Irregular Times Diaries: Unfit Discussion

In his new book, A Simple Christmas, Mike Huckabee preaches to us all about how we should have a simple life, without commercialization or overindulgence… and then he promotes a limited edition autographed version of the book in leather case with a certificate of authenticity, for a premium price, just in time for us to buy for Christmas!

“New jobless claims jump unexpectedly to 667,000″ says the Associated Press.

What about huge unemployment isn’t expected? Who didn’t expect this kind of massive increase in joblessness? Who’s the idiot that still hasn’t gotten the memo that the economy is falling apart?

The Reuters headline reads:

Wall Street bets on stimulus after job cuts

and all of a sudden the worrying thought occurs to me: Are we rewarding job cuts? Is it that corporations are learning that, if they’ll go on and cut enough jobs so that people believe in the reality of an economic crisis, the government will then come along and then give them lots of money?

Are we encouraging corporations to kick people to the curb?

It’s become fashionable for big businesses to deride us little itty bitties, but here’s something to keep in mind in terms of business patterns: The big fall big. While the small keep on keeping on.

Irregular Times was here before Circuit City, and now we’re here after Circuit City. That’s a clue to where the true tech staying power lies.

Oh no they didn’t!

Keep on screwin’ her, Sammy.

I am quite disgusted right now.

Democrats to let offshore drilling ban expire

Democrats to let offshore drilling ban expire

By ANDREW TAYLOR, Associated Press Writer 15 minutes ago

Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a months-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

House Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

Republicans have made lifting the ban a key campaign issue after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.

“If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices,” said House GOP leader John Boehner of Ohio.

Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.

The House is expected to act on the spending bill Wednesday. The Senate is likely to go along with the House.

“The White House has made it clear they will not accept anything with a drilling moratorium, and Democrats know we cannot afford to shut down the government over this,” said Jim Manley, a spokesman for Senate Majority Leader Harry Reid. “We look forward to working with the next president to hammer out a final resolution of this issue.”

While the House would lift the long-standing drilling moratoriums for both the Atlantic and Pacific coasts, a drilling ban in waters within 125 miles of Florida’s western coast would remain in force under a law passed by Congress in 2006 that opened some new areas of the east-central Gulf to drilling.

Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore. It quickly became clear that measure would not get the 60 votes needed in the Senate.

Republicans called that effort a sham that would have left almost 90 percent of offshore reserves effectively off-limits.

The Interior Department estimates there are 18 billion barrels of recoverable oil beneath the Outer Continental Shelf, about half of it off California.

While the ban on energy development will be lifted if the Senate goes along with the House action, it doesn’t mean any federal sale of oil and gas leases in the offshore waters — much less actual drilling — would be imminent.

The Interior Department’s current five-year leasing plan includes potential leases off the Virginia coast but probably would not be pursued unless the state agrees to energy development. And the state is unlikely to do so without Congress agreeing to share federal royalties with the state.

The congressional battle over offshore drilling is far from over. Democrats are expected to press for broader energy legislation, probably next year, that would put limits on any drilling off most of the Atlantic and Pacific coasts. Republicans, meanwhile, are likely to fight any resumption of the drilling bans that have been in place since 1981.

John McCain, the Republican presidential nominee, has promised to make offshore oil drilling a priority if elected president. He has called for developing the oil and gas resources along all of Outer Continental Shelf and for the federal government to share royalties with states who go along with drilling.

Democratic presidential rival Barack Obama has said he would support limited drilling in certain areas — possibly the South Atlantic region — if it is part of a broader energy plan to shift the U.S. away from oil to alternative fuels and more energy efficiency.

The debate over offshore drilling is not expected to subside in the first months of the next presidency — no matter who sits in the White House.

Lifting the drilling ban gives considerable momentum to the underlying bill, which includes the Pentagon budget, $24 billion in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.

But Democrats decided not to use the must-pass measure as a battering ram to carry an extension of unemployment benefits for the long-term jobless past White House veto promises, prompting grumbling among some lawmakers. Efforts to boost food stamps and give states billions of dollars to help with Medicaid bills also fell through.

But the measure would double, to $5.2 billion, funding for heating subsidies for the poor, Obey said.

The measure also would provide more than $600 billion to fund the 2009 budgets for the Pentagon, Homeland Security Department and the Veterans Affairs Department. Nine other spending bills for the 2009 budget year starting Oct. 1 remain unfinished.

