Senator Coburn Gets It.

Tom Coburn (R-OK) understands the conundrum of the "rescue" legislation:

Taxpayers deserve to know that there is no guarantee this plan will work, but there is a guarantee that we will face a financial catastrophe if we do nothing. If banks continue to fail and stop lending the average American could lose their job, be unable to secure a loan for a car, home or college education, and find their life savings and retirement in jeopardy. Our economy depends on having liquid assets available for credit and lending just as an automobile engine needs oil. If those liquid assets stop flowing, our economy will be seriously damaged and will require far more costly and lengthy repairs.

This bill does not represent a new and sudden departure from free market principles as much as it represents an emergency response to congressional actions that have ignored free market principles, and our Constitution, for decades. If anyone in Washington should offer their resignation it should be the members of Congress who peddled the fantasy of free home ownership without risk. No institution in our country is more responsible for the myth or borrowing without consequences than the United States Congress.

As much as members of Congress want to find scapegoats, the root of this problem is political greed in Congress. Members of Congress from both parties wanted short-term political credit for promoting home ownership even though they were putting our entire economy at risk by encouraging people to buy homes they couldn’t afford. Then, instead of conducting thorough oversight and correcting obvious problems with unstable entities like Fannie Mae and Freddie Mac, members of Congress chose to ignore the problem and distract themselves with unprecedented amounts of pork-barrel spending...

Profile in Partisanship.

Perhaps she just couldn't help herself. Perhaps Ms. Pelosi is just so partisan and doctrinaire in her marrow, that the opportunity to take cheap political shots with a national stage provided by the House vote on the "Bailout Bill" could not be refused. Whatever the reason, given the grave nature of the crisis that has been claimed and the need for political unity to insure passage of the bill, Pelosi made an extremely foolish choice in dogpiling on the GOP. It was a embarassing display of arrogance and a moronic misjudgement of human nature and behavior.

Revealing Character, or Lack Thereof.

It seems that in any Democrat congressional leader's discussion of the financial crisis is a required divestment of any responsibility of any Democrat for the mess. Their interpretation of the responsibility for the problem seems to coincide with the 2001 inauguration of George Bush, or with the rise of the GOP leglislative power in 1995 (but abruptly ending with the recovery of that power by Democrats in 2007).

One can easily excuse this revisionism as typical politics. But this excuse debases the justified anger that Americans feel toward the extraordinary negligence demonstrated by our government leaders, in both Congress and the White House, of both Republicans and Democrats. It demonstrates a lack of character, a clear lack of comprehension of the essentials of politcal leadership.

In other words, ladies and gentlemen, cut the crap and own the problem, and maybe history will bestow a scintilla of honor upon you.

Essential Reading.

Enormous spin is being applied by the Democrat Congressional Politburo on the "causes" of the Mortgage Meltdown. Investor's Business Daily has published a five-part history of the disaster, whose genesis can be traced as far back as the late '70s. It's a story of good intentions (expanding home ownership), employing delusional economic ideas (one can loan money to people who will likely default; marketing securities based on these risky mortages), and strong-arm partisan politics (the stonewalling of effective oversight by Fannie and Freddy through the purchase of political protection).

Brace yourself against the fierce winds that will be blowing, claiming that "the private sector got us in this mess, and government will get us out".* And read the IBD special reports.


*Recent discharge by Barney Frank.

Space is Becoming Redder.

The Chinese are advancing very quickly in space technology; their current manned mission included a brief spacewalk, developing essential skills for a future lunar landing. Funded by the massive transfer of wealth from the United States for the past two decades.

No Time to Talk?

