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13 hours ago
Where bending over backwards is just a way of life.
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Today's target: the notion that the collapse of the insolvent U.S. banking system would be so terrible. Really? Terrible for who? Certainly not the nation at large.
In fact the dissolution of the insolvent parts of the U.S. banking sector--yes, the investment banks, the money-center banks, the regional banks, and the savings and loans--would actually be an enormously positive development for the nation and indeed the world.
Let's start with the fact that a huge number of these lenders are insolvent. If all their bad loans, bad derivative bets and off-balance sheet losses were forced to be marked to market/liquidated to raise capital, then major bank after major bank would fold/enter bankruptcy.
And what exactly would be so bad about that? Businesses go under all the time. The truth is these banks will never ever recover the loans they wrote, so why try to prop them up with taxpayer funds? To bail out the ultra-wealthy owners of those banks, of course.
It is from numberless diverse acts of courage and belief that human history is shaped. Each time a man stands up for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends forth a tiny ripple of hope, and crossing each other from a million different centers of energy and daring, those ripples build a current that can sweep down the mightiest walls of oppression and resistance. Robert F. Kennedy
Joe Klein, the author of Primary Colours, a fictionalized account of Mr Clinton's 1992 election, who has known the former president for 20 years, said he also heard that he was "very, very bitter", from people who have spoken with him.
"It's time for him to get over it or go off and do his charitable work. He knows the rules of the road. What's going on now is kind of strange. I think his behaviour is really, really shocking."
In San Antonia this past February Obama stated in a campaign speech, “To give you a sense of what that kind of lobbying gets you… the CEO of the largest subprime lender was promised a hundred-million-dollar severance package at a time when more than 2 million Americans were facing foreclosure, including nearly 14,000 right here in San Antonio..." Obama was most likely referring to an Angelo R. Mozillo, one of three CEO’s that were scheduled to appear to testify in front of a senate committee concerning their compensation and firms roles in the ongoing mortgage crisis. Stanley O’Neal, who received more than $161 million when he was ousted as the Chairman of Merrill Lynch, was one of the three CEO’s coming under scrutiny. In 2003, O’Neil donated to Senator Obama’s Senatorial campaign, followed up by a maximum $4,600 campaign contribution by he and his wife, Nancy Garvey, to the Obama Campaign. Ironically, the O’Neals tried to originally contribute $6,900 to the campaign only to have $2,300 returned.
The real danger is that those who defend Obama the Candidate no matter what he does are likely to defend Obama the President no matter what he does, too. If we learn in 2009 that Obama has invoked his claimed Article II powers to spy on Americans outside of even the new FISA law, are we going to hear from certain factions that he was justified in doing so to protect us; how it's a good, shrewd move to show he's a centrist and keep his approval ratings high so he can do all the Good things he wants to do for us; how it's different when Obama does it because we can trust him? It certainly looks that way. Those who spent the last five years mauling Bush for "shredding the Constitution" and approving of lawbreaking -- only to then praise Obama for supporting a bill that endorses and protects all of that -- are displaying exactly the type of blind reverence that is more dangerous than any one political leader could ever be.