Bush had threatened to veto bills that don’t cut the number and cost of pet projects known as “earmarks” sought by lawmakers in half from current levels or cause agency operating budgets, taken together, to exceed his request. Obey said, however, the White House would reluctantly sign the measure.

Democrats have shown themselves to have all the spine of a wet noodle. They’ve got control of Congress and yet they’re still letting Republicans have their way? They’re letting the ban on offshore drilling expire even though we know that all the drilling in the world will do next to nothing to help?

Can we fire all these bastards? Something is very, very wrong when you’ve got one party that’s as red as a stoplight and the only alternative to that way of thinking has turned a pretty dark shade of pink.

With all the talk about Sarah Palin and her latest question-evasions, I thought the economy has been getting less than it’s needed share of coverage. After all, just a couple of days ago the stock market was in a crisis, the DOW dropped around 400 points in a day, AIG pretty much went bankrupt, and gold set a record for most gain in a single day by ground from around $740 bucks a troy ounce to $860 a troy ounce.

More Americans are focusing on the economy, a place where John McCain has admitted he sucks at and Sarah Palin has established herself to be incapable of balancing a budget.

So for this crisis, what is Bush’s solution? Set aside 700 billion dollars to buy shit assets without a plan to have that money paid back.

Here, I’ll let you read for yourself.

Bush team, Congress negotiate $700B bailout.

Bush team, Congress negotiate $700B bailout
By JULIE HIRSCHFELD DAVIS and DEB RIECHMANN, Associated Press Writers 33 minutes ago

The Bush administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression.

The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion.

Democrats are pressing to require that the plan help more strapped borrowers stay in their homes and to condition the bailout on new limits on executive compensation.

Congressional aides and administration officials are working through the weekend to fill in the details of the proposal. The White House hoped for a deal with Congress by the time markets opened Monday; top lawmakers say they would push to enact the plan as early as the coming week.

“We’re going to work with Congress to get a bill done quickly,” President Bush said at the White House. Without discussing specifics, he said, “This is a big package because it was a big problem.”

The proposal is a mere three pages long, but it gives sweeping powers to the government to dispense gigantic sums of taxpayer dollars in a program that would be sheltered from court review.

“It’s a rather brief bill with a lot of money,” said Sen. Chris Dodd, D-Conn., the Banking Committee chairman. “We understand the importance of the anticipation in the markets, but we also know that what we’re doing is going to have consequences for decades to come. There’s not a second act to this — we’ve got to get this right.”

Lawmakers digesting the eye-popping cost and searching for specifics voiced concerns that the proposal offers no help for struggling homeowners or safeguards for taxpayers’ money.

The government must bail out the financial system “because if we don’t, it will have a tremendous impact on American consumers, homeowners, taxpayers and the rest,” House Speaker Nancy Pelosi, D-Calif., said in San Francisco.

But, she added, “We cannot deal with this unless this bailout helps families stay in their homes.”

Senate Majority Leader Harry Reid, D-Nev. said “we cannot allow ourselves to be in denial about the threat now facing the world economy. From all indications, that threat is real, and the consequences of inaction could be catastrophic. Every single American has a stake in preventing a global financial meltdown.”

The proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue.

“The American people are furious that we’re in this situation, and so am I,” the House’s top Republican, Ohio Rep. John A. Boehner, said in a statement. “We need to do everything possible to protect the taxpayers from the consequences of a broken Washington.”

Signaling what could erupt into a brutal fight with Democrats over add-on spending, Boehner said “efforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors, and small businesses deserve.”

Bush said he worried the financial troubles “could ripple throughout” the economy and affect average citizens. “The risk of doing nothing far outweighs the risk of the package. … Over time, we’re going to get a lot of the money back.”

He added, “People are beginning to doubt our system, people were losing confidence and I understand it’s important to have confidence in our financial system.”

Neither presidential candidate took a position on the proposal. GOP nominee John McCain said he was awaiting specifics and any changes by Congress.

Democratic rival Barack Obama used the party’s weekly radio address to call for help for Main Street as well as Wall Street.

Their language reflected a tricky balance that politicians in both parties are trying to strike, just six weeks before Election Day: Back a plan that doles out hundreds of billions to companies that made bad bets and still identify with the plight of middle-class voters.

