High Speed Rail ~dnd

One of the things I’d like to see as part of the investment in infrastructure is the development of high speed rail. Why? Because it’s much more energy efficient that air travel. It’s more convenient than air travel. And for many trips, faster than air travel.

I’ve ridden the Shinkansen, sometimes referred to as the bullet train, in Japan, and it is awesome. It putters along at a cool 300 km/h. It’s quiet, it’s comfortable, and it’s fast. Plus you can buy beer and dried squid snacks on the train!

It would only make sense to implement this on high traffic routes, most likely along the coasts. But it would be a great way to reduce our energy usage and generate permanent jobs.

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66 Comments

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66 responses to “High Speed Rail ~dnd

  1. It also would help to reduce use at many already over burdened airports and would cut down on noise pollution.

    Morning peeps.

  2. Some states would benefit more from stimulus
    Tax break and Medicaid aid favors bigger, higher-income states

    http://www.msnbc.msn.com/id/29169079/

  3. dog's eye view

    Those trains are gorgeous. So Speed Racer 21st century version. Superfast trains would be a great addition to heavily traveled corridors. Good post.

    =======

    Terrorists attacking from outside; Mountain Dew rotting us from within.

    ABC’s 20/20 is airing a program on children’s lives in Appalachia tonight. Among the villains: meth and Mountain Dew.

    http://consumerist.com/5152318/mountain-dew-addiction-helps-rot-central-appalachins-teeth

    If you follow link to ABC’s site: factoid from one article on dental issues:

    Nearly 1/2 of Appalachian children are on Medicaid.

    Less than 1/4 of the region’s dentists accept Medicaid reimbursement.

    Universal healthcare; its time has come.

    http://abcnews.go.com/Health/Story?id=6863173&page=1

  4. Good morning everyone,

    I was wondering which movie you(B) went to see, I have heard that is a great movie, did you know that was the lead girls first ever film/role?

    Doots,
    I was on a fast train like that going from Tokyo to Narita Airport, it was really nice, real smooth, cozy and comfortable seats, but I am not sure if it was the bullet train you mentioned.

    I too am curious as to why we don’t hear more about highspeed rail….can you imagine how that would help areas like southern California, where they have 10 + lane freeways?

  5. dog's eye view

    NYTimes: innovative program retraining out of work Michiganders for employment in the state’s burgeoning film industry. Michigan offering incentives to filmmakers; Clint Eastwood just filmed Gran Torino there.

    Best part: those teaching the classes have the power to hire students down the line for existing productions and internships.

    A Hollywood Sequel for Michigan Workers
    http://www.nytimes.com/2009/02/08/jobs/08training.html?_r=1

  6. Off today to watch my son in a sectional swim meet. He had a temp of 101 yesterday and a doctors appointment, he’s on antibiotics…..I told him he didn’t have to swim, but he said he doesn’t want to let his team down…..I feel for him.

    His fast-skin was delivered yesterday, I hope it helps him because he’s really pretty sick.
    😦

  7. dnd

    Happy Friday the 13th everybody!

  8. dog's eye view

    Blog link for Miles O’Brien, who — like Aaron Brown — was jettisoned from CNN before that network’s headlong descent into mediocrity and worse:

    good analysis on how icing is very likely a major factor in last night’s Buffalo area tragedy, with caution to pilots on how use of autopilot can increase the danger in icing conditions.

    Good to find this; Miles is a wonderful reporter and writer. Which is why he and ABrown no longer fit on CNN, and Anderson Cooper is the exception to the rule there.

    http://milesobrien.wordpress.com/2009/02/13/nothing-super-cool-about-it/

  9. horsedooty

    as I stated elsewhere, I did not write this post. Brian needs to correct the heading.

  10. BevnTempe

    UB – what is fast skin?

  11. BevnTempe

    Also, to whomever wrote the article, it was good. Too bad we don’t have them, only their cars!

  12. dnd

    dog,
    Amazing post by Miles O’Brian. When CNN canned him I wondered if the Fairness Doctrine required stations to hire nitwits as program managers.

