America's Latest Historical Revisionists

Hello Papamoka Bloggers! Did you hear the latest Republican gem? Dick Cheney has inked a book deal. The book is expected for the Spring of 2011 by Threshold Editions of Simon & Schuster. It's that charming division led by editor-in-chief Mary Matalin, a good friend and close aide to Cheney. Perhaps they should rename it to be more accurate. I would suggest the Propaganda Division. Once again, the Republicans demonstrate how close ties can help them create their own reality.

The really interesting thing is that Cheney's book comes out only a few months after President Bush's new book. I don't know about you, but something smells fishy. I'm sure I'm not the only one who wonders whether we have "dueling books" here competing for history's attention. That's my best guess.

Wow, both books should be shining examples of Republican historic revisionism, not to mention full of goodness and light. LOL! You know, they're very good at historic revisionism - that's what they call it, while the rest of us call it propaganda.

Did you guys know that Ronald Reagan single-handily pulled down the Berlin Wall? I hear that's why they named so many ships and freeways after him. That and for his famous ability to fly and use heat vision. There are also rumors that he helped George Washington cut down that famous cherry tree - you know, the GOP says he never told a lie. LOL!

The "Best of Cheney" (fine, kidding) is expected to be all about his long career in government, from chief of staff under President Gerald Ford to vice president under Bush. I wonder if that will make Bush feel less potent somehow. I doubt it. If he writes about his years at Skull and Bones and the subsequent drug years, his book should be a much bigger seller. Hollywood may even want to make a movie out of it. LOL!

What I find really hilarious is the way DICK told the AP "I want my grand kids, 20 or 30 years from now, to be able to read it and understand what I did, and why I did it." To achieve that noble idea, he needed $2 million dollars from Simon & Schuster. I guess Dick Cheney would need that kind of money to do a good deed for anybody - his grand kids or the nation. I hope he lies a lot in it, or his grand kids may get the wrong idea. LOL!

I swear, the man is a caricature of today's Republican. They make up their own facts, their own history, and their own reality. They always miss the irony. It's kind of sad really.

When they finally come out both books will be considered history by Republicans and complete works of fiction by Democrats and the rest of the civilized world. It's strange, but Republicans see themselves as the principled party of strong families, strong defense and strong economies - history and reality do little to cloud that perception. It's incredible, but they soak up their own revised history like a sponge in crude oil - slowly but surely.

In the end, they believe all of it. That's when they start fighting to name things after their great leaders, and their "achievements." It usually requires about a decade to pass before things calm down enough, thus allowing their propaganda to work. The funny part is they think we don't notice or remember. Unfortunately for them, we do. We remember Watergate, Iran-Contra, and the years of turmoil under George W. We also remember the Republican debt, no matter how many tea parties they try to hold. Despite their best efforts, they're getting a reputation.

While they pine away for guts and glory, and marvel at aircraft carriers named after themselves (I'm sure that's how they see it - don't you know they're all heroes), we Democrats sit down and work hard to find solutions to the problems of everyday Americans. While we try to draft solutions to health care, energy, finance and immigration, the Republicans bitch and moan about the workload and how we Democrats are changing America too much. All the while they never realize that America is always changing, and they are always trying to catch-up.

In the end it all works. Real history is about Republicans getting big ships named after them, while Democrats quietly enjoy a small and simple plague on a remote bridge - one that might have fallen down and killed somebody if we Democrats didn't fight to spend the money to rebuild it. Republicans love to see themselves as the world's "freedom fighters," yet real history suggests they ignore problems here at home to pay for those adventures - those frequent, very expensive adventures.

No matter what Cheney and Bush write about, we Democrats - and all Americans - will know the truth. Their spin won't be strong enough to hide their disasters. Their spin won't be fast enough to prevent history itself from praising all the successes and improvements since their departure. In the end, they will be left with a small group of fans. A group that will mean little to the rest of us.

History will shine brightest on those Americans who fight to improve the country. History will be kindest to those with truth and justice on their side. History will ultimately credit the Democrats with helping Americans cope in this challenging and difficult world. In the end, Americans will know truth from fiction.

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

Today's Ugly, Lazy Politics

Hello Papamoka Readers! It's Ash Wednesday, the beginning of Lent, and a good time to give up something. Let's purify the soul. If you start with the seven deadly sins as a guide, perhaps we Democrats should let go of some pride. President Obama is causing an overload lately. Let's give it a shot.