The House Republicans had enough of Barney Frank yesterday afternoon. Frank and the other congressional Democrats, prime enablers for Fanny and Freddy Mac, now insist on conditions on the "financial rescue" that are outright corporatism: bestowing stock warrants on Uncle Sam for companies that participate in the program (which will lead to expanded meddling by the government into financial markets), regulating the compensation of their corporate officers (you can have your show trials later), compulsory modification of mortages held by the government ("foreclosure prevention"), and "oversight boards". The House GOP members (and Senator Shelby) refused to be railroaded into signing on to a plan without at least a serious discussion of alternative solutions that are less costly to the public and less intrusive on the free market, and perhaps have the financial industry solve most of their own problems. We at Deaddrifts do not presume that these alternatives are necessarily better solutions, but the people of the United States have the right to have their elected leaders consider their merit over the weekend.

While You Were Worrying About Your 401(K)...

North Korea restarts its nuclear program.

Unneeded Partisanship.

The freezing of the credit markets is a deep and serious problem, and serious observers of financial issues know there is plenty of blame to heap on both Republican and Democrat administrations and congresses. Thus it is particularly sad and frustrating to see one of Michigan's delegates to the highest deliberative body in the United States, Senator Debbie Stabenow, use the crisis for partisan politics. Grow up, girl.

What it Is, Ain't Football.

49ers 31, Lions 13. The Kitties have become a parody of a football team. Thank goodness the Lions games wasn't televised in Smell-O-Vision. The Millen/Marinelli Countdown Clock stands at 11:59:59 pm.

Covering Their Tracks.

...Fannie Mae and Freddy Mac - are not facing any kind of financial crisis...the more people exagerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing. - Barney Frank, D-MA, 2003.

The Investors Business Daily has a story about the principal obstacle to timely reform and oversight of Fanny and Freddy, namely, congressional Democrats who sought to use questionable loaning by the institutions for political patronage. IBD also names the congerscritters who received the largest political contributions from the two failed lending agencies. The top five are:

• Christopher Dodd, D-CT, $133,900
• John Kerry, D-MA, $111,000
• Barack Obama, D-IL, $105,849
• Hillary Clinton, D-NY, $75,550
• Paul Kanjorski, D-PA, 65,500

It's unlikely that you will hear much of the role that either the Clinton Administration nor the Congers had in making Fanny-and-Freddy-stein. No, it will be blamed on BushMcCain.

A Momentous Week.

If Jim Cramer is correct, our country has narrowly escaped the complete seizure and meltdown of its financial system, and has avoided a Great Depression. For now. God grant great wisdom and courage to our leaders to put together an effective plan to clean this awful mess up.

It's A (30-1) Leveraged Life!

(Investment banker George Failey and his new bride Mary race back to his Fleecem Bros. office. There a frightened, angry mob has swarmed around his receptionist's desk. George smiles wanly at many of his friends in the mob.)

George: Hi Bob, Carrie, Ed...

Mob: We want to redeem our shares in the Ultra Plunge Mortgage Securities Fund!!

George: well, OK (looking at Ed), here's a form Ed. You fill that out and you'll get your redemption package in a month. You submit the package to the Fleecem Corporate Headquarters and they'll send a check after a review of your account and prorating the balance for current NAV and redemption administrative costs.

Ed: how long will that take??

George: About ninety days.

Ed: Ninety days?? I want my $100,000 now!

George: but Ed, when you signed the fund application after the reading the prospectus which said it may take from 90 to 12o days for redemptions...

Ed: I want my $100,000!

George: Ed, it doesn't work that way. Look, see Ernie over there? (points to a disheveled bearded man, who quickly dashes out the door) Well, part of your money is in Ernie's house!

Ed: What?? You gave that bum a mortgage?? He hasn't worked in two years! And that deadbeat owes me fifty bucks!

George: well, anyway...and look there's Carrie! Part of your money is in Carrie's Home Equity Loan! And she put that money right to work!

Carrie: Bought a really sick boat with it! Bastard Repo Man took it away last month...

Ed: Well, George, they can just pay you back and then you can pay me!

George: But Ed! You see that guy over there? (points to another bearded bum)

Ed: yeah?

