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37 killed, over 50 hurt in Karbala kaboom
Today's Headlines
Headline Comments [Views]
Page 4: Opinion
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Page 1: WoT Operations
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-Short Attention Span Theater-
How far is America from a tipping point?
Some musing follows regarding our invaders and what may remain from our Order. The linked item is something to consider. Clicking icons in the left sidebar of the linked item brings up disturbing videos.

HOW APPLICABLE TO OUR FUTURE IS THE MODEL IN SOUTH AFRICA?
Watching our national political hysteria brought to mind the following chilling account. (Note: The unexamined presidential candidate's irrelevant dark color and lofty, mesmerizing rhetoric are one thing, but his following and the marinade he has been immersed in for 20 years, as reflected by his pastor, wife, and shady backers, if not his father's early influences, obviously portends something worse. What's that crude expression about lying down with dogs and getting up with fleas [no matter how difficult it is to sight well hidden fleas]?)

See a brief description of the instructive precedent that unfolded in South Africa. I welcome but doubt a truthful rebuttal can be found for that account. (I saw this item at a different site in late 2006 and it looks the same as I recall the previous item, but it may have a few added editorial comments in red font.)

Particularly disturbing in that account is how U.S. mainline churches are aping their counterparts who played a key role in the disaster that visited white South Africans. Also, SA was a replay of what Paul Fregosi pointed out in his book "Jihad": the initially resistant and landed peoples on the fringes of the early invasions cut deals with the invaders to save their holdings. Similarly, in SA those whites who were initially opposed to the African National Congress (ANC) swapped sides. It doesn't seem like a stretch to say our globalist and lesser elites, with their race-gender-class, post-Christian "enlightenment" are selling us out now, Hollywood, multinationals, and leftist controlled foundations and NGOs at the forefront.

Posted by: SR-71 || 03/17/2008 15:34 || Comments || Link || [7 views] Top|| File under:

#1  Except in South Africa the whites were a minority with incredible guilt over Aparthied which had only recently ended while in the USA whites are the massive minority and most of our guilt is gone after the civil war and dozens of attempts to rectify the problems and guilt.
Posted by: rjschwarz || 03/17/2008 17:36 Comments || Top||

#2  In SA, blacks were 80% of the population. Whites were already fleeing in droves prior to the hand-off to the ANC, driving up the black proportion of the population. Stateside, blacks are only 10% of the population. And getting smaller, thanks to massive Latin American immigration.
Posted by: Zhang Fei || 03/17/2008 18:19 Comments || Top||

#3  The article applies the sequence of events in SA to what is happening with Mexicans and other third world immigration here. It is not about American blacks. I would also question just how far we have left white guilt behind after teaching multiculturalism and PC in the public schools for an entire generation.
Posted by: SR-71 || 03/17/2008 19:06 Comments || Top||

#4  I just don't see the comparisons. White guilt is a problem in both scenerios but it's hardly infected the majority of whites in America and a lot of the Hispanics coming into America join the melting pot and are not the problem. Lastly there is no reasonable place for American whites to go if the $hit hit the fan unlike South Africa because if the US were to fall into some third world multi-cultural socialism you can bet the rest of the commonwealth which has the same problems to a greater extent, would have fallen already.
Posted by: rjschwarz || 03/17/2008 19:15 Comments || Top||

#5  See NEWSVINE > THE UNITED STATES OF WHITE AMERICA/AMERIKA.