Let's see, how about Republicans? I have a suggestion for our Republican friends. How about giving up sloth? Sloth is one of the sins articulated so well by medieval theologian Thomas Aquinas.

Think about it, it's the perfect sin to describe today's modern American Republican. Yes, SLOTH!

According to the Catholic Church, sloth is the "sluggishness of the mind which neglects ... sloth is evil in its effect, if it so oppresses." Wow, I don't know about you, but for me that is the nail that hits the proverbial Republican head. It's PERFECT!

The Church was referring to the idea that life requires work, and that work leads to salvation. You can interpret "work" any way you wish, but before I'm inundated with Republicans accusing Democrats of lacking a work ethic due to their desire for government leadership, allow me to say the work I find lacking involves Republican laziness related to FACT FINDING! Besides, I totally disagree with you Republicans that Democrats are lazy. American workers are the most productive on earth.

As many of you know I audit many of their news sources, and let me tell you their leaders, radio talk shows and various psychotic FOX "News" programs have been swamped lately with even more propaganda than usual. I call them the propaganda "elitists," to borrow a word the Republicans like to use on us. Well, the elitists are out-of-control and off the scale!

I've referred to Recovery.gov as a fact checker numerous times, and I am shocked by the amount of Republican BS that's being repeated ad nausea in some kind of retarded GOP-to-media-to-constituent daisy chain, or merry-go-round when they talk to each other. They are out of control and they don't even realize it most of the time. To be blunt, it seems like some kind of sick sociological experiment, to discover just how wrong politics, parties and their constituents can get when guided by unprincipled, desperate people.

The last few weeks have been the worst ever tainted by their lies, which has spurred them to be the least cooperative opposition during a crisis in American history. Their unwillingness to acknowledge the will of the American people after the last election is striking. They seem determined to stick to their broken ideas and stunted schemes. Their leaders have been despicable, doing whatever they can to stop a true economic recovery for their own political purposes. Their only concern is the next election and power, not the American people.

You see, there is only one set of facts. We Americans can debate them all we want - as to whether we feel they will help or hurt - but the fact remains there's still only one set of them.

I have a few questions for those Republicans who love to think they're politically smart these days, but in reality parrot the hyperbole of a few fanatic media dogs. Do you ever listen to yourselves? Do you ever think how absurd you sound when you try to debate politics using today's corrupt and discredited Republican resources? Do you ever get tired of ignoring factual responses, while resting on a crutch of media ignorance? Do you ever LISTEN?

Why don't you look up just a few key facts, which just might encourage you to cut President Obama and the Democrats a little slack? Try these first:

Why don't more Republicans make an effort to learn about how Republican presidents and congressional leaders ran up WELL OVER 90% of today's post World War II government debt, which now tops off near $11 trillion? George W. Bush himself ran up over a TRILLION in the past fiscal year alone. If it's true, which it is, doesn't it stand to reason that Democrats should be allowed an opportunity to spend government money based on their own needs and policies? It's only fair.

Why don't more Republicans make an effort to learn about what generates actual wealth in a nation? Republican leaders, the media, and my Republican friends keep talking about how World War II spending was the real reason why America pulled itself out of the depression. They like to say that Roosevelt's policies helped the poor, but in reality they prolonged the depression. That is a LIE!

Economists know that war spending does very little to create the economic conditions for domestic growth, since most of the money is wasted on products and services that are ultimately destroyed. Economies grow based on investments that are both renewable and long-lasting. Infrastructure investment, education investment, and good government policies are what most economists and academics credit with pulling America out of the depression. The fact is Roosevelt is responsible for those conditions. The Republican talking points to the contrary are deceitful, disingenuous and ignorant.

Why don't more Republicans make an effort to learn about why tax cuts are not enough to spur an economy, especially one mired deep in a recession or a depression? Most economists believe tax cuts spur an economy, which is why President Obama included $288 billion in tax cuts in the stimulus, HOWEVER, most economists ALSO believe that government spending and smart policies can play a vital role in stimulating an economy in crisis. The Republican talking points that criticize government efforts have no basis in reality. They are LIES! It is a fact: government has helped in the past and it can help again. The Republicans are playing politics!

