PrestoPundit

Archive for July, 2008

HAYEKIAN ECONOMISTS LARRY WHITE

Posted by PrestoPundit on 07/30/2008

on the subprime lending fiasco (mp3) part 1 and part 2.

If you want to understand the scope of the subprime mess, consider the fact that only 3 years ago Countrywide loaned money to someone who paid $465,000 for this house in Vista:

The house is now on the market for $180,00.  Hat tip Calculated Risk.

Posted in Economics | Leave a Comment »

STEVE FORBES ON HIGH OIL PRICES,

Posted by PrestoPundit on 07/30/2008

the weak dollar, and Greenspan’s enormous blunder.

Commodities like oil are priced in dollars. So when the dollar
becomes weak, the dollar price of commodities goes up. And when the
greenback is strong, the dollar price of commodities goes down.

In 2004 Alan Greenspan, Chairman of the Federal Reserve, made a
fateful miscalculation. The maestro, as he was then affectionately
called by an adoring media, miscalculated the strength of the U.S.
economy. He thought it weak. He was fearful that prices would collapse
in America as they did in Japan during the 1990s and the early part of
this decade. So to goose the economy, Greenspan created excessive
amounts of money. Interest rates were kept artificially low.

But
the economy was not weak. In fact, between 2003 and the summer of 2007,
the growth alone of the U.S. economy exceeded the entire size of the
Chinese economy. In other words, we grew the equivalent of the economy
of China in little more than four years.

Yet Greenspan made sure the Fed’s printing presses worked overtime.
Thus for the first time since the 1970s and early 1980s, we are faced
with a serious inflation problem. Thanks to Greenspan’s blunder, all
commodities shot up — oil, cooper, lumber, steel, even the price of
mud.

While Greenspan begat the inflationary blunder, Ben
Bernanke, the maestro’s successor, perpetuated it. In 2003 the price of
oil was around $25 a barrel. A year ago when the credit crisis hit, oil
was around $70. Then Bernanke ginned up the printing presses again,
this time to deal with the fallout of the busts of sub prime mortgages
and other exotic financial instruments and the threats they posed to
the banking system. The U.S. economy has crawled to a virtual halt
since August 2007 and yet the price of oil has almost doubled. That’s
not supply and demand, that’s classic inflation.

Posted in Economics | Leave a Comment »

AND THIS INCOMPETENT

Posted by PrestoPundit on 07/30/2008

and dishonest hack was the chief spokesman for the United States government during the darkest days of the war.  What a disgrace for George Bush and his Presidency.

Posted in Uncategorized | Leave a Comment »

UNDER PRESURE FROM THE OBAMA CAMPAING

Posted by PrestoPundit on 07/30/2008

Lynn Sweet walks back her story about Obama and the canceled wounded soldier visit, and she does it in a most unprofessional and unconvincing way.  What’s wrong with these reporters?  Don’t they understand where trying to choice a President here, not Miss America?

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OBAMA’S YEARS AT THE U. OF CHICAGO

Posted by PrestoPundit on 07/30/2008

A RECOMMENDED READ.

If you’re interested in constitutional and civil rights law, you might enjoy reading Obama’s class materials.

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WASHINGTON CORRUPTION

Posted by PrestoPundit on 07/29/2008

FANNIE MAE STYLE.  That, of course, only skims the surface of this corrupt FDR/LBJ institution.

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60% AND MORE — THE TAX RATE UNDER OBAMA.

Posted by PrestoPundit on 07/29/2008

Obama’s plan is to return us to pre-Reagan America, back to Jimmy Carter’s America of the 1970s, were once again American’s will be among the most heavily taxed people in the world.

Parents attempting to build families in the prime earning years of their lives here in super expensive Orange County are going to be killed.  It’ll be interesting to see if folks still care about Obama’s position on the war in Iraq when the come to realize Obama is about to declare war on them.

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ANTI-MORMON BIGOTRY

Posted by PrestoPundit on 07/29/2008

helped sink Mitt Romney in the primaries and now influential evangelicals hope to spike Romney’s selection as the GOP VP pick.

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OBAMA HAD A PLANE LOAD OF REPORTERS AND PHOTOGRAPHERS

Posted by PrestoPundit on 07/29/2008

scheduled to come with him to his army hospital campaign stop in Germany.  No matter how hard the MSM tries to spin it, there’s no doubting what the Obama campaign had in mind, or that Obama’s campaign manager lied about who canceled the event and why.

Posted in Obama | Leave a Comment »

NOW IT’S PETER WEHNER WHO

Posted by PrestoPundit on 07/29/2008

CALLS BULLSHIT ON BARACK OBAMA.

Wehner misleads when he suggests that Obama is becoming something different from what he once was.  Any serious student of Obama is aware that this is who Obama has always been, a teacher of Saul Alinsky’s politics of “the ends justify the means” and a practiced bullshitter since his days as a bullshitting child (as described in Obama’s own memoir).  The non-partisan blather, all of what Obama “preaches against”, all of the sucker bait rhetoric, is part of the Obama bullshit.  This buncombe is not the inner “good core” of the prior “good” Obama which the new “bad” Obama is suddenly not living up to, it’s the actual cynically manipulative Obama as he always was, all of the sucker bait “idealistic” clap-trap included.

Posted in Obama | Leave a Comment »