  13. Greetings from the desert, high speed trains could fit into almost any corridor of high population points. We could use a high speed train from Tucson to Phoenix to Los Angeles. Certainly a high speed train would work well between San Francisco, LA, and San Diego. I, too, made two round trip journeys on Japan’s bullet trains. Wonderful experience with nothing but great reviews.

    Review of Donna Leon’s books over at eProf for those interested in Venice, Italy, and mystery writing.

    Have a happy 13th and Valentine’s day tomorrow.

  14. dog's eye view

    hear you on the nitwits, dnd. CNN has become really really sad to watch.

    Appears it will take some time to come up with a non-nitwit reporting set. They got lazy on the Bush watch, maybe?

    ====

    A MacArthur grants genius award winner was killed in the accident. Alison L. Des Forges chronicled the Rwandan genocide and was a human rights activist; seems she did a lot with her maybe 60+ years.

  15. dnd

    Great link on Japan’s stagnant decade. I hope one of Geithner’s aides sees it and clips it out for him.

  16. Fast skins……are a technologal wonder of material that creates less drag for swimmers. They come in all designs for competitive swimming….we just got the basic Jammer (long short) this time around….

    He didn’t do his best today, he will be hard pressed to make it to the next level. I am afraid when he gets home he will be sullen. Nothing more delightful then a sullen teen. 🙄

  17. dnd

    Sra Burrito,
    When I was a teen my parents told me the most important thing was just doing your best. I didn’t buy it. I wanted to win. It took me another 20 years to figure out that the thrill of winning was short lived, but the satisfaction of doing your best lasted.

    So take heart that your son’s sullenness will go away. It may just take a while 😉

  18. “Nothing more delightful then a sullen teen. :roll:”

    Been on TM lately?

    😆

  19. dnd

    John “the Boner” Boehner theatrically showed the huge stimulus bill and complained that no Representative had read it.

    Good point. Time to introduce legislation that no Representative can vote on any bill unless they have personally read each bill, start to finish, and are willing to take a comprehension exam on the bill.

    That should solve a lot of problems…

  20. dnd,
    It may take a while….lol…yeah like you say “20 years”….lol.

    Seriously, I hope he learned from this season. He has one more year. The sport has been wonderful for him, he’s super dedicated and responsible…so much so, that I sometimes wonder who his parents are….lol

    Yeah Brian,
    It’s a scene… 😎

  21. ***** I mean he did the best he could do today but, he didn’t meet or beat his previous PR….personal record.

  22. dnd

    Sra Burrito,
    Back before injuries sidelined me I use to run a lot. Mostly 5k & 10ks. What I found was if I always tried to do my best, I’d rarely beat my personal record. But over time my personal record always got better.

    Sounds like your son has figured that out.

  23. dnd

    Republicans are lacking cojones:

    “Sen. Arlen Specter (R-PA), who broke with his party to support President Obama’s stimulus package last week, said before the final vote Friday that more of his colleagues would have joined were they not afraid of the political consequences.”

    http://www.huffingtonpost.com/2009/02/13/specter-republicans-suppo_n_166875.html

  24. I didn’t know Republicans even had cojones? Obviously most don’t.

  25. Holy crap did you see the size of that bill?

    I’m sorry these people in Congress are not doing th right thing but drafting such an irresponsible bill like that and then mareketting it with the ugency of a Ebola Vaccine during an outbreak (or something)

    Of course I’m dubious of this whole endeavor and suspect very dangerous ulterior motives.

    What I find very interesting is the aftermath of President Obama’s visit to Peoria IL, Caterpillar.

    1 – The CEO says the Stim bill will not be what gets him hiring again, even though OBama said it would

    2 – Obama had implored voters to put pressure on their Congressman (R-IL) to support the bill, and the Congressman was right there on the stage.

    On the floor in the Congress today, he says not a single person asked him to support the bill but that thousands of Cat. workers told him to be against it.

    ———–

    I hate air travel.
    I’m on the SSSS list, so I refuse to fly anywhere now.

    If they had high-speed rail, I’d take it.

