Economic Ramble

2011-06-16T18:14:00.002-04:00

2008-10-20T08:43:00.003-04:00

SEC has been asleep during this crisis, refusing to police the jungle has allowed the situation to get worse.
http://bloomberg.com/news/marketsmag/mm_1108_story2.html

The SEC allowed the big 5 to take on WAY too much risk in April 2004, changing how much debt they were allowed to hold. What did the SEC say at the time? “We’ve said these are the big guys,” Mr. Goldschmid said, provoking nervous laughter, “but that means if anything goes wrong, it’s going to be an awfully big mess.” “I’m very happy to support it,” said Commissioner Roel C. Campos, “And I keep my fingers crossed for the future.”
http://bigpicture.typepad.com/comments/2008/10/sec-deregulatio.html

Unbelievable video of the smoking gun of this mess.
http://www.nytimes.com/interactive/2008/09/28/business/20080928-SEC-multimedia/index.html#

The role of Freddie and Fannie in this mess
http://bigpicture.typepad.com/comments/2008/10/the-role-of-fan.html

Get over it, it wasn't the CRA
http://bigpicture.typepad.com/comments/2008/10/federal-reserve.html

Again not the CRA
http://bigpicture.typepad.com/comments/2008/10/misunderstandin.html

Who were the leaders in lowering the credit standards
http://bigpicture.typepad.com/comments/2008/10/who-were-the-le.html

2.5 trillion price tag
http://bigpicture.typepad.com/comments/2008/10/bailout-price-t.html

I set an ambitious goal..that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families . . . George Bush 2002
http://bigpicture.typepad.com/comments/2008/10/goal-increase-m.html

I've called on private sector mortgage banks and banks to be more aggressive about lending money to first-time home buyers. And the response has been really good. - George Bush 2004
http://bigpicture.typepad.com/comments/2008/10/quote-of-the--1.html

Good Summary...

The proximate cause of the Housing crisis were
1) Ultra-low rates; and
2) Abdication of traditional lending standards, thanks to
3) originators ability to resell mortgages for securitization purposes, and hence,
4) not have to worry about loan defaults.

During the early 2000s, the Federal Reserve, under Alan Greenspan Fed elected against supervising new mortgage lending firms. This act of nonfeasance, based upon Mr. Greenspan’s free market philosophy, had enormous repercussions.

The final act of deregulatory zeal were the net capitalizations exemptions granted by the SEC to five firms. This exemption allowed firms to exceed rules limiting debt-to-net capital ratio to a modest 12-to-1 ratio. After the 2004 exemption, firms levered up as much as 40 to 1. Not surprising, the five brokers that received this exemption – Goldman Sachs, Merrill, Lehman Brothers, Bear Stearns, and Morgan Stanley – are no longer in existence; they either failed, merged, or changed into depository banks.

Greenspan’s decision to not supervise mortgage lenders led to a brand new lending standard. During a five year period (2002-07), the basis for making mortgages was NOT the borrowers ability to pay – rather, it was the lender's ability to sell a mortgage to firms that securitized them.

These new unregulated mortgage brokers no longer cared about a standard 30 year mortgage being repaid over time. In the new world of repackaged loans, all that mattered was that the loan did not come back to the originator. By contract, this was typically 90 or 180 days. As long as the borrower did not default in that period of time, it could not be put back to the originator.

It turned out that the best way to do that – to put people in houses that would not default in 90 days – were 2/28 ARM mortgages. Cheap teaser rates for 24 months, with an eventual large reset.

This monumental, unprecedented change in lending standards led directly to the key to the current crisis. It also shows what happens when we remove supervision from the financial sector. Most of these mortgage originators – nearly 300 – have since filed for bankruptcy.

Why do we have referees in professional sports? All intense competition leads to rules of the game getting tested. Refs are on the field to prevent the game from spiraling into something unrecognizable to fans.

Deregulation took the referees off of the field, allowed speculative excesses to flourish, and reckless short-term incentives to distort behavior.

That is Human Nature – we are competitive creatures, and we require reasonable boundaries to protect ourselves from our own worst instincts. When left to our own devices, we push the envelope, cut corners, even work against our own best interests in the pursuit of profits. Every financial scandal over the past decade – corrupt analysts, fraudulent accounting, over-stating profits, predatory lending, conflicts of interests, option backdating – are the result of a legitimate business operation pushed up to the legal boundaries, and then going far beyond them.

That is the risk deregulation brings: It encourages behavior that leads to systemic risk. In the present case, the global credit markets have frozen, threatening a worldwide recession. The total cleanup costs are scaling up towards $10 trillion dollars. All due to an excess of deregulatory zeal.
http://bigpicture.typepad.com/comments/2008/10/regulate-or-not.html

http://bigpicture.typepad.com/comments/2008/10/ignored-warning.html

http://bigpicture.typepad.com/comments/2008/10/subprime-suspec.html

2008-09-23T16:23:00.002-04:00

The 5 stages of McCain during the economic meltdown.