Why don't more Republicans make an effort to learn about how they themselves used the same tools of government intervention in the past to help the economy? There are many examples throughout history when Republican administrations and congressional delegations used government to help fix the economy. I'm not going to name them all, but suffice to say that Ronald Reagan (Savings & Loan Crisis - $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. taxpayer) and George W. Bush (federal bailouts and guarantees totalling over $5 TRILLION) were the two most recent examples. Feel free to list your own. They used LOTS of government money to tweak the economy. If Republicans wish to be fair, they'll allow us the same tool box. Unfortunately, I suspect fairness means little to them.

Why didn't more Republicans worry about creating debt when they were in power? Don't they see their own hypocrisy and double-standard today? I guess not.

Why didn't more Republicans care about smart regulations and enforcement when they were in power? Why are they fighting it now? Don't they acknowledge the role their leaders played at creating this crisis? Why doesn't it matter to them? Why don't they question their leaders' competence more?

Why do Republicans keep saying the Democrats were responsible for our problems because they controlled congress during the last two Bush years? Are they stupid? Think about the time scale! Are they even aware how their party filibustered every significant piece of reform legislation over those two years?

Why do Republicans always believe - without question - that Democrats spend while Republicans save? The exact OPPOSITE IS TRUE! The Republicans have consistently outspent the Democrats while in power, and by their love of tax cuts are guilty of lowering their own taxes at the expense of future generations. IT'S A FACT!

Do Republicans understand how BIG the deficit could get if we don't stimulate the economy, and HOW LONG the recession/depression could last? There are plenty of historic examples where governments did nothing, and nothing happened. Republicans love to use the Japanese stimulus packages of the nineties and their subsequent slow growth as arguments for nonintervention, but they always fail to mention that Japan's economy is driven by exports, and how stimulating that market is difficult. I say get all the facts, or don't bother.

The Republicans like to call us Democrats socialists. The facts suggest otherwise. Republicans lie to their constituents, create myths about who they are, and lie about what they did moments after doing it. They are the CON ARTIST party. A good example is their passion for the "FREE MARKET." Sure they love it, when it benefits them. Republicans are famous for PRIVATIZING THE PROFITS and SOCIALIZING THE RISK. Democrats simply acknowledge that government has a role to play. We tell the truth. We do not try to con the American people.

The list of questions goes on an on. I might even add a few over the next few days. Feel free to suggest your own. The bottom line is that most Republicans are ignoring the facts these days, while believing lies from multiple, illegitimate sources. It's time for Republicans to step up, smell the coffee, unhook the old ball and chain, and free themselves of whatever is causing them to be so brain dead these days.

I have had numerous debates with Republican friends and family recently, and they all seem to be parroting the same lies. It's getting very tiring and annoying. As I said on this blog, modern American political discourse is being steered by political and media elites, who are often LYING! I'm begging average Americans, especially Republicans, to do their research, read more, and discover what really happened in the past, and what is really happening today.

PLEASE DON'T TRUST TODAY'S POLITICAL AND MEDIA ELITE! Get up, get active, and get better informed!

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

GOP Lies About Fiscal Responsibility

Hello Papamoka Readers! I've been listening to the Republicans rant for weeks now about how President Obama and the Democrats want to pass a huge "spending bill" filled with pork. They've been out there screaming to everybody and anybody about how they're the party of fiscal responsibility, and how the Democrats are socialists who wish to "tax and spend" America into oblivion.

All I can say is that whoever believes their BS is about as dumb as a box of rocks, because none of it holds up to scrutiny. It's a fat load of Rush Limbaugh generated CRAP!

I read the legislation and determined that aside from a few minor provisions where I disagree with the leadership, the bill is designed to create new markets and good jobs. There is no doubt, IT'S A JOB'S BILL. It is a good bill that is needed to spur the economy.

The ranting is nothing but Republican Party politics designed to distract the American people. I've grown more cynical with time, and now believe most Republicans care less about the middle-class. Most only care about lower taxes. Unfortunately, and they know it based on their own track record, lower taxes do not necessarily create good jobs, and without a doubt lower taxes CREATE MORE DEBT!