Also from NEWSVINE/REDDIT [redux?] > DAILY KOS blogger - THE UNITED STATES NEEDS TO BE ATTACKED AND INVADED - NOT JUST INVADED, BUT OCCUPIED; + TOP ECONOMIST: WATCHING THE US DOLLAR FALL - IRAN ATTACK [by USA] IMMINENT!? The Fallout of Fallon.
Posted by: JosephMendiola || 03/17/2008 23:39 Comments || Top||

#6  FOX NEWS [paraph]> not a sign of RACE/ETHNIC HATRED IN AMER, but it is fair to say that, until WRIGHT controversy, DEM POTUS CANDIDATE BARACK OBAMA was seen by many Americans, including many white Americans, as "MR. DIVERSITY/AMER DIVERSITY" + "MR. RACE UNIFIER/UNITY"??? Also, that BARACK as leading Dem contender had been running as against both GOP + DEM HILLARY as NOT ANOTHER JESSE JACKSON- or LOUIS FARAKHAN-TYPE, etc. - WRIGHT CONTROV HAS SERIOUSLY DAMAGED THAT NOTION OF OBAMA vv VOTERS.
Posted by: JosephMendiola || 03/17/2008 23:49 Comments || Top||


Europe
Czechs at centre-stage as EU troublemaker, US ally
Prague - For years, Poland was the European Union's prickliest post-communist nation. Now that role seems to be shifting to the Czech Republic, its smaller neighbour. With strong support for missile defences in Eastern Europe and a unilateral deal for Czechs to travel visa-free to the United States, the Prague government is on track to overtake Poland as the region's top US friend.

"Most people expected that the Czech Republic will progress towards Europe and Poland against it," said Piotr Kaczynski, an analyst at the Brussels-based Centre for European Policy Studies. "Now it is the other way around."

By securing a separate US visa deal in Washington, the eurosceptic Czech government showed the 27-member EU's fragile unity and undermined the bloc's efforts to negotiate common travel rules with Washington. In effect, the Czechs gave up on Brussels after repeatedly asking the European Commission, the EU executive, to lobby the US to abolish visa requirements for US-friendly EU newcomers in the former Soviet bloc.

"The Czechs have have become a US guinea pig in Europe that indicates how far it is possible to go," said political scientist Jiri Pehe, who heads New York University's branch in Prague.

Czech Prime Minister Mirek Topolanek signed the visa deal in Washingon last month, pledging in return to help US efforts to track airline passengers. Estonia and Latvia followed Wednesday with US visa deals of their own.
Good!
EU officials in Brussels were infuriated.
Double-plus good!
Poland was far from thrilled and refused to join the rush, although it also has pressed the US for visa-free entry for its citizens.

Czech Vice Prime Minister Alexandr Vondra says the Poles, once the region's top US ally in supporting the Iraq war, should be thankful for Prague's initiative. "What we did will be - from a mid-term perspective - good for Poland as well," said Vondra, who also holds the European affairs portfolio.

The shift is also apparent in Czech and Polish talks with Washington on hosting facilities for a US missile defence system. Polish Prime Minister Donald Tusk, who has sought to mend relations with Brussels after the previous government's confrontational stance, has slowed down Warsaw's negotiations with the US. He is seeking US aid to modernize the Polish army in exchange for allowing 10 interceptor missiles to be placed in Poland.
He's not saying no, he just wants a good deal. It's business.
No such conditions are sought by the Czech Republic, where the US wants to set up the system's tracking radar. In fact, Czech officials now claim that the radar would improve security - even without the Polish-based missiles.

"They are changing the message because they want to sign the agreements right now," Kaczynski said.

Five years ago, Prague and Warsaw stood together in backing the US-led invasion of Iraq, driving a wedge through Europe. Both countries contributed forces - Czech troop numbers peaked at some 400, Poland's at 2,500. Poland emerged disillusioned from the Iraq experience, questioning whether it got enough in return from Washington. Tusk, who came to power after a sweeping election victory last year, reflects that mood.

Topolanek, in a speech to a conservative Washington think tank during his recent visit, staunchly defended the US missile plan as a test case for keeping Russia's influence in its former satellites at bay.

