Harry Reid

You'd think after Chuck Schumer's ignorance was plastered all over the news for leaking his letter to the Office of Thrift Supervision and personally creating the run on IndyMac Bank that destroyed IndyMac in just 3 business days that Democrats would learn to keep their mouths shut.

You would think after reports on tight credit, volatile markets and rest of the panic and doom-and-gloom scenarios for which Democrats bill themselves as the saviors of the Country and the Economy, they might realize people pay attention to what they say, however ignorant it is.

You would think one of the biggest providers of stupid Senatorial sound bites, Harry "The War is Lost" Reid (D-NV), would have learned to keep his pie-hole closed when asked about things he has no knowledge of. You'd think so, but you'd be wrong.

Reid stated in a recent news conference that he had heard a major insurance company with a household name was on the verge of insolvency. Today, news is out that three different insurance companies fitting this description, "... a major insurance company -- one with a name that everyone knows ..." had major stock selloffs following comments by Harry Reid that can only be described as "Look at me, I'm important and have insider information!!!!"

The LA Times reports the following on Harry Reid's foolish pronouncement,

But with investors already on high alert after the Federal Reserve's rescue of insurance titan American International Group Inc. on Sept. 16, and with the credit crunch still making funding difficult for even the largest U.S. financial companies, Reid's comments were the equivalent of pouring gasoline on a grease fire.

MetLife plunged $7.19, or 15%, to $40.96; Hartford dived $12.20, or 32%, to $25.91; and Prudential slid $7.15, or 11%, to $57.65.

And no one can blame short sellers, because all three of the stocks are covered by the Securities and Exchange Commission's temporary ban on short sales of financial issues.

Investors are so skittish that even a reference to an industry, let alone a specific company is enough to trigger volatile trading. Harry Reid doesn't understand that. That he later backtracked with these words,

A statement from his office said that Reid was "not personally aware of any particular company being on the verge of bankruptcy" and that "he has no special knowledge about nor has he talked to any insurance company officials."

reveals his ignorance even further.

In the midst of a financial crisis, the Senate Majority leader repeats a rumor he heard and for which he admits he has absolutely no basis for believing. This fantasy, created and employed to make himself and his position more authoritative, results in a sell-off which majorly impacts 3 of the largest companies in the country, threatens the jobs and investments of perhaps millions of ordinary Americans. But we're supposed to have faith and confidence in Senator Reid and the rest of his Democratic (and more than a few ignorant Republicans) associates in the Senate.

Harry Reid doesn't understand even "throw-away" comments in this financial atmosphere can ignite firestorms. Yet he expects a $700 billion bailout, quickly cobbled together, haphazardly grafted onto unrelated legislation and then passed through a Democrat controlled Senate so Senators could look authoritative and responsive - this is safe? Reid and Company don't understand how today's minor words impact tomorrow's Market. But their major overhauls of Constitutional strictures and Economic reality are going to be just fine? See for yourself how small a spark can set off such a huge fire in this 18 second video.

Democrats caused our current financial mess with ill-advised but well-intentioned legislation like "The Community Reinvestment Act". Their bailout solution is just as well-intentioned and just as ill-advised. There is a reason the Founders put incredible limits on the scope and power of the Federal Government's authority. Not the least of which is that the Government should not have the power to destroy a company or an Economy with a throw away comment in a press conference. Only the people intimately involved with that company should have that authority; those working there and who invest in it.

Someone please inform Democrats, in DC and all across the US, of this. It's too bad Nancy Pelosi couldn't turn off Harry Reid's microphone and shut off the power to the media's gear for this press conference like she did to her House colleagues a while back. Somebody needs to get control of out of control Democratic, self serving blathering before it does more than savage a company or three and wreak havoc on the citizen's finances. Next time around, Democrats might find the right words to destroy the entire Economy.

