There is a Chance - tkozy's Blog - Bakersfield.com

The 1 trillion dollar bail out is just another liar loan. Let them eat cake.

The 1 trillion dollar bail out is just another liar loan.

Why are we to buy trash loans. So that Banks can artificially prop up the value of their mortgages.

This bailout will do nothing about the people and the ideologues that invented the financial system that caused the problem we see now.

The Bums have to be replaced. They have proven to be failures. Not the genus of finance they claim to be.

This is no more than a redistribution of wealth from the poor to the rich.

The value of our homes have been cut in half. Because of Wall street greed.

We should not even consider the idea of buying out looser loans.

Instead we should release the bankruptcy court of the burdens of the Wall Street fiasco.

Sweep up those that have failed America in a fire sales.

The results we see today prove that the private market can not do better than government.

No more money redistributed to the rich.

No more trickle down.

Let them eat cake.

Paulson now wants to also buy up bad credit card debt. TK says: idiotic.

Please read:

From: http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXtwpG9mw9g&refer=home

The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.

The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.

The time has come to save capitalism from the capitalists."

Economists skeptical of bailout

Avi ZenilmanSun Sep 21, 8:58 AM ET

Many of the same economists and opinion-makers who'd provided a bipartisan sheen of consensus to Treasury Secretary Henry Paulson's previous moves have quickly begun casting doubts on the wisdom of a policy that would allow Treasury to purchase without oversight hundreds of billions of dollars of difficult-to-price assets from financial institutions.

Under the proposal, Paulson would not have to report to Congress until December, and the only safeguard for taxpayers was a provision that the “Secretary shall take into consideration means for — (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer.”

Skepticism toward the plan reflected more than the predictable desires of the left to spread the wealth to Main Street or of the right to reject government bailouts, although those sentiments were also expressed.

"We need to take a bold move. In that sense I think Paulson is right," Luigi Zingales, a Professor at the University of Chicago School of Business who wrote a widely circulated short essay titled "Why Paulson is Wrong,” told Politico.

Zingales fears that the Treasury bailout would effectively turn the entire financial sector into a Government Sponsored Enterprise, complete with the same murkiness and moral hazard that sunk Fannie Mae and Freddie Mac. “It might achieve the final outcome, but it will do so at an enormous cost," he said. "All the troubles we’ve seen with Fannie and Freddie would be seen again and again across the entire financial sector."

President Bush is “asking for a huge amount of power,” said Nouriel Roubini, an economist at New York University who was among the first to predict the crisis. “He's saying, ‘Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.” (Roubini told the New York Times that despite these concerns, he also thought the plan could help stave off a recession.)

Paul Krugman, the Princeton University economist and liberal columnist for The New York Times who had until now been cautiously supportive of Paulson's and Federal Reserve Chairman Ben Bernanke’s efforts to prop up the system, wrote that the new plan would be a taxpayer rip-off. “I hate to say this, but looking at the plan as leaked, I have to say no deal,” he wrote on his blog at 4:46 p.m. Saturday. “Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets.”

Yves Smith, a longtime banker and contributor to the influential finance blog Naked Capitalism, published an angry post there titled, "Why You Should Hate The Treasury Bailout Proposal":

"Given that continuing to buy U.S. assets will come under increasingly harsh scrutiny overseas, the U.S. needs to bend over backwards to devise a plan that at least looks credible in terms of directing the funds that come from taxpayers and lenders to their highest and best uses and implementing reforms that will restore active and prudent oversight of financial firms," she wrote. "The administration's demand for a free pass, even if Congress unwisely goes along, is likely to backfire with our foreign creditors."

Gregory Mankiw, a professor at Harvard University and a former chairman of Bush's Council of Economic Advisers who was the economic guru for Mitt Romney's campaign, favorably linked to Smith's post under the headline "A Blank Check" and approvingly quoted a correspondent who wrote, "Has more money ever been given with fewer restrictions on how it is used? Ever?"

Sebastian Mallaby, the center-right economic columnist for The Washington Post and scholar of the modern financial system, was equally dubious. “The plan is being marketed under false pretenses," he wrote in his Sunday column, rejecting comparisons of the plan to the Resolution Trust Corporation, which the government formed in response to the savings and loan crisis to purchase and sell off the bad loans made by bankrupted thrifts.

“The administration proposes to buy up bad loans before the lenders go bust,” Mallaby noted, keeping the banks alive but doing little to solve the problem infecting the markets. “Bad loans are weighing down the financial system precisely because private-sector experts can't determine their worth. The government would have no better handle on the problem.”