Besides mortgage help and executive compensation limits, Democrats are considering attaching middle-class assistance to the legislation despite a request from Bush to avoid adding items that could delay action. An expansion of jobless benefits was one possibility.

Bush sidestepped questions about the chances of adding such items, saying that now was not the time for posturing. “I think most leaders would understand we need to get this done quickly, and you know, the cleaner the better,” he said about legislation being drafted.

Treasury officials met congressional staff for about two hours on Capitol Hill on Saturday. Discussions centered on how the plan would work, and Democrats proposed adding the executive compensation limits and new foreclosure-prevention measures. Details of those changes were not available Saturday, as staff aides worked to draft them. Bush and Treasury Secretary Henry Paulson conferred by phone for about 20 minutes in the afternoon, gauging how the negotiations were unfolding.

Among the key issues up for negotiation is which financial institutions would be eligible for the help. The proposed legislation doesn’t make it clear, leaving open the question of whether hedge funds or pension funds could qualify.

The proposal does not require that the government receive anything from banks in return for unloading their bad assets. But it would allow the Treasury Department to designate financial institutions as “agents of the government,” and mandate that they perform any “reasonable duties” that might entail.

The government could contract with private companies to manage the assets it purchased under the rescue.

Paulson says the government would in essence set up reverse auctions, putting up money for a class of distressed assets — such as loans that are delinquent but not in default — and financial institutions would compete for how little they would accept.

I understand the need for quick action in a case like this, but trying to rush through a bill of 700 BILLION dollars with only two days of debate and thus far no assurances that John Q is gonna be able to keep a roof over his head and little or no stipulations as to getting the money back aside from Bush’s word that “we’ll get a lot of it back over time”? Yeah, considering his track record I’m less than reassured.

Actually, I’m horrified.

Oh, I just loved the part about the national debt. From $10.6 trillion to $11.3 trillion if the bill passes. Whoopie.

In other news; 40 people in a Pakistan hotel were killed by a suicide bomber.

The Republicans say that Sarah Palin should be elected Governor because she has executive experience – although it’s in very small communities. Sarah Palin has had experience running a business, however. She was the partial owner of a car wash in Anchorage, Alaska. Together with her husband, she held 40 percent of the car wash’s ownership.

And how did Sarah Palin do with the executive experience of running a small business? Lousy. She ran the business into the ground because she couldn’t be bothered to keep up with paperwork. Sarah Palin failed to file legally required reports or to pay the state licensing fees for the business, and so the car wash was shut down.

In addition to the car wash, Sarah Palin was the owner and operator of a marketing consultancy with the odd name of Rouge Cou. Rouge Cou is a rough translation into French of the American phrase redneck. Actually, the French translation should have been Cou Rouge. Sarah Palin couldn’t even get that right, and the consulting business closed after it failed to get even one client.

With this record of executive failure, why should Sarah Palin be given the position of Vice President under the elderly and most-likely-to-die-in-office President in American history, John McCain?

According to a May 17,2008 AP article, Alabama’s county sheriffs are are given $1.75 per day to feed a prisoner – and are allowed to pocket the difference, if they can do it cheaper.

The report says “critics charge that Alabama, in effect, is paying law enforcement to skimp on food and might be rewarding sheriffs for mistreating prisoners. “It’s a bad system, and it ought not be that way,” said Buddy Sharpless, executive director of the Association of County Commissions of Alabama.

I don’t understand the negative reaction to the fact that Alabama’s county sheriffs are allowed to profit by, in my opinion participating in what amounts to legal graft, by scrimping on food for prisoners. (Alabama jails bank on cheap meals – Law allows sheriffs to pocket leftover food allowance, AP May 17, 2008)

What’s the big deal? Isn’t this exactly what private prisons do? While condemning the practice by county sheriffs, I’m sure Mr. Sharpless would listen attentively to executives from Corrections Corporation of America (CCA) making their pitch to privatize public jails and prisons.

CCA claims to save states and counties money by negotiating a per-head fee for housing and feeding prisoners. They profit by pocketing the difference between what they spend and what they charge the taxpayers. Contracting-out public services had been a gold mine for ARAMARK, too. In addition to prisons, ARAMARK also turns a tidy profit feeding children attending public schools.

I agree with Mr. Sharpless opinion, “It’s a bad system, and it ought not be that way.” As a taxpayer I want to know my dollars are going to provide public services, not lining the pockets of CCA and ARAMARK.