Bailout Vote Failure

$700 Billion Bailout Fails

As those who’ve read this blog already know I oppose the bailout but also understand the reason many feel a need for it. I’ll avoid commenting on the dangers of allowing companies like these too great an influence or control in our economy as to cripple as it they have and caused this mess in the first place. I’ll avoid railing about government bailing out failed businesses at tax payer expense.

Instead I’ll say this about the failed vote: Pelosi should have kept her mouth shut and not offended fence sitters (particularly Republicans she needed to counter the backlash in her own party) by spewing her vitriol at them before the vote. She also now needs to shut up, stop blaming Republicans as the sole reason the measure failure, and accept it was a failure by all sides. McCain and Obama got it right:

In Iowa, Republican John McCain declared, “Now is not the time to fix the blame; it’s time to fix the problem.”

In Colorado, Democrat Barack Obama said, “Democrats, Republicans, step up to the plate, get it done.”

Despite the fear mongers out there (especially in the MSM) practically claiming the end of the world, this whole situation will pass eventually. It’s just a matter of how long it takes to be resolved with or without government assistance. Perhaps now a better bill may be worked on and put into place that
protects tax payers and has tighter oversight of the financial
institutions to allay immediate concerns. In the end though the way America’s financial and economic system works does need to be overhauled to encourage people and businesses to get off using credit based finances for every single thing, better regulate speculators, and stop those who outright gamble in the market with people’s pensions, 401Ks, et. al.

As for the Arizona delegation I’m proud of them for (hopefully) living up the desires of average Arizonans (who, like other Americans, are not as stupid and ignorant of this situation as most media would have us believe) and voting “No” across party lines. Democrat Congressmen Giffords, 
Grijalva,  Mitchell, and Pastor, along with their Republican counterparts Congressmen Flake, Franks, Renzi, and Shadegg did the right thing in voting against this poorly constructed bill. Whether some did this for fear of retribution by citizens at the voting booth or genuinely opposed the measure on principle it was still refreshing to see a unified front from the Arizona delegation.

Today’s Faux Controversy: 28 Sept 2008

Today’s faux controversy: Spore Sparks Controversy Gallery and Images – GameDaily

My short response to (1) Christian extremists, (2) Conservative media do-gooders, (3) militant Atheists:

(1) It’s just a game! Don’t like it for whatever reason then  don’t play it.

(2) Don’t like certain content for you kids then monitor what they are doing like the parents you are supposed to be.

(1&3) Quit trying to force people to believe or disbelieve as you do.

I think that covers the fake controversies of the game. Note when I say fake I am not dismissing their personal opinions or concerns, just their extremist and totalitarian reactions that result. As one of my favorite saying goes, and can be easily applied here: “Slavish adherence of formal ritual is a sign one has nothing better to think about.” (I don’t even remember where I heard this one and suspect I’m paraphrasing it a bit.)

2008 Presidential Debate #1

Unfortunately I missed the debate but based on the MSM and blogosphere it looks like it was essentially a wash given factional supporters have been spinning a win for their respective chosen candidate. The clips I’ve seen seem to support that idea that neither clearly won the debate and struggled in equal parts.

Remember, be sure to view the various fact checking groups who are analyzing the debate to cut through any bull flung by either side before truly deciding for yourself who did better in the debate.

Can anyone see fraud in space?

Grounded space tourist wants $21 million refund – Yahoo! News

If this story proves true than Space Adventures should be ashamed of themselves, refund Mr. Enomoto’s funds, and be investigated for potential fraud. I do have to wonder about the convenient bumping of Mr. Enomoto for Ansari (of Ansari X Prize fame) by Space Adventures especially given Russian officials had no problem with Enomoto previously.

I support space tourism and commercialization (to a point) but previous fraudulent companies and on going controversies like this one will continue to hinder, if not out right eliminate, entrepreneurial efforts in space. This is nothing new. I remember my grandfather’s stories of fraudulent businesses selling tickets for seats on future rocket launches and trips to the moon starting shortly after the first moon landings to people (however naive they may have been) eager to embrace the idea of going into space and pioneering the colonization the moon. There are still even frauds today trying to claim the moon as their property and selling chunks of it off.

Theme change

Got bored with the old theme for the blog, so changed to this one. Once my hand is better I’ll likely come up with my own unique header image. This one is pretty good, but obviously generic. I’ll have to finish a header for a biz partner first.

Sucks having the dominant hand, in essence, out of commission but at least I can do stuff with the other even if it is a little slower. Makes me glad that I taught myself to be as ambidextrous as possible when I was younger. Typing is still slow though. Playing GW offhanded is interesting as well.

Bailout snags…no surprise

Well this is fun.

Trying to type with one hand isn’t fun, but that’s what I get for smashing my hand in a door like a bone head while moving furniture for my mom.