2008-09-17T15:28:00.000-04:00

5 proveable lies the McCain/Palin team is telling.
http://www.youtube.com/watch?v=PLswpZtca48

2008-09-10T09:09:00.001-04:00

McCain sure had some weird body language during his speech his eyes popping was the strangest. Now I know why Barack was on the screen behind him. Very funny vid.
http://www.youtube.com/watch?v=_TiQCJXpbKg

2008-09-09T14:42:00.002-04:00

Finally someone with some ideas, Joe Biden on the floor of the senate
http://www.youtube.com/watch?v=v1op8vwF5UA

2008-07-09T12:01:00.019-04:00

John McCain's flip flops, making John Kerry proud

1) Abortion flip flop

John McCain is on record in support of Roe v. Wade. This is a big reason why he lost the nomination in 1999, he was toxic on the issue.

WASHINGTON (Sept. 13) - Senator John McCain (R-Az.), a leading contender for the Republican nomination for President, said on August 19, "Certainly in the short term, or even the long term, I would not support repeal of Roe vs. Wade," the Supreme Court decision that legalized abortion on demand.

Listen to McCain say it himself on CNN.
"We cannot repeal Roe v. Wade right away because that would lead to dangerous back alley abortions by thousands of young women across the country."

To secure the 2008 nomination he has painted himself as 100% pro-life, but if he puts Rudy, or Bloomberg on the ticket, he's back to his old ways.

2) Taxes

Voted against Bush's tax cuts in 2001 and did so again in 2003, he additionally derided them as giving too much to the rich at the expense of the middle class, and on top of that he said it would explode the deficit. (He was correct on both counts) now he supports extending those same tax cuts. No mention of the middle class or the deficit in his reversal. Here's the conservative Wash Times take on his flip flop.

McCain campaign says "No new taxes", McCain says payroll taxes might go up.

3) Torture

You'd think a man who'd been tortured himself for years, wouldn't change his mind on the subject, but you'd be wrong.

In 2005, McCain said it was wrong to torture even the most senior al-qaeda leadership even in a ticking time bomb situation.

At the White House... "to make it clear to the world that this government does not torture and that we adhere to the international convention of torture, whether it be here at home or abroad. And so we have worked very closely with the Senator and others to achieve that objective"

So when a bill comes to the Senate in February 2008 to ban torture, McCain votes for it right? Nope. He votes against it. As flip flops go, they don't get any bigger than this.

4) Offshore drilling

In 2000 McCain was against off-shore exploration and drilling, now he's for it.

Drilling in ANWR

In 2005, John McCain was one of the few Republican Senators to vote against drilling. His vote was critical as the vote was very close. It passed by 51-49

Today? It's not a full flip flop but on June 18, 2008 at a Town Hall meeting at Missouri State in response to drilling in ANWR he said "I would be more than happy to examine it (the drilling issue) again,” McCain said.

5,6,7) Flip flopping on his former enemies

Jerry Falwell, an "agent of intolerance"

Grover Norquist, a "crook and a shill for dictators"

Sam and Charles Wyly, secretly funded Bush's dirty campaign again McCain , all forgiven now

8) Can't remember his favorite football team

Of all the flip flops, this one is the one that cuts the deepest at the neighborhood BBQ. In the book "Faith of my Fathers" and in a Newsweek interview. McCain said his favorite team was the Green Bay Packers. And why not? In 1967, the Packers were titletown with Lombardi at the helm. So as a POW McCain recited the names of the Packer greats while under torture.

Last week in Pittsburgh, McCain was asked. What do you think of when you think of Pittsburgh. McCain responded "Oh my favorite football team the Steelers, you know when I was a POW I recited the names of the Steelers when under duress."

Ah yes the 2-12 '65 team, the 5-8-1 '66 team and the 4-9-1 '67 team. Those Pittsburgh teams most have made quite an impression on the Virginia native who you'd think would have rooted for his hometown Washington Redskins team.

So which is it Mr. McCain? You can't remember your favorite football team, or your favorite team changes depending on what city you're currently in?

9.) Gay Adoption

July 13, 2008 I don't believe gays should be allowed to adopt.

July 15, 2008 I do believe gays should be allowed to adopt.

A 2 day flip flop, this may be a Guinness Book Record!

10) Afganistan

Nov 2007, McCain "No new American troops needed in Afgan, more NATO troops"

July 6, 2008 Obama says he will send thousands to Afgan, McCain, nope Afgan is fine NATO and Pakistan have to handle it.

July 14, 2008 Obama says he will send 2 brigades to Afgan.

July 15, 2008 McCain jumps on the bandwagon, "2? I will send 3 brigades to Afgan"

July 15, 2008 about 1 hour later McCain " I won't send 3 brigades, I'll send some, NATO will send some"

Ah the rare flip-flop-flip and all within 1 day. A new record.