George: We sold Ernie's and Carrie's loans to him. Twenty times. And he sold them to some British banker. Who sold them to a Russian guy. Who's in Argentina.

(Ed looks stupified)

George: but see what's happening here? We're panicking, and selling. But on the other side of town, the Chinese Government is buying!

(a hysterical man dashes into the office)

Man: Hey! The Chinese Government is giving me two cents on the dollar for my Fund shares! Come on! Let's go cash in! (the crowd moves toward the door, but George blocks their path)

Ed: well, Failey...

George: You might be able to catch Ernie and get your fifty bucks. Can you also fill out the customer survey form on our website? It'll help with my bonus.

He Can't Be All Bad?

Our "progressive" fisherfriends may become apoplectic to learn that Vice President Cheney is quite an avid and accomplished flyfisherman. Maybe it's just a clandestine program to scout out new drilling sites for Big Earl.

Financial Blackmail?

The Politico is reporting that the Dems will extract a heavy price for their "bipartisan" efforts on the Bad Debt Bailout Plan, and CNBC has reported that they are also considering the taking the plunge into corporatism - Uncle Sam taking equity shares in the distressed financial companies. So that they can be directed toward more beneficent behavior?

Lipstick on a Mortgage.

At this moment the Fed, Treasury, and Congressional leaders are meeting to put together a federal structure to assume much of the risk of the flood of bad debt associated with soured mortgages. The Treasury plan would sell T-Bills to holders of the mortage securities in exchange for them. The idea is that Uncle Sam can hold this bad debt for a long period of time until the housing market stabilizes. Taxpayers may see a profit from this move.

Unfortunately, the Dems are now circulating an alternate plan, and putting Obama's name on it (ghostwritten by Charles Schumer, Nancy Pelosi, and Barney Frank). Preliminary reports suggest the Dem plan would have the government buy and manage the mortgages outright (like refinancing them directly with debtors). It smells like debt forgiveness for overextended homeowners. And what does Obama have to do with it? Other than he is running for President, and the Dems can use it to trumpet him as the "savior of the economy", probably nothing.

It is a sobering thought indeed to realize that at this minute the US financial system rallies or succumbs on the disposition of Barney Frank.

That Winning Feeling.

Well, the Lions made it a game...for about 20 minutes.

The New Politics.

Yes, this election will be different.

P.S. - the Atlantic article, "The Wars of John McCain", penned by Jeffery Goldberg, is quite informative and evenhanded. We recommend reading it. The cover caption for the story "Why War is His Answer", is histrionic and misleading.

The Fog Rolls In.

If you haven't formed at least a tentative decision for which presidential candidate to cast your ballot, you may have waited too long. A thick, blinding, anesthetizing fog is now descending on the election, as the political parties take control of the media communications. The gases of partisan half-truths, fibs, and whoppers, belched by an unending procession of party apparatchiks on the Meatpacker Networks, obscure the voter's vision needed to answer the "Core Questions" of the election. These questions are: what are the fundamental philosophies of governance of each candidate, and which candidate has the best record of judgement, leadership, experience, and ethics? It's a short list. The answers to these questions will shape the decision-making all the other nuts-and-bolts issues. Unfortunately, it may now be impossible to discern the answers to the Core Questions.

The Return of Byrne and Eno.

One of the great albums of the late '70s was a collaboration between The Talking Heads and Brian Eno, Fear of Music. The album help to propel the Heads' to popular acclaim and to become one of the most influential musical forces of the late 20th century. David Byrne and Brian Eno have joined forces again to create Everything That Happens Will Happen Today. Wonderfully lyrical stuff.

A Proposal.