  26. dnd

    “Peanut Corporation of America to Liquidate ”

    What are they going to liquidate? Salmonella tainted peanut butter?

    These bastards killed people for profits. Isn’t that against the law?

  27. Vince the problem with the bill is it isn’t big enough!

  28. This guy, Peter Schiff, is the economist I most agree with.

    He predicted the US Economy was going to collapse because it was giant ponzi scheme of debt-driven consumption. He was mocked for years for this view but so far everything has happened as he said it would.

    Unfortunately, we’re at the very beginning of his nightmare scenario.

    This is a montage of his TV appearances over the past few years

    They’re all Fox clips, but he actually appears the least on Fox .. he’s mostly on CNBC CNN Bloomberg

  29. dnd

    Vince,
    Schock got it wrong. Dirkson didn’t say “a billion here,” he said “a million here.” Must be inflation…

    If you want my opinion on the stimulus bill, go the the thread I posted a couple of days ago:

    https://clistersbackchannel.wordpress.com/2009/02/09/the-stimulus-bill-dnd/

    BTW, since you went to so much effort to justify your claims on the last thread, I’m sifting through your links. Here’s a suggestion: don’t include crap from guys like Glenn Beck. He deals in rumor and innuendo, and calls it “fact.” Apparently he feels that lying in support of his ideology is acceptable. I am more than willing to listen to legitimate criticism of Obama. I’ve got a some beefs too. But the “hair on fire” crowd does not interest me, nor do I feel they bring anything constructive to the table.

  30. I wonder if during the “Lost Decade ” in Japan if any segment did well financially?

  31. dnd

    Vince,
    With all due respect, Peter Schiff is IMHO a loser. Even a blind pig eventually finds an acorn. Robert M. Schiller was much more accurate.

    If you want an conservative economist, I’ll take Milton Friedman any day.

  32. Brian: If the spending was from cash reserves I wouldn’t be so strong in my opinion about it.

    But’ it’s 100% Debt . Everything I’m reading from the financial world is that the US Govts credit worthiness is now a discussable potential problem.

    If they can’t find people to buy this debt when they issue the treasuries at auction, the failure to find buyers could be a painful trigger that starts a total collapse in its value.

    Who out there in the world has enough reserverse to fund this debt? Especially since its very size is inflationary?

    I dont want our country to be indebted to whoever has this abiiity to fund it.. there are only a few places on earth that could fund this and none of them are our long-term ally.. China or Saudi Arabia.

    And then reading this bill.. what a disgrace.. really. It was drafted in secret, the-world-is-ending tactics were used to rush its vote, and the Congresional leadership has shown that there are no limits to what they can try to sneak in the bill knowing it wont be discovered until after passage

    Who do they think they are? America is a land of Self-Rule not Autocracy. How dare they claim this is a jobs bill and do things like add the ground work for a Federal usurpation of the medical system?

    I have no trust in this government and am alienated from it. This isn’t the country I was born in.

  33. Sorry Vince, I’ve never bought into the myth that debt spending is a bad thing. The biggest threat to capitalism is not debt spending, it’s masses of homeless, hungry people feeling they have no stake in the future.

  34. The plane that crashed is the kind my daughter always flies on between NYC and home.

    Just reported that this was the first Dash 8 to crash in the U.S.

  35. I saw that article Brian, seems to be a wise move, especially with the high anger level toward these big banks and their practices.

  36. I’ve flown a few Dash 8s up to Portland, ME.

  37. dnd

    BTW,
    When I wrote this thread, I had no idea that there was high speed rail in the stimulus bill. I’m happy that the new Sec of Transportation, Ray LaHood (R-IL) supports it. Not so happy that some of the Republicans in the house don’t, particularly his successor Aaron Schock.

  38. I think we can count on the Repugs to say “NO” to everything…..pretty soon there will be no need to hear them speak, since they offer nothing of substance…only “NO”.

  39. dnd

    “Worked out well dnd!”