Blue Collar Muse

Update (9:58AM, Sept. 26th): While Sens. Harry Reid and Chris Dodd stand before the news this morning pontificating and mocking Republicans, especially Sen McCain, for the perceived delay in reaching agreement, they also continues to prevaricate. Sen. Reid and Speaker Pelosi initially asserted that they needed McCain to clinch a deal for Democrats and now they are like a pack rabid dogs blaming John McCain for the deal falling apart. In fact, the deal fell apart before McCain arrived.

A republican senate source has confirmed that the questioned provision reported in this post is being opposed by Senate Republicans which has upset Democrats. Republicans are not opposing the obvious issues identified by Reid. They are working to get rid of the questioned provision "if they can." Also, they have already gotten the Democrats to back down from providing "most" of the money ("future profits") to the groups mentioned in the article "to a much smaller percentage." Negotiations are likely to continue throughout the day. Obviously no one is happy - especially the majority of the American public.

Breaking News - Bill Smith, ARRA Editor. I received a copy of "Agreement in Principle" relative to the $700 billion "bailout" being proposed and supported by Senate Democrats. The one page agreement from the U.S. Senate Banking Committee details guidelines to be put in place relative to taxpayer protection, oversight and transparency, home ownership preservation and Funding Authority.

While on the surface the agreement looks generic and positive, However, the "devil is in the detail." There is one detail that Democrats are concerned that Republicans will not agree to in the bailout agreement. That is if the Republicans even see the item. It seems that this issue may be one reason that many Democrats have hounded Sen. John McCain and pushed for his speedy approval. Senate Majority Harry Reid (D-NV) has already identified that it is Sen. John McCain's approval, not Barack Obama approval, that is needed to secure the agreement of Senate Republicans. In fact, the questioned provision indirectly focus on some prior concern regarding Sen. Barack Obama involvement with various organizations. Maybe that is why Obama would prefer being at a debate in Mississippi than being in Washington D.C.

House Speaker Nancy Pelosi's (D-CA) cohorts are also hounding Sen. McCain to agree. They know that neither the House Republicans nor the House Blue Dog Democrats are going to sign on easily to an agreement extending $700 billion "bailout" if Sen. McCain disagrees. Pelosi does not have control of the fiscally conservative Blue Dogs who are not happy with committing $700 billion to the "bailout" effort.

In the "agreement in principle," there is the effect of a major "earmark" which commits money from future "profits" to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government. The agreement --

"Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America's housing needs."

In the proposed bailout agreement, Sen. Christopher Dodd, the Senate Banking Committee and other Democrats desire to pre-direct that future funds (profits) not be returned to the taxpayers via the treasury but that they be used to underwrite potential questionable (maybe even illegal activities) of certain nonprofits which have had a hand in promoting and expanding access to "no money down" loans for minorities, illegal voter registrations and extensive lobbying activities.

Let’s examine the connection of the Affordable Housing Fund and the Capital Magnet Fund with the various nonprofit groups mentioned above. In July, 2008, a Wall Street Journal article addressed the previous housing bill signed into law:

Provide[d] a stream of billions of dollars for distressed homeowners and communities and the nonprofit groups that serve them. One of the biggest likely beneficiaries, despite Republican objections is Acorn, a housing advocacy group that also helps lead ambitious voter-registration efforts benefiting Democrats. Acorn -- made up of several legally distinct groups under that name -- has become an important player in the Democrats' effort to win the White House. Its voter mobilization arm is co-managing a $15.9 million campaign with the group Project Vote to register 1.2 million low-income Hispanics and African-Americans, who are among those most likely to vote Democratic. Technically nonpartisan, the effort is one of the largest such voter-registration drives on record.

The organization's main advocacy group lobbied hard for passage of the housing bill, which provides nearly $5 billion for affordable housing, financial counseling and mortgage restructuring for people and neighborhoods affected by the housing meltdown. A third Acorn arm, its housing corporation, does a large share of that work on the ground. Acorn's multiple roles show how two fronts of activism -- housing for the poor and voter mobilization -- have converged closely in this election year. The fortunes of both parties will hinge in part on their plans for addressing the fall of the nation's housing market and the painful economic slowdown. . . .