Well I only came up with 10 flip flops, but here's more:

10 flip flops in 2 weeks

A list of 61 McCain flip flops

Frank Rich has a number of flip-flops not discussed elsewhere

McCain's sense of humor. Not a flip-flop, but as an insight into character it deserves a spot

Killing innocent civilians is funny

Bombing is fun and funny

Rape and bestiality is funny (yeah way back in 1986, so McCain was "only" 50)

Making fun of the way 18 year old Chelsea looked ('cause picking on kids is classy)

McCain's temper

Sure launching f-bombs at folks might be considered cool, but calling your wife a C*** in front of 3 reporters? He claimed at age 56 he'd had a long day, good thing at age 72 the Presidency doesn't call for long days...

McCain's Military Expertise

"I know how to win wars" Sorry no link to prove this record

Actual military acumen?

Finished almost dead last in his class at Annapolis 894th out of 899

After 5 plane crashes, McCain left the Navy 1 week after his patron was gone (His Dad)

His best man at his wedding Sen. Cohen said "He knew his career in the Navy was limited"

McCain slapped around in funny Paris ad

See more funny videos at Funny or Die

2008-05-15T12:03:00.002-04:00

"Somebody pulled me off the golf course and told me giving up golf would be a good idea"

Obermann tells President Bush that Iraq is not about his golf game.

http://www.crooksandliars.com/2008/05/14/countdown-special-comment-to-president-bush-shut-the-hell-up/

2008-05-14T13:41:00.002-04:00

0 for 3 so far. Republicans have been losing the open seats to Democrats in the three special elections held so far.

The first one was an open seat in LA which a Dem took a R seat held for 20 years! By Rep. Richard Baker (R). That district had voted 59% for Bush in 2004.

Republicans dropped $500,000 but were outspent 2-1, but based on Congressional and Senate fundraising efforts to date, Republicans better get used to being outspent, because they are badly trailing the Democratic fundraising machine.

Next was the big one. Danny Hastert the Speaker of the House leaves and R's can't hold onto his Illinois seat. Democratic challenger wins by 6 points and against a Republican challenger who spent $2.3 million of his own money on the race, and the national party spent another $1 million.

Most recently and most shockingly, Democrats beat Republicans in Mississippi. Mississippi !! This was a district that voted 62% for Bush in 2004. And the GOP dumped $2 million into the race, slightly outspending Dems and still lost by 8 points. Also Cheney, Huckabee, McCain, Laura and George Bush all participated on the R effort.

The Democrats are now 3-for-3 in these red district special elections: Along with Travis Childers’ win in MS-01, Bill Foster took Denny Hastert’s old IL seat, and Dan Cazayoux took the solidly red 6th district in LA.

When 3 open solidly Republican seats turn Democratic, it's a sure indication of the mood of the country.

Over 80% of the nation is upset with the economy (#1 predictor)
Incumbent party has a unpopular (30% approval rating) President (tough to overcome)
We are mired in an unpopular war that nearly 2/3 of the country wish to end
Primary voters are voting 2-1 Democrat, fundraising is 2-1 as well
Vast majority of new registered voters are Democrat
R's have held the White House for 8 years, voters like a change (tested as statistically significant in econometric modeling)

2008 is shaping to be a historic landslide for the Dems this fall

2008-03-18T22:43:00.005-04:00

Barack Obama on Race. A speech from Philadelphia on March 18, 2008 well worth the 37 minutes of viewing time.

2008-02-18T15:59:00.002-05:00

Predictions

Back when this was a 20 person race, my best guess was Romney vs. Edwards in the showdown. Not so much. Edwards never showed up and Romney was essentially #2 on the R side.

Fred Thompson, good prediction, I knew from jump he was a phony candidate.
Rudy G., good prediction, never figured out his appeal and was able to guess his exit from the race at the time he was picked to win Florida.

Mike Huckabee, not so good. After really nailing Fred and Rudy, I went out on a limb guessing his exit. Didn't happen, but he's as good as done, McCain's got it wrapped.

Only thing left to guess of any interest is Obama v. Hillary, and I've got no clue on that side of the race. You'd think the Dems' would have to be straight up nuts to nominate Hillary, but she wins CA by 10 points and is favored to win in TX and OH and PA.

2008-02-01T13:17:00.000-05:00

Boo-yah. I nailed when Thompson and Rudy would exit the race, so now 2-0 I'm feeling good enough to try to nail when Huckabee gets out of the race.

I think Huckabee exits the race between 8pm Feb 5 and Feb 11. He does ok in a couple of southern states on Feb 5. He has a tiny chance of winning in Georgia and Alabama, but I think he comes in second in both, and drops out shortly after the Super Tuesday results.

Although there is a chance he holds on for the Kansas election on Feb 9th, but he's is gone by the time the Virginia race on Feb 12. He'll be hopelessly behind in the delegate count as of Feb 6th, so if I was a tad bolder. I'd peg his exit between Feb 5 and Feb 7.

2008-01-24T14:19:00.000-05:00

While I still think Rudy drops out of the race between Jan 29 and Feb 7, I"m starting to wonder if Huckabee doesn't drop out of the race even before Rudy.

