Lending scandal exposes corruption in Senate finance and banking committees

June 28th, 2008

By Bobby Hill

A recent article in the Associated Press named two current U.S. Senators as having received sweetheart loans from Countrywide Lending in recent years. Countrywide Lending is one of many mortgage loan firms that are currently under investigation in connection with the massive housing crisis in the country. Apparently during the last few years, both Senator Chris Dodd of Connecticut and Senator Kent Conrad of North Dakota received special rates and fee discounts from Countrywide CEO Angelo Mozilo for no reason other than that they were Senators.

Aside from being explicitly prohibited in both Countrywide’s own ethical standards manual and the Senate ethics rules, this activity serves as an illustration of just how deep the influence of lobbyists goes in Washington today. Chris Dodd, who up until this scandal broke was a serious contender for the vice presidential nomination, is the chairman of the Banking committee which is supposed to be regulating the whole mortgage lending industry. If even he is in the pocket of corporate lobbyists then there can’t be very much hope for positive government action to curb the out of control lending market.

Exxon Valdez and Coastal Drilling

June 28th, 2008

By Judy Dugan
OilWatchdog.org

This week’s big win by Exxon in the U.S. Supreme Court should make Americans think twice about letting Exxon and friends resume drilling for oil off the Atlantic and Pacific coasts. If the idea of court-ordered punitive damages is to prevent and punish corporate wrongdoing, ExxonMobil just got a green light for negligence.

The cost of a coastal blowout would be pocket change.

The high court reduced what had once been a $5 billion punitive damages award against ExxonMobil to about $500 million. Alaskan fishermen, businesses and others harmed by the vast 1989 oil spill from the tanker Exxon Valdez will get about $15,000 each instead of the original jury award of $150,000 each.

The reduced award comes to a little over 1% of Exxon’s 2007 profits, and the decision sets a precedent for future cases.

If punishment for the vast Exxon Valdez disaster is pegged at $500 million, a major drilling platform blowout off of Southern California would merit much less, no matter how many dolphins, seals and pelicans died or how many tourism dollars were lost.

Here’s the math: the Exxon Valdez dumped 11 million gallons of crude oil into Alaskan waters; the big Santa Barbara coastal spill of 1969 was “only” 200,000 gallons. Gallon-for-gallon, the offshore spill would merit punitive damages of about $9 million, 1.8% of the Valdez award–and less than the price of a Malibu mansion within the budget of any oil CEO.

Barack and Hillary: “Shoulder to Shoulder”

June 27th, 2008

by Blake Rogers

Barack Obama and Hillary Clinton made their first joint campaign appearance today in the small town of Unity, New Hampshire. There, they spoke about the urgent need to unify the Democratic Party in order to defeat Republican John McCain in the fall. “We stood ‘toe to toe’ against each other in the primary season,” said Clinton, “But now we are “shoulder to shoulder.”

Both Clinton and Obama lavished praise on each other in a town that gave them both an equal 107 votes. “Because of the campaign that Hillary Clinton waged, my daughters and all of your daughters will forever know that there is no barrier to who they are and what they can be in the United States of America,” Obama said. “She rocks. She rocks.”

But the once bitter rivals didn’t let the audience forget the intensity of a primary season that racked up more than 36 million votes between them and at times appeared to fissure the Democratic Party in two. “It was, at times, a spirited debate,” Hillary Clinton joked to the crowd, “that’s the nicest way I can put it.”

At the same time, she spoke directly to the voters who voted for her but are now considering switching to John McCain. “I strongly urge you to reconsider. To accomplish the goals that we all care about and stand for is to take our passion, our energy, and our strength, and do everything we can to elect Barack Obama the next President of the United States.”

Missing for the equation was former President Bill Clinton, who was on a plane returning from Nelson Mandela’s 90th birthday celebration.

It was a lively event that looked great on camera, and probably exactly what David Axelrod and the Obama people wanted. John McCain, on the other hand, held a boring, meandering town hall event that looked better suited for a funeral parlor.

