Your World, According to the Right (Four Fables)




This Essay is no big deal.

I simply had a few moments before the markets closed — as I watched the Dow crumble along with the Dollar — so I thought I would read a few blogs on the Right and see what they’re talking about today. I like to read the Right Wing blogs when they discuss the economy. The Right thinks America has a grrrreat economy. Most of the time, it’s really pretty funny (gawd they’re dumb) but overall, their “optimism” can be a soothing balm after a big dose of reality.

Anyway, I noticed four “busy” topics over there I thought I would bring back here. (Plus, I’ve added a little note on each about how your fellow-voters see America and your place in it):

Some House Backers of Thompson Are Starting to Lose the Faith

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.”

The disaffected members of team Thompson say that he has failed to put to rest whispers that he is unwilling to campaign hard enough to win the presidency.

“He seems to be perpetuating it instead of defeating it,” another dissatisfied Thompson backer told CQ Politics. “I can’t see me bailing on him, but there’s some frustration.”

___________________________________________________________________________

Typical Right Wing Reaction: “I started reading the article, but I stopped because it was a crock.”

U.S. Prison System a ‘Costly Failure’  

The report calls for a major overhaul of the US justice system.

The US prison population has risen eight-fold since 1970, with little impact on crime but at great cost to the taxpayer, researchers say.

There are more than 1.5 million people in US state and federal jails, a report by a Washington-based criminal justice research group, the JFA Institute says.

Inmate numbers are projected to rise by 192,000 in five years, costing $27.5bn (£13.44bn) to build and run jails.

The JFA recommends reducing the number and length of sentences.

The Unlocking America report, which was published on Monday, also advocated changing terms of parole and finding alternatives to prison as part of a major overhaul of the US justice system.

“There is no evidence that keeping people in prison longer makes us any safer,” said JFA president James Austin.

___________________________________________________________________________

Typical Right Wing Reaction:  “Liberals want prison reform because their base is mostly felons.”










Builders See Worse Times Ahead

NEW YORK (CNNMoney.com) — Home builders’ confidence stayed at record low levels in a November reading released Monday, as a slight uptick in buyer traffic was balanced out by a slightly more pessimistic view six months down the road.

The survey of builders found 57 percent now expect a poor market for new homes six months from now. Only 5.7 percent are looking for a good housing market that soon.

“The message from today’s report is that builders do not see any significant change in housing market conditions as compared to last month,” said NAHB Chief Economist David Seiders. “While they continue to work down inventories of unsold homes and reposition themselves for the market’s eventual recovery, they realize it will be some time before market conditions support an upswing in building activity – most likely by the second half of 2008.”

The report comes the day before the Census Bureau is set to report on housing starts and permits, which are often seen as another measure of builder’s confidence in the market. Both readings are forecast to fall to a 14-year low.

___________________________________________________________________________

Typical Right Wing Reaction:  “How soon before leftist/democrats demand that more credit be extended to the poor? That’s what caused the subprime problem to start with.”

Soldier Re-enlists Hours after IED Injury

FORWARD OPERATING BASE WARHORSE, Iraq – A U.S. Soldier re-enlisted in the Army just hours after being seriously wounded in an improvised explosive attack near Zaganiyah, Iraq, Nov. 13.

Spc. Christopher Hoyt, an infantryman with 2nd Battalion, 23rd Infantry Regiment, 4th Stryker Brigade Combat Team, 2nd Infantry Division from Fort Lewis, Wash., suffered severe lacerations to his legs and torso when an IED exploded near him while conducting a dismounted patrol. Two of his fellow Soldiers were killed in the attack.

Hoyt was rushed to the emergency room at Logistics Support Area Anaconda, where he decided to re-enlist for four more years in the Army.

Command Sgt. Maj. John Troxell, the brigade’s top noncommissioned officer, was on hand for Hoyt’s reenlistment.

“It takes a person of very strong character to go through an incident where another Soldier five feet away was killed and he was severally wounded and still say ‘I believe in what we are doing and I want to stay on the team. I want to support the United States Army and my country.’

___________________________________________________________________________

Typical Right Wing Reaction:  “Guys and gals like this (in Iraq) are what is going to keep this country together!”