Partly because of the role of Acorn and other housing advocacy groups, the White House and its allies in Congress resisted Democrats' plans to include money for a new affordable-housing trust fund and $4 billion in grants to restore housing in devastated neighborhoods. In the end, the money stayed in the bill; the White House saw little choice. What most riles Republicans about the bill is the symbiotic relationship between the Democratic Party and the housing advocacy groups, of which Acorn is among the biggest. Groups such as the National Council of La Raza and the National Urban League also lobby to secure government-funded services for their members and seek to move them to the voting booth. Acorn has been singled out for criticism because of its reach, its endorsements of Democrats, and past flaws in its bookkeeping and voter-registration efforts that its detractors in Congress have seized upon. . . .

Sen. Obama is especially reliant on registration drives, such as Acorn's with Project Vote, to help him win the White House. The Illinois Democrat draws his strongest support from blacks, Hispanics and young people, groups that are among the least likely to be registered. After law school, Sen. Obama was the director of Project Vote in Chicago. . . .

Democrats on Capitol Hill have helped to steer millions of dollars in housing and other grants from the federal government toward Acorn and groups like it. The groups must qualify and compete for the money, which is typically doled out from the federal government to states and municipalities. The housing package includes a new, permanent source of affordable-housing money that congressional Democrats and grassroots groups have sought for years. The Affordable Housing Trust Fund and the Capital Magnet Fund will be funded by a tax on mortgages backed by Fannie Mae and Freddie Mac, the government-sponsored mortgage titans.

That tax eventually will channel upwards of $600 million annually in grants for developing and restoring housing, mostly as low-income rentals, available to Acorn and other groups. Democrats on Capitol Hill and housing groups say the housing-assistance money is vital to helping Americans hit hardest by what some call the largest drop in home values since the Great Depression. But they acknowledge the perception of political conflict in giving federal funds to an organization that does political work. "We are guarding against it," said Massachusetts Rep. Barney Frank in an interview. He secured the Affordable Housing Trust from his seat as chairman of the House Financial Services Committee. . . .

Acorn describes itself as the nation's largest grassroots community organization, with more than 400,000 families organized into 1,200 neighborhood chapters in 110 cities. Over four decades, Acorn has turned its broad membership into a powerful lobbying tool. Its representatives are well-known in the marble halls of the Capitol, and press local, state and federal governments . . .

ACORN is the agency where Sen. Barack Obama worked as a trainer for the Association of Community Organizations for Reform (ACORN), whose affiliate, Project Vote, is known for voter fraud. It is this same organization from which a large part of the mortgage mess has grown. After Harvard Law School, Obama provided legal representation for ACORN. Obama sat on the boards of the philanthropic Woods Foundation and the Joyce Foundation which both funneled millions of dollars to ACORN.

In 2006, the Wall Street Journal addressed Acorn Indictments. In a recent article, additional complaints, indictments and arrests and conviction of ACORN members for voter fraud have been detailed for Colorado, Florida, Missouri, Ohio, Pennsylvania, Washington State, and Wisconsin. Democrats on Capitol Hill have steered billions of the taxpayer monies to risky ventures and to nonprofits organizations like ACORN, National Council of La Raza through the government’s Affordable Housing Fund and the Capital Magnet Fund. As a result groups like ACORN have developed powerful lobby groups to secure tax money for their organizations. Now the proposed "agreement in principle" for the $700 Billion "bailout" seeks to continue the protection of this process. In another article by James H. Walsh, a former federal prosecutor, it was noted that:

ACORN Housing Corporation (AHC) was instrumental in its passage of the Community Reinvestment Act (CRA) which has plagued the mortgage markets since 1977. The U.S. Congress through the CRA compelled banks and lending institutions to make loans to “communities of color” disregarding sound economic and risk guidelines. CRA encouraged the relaxing of “outdated” risk-management protocols and underwriting obligations by lending institutions. In the name of ending discrimination, no longer were “communities of color” required to provide verification of income, employment, credit history, ability to pay homeowner bills, or down payment. In response, many banks and mortgage groups bundled trillions of dollars of “subprime” loans and sold them to investors here and abroad. It is these bundled Community Reinvestment Act mortgages, doomed to fail, that are today causing financial strain in U.S. and global financial markets.