But loyalty has its limits. After a US State Department human rights report this week criticised the Czech Republic for its treatment of Roma and other points, Topolanek sniped back. "The country that enables torture of prisoners can hardly teach me abouthow human rights are being violated here," the Mlada Fronta Dnes newspaper quoted him Thursday as saying.
Posted by: Steve White || 03/17/2008 00:00 || Comments || Link || [6 views] Top|| File under:

#1  Poland and Czechoslovakia...why do those names together ring a bell? Let's not get sucked into Europe any further than we are now.
Posted by: Nimble Spemble || 03/17/2008 7:07 Comments || Top||

#2  The Czechs are a principled people. As hardworking as the Germans, but without the superior attitude. I'd much prefer to be connected to the Czech Republic and Poland than to Brussels. The former understand gratitude and fair exchange; they ask only opportunity, not a free ride.
Posted by: trailing wife || 03/17/2008 7:46 Comments || Top||

#3  Any country that goes against the conventional wisdom of the professional bureaucrats is a friend in my book. Poland and the Czechs make some good beer. I'll help stimulate their economies by buying some at the store today.
Posted by: DarthVader || 03/17/2008 7:54 Comments || Top||

#4  NS, entirely different circumstances.
***
Roma, very musical people, playing the fiddles of victimology rather well. UK was very critical (to put it politely) of the alleged bad treatment of Roma in Czech Republic. Now Roma took it as an invitation and are on the move to greener pastures in UK. Laws of unintended consequences rule supreme and Czechs' natural sense of irony got a boost.
***
Topolanek should know that the State Departmnent is a branch of institutionalized assholery and not take them too seriously. That snipe of his was a low retort. He should not rely on yuro media as his source of information.
Posted by: Spike Uniter || 03/17/2008 9:08 Comments || Top||

#5  Now to impose visa requirements on "British", "French" and "German" citizens. Think hard on this you former peoples of Europe. Or get used to sticking your asses in the air and kissing the ground in the direction of Mecca.
Posted by: Excalibur || 03/17/2008 9:23 Comments || Top||

#6  The Czechs and Poles are wonderful folks and I wish them the best. But there are three important considerations in real estate, and geopolitics; location, location and location. Both countries are still caught between two historically expansionist major powers. Sure the German Army seems like a unionized welfare program. Now. The Soviet Union didn't look too hot in the 1920's either.

I don't want to get sucked into another European war no matter how endearing one side is versus the other, and I have little doubt that one is coming. We should be extricating all troops from Europe. Period. And we need to send the English a message that they need to decide whether they want to be a province of Europe or a World Power.
Posted by: Nimble Spemble || 03/17/2008 9:30 Comments || Top||

#7  It's hard to quantify the feeling of eastern Europeans to the US, but they are very deep.

For all the time the Russian boot was on their back, western Europe was perfectly happy to sip coffee in bistros and enjoy the status quo, ignoring the suffering of their neighbors and equating America and the Soviet Union as equals.

The US, however, let eastern Europe know that it at least hoped they would become free, even though it would be ruinous to directly confront the Soviet Union.

Thing like the Voice of America radio were more precious than gold, and they regularly risked their lives for that lifeline of information. Smuggled bibles, printed in the US, became one of the most prized possessions of many families.

Two generations grew up in that gigantic prison of hopelessness and despair. Not something easily or quickly forgotten.

So while they have to live with the western Europeans, and reach some mutually beneficial agreements with them, they will long remember who their real friends are.
Posted by: Anonymoose || 03/17/2008 10:40 Comments || Top||

#8  Unless we fail to support them now.
Posted by: lotp || 03/17/2008 10:52 Comments || Top||

#9  We just shouldn't let them misunderstand how good a friend we'll be. Nato has done that.
Posted by: Nimble Spemble || 03/17/2008 10:53 Comments || Top||

#10  I'm in the market for a fiddle of victamolgy. Will pay top dollar, quality varnish a must.
Posted by: Zebulon Angavick7428 || 03/17/2008 14:54 Comments || Top||


Fifth Column
Tales of Winter Soldier II
There's good, live coverage at This Ain't Hell He has a wrap up post and scroll down for the speaker by speaker summaries.

The best part is at the end of this report!