It's possible (probable?) that either GM or Ford (or both) will soon get in line for their helping of Goverment Cheese, i.e., federal bailout money. Would it be anti free-market to then require that 50% of their 2013 model year vehicle fleet be electric, hybrid, CNG, or E(M)85 powered, with an effective in-service fleet CAFE standard that would reduce gasoline consumption by 40% by 2020? There are tangible financial and strategic advantages for the government in achieving this (keeping petrodollars in the country and energy security), and consumers would not be forced to buy these vehicles. And they can pay us back over time, with E-Z terms.

Thoughts and comments are always cheerfully accepted.

Postscript: Well, Holman Jenkins strongly disagrees with such a proposal. His arguement - that CAFE standards forced the Big 3 to loses billions producing small cheap cars that consumers didn't want - makes sense to explain their problems in the '90s when oil was less than $20 per barrel. But at the current $100+ per barrel, consumers are ditching their lower mpg trucks and SUVs for higher fuel economy vehicles. The Ford Focus, for example, with 35 mpg is a hot seller right now, while F150 sales have dropped by nearly 25% this year. GM's Rick Wagner has announced that there has been a fundamental change in the market toward fuel economy, and that this change is more likely than not irreversible.

Perhaps $100 oil for the forseeable future will make CAFE standards irrelevant? A decline in fleet average fuel economy from 20 mpg to 16 mpg would cost consumers about $800 per year at $4 per gallon (based on 16,000 miles driven per year), or $4800 of additional operating expense over a six-year vehicle life. One wonders whether relaxing CAFE standards could result in a lower vehicle purchase price that would compensate for this increase in operating costs and still improve the automakers margins. Again, Jenkins' arguement does make sense in the world of $20 oil. Too bad we don't live that world.

Keith-O Gets His Comeuppance.

A big bucket of chum on the J.J. Hunsecker (well, one of the Hunseckers) of cable "news":

MSNBC tried a bold experiment this year by putting two politically
incendiary hosts, Keith Olbermann and Chris Matthews, in the anchor chair to lead the cable news channel’s coverage of the election.

That experiment appears to be over.

After months of accusations of political bias and simmering animosity between MSNBC and its parent network NBC, the channel decided over the weekend that the NBC News correspondent and MSNBC host David Gregory would anchor news coverage of the coming debates and election night. Mr. Olbermann and Mr. Matthews will remain as analysts during the coverage...

Radio Derb: The Bell Lap of Campaign'08.

John Derbyshire focuses a curmudeonly eye on the opening of Silly Season.

Detroit's Nightmare Over...For Now.

Detroit Mayor Kwame Kilpatrick has resigned, effective September 18. He acknowledged his wrong doing, but gave no apology for it. He angrily scolded Governor Granholm for his woes, very much in the manner a robber curses the cop for catching him. It would be unfair not to give Kilpatrick credit for his accomplishments, yet they also amplify the tragedy caused by his hubris. He has promised a comeback, but most Detroiters prefer to move on.

On McCain's Reading List...

Should be this column by David Brooks.

Todd Palin's Snowmobile Adds to Global Warming.

Yet another issue that questions McCain's judgement in his VP pick.

When Did Sarah Palin Stop Beating Her Children?

We know there is no evidence for this accusation, but the fact that we have asked the question must indicate that McCain's vetting process for Palin was inadequate.

The most illuminating performance of the Mainstream Meatpackers since the Lindbergh Baby Kidnapping.

Can't Get The Stink Off.

In just the last 36 hours, here are some of the claims and accusations that have been leveled at Ms. Palin:

