Ace of Spades HQ

September 19, 2008

Piracy
— Dave in Texas

The FannieMaeTM, patent pending

For a guy who said he didn't know much about economics, it sure sounded like he knew something back in 2006.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Macknown as Government-sponsored entities or GSEsand the sheer magnitude of these companies and the role they play in the housing market. OFHEOs report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEOs report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

A rundown of attempted congressional reforms, via Flopping Aces, here.

McCain drops another shoe, you can see the ad here at HotAir. This time it's Jim Johnson.

I sincerely hope they're on their game with respect to timing and footwork. To those of us who follow this stuff like a monkey on a cupcake, it seemed to take forever for McCain to push the drilling issue. I think most of us said something along the lines of "finally, sweet Jeebus about time". I even recall ace suggesting he'd better get with the program before Obama figures this out and flanks him on ANWR. Fortunately Obama stayed true to his ownself.

Anyway, I think for the average Joe, it takes a little time for this stuff to sink in, just like it took $4/gal to really piss everybody off. 5 trillion gazillion dollars is one of those big incomprehensible expressions, until someone calls it "half the current national debt" (that's incomprehensible too, but now it's a really bad thing. See?)

Link via S. Weasel, who reminds us it's also International Talk Like a Pirate Day*. And she did the "FannieMaeTM" shop up yonder.

She's working herself to death for us.

* My favorites are the naughty sounding ones, like "Arrr, prepare to be boarded. Swab the deck and battendown the mizzenmast"! That sort of thing. But then I'm pretty easily entertained.

Posted by: Dave in Texas at 05:54 AM | Comments (39)
Post contains 392 words, total size 3 kb.

1 "McCain drops another shoe, you can see the ad here at HotAir. This time it's Jim Johnson."

Awesome. Exactly as I'd hoped. One-a-days.

Posted by: JB at September 19, 2008 06:03 AM (qxc7J)

2 We have to keep on calling this failure what it is: Affirmative Action at work.

Posted by: Curmudgeon at September 19, 2008 06:03 AM (ujg0T)

3 GSE = Mad Government Disease (Government Spongiform Encephalopathy)

Posted by: zmdavid at September 19, 2008 06:05 AM (kBrR+)

4 If you keep linking to me, Dave, do I have to have sex with you? Is that the deal? Because airfare is pretty steep right now...

Posted by: S. Weasel at September 19, 2008 06:06 AM (rasT+)

Oh, Stoatworth, don't think of it as something you have to do. Think of it as your next really, really big disappointment in life.

I'm all about managing the expectations.

Posted by: Dave in Texas at September 19, 2008 06:10 AM (pzen5)

6 Avast there! What be 5 trillion of dees dollars in Pieces of eight??
By the powers! That be one vast booty!
This McCain be needing the pirate vote me thinks.
Tis a good capti'n this ship named America be needing now sez I..

Posted by: Rocks at September 19, 2008 06:14 AM (Q1lie)

vast booty....mmmmmmmmm

Posted by: JackStraw at September 19, 2008 06:18 AM (VBon8)

8 These recent McCain ads are the MOST RACIST ADS EVAAAAAH!!!two!!

Posted by: Cuffy Meigs at September 19, 2008 06:21 AM (uOvAE)

9 Great photoshop.

Avast, ye scoundrels!

Posted by: Good Lt at September 19, 2008 06:22 AM (jH17H)

10 It's about time. Yes, Obama has big quasi-gov/quasi-private Fannie/Freddie luv. But what pisses me off is that McCain, if yesterdays speech is any clue, still agrees with Obama that the solution is more gov! He's talking the liberal, populist rants and thinks that everything would be fine if there was just more gov regulation and a decent SEC Cox was booted.

McCain, is the story that gov cronyism corrupts (Obama wants more! ObamaCare, please!) or is it that there should be more gov (and more potential for cronyism)?