So, what about the debt? Let's ask ourselves a critical question: who actually created the bulk of the national debt? WOW, are you aware THE REPUBLICANS CREATED MOST OF THE NATIONAL DEBT! It's true, the party that claims to be fiscally responsible is responsible for the vast majority of the national debt! How else do you think they keep those taxes low? It all started when the Republicans took power under Reagan in the eighties complaining about Carter's poor economic performance (which was unfortunately true) and the national debt.

"For decades we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. You and I, as individuals, can, by borrowing, live beyond our means, but only for a limited period of time. Why, then, should we think that collectively, as a nation, we're not bound by that same limitation? We must act today in order to preserve tomorrow. And let there be no misunderstanding: We are going to begin to act, beginning today." President Reagan's inaugural, January 20, 1981.

WOW! Reagan had it right way back in 1981! No wonder so many people supported him. Unfortunately, he lied like most Republicans. He got into office and proceeded to spend MORE THAN ANY PRESIDENT (except the Bush boys) and the debt mushroomed going from less than a trillion in 1980 to around $2.6 trillion when he left office. It's ironic how the Republicans still praise the Reagan tax cuts and Reagan's embrace of "supply-side" economics. The praise is undeserved. It's also stunning the way they always ignore his debt spending.

Most of the problems we face today are a result of that Republican fantasy known today as the "Reagan revolution." It turns out the American president credited for reigniting American patriotism burned down a lot of things in the process.

The debt continued to skyrocket for 12 years through Bush senior. Clinton reversed it at a peak of 67% (of GDP). Of course, as we all know now, our favorite frat boy moron, Bush junior, crossed that line again on September 22nd and hit 69% on September 30th last year. What a wonderful parting gift he left us. That's the highest it's been since 1955, and that was just after World War II ended and the country was heavy with war bond debt. See the chart below to get a clearer picture.

It is a FACT that all presidents since Truman have reduced the national debt EXCEPT for the Republican Party's favorite fiscal conservatives, President REAGAN and THE BUSH BOYS. They are responsible for $10 TRILLION IN DEBT, adding an additional TRILLION this past year alone to top it off near $11 TRILLION!

Why are Democrats listening to these idiots! THEY HAVE NO CREDIBILITY! Their track record is the WORST IN US HISTORY! The chart below is a good illustration of just how much damage Republicans have done since the end of World War II. If you want to see just how bad it is in clock form, I recommend a visit to the debt clock.


Face it, Republicans love to lie. They talk out of two sides of their mouths all the time. They like to act as though they're the party of fiscal responsibility, but the facts show that they're the PARTY OF DEBT. The Democrats need to get smarter and start talking about it more. They call us the "tax and spend" party, so let's call them the "party of debt." GET CREATIVE PEOPLE! Democrats need to discredit the Republicans using FACTS so that people stop listening to them.

Yes, the Republicans get me angry. They are disingenuous. They're all smoke and mirrors. They're screaming "socialism" and "communism" (that's Glen Beck's current rant) to rally their troops against the "job's bill," and no Democrat is bothering to point out their hypocrisy. It's a fact that George Bush pushed through tens of BILLIONS on "socialism" spending after we were attacked on 9/11, and the Democratic Party - being the true patriotic party - supported Republican efforts to jump start the economy. Nobody's talking about how that bipartisan legislation helped the economy recover.

The Democrats keep missing good opportunities to make the Republicans look like the narrow-minded screw-ups they are today. The Democrats also supported the banking bailout. It turned into another Bush fiasco, but still the Democrats tried to help the economy. Where's their support of us? It's clear they have two minds, and neither represents the best interest of the nation.

Another example of their deceit was mentioned earlier; Republicans LOVE TAX CUTS. Unfortunately, they don't like to talk about how tax cuts create debt. It's proven, in reality, TAX CUTS ARE DEBT MACHINES! Again, the GOP is FULL OF BS! It's not just me, it's clear that younger people in America are starting to get angry. They voted for Obama en masse because many feel cheated by the older "debt happy" generations. Their future is being mortgaged by so-called conservatives hell bent on low taxes. They're being cheated. It's ironic that "family value" Republicans appear to be some of the worst child abusers in history, at least in economic terms.

Republicans are out-of-touch and out-of-control. Their policies are discredited yet they continue to push for them. The Democrats need to stand up for what is right. The Democrats need to fight back hard and start talking to the Republicans like the ignorant, spoiled brats they seem to be. Let's be the party of adults, and force the party of childish rants to stand in the corner until we fix what they broke.

