You don’t want to know what’s happening with the $700 billion (with a b) bailout money that was supposed to be earmarked for large financial institution’s foreclosure and mortgage-related losses. Trust me, you really don’t. Especially if you are the type who gets mad when the leaders of your country act foolishly, irresponsibly, and with self-interest as their first priority. This is one time when it’s definitely better to stick your head in the sand. In fact I don’t even want to watch the news any more, especially financial and political news. I’m sure I’m not alone there.
The whole idea behind the bailout was to rescue large financial institutions whose exposure to the subprime mortgage business (and foreclosed properties that can only be unloaded for large losses) was threatening their existence. That’s what it was for. Unfortunately between the time the legislation passed and now, which has only been a matter of weeks, lots of other uses for the money have popped up. Gee, who would have thunk?
Bank of America already received $25 billion (with a b) of that money. Now they are a company that is in good financial health and has never been involved in the mortgage business. They have no bad subprime loans, nor do they own any foreclosed residential homes. BOA is doing just fine charging their customers every time they talk to a teller. So how did they get their hands on that cash? Is it because they have a sign that says Bank on the front of their building? Or do they know the right person somewhere?
Today on television the mayor of Philadelphia made a desperate plea to use the money to bail out city governments – in particular, his city. When it was explained to him that the legislation which allocated the funds would not allow that, he responded that they need to give him some other money then – just like the auto makers are apparently getting. When asked where the money was supposed to come from, he said (and I kid you not) The federal government are the ones who print the money – just print some and give it to us.
As a reader of this blog I hope you understand why that doesn’t work. That crazy mayor might as well print the needed money himself – it will be worth just as much as all American currency will be if the federal government starts printing money to give to every failing entity. Heck, haven’t you made some investment decisions that didn’t work out? Have the government print you some money to bail you out.
The really scary thing is, what the government is actually doing with these bailouts isn’t much different than just printing the money. The effects are going to be the same – they just don’t realize it yet. Or perhaps they don’t care what happens to the next generation in America. By spending more and more money on an unlimited credit line that they have setup for themselves, they are setting a terrible example to the American consumer. The whole system could be bankrupt in our lifetimes, not in our grandchildren’s as we are all planning on. At least consumers have a point where their credit is maxed out. Our government can just keep borrowing – and because they can, they do.
Eventually all this government borrowing and printing money will come home to roost. When it does, expect the US dollar to be worthless – not only overseas but within our own country as well. How are you set on gold coins and gold bars? You might want to stock up on them the way things are going. Either that or you will need chickens, pigs, apples, and ears of corn for currency.
Islam is one of the largest religions on the planet. There are a lot of misconceptions about it. The biggest one is that it is a generally peaceful religion and that the problems are caused by a handful of extremist nuts. The reality is that the extremist nuts are the ones who are truly practicing their religion, and all the peaceful Muslims are a bunch of hypocrites who pay their religion lip service – but don’t practice what it teaches. In other words, they are luke-warm Muslims. The overwhelming majority of those who practice Islam fall into this category. And it’s a good thing!
If all the Muslims in the world read the Quran and truly believed in it, the rest of us would be in for some serious trouble. Especially the Jews and Christians. They cannot live in peace with them according to their scriptures, and in fact are called out to kill all Jews and Christians. But they don’t. At least not yet. Many of the inactive Muslims are simply waiting for the proper time. But many more of them are just plain wimps.
The radical extremist Muslims think the time is now. The peaceful Muslims cannot disagree with their doctrine or what they are doing, just their timing. That’s important to understand. Muslims are called to kill all Jews and Christians (in that order) during the end times. The extremists say (correctly I might add) that the end times are here now and it’s time to get things started. The peaceful Muslims are a bunch of wishy-washy pansies who are afraid to get involved. Either that or they don’t want to give up their Tivo.
It’s obvious to anybody who was not brainwashed from childhood and who truly studies the religions of the world that Islam is a bunch of hogwash. Your eternal reward for abstaining from sin is an eternity of indulging in sin. Now how much sense does that make? I think it’s obvious who is responsible for this whole concept. The Quran, written some seven centuries after the Bible, was obviously written in direct contradiction to it. It doesn’t even have any original ideas, just a blatant opposition of the Bible. They have their own version of end-time prophecy, one in which the Muslims kill all the Jews and Christians and live happily ever after in eternity. You probably could have guessed that’s how it ends, right?
The really frightening thing is that leaders of Muslim nations not only believe in it, but are actively attempting to bring about the Islam end-time prophecies. Iran is now working frantically to develop nuclear weapons, the primary purpose of which is to use them against Israel. If you think the threat of mutual destruction will deter them from that, think again. That’s not how they roll. Surely 9/11 proved that. Mutual destruction suits them fine. After all, they have 72 virgins waiting for them in heaven to have eternal sex with.
So the only really good Muslim is a radical extremist. Don’t be mad at them. If you are going to get upset at somebody, yell at the rest of the Muslims for being hypocrites. While you are at it, you might also want to yell at your own government for being so blind.
Its now several weeks before the Presidential election and it would appear that the Democrat has a solid lead, if you believe the polls. In fact many are predicting an Obama landslide. If you watch the guy on television these days, he is acting like somebody who has already won with the election being a mere formality. And who can blame him – according to the prediction markets (where large amounts of money a wagered on the outcome) Obama is an 85-15 favorite at both Intrade.com and the University of Iowa Electronic Markets. These prediction markets have an uncanny record of accurately forecasting results. As the saying goes, opinion backed by money is the best poll there is.
Does McCain really only have a 15% chance of winning the election? That’s about 5-1 odds against! The Republicans may scoff at this, but obviously not many of them are creating accounts and placing wagers on their candidate or the odds would improve. If you really think he even has anywhere near a 50/50 chance this bet is a no brainer, winning $550 for every $100 risked.
Some Republicans are now quoting something known in Southern California as the Bradley effect. Many years ago there was a very popular black mayor in Los Angeles by the name of Tom Bradley. He ran for Governor and was way ahead in the polls, like by 12 to 15 points. But when the voters got into the booth and closed that curtain behind them – when it came right down to casting that vote – they couldn’t do it. He lost in a landslide.
So the Bradley effect means putting on a good show for the sake of being politically correct. But when it comes down to actually casting your vote in private, are you really going to vote for a black President? It’s an interesting concept and a real test of how far our society as a whole has progressed from the racial issues we were afflicted by only half a century ago. Personally I’m glad Obama has such a solid lead because now we can test the theory. I find that much more interesting than the election itself! Perhaps quoting the Bradley effect is just the last batch of straw that desperate Republicans are clinging to. We shall see.
There is one thing I find astounding about Obama’s lead however, and that is his name. Coming from an advertising background I would never had thought he stood much of a chance at getting this far, simply based on word association. During the last administration our country suffered the worst terrorist attack in history, orchestrated by a guy named:
Osama Bin Laden
…and now we are about to elect the next Presidential ticket which goes by the name:
Am I the only one who notices this stuff? Does word association not matter anymore? Can General Mills release new cereal now called Poisen Puffs and sell the heck out them? Is this really happening? Or is it all a big joke? Or is nobody really paying attention anymore?
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