Blogvious

I get that the point of this bailout is not punishment. However, if I made a ten million dollar mistake I would probably be fired. If one of my people made such a mistake, they would get the axe - assuming the company even survived.

So how is that the smartest guys in the room can make mistakes that total over $1.3 trillion — and get away with it? Why is it that people that were prudent are bailing out the no-limit morons that took on debt loads they cannot afford? Why are we rewarding this? 

By the way, the most guilty party of all, the US Congress (along with the Clinton and Bush administrations) lit the fuse and kept stoking this fire. I doubt you will hear many mia culpas from their ranks.

Once again, the party is over. Once again we are cleaning it up. Time to clean the erasers.

– Carl / Blogvious

Hank Paulson took to the airwaves yesterday pitching his plan to (again) save the financial system with a huge $1.3 trillion (total) bailout.

That’s a big bet.  Plus, we get to increase the national debt by another 10% - to well over $11 trillion.

He says we are doing all of this to calm the stock and bond markets, releive the credit crunch and restore confidence in the American economy.  Um…OK, but I have a question.

Who is doing the ‘restoring’here?  Just who is on this team to restore confidence?

• Is this the same team that took us into Iraq?
• The same team that coughed up the ball once we were there? 
• The same team that squandered tens of billions cleaning up self-generated messes in that failed execution? 
• Is this the same team that responded to Katrina? 
• The same team that was as inept as the clueless Governor and Mayor of that corrupt state / city?
• The same team that appointed cronies to key positions of responsibility and oversight?
• Is this the same team that turned a blind eye to lax regulation?
• The same team that allowed congress to use Fannie / Freddie as a third-party enrichment tool?
• Is the team that has run up big government deficits that would make LBJ and FDR blush?

Is this the team that is RESTORING confidence?  Am I missing something here?

The air is thick with talking heads and know-it-alls espousing tons of theories on why Paulson is wrong or right. The truth is none of them know. Let me repeat that. None of them know. Nor do the walk-and-talks that are repeating someone elses’ less than grounded assessment. We’ve not been here before and I’ve not seen a single historic parallel that provides a solid analog - which is itself an assessment on my part.

The reason we are seeing all of this chattering - in addition to the magnificent egos spewing it forth - is the reality that we have so little confidence in this team to get it right, and at a time when the stakes could not possibly be higher.

Economic historians now agree that moves made by Republican and Democratic administrations created, deepened and prolonged the Great Depression. The thing is, it took 50 years to figure that out. It may be our kids that finally determine if what we are doing now is the right course of action, or a path of folly.

Were this action coming from an administration founded on solid principals and with a roster of significant wins and accomplishments, I (and many others) would be much more comfortable.

You are a smart and well-respected man Mr. Paulson, but your team has some credibility issues. Restore confidence? OK Mr. Paulson, but it begins at home.

– Carl / Blogvious

A dear friend forwarded an article that went to great pains blaming the flawed and idealistic policies of the Clinton administration for the current financial mess.  Really?  The article has merit - but at the same time misses the point entirely. If you begin lining up culprits, the line will be long indeed.

Let’s find some guilty parties:

Mr. & Mrs. America: If you’ve defaulted on a mortgage, a bank, car, or credit card loan – and I really don’t care what your story is – you are part of the problem. That does not make you a bad person, but you are adding to the turmoil. ::That’s Personal responsibility.

Mr. & Mrs. No Limits: If you are living in a home you cannot afford with a mortgage you should never have qualified for – and again I don’t care about your story – you are part of the problem. We’ve already shoveled $100 billion to help these geniuses. Those of us that took personal responsibility are quite puzzled by this one. ::It’s called Common Sense

Mortgage Industry: If you were a high-flying mortgage banker, loan processor, or broker (or agent) that was moving fast and loose with paper that was not yours, lying to people on both sides to close the deal, you should probably be shot (and I am quite serious here). ::It’s called Integrity.

Too Smart: If you were one of the “brightest guys in the room” that helped design these exotic mortgage bundles and then syndicated them far and wide to avoid any concentrations (so the financial system would be safe) you are part of the problem. ::It’s called Character.

Financial Stalwarts: If you were an investment bank, insurance company or other bastion of financial integrity prized for your strength and power, and you bought these risky, bloated instruments to make a quick buck, you are part of the problem – and are now feeling incredible pain. ::It’s called Prudence.

Watchdogs: If you were one of the many trusted institutions or appointed officials charged with monitoring and regulating the banking and financial markets, you have truly fallen asleep at the switch. Those of you that did raise your voices were shouted down. Too bad. Regulators do not win popularity contests. You are all part of the problem.  ::We call this Accountability.

National Leadership: If you sat in the Oval Office during the Clinton or Bush eras, or advised either man during this run-up, you to have much to answer for - and are part of the problem.  :: We call this Judgement.