7 comments

Skip to comment form

    • Pluto on November 19, 2007 at 23:32
      Author

    You tell me…

  1. just read a Dean Koontz book.  It’s all wrapped up in a nutshell for you.

    Hey Koontz, try something besides relying on the oldest literary tricks in the book why don’t you?

     

    • Tigana on November 20, 2007 at 04:32

    http://www.orthomed.org/NMT/NM

    30 minute mp3 from a nutritionist/criminologist who discovered Baker Miller Pink.  

    • BobbyK on November 20, 2007 at 08:55

    … in a scary sort of way.   Reminds me of the Right Wing World skits from the Stephanie Miller show I used to listen to back when we had an Air America radio station in my area.  You should make this a series.

  2. from the ever quotable Russ Winter:

    Yesterday`s housing data was ugly, but even so the Ministry of Truth decided to slip in more bizarre rectifications. The latest was reporting a 44.4% increase in condo/multi-family activity. Get real is all I can say. Despite this attempt at stupid dog tricks, new building permits checked in at 1.178 million units, a 14 year low, and that is probably still 300,000 too high.

    Six to twelve months ago Winter Watch sent out the warning flags about this bogus economic data. At the same time there were plenty of initial signs that trouble with real versus fantasy economic activity was brewing. However, now it is all a turkey shoot. We have reached the point where the Big Lies can no longer hide the fact that the Asterisk cheap credit economy is being rapidly squashed like a bug. Case in point are Long Beach and Los Angeles inbound container shipments for October.

    LA: 2006- 412,554    2007- 385,530

    LB: 2006- 335,668    2007- 323,131

    The conventional wisdom just six months ago was that big liquidity providers like Fannie Mae and Freddie Mac could ride to the rescue. Now they too are joining a growing chorus of other big financial institutions that need capital (as opposed to providing it) and are being subjected to large first round write offs of fictitious capital (FC). It really ísn´t rocket science to see this turn of events is the kiss of death for a Ponzi based asterisk economy.

    His column the day before:

    In a draconian move, Chinese authorities have asked banks there to cease making new loans. Hardly looks like boom conditions are still prevailing, but desperate measures instead. Blowback from the US poor US Dollar policy may be coming to a head at least verbally. In China the chorus is now coming from the top leadership.

    China on Monday expressed concern at the decline in the dollar, joining a growing chorus of global policymakers alarmed by the weakness in the world’s main reserve currency. Wen Jiabao, the premier, told a business audience in Singapore it was becoming difficult to manage China’s $1,430bn foreign exchange reserves, saying their value was under unprecedented pressure. “We have never been experiencing such big pressure,” Mr Wen said, according to Reuters. “We are worried about how to preserve the value of our reserves.”

    (…)

    A Winter Watch theory holds that there is some large scale defensive manipulation going on. The usual suspects are the major investment bankers, but it now appears their game is mostly about hiding losses in the Milky Way and putting fictitious capital under shadowy rocks. The following story from Fortune on Merill Lynch illustrates this. My reader Bernard put together the key takeaways.

    Merrill and other banks typically don’t operate CDOs. True to their role as middlemen, they help clients create CDOs, take a fee, and then exit the deal. It was Merrill’s decision to alter this template – by becoming a huge investor in the funds it assisted – that got the firm in trouble.

    To keep the merry-go-round spinning, Merrill apparently made a pivotal – and reckless – decision. It bought big swaths of the AAA paper itself, loading the debt onto its own books. “Merrill took the top tranches onto its own balance sheet,” says Scott Sprinzen, an analyst with S&P. “The amounts were staggering.”

    By the end of June, Merrill held $41 billion in subprime CDO and subprime mortgage bonds.

    Merrill’s $41 billion exposure to subprime paper was MORE THAN ITS ENTIRE SHAREHOLDERS EQUITY OF $38 BILLION.

    Merrill still has $21 BILLION OF UNHEDGED EXPOSURE to subprime bonds.

    It’s also holding $11 BILLION IN CDO BONDS that it says are fully hedged. Analysts are worried about how effective those hedges will be as prices plunge…

    Fictitious capital.  Shame, shame, shame…  and the trouble is it’s what’s fluffed up most people’s retirement portfolios.  Good job, Pluto, at getting the word out.  I hope some will take heed in time.

Comments have been disabled.