A Report Card For Congress

Can we grade our current Congress? I will focus upon several players who have helped create the financial mess that we are in today.
Senator Chris Dodd Grade F-. I know an F should be the lowest grade possible but since it is now 110+ days and we still can not get information on his sweetheart deal with Countrywide Mortgage, I have taken the liberty of grading him down. What is even better is his massive campaign contributions from these fallen financial giants and his total lack of understanding of what is actually going on with his industry. Dodd should be recalled by Connecticut voters, censored by the Senate and or resign immediately for his lies to the public about this crisis.
Representative Barney Franks Grade F. Another clueless individual trying to rape taxpayers in this bailout bill. I never heard more twists and turns with policy, who to blame and why than from this man since 2004. Another ignorant politician who has massive power over the financial industry and uses it to his self glorification. Also someone else who needs to resign.
Representative Charles Rangel Grade F. He gives new meaning to ignorance and should be censored also. He just writes tax law but has no need to follow it. Maybe he can squeeze in a few more apartments at a cheap rate after all he deserves it.
Representative Nancy Pelosi Grade F. What a speech yesterday! I guess she is shooting for an approval rating of -9. Resign, what a disgrace to our Congress.
Senator Obama Grade F. Why would you have Franklin Raines as an Economic advisor is beyond my understanding. Raines should be in jail now for his looting of public money.
Finally Representative Maxine Waters Grade F-. If you thought nationalizing the oil industry was bad, try listening to her interrogation of the federal regulator during the Freddie and Fannie corruption hearings in 2004. What lies about Raines. Here is someone who should resign and run in Cuba.
Sadly these self serving, egotistic, corrupt politicians are still in office today and taxpayers from all walks of life will continue to pay for their greed, their self glorification and their ignorance.

Congress and Economics/Finance Do Not Mix

"I understand speed is important, but I'm far more interested in whether or not we get this right,". Chris Dodd said this yesterday at his bailout hearing. I am wondering why he did not comment on his subprime mortgage deal with Countrywide. However after reading what happened at the hearings I can conclude that our Congress and economics/finance do not mix. I can not rationalize the lack of economic knowledge that members of this group displayed yesterday. I can not believe they are that ignorant about how our economy works nor do they have any understanding of how our finance markets work. Barney Franks continues to ignore his own lies about Fannie Mae and Freddie Mac and still beats his liberal drum sitting in front of his committee working it to his own political glorification. It is pathetic to watch this. Both committees in my opinion are clueless as to what is going on in the financial markets. And both are playing politics as usual (especially Dodd who does not have a leg to stand on) with this financial
bailout bill. Congress really needs to address itself and its failings especially when economics,finance and spending are concerned. And I wish hearings could start today on that.

The Plan With No Strings Attached

I continue to read and watch in amazement the current debate about the $700 billion dollar bailout plan in Congress. In keeping in step with their inability to either lead or make decisions I can see the Democratic Congress coming up with a great deal of pet provisions to throw into the bill and probably a great deal of earmarks that could be added also.
I have to laugh at the pathetic nature of Reid, Pelosi, Franks and Dodd commenting that they are looking out for the self interest of the taxpayer in the bill. I guess this is why Franks has come up with the comical strings attached to the bill that he announced yesterday. My question to Franks and Dodd is why did they block legislation that could have prevented this mess in the first place? So that Dodd could protect his sweetheart mortgage deal with Countrywide? Franks comment in 2003 that the fears of Fannie Mae were "overblown" . At what point does Franks think things are overblown? When his cronies stopped looting the company? Who profited the most from Fannie Mae and Freddie Mac, Franklin Raines and the numerous members of Congress like Dodd and Franks that received donations from these two bankrupt companies?
Thus the bill will come to a vote soon enough and most members of Congress will know virtually nothing about what they are voting for. As a taxpayer this is a disgrace to anyone who chooses to live within their means and pays taxes in our country. A private market solution would work the best rather than a socialistic/capitalistic system that is evolving by a Congress too foolish and too self serving to understand how our economy works.

Please, please bail me out!

Please bail me out. I am out of control. No, my family is not out of control with our spending, but can we get some of that bail out money that is free in Washington. Can we get some of that change (whatever that means?) that is supposed to be coming? Better yet show me some of my cash that I pay in local, state and federal taxes.
A simplistic view of the financial mess that is found in our economy today is that we need to spend less money. We need to live below our means to help create a better financial future. Many CEO's are not worth what they are being paid in these financial companies that are going broke. I realize that this falls onto deaf ears in Washington and Hartford but I can not see governmental ownership of mortgages where in essence, if you have this type of mortgage you are both the creditor and debtor of the mortgage. We are subsidizing those who have lived well above their means. Who really will pay for all this?
As an economist I really would love to see the free market system work again with that invisible hand guiding us along the way. So much for that in my lifetime.