Elected Officials: Lastly, if you were an esteemed member of Congress, getting fat on dollars from a myriad of lobbists, or were hawking your populist credentials by browbeating regulators (such as Barney Frank, Chairman of the Banking Committee) to lower their standards while your friends were getting rich from sweetheart deals with Fanny and Freddie you are among the biggest offenders of all. You certainly are part of the problem.  I’m about out of adjectives, but ::Corrupt, comes to mind.

– Carl  Melville / Blogivous

So today finds me at CTIA in San Francisco and in a twelve hour news blackout. Imagine my surprise when upon leaving the Mascone center I get back-to-back calls from two friends regarding my blog post yesterday where I predicted that Obama / Axelrod might throw the dead weight of Joe Biden over the rail or under the bus in favor of Hillary, whom they should’ve taken in the first place. Seems I may have called the play.

Today Biden actually said that “perhaps he was not the best choice for the VP slot”. Now that he has opened the door, he certainly made it much easier for the Obama people to call an audible and replace him with a woman who should be at the top of their ticket. To the detractors from yesterday, I would just like to say “I told you so.”

Keep in mind, my views here are strictly Machiavellian. Under full disclosure I hope that Obama does not switch horses. Give human nature, enough middle-of-the-road voters currently swayed towards McCain could in fact swing back if they had the genuine article, rather than a stand-in to vote for.

This does not mean I believe Sarah Palen is a stand-in. To the base of the party she is certainly the real thing and replacing Biden would have no impact on their votes. However we need to keep in mind that this election will be a squeaker and if the Obama Axelrod team can pick up an extra point or two with Hillary but they will make the move.

What I know for sure it’s going to be an interesting eight weeks.

– Carl / Blogvious

If there is ANY way that David Axelrod can dump Biden and grab Hillary, he would do it in a heartbeat. The loyalty there is zero and the upside thus far has been nill. With ballots going to press, and an election less than 60 days away however, it would be a true Hail Mary pass, but one he would clearly make if he could.

Biden has delivered ZERO to the ticket thus far, and their chemistry, at least from what we can see on video, is not good. McCain on the other hand has hit the proverbial Jack Pot. Sarah Palin is a HUGE hit and Republican Rock Star - something we never see. An Obama switch to Hillary would enliven the race and absolutely guarantee a Democratic win…but that’s where it gets complicated.

The problem would be ‘how’ to accomplish this. If a piano fell on Biden or he slid under the proverbial bus, it would be easy enough. Hillary could come to the aid of her party in its hour of need. Barring such a calamity, it would take a voluntary withdrawl on Biden’s part (with something approaching a sincere excuse) to make such an entrance possible. Cleary the odds are against it.

However, two months from now, as we are counting the votes in another 50/50 squeeker - and likely swearing in John McCain and Sarah Palin, the Axelrod team will be conteplating what might have been.

I lived most of my life in Chicago and have seen the bare-knuckle politics of that city up close and personal. Obama’s team, led by David Axelrod is cut from this cloth. They are smart. They are ruthless. They are in this to win.  If they can pull this off, they will. Here’s hoping they do not.

– Carl Melville / Blogvious

It is not hyperbole to suggest that there is a new star in the Republican Party tonight. Sarah Palin’s acceptance speech at the Republican National Convention was an absolute home run by any measure.

Last night I was flying home on a coast-to-coast Delta flight. This particular bird has satellite video feeds built into every headrest (in coach too). CNN was covering the Republican National Convention but frankly it had been a long day and listening to the chattering class of pundits exchange idioms with seasoned pols did not intrigue me in the least.

I was interested in hearing Sarah Palin speak, mainly out of curiosity. My expectations were quite low. I had no idea who she was and the initial press information on her was bland, neutral and sketchy. The biggest controversy was whether she should be on the ticket all - then she began to speak. Wow. I was hooked.

I am an unabashed fan of Ronald Wilson Reagan. History will note that he was one of the greatest presidents of his century and in all of American history. He could also deliver one hell of a good speech. Bill Clinton, who followed Reagan by four years was also a skilled orator that could speak to the longings, emotions and aspirations of his base. When it comes to stagecraft he is as good as it gets - maybe the best there ever was.

The speech Sarah gave was one of the best I’d ever seen. It was full of red meat for the base (these speeches always are) but the delivery was extraordinary. There is truly a new star in the Republican party, and her name is Sarah. I cannot remember in my lifetime, and I was born the year that Kennedy was elected, that there has been a true rock star in the Republican Party.  During that time there have been several in the Democratic Party, most notably Bill Clinton, and of course the current candidate, Barack Obama.

Will Sarah’s efforts be enough?  Too soon to tell. Run, Sarah, Run.

– Carl / Blogvious

I thought I’d heard every possible story from tech support people - until today. A great new CMS tool, Remix, has come out with an update. I visited their site today seeking a solution and was told that tech support was unavailable. Seems their town of Surat India is under TERRORIST ATTACK. That’s a first.

Here is the message:

 

“The WP Remix 2 has received a good praise, suggestions and support from the valuable clients since its release. At WP Remix site, we have support forum for any and all queries that the buyer might have and I have been providing in time support to all the queries generated by the users.