Anyway…

Looks like the Wall Street bailout hit a snag. I oppose the bailout but understand why the government feels it needs to clean up the mess they helped create. That’s why I also don’t want some of the fear mongers (Bernanke (sp?), Frank, Paulson, et. al.) to rush this thing either and cover their own asses due to their own associations with the failure. Get it done right with no benefits or protections for the execs responsible for the crisis. Most of all I don’t want Americans footing the bill for corrupt business execs and government oversight agencies and officials who did nothing despite the warnings dating back a number of years.

I think McCain should continue with tomorrow’s debate, if nothing else so that he can explain his reasoning and actions without the blatantly biased news media’s coverage claiming McCain is the reason the bailout is under such scrutiny and negotiation after today’s meeting ended poorly. Obviously if there had been a true agreement as the Democratic leadership claimed there wouldn’t have been a problem. They overstepped themselves thinking they could impose a decision without discussion and when rightly questioned over key points apparently (if news reports are accurate) took the childish route and left the meeting.

I thinks it’s more telling about the mature response of Obama and McCain to the situation when compared to the childish antics of many of their contemporaries who were as quick to lay blame as they were to cover their own asses. At least both were genuinely interested in working on a bipartisan deal, unlike others. But then that’s one reason why they’re running for President.

I would also think the media with their love of Obama would be questioning why his own party set him up to look like a fool in this meeting by having not made genuine efforts to negotiate with the Republican House leadership instead of using back-benchers. No one likes to go into a meeting thinking all there needs to be done is to negotiate a few minor touches to an agreement only to find out the supposed bipartisan support in fact is non-existent and said deal is far from ready.

Politics and Finances

Obviously the last few days have been something of a political and economic turmoil what with the on-going Presidential election and the near meltdown on Wall Street. Some points have caught my interest today:

1. Democrats criticizing McCain on leaving his campaign to work on the financial crisis with his fellow Senators. While I am ambivalent over his asking for this Friday’s debate to be delayed I do find myself offended by some Democrats insisting it’s a political ploy (mainly elements of the Obama campaign) or that his presence would somehow slow down the process (as claimed by Senator Frank).

2. Democrats still falsely claiming the financial crisis is entirely the Bush Administration’s fault. I don’t like Mr. Bush but I dislike those who refuse to take responsibility for their part in causing the crisis either. It was Congress who failed, repeatedly, to overhaul the system despite warnings from experts and members of the Congress from both parties as much as it was the Fed and Treasury Secretary’s fault.

3. Apparently their is some faux controversy (entirely in the minds of allegedly mainstream news reports) over Pakistani President Asif Ali Zardari calling Gov. Palin “gorgeous”. What would they have preferred he say?

“Excuse me, Gov. Palin, while I flee the foul stench that announces your presence in order to gouge my burning eyes out so that I may never view your hideous face again, inshallah.”

Yeah, that response would have gone over so much better. /sarcasm

And that is part of the problem with this country where people can’t simply give a compliment without someone getting their knickers in a twist or it being turned into hay for some socio-political agenda.

Some of my favorite notes, humor, news and other tidbits I’ve picked up from across the airwaves, net, and so on:

A little late but Joe Biden gets big nod for this laugher:

When the stock market crashed, Franklin Roosevelt got on the televisionand didn’t just talk about the princes of greed.

*chortle* This one goes up there with Obama miscounting the number of states and McCain’s humorous slip about “growing the government”.

A friend noted to me on the whole bailout and it’s effect on the next President:

It doesn’t matter who is going to be the next President. If the bailout fails, they’ll be remembered as the worst President is recent history.

I noted several bloggers turning the childish “McSame” and “McShame” around on the more radical Obama supporters with slogans like the following:

Change McCain Can Do.
McChange You Can Trust.

Sure, not the best stuff out there, but neither are the original derogatory names any better so there you go.

And in closing, remember to educate yourself on the issues and candidates before you go out and vote, people!

Arizona 2008 Propositions

The following propositions will be on Arizona’s November ballot. Entries with CI indicates proposition was placed on ballot by citizen’s initiative. There are a couple not listed as they are facing court challenges and may not be on the November ballot. My own comments are in italics.

Prop. 100 [CI] – Proposed State constitutional amendment to prohibit the creation of any state level tax on the sale or transfer of real property

Support.

Prop. 101 [CI] – Proposed State constitutional amendment to guarantee the freedom of choice regarding health care providers and system

Support.

Prop. 102. – Proposed State constitutional amendment to defining marriage as being between a man and a woman only

Oppose. The state constitution should not be used to push one group’s beliefs upon the rest of the remaining citizenry. The initiative also allows for discriminatory laws to be established in the effort to “protect” marriage. Institutionalized or government sanctioned discrimination is still discrimination, regardless in this case of how you feel about homosexuality. My hope is that Arizona’s citizens will once again reject this discrimination proposition as it did the last time it was put to a public vote in 2006 (and later killed in the Legislature when those trying to subvert the will of the people tried to sneak it through anyway). Bishop Kirk S. Smith is far more eloquent on the true nature of this proposition and parallels my own opinion on the subject.