The Iraq Veterans Against the War held their Winter Soldier II event this weekend at the National Labor College. The implied intent of this event was to give testimony to a myriad of claimed atrocities committed by the US military in Iraq. Not surprisingly, it fell far short of its intent. For lefties expecting proof of the dishonor and heinous behavior of the US military, surely Monday morning recaps will bring little more than disappointment and frustration. For those who feared the smearing of our military a la John Kerry and the original Winter Soldiers, solace can be found.

After four days of “testimony” and countless hours of public therapy sessions for these pathetic malcontents, WSII was light on everything except self-indulgent pontificating and nauseating self-loathing by the IVAW members.

For the privilege of live blogging the festivities, the Sniper bloggers were subjected to as many as 6 security guards at a time, received escorted trips to the bathroom and were threatened with ejection from the event for daring to cover it from the vantage point of full disclosure.


My conclusions after hearing and reading hours upon hours of the testimony? War is hell. Bad things happen. People get hurt. Sometimes innocents get caught in the fire. As to the specifics that IVAW members alleged, perhaps a few things were questionable and they should certainly be investigated. The rest of the antidotal stories confirmed nothing more except that in war, unfortunate things happen. This was a collection of war stories not the exposure of war crimes.

Additional time was spent on the left’s obvious and expected platitudes…no blood for oil, Halliburton and Blackwater are evil capitalists, etc., nothing you wouldn’t expect to hear at a Code Pink den meeting.

Of the few things that shocked me? One IVAW spent 20 minutes discussing the mind numbing lead up to the stunning conclusion that he ALMOST killed an 80-year-old Iraqi woman. Another stunner came with the announcement that, hold on to your hats here, the US military uses bullets! I, for one, was shocked. All of this time I was under the impression that we were shooting bubblegum and rainbows.

Winter Soldiers II is an example of much ado about nothing. No wonder the mainstream press, for the most part, steered clear. Perhaps the preemptive work of groups like Gathering of Eagles, Move America Forward and Vets For Freedom, who made it clear to all involved that our men and women in uniform today would not have to wait a lifetime to have their reputations and honor protected from liars and charlatins, kept them from vomiting the bile that the VVAW felt so embolden to do in 1971.

In the weeks leading up to WSII, two IVAW members, Jonathan DeWald, and Evan M. Knappenberger, were removed and suspended respectively from IVAW by IVAW leadership for their violent, sick and troublesome threats to the folks at The Sniper, Michelle Malkin and Ann Coulter. We’ll see if this severing lasts beyond, say, next week once the bright lights of the spotlight dim. In 1971, John Kerry would have likely bought these two chaps a round at Ted Kennedy’s favorite bar rather than ask that they to shut it for a few days.

Scott Swett, webmaster at WinterSoldiers.com, has played a critical role in exposing the lies of the first Winter Soldiers Event. While his efforts have been vital to the restoration of the honorable and proud service of Vietnam Veterans, one cannot help but be frustrated that his work, along with others who have devoted countless hours, took decades to unravel; decades in which these fine men were saddled with an undeserved albatross of shame at the sliming hands of John Kerry and the IVAW.

In the days leading up to the current circus of reputation assassins, Swett commented, “Winter Soldier II is the sequel to a fraud. At the event, radicals told horror stories about Vietnam, but then stonewalled, hedged and backtracked when questioned by military investigators. The Army’s Criminal Investigation Division opened 48 cases to check out the VVAW’s allegations, but only one was ever substantiated. These people have been using rumors and lies to slander the US military for nearly 40 years. The vast majority of their allegations are meaningless.”

As a glimpse into the mindset of the average mainstream press flunky, a Washington Post reporter was concluding an interview with a member of Vets for Peace. He was offered an opportunity to go to the back of the room to meet with bloggers representing a different perspective of the event. His answer? He waved the offer off and declined without shame. Clearly he was there to report on an agenda.

Saturday night, a crowd gathered to the fanfare of many honking horns and passerbys, to show their disgust for the IVAW freakshow with the ritual burning of their union cards.