In short, a Democrat Congress and President demanded that banks change the rules of good banking and open the Pandora’s Box of mortgage defaults and foreclosures now coming to a head. This home-parity concept of the radical left was mobilized by ACORN resulting in a purchase of a property without any credit, income, employment, and a zero down payment.

In 2003, Fannie Mae home-parity funding in Chicago reached $600 billion. When Franklin Raines, former chair and CEO of Fannie Mae, stepped down in 2004 but managed to take with him a multimillion-dollar parachute and a monthly pension of $114, 393 for life, and should he die, for his wife’s lifetime. Until recently, Raines was an advisor to Obama.

Open Secrets reveals the investment made by Fannie Mae and Freddie Mac in Democrats and details the Top 25 Democrat Recipients of Fannie Mae and Freddie Mac contributions in 1989-2008. The top three in order were Senators Christopher Dodd, John Kerry and Barack Obama.

When government tries to fix social issues through the use of the taxpayers’ money, there are consequences. Now the American taxpayers are being called upon again to underwrite the problems exacerbated by the prior actions of former and the current Congress and past administrations. It is hoped that Senators and Representatives will avoid this massive "earmark." All "future profits" from the resolution and disposition of the alleged current bad mortgages ("bad paper"), should accrue to the American taxpayers as a whole and be returned to the Treasury. Any determination as to the use of "future profits" should be determined by those elected and representing the people at that future point in time. No agreements should include an obligation on the potential "future profits." No agreements should support questionable programs that support organizations that contributed to the failures of mortgages or to the bad lending practices promoted by prior Congresses and administrations.

It is quite clear that even leading Democrats are completely tone deaf. That Senate Majority Leader Harry Reid (D-NV) has sent out his lead man to denounce Gov. Sarah Palin's speech last night as "shrill and sarcastic" proves that the Democrats are in this to lose. Even if "shrill" is code word to his assumed base, Sen. Reid is apparently so politically deaf that he does not understand how deleterious it is to his cause that he has called a successful and competent woman shrill. In case he has no clue, which he must not, "shrill" is a code word to that other base, independent women (actually, nearly all women).

Besides, anyone who has not sold his soul to a party knows, really knows, the one adjective that cannot be justifiably used to describe Gov. Palin is the one word Sen. Reid chose. Shrill? Come on. She was anything but shrill. Even Barack Obama knows that, and he has sold his soul to his party. (Well, maybe not.)

When the LEADER of the United States Senate, that incredibly esteemed and proud institution, has to send his butler out to denounce a relatively soft-spoken woman for being "shrill," you know you are seeing weakness at its pathetic worst. Is this the best the Democrats can do? Is this allegedly insignificant governor from the hinterlands so great a threat that Senator Reid cannot present his own thoughtful rebuttal to this 'nobody from the north?'

Clearly Gov. Palin is not a nobody. And it seems that if he and his party are not careful, Sen. Reid will be, at least in the Senate, a minority nobody really quite soon.

©Contratimes/2008. All Rights Reserved.

In 2000, many Republicans thought they could defeat Hillary Clinton for the NY senate seat by calling her "shrill" 

 ALBANY, N.Y. (AP) -- The head of the state Republican Party accused Hillary Rodham Clinton of being "an angry woman" driven by "blind political ambition"

It was the second harsh letter from Powers to surface in a week. The first had called the first lady "cold-blooded and hotheaded" and denounced her as a "shrill and scheming person."

http://transcripts.cnn.com/2000/ALLPOLITICS/stories/07/20/newyorksenate.ap/index.html

Didn't work for us. But never mind, the Democratic party brain trust thinks this sort of petty charge will work against a Republican woman candidate.

