People who say it cannot be done should not interrupt those who are doing it. Welcome to From On High.

Wednesday, September 24, 2008

It's No Longer Just a Local Story

With this ad, the McCain campaign slices and dices Joe Biden - and Obama - for their two-faced stance on coal-fired power plants, a hot-button issue if there ever was one in the coalfields of Southwest Virginia. In order for this to make sense, you need to know that Mr. Biden, when he made a brief stop over in Castlewood, made it known - for the first time to anyone's knowledge, including his immediate family - that he's a coal miner.

With that ...

How embarrassed these two must be.

Defining Leadership Down

I listened to Barack Obama's press conference this afternoon. Three sentences from his statement to the media in which he declined to suspend his campaign as John McCain had done earlier in the day, in order to focus on the worsening financial crisis, tell me all I'll ever need to know about Obama's leadership capabilities:

1) He called this period in history "a time of great uncertainty in America."

2) "People's jobs, people's savings, the economic security of millions of Americans will be put at risk."

So how does he intend to step up and lead the debate - and formulate a solution to the problems before us - solutions that will likely determine whether America slides into deep recession or not?

3) "And I told Speaker Pelosi and Majority leader Harry Reid to call me if they need me."

Call me if they need me?!

Leadership? Please. This joker doesn't know the meaning of the word.

What Are We Doing?

That bailout is going to cost us a brain-exploding $700,000,000,000? Guess again. There's the evolving fine print. This comes to us from this morning's Washington Times:
The massive federal scheme ($700 billion and apparently growing) to have taxpayers buy up bad mortgages that is currently being cobbled together by the Bush administration and a bipartisan coalition on Capitol Hill is a terrible idea. It constitutes a large transfer of wealth from the American taxpayer in an effort to revive failed private-sector businesses that should be permitted to fail - something that is essential if a free-market capitalist system is to survive and prosper in the future.

If anything, the $700 billion figure currently being quoted by the press significantly understates what this legislative monstrosity is going to cost taxpayers. Patrice Hill of The Washington Times reported that over the weekend, Mr. Paulson's Treasury Department dramatically expanded the bailout plan to include buying car loans, student loans, credit-card debt and other "troubled" assets held by banks. The changes - which were included in draft language opening the bailout program to foreign banks with extensive loan operations in this country - have the potential to add tens of billions of dollars to the cost of the bailout program. In his Monday counterproposal, Senate Banking Committee Chairman Christopher Dodd included such consumer loans in addition to mortgages. [emphasis mine]
I highlighted Senator Dodd's name because he - along with Democratic Congressman Barney Frank of Massachusetts - caused this colossal mess in the first place. Now he (and Frank) are working to make the problem even worse.

Here's what I know at this point: (1) Let those banks that failed to protect their stakeholders' assets properly FAIL. (2) Kill off Fannie Mae and Freddie Mac. And (3) get Dodd and Frank out of the process and into a 4X8 cell.

Think Before You Act

If the United States of America were still working with the gold standard, I wouldn't worry. But at some point, the good reputation of our government - which is all that's backing our paper currency these day - is going to disintegrate. Nothing will make that a reality more readily than this:

Deficit could top $1 trillion

We're going to be printing a whole lot more money next year to bail out the financial sector ... and cover the ever-growing cost of all those government entitlements ... and to pay for Obama's promised health care program ... and ...

May God have mercy on us.

Piling On

Looks like we'll be saddled with this baggage too:
Va. coffers could need $2.9 billion
By Michael Sluss, The Roanoke Times

Richmond -- Gov. Tim Kaine's administration said Tuesday that Virginia could face a budget shortfall as great as $2.9 billion over the next 21 months, a scenario much worse than many lawmakers expected just a month ago.

The latest revenue projections were delivered in a report prepared for Tuesday's closed-door meeting of the Governor's Advisory Council on Revenue Estimates -- a panel of finance officials, senior legislators and business executives. The report, prepared by the Department of Taxation, projected a revenue shortfall ranging from $2 billion to $2.9 billion, depending on economic activity. (link)
Local governments are complaining of shortfalls in tax revenue as well. Where does it end?

Hillary Knows Obama

She says she supports him now, but just a few short months ago, boy did Hillary peg this guy for the conniving snake oil salesman that he is:

Nobody is going to top that.

The People Will Not Be Ignored

We said we'd accept nothing less than Drill Here, Drill Now!

And they listened. And obey:
Democrats to let offshore drilling ban expire
By Andrew Taylor, Associated Press Writer

Washington - Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in an months-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

Republicans have made lifting the ban a key campaign issue after gasoline prices spiked this summer and public opinion turned in favor of more drilling. (link)
You guys rock!

I wonder if Mark Warner is still working on that "comprehensive energy package" that includes a whole host of mind-numbingly muzzy projects that won't affect the availability of energy within the lifetimes of our childrens' children.