The highlights of the weekend had little to do with anything planned by the IVAW. Friday night, more than 150 people stood outside the gates at Walter Reed Hospital to cheer the Friday night bus of returning wounded soldiers. The crowd spanned all ages and walks of life. There were Vietnam Veterans, mothers of soldiers, Gold Star wives and parents and civilians there for no greater purpose than saying thank you.

Down the street, five Code Pinkos stood sullenly as car after car ignored their existence and laid on the horn for the patriots down the block. Suffering from “not enough attention” syndrome, they called the area Police to report that they felt “threatened”. Such delicate natures.

At 9:30, the bus pulled in to Walter Reed to the sounds of deafening cheering and applause and an enthusiastic, if not pitch perfect, rendition of God Bless America. The shock and wonder on those young faces was humbling. The bus stopped part way up the drive and a young soldier on crutches, missing half of his leg but none of his pride or enthusiasm, came to the crowd with his beautiful wife to thank them. He told them, “The guys on the bus asked me to come out and thank every one of you for being here. You mean so much to us. My friend wanted to come out but he is a triple-amputee and couldn’t easily get off the bus. When we pulled around the corner and saw all of you, it was the first time I have really seen him smile since he came back. Thank you.”

The stark differences of the pro-troops organizations and the anti-war crowd could not have been any more dramatic this weekend and the impact on our heroes could not be any more obvious.
Posted by: Harry Reid || 03/17/2008 10:43 || Comments || Link || [6 views] Top|| File under:

#1  whats a sniper blogger?
Posted by: sinse || 03/17/2008 17:03 Comments || Top||


Home Front: Politix
Swift boats and the sinking of the good ship Obama
Jim Geraghty, National Review

Last week, I said Jeremiah Wright might turn out to be the Sister Souljah of 2008. But maybe he's the unexpected, unintended equivalent of the Swift Boat Vets for Truth.

A centerpiece of John Kerry's early 2004 campaign was Kerry the war hero, Kerry the valiant soldier who was wounded three times in service of his country. And then the Swift Boat Vets for Truth came along, and reminded many of another side of John Kerry, the man who smeared the reputation of those who he served with . . . . Having been sold an image of Kerry as a man beloved by his crewmates and shipmates, many Americans were jarred to see so many who had served with him, still brewing a quiet fury over what they saw as a betrayal and a vicious lie in furtherance of his burgeoning political career as the face of the anti-war movement.

Suddenly, John Kerry the candidate no longer matched the image that had been sold to them.

Since 2004, we've been told about Barack Obama, the healer. Barack Obama, the uniter, the post-partisan, post-racial, "leader of the 21st century," who will take a country of red states and blue states and turn them into red white and blue states. After all, he said, they worship an "awesome God" in those blue states...

And now we see that Obama's church declares, "God d*** America." That the 9/11 attacks were chickens coming home to roost. That the U.S. government created the AIDS virus. The award to Farrakhan, the trip to Libya to meet Khadafi...

And many Americans (and more than a few Democrats) are now asking, "who is this guy?" Why are we learning that there's another side to the candidate that completely contradicts the healing, uniting image?

Mr. Geraghty also has this:

Melanie Morgan reports from Fox News Green Room:

After the segment was over, I exchanged seats with [Democratic strategist Bob] Beckel. As he was leaving, he slammed the studio door so hard that it almost broke some expensive audio/video equipment, according to the technican who was threading my microphone.
He was STEAMED.
Later, I asked him why he was so upset.
He replied ... "because Obama's people didn't vet him and now Hillary's going to win."

This came after Beckel had had to discuss Jeremiah Wright with Sean Hannity.

