that she has a book coming out on Jan. 20, 2009 - a date that just happens to coincide with the inauguration of the next president of the United States. The title of Ifill’s book? ‘The Breakthrough: Politics and Race in the Age of Obama.’ Nonpartisan my foot.”  - Michelle Malkin

Newspulper Headlines:

If Work Stoppages Are Normal, No Wonder There’s a Financial Crisis: “Financial Crisis Leads to Normal Work Stoppage”  - Pantagraph (Bloomington, IL)

Glad He Cleared That Up: “Egyptian Cleric Says Mickey Mouse Is Not Agent of Satan”  - Agence France-Presse

Everything Seemingly Is Spinning Out of Control: “Transsexual Alien Eels Invade New Jersey”  - Zoollogix.com Break “Japan Holds Diaper Fashion Show - for Adults”  - Associated Press

News of the Oxymoronic: “David Blaine Survives Death”  - E! Online

News You Can Use: “Sunbathing Topless Not Recommended for Fatty and Not Pretty Women”  - Pravda

Bottom Stories of the Day: “No One Hurt by Falling Bricks in International District”  - Seattle Times Break “Peace Efforts in Israel-Palestinian Conflict Not Working”  - Daily Telegraph (London) (Thanks to The Wall Street Journal’s James Taranto)

THE DEMO-GOGUES

Fail: “[$700 billion] is a number that is staggering, but tells us only the costs of the Bush Administration’s failed economic policies - policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision and no discipline in the system. Democrats believe in the free market, which can and does create jobs, wealth and capital, but left to its own devices it has created chaos... Today, we will act to avert this crisis...”  - House Speaker Nancy Pelosi

So that’s what believing in the free market means?: “Things are never smooth in Congress. Understand that it will get done, that we are going to make sure that the emergency package is put together because it is required for us to stabilize the markets and to make sure that when the small business person wakes up tomorrow morning, he’s going to be able to make payroll.”  - Barack Obama **What arrogance.

Yeah, right: “Here are the facts: For two weeks I was on the phone everyday with Secretary Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill.”  - Barack Obama

Left-theology: “Catholic social doctrine as I was taught it is, you take care of people who need the help the most. Now it’d be different if you could make the case to me that by giving this tax cut to the very wealthy, everybody else was going to be better off. We saw what happened the last eight years when we gave that tax cut.”  - Joe Biden **Yeah, federal revenues were up and the economy grew for most of that time.

“We have been quite clear on this. We’re not party-wreckers, and we believe that the country needs to take a different course.”  - Bill Clinton, who prefers home-wreckers
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[nChrist]

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The Patriot Post Chronicle 08-40
From The Federalist Patriot
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VILLAGE IDIOTS

Needs remedial economics: “Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it’s because too many working class idiots were given mortgages that they really couldn’t afford. Here’s the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage ‘crisis’ may never have happened.”  - filmmaker Michael Moore

From the global village: “It was capitalism that caused the ruin [in the United States]. Let the U.S. empire end and let a great nation and great republic rise from the ruin.”  - Venezuela’s Hugo Chavez

Too much information: “It was Bill. He’s charming. He’s charismatic. You know, he touched me. I got a little tingle... He’s very charming. He’s very smart. You know, he’s just got it. He’s got it...”  - Joy Behar of “The View” on Bill Clinton

Belly laugh of the week: “[Obama] doesn’t have any kind of sleaze in his background.”  - Joy Behar

SHORT CUTS

“[Monday] the House of Representatives voted against the Wall Street bailout plan, a plan which House Minority Leader John Boehner called ‘a crap sandwich.’ Yeah, that’s what he said. Congress hasn’t given up though. They’re already working on a new plan which they call ‘a crap sandwich with cheese’.”  - Conan O’Brien

“Merely voting ‘present won’t do it [to confront and conquer today’s financial mess]. The people in all 57 states, clinging bitterly to God, guns and now to their life’s savings, deserve nothing less.”  - Wesley Pruden

“Spanish police arrested a self-styled Robin Hood in Madrid Friday. He took out millions of dollars in loans and gave the money to the poor, and now he refuses to pay it back. He had to sit in jail for two hours before he was bailed out by U.S. taxpayers.”  - Argus Hamilton

David Letterman: From the “Top Ten Signs Your Bank Is In Trouble”: Ask to withdraw $100 and they Xerox five 20s; Once a week, bank president is led away in handcuffs; Was a savings and loan, now a savings and loan and chicken shack; “Vault” is the trunk of a late model Chevy Malibu; They tell bank robbers, “Sorry, the CEO beat you to it”; They tried to borrow money from you; Instead of a mint, teller offers you an anti-depressant.

Jay Leno: Before we begin, I want to warn people from Nigeria who might be watching our show, if you get any emails from Washington asking for money, it’s a scam. Don’t fall for it. ... As you know the bailout was voted down. People are stunned. Nancy Pelosi was so shocked, if she could have made a facial expression, she would have. ... You know, these things are so complicated. I guess the big problem was the plan came in two parts, and they couldn’t agree on which part to implement first: the smoke or the mirrors. ... Now that Congress is not in session, the economy made a big comeback. That’s the key - send these idiots home. ... Did you all watch the presidential debate Friday night? You know, a lot of analysts were calling it a tie; they say neither man stumbled. That’s how low the bar is now. Apparently not stumbling is considered a huge accomplishment in politics. ... I love the way the moderator, Jim Lehrer, tried to get both candidates to talk to each other. What are we in couples-counseling now? Tell him how that made you feel.

Veritas vos Liberabit - Semper Vigilo, Fortis, Paratus, et Fidelis! Mark Alexander, Publisher, for The Patriot’s editors and staff. (Please pray for our Patriot Armed Forces standing in harm’s way around the world, and for their families - especially families of those fallen Soldiers, Sailors, Airmen, Marines and Coast Guardsmen, who granted their lives in defense of American liberty.)