Justin Fox, Time magazine's top financial writer and columnist, also worried about the lack of an upside for the taxpayer. "What I still can't figure out is how Treasury hopes to structure the bailout so there's at least a chance of getting a fair return on that risk-taking," he wrote on his blog.

"How on earth will these things be priced?" Portfolio's Felix Salmon asked about the bad debt Paulson plans to purchase. He also pointed out that Treasury would need to stock its office with bond-trading professionals. "All we know so far is that it's going to be set up as a reverse auction, but that raises more questions than it answers."

One notable proponent of the plan was The Financial Times' unsigned Lex column, which acknowledged the lack of oversight but mostly praised the plan:

"This bailout is necessary and the bill should be pushed through quickly. … Nor is the package necessarily a disaster for the taxpayer or the U.S. dollar. If the Treasury buys assets well, and confidence is restored, there is [a] chance that Mr. Paulson could win fund manager of the year."

Zingales, though, writes in "Why Paulson Is Wrong" that "For somebody like me who believes strongly in the free market system, the most serious risk of the current situation is that the interest of a few financiers will undermine the fundamental workings of the capitalist system. The time has come to save capitalism from the capitalists."

Obama Surges

DEMOCRATIC White House contender Barack Obama has reversed a Republican surge in national polls.

The results point to an electorate swayed by the financial crisis, and signs that Sarah Palin's star may be dimming.

Senator Obama, who has focused attacks on rival John McCain's capacity to rescue the US economy, led 49 to 45 per cent in a poll of likely voters nationwide by Quinnipiac University.

A CBS/New York Times survey put Senator Obama up by 48 per cent to 43 per cent.

The trend was confirmed in Gallup's daily tracking poll, which had Senator Obama ahead 48 to 44 per cent, the first time in two weeks that the Illinois senator had a lead beyond the margin of error.

Senator Obama's momentum set the stage for the first of three debates with Senator McCain next week and might represent the last chance to cement a lead in the tight race.

"Senator Obama is right back where he was before the so-called convention bounces, with a four-point lead," said Maurice Carroll, director of the Quinnipiac University polling institute, near New York.

"The Democratic discombobulation after the selection of Governor Palin as GOP running mate seems to be steadying."

With economic turmoil ricocheting around the world, the Quinnipiac survey suggests economic arguments may be swaying support towards Senator Obama.

THE FBI and the Secret Service were trying yesterday to trace hackers who broke into Ms Palin's email account and published it on Wikileak, the Guardian reported.

McCains, 'Country First'. Apply it to the petro industry. Nationalize them!

I have made an argument for nationalization of petro for years.

I base that on the fact that petro is now dominated by the multinational. And the multinational has no allegiance to any country.

America has enough fossil fuel and other sources of energy to power itself until hydrogen and other renewables are perfected.

That is against the best interest of the multinational.

McCains, 'Country first', must be accepted by the multinational.

Or the energy industry must be nationalized.

Why isn't America's life style for it's people. Too Big To Fail? TK's energy story.

T Boone Pickens is not a oilman. He is a hedge fund manager.

Pickens is a wealthy man. But for the rest of us. He has lost a fortune speculating in energy this year.

Besides the wind farms. Pickens has large interests in natural gas and crude in a number of areas of the world. North Dakota and Canada's Bakken Formation being one of them

Pickens plan does not succeed on Cheap fuel. He is trying to get the most money for fossil fuels before alternatives like hydrogen start up.

And he expects government assistance and top dollar for his windmill energy.

North Dakota's Bakken has been flaring Natural gas for many years now. Because of the lack of pump stations and pipeline capacity.

Producers must start paying royalties on flared gas after one year.

If Pickens wants to make money on his Bakken Formation investments. He has to find a customer. One of which is to sell the idea of Natural gas for transportation and trucking.

I have always took a second glance at patriotism for profit.

Pickens ads stink of patriotism for profit..

Yes, I agree America has a energy problem that can be helped with greater use of wind and natural gas. But the answer for transportation is hydrogen.

A means to collect the energy created by renewable resources.

And that does not necessarily mean fuel cells. A better way may be to convert today's internal combustion engines to hydrogen. No differant than we have been converting internal combustion engines to natural gas for decades..

Hydrogen produced from renewables and fossil fuels. Renewables that include solar, wave, tidal, wind, geothermal, hydro, etc.

At this point in history. We have been searching 2 century's for a acceptable battery. The result? A car that will travel 40 miles on a charge.

That's unacceptable.

Hydrogen must not be thought of as a fuel. but rather a storage source. A battery.

Water passes through America's reservoir systems 24 hours a day whether we need the electricity or not. That is energy wasteful

What are the requirements for hydrogen.