The fact that Clinton surrogate Nita Lowey refused to go after Obama on this suggests that either Team Hillary thinks the damage is being done, and that there's no need to intervene when their foe is self-destructing, or Lowey was simply unprepared. (Bill Bradley seemed to run rings around her yesterday.)
Posted by: Mike || 03/17/2008 12:06 || Comments || Link || [7 views] Top|| File under:

#1  No, Beckel. It's even sweeter than that. When Hillary wins at the convention with the superdelegates it's going to rip the democratic party apart. The African-American's are going to split in anger with the party, and the Trunks are going to win in spite of being mediocre.
Posted by: anymouse || 03/17/2008 12:57 Comments || Top||

#2  I hope so. The dhimocrats are in need of being ripped apart. The race baiters and surrender monkeys of socialism have taken over the party. They need to go through some restructuring and exile the loons like the Republicans did.
Posted by: DarthVader || 03/17/2008 13:06 Comments || Top||

#3  Anyone can be so kind to tell what "vet" means in the context "because Obama's people didn't vet him and now Hillary's going to win."?
Posted by: JFM || 03/17/2008 13:08 Comments || Top||

#4  Dhimicrat dance of the pygmies. I wonder how much the Clinton campaign has to do with the sinking of the good ship Obama? Obama is swimming with sharks.
Posted by: Captain Hupeling2734 || 03/17/2008 13:10 Comments || Top||

#5  JFM - It means "to examine critically", especially by one's own side.
Posted by: Galactic Coordinator Spart5363 || 03/17/2008 13:27 Comments || Top||

#6  Anymouse has it right I suspect, but I just can't help but wonder how many white votes Obama-Wright received purely from voter distaste for the Clintons. If the Clintonistas take it at the convention, there may be trouble. I can smell it.
Posted by: Besoeker || 03/17/2008 14:42 Comments || Top||

#7  Smelling more like Chicago '68 every day. What's great is that the part of Dick Dailey will be played by Bubba himself. I hope the Denver PD is ready. Days of Rage. Join Us.
Posted by: Nimble Spemble || 03/17/2008 15:04 Comments || Top||

#8  . . . I just can't help but wonder how many white votes Obama-Wright received purely from voter distaste for the Clintons.

Based on anecdotal evidence (people talking 'round the courthouse), I'd say a lot.
Posted by: Mike || 03/17/2008 15:20 Comments || Top||

#9  That boxed set of CD's the church put on sale was a real boon for Obama opponents (and lazy journalists). I wonder if they still have them up for sale?

What I find interesting is how many "moderate" Black's as shown on TV seem to find Wright's attitude to be "mainstream".

1. Bigotry knows no color. 2. Only Caucasians can be bigots. One of these two previous statements is a lie; if you are PC statement 2 rules.
Posted by: tipover || 03/17/2008 15:51 Comments || Top||

#10  A proper campaign vetting would know every angle of attack likely against the candidate and have prepared responses and even potentially advantagious timing to release info on their own schedule to prevent last minute revelations (as in George W'd DUI in the weekend before the 2000 election).

This was not done because Obama's people didn't see anything wrong in what Jeremiah Wright had to say.

What stuns me is that Hillary's people didn't find and release this info sooner.
Posted by: rjschwarz || 03/17/2008 17:40 Comments || Top||

#11  What stuns me is that Hillary's people didn't find and release this info sooner.

This info has been around for a long time. Whether Hillary's people chose not to push it on the MSM or the MSM chose not to run it till now is what I am curious about.

Personally, I think Rove was behind the timing.
Posted by: Nimble Spemble || 03/17/2008 17:51 Comments || Top||

#12  Damn, NS, The Dark Lord is good! ;-p
Posted by: Barbara Skolaut || 03/17/2008 18:53 Comments || Top||

#13  Fox or anyone in talk radio would have run it and it would have seeped out and changed the results in more than one primary state. I can only think that Hillary's people didn't see this info or they didn't see it for how damaging it actually is. I'm not sure which shows a greater degree of incompetence.
Posted by: rjschwarz || 03/17/2008 19:17 Comments || Top||

#14  JFW,

The Oxford American Dictionary entry is:

vet 1 |vet|
noun informal
a veterinary surgeon.

verb ( vetted |vɛdəd|, vetting |vɛdɪŋ|) [ trans. ]
make a careful and critical examination of (something) : proposals for vetting large takeover bids.
• (often be vetted) Brit. investigate (someone) thoroughly, esp. in order to ensure that they are suitable for a job requiring secrecy, loyalty, or trustworthiness : each applicant will be vetted by police.