Huckabee is looking at a very distant 3rd or 4th place finish in Florida (same as Rudy) and although he could win a few southern states on Feb 5th, he will likely run out of money very soon. And by Feb 5 it will be crystal clear he is too far behind in the delegate count to catch up to McCain or Romney.

The Republican race is quickly becoming a 2 person race. Ron Paul has enough money to go on, and could become a third party candidate, but after Feb 5th Huckabee and Rudy won't be able to raise any money, so they will have to drop out no later than Feb 7.

2008-01-23T08:39:00.000-05:00

Slate gives their reasons why Fred never caught on.

2008-01-22T15:00:00.000-05:00

Fred exits the Presidential race. Jan 22, 2008

I TOLD YOU SO. (explicitly and perfectly timed it on Jan 21, but also on Dec 31)

Some highlights

"Fred is a clown" Oct 4,
"Send money to Fred at your own peril, this campaign is not serious." Sept 21

and the Sept 7th, 2007 post that started it all

"watch the http://www.fred08.com/ video it is laugh out loud funny.Very clearly this is not going to be a serious candidate, that gives me some license to goof around. Fred's just trying to raise his profile so he can make some more money. Assumping Fred doesn't become President, rumor has it that Fred is the favorite to replace the $10 million dollar a year man on the radio. (Paul Harvey = 60% of their revenues, thus the big pay)
http://economicramble.blogspot.com/2007/09/fred-is-lazy-part-2.html

NEWS ALERT
from The Wall Street Journal
Jan. 22, 2008
Fred Thompson dropped out of the Republican presidential race this afternoon after a third-place finish over the weekend in South Carolina's primary and poor performances in other early caucus and primary states.

Fred's early exit from the process was obvious to me from Day 1 and now it's official. Next to exit the race is Rudy Giuliani.

So after endorsing Fred on Nov 13, who does the NLRC support now?

2008-01-21T10:50:00.000-05:00

Well, looks like I won't have Fred around much longer to kick around. Without much doubt Fred will soon drop out of the race after his disappointing third place finish in South Carolina. South Carolina was to be his "firewall" and he barely finished third, beating Romney by only 0.6% of the vote.

I of course have never thought Fred had a chance, nor have I ever thought Fred has run a serious campaign, so his exit from the race has long been predicted. The big question now is, does Fred drop out before or after Rudy Giuliani ?

Rudy has been nonexistant in this race, normally finishing with 1/2 as many votes as Ron Paul and currently projected to finish 4th in Florida, which of course was Rudy's "firewall".

Predictions:

Fred to drop out by Jan 30th (day after Florida) or sooner
Rudy to drop out by Feb 6th (day after Super Tuesday)

Thompson contemplates dropping out of race (Cleveland Plain Dealer)

2008-01-15T22:35:00.000-05:00

Michigan results are coming in and it appears Fred might get 4% of the vote which is exactly what the polls were predicting for him. Candidate Ron Paul who is routinely snubbed on TV and sometimes not invited to debates once again thrashed Fred, getting about 6% of the vote and coming in 4th to Fred's 5th place finish. Of course the results are subject to change and Rudy with 3% of the vote might beat out Fred for the coveted 5th place finish.

It continues to amaze me that Fred is taken seriously he should not be. Not only has every other candidate raised more money than he has but a true niche candidate like Ron Paul continues to beat him soundly in every primary.

2008-01-13T13:00:00.000-05:00

Red State update on Fred Thompson

video on Fred

"Jackie reads Dunlap the riot act for saying GOP candidate Fred Thompson came in fourth place in Iowa, when he actually came in third. If you like Fred Thompson, sausages and E.T., you’ll love this one"

http://www.crooksandliars.com/2008/01/12/red-state-update-apologize-to-fred-thompson/

2008-01-09T08:59:00.000-05:00

Thompson comes in 7th in New Hampshire

Sure most news reports are playing up Fred's 6th place finish with 1% of the vote, but let's not forget the write in candidates! 4,058 write ins were collected and Fred only got 2,808 votes, so really he was 7th.

How bad was it? Dennis Kucinich who was barred from the Democratic debates got 3,845 votes. Yep that's 1,000 more votes than Fred. Ouch.

Of course in Iowa, Fred finished 4th but combining his results in Iowa and New Hampshire he is trailing notables like Ron Paul by 10,000 votes.

Next up is Michigan where Fred is polling dead last at 4% of the vote.

2008-01-03T11:01:00.000-05:00

Thompson Campaign Fades in Iowa

DES MOINES, Iowa -- As a noncandidate, Fred Thompson could command the Tonight Show with Jay Leno to deliver his political message. Now, the would-be savior of the conservative coalition can barely get coverage from the Des Moines Register

Wall Street Journal
By AMY SCHATZ
January 3, 2008
Page A10

http://online.wsj.com/article/SB119932738769464091.html?mod=Leader-US

WSJ picture gives you an idea of the excitement (leaning back in seat) surrounding the campaign and gives a good insight into the kinds of numbers (2) who come out to hear him talk.