McC should be kicking Obama and down Wall Street with this issue. Instead he gives the general population liberal populist speech yesterday and hope that conservatives can be placated by Palin's anti-tax talk. Come on McC.

Posted by: Big Guv at September 19, 2008 06:27 AM (Nfvqx)

11 The price of oil was a speculative bubble. The air of speculation is gone, but the supply issues are still there. Trends indicate that supply gains produced in the United States are on the horizon, but Team McCain needs to get out there and swing the hammer. Increase supply production in the United States and you will crush Putin, Chavez, and the Democrats.

Careful though. You'll also crush Iraq. You must be prepared with an US-Iraq policy where the price per barrel of oil is $45-65.

Look at a map. The energy resources INSIDE the United States are located in areas where manufacturing has been decimated. Want good jobs? Want high paying jobs? Want to get the Unions back to neutral?

Get ready to fight the environmental lobby. They are the primary obstacle to increasing energy production in the United States to bring high paying skilled jobs BACK to our shores. With low cost energy developed here there will little incentive to continue to ship manufacturing jobs to nations with no environmental controls, no labor standards, and the shoddiest group of security checks the market has ever seen.

Fight this battle now before its too late to even try to put up the fight.

Posted by: Gabriel Sutherland at September 19, 2008 06:28 AM (AHrTm)

12 Don't forget to make your football picks, fagz.

k?

thnxbai

Posted by: Bart at September 19, 2008 06:32 AM (w3NmV)

13 Man, if it weren't for that "rising tide" that "lifts all boats" I'd be in serious trouble. Except that, you know, that rising tide doesn't lift all boats when wages are deliberately depressed by illegal immigration. If I weren't such an inveterate optimist I'd have to conclude that I'm royally screwed.

Posted by: Bugler at September 19, 2008 06:32 AM (YCVBL)

14 Timber me booty!

Posted by: Excitable Andi at September 19, 2008 06:36 AM (xWk3U)

15 Yarr.

Tis a pity ye be once agin wishin' ta sample me wares, ye lubbers, but neither have the courage nor a foolhardy lack of compunction to brave me briney depths of coral delight.

Alas but no man, save for Davey Jones, hisself, has evar come up for air a second time. Aye, and it twas his last.

Posted by: Helen "400 year old clam" Thomas at September 19, 2008 06:40 AM (zAvxs)

16 I'm waiting for Dave to fire the long nines.

Posted by: kevlarchick at September 19, 2008 06:45 AM (TNuqz)

17 Alas! Me still spies a rino under the fair skin of that great, barnacled beast. Such populist debris sprays from his spout! Second mate Palin take command of ye ship lest it be grounded! Arr.

Posted by: Big Guv at September 19, 2008 06:46 AM (Nfvqx)

Yaaaarrrrr kevlarchick!

uh, I'll be in me hammock.

Posted by: Dave in Texas at September 19, 2008 06:48 AM (pzen5)

http://newsbusters.org/blogs/p-j-gladnick/2008/09/19/bitter-campbell-brown-brought-heel-lynn-forester-de-rothschild

Yarrr....There be an ill wind blowing through Campbell Brown's ears today.

Posted by: eddiebear at September 19, 2008 06:49 AM (wnU1W)

20 Avast, I'll swab yer poopdeck for a box of Kools!

Posted by: D. Kernell at September 19, 2008 06:50 AM (mD4t/)

Ace/Dave

Now its "demotivated" as Convenience Banking

Now where is the hearty pirate chuckle

HarrHarr Harrr ...... We'll run Barraks down the gangplank of Truth

Posted by: Cromagnum at September 19, 2008 07:04 AM (UxAb/)

check out the new Obama ad KLopez has at the Corner.

the guy is absolutely dispicable

Posted by: jp at September 19, 2008 07:12 AM (DFDtC)

23 Arrr, a taste of the grape'll wake the blighters up.

Posted by: Purple Avenger at September 19, 2008 07:25 AM (hzcgO)

"Turn the Nimitz into the wind."