Water and electricity.

Continue to make electricity from water released to agriculture etc even when the electricity is not needed. Use this excess energy to create hydrogen that can be accessed latter when there is a demand. Or immediately ship to distribution centers for use in transportation.

Our current system of natural gas distribution can easily be converted to hydrogen.

But what must not be done is to increase the Natural gas pipeline system beyond hydrogen conversion centers. It is irresponsible to build natural gas pipelines that Will later need billions of dollars in upgrades to transport hydrogen. This massive spending on natural gas will only delay the much needed hydrogen transportation system.

Why is everyting connect with Wall street too big to fail.

Why isn't America's life style for it's people.

Too Big To Fail?

Is T. Boone Pickens Correct When He Says the US has an Energy Problem It Can't Drill Out Of?

Thomas Boone Pickens, Jr. (born May 22, 1928) is an American businessman who chairs the hedge fund BP Capital Management. With an estimated current net worth of about $3 billion, he is ranked by Forbes as the 117th-richest person in America and ranked 369th in the world.

Pickens was one of the first independent oilmen to grow his company by acquisitions rather than by just exploration.[citation needed] Before reaching the age of 40, Pickens led Mesa's first big acquisition, the Hugoton Production Company, which was 30 times the size of Mesa.[5]

By 1981, Mesa had grown into one of the largest independent oil companies in the world, and Pickens shifted his focus to acquiring other oil and gas companies. This made Pickens a celebrity during the 'deal-making' 80s. His most publicized deals included attempted buyouts of Cities Service, Gulf Oil, Phillips Petroleum, and Unocal.

2 months ago

Additional Details

2 months ago

Since 1980, Pickens has made over $5 million in political donations.[2] He was a financial supporter of President George W. Bush and contributed heavily to both his Texas and national political campaigns. In 2004, Pickens contributed to 527 Republican groups, including a $3 million contribution to the Swift Vets and POWs for Truth attacking Bush's rival, John Kerry, and $2.5 million to the Progress for America advocacy group. In 2005, Pickens was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[12][13][14]

On July 16, 2007, Pickens wrote an article for the National Review supporting Rudy Giuliani for President. "In Rudy Giuliani, a gracious and committed public servant I’ve known for many years, we see that rare blend of big-picture vision and proven track record of achieving the “impossible.”

2 months ago

Last week, we reported Lester Brown's comment that oilman and corporate raider T. Boone Pickens responded to a question about why he was investing in the wind-power industry by saying, "Because I'm tired of reading oil depletion curves." http://answers.yahoo.com/qu...

TK's want list...

1. A minimally-invasive tummy tuck.

Cityranch, Too bad you didn't read the blog I re-posted below.

Cityranch,

Too bad you didn't read the blog I re-posted below.

You were one of the people I speak of in the post. I am sure you must know that.

Yet you resort to ad-homonym attacks.

I see no reason for honorable people to resort to such thing. Maybe you could write a post and explain it to all those you censor by your attitude.

You in effect 'Burn books'. By resorting to such impolite behavior.

Turning away many bright minds that would not wish to dull their senses on your meaningless ramblings.

Two dumber than rock brutes, can punch heads for 15 rounds and still manage to follow the rules and shake hands at the end of the fight.

Why you would resort to such tripe in your first comment to me.

Is baffling.

Blog re-posted:

Why TK came back. (end of 4 of 4)

Well, with a 5 month old in the house. Mom and Dad in school along with Ant tee. ( all still teenagers)

It wasn't because I had time on my hands.

Even though I had not posted in a while. I read frequently.

Then. A couple of bloggers decide to quit. Finally Nancy said she was going on vacation.

When people quit because of personal attacks.

You have the ultimate censorship.

And in the case of a blog community failing.

Those that are hurt the most. Aren't the bloggers.

But the readers of the blog. And they are the ones that the advertising dollars are reaching out to. That is why I always talk to the readers. Not the blogger.

This blogging can be fun and informative.

And it can also be trash.

I have now done my little bit to save blogging for my grandchildren.

Sarah Palin Has Failed in Her Primary Role as Commander-in-Chief of the Alaska National Guard

By: emptywheel Tuesday September 9, 2008 1:16 pm

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Brandon Friedman has a critical picture of how the head of Alaska's National Guard flip-flopped on his opinion about Sarah Palin just as she was handing him an extra star. Apparently, her most significant act as Commander-in-Chief of the Alaska National Guard, thus far, is buying off a guy who then went on to shill for her.