2007-12-31T16:09:00.000-05:00

Fred finally admits he really doesn't care all that much about being our next President

"I'm only consumed by a few things and politics is not one of them," He also said he "will not be devastated" if he doesn't win the election.

http://blogs.usatoday.com/onpolitics/2007/12/thompson-not-pa.html

Of course he now claims to be misquoted, here's the video

http://www.crooksandliars.com/2007/12/30/frederick-of-hollywood-fire-in-his-belly/

Like I told you when I started tracking Fred, he is only in it for one reason. To raise his profile to get his next lucrative job.

2007-12-28T16:25:00.000-05:00

How many minutes have the candidates had?

http://www.nytimes.com/2007/12/28/opinion/28todd.html?ref=opinion

2007-12-19T15:14:00.000-05:00

Fred refuses to answer question on Global Warming,

to be fair he probably doesn't know what this refers to...

In today’s GOP presidential debate in Iowa, Fred Thompson refused to answer whether or not global climate change is a “serious threat and caused by human activity.” When the moderator asked to see a show of hands from the candidates, Thompson became combative and declared, “I’m not doing hand shows today.” At least four other candidates raised their hands.

When the moderator refused to give him a full minute to answer the question, he replied, “Well, I’m not going to answer it.” While McCain and several other candidates followed up and outlined their energy plans, Thompson stayed silent. (video in link)

http://thinkprogress.org/2007/12/12/thompson-global-warming-debate/

2007-12-13T11:24:00.000-05:00

Fred's going all in on Iowa

http://www.crooksandliars.com/2007/12/12/fred-thompson-putting-all-his-eggs-in-the-iowa-basket/

2007-12-07T14:46:00.000-05:00

KO's special comments

http://www.crooksandliars.com/2008/01/31/countdown-special-comment-on-fisa-and-telecom-immunity/

We have either a president who is too dishonest to restrain himself from invoking World War Three about Iran at least six weeks after he had to have known that the analogy would be fantastic, irresponsible hyperbole — or we have a president too transcendently stupid not to have asked — at what now appears to have been a series of opportunities to do so — whether the fairy tales he either created or was fed, were still even remotely plausible.
http://www.crooksandliars.com/2007/12/06/countdown-special-comment-the-nie-reflects-an-unhinged-irrational-chicken-little-of-a-president/

Keith tears into President Bush for firing a true patriot that spoke out against torture, while cowardly and simultaneously ordering others to commit the very same heinous crime.
http://www.crooksandliars.com/2007/11/05/special-comment-george-bushs-criminal-conspiracy-of-torture/

Olbermann blasts the president for his cowardly and un-American behavior of pimping General Petraeus as a political hack and hiding behind him to deflect criticism
http://www.crooksandliars.com/2007/09/20/countdown-special-comment-the-president-of-hypocrisy/

Water-boarding, he said, is torture.
Legally, it is torture.
Practically, it is torture.
Ethically, it is torture.
And he wrote it down.
http://www.crooksandliars.com/2007/11/05/special-comment-on-countdown-tonight/

Keith absolutely lays waste to President Bush’s lies and rhetoric about the surge. He contrasts his callous disregard for the truth and the troops between his six hour photo op in Iraq and the interview with Draper released this weekend.
http://www.crooksandliars.com/2007/09/04/countdown-special-comment-you-have-no-remaining-credibility-about-iraq-sir/

Keith delivered a powerful special comment about the leaked Bush Administration letter that blames Senator Hillary Clinton and all war dissenters for President Bush’s own failures in Iraq.
http://www.crooksandliars.com/2007/07/19/special-comment-keith-blasts-bush-scapegoating-this-is-your-war/

Olbermann lets the Secretary of Homeland Security, Michael Chertoff, know how insecure the homeland must be if we are to rely on his “gut.”
http://www.crooksandliars.com/2007/07/12/special-comment-on-michael-chertoffs-gut/

The ramifications of Bush’s commutation of Libby’s sentence
http://www.crooksandliars.com/2007/07/03/keith-olbermanns-special-comment-you-ceased-to-be-the-president-of-the-united-states/

Keith gave a scathing commentary on the compromise struck by the Democratic Party over the war supplemental. he also flames Bush over his childish stand.
http://www.crooksandliars.com/2007/05/23/special-comment-the-only-things-truly-compromised-are-the-trust-of-the-votersfriends-and-family-in-iraq/

Keith delivered a scathing Special Comment tonight about the rank partisan fearmongering speech Rudy Giuliani gave before a New Hampshire Republican meeting yesterday (CSPAN stream).
http://www.crooksandliars.com/2007/04/25/olbermanns-special-comment-on-giulianis-fearmongering-how-dare-you-sir/

2007-12-03T15:50:00.000-05:00

Fred's Folly

Wall Street Journal
November 30, 2007; Page A16

On Fox News this Sunday, Fred Thompson laid out the most creative tax proposal yet in the race for president. It should have been an important moment, the point at which GOP aspirants finally dug into a core issue and went a few rounds over marginal rates and corporate levies.