Republicans are starting to openly worry about the abysmal tone, the lackluster visuals, and ever-changing message of Mr. McCain’s campaign (and it’s been less than a month since Obama clinched the Democratic nomination.) This reflects a general feeling among GOP circles that the Republican Party could be facing a blood bath in the November unless they completely revamp their message and distance themselves from the tainted legacy of President Bush.

As conservative economist Larry Hunter recently wrote in his blog: “The Republican Party is a dead rotting carcass with a few decrepit old leaders stumbling around like zombies in a horror version of Weekend With Bernie, handcuffed to a corpse.”

The North Pole – “I’m melting!”

June 27th, 2008

by Blake Rogers

There could be a small period this summer when there will be no ice on the North Pole says Mark Serreze, a scientist with the National Snow and Ice Data Center. He has blamed global warming for the gradual melting of the area’s ice sheet over the past few decades.

The ice has melted before, “but certainly not in modern times,” Serreze went on to say. “Clearly if you look over what we have seen in the past three years and where we were headed, we are in this long-term decline and we may have no ice at all in the Arctic Ocean in the summer by 2030 or so.”

Lord help us, Kevin Costner was right! Waterworld here we come!!!

Lending scandal exposes corruption in Senate finance and banking committees.

June 27th, 2008

By Bobby Hill

A recent article in the Associated Press named two current U.S. Senators as having received sweetheart loans from Countrywide Lending in recent years.  Countrywide Lending is one of many mortgage loan firms that are currently under investigation in connection with the massive housing crisis in the country.  Apparently during the last few years, both Senator Chris Dodd of Connecticut and Senator Kent Conrad of North Dakota received special rates and fee discounts from Countrywide CEO Angelo Mozilo for no reason other than that they were Senators.

Aside from being explicitly prohibited in both Countrywide’s own ethical standards manual and the Senate ethics rules, this activity serves as an illustration of just how deep the influence of lobbyists goes in Washington today.  Chris Dodd, who up until this scandal broke was a serious contender for the vice presidential nomination, is the chairman of the Banking committee which is supposed to be regulating the whole mortgage lending industry.  If even he is in the pocket of corporate lobbyists then there can’t be very much hope for positive government action to curb the out of control lending market.

Guantanamo prison moving… to KANSAS?!

June 26th, 2008

by Blake Rogers

John McCain wants to move the war-on-terror detainees to the heartland of America. “I would close Guantanamo Bay. And I would move those prisoners to Fort Leavenworth.” This has two GOP Senators pissed. “We do not think it’s fair to ask the Kansas community to assume the responsibility associated with being located immediately adjacent to these detainees,” they wrote in a letter to their fellow Senators.

Even the people at Fort Leavenworth think it’s a disastrous idea. Army Lt. Gen. William Caldwell IV, the base commander has said, “We have a huge family population at Fort Leavenworth. I mean it’s enormous. Is that what you want literally a mile away from where you have all these young families?”

Obama has also pledged to close the U.S. prison camp in Cuba, but has not indicated where he would transfer the prisoners, who include five alleged 9/11 co-conspirators and al Qaida members.

Dorothy and Toto better watch out. “There’s no place like Guantanamo!”

“Worst June since the Great Depression”

June 26th, 2008

by Blake Rogers

The U.S. stock market crashed and burned today. Market worries have driven the Dow Jones Industrial Average down nearly 360 points. This is the worst June the stock market has experienced since the Great Depression.  Oil once again surged, going past $140 after the head of OPEC predicted the price of a barrel of crude could go as high as $170. This will translate to an additional 10 cents per gallon of gas by the 4th of July.

Let’s say it all together: “AHHHHHH!!!!”