The Energy Bill That Isn't

Oh we will give you an energy bill and what a beauty it is. The Democrats in Congress never cease to amaze with their brazen deception of the American taxpayer and energy consumer. This "new" energy bill allows for drilling offshore, it is too bad that there is no oil where they are allowing oil companies to drill and only with the states approval and only with the bulk of the royalties going to the government. Wow, this should help our energy crisis and we energy consumers are once again being told to drop dead by our leaders in Washington. What is the point of this deception? Why do the Democrats have so many problems in becoming realistic with energy issues? So it just more of the same, no new sources of energy, not now, not then, not never. A great thanks should be given to this most horrific self serving Congress in our nation's history.

Thursday's Quick Thoughts

Some quick thoughts:
Why is the Constitutional Convention in Connecticut a bad idea? We have an unresponsive state legislature along with an equally unresponsive legal and executive branch of government, why not make them accountable? What is wrong with that? I am voting in favor of it.
Speaking of unresponsiveness, Wallingford voters in the 85th district actually have a choice between the incumbent tax and spend liberal Mary Mushinsky and a political newcomer Republican Mike Vitali. In my opinion he has a great chance of unseating Mushinsky who is completely out of touch with anyone who works for a living in Wallingford. Vote for Vitali in the 85th.
Another day and another no response from Chris Dodd and his unethical mortgage deal from Countrywide Mortgage. Why does he still represent us? Why does the media continue to ignore this major issue?
Sarah Palin continues to shine with John McCain. What a great choice and a great team. Compare Obama/Biden with McCain/Palin. The Democrats have to be wondering why they got suckered into this mess of a ticket, ultra liberal, combative, irresponsible, inexperienced, anti-woman, new and higher taxes, no leadership qualities. McCain/Palin will win...

Hey Taxpayer - Got Any More Money?

Hey do you have any more money? Let us say $85 billion? What do you mean you don't? What do you mean you are tapped out from what you as a taxpayer gave to Freddie Mac, Fannie Mae, JP Morgan and others? What do you mean by a free market system which allows for supply and demand to exist, didn't you learn that in Economics 101 from Professor Swick many years ago? What do you mean that when you went for a mortgage you had to put 20% down for your house or condo and you have to prove you were employed and verify what income you earned? What do you mean that it was legal for these same companies who are going broke and using taxpayers monies that their CEO's are still getting their high salaries and bonuses? What do you mean you lost $25,000+ so far in your 401K? What do you mean by Social Security and the concept of retirement when members of Congress are excluded from Social Security? What is Capitalism? Is it now Government Capitalism?
I truly wish I could wake up from this financial debacle and see how a free market works again...

It is never the Democrats fault...

I know it is never the Democrats fault for anything that happens in our economy. Even though they control both the House and Senate on a national and state level, even though many like Chris Dodd and Barney Franks have been in office for years, they are oblivious to any responsibility for their questionable, unethical and in my opinion illegal actions. I find it incredible that the Democrats now feel that the financial debacle is the Republicans fault. I guess Franks stonewalling of reforms for Fannie Mae and Freddie Mac does not count for anything. Dodds sweetheart mortgage deal and incredible political donations from both Fannie and Freddie do not count for anything. His bailout of Countrywide Mortgage does not count for anything either. No it is all the Republicans fault according to their twisted logic. What a pathetic mess these Democrats have made.
I have always wondered what it would be like to have a job and not have to do anything, not have to take any responsibility for anything, not have to be ethical nor have to worry about the laws that govern us. Then again I am not Chris Dodd, Barney Franks or any of the other Democrat Representatives or Senators who have abused their power for their own self interest and self gain.

Will Dodd Ever Tell?

I guess not. I guess we as taxpayers who are currently underwriting one of the largest bailouts of mortgages and banks in our nations history will never find out the true story of Senator Chris Dodd's sweetheart subprime mortgage deal. The media continues to avoid the question, more concerned with his role in a new Democratic administration. What a farce of reporting. What are his qualifications to serve? Actually what are his qualifications to continue to be Senator with this questionable and unethical mortgage deal he received and then his bill which bails out the same mortgage company? Dodd is concerned only with his personal self interest, personal gain and glory. Ethics does not play a role in it. As his power continues to grow in his own mind he is above the law as are most who serve in Washington. And once again taxpayers will pay for this debacle of fraud.

Community Organizer=President?

As an Economics and Business Instructor, I am wondering how much do community organizers for ACORN or other liberal type organizations contribute to the Gross Domestic Product (GDP)? What kind of jobs are actually created? And who pays for those jobs, the private sector or taxpayers through government funding of these mysteriously named ultra liberal and anti-business agencies? These are just some random thoughts I as a voter and taxpayer are wondering about Mr. Obama's background. I know he has spent an incredible amount of time campaigning for his seats in Illinois and his failed seat for the House and for his current seat in the Senate. In his employed state position in Illinois, he voted present which apparently means a catch all not to disturb either side of an issue nor be able to actually make a decision. I know he has currently missed half of his votes as a US Senator over the past two years while campaigning for President. His shine as a candidate seems to be fading rapidly as the American voting public is starting to question his credentials and his background. To put it mildly, he is unfit to lead our country.
The tide is turning to two candidates who have the abilities to lead our country, John McCain and Sarah Palin. Not the other two candidates who are leaderless, pompous, arrogant and self serving. McCain=President.