Instead, nothing. The Thompson plan inspired little fanfare, less press and didn't even merit time during this week's GOP debate. The black hole says everything about the mess that is the Thompson campaign, and just as much about today's intellectually bereft Republican primary campaign.

http://online.wsj.com/article/SB119639003590409042.html

OUCH! Ok, so the WSJ doesn't like you either, who does?? - Mike

2007-11-27T09:55:00.000-05:00

Fred Thompson "Fox has been trying to take me down from day one"

"It's the wrong message and a weak messenger. Other than those two things, it's a great campaign," Barnes said. Krauthammer added: "There's not anything there. And in the absence of something, he can't win."

http://www.washingtonpost.com/wp-dyn/content/article/2007/11/25/AR2007112501464.html

When the camera returned to Thompson, he was visibly angry. "This has been a constant mantra of Fox, to tell you the truth," he said.

Thompson, appearing on "Fox News Sunday," called for repealing the alternative minimum tax and lowering the corporate tax rate to no more than 27 percent, from the current 35 percent.
Thompson also said that he would change the current income tax system to one that includes just two tax rates and strips away tax deductions and credits

2007-11-20T22:38:00.000-05:00

No Support
Fifty percent of New Hampshire residents would never vote for Fred Thompson.
By Mark Blumenthal and Charles Franklin
Updated Tuesday, Nov. 20, 2007, at 3:59 PM ET

The news for Fred Thompson just refuses to get better in New Hampshire. Not only did he come in sixth place with a paltry 4 percent in the most recent CNN/WMUR poll (PDF), but half of the state's Republicans won't even consider voting for him. When the likely Republican voters were asked about which candidate they thought could best handle issues like abortion, Iraq, illegal immigration, and the economy, Thompson didn't grab more than 4 percent of the vote on any question. We'll have analysis of the Democrats' New Hampshire numbers tomorrow.

http://www.slate.com/id/2175496/fr/flyout

2007-11-20T22:28:00.000-05:00

Sounds like the beginning of the end for Fred....

http://www.crooksandliars.com/2007/11/20/thompson-backers-second-guessing-their-man/

Several House Republicans who endorsed Fred Thompson for president now say that they are frustrated with what they view as an apathetic campaign, and at least one regrets having committed to the former Tennessee senator.
“I think he’s kind of done a belly flop,” said an estranged Thompson backer who indicated he will not pull his public support before the “Super Tuesday” primaries. “We’ll just wait till after Feb. 5 because I think he’s going to get beat.”
http://public.cq.com/docs/cqm/cqmidday110-000002631203.html

Another GOP lawmaker said, “I’ve kind of pulled back. I’m not not supporting him, but I’m not doing anything.” With six weeks to go before the first contest, that’s not quite the enthusiasm a presidential hopeful wants to hear.

2007-11-13T10:29:00.000-05:00

Nation’s largest pro-life group endorses Fred Thompson.

NRLC must be holding their nose with this endorsement. They went to court to fight the Thompson supported McCain-Feingold campaign finance legislation.

And what about his work to lobby for abortion rights? Does he even regret it?

“No, I don’t" - Fred Thompson October 18, 2007 The Atlanta Journal-Constitution

Should this concern pro-lifers? Why yes. Bob Novak on November 8 regarding Thompson's comments on "Meet the Press" said "What Thompson said could be expected from NARAL"

In the first question on abortion posed by Russert Sunday, he asked Thompson whether as a candidate he could run on the 2004 Republican platform that endorsed a "human life" constitutional amendment banning all abortions. "No," Thompson replied, suddenly monosyllabic. "You would not?" "No," said Thompson, adding "that's been my position the entire time I've been in politics"

And that ladies and gentlemen is your NRLC candidate. Enjoy.

Sources:

http://www.nrlc.org/Election2008/111307POTUSEndorsement.pdf

http://marcambinder.theatlantic.com/archives/2007/11/nrlcs_thompson_endorsement.php

http://www.ajc.com/metro/content/shared-blogs/ajc/politicalinsider/entries/2007/10/18/what_fred_said_a_transcript_of.html

http://www.townhall.com/Columnists/RobertDNovak/2007/11/08/fred_thompsons_blunder

2007-11-05T15:52:00.000-05:00

Fun quiz to find out which candidate is closest to your views.

http://www.usatoday.com/news/politics/election2008/candidate-match-game.htm

2007-11-05T10:12:00.000-05:00

Remember when Bush said "I don't know where OBL is and I don't really spend a lot of time thinking about him"

Fred goes one better "Osama Bin Laden?, more symbolism than anything else"

http://www.crooksandliars.com/2007/11/04/meet-the-press-thompson-on-osama-bin-laden-more-symbolism-than-anything-else/

Here is Fred saying a bunch of kids are responsible for 3,000+ dead soldiers in Iraq.