Obama VP Watch: Breakfast of Champions

June 25th, 2008

by Blake Rogers

Ret. General James Jones of Missouri: Vietnam vet and NATO Supreme Allied Commander, and has business experience. However, some of this experience was with Chevron (not good for this year).
Senator and 2004 Presidential Nominee John Kerry of Massachusetts: Been there, done that. Next.
Former Senator and 2004 Vice Presidential Nominee John Edwards of North Carolina: I’ll always be a fan, but once again, been there, done that. He needs to be Attorney General.
Former Governor and Current Senator Evan Bayh of Indiana: Young, up-and-coming, and has actual Governing experience (sorely needed on both Democratic and Republican tickets)
Governor Kathleen Sebelius of Kansas: Popular Governor from a very red state. Some would say it would help clinch some of those Hillary supporters. I say it would just piss them off more.
Ret. General Wesley Clark: This to me represents Barack’s best possible choice. Strong military background but a solid, Progressive Democrat. Wouldn’t be there to carry one swing state, but whose influence could easily switch two or three. Even a lot of Republicans like this guy. DO IT!
Governor Ted Strickland of Ohio: Key swing state, and this guy’s got fire in his belly (despite some of his conservative positions). But he’s said he wouldn’t take the position (fool).
Former Governor Mark Warner of Virginia: Another big swing state this season, another powerful, up-and-coming Democrat, another fool who doesn’t want to do it.
Governor Tim Kaine of Virginia: A supporter of Barack from the beginning, I really wouldn’t be surprised if this ended up in his hands (Kaine’s very popular in this swing state)
Senator Jim Webb of Virginia: Same deal, but I like this guy a lot more. If fact, he’s my second choice pick. He has big military credentials and I’ve already seen him play attack-dog for Obama on all the networks. The problems? He supports the flying of the Confederate flag and made disparaging remarks about women in the military in the 70s.
Senator Joe Biden of Delaware: Another strong contender. He’s Chairman of the Committee on Foreign Relations. But Delaware’s far from a swing state and I think he’d be a better Secretary of State.
Senator Chris Dodd of Connecticut: I’m a fan of his too, but right now he’s embroiled in that nasty Countrywide loan scandal. Not good. Plus, his eyebrows scare me a little.
Republican Senator Chuck Hagel: While I like the sound of a bipartisan ticket, and the fact he’s always been on the right side of the Iraq War issue, he’s still a conservative Republican through and through.
Former Senator Tom Daschle of South Dakota: I like him, has had a long and successful career, but doesn’t seem to fit in certain respects, and has some scandals of his own.
Former Senator Sam Nunn of Georgia: Great military and political background, and Georgia’s a state the Dems are hoping to flip. But his conservative positions sicken me, especially when it comes to school prayer and gay rights.
And then, of course, Senator and Former 2008 Presidential Candidate Hillary Clinton: Okay, I could spend all day on this one. Despite some vile actions in the primary season, I still am a big Hillary fan and really was torn at the beginning. She would definitely turn off some of the Independents that despise her, but also happens to come with 18 millions voters. An Obama/Clinton ticket would definitely be hard to beat, and I reject the notion that she somehow dilutes Barack’s ‘change’ message (I’d rather him ‘change’ from being a Senator to our next President). Ultimately, it’s going to come down to how well she campaigns for Obama in these next two months. Get your popcorn, Friday’s the first day to witness this firsthand.

Having your cake (and eating it too!)

June 24th, 2008

by Blake Rogers

It’s now been a full 24 hours since the cat’s been let out of the Republican bag. It was just about this time yesterday that news broke that Charlie Black, one of John McCain’s top advisors, was quoted as saying that another terrorist attack on U.S. soil before November 4th would be a “big advantage” for the Republican candidate. 24 hours later and, to my surprise, Mr. Black has not been asked to resign his post. The McCain camp today is doing some proverbial water testing, hoping beyond hope that other news stories will cast this awful blemish off weekly radars. The Obama campaign, though calling the remarks “disgraceful” and “pandering to the politics of fear,” has not called for Mr. Black to step down.