• she violated Alaskan law by firing a state government employee for family interests
• she's hired legal counsel to defend herself against the above charge
• she wants to force schools to teach creationism in science classes
• well, she doesn't want to force the teaching of creationism, but she believes in it
• she wore a Pat Buchanan button and is therefore an anti-Semite
• she wants to kill polar bears
• her husband was arrested for DUI (more than twenty years ago)
• she is a member of a kooky Alaskan successionist movement
• if she isn't a member of a kooky Alaskan successionist movement, she at least delivered an address to them
• the address was only 90 seconds long, was done by videotape, and was a generic "good luck with your convention" speech, but it's still controversial to do such a thing
• she fished without a license
• she changed her mind to oppose the "Bridge to Nowhere"
• she selfishly works outside the home to the neglect of her children
• she irresponsibly brought a Down's Syndrome child to term
• she was irresponsible in her prenatal care for her infant son (not necessarily incompatible with the previous accusation)
• actually, the infant is her daughter's
• no, the infant is hers, but now her daughter is pregnant, therefore invalidating abstinence advocacy programs for Alaskan kids that the Governor foolishly supports
• Palin is cruel to her daughter by running for VP knowing her daughter is pregnant
• Wasilli, Alaska had a budget of only 12 million dollars
• she likes petroleum
• she didn't command her National Guard when they were deployed to Iraq
• the fact that the Mainstream Meatpackers are gurgling about these "facts" indicate John McCain made a reckless decision in choosing Sarah Palin

Look at this list of crap. It's easy to see what this is all about: it's the textbook definition of mudslinging. You throw as much crap at your opponent as fast as you can to cover them in it before they can wipe it off.

Welcome to Washington, Ms. Palin. Hang in there.

The Making of John McCain.

Michael Leahy of the Washington Post writes a fascinating and riveting account of Mac's pre-POW days, and the huge influence of his father, grandfather, and other mentors. Simply marvelous storytelling.

McCain's VP Choice.

Are we ecstatic by John McCain's choice of Sarah Palin as his running mate? Ecstatic? Not really. Perhaps there were stronger, more experienced choices, but not very obvious ones. Mac's competitors for the nomination were all damaged goods, and all suffered the political liabilities of being white and male while Republican. Yes, the Zeitgeist has turned on The Man.

So what were McCain's goals in choosing a VP? Somebody that could step in to be President, but the wrong political choice for VP would render that concern moot. His choice would need to break GOP "tradition" (white male running mates) if there would be any chance to win the Presidency.

The dismantling of the Gingrinch Revolution of '94 (which truly sought to court minorities into the party) and the subsequent control of the GOP by the brain-dead (Hastert, McConnell) or the corrupt (Delay) has lost the party at least a decade in expanding the conservative movement to "non-traditional" groups. Thus, there are no African-American GOP members of House or Senate, and precious few Hispanic members.

The GOP women in the Senate are either a bit shopworn (Dole, Hutchison), too liberal for the party base (Snow, Collins), or otherwise unacceptable (Murkowski). Women Republican members of the House are a rather anonymous group (why is the subject of another conversation). Palin is one of a handful of women Republican governors. The reaction by the GOP base to her selection has been enthusiastic (Lieberman would have kept the base home on Election Day), and may - may - draw moderate women to the ticket. Politically, Palin was the best choice.

Palin has been been swimming with the sharks of Alaska politics - the Murkowskis, Ted Stevens, and Don Young - and has beaten them. She is quite knowledgable on energy issues, and as governor has experience in actually running a government. On these matters she is more qualified to be President that Mr. Obama , who has been running for President since his election to the US Senate in 2006, and has particpated in damned little real leglislation. That Mr. Obama has pulled off what he has does say something about his political and leadership skills (let us give credit where credit is due). The "experience" issue may have been a dead end for McCain anyway; a look back a previous popular Presidents can reveal some rather short resumes (TR, FDR, JFK).

Palin had better be a quick study on the national issues on which she is unfamiliar, and please let her not say anything stupid out of obligation to say something in which she is not knowledgable. Leave that to Mr. Obama.

Does Sarah Palin Hate Polar Bears?