Prop. 105 [CI] – Proposed State constitutional amendment to prevent the subsequent passage of any initiative measure imposing additional taxes or spending, except when approved by a majority of all qualified voters, turnout notwithstanding

Approve. We’ve had too many initiatives passed where funding such initiative was left for politicians to determine without citizen consent of information.

Prop. 200 [CI] – Proposal to reform payday loan industry with pro-consumer changes: reduced rate limit, no cost repayment options, borrowing caps

Approve. A lot of problems have arisen for both citizens and illegals over the payday loan activities in Arizona.

Prop. 201 [CI] – Proposal to create a homeowners Bill of Rights. Includes certain rights: guaranteed 10 year warrantee, correction of construction mistakes, and participation in selecting repair contractors

Approve. I’ve known too many people who ended up stuck with substandard quality houses that they paid top dollar for and then were given the run around when trying to have problems resolved.

Prop. 202 [CI] – Proposal to enact further restrictions on the hiring of illegal aliens. Proposal would allow for revocation of business licenses and increased penalties for theft committed by illegal aliens.

Approve. The employee sanctions law that was passed has done well in curbing illegal workers in Arizona but there are still too many companies trying to skirt the law.

Prop. 300 – Proposal to increase the salaries of state legislators to $30,000.

Undecided at this time. The state legislators, for the most part, have actually done a reasonably good job lately. On the other hand, they’ve played a hand along with Governor Napolitano (D) in causing Arizona’s $1 billion shortfall. Sooo…..still considering this one.

Congressman’s son caught smuggling immigrants

KVOA News 4, Tucson, Arizona – Congressman’s son caught smuggling immigrants

“This is a family matter that my family and I will be dealing with privately. John is a grown man and must face the consequences for his actions, but he has the love and support of his family,” says the elder Boyd.

Since when is being a coyote (a human smuggler for those of you unfamiliar with the Southwestern slang) a family matter? Let’s not forget the drugs as well. Sorry, bud. It’s a criminal matter now. Just shows too many politicians still don’t get it.

You can’t tax your way to prosperity…

You cannot tax your way to prosperity. You can not redistribute wealth to create prosperity.

The current highest tax bracket for singles and married couples is 35%. Do you really think the Federal Government deserves more than a third of people’s income? This despite our congressional politicians inability to even keep a balanced budget while throwing billions of tax payer dollars into bailing out companies and rewarding their CEO/COO/et al with exorbitant severance packages as reward for their “good” work. If you still think the Federal Government should be allowed to keep over a third of your income then only you should have to pay that amount in taxes while the rest get to keep their current lower tax rate.

What really should be asked by Americans is why Federal Income tax rates are distributed the way they are: 10%, 15%, 25%, 28%, 33%, and 35%. Why is there such a huge jump from 15% to 25%? Changing it to more logical 5% increments would still end in the top 35% currently in use while lowering taxes for three brackets that make up the bulk of the American working class. But then there are few Washington politicians who want to lower and distribute tax burden in a genuinely balanced and fair system while cutting out pork and other wasteful government spending.

“We want to take money and put it back in the pocket of middle-class people,” Biden said. Of those who would pay more, he said: “It’s time to be patriotic … time to jump in, time to be part of the deal, time to help get America out of the rut.” [1]

So Biden thinks he and his ilk (politicians) should get to decide how wealth is distributed in this nation regardless of how hard a person worked to earn that money. No thanks. I have no desire to see this nation start heading back to the days of ridiculously high taxation that existed prior to the mid-1980’s.

Biden need to remember this: people do not have the right to equal wealth in a capitalist system, but people should have the right to equal opportunity to earn wealth. That opportunity can not be achieved by taxing the wealthy. That is what (wanna-be) neo-socialists like Biden do not understand (or choose to ignore) in an attempt to ignite class warfare for political gain. Opportunity breeds wealth, not taxes.

“It’s time to be patriotic,” he says in the ad, “…time to jump in, time to be part of the deal, time to help get America out of the rut.” [2]

What a load of crock. Paying taxes has nothing to do with patriotism. Americans have been paying taxes for generations because it’s the law, regardless of whether they are patriotic or not, and because the majority of people accept taxes as a means of enabling communities to establish and maintain infrastructure, education, and so on.

Wealth redistribution and taxation to pay for new programs and existing failed programs will result in further degradation of the U.S. economy as those with the money and business will cut jobs or simply leave from being overly burdened. This taxation will also discourage innovation as anyone making a profit off their inventions will be punished for having the temerity to make “too much” money for their creativity and ingenuity. It’s highly likely should this policy put in place we could even see a brain drain out of the U.S. as more entrepreneurial friendly nations lure America’s best and brightest away from oppressive taxation practices.

I suspect these neo-socialists, along with their counterpart corporate neo-cons, fear the rise of a wealthy class that would could come about from a society of genuine equal economic opportunity. They have a vested interested in keeping the poor and working class exactly where they are: divided and squabbling over scraps.

[1] Biden says McCain’s economic answers go nowhere – Yahoo! News

[2] The Wealth Report – WSJ.com : New Reason to Raise Taxes on the Rich: ‘Patriotism’