Palin also took a swing at Senate Majority Leader Harry Reid of the "current do-nothing Senate" for comments he made about McCain.

Reid's spokesman Jim Manley fired back, calling Palin's remarks "shrill and sarcastic political attacks."

http://www.cnn.com/2008/POLITICS/09/03/rnc.democrats.reaction/index.html?iref=hpmostpop

I guess namecalling is a step up from cyberstalking pregnant teenagers, but, we're still at the playground level when the worst thing they can attack is the tone of a woman's voice.

A little advice to our unhinged lefty friends; The shrill is gone

Bill Smith, Editor: Congressional Democrat leaders attending the DNC 2008 in Denver are attempting to transfer their failures to President Bush in an effort to distract voters by claiming their candidate is running against the Bush/McCain or McCain/Bush ticket. America is not stupid. Bush is retiring to Texas. And, Sen. John McCain as a maverick has never been part of the Bush team. It is true that Bush and McCain have conservative principles on which they agree. However, McCain as a maverick never placed party line first and often reached across the Senate isle to work with Democrats on critical issues. McCain has a leading democrat backing him and even the current identified Democratic vice president said positive things about McCain's qualifications to be president. Allegiances are shifting everywhere but with the Democratic leadership in Congress

While the candidates carry out their campaigns as they determine best, the Congressional Democrat leadership hides their failures behind George Bush. They are pursing a "con" job on the voters. They are working hard to sell their head-in-the-sand approach to energy policy to the American people. This may prove to be difficult with the divisions in their party who are deciding whether to continue following the inept Democrat leadership's refusal to produce more American energy. Some are tired of their leaders' ineptness and are considering joining with Republicans and sensible Democrats in support for policies like opening more areas to offshore drilling. ABC News reports that Rep. Neil Abercrombie (D-HI) is concerned that Democrats’ lack of action on a comprehensive energy solution could cost them politically. Abercrombie has joined with his GOP colleague Rep. John Peterson of Pennsylvania to urge a vote on an offshore drilling proposal.

Unfortunately, it doesn’t appear that House Speaker Nancy Pelosi is paying attention. Pelosi has not been bothered by these situations and has even advocated for Democrats with competitive races to lie and side with the Republicans because she can still stall and control things back in Congress. Though she’s been saying that drilling could be part of an energy package, she refuses to commit to a specific vote. Reuters reports, “She criticized President George W. Bush and other Republicans for presenting offshore drilling as an answer to the recent rise in U.S. gasoline prices, saying expanded drilling would not affect prices for a decade and then only by a small degree. ‘I don’t think that's a good alternative. But if they can prove that it is, and they want to pay royalties to the taxpayer ... then we have something to talk about’. . .”

Non-leader Pelosi would rather deal in distractions than grasp the laws of supply and demand. She says that drilling is not in her DNA. She would do well to read today’s New York Times, which discusses the recent rapid increase in American natural gas production. The Times writes, “Domestic natural gas prices have already plunged 42 percent since early July, an even faster drop in price than oil or most other commodities, in part because the rapid supply growth has begun to influence the market. Price spikes remain possible, of course, but throughout the industry the shale discoveries are causing a shift in thinking about the long-term outlook.”

Although doubtful, Democrats who understand how supply and demand work will be able to use their time in Denver to convince Nancy Pelosi and Harry Reid to that a “find more and use less” approach to energy is the best way to lower gas prices and provide more energy to America. Republicans have put forward a number of serious plans to do just that. It begs the question, when will the wiser more reasoned Democrats stop being lead by people who are disgracing their positions and hurting the American people? Also, noticeable is that five Democrat senators put themselves forward as qualified to be President of the United States and yet, not one of them would lead the effort to replace an inept Harry Reid. Pelosi and Reid, democrat agents of "no" change!