ORIGIN mid 19th cent: abbreviation of veterinary or veterinarian .
Posted by: Eric Jablow || 03/17/2008 20:43 Comments || Top||

#15  Tonight on Hume's show, Mort Kondracke actually said "whitey." That's a sign that this has broken bigtime.
Posted by: M. Murcek || 03/17/2008 20:54 Comments || Top||

#16  This was not done because Obama's people didn't see anything wrong in what Jeremiah Wright had to say.

Wonder what these Obama campaigners think of Wright's remarks ...
Posted by: DMFD || 03/17/2008 22:06 Comments || Top||

#17  Not the way The Dead intended it but it kind of fits...

Ripple - The Greatful Dead...

If my words did glow with the gold of sunshine
And my tunes were played on the harp unstrung,
Would you hear my voice come thru the music,
Would you hold it near as it were your own?

Its a hand-me-down, the thoughts are broken,
Perhaps theyre better left unsung.
I dont know, dont really care
Let there be songs to fill the air.

Ripple in still water,
When there is no pebble tossed,
Nor wind to blow.

Reach out your hand if your cup be empty,
If your cup is full may it be again,
Let it be known there is a fountain,
That was not made by the hands of men.

There is a road, no simple highway,
Between the dawn and the dark of night,
And if you go no one may follow,
That path is for your steps alone.

Ripple in still water,
When there is no pebble tossed,
Nor wind to blow.

But if you fall you fall alone,
If you should stand then whos to guide you?
If I knew the way I would take you home.

La dee da da da, la da da da da, da da da, da da, da da da da da
La da da da, la da da, da da, la da da da, la da, da da.

vid
Posted by: 3dc || 03/17/2008 23:52 Comments || Top||


Israel-Palestine-Jordan
An Islamic Jihad Insight Into Pallywood (vid)
Posted by: anonymous5089 || 03/17/2008 12:00 || Comments || Link || [6 views] Top|| File under: Islamic Jihad


Home Front: Culture Wars
Complicity in Iran's Anti-Gay Jihad
Posted by: anonymous5089 || 03/17/2008 12:06 || Comments || Link || [3 views] Top|| File under:


Home Front Economy
Ben Stein:Irrational Times Call for Rational Measures
Markets are made up of human beings, and human beings can be irrational. They can be irrational on the upside, they can be irrational on the downside.

We saw "irrational exuberance" in the late 1990s, and it led to a crash. I believe we're now seeing highly irrational pessimism in the markets, especially the credit markets. The gloom comes from the bad results that banks and other lenders got when they loaned money on mortgage obligations in the form of collateralized mortgage obligations. These instruments were never meant to be as safe as AAA bonds, but they were thought to be much safer than they turned out to be.

There have indeed been major defaults in mortgages. Just as important, there's been wild speculation on indexes tied to mortgages, and this speculation by itself has led to immense losses in mortgage-linked investments. To a large extent, these losses will be recovered when the subject properties are sold and when speculation goes to the long side. But for now, national and local banks are sitting on big losses.

This has scared them about lending on anything at all. It shouldn't, but it does. It's sort of like the old saw about the cat: Forever after jumping on a hot stove, it'll be scared of hot stoves. But it'll also be scared of cold stoves. So, lenders are terrified of loans even to very sound borrowers.

This reluctance to lend is causing a credit crunch, and this is terrifying markets and newspapers everywhere. This fear has knocked down the Dow by over 2,000 points from its October high. It's led to strong fears of a recession and to a slowdown in hiring and investment as businesses cut back their borrowing and spending.

By this point, the banks and bankers are terrified that they'll be fired if they make bad loans, and that if by some lightning strike of improbability their loans to good borrowers fail, they'll see their banks fail altogether. Again, that's irrational human fear at work.