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

The End of a National Nightmare

Good Morning Papamoka Bloggers - I was an early Obama supporter, having donated to his campaign nearly three years ago. I made an early choice that I liked his positions, and that we needed new blood in politics, and more diversity.

After months of volunteering and financial support, I am very proud to be witnessing his inauguration. I too want to celebrate this historical event, and extend my best wishes to African-Americans and others who are standing a little taller today.

It is also wonderful to celebrate Obama's ascent close to the day we honor Dr. Martin Luther King, Jr. It's amazing when you think about it; only four decades ago the haters were openly killing people because of their skin color. We've come a long way. I guess dreams can come true, even in politics.

I acknowledge the historic nature of this inauguration, but I also want to acknowledge the defeat of everything we've been fighting against over the past eight years. George Bush and Dick Cheney are leaving the White House in disgrace today. They are leaving as the most unpopular president and vice-president in American history.

Despite what their supporters say, newspapers at home and around the world are celebrating their departure. We may not have impeached them, thanks to Pelosi and the Democrats, or thrown them in jail yet, but we will be free of them. Their actual exit, which was considered questionable by many, is a victory to be celebrated.

So, let's celebrate Barack Obama as the next President of the United States, but it's just as important to celebrate the departure of the WORST dynamic duo to ever occupy the White House. The criminals are being forced out, and there's nothing they, or their supporters, can do about it.

Our nation will hopefully once again be lead by individuals who believe in the rule of law, and the concept that nobody, no matter how powerful, is above that law. We'll continue to fight to bring them to justice, but in the meantime it's enough to know they are leaving. The nightmare is finally over. Thank you God.

Happy Martin Luther King, Jr. Day!

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

BUSH ADMINISTRATION HELPS ROLL UP "WELCOME BACK" MAT FOR RETURNING VETERANS

BY MICHAEL LINN JONES



Back in the 1980's comedian Richard Belzer had a routine poking fun at President Reagan. Sarcastically referring to Reagan as "the most sensitive man in America," Belzer would voice words that his target never used. It was comedy, the warping of reality to get a laugh.

In one segment, he remarks on unwed mothers, welfare recipients....and veterans. I cannot recall the exact wording, but it was something like, "Unemployed vets.....just keep on marching fellas." It indicated either an insensitivity to veterans in trouble or suffering from a tin ear when it comes to recognizing a simple decency. It was, perhaps, unfair. But comedy is unfair, even if making a point; that point being....what do "we" owe veterans?

So here we are two decades later. In Belzer's America, Ronald Reagan was addressing Vietnam veterans. However, unlike that time, we have a full-blown conflict on our hands. The president who started it is still in the White House. He's the decider. He's the man in charge. Et cetera & ad nauseum.

And, of course, he CARES about veterans. So why am I seeing a story like this from AP's Hope Yen: RETURNING TO WORK A PROBLEM FOR RESERVISTS?

WASHINGTON - Strained by extended tours in Iraq, growing numbers of military reservists say the government is providing little help to soldiers who are denied their old jobs when they return home, Defense Department data shows.

The Pentagon survey of reservists in 2005-2006, obtained by The Associated Press, details increasing discontent among returning troops in protecting their legal rights after taking leave from work to fight for their country.

It found that 44 percent of the reservists polled said they were dissatisfied with how the Labor Department handled their complaint of employment discrimination based on their military status, up from 27 percent from 2004.

SNIP,

"Most of the government investigators are too willing to accept the employer's explanation for a worker's dismissal," said Sam Wright, a former Labor Department attorney who helped write the 1994 discrimination law protecting reservists.

"Some of it is indifference, some of them don't understand the laws involved," Wright said. "But the investigators establish for themselves this impossibly hard standard to win a case. As a result, reservists lose out."

Under the law, military personnel are protected from job discrimination based on their service and are generally entitled to a five-year cumulative leave with rights to their old jobs upon their return. Reservists typically file a complaint first with a Pentagon office, the Employer Support of the Guard and Reserve (ESGR), which seeks to resolve the dispute informally.

If that effort fails, a person typically can go to the Labor Department to pursue a formal complaint and possible litigation by the Justice Department.