My modern take.

Posted by: Circa (Insert Year Here) at September 19, 2008 07:28 AM (B+qrE)

25 Aargh, but me bunghole be burning wit dis debt we be takin'.

Aargh!

Posted by: uniball at September 19, 2008 07:36 AM (27iEn)

>>Yarrr....There be an ill wind blowing through Campbell Brown's ears today.<<

These fucking apologists in the press are either lying or ignorant when they defend the elitists. I wish someone would finally define the term for them.Yarrr.

Posted by: Javems at September 19, 2008 07:37 AM (hq71Y)

Gabriel, good stuff.

Nixon signed the bill creating the EPA in 1970. Look at crude production and imports since then:

US crude production 1859-2007
http://tonto.eia.doe.gov/dnav/pet/hist/mcrfpus2a.htm

US crude imports 1910-2007
http://tonto.eia.doe.gov/dnav/pet/hist/mcrimus2a.htm

Correlation doesn't equal causation, but there's no question environmental regulations and litigation have crippled crude oil production in the US.

Beyond oil, America needs to expand its electricity generation capacity by 30% in the next ten years. Renewables cost 4-6 times as much as coal/LNG fired or nuclear powerplants.

France gets 70% of its electricity (and 35% of its total energy) from nuclear power. Safety issues? Are you cocksuckers saying Americans are less competent than the French?

Affordable energy is the hammer McCain should be swinging. He needs to swallow his cap and trade bullshit and focus on ensuring America has the affordable (not "renewable" or "sustainable") energy it needs to remain the most productive nation on Earth.

Posted by: Baron Von Ottomatic at September 19, 2008 07:41 AM (4ZOxD)

28

Aargh!

Prepare yer fists for when the fisting commences, make sure de Campbell Brown receives de biggest fist of de fisters.

Yarrr, begin de fisting maties!

Yarrrraaaarrrghuy?

Posted by: uniball at September 19, 2008 07:42 AM (27iEn)

29 Correction - America needs to expand its electricity generation capacity by 30% in the next twenty years.

Posted by: Baron Von Ottomatic at September 19, 2008 07:44 AM (4ZOxD)

30 Yarggh!

When me hears de words "renewable" and "sustainable" me hand immediately reaches for me sward and me desires to slash de bastard who used them words tongue out of his ugly mout to stop him from wagglin dem buzzwords of de left in front of me face. Stupid barnicle coated bastard that he is!

Aaargh!

Posted by: uniball at September 19, 2008 07:46 AM (27iEn)

It's not a FannieMaeTM machine--it's a Senator Bro Machine.

Posted by: cosmo kramer at September 19, 2008 07:51 AM (MuHe2)

Arr. I hope I get blown ashore, matey.

Posted by: captain sullivan at September 19, 2008 07:53 AM (MuHe2)

Arr. 'Tis the black spot on me dick! Time for more steroids, Jim, me lad.

Posted by: captain sullivan at September 19, 2008 07:54 AM (MuHe2)

34 Aargh,

Me milkin' de milky loads wit me power glutes mateys! Keep pumpin' mateys, keep pumpin'!

Posted by: Andi the fabulous pirate at September 19, 2008 08:02 AM (27iEn)

I talk like a butt pirate everyday. Does that count?

Posted by: Andi Sullivan at September 19, 2008 08:42 AM (m2CN7)

Shiver me timbers! Barack Obama is goin' down to Davy Jones' locker!

Oh sorry....is that racist???

Posted by: rockmom at September 19, 2008 08:45 AM (iZqUY)

37 Second mate Palin take command of ye ship lest it be grounded! Arr.

Si, se, puede. Arr.

Gov. Sarah Palin is now talking about "a Palin and McCain administration."

Posted by: JBean at September 19, 2008 11:44 AM (JzoEM)

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