    Now if I could just get the administration to listen to more of my ideas 😉

  40. well dnd, if you ship your ideas to the White House in a suspicious package…..someone will look at it…..mayb it could be “Breaking News”….lol

  41. “Sorry Vince, I’ve never bought into the myth that debt spending is a bad thing”

    Debt spending is fine as long as you can afford it. Our debt is 50+ Trillion.. It’s totally out of control. Most of it owe to ourselves so the consequences of failing that isn’t so dire.. but having our debt being held by potential military foes is just madness.

    Our debt is now at a level that is causing concern around their world. It’s definitely a problem now. and it’s completely irresponsible to further indebt us for nothing other than the biggest pork bill in history.

    What brings about economic recovery is assurance of future profits. Having the govt drop cash that is now out of reach of private borrrowers is not going to result in the behavior change they hope to see. Everyone will know that the money is a one or two time exceptional circumstance .. they will still behave in a “protect self” way.

    The econmic problem we face is our currency is overvalued and our assests are overvalued, thus we’re poorer than we think we were. The govt could set its interest rate at zero percent (which it practically is) and you’re not going to see any increase in credit/borrowing becuase the problem isn’t one of liquidtity but confidence and trust.

    And I have zero confidence or trust in Pelosi, Obama or Reid. And neither did I for the last set of office holders.

    The Govt has no money. Yet it’s passing bills in the Hundreds of Billions of dollars in paniced renzies.

    These idiots will hold week-long hearings on Baseball players you think they would try to get some good public on this ginormous risk.. but no they dont.

    If they give a damn about the citizens of this country , they wouldn’t act as if the bill was the 10 Commandments coming off the mountain with Moses

    I think we all agree that the Paulson-introduced TARP bill was a huge panic-driven error. And what does Congress do? They very same panicked (but this time it’s a fake panic.. an engineered panick) rush.

    “The biggest threat to capitalism ”

    Capitalism is dead my friend. It’s been dead. What we’re living through is the result of Government. The unintended consequence of creating unconventional mortgage products and the explicit use of secondary markets to keep the debt spigot on.

    I was giving the securitization thing a good bit of thought this morning and it ultimately makes no sense to pretend that govt-backed debt is as secure/riskless as cash.

    Yet that fantasy is exactly what our Government chose to use to fund mortgage debt issuance.
    Capitalism would have never allowed itself to be exposed to the real risk that would have been manifestly clear without the distortion of a govt implied guarantee.

  42. dnd

    Sra Burrito,
    I hope those like Cantor, Sessions, Pence, Ensign, etc. are replaced by guys like Lincoln Chaffee, Nelson Rockefeller, Barry Goldwater and Bob Dole. And soon.

  43. I’m watching Nancy Pelosi about 1/2 way through this video

    its from today. She’s all smiles. “We’re so satisified that under the new President we were able to sign a bill that is TRANSFORMATIONAL as to what it will do to our economy” “Transformation”? Hiring some painters and air conditioner repairmen is transformational?

    I dont want Transformational laws being passed that no one has any idea what the transformation actually is.

    This is dangerous to our system of government. It’s the biggest bill in world history.. and these demented “leaders” in the House and Senate forced thiert members to vote on it blind. And our dummie Reps/Senators apparently just go along for the ride.

    The only transformation I see is tyrannical.

  44. Holy Hell…

    DIane Feisnstien reveals to the world that US Drones that attack inside Pakistan are actually based in Pakistan!!!!!!!!!!!!!!!!!!!!!!!!!

    WHAT THE HELL IS SHE DOING?

  45. Well if I was right about the banks then boy oh boy are we in trouble.

    One economist has had it right all along ~ Nouriel Roubini who not only predicted this economic chaos but now adds ~ ” The U.S. banking system is effectively insolvent in the aggregate; most of the U.K. banking system looks insolvent too; and many other banks in continental Europe are also insolvent …. Only nationalization can break the cycle that is fostering gargantuan taxpayer rip-offs for the benefit of “financial supermarket monstrosities.” http://www.rgemonitor.com/roubini-monitor/255507/it_is_time_to_nationalize_insolvent_banking_systems

    http://blogs.salon.com/0002255/2009/02/12.html#a2276

    God Bless

  46. dnd:

    “The favorite sum of money is $1 billion – a billion a year for a fatter federal payroll, a billion here, a billion there.” – Dirksen

    [EMD Papers, Republican Congressional Leadership File, f. 25]
    Joint Senate-House Republican leadership press conference on March 8, 1962,

  47. This is for Vince P…

    First I would like to say hello to you. You will not find a better group of people to converse with than what you will find here.