A report by the American Bar Association as early as 2004 noted problems in which the government was "not seen as an aggressive advocate for the returning veteran." A presidential task force chaired by former Veterans Affairs Secretary Jim Nicholson earlier this year found that agencies could do a better job of educating troops and veterans. The report did not address government enforcement of the law.

I know what the explanation is for this: watch the film "Airplane!" and wait for the segment where two political pundits are discussing what to do about the passengers stuck on a crippled airliner that might not make it. One commenter says, "They bought their tickets; they knew the risks....I say LET 'EM crash!"

Of course it will not be spoken thusly in public, but many companies will mouth patriotism. Many will flap their yaps about "supporting the troops" which has become as damaged a cliche as the "war on drugs" or the "war on terror." No one can adequately define them because.....well, they just aren't there to be defined.

I look upon the Iraq/Afghanistan conflicts as a national football game. We're all for cheering the guys and gals out on the field. But if dead, injured, or finished with their duty the powerful step over them to keep sending replacement players into the fray.

It's shameful, but then "shame" is a word to describe a condition or attitude that requires contrition. And there is the rub: many have no ability to be contrite about anything. Serving your country is all fine and dandy, but geez louise....don't think for a moment that doing so is going to interfere with COMMERCE.

If there is a federal law that requires employers to take back returning veterans then it should be obeyed. It's a damned shame we even NEED such a law in the first place, but sometimes the legislature recognizes that the excesses of greed and expediency interfere with national security, whatever about common decency.

And that law needs enforcement by the executive. It requires the chief executive of the nation to step on a few toes to ensure that these returning reservists are granted the full extent of that law. But President Bush himself has declared the "haves" and "have-mores" as his base. If this story gets the attention it deserves, like Katrina and Walter Reed, expect photo ops of the president solemnly declaring that he will do something. Yeah. Sure. Almost seven years in office and NOW he might find a problem?

I hark back to the first year of the Kennedy administration. The major steel companies had announced that they were raising the prices of their products. Not because of any inflationary pressure; no, they just wanted more money. The executives were invited to the White House. During a break of the jaw-boning session, Kennedy was seen to exit the conference room in a state of deep anger.

Turning to an aide he said, "My father was right; they're all just sons of bitches." He was referring to the attitude of men whose greed was impaired neither by decency or the thought of the common good.

Anybody who turns their back on a returning soldier/airman/sailor/marine is a son of a bitch, too.

And so are those who allow them to get away with it. What a lousy way to approach Veterans' Day.
***********************
Cross-posted at Michael Linn Jones.com

ECONOMIC VORTEX FORMING IN GULF OF STUPIDITY (WHY IT AIN'T LOOKIN' A LOT LIKE CHRISTMAS)

BY MICHAEL LINN JONES

Recently I wrote about the possibility that an economic Nathan Bedford Forrest would come charging in on some economic experts and badly upset their applecarts. And cause a stampede.

This morning I am scanning the business section of news.yahoo.com and three stories are lined up one after the other. The Federal Reserve dropped interest rates another 1/4 point yesterday, despite the fact that the GDP grew at a rate of 3.9%. Ordinarily a cut would be strongly resisted....but...but...there are those issues to deal with involving the collapse of the subprime mortgage market and its spreading effects.

This AP article by Alex Veiga, FORECLOSURE FILINGS SOAR IN 3RD QUARTER, is one part of the equation.

LOS ANGELES - A soaring number of U.S. homeowners struggled to make mortgage payments in the third quarter, with properties in some stage of foreclosure more than doubling from the same time last year, a mortgage data company said Thursday.

A total of 446,726 homes nationwide were targeted by some sort of foreclosure activity from July to September, up 100.1 percent from 223,233 properties in the year-ago period, according to Irvine-based RealtyTrac Inc.

The current figure was 33.9 percent higher than the 333,731 properties in foreclosure in the second quarter of this year.

There was one foreclosure filing for every 196 households in the nation during the most recent quarter, RealtyTrac said.

Next, Oil above $96 on drop in US supplies by John Wilen, AP Business Writer:

SINGAPORE - The price of oil rose to a new record above $96 a barrel Thursday after a surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained.

It was the second week in a row the U.S. Energy Information Administration reported a sharp and unexpected drop in oil inventories.

"The decline in U.S. crude oil inventories has been a key driver of oil prices," said David Moore, commodity strategist at the Commonwealth Bank of Australia in Sydney.