Unfortunately, the city where I live has some bad news. My city is under terrorist attack and many live bombs (nearly 25) has been detected in past 3 days as you can see in the following news websites.

Though I wish to provide support in time, the circumstances are as such, I might not be able to come to office for few days and as a result, I might not be able to provide support in time.

I request all the existing buyers to co-operate in this situation and also would request to active support forum members to help each others as much as you can.

Again, I appreciate the warm support of all the people, and hope to the things get well soon.”

Wow. We take much for granted in our sheltered existence - but the threat posed by extremists impacts the lives of all of us. I hope my friend in India is soon back at his desk and that his company continues to prosper.

– Carl Melville / Blogvious

I respect Wesley Clark’s service to our country. Seriously injured in Vietnam, he recovered and has spent his career in the military. Respecting Clark the man however is quite another matter. I can respect him no more. His most recent act of utter arrogance was made on national television on Sunday. Given an opportunity to walk his comments back, he further enforced them, leaving no doubt they were not an error or poor choice of words. It was a personal attack and one that was groundless - and which backfired on him.

You may recall that General Clark (ret.) made an aborted run for the Democratic nomination in 2004. His ballyhooed campaign lasted about 10 seconds - vanishing with barely a whisper. Since then General Clark has been a perennial gadfly on every cable channel, news show, and open podium that will have him. Wind him up and he will distort the intentions of the administration and contort the facts on the ground to suit the requirements of his Democratic masters.

His 15 minutes of fame long expired, Clark continues to speak of things as if anyone really cared what he thinks. Senator Obama, in an effort to beef up his military cred, hired Clark as a hack to promote the Senator as a savvy and wizen leader on military issues, in spite of never having worn a uniform. Even in this role Clark bungled the assignment and felt the need to exceed his commission.

On Sunday, in front of the entire world, he proclaimed that Senator John McCain, a man that served his country honorably, spent years in a Vietnam prison camp, and then devoted his life to national service, did not possess qualified military credentials. For those unaware of McCain’s background, he was offered early release from the Hanoi Hilton (as it was called), which he refused unless his fellow prisoners were also freed. In poor health and badly injured he went on to endure years of sadistic torture that have left his body damaged, but his character intact.

Admiral McCain? Almost. Many people do not know that John McCain, who had committed his life to military service, was about to accept a promotion to one star Admiral (Naval equiv of General). He turned down the commission to run for public office. He was successful in that pursuit and has served his nation and state for over 20 additional years.

Clark’s comments, which were immediately disavowed by the always-nimble Obama Spin Machine, are beneath contempt. They were not an accident. They were not a slip of the tongue. They were a calculated attempt to besmirch McCain and nullify his credentials in this particular domain.

From today forward Clark is a non-entity for me. He’s cashed in his credibility and dignity for cheap shots and quick headlines. The fact that it backfired goes to the ineptitude of the effort but does not remove the dark underlying intent.

We are witnessing yet another transformation of Barak Obama. From darling of the left to champion of middle America. Changing his positions, tweaking views and morphing his rhetoric to fit his needs is something at which he excels. He is certainly not the first politician to pander - in fact we’ve come to almost expect it during election season. The difference with Obama is that he so darn good at it.

One reason his chameleon routine works so well is that he rarely takes a discernable view on anything remotely controversial. He speaks in generalities and vague allusions that stir the emotions of the faithful.

For a man that claims to be “above it all”, he has certainly shown to be up to his waist in the muck he eschews. His political skills, combined with a strong anti-Republican sentiment sweeping the nation - plus the ongoing ineptitude of the McCain campaign, means that he is the prohibitive favorite as our new leader. Or should I say our old leader. We’ve seen this before. Old Book / New Cover.

Well, after generations of refusing to touch the issue, the Supreme Court ruled, in a majority opinion written by Justice Scalia, that the DC gun law is an unconstitutional violation of your 2nd Amendment rights. I’ll leave the penetrating analysis to constitutional law scholars, but the implications are far-reaching. Equally stunning was the sharp rift between in the court. There was no middle ground on this issue - just as in the country at large. Four of the nine justices believe that the 2nd Amendment does not guarantee the right to bear arms and believes it can and should restrict personal liberty.

Why now? Could it be that the nation is likely to see a decidedly more liberal court in the coming years? We will certainly see several judges step down in the next decade. The current 5 / 4 court will likely tip the other direction - perhaps decidedly so. However, ruling on this now sets a precedent that may stand for a very long time.

So who wins? Well clearly those that support the 2nd Amendment, strict interpretation of the Constitution, and personal liberty are celebrating. However, the celebration should be tempered by the swing to the left noted above. Twelve months from now this could clearly be a 5/4 opinion in the other direction.

Those on the fence about John McCain should take heed. The next President will hold sway over several Supreme Court appointments. If you value civil liberties, think twice before handing them over to far-left-center liberal thinker. Sadly I doubt the inept leadership of the McCain campaign will properly utilize this gold plated opening.