    Of course I’m prejudice to these fine folk.

    That Congressman {R-IL} whose said no one he talked to at the plant supported President Obama’s bill is a liar. I doubt very much that no one told him to support it.

    After all its there jobs that are on the line and to think or believe that what the Congressman stated as truth is in fact true one would have to believe that Republican Fascist can tell the truth.

    Just look at the last eight years of lies we have all heard from the Republican Fascist Nazi’s proves my point.

    You better pray that Obama’s plan helps slow the destruction down or eases us into the depression we are falling into or we will become a third world country thanks to the Bush\Cheney crime family.

    Any way I believe that we have already entered into a Depression and we just refuse to accept that fact. One day real soon it will just slap us all in the face and then we pray that we can turn it around a lot sooner then the last one we had in 1929.

    I’m out of here gang.

    God Bless.

  48. Oh, one more thing before I go.

    The new kitty Lady Greeneyes had a bad urinary tract infection and a lot of blood in her urine. The doctor gave her a shot to stop the bleeding and a shot of antibiotics.

    He also gave me a three week supply of pills which I’m suppose to give her one a day for the next three weeks.

    Out side of that she’s doing good. Plus it cost me another $159 dollars. So the new kitty has cost me $229 dollars since I got her.

    But she’s worth it.

    God Bless.

  49. it’s official, stimulus has passed

  50. Hi anon.

    Fascism was an interesting fusion of American Progressivism with European Marxism/Socialism. Those are all leftist ideas.

    Taking your assertion that the Republicans are fascist for the sake of argument, then surely the Democrats are fascists on steroids.

    I was not pleased with the growth in govt spending and debt in the 2000s. A lot of us conservatives were not happy about it all. And in 2006 we were through giving our support to a party that claimed to be based on our ideas but yet in all of its actions they acted, well, like Democrats. Conservatives have this notion that given the choice between a real Democrat and Democrat-lite, that it is better to go with the real Democrat., and you saw Conservatives simply withdraw from the process. They didn’t show up in the 06 election or in the 08 election. They and I had no desire to support a GOP that was phony.

    I’m not a party guy , I’m an American guy.. I believe my principles are the ones that were fought for by our Founders and that they’re the best suited for this country today, and when I see a party that claims to stand for them but then when in power they go against it.. I cant support that.

    I see so many folks on the Left who raise a lot rhetoric about lies of Bush and deficit spending , but yet are strangely quiet about it now, now that the Dems are doing it at levels that put the Republicans to shame.

    Just an obvservation. I really try not to do this point/counterpoint thing with the parties because 1) it bores the life out of me. its nothing more than child-like bickering, and 2) i’m not in a party , i’m not paid to defend them, my opinions are not a function of some other people’s past behavior. and 3) harping about the past during a discussion about the present is only constructive if one is seeking to learn the lessons of the mistakes of the past.. not use the mistakes of the past as justification to make mistakes now.

  51. Congress Trumps Obama by Cuffing Bonuses for CEOs

    The stimulus package Congress was poised to pass last night imposes new limits on executive compensation that could significantly curb multimillion dollar pay packages on Wall Street and go much further than restrictions imposed by the Obama administration last week

    http://www.washingtonpost.com/wp-dyn/content/article/2009/02/13/AR2009021303288.html?hpid=topnews

  52. Vince P…

    I too am an American who is heart broken over the destruction of Our Constitution.

    There are those on both sides of the aisle who have violated their sworn oath to Preserve, Defend and Uphold the Constitution of The United States of America.

    I lambasted Pelosi for her refusal to Impeach Bush and remove him and Cheney from the peoples house.

    Pelosi and many Democrats allowed Bush\Cheney to further destroy our country by not impeaching them.

    Many on both sides of the aisle knew that they were committing War Crimes and sat silently by while they did.