Fred: … "I said the US could not be perceived as having been run out of Iraq with our tail between our legs because a bunch of kids on the border there making improvised explosive devices…"

http://www.crooksandliars.com/2007/11/04/fred-thompson-put-me-back-to-sleep-tries-to-explain-his-bunch-of-kids-with-ieds-comment/

2007-11-01T15:20:00.001-04:00

Fred doesn't bother to get his facts straight. Is this even newsworthy? I guess so.

http://www.crooksandliars.com/2007/11/01/thompsons-policy-troubles-get-even-worse/

2007-10-29T14:36:00.000-04:00

Guess who doesn't have an economic advisor or at least is too slow and lazy to respond yet? It's Fred. (see list)

NABE is hosting:
"Economic Debate 2008" The Top Presidential Campaign Economic Advisers Speak

November 9, 2007
9:00 - 10:45 AM
National Press Club
529 14th Street NW
Washington, DC

http://www.nabe.com/publib/debate08.html

Gene Sperling, Economic Adviser to Hillary Clinton
Michael Boskin, Economic Adviser to Rudolph Giuliani
Leo Hindery, Economic Adviser to John Edwards
Doug Holtz-Eakin, Economic Adviser to John McCain
Austan Goolsbee, Economic Adviser to Barack Obama
Greg Mankiw/Glenn Hubbard, Economic Advisers to Mitt Romney (to be confirmed)

Economic Advisers to Fred Thompson (invited in email)

2007-10-25T12:12:00.000-04:00

"I'm kind of a laid-back guy" (ie. OK, you nailed me, I'm lazy, deal with it)
http://www.slate.com/id/2176518/nav/tap1/

Although Fred has been slipping so badly in the polls that continuing to make fun of him may be a waste of time, it seems the news is catching on.

http://www.pollster.com/08-US-Rep-Pres-Primary.php

Take a look at the data. Fred peaked in September polling between 24% to 32%, since then it's been all downhill. Fred is now around 10% to 20% nationally.

State by state ?
#2 in Iowa was #3 but Rudy is in free fall (fell from 30% to 13%)
#4 in New Hampshire and dropping like a rock
#1 in South Caroline, but he is abused as badly as expected in those first two states, it is unlikely he wins this state.

http://www.slate.com/id/2175496/fr/flyout

2007-10-08T11:23:00.001-04:00

"Words speak louder than words" - Fred Thompson

Once again proving he is dumber than dirt.

http://www.youtube.com/watch?v=kbYg9lERQcI

2007-10-08T11:16:00.000-04:00

SNL does a Fred for President video

"Some people say it’s because I’m lazy. Others say my heart’s not in it. But I assure you the role I most want to play is the role of this nation’s president. How badly do I want to be your president? On a scale of one to ten, I’m about a six."

http://www.crooksandliars.com/2007/10/07/snl-freddie-of-hollywoods-latest-campaign-ad/

2007-10-05T15:06:00.001-04:00

Fred for President video, good stuff

http://www.youtube.com/watch?v=2U4QrbauAYY

One on Rudy
http://www.youtube.com/watch?v=qivzOvjSANE

2007-10-04T16:11:00.000-04:00

Fred and the Soviet Union

Includes link to clapping story, how lazy his campaign, and has Fred quoted using "soviet union" (its' been Russia for the past 18 years, or since his wife was in diapers)

Years from now we will all be saying, the Republican field was so pathetic in 2008 they had this total clown considered in the top tier of candidates. I can't remember his name but he was on some TV show.

http://www.msnbc.msn.com/id/21124434/

2007-10-02T14:27:00.001-04:00

"Please clap for me" - Fred Thompson

http://firstread.msnbc.msn.com/archive/2007/10/01/389772.aspx

The crowd of about 60 people seemed nonplused by the candidate's speech, treating it much like a lecture with little applause or laughter. Thompson was even forced to finish his speech by saying, "First of all can I have a round of applause," admitting that he had to "drag" it out of them. On the street after the lunch, two independent voters, Kathy Larson and Mary Brooks, said that they were pretty disappointed by what they heard.

2007-09-21T15:13:00.000-04:00

Fred is lazy, part 2. Told you.

Fred's web site has been revamped since my last post. No longer do you get the Charlie Brown and Lucy effect when you touch on "About Fred" (see point 7 and screen shot below).

How'd they fix it? They got rid of the BLOG drop down box option, WHY? My guess, somebody told old Fred, he'd have to write something every day.

NO WAY MAN! That takes work, and as we know, Fred has an allergic reaction to work.

Send money to Fred at your own peril, this campaign is not serious.

2007-09-07T13:35:00.000-04:00

1:53am, 2 hours and finally finished this post (was orginally posted to CEO Economic Update). Hope at least some of you get a little enjoyment out of this. I'm going to complain to my doctor, the meds he said will make me sleepy. Nope. Kept me up.
=====
Please watch the http://www.fred08.com/ video it is laugh out loud funny.

Very clearly this is not going to be a serious candidate, that gives me some license to goof around.

