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« Fire guts home in Aboite | Main | Glenbrook Square Owner Facing the Credit Crunch »


Nick Metel

Directly above this story on Ben Smith's blog on Politico is an even more interesting story about the VP candidate on the other side of the political aisle:

"Palin's meetings with world leaders were supposed to produce useful photos, but the main upshot so far seems to be stories about her continuing flight from the press....Journalists, displeased with Sarah Palin’s efforts to restrict their access to her, are threatening not to cover her events surrounding the United Nations conference here unless they're allowed more access."

This seems to be a preemptive attack by the GOP on the global threat of over-exposure to Palin's inexperience.

Kevin Knuth

Certainly a misstatement- but TV was around before Philo Farnsworth- here is a 1929 model:

Farnsworth is largely credited with creating "ELECTRONIC TV"

Ed. note: See more on mechanical television at: http://en.wikipedia.org/wiki/Mechanical_television

FDR was the first president to appear on television but that happened in 1939 at the New York World's Fair. http://www.pbs.org/30secondcandidate/text/timeline/years/1939.html

Stephen L. Parker

I wondered about it when I heard him last evening, but forgot to check into it. But hey, come on, you know what he meant. lol

Brett Hess

Biden is a laugh (or a gaff) a minute. Thankfully, for us Hoosiers, he's going to make the rest of the nation forget about Dan Quayle. Finally!

Alex Jokay

Joe Biden needs to get into his time-travel machine and go back and check his history. (On the other hand, Sarah Palin needs to go join the Rapture and just fly the heck outta here.)

Bobett Kelley

Americans are looking for solutions. We need leadership. So come on... we need substance. The fun is so over.

Write or Call your Congressmen, Senators and
Representatives. Tell them what you think.

“How We Can Clean Up A Lot of the Economic Problems:

Remember Enron, WorldCom, Adelphia, and other companies had artificially put assets on the books? They’d say something was worth $10M when they bought it, but eventually it decreased in value, and they never updated the value in the books. That was part of the fraud. Under current laws at that time, they were all convicted and put in jail for fraud.

Then we got all mad and made all these new laws that are coming out the wazoo called sarbanes oxley. It’s a huge, massive law but the idea is that we were going to mandate ethics to corporate America because apparently they didn’t have any, according to the Enron failure. It’s now a total pain in the butt to execute it in a publicly traded company.

It didn’t work because you can’t cause ethics to happen. However, it does make each company each day restate what their assets are worth if sold on the market. This accounting procedure is mark to market accounting–you need to remember that. It’s a good concept and keeps companies from having loaded balance sheets.

How This Affects Us Today:

However, it’s part of what’s caused this in the news now. Merrill Lynch was sitting with $30 billion are tied up in sub-prime loans with houses. Stupid! They get what they deserve for doing that.
Those houses didn’t become worthless all of a sudden because those people couldn’t sell their bonds. Since they couldn’t sell them, they basically gave them away for 22 cents on the dollar. Now do you think all those houses lost 80% of their value underneath that deal? No, they didn’t, so they gave them away for 22 cents on the dollar (about $6 billion total) because there was no market for them. Nobody wants to buy sub-prime bonds because they suck. They’re junk bonds. But at 22 cents on the dollar, it’s a bargain because even if you foreclosed on every one of the houses in there, you’d probably get $20 billion back out of $30 billion, and so the company that bought those for $6 billion got a deal! But there’s no market for them. That’s where these companies are stuck. They can’t sell this stuff, but accounting-wise, they’ve had to market down to market and it’s frozen the marketplace.

Economist Wesberry is saying that if we change that one rule and don’t force them to market down to market and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule — a temporary change — that’ll free the market up. It’s seized right now; it’s frozen. This will thaw it out and get it going again. He says that’ll solve 60% of the problem … and I think he’s right.

That one accounting rule is what made Merrill Lynch sell out. That one accounting rule is what’s driving other ones into the dirt. Would you rather let them change their accounting rule or loan them $700 billion for us to buyout their bad paper?

I’d rather them work their own crap out than change the accounting rule.

I don’t like giving them any money or any help with my tax dollars. But I’d rather see that than see the whole thing turn completely upside down in a fruit basket turnover rather than have a whole meltdown or something and freak out here in the middle of the election season. Why don’t we just take the FHA insurance program and extend it across these sub-primes? What that means is that you and I are guaranteeing the lender that they’re not going to lose as much or any money on those mortgages. Now I don’t like guaranteeing them, but I like it better than buying them. In other words, instead of $700 billion in tax-payer debt going out there to bail out these companies, just extend the insurance out. You could probably do that for less than $40 billion. It’s like a 95% savings!

If the government insured those mortgages, they would then be marketable. And could sell them. And the companies would stay afloat. And we, the people, don’t have to get into the mortgage business. Now we’re going to get in there a little bit because of the insurance on those getting foreclosed on. But foreclosures aren’t causing this. This is being caused because these companies are frozen and seized up. We’ve got to let some of the steam come off and put some oil in there to get this thing moving again. We can do that without going into debt $700 billion.

Change the Plan:

We would like you to change the mark-to-market accounting law and to extend insurance but extend no loans. If you extend loans - if you borrow the money on the national debt in order for us to all go into the mortgage business a trillion dollars -or we will fire you.

I’ve talked with several people today, and it’s on the tables in Washington, it’s not something you’re going to see on TV. Vote to change the mark-to-market law.”


tim zank

I don't normally subscribe to conspiracy theories, but I'm beginning to think Ol' Lunch Bucket Joe is takin' one for the team to make room for Hillary! He's on one gafftastic roll now!!

Bobett Kelley

As an American, I refuse to help scam artists... these bag carpet folks leach on the backs of good people.

We the People, will not allow bad judgement.
Everyone, pay your bills on time and buy what you can afford.

Pay as you go....in Full...buy it.

I will not supplement bad judgements on Wall Street or Main Street.

Tim Zumbaugh

Ha! Everyone knows the TV wasn't evented until John McCain started serving on the Commerce Committee.

Jim Billings

Can you imagine if Dan Quayle had said such a thing? Late-night comedians would mine that lode for weeks. Yet Joe Biden seems to retain his aura as a foreign-policy sage. Pundits have been comparing Palin to Quayle, but when it comes to gaffes, they're looking at the wrong VP candidate.

tim zank

When it comes to gaffes, I honestly don't remember anyone making as many as Biden has. Quayle only made a couple (potatoE & Murphy brown) and they were well AFTER he was VP. Greasy Joe came right out of box with his shoe in his mouth.

John Corbin

This is what I love about "instant media" (even though this is 3 days old...) The "right" side of FW is ganging up on Biden for a slight error while the "left" side (count me in there) wonders what is REALLY going on in Ms. Palin's trout-stained brain.

The closest access she should have to the White House is what everybody else gets: every Tuesday, 2-4 PM, and please stay BEHIND THE VELVET ROPE or the Secret Service will tase ya...

Ed. note: I believe her protein sources include moose, too, John.

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