Do we have to act?--Unfortunately, Yes

Over the past few weeks and this economic crisis, I have done a lot of research and talked to some very knowledgeable people on all this. These are my current conclusions:

1. The first "bailout" bill was not a good bill. It is good that it did not fly.
2. The revised "buyout" bill that failed yesterday, was better. A much different beast.
3. Most importantly we need to have some significant bill to deal with this credit crunch. My initial reaction was the market will work it out--no federal involvement. Although I still see this perspective and share it's goals, I also see that something major needs to be done-
4. What to be done now? My hope is that although we conservatives would like a drastically different solution (capital gains tax reduction, etc) a pragmatic approach would be to fight to at least have these items in a revised/improved/passable bill-

a. --Change the Mark to Market accounting rules.
b. --Increase the FDIC insurance limits from $100,000 to $250,000
c. --Endorse an insurance plan funded by wall street to cover a significant portion of these potential losses from bad mortgages (some of this is there now).Dave Ramsey has an interesting take on all this on his web site "common sense plan"
d.--There will still likely need to be federal money to buyout the mortgages--I do not like this, but from the advice I have obtained, the President is correct in that the Government is the one that can wait out the markets and sell the properties when the market rises. All this restoring liquidity, etc. I am hoping the insurance provision can do the job without the buyout, but I am doubtful. I am worried about possible problems down the pike with all this federal involvement.
e.--as part of this or a separate piece of legislation-repeal Sarbaines/Oxley?

This "plan" is much better than the original and is politically pragmatic ie. enough so that Republicans AND, yes, enough Democrats will support it. IF the politics and Nancy Pelosi get out of the way, this bill will pass and we can move on. Inaction is not an option.

*Update April 2009--I was wrong. We should not have acted, at least not in this bailout way. It has gotten way out of hand.

Obama Missile Defense Flip-Flop

Huntsville needs to see this. Obama is unreliable and does NOT support Missle Defense!

John McCain Discusses His Bracelet

China Rising Dragon

While we were "debating" last evening, China marches forward with their space program. I hope the USA will wake up and support NASA and not let us fall behind.

McCain just won the election

I was at first confused. Good grief, I am looking forward to the Friday--why delay?

McCain just won the election. It hit me when Dick Morris said as much on Orielly:

1. McCain suspends campaign--Rides into Washington (on white horse)? to actually work.

2. Obama says --call me if you need me--I'm not that important.

3. McCain and the Republicans will be on the same page and a (hopefully more reasonable package will pass to help the mortgage crisis). McCain gets credit. (I don't want a big bailout, but some kind of plan is needed)

4. McCain may or may not go to the debate, but has seized the initiative--the bill will eventually pass soon and the stock market will soar--(they don't like unknowns). Problem "fixed" at least in the short run.

5. Obama is left looking like the politician he is.

Hmmmm

$700 Billion for what?

My opinion:

I fear the 700 billion dollar proposal to buy up bad debt of wall street companies is a bad idea as it is presently constructed. They should not do this. They should protect bank deposits, and increase liquidity. Once this monster is created, it will never go away. Why should taxpayers pay for investment bank's bad decisions? Well, I am at least sympathetic to them because it was bad lawmaking that encouraged their bad banking practices.

Oh, Fannie Mae and Freddy Mac should have never been created as they were in the first place. They need to break up these companies and make them private, not governmental and not the quasi public institutions they were. If anyone has more perspective on all this, please fill me in.

See here:

Newt's response

Masterful Timepieces

This is my next watch. Greubel Forsey Quadruple Tourbillon a' differential. Oh, it's only about $500,000



Or maybe this one, the Jaeger LeCoultre Gyrotourbillon (it's only $395,000):

Vice President Cheney in Huntsville

President Bush was to attend a reception today for Wayne Parker and Jay Love, two congressional candidates in Alabama. Bush could not attend so VP Cheney was there instead. I was at the reception when Vice President Cheney visited today. The husband of one of my staff memebers got an award presented by the VP!