Fred's just trying to raise his profile so he can make some more money.

Assumping Fred doesn't become President, rumor has it that Fred is the favorite to replace the $10 million dollar a year man on the radio. (Paul Harvey = 60% of their revenues, thus the big pay)

Bigger name recognition for Fred (from Presidential run) probably seals the deal with ABC radio, when Paul Harvey (turns 89 this year) steps down at the end of his contract in 2010. (if he doesn't renew at again at age 92)

By the way, kudos to Paul Harvey, if we all emulate your shining example the national debt would be erased overnight, 'cause nobody would need Social Security. Ok, no more economics I promise.

======

So what's so funny about Fred's amateur video announcement?

1a) Is he intentionally acting bad so we forget he was an actor? Watching this video leaves you with one impression. He's never stepped in front of a camera before. Think about it, you gotta lower the expectations first, then you'll amaze everyone by a so-so performance. (precedent: Bush, George W.)

1b) He is way too skinny after his crash diet to get into Presidential shape, and he has way too much loose skin left over, so he jiggles all over when talking, it's weird. Join the rest of us and put the weight back on, or trim the skin.

2) He still isn't used to his lightweight body, so whenever he moves he puts too much muscle into the movement. Would be fine if he weighted another 50 pounds but being this light he moves too fast like a bobblehead doll.

3) Speaking of the bobblehead, watch his head in the video. It's really obvious his handlers told him, "you're too old to run for President, please be energetic when speaking", so he bobs his head back and forth and front and back.

It's too bizarre for words, sort of like a prairie dog popping up and down. I'm guessing he is trying to be hip or maybe like a rap star ?? This video is absolutely dying to be made into a "Jib Jab" spoof. P.S. "This Land" is still the funniest political thing on the web

4) Fred's website quotes are ridiculous, and straight out of the Paul Harvey homespun simple throwback American playbook (ie little corny)

ABC radio are you listening to this audition?

“Occasionally, doors have opened to me,” "and I had sense enough to see that they were opening, and I would walk through them.”

“How's the crowd taking it?"

Fred wants questions from Americans. And not softballs

Fred knows there are pressing issues facing our nation (Really?)

5) Fred is lazy doesn't get into the race until threatened by a lawsuit ( link to this story) Lane Hudson should tell us more.

6) Fred is a lazy campaigner "Lazy like a Fox" on cover of Newsweek
http://www.msnbc.msn.com/id/20546334/site/newsweek/

7) His web site has a bit of laziness about it too. Touch the "about Fred" tab.

The first item under it says BLOG, but I"m not sure cause it's covered by the CONTRIBUTE button.

Second item says Photo Gallery. You can't touch either of those options. It's like Lucy holding the ball for Charlie Brown, it's pulled away from you the minute you try to get to it. Too funny. This group is too lazy to proof their own website. Goes to show it's just a spoof.

On the off chance they fix it ? Here's the screen shot, or perhaps you could try the wayback machine. http://www.archive.org/index.php

Misc.
Personally I'd be embarrassed by this photo, but they've got it up on the website.

This picture looks like an old senate photo from 6 years ago and add 50 pounds to him. (he is too skinny now)

Frankly if he still looked like this, he'd probably win the whole thing. He just looks like a president.
http://www.fred08.com/About.aspx#

Moving on: Click on "legislation" yes he really was a Hollywood star during these years, he looks great, I"m betting he was putting up Chamberlain type numbers during these years. Good thing he wasn't married. This guy was a player. But that isn't the guy running now.

Still no mention of his wife or 2 kids on the about me page. hmmm.... good thing she didn't bother switching her last name. By the way she does know he's a Republican right? Very odd to keep the maiden name as an R, that is something the D's do. Oh wait, found her she's under "fred today"

Joe Scarborough said she was hot and he was right.

"please be 18, please be 18" - Ricky Bobby
Any fan of Talledega Nights will recognize that line, I'm sure ole Fred said it when he first saw Jeri. Although I'm equally sure Jeri did not use Carley's tactics to get his attention.

Ok, so short summary, if this guy wins the Presidency, I"ll eat my hat.

-- Mike Donnelly Originally posted here
http://pbp.typepad.com/economy/

This message was sponsored but not paid by
Fred Thompson for P / Robin Willams for VP

2006-06-23T13:57:00.000-04:00

GeoPolyTrade: "High Energy Prices are Good for America
I am going to propose a policy that is heresy for traditional conservatives and adherents of free markets:

I believe that high energy prices are good for the United States and the developed world in general.

In fact, I believe it so much, that I think the United States needs to tax energy consumption in order to raise prices for energy. (note that the EU countries and Japan already tax energy significantly higher than the United States)."

2006-06-23T13:56:00.000-04:00

GeoPolyTrade: "Guests of the Ayatollah: Saturday on Discovery Channel
The above link will take you to Amazon.com's listing for Mark Bowden's recently-released 'Guests of the Ayatollah' the story of America's first battle with Islamic Terror. Or you can try the same link below:"