During our return to The Estate this afternoon, we caught the first half-hour of NPR's All Things (Ill) Considered, in part to see how conflicted their hosts would be about McCain's choice for VP, Alaska Governor Sarah Palin. After the typical NPR selective reporting on the event (for example, they noted the congratulatory message from the Obama/Biden 2008 office, but not the snarky statement made earlier by a spokescritter from Obama World Headquarters), the show turned to an in-depth story of the retreat of sea ice (supposedly caused by global warming, supposedly caused by human activity) in the Alaskan Arctic, and the mortal threat that this phenomenon was to polar bears.

We did not understand the connection between the two stories until reviewing Wizbang tonight, which featured an interview with the same Governor Palin by Glenn Beck made some weeks earlier. The topic was Governor Palin's lawsuit against Uncle Sam to keep the Endangered Species Act - which now extends its protective "rights" to the Polar Bear - from being used to block oil and gas production along the Alaskan Continental Shelf, ANWR, and the Alaska National Petroleum Reserve. These are the regions of Alaska where the Polar Bears of Alaskan Heritage are likely to be found.

Aha! NPR has made a link between Sarah Palin and the (potential) Ursacide of the Polar Bear: if the bears were now under pressure by losing their ice habitat, the (presumably) polar-bear-hating Palin would seek to destroy the rest of their living space for oil!

In fact, the Story of the Polar Bears, the Governor, and Big Oil has another bizarre twist: it seems the green-extremist organization Greenpeace does not want the Polar Bear listed on the current version of the Endangered Species List. This is because the revised version which included the Bear also provides that its endangered status cannot be based on global warming claims. Therefore such claims could not place other animals on the list, nor presumably force industries (read: Big Oil) to cut back on carbon emissions to (supposedly) slow global warming, which would (supposedly) help the threatened organism. Therefore, the ESA could not be used as a pretext to stop further oil and gas production by claiming that the oil and gas would increase global warming, even while the production activity in itself would pose no threat to endangered species. Thus, Greenpeace in a snit.

We really don't know know Ms. Palin's disposition toward the Polar Bear, although the photo above (from the Anchorage Daily News), indicates that she appreciates bearskin in general. We do, however, know her view of Moose: great in stew.

Note: No Polar Bears were harmed during the writing of this article.

Just Say Anything.

Oh a mighty winds a blowin’, it’s kickin’ up the sand,
It’s blowin’ out a message to every woman, child and man
Yes a mighty winds a blowin’, cross the land and cross the sea,

It’s blowin’ peace and freedom, it’s blowin’ equality.
Yes it’s blowin’ peace and freedom, it’s blowin’ you and me.

- A Mighty Wind

Give us some air, we have the vapors! What a show, what fireworks, what a speech! No national ill was not caused by BushMcCain, nor was it without an Obama cure. And those ills shall be healed because, well, because we want it to be so. And he wants to do it all for us, because this isn't about him, it's about us. Yes: the fireworks, the temple, the stadium, the motion picture soundtrack, the adoration of the multitude - that is for us.

Fool's Gold.

The 29th Olympiad in Beijing is drawing to a close. It's been a great success for the PRC, with the distractions of sports, celebrity, money, with a slick campaign to portray China with a Disney World like tidiness. The concerns for air pollution and violence by a deranged individual were the only blemishes on an otherwise perfect propaganda campaign. Cheery memories of the Beijing Olympics will in be in dissonance with the behavior of China's authoritarian regime, complete with brutal political and religous persecution and agressive regional ambitions. We will all no doubt find the happy Olympics image of China preferable to believe.

With Success, Silence.

It is quite astounding how the TV press coverage of Iraq has dropped off; it's almost as if the war does not exist. Kudos to the New York Times and the Washington Post for their continued extensive coverage of Iraq. From a recent report from the Times as General Petraeus prepares to leave Iraq:

The arrival of the 30,000 extra soldiers, deployed to Baghdad’s neighborhoods around the clock, allowed the Americans to exploit a series of momentous events that had begun to unfold at roughly the same time: the splintering of Moktada al-Sadr’s militia, the Mahdi Army; the growing competence of the Iraqi Army; and most important, the about-face by leaders of the country’s Sunni minority, who suddenly stopped opposing the Americans and joined with them against Al Qaeda in Mesopotamia and other local extremist groups.