    These are Traitors as far as I’m concerned since they violated their sworn Oaths. They are also as far as I’m concerned complicit in War Crimes and the covering up of War Crimes.

    Unless there are prosecutions and War Crime Trials we as Americans will be no better than those who supported Hitler, Stalin, Pol Pot, Pinochet and many others who supported there regimes.

    The deregulation of our financial sector have bankrupted our country as well as the global economy with the 543 Trillion dollars worth of bad paper they push out into the global market.

    The banks are insolvent and do not have enough assets to cover the losses they will bring if redeemed.

    Until all that bad debt is wrote off we cannot begin to become solvent again.

    And until those who contributed to the downfall of our Nation are prosecuted for there crimes we can never restore our Constitution or the Rule of Law that our country was originally founded upon.

    I’m ready to hit the sack so good night to all my friends here at BC and …

    God Bless.

  53. I think AP and Vince are going to become this blog’s odd couple!

    😆

  54. >The deregulation of our financial sector have bankrupted our country as well as the global economy with the 543 Trillion dollars worth of bad paper they push out into the global market.

    What was deregulated was the Frankensteins that Congress have created.. the Federal Reserve, Fannie Mae, Freddie Mac.

    It is these three entities along with the Congress that are responsible for the mortgage debacle. These 3 entitites were the ones flying high with no regulation other than the oversight of Congress.

    Well we all know Democrats did the best they could to protect thier friefdom GSEs… and the Fed is regarded by all as some sort Oracle of Delphi (though I suspect the Fed is not going to survive this event)

    These 3 entities created the new mortgage products , and the GSEs main role was to create and sustain the secondary market for mortgage derivitives.

    The GSEs were like heroin dealers and Wall St the junkie. The govt was depending on the junkie to keep consuming the heroin , that was their entire affordable housing strategy. Congress made monsters of everyone.

    They made banks and mortgage brokers into predator lenders. They made Wall St drunk on instruments that the GSEs said were as safe as cash.

    You’re shocked that the SEC dropped the ball? You’re shocked the Fed dropped the ball? I’m not. I don’t believe the Government does anything competently.

    So for Congress to enact a policy that relies on Wall St trading repackaged mortgages as the mechanism for GSEs to recycle the same $100,000 over and over and over was a disaster waiting to happen.

    The Govt distorted the risk model of these things and Wall St acted accordingly. Now they’re the bad guys?

    If Govt didn’t provide the implied guarantee against default.. if the Fed didn’t set interest rates at 1%, the Mortgage abuse wouldn’t have happened. The risk managers would have been paid more attention to because there wouldn’t be the giant Fed Govt with its Guarantee in the back of everyone’s mind.. polluting their rational thought.

    It was the non-regulation of Democrat strongholds Fannie Mae and Freddy Mac that caused all of this.

    Watch this hearing

    Here are some parts from the transcript: The sentences are not contiguous

    Fannie Mae/Freddy Mac trapped millions of people into loans they knew were unsustainable. And they destroyed the equity savings of tens of millions of homeowners spread throughout every congressional district in the United States.

    permitted to operate at a 75-to-1 leverage ratio that makes Lehman Brothers look like they were operating conservatively

    Fannie Mae and Freddie Mac may deny it, there could be no doubt that they now own or guarantee $1.6 trillion in subprime, Alt-A and other default-prone loans and securities

    They were responsible for 34 percent of all the subprime loans made in the United States

    59 percent of all the Alt-A loans made in the United States

    These 10.5 million non-prime loans are experiencing a default rate that’s eight times the level of their 20 million traditional quality loans

    These 10.5 million loans include 5.7 million subprime, 3.3 million Alt-A, and 1.5 million loans with other high-risk characteristics

    This 10.5 million total does not include FHA’s obligations, which add another 3 million to the total and bring it to 13.5 million out of the 25 million subprime and other default-prone loans. That’s more than half

    I estimate that 1 million of the GSEs’ Alt-A loans had no down payment.