But there's actually more to the story--and it shows that, even according to this now-promoted shill, Sarah Palin has failed in the area where he most relies on her help, recruiting new members of the National Guard.

Here's what Campbell had to say in his interview for the September 3 BoGlo story about Palin's role in recruiting:

About 75 percent of the Guard's budget, he said, is the purview of the National Guard Bureau in Washington, which is responsible for ensuring the Guard is prepared to be called up by the president in a time of war. Her primary role, he said, is in recruiting National Guard volunteers.

Campbell said he has met with Palin about once a month, but communicates with her by phone and email more frequently. Earlier this week, he noted, she ordered the Air National Guard to fly a planeload of supplies to hurricane victims in the Gulf Coast

"She is very much engaged in what we are doing and she asks a lot of questions," Campbell said. "Maybe not the most engaged, but definitely engaged.

She is very much involved in ensuring that I am recruiting enough people." [my emphasis]

That is, Sarah Palin's primary role as Commander-in-Chief is ensuring the Alaska National Guard meets its recruiting targets.

But measured on those terms, Palin is a failure. That's because Alaska has the worst recruiting record of all 50 states.

The Alaska National Guard, which Republicans are pointing to as an important national-security credential for vice presidential choice Sarah Palin, has personnel shortages that make its aviation units the most poorly staffed in the nation.

Just six months ago, Air Force Maj. Gen. Craig Campbell, the Alaska Guard's top officer, warned in an internal memo that "missions are at risk." The lack of qualified airmen, Campbell said, "has reached a crisis level." [my emphasis]

Now, maybe when Campbell spoke of Palin's great support for recruiting last week, he was describing a big turnaround in the state's paltry recruiting. Except that, even though recruiting has improved of late, it's still the worst in the nation.

According to the National Guard Bureau, the AKANG has the lowest personnel end strength in the nation. At just 84% assigned strength, the AKANG is one of only nine states currently below 90%. You will notice that since the letter was implemented in March of this year, the AKANG has increased from 81%.

And it sounds like it's about to get worse. You see, those boosts in recruiting came about partly by withholding promotions if officers weren't making sufficient effort to recruit new Guardsmen. Yet the men and women in the AKANG just saw Campbell accept a promotion while all of their promotions are being held off because of a claimed "leadership deficiency" in the Guard--and at least one of them is pissed.

Craig Campbell, the Commissioner of DMVA and the Adjutant General of Alaska made a policy that there would be no Alaska Air National Guard promotions to Colonel, Lieutenant Colonel or Chief Master Sergeant without his personal approval.

The intent is to "motivate" these senior leaders to recruit more new people into the ANG. This policy has frozen the advancement of some very deserving individuals who have already earned the right to be promoted. As the Adjutant General, he has the right to institute any plan he wishes. This edict was tolerated by our loyal Guardsmen until the hypocrisy became overwhelming.

Evidently, General Campbell is receiving an unprecedented and undeserved promotion to three-star rank on Sept 7.

[snip]

General Campbell's promotion will be a "state" promotion. He will be a three-star general only while on State business. In a very rank-conscious environment, this distinction will not be lost on the other Flag Officers. He will look the part of a three-star general but will not be regarded as one by the very people he needs to work with and influence.

This promotion will only benefit General Campbell who will trumpet his new rank. It will not be help further the cause of the Alaska National Guard or its loyal and now outraged members.

No one can be promoted to the top ranks because of perceived leadership deficiencies but even with his obvious leadership flaws, he has no reluctance whatsoever to accept a cosmetic promotion.

This is the state of Palin's celebrated tenure as Alaska's Commander-in-Chief: the worst record in the country on her primary task in the role.

Palin's Pay Cut as Mayor Followed by a Raise

SARAH PALIN

Palin's Pay Cut as Mayor Followed by a Raise

By Juliet Eilperin
On the campaign trail, GOP vice presidential nominee Sarah Palin has declared at least four times that she cut her own pay as Alaska's governor.

"And, you know, as mayor and as governor, I tried to lead by example," she told the crowd at a Sept. 9 rally in Lebanon, Ohio. "So as mayor, I took a voluntary pay cut, which didn't really thrill my husband."

But just-released records from the Wasilla clerk's office show a slightly more complicated picture. Palin's pay did drop from $64,200 in October 1996 to $61,200 in January 1997, but in June 1998 it jumped to $68,000. Palin's pay did dip once more in July 1999 to $66,000, according to the records, but it jumped back to $68,000 three months later, and it stayed at that level until Palin left office in October of 2002.

Palin spokeswoman Maria Comella did not have an immediate explanation for the ultimate pay boost Palin experienced as mayor.