The surge, clearly, has worked, at least for now: violence, measured in the number of attacks against Americans and Iraqis each week, has dropped by 80 percent in the country since early 2007, according to figures the general provided. Civilian deaths, which peaked at more than 100 a day in late 2006, have also plunged. Car and suicide bombings, which stoked sectarian violence, have fallen from a total of 130 in March 2007 to fewer than 40 last month. In July, fewer Americans were killed in Iraq — 13 — than in any month since the war began.

The result, now visible in the streets, is a calm unlike any the country has seen since the American invasion toppled Saddam Hussein in April 2003. The signs — Iraqi families flooding into parks at sundown, merchants throwing open long-shuttered shops — are stunning to anyone who witnessed the country’s implosion in 2005 and 2006.

However, TV is the manner by which most Americans get their news, and relative silence on Iraq by the MSM networks when the violence has dropped so dramatically will produce a dated and skewed view of Iraq in advance of the November election.

Robama Hood.

Bill McGurn itemizes Mr. Obama's mission to bring "fairness" to our society by (i) windfall-profits taxes on Big Oil to be redistributed as energy assistance payouts, (ii) having The Rich^® pick up the tab for the escalating benefits of Social Security, and (iii) hitting The Rich^® again with higher taxes to bring "balance" to the Force Tax Code. And if these actions result in lower government revenues? Hit The Rich^® with an increase in capital gains taxes!

The Rich^® is a registered trademark of the Barack Obama for President Campaign. To see who is currently included in this nefarious group, check the "Who's Rich?" thermometer graph at the Obama Campaign website. Updates are provided after every Obama campaign appearance or press interview.

The New Old Politics.

David Brooks writes that one of the most recalcitrant opponents to "a different politics" are the Mainstream Meatpackers, who prefer the easy stories of fad, conflict, controversy, and gotchas.

The Question Is: Why?

Obama and the Dems are now replaying Clinton-speak on abortion: "legal, safe, and rare".

But this raises a question: if there is no moral significance to abortion - that the fetus does not have rights of protection as an independent being as the Left claims - why does reducing the number of abortions have any significance? Isn't it no more important than calling for the reduction in the number of appendectomies? Would advocating for reducing the number of abortions (40 million since Roe) be based only on reducing a number of such medical procedures that carry some residual amount of risk to patients, or to lower public health care costs?

Or is such a call for reducing abortions an tacit admission that there is a moral dimension to every one of them that cannot be removed with legalisms?

Michigan Football Preview.

Given the dignity and decorum of the past month's happenings in Michigan Football - the new Head Coach in court and the U's big buyout of his previous contract - we thought it would be instructive to see what Michigan's tens of millions is getting. Above is some video that was recently taken at a Wolverine scrimmage...

Russia and Georgia: The Big Picture.

Melik Kaylan writes in the Wall Street Journal about the strategic motives for Russia's pressure on Georgia. It is, of course, about controlling natural resources and projecting Russian power and influence in the Caucasus and the ultimately the Middle East. Yes, the game is on again, against a much more capable adversary.

The Monster Strikes.

We went to the 2nd round of the PGA Championship at Oakland Hill CC. The course played brutally, featuring kudzu-like rough and unforgiving greens with tough hole placements. They will have to squeegee the blood from the 17th green (our base of operations for the late afternoon), with its only Friday birdie coming from Anthony Kim's chipshot. Sergio Garcia watched his teeshot to the left side of the green disintegrate with a four-putt five for the hole! The International Red Cross has intervened, and the course masters may acquiesce with more favorable hole locations for Saturday.

The Truth That Flows.