    If the default rates I predict actually occur, U.S. taxpayers will have to stand behind hundreds of billions of dollars of Fannie Mae and Freddie Mac losses

    in the years 2005 to 2007, they bought over $1 trillion of these junk loans that are still on their books. Their purchases were a major factor in the development of the housing bubble and in the huge number of defaulted mortgages, which are now causing massive declines in house prices

    In late 2004, Richard Syron and Frank Raines both went to the meetings of the originator community and made clear that they were going to wrest back the subprime and Alt-A mortgage market from Wall Street.

    Syron said, “Our success in the future depends on our ability to serve emerging markets, and they’ve become the surging markets.”

    Raines also said, “We have to push products and opportunities to people who have lesser credit quality.”

    And this stimulated an orgy of junk mortgage development. Fannie and Freddie used their automated underwriting systems to divert subprime and Alt-A loans from private-label securitizers, driving up the value of these loans and making mortgage brokers even more eager to find borrowers, regardless of their credit standing.

    Why did Fannie and Freddie do this? First, they were trying to meet HUD’s affordable housing goals, which by 2005 required 55 percent of all their loans that they purchased be affordable housing loans, including 28 percent to low-income and very low-income borrowers. Second, after their accounting scandals of 2003-2004, they were afraid of new and stricter regulation. By ramping up their affordable housing lending — that trillion dollars I mentioned earlier — they showed their supporters in Congress that they could be a major source, on a continuing basis, of affordable housing financing.

    The GSEs are selling trillons of dollars of mortgage securities they say are as safe as cash… and Wall St is the bad guy?

    The banks are insolvent and do not have enough assets to cover the losses they will bring if redeemed.

    Until all that bad debt is wrote off we cannot begin to become solvent again.

    You’ve just described the Government of the United States. And yet the current Administration says the debt spending has only just begun.

    And yet you’re not opposed to it.

    We know the banks are in trouble. We know the Fed Govt guarentees the bank deposits via FDIC.

    Doesn’t this govt have any concern that the banks may have to be allowed to fail.. and that the Govt is going to have to come up with the money for the depositors?

    And what does PelosiObama do? Borrow ONE TRILLION on crap spending.

    Are they insane? Well I think they are.. That’s why I believe they’re deliberately pursuing an agenda of destruction in order to be the ones to restructure this country in their collectivist totalitarian dreams.

    Please drop the R vs D nonsense and reexamine what is happening. There is no way an objective person could state all of those evils of Bush years and find nothing odd going on now.

    I’m from Chicago.. Obama comes out of the most corrupt part of the Machine. The most manipulative part..t he most self-aggrandizing part.. He chose that area to be his homebase. He had countless oppurtunites to be a true reformer and fighter of corruption… and he did NOTHING except profit from it.

    He is NOT Mr. Clean. He is NOT Mr Hope. He is NOT Mr Unification.

    Unification? The United States has never been unified and never will. You and I will never agree on anything.

    That is what politics is. The non-violent managing of mutual hatreds. (That’s George Will’s clever definition)

    I pray a day of Unification never comes.

    And until those who contributed to the downfall of our Nation are prosecuted for there crimes we can never restore our Constitution or the Rule of Law that our country was originally founded upon.

    Well since they’re more powerful than ever, this will never happen to Pelosi, Reid, Shumer, Obama, Waters, Dodd, Meeks, Frank, Reins, Johnson, Mudd, Gorelick, Greenspan, Bernace, Paulson, Rubin until the people rise up with pitchforks and torches, and grab every enemy of liberty and property and execute them.

  55. This is the hearing that I mentioned in the other comment, I forgot to put the link:

    http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=282770-5

    House Committee
    Oversight and Government Reform

    Fannie Mae and Freddie Mac, Industry Analysts and Academics

    Edward Pinto
    Former Chief Credit Officier , Fannie Mae 1989

    “Witnesses testified about business practices and operations at Fannie Mae
    and Freddie Mac that eventually led to their takeover by the federal
    government. They focused on risk management practices and warnings to key
    company executives about the hazards of the subprime mortgage markets and
    over extension of credit to home buyers. They also talked about the housing
    industry and its role in the current financial crisis”

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