Cheney Visit to Huntsville

At the reception today, he spoke about the fact that it was his (tie-breaking) vote in the senate, that passed the tax stimulus package just after the 2001 attacks. He also reminded us that the New York Times revealed our terrorist surveillance program even after the president sat down with them and looked them in the eye, and asked them NOT to do so in order to protect the us. They did it anyways, and got a pulitzer prize to boot!

This kind of mentality knows no bounds of propriety, privacy or morality. It's no surprise Gov. Palin has fallen victim to this criminal despicable activity (hacking her e-mail and releasing personal e-mails and family photos).

By the way, President Eisenhower told reporters of the D-day invasion, and asked them not to reveal it till it had started, --they did not say a word. How times change.

Too Cute!

Thank You Minneapolis and St. Paul

I was very surprised to find the people of Minnesota to be very nice--(Minessota nice)?  Y'all were great hosts for the gop convention.  We will have to make you an honorary Southern state for your hospitality.

Mike Huckabee with a Delegate from Alabama Dean Brandon on the floor of the RNC

It's hard to see in this video, but Jason from Huck's Army go this video of me getting my photo with Mike Huckabee. Someone took a flash photo at the same instant Mike's wife snapped our photo. Still it turned out ok.

Wow, I'm tired

It's early here and we have to get to the airport to leave Minnesota. I will post more here (photos/videos/commentary) on the convention later on this week. --need to get home now--Oh, I did meet Gov. Huckabee!

Strange site on the convention floor

I noticed something strange last night--people walking around the floor cannot gain access without proper credentials. These are usually worn around the neck on a laniard. I saw a rather casually dressed young man (jeans and knit shirt), with what appeared to be credentials around his neck. But it was an iphone on a laniard with the image of the GOP elephant! Kind of looked like the credentials worn by most of the delegates. This is pretty surprising that he got on the floor (I suspect without credentials or maybe he did, but put them away)?--no one noticed this guy that I could see. He was out of sight after he passed by. I wonder?

A Big Night

Wednesday evening was a really great night for some pretty big speakers. My impression of them:

Many of the preliminary speakers were very good. Particularly the female Gov. of Hawaii--her memorable line: "Obama is a "Zero" as in zero executive experience, etc. etc. etc.

1. Mitt Romney: good speech, but uninspiring
2. Mike Huckabee: great speech -the hall was much quieter (attentive), much more heartfelt and effective
3. Rudy Giuliani: A real barnburner of a speech--really got the crowd going--harsh contrasts between McCain & Obama--the excitement level increased greatly during the speech--lots of cheering!
4. Sarah Palin: Out of the park speech. After the three previous speakers she knocked a grand slam. The McCain/republican staffers around the hall were trying to to cut off the cheering to get on with the speech (to get more of it into prime time--very hard task as people were in a frenzy of cheering yelling and support. So loud I could not even hear some of her words. An absolute "electric" charge throughout the hall. One of the most amazing scenes I have ever witnessed. John McCain came out at the end, but I tell you he will have a tall order to follow this night. Oh, one more thing if that was not enough--the tele-prompter failed half way through the speech. She finished without it.

The roll call started with our delegation--

The Media

I'll tell you what, I got more photos taken of me and interviews last night due to my funny hat. It certainly attracts attention. I also was evidently on FoxNews during Joe Leiberman's speech.

Later on we went to the Huckabee party where his band, "Capitol Offense" was playing--they really have a good band. Jeff Cook from the band Alabama played guitar and sang too.

Mike Huckabee

Mike Huckabee just spoke at our delegation breakfast. He is a great speaker. Unfortunately, I didn't get a photo with the Governor as there was quite a crowd around him and I was not about to push someone out of the way just to get a photo.  A Joke he told: Walmart is based in Arkansas and he was speaking with the corporate directors who were stating that they were curious that all the ammunition was sold out at all the stores in Alabama. This was puzzling to them.

The reason was revealed when an Alabama Walmart patron said: " Well the Russians have invaded Georgia,--I'll tell you this, they're not gettin' into Alabama if I have anything to say about it!"

GOP Convention--1st session

My quickly edited post the night of the first (very short) session.