The problem is that even irrational fear can have real consequences, and can indeed cause a serious recession -- even if the actual losses in mortgages aren't large enough to cause one by themselves. In fact, that's what's happening right now.

So what to do? First, bear in mind that irrational markets eventually get a taste of reason. Also bear in mind that, as Warren Buffett says, markets are at first a voting machine, but always eventually become a weighing machine. Reality will triumph, and the credit markets will get their act together, loans will start to be made, and credit will begin to flow.

But why not get the healing process started today instead of waiting for a bad recession? Why doesn't Mr. Bernanke call in the big bankers and tell them he'll make sure none of them fails? Why not tell them the Fed will always be there to bail them out and recapitalize them if need be? Why not stop solvency-risk fears today? Why wait until another day? Why wait until a million or 2 million more people lose their jobs or homes or both?

Further, why not tell the banks that a condition for recapitalizing them is much stricter regulation about lending policies -- not lending against bad collateral, not lending to borrowers with no credit history? Why not also impose rules about executive compensation to keep top brass from looting their own stockholders even as they kill their own companies?
There's more to it than that, also. But as Ben says, let's leave that for later.
It's a myth that all regulation is bad. In banking, regulation saves greedy, foolish people from killing their own banks and the economy in general. Let's save the banks, save the economy, and lay the foundation for a smarter tomorrow -- starting today.

And then let's investigate what role speculation by hedge funds against the credit markets has played in our current problems. Some killers have made a bundle out of our troubles; let's find out exactly what they did. It's going to be a scary story, but that's fear for another day.
Posted by: Nimble Spemble || 03/17/2008 11:01 || Comments || Link || [6 views] Top|| File under:

#1  For every one who leaves the field, someone else says, "There's money on the table..."
Posted by: M. Murcek || 03/17/2008 11:42 Comments || Top||

#2  Deleveraging is going to be a painful but good thing.

Ben Stein is a smart guy.

Follow the money someone is making a killing on all this turmoil.
Posted by: Sock Puppet of Doom || 03/17/2008 13:00 Comments || Top||

#3  Ben Stein is irrational. If the FED bails everyone next time will be much worse. It's painful but the bear muct run.
Posted by: Eohippus Hupomock2152 || 03/17/2008 14:02 Comments || Top||

#4  May as well crack that investigation starting now. I am certain you will find a money hole pointing to soros or some other clown like him.
Posted by: newc || 03/17/2008 14:03 Comments || Top||

#5  There's no doubt there's a Soros taking advantage of this problem but that doesn't mean he created it or that it's his fault. If you want to see the culprit, look in the mirror. I've seen the enemy and it's us.
Posted by: Nimble Spemble || 03/17/2008 14:54 Comments || Top||

#6  I'm with E.H. TIme for some consequences and a 9% prime rate. A little intense sufferning now, a lot less prolonged agony later.
Posted by: no mo uro || 03/17/2008 15:03 Comments || Top||

#7  A 9% prime rate will put those barely able to hold on at 6% straight into bankruptcy. I grant that they were fools to leverage themselves to the hilt on the assumption that bigger fools down the road would pay for it, but even so. Other than that, I'm sure Nimble Spemble is right -- so many small borrowers spent their refinance money to pay down credit cards that they then ran up again, so many small investors bought into mortgage-based derivative funds they had no possibility of understanding, so many managers of said funds (who didn't really understand the complexities either) long since spent their bonusses on living the good life. If I recall correctly, Mr. Soros specializes in currency speculation, so his probable bet against the dollar would be derivative of all the rest, but not a root cause. Not that he isn't cackling like a mad hen these days, and considering how best to spread his new excess amongst the political candidates.

And let's not forget, the European banks are in even worse shape, not only because they speculate more, but because a couple of low level traders lost at least billions in imaginary trades.
Posted by: trailing wife || 03/17/2008 19:22 Comments || Top||



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