SNIP,

Much of that decline was due to a big drop in crude supplies at a closely watched oil terminal in Cushing, Oklahoma.

Cushing supplies have been under pressure in recent months due to differences in the price between front-month oil contracts and those for delivery in future months. This price difference, or spread, has given storage tank owners a financial incentive to sell their oil, rather than hold it in inventory. Analysts have also blamed falling Cushing supplies, in part, for the rally in which oil prices have jumped 35 percent since August

Finally, Stock Investors Fear End To Rate Cuts, again an AP story by Joe Bel Bruno.

Mindful of a warning from the Federal Reserve Wednesday about inflation, the market nervously watched the price of oil, which passed $96 a barrel overnight for the first time before dipping on profit-taking. The Fed, which cut interest rates a quarter point, said in a statement that inflation remained a concern, and oil's ascent to another record raised the possibility not only that the Fed might stop cutting rates, but that it might even consider raising them if inflation accelerates.

These, of course, are just snippets from the articles. I strongly recommend reading each in full. After reading what I've done so far I thought of renaming this "That 70's Show (Again)." If one were to take into account the three stories listed above...and Jimmy Carter was President instead of George W. Bush, there would be hell to pay. We would be talking in terms of a "malaise" or some such. But we're not, because we are being reassured (again) that everything is A-okay.

Am I crazy? Okay, don't answer that...but even if that's been established it doesn't take away the sense of wrongness when I read that oil prices go up because stocks are down because oil price "spreads" caused by the commodities markets give an incentive to keep oil storage tanks dry. Which information is used to further increase the price of oil, etc., etc. It's a nasty circular logic that does three things: makes some people a lot of money, costs many more to spend what they don't have, and screws the pooch on retail sales.

The other day I heard George Will say a couple of things. Bear in mind I admire Mr. Will's logic and prose even when I don't agree with him. He said (and I'm paraphrasing here) that even if crude oil reaches inflation-adjusted levels of the early 80's it doesn't matter that much since the influence of oil as a part of the economy has shrunk since then.

Oh yeah? Well what is the minimum wage when inflation-adjusted? I'm not arguing for the minimum wage, but rather using it as a standard of sorts since many jobs offer compensation that is compared to the minimum wage. Besides, gasoline at $3 or $4 a gallon is still that....money that would otherwise go elsewhere.

He also made the point that a lot of the subprime mortgage failures were by people speculating in 2nd or 3rd homes. Again, what difference does that make? Whether for a 1st, 2nd, or 5th mortgage, those subprime deals were sold as securities that have evaporated in value. The end effect is the same no matter WHO held the paper.

I'm a capitalist. I once lived in what once euphemistically called a "semi-state" environment and it was terrible. Capitalism is indeed the only form of economic activity that works. But, it is quite caustic in nature and also self-destructive if left unregulated. I live in a fairly stable neighborhood. I never ordinarily have contact with law enforcement. But I know that if a wildman was trying to walk off the property with everything I own I would call the police. They would intervene between stability and chaos. I think they call it the "Thin Blue Line."

For the last twenty years or so we've had one politician after another cutting that thin blue line of economic regulation like a local mayor with oversize scissors opening a county fair. Our nation has changed, as all things change, but not all change is necessarily good.

And the result is that our economic neighborhood is overrun with wildmen gleefully filling their stockings because the police are now forbidden to even look for crime. It is a sad fact that the first Chairman of the Securities & Exchange Commission, Joseph P. Kennedy (himself a notorious Wall St. speculator) had to have bodyguards while on the floor of the stock exchange.

Kennedy's job was to pour some unpalatable liquid into many bowls of cornflakes, and the consumers of said cornflakes did not like it a bit. They still don't and that's why they pay out a lot of money to ensure their meals taste sweeter every year.

So if the bottom falls out of the bucket we all can rest assured that in the long run things will straighten out. But like Harry Hopkins once told a Senate committee, " the problem is, people have to eat in the SHORT RUN."

And they have to drive cars to work so as to keep the economy going. And they have to heat their homes (those who still have them).

And they have to hold their noses next November to elect people who like the taste of their cereal and aren't about to allow any cops in THEIR neighborhood.
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Cross-posted at Michaellinnjones.com