On the outside, this may appear to be a missed opportunity for the Democrats. Most Americans view these comments as both repulsive and maniacal, and would probably like to see Mr. Black gone. But, as always, Obama has a secret card up his sleeve. The truth is that it doesn’t matter if McCain fires or keep this man on– the damage has already been done. For a brief, but vibrant moment, the public got a first hand glimpse into the Republican mindset when it comes to the war on terror. The cost of life is nothing compared to the cost of political defeat. John McCain needs a miracle to win in November, and another 9/11, in their view, might just be the only thing that will make people run screaming back the Grand Old Party. Their message – in times of darkness and despair, only the Republicans can protect this nation.

However, let’s say it does happen. Suppose there would be another domestic act of terrorism before November (I feel sick even imagining it – you have a strong stomach, Mr. Black!). Some would think that this would play squarely into McCain’s hands. I believe, however, that this would do the opposite. It would only strengthen Senator Obama’s argument that President Bush’s policies (and thereby, Republican polices) have failed to keep Americans safe. When it comes to the vital question of national security, Republicans believe that can have their cake and eat it too. If America is safe, it’s because they’re in charge. And if America’s not safe, then we better keep them in charge (or else!).

Even worse for McCain, if another terrorist attack did happen, it would now look like he openly wished for it. “Hmm… damn that Mr. Black! Maybe I’ll just fire him anyway.”

From Hillary to Hell: will woman voters go kamikaze this fall?

June 23rd, 2008

by Blake Rogers

This is what we know: On Friday morning, Barack Obama and Hillary Clinton will be campaigning for the first time together in Unity, New Hampshire (note – the less than subtle choice of location). Irregardless of how she may really feel about having to now stump for her former rival, this is another thing we know: she will try to persuade her supporters, with Clinton-esque zeal, to unconditionally back the Obama bandwagon as it gears up its campaign against John McCain in the fall. Though political pundits and bloggers everywhere will be watching her every facial gesture for signs of insincerity, it’s her words that we must focus in on. Can she convincingly make the case to her die-hard female supporters that a vote for John McCain would be suicidal to the Women’s Movement?

Those of you who don’t know why Mr. McCain would be such a threat are not checking your facts. In his 25 plus years in politics, he has consistently voted against women’s rights and issues, whether related to health care, birth control, or equal pay. He supports overturning Roe v. Wade, and has vowed, if elected President, to appoint judges to the Supreme Court who agree with him (note – he only needs to appoint ONE of them in order to do this). Of course, as Planned Parenthood points out in their website, 51 percent of women voters in battleground states have no idea what McCain’s stance is on these issues.

“Who cares,” some Clinton loyalists may say, “I’m pro-life anyway. John McCain respects the women in his own life and has family values.” When McCain returned to the US in 1973 after his incarceration in Vietnam, he came home to find his first wife Carol had been disfigured by car accident, was broke, and had gained a little weight. No sooner than you can say “war hero,” Johnny boy was cheating on his wife with a young, skinny model from an über-rich family – his future second wife, Cindy.

“Who cares,” some more extreme Clinton loyalists may say, “at least he loves and respects his current wife. I mean, the guy stood by her even when she almost dead-ended his political career twice, once in the Keating 5 scandal, and again after stealing prescription drugs from her own non-profit medical organization.” In John McCain’s 1992 Senate bid, after his wife joked he was losing some of his hair, he responded, “At least I don’t plaster on the makeup like a trollop, you cunt.” He did this in front of reporters and his own aides. Now true, we all have our slip ups and temper tantrums. But if McCain can openly call his wife that vile word in front of the whole world, then what on earth does he say to her behind closed doors?

“WHO CARES,” the last of the loyalists will finally say, “my hatred for Obama is more important than me being respected as a woman! It’s more important than what happens to me, and every woman in this country.” This will also be just about the same time we all realize the truth – these women are not really Democrats at all, and probably never were. Even if Hillary Clinton personally came to their doors, got down on her knees, and begged them to reconsider their vote, they would then be convinced that their own dear Hillary is a liar, a back-stabber, and has partaken of the “Obama kool-aid.” She would be shocked to realize that not even SHE can stop her masses from the political gates of hell.

Jeez, and I thought it was Barack who had his work cut out for him this fall…