Jonah Goldberg thinks Mr. Obama is the Postmodern Candidate:

The Obama campaign has a postmodern feel to it because more than anything else, it seems to be about itself. Its relationship to reality is almost theoretical. Sure, the campaign has policy proposals, but they are props to advance the narrative of a grand movement existing in order to be a movement galvanized around the singular ideal of movement-ness. Obama's followers are, to borrow from David Hasselhoff — another American hugely popular in Germany — hooked on a feeling. "We are the ones we have been waiting for!" Well, of course you are.

Go watch The Candidate - we've seen this before!

A Fashion in Thinking.

Without censorship in the West, fashionable trends of thought and ideas are fastidiously separated from those that are not fashionable, and the latter, without ever being forbidden, have little chance of finding their way into periodicals or books or being heard in colleges. Your scholars are free in the legal sense, but they are hemmed in by the idols of the prevailing fad. There is no open violence, as in the East; however, a selection dictated by fashion and the need to accomodate mass standards frequently prevents the most independent-minded persons from contributing to public life and gives rise to dangerous herd instincts that block successful development.

- Aleksandr I. Solzhenitsyn, "A World Split Apart", 1978.

In Case You Missed It...

John McCain appeared at the Urban League last week, fielding questions from a skeptical audience. We can't wait until Mr. Obama makes his appearance at the YAF convention!

Aleksandr Isayevich Solzhenitsyn, 1918-2008.

The great writer who chronicled the terror of the modern totalitarian state has passed away in Moscow. R.I.P.

Stuck on Traffic.

Groovin' to "Paper Sun"! Enjoy! (Hat tip to Little Steven Van Zandt!)

Change We Can Renege On.

Mr. Obama has decided to play it safe and has weaseled out of a series of unscripted, unrehearsed, and uncontrolled joint appearances in front of regular Americans with Mr. McCain. He has also canceled all press conferences during his first year of his inevitable presidency, and instead will tape a series of inspirational messages to be played on the equinoxes and solstices.

A Time for Choosing.

John Fund pens an excellent column in WSJ Opinion about the disastrous consequences of the Congressional Culture of Corruption on the GOP. Were not Republicans sent to Washington to behave unlike Democrats?

A Tonic for the Madness.

You can park in front of the TV, strobe through the channels, and get an adreniline rush of images and sounds from the Midway: MSNBC's Shockdoc of the Night, Nancy Grace and her Heinous Crime Du Jour, acne removers, real estate "systems", Bill O'Reilly yelling at somebody or something, The Alledged World Greatest Dog, Arena Football, yet another showing of The Wizard of Oz, costume jewelry hawked by a "celebrity", Gene Simmons' domestic bliss, The Weather Channel's Storm Stories, infantile rap "artists" trashing a million-dollar home, cops chasing yet another moron on dope, some schnook looking for a big wad of free money in a suitcase with loved ones yelling them on, and on and on and on...

Stroll the Midway too often and you will go mad.

Or you can go flyfishing for smallmouth bass on the Huron River. You can watch a blue heron patrol the river from overhead, turtles sunning themselves on a log, and Hexagenia mayflies dancing above the moving water.

Go fishing too often and you will find peace and a quiet soul.

Liberal Fascism.

Jonah Goldberg's book, Liberal Fascism, has been ridiciculed and denounced by the literary elites. Perhaps some of the outrage over his book is because he's on to something? John Fund discusses a few recent cases of Liberal Fascism : the strongarm tactics by the Michigan-based group BAMN ("By Any Means Necessary") to sabotage petition drives for ballot referenda on race-neutral hiring practices in Arizona and Missouri, and similar thuggery that faced those who dared to circulate a petition in Michigan to recall State House Speaker Andy Dillion.

A Little Different in the Details...

The WaPo suggests that Mr. Obama's description of his strategic vision for the GWOT is "eccentric", and reveals some very big differences in what Mr. O's entourage claimed to be agreement with his 16-month deadline for troop withdrawl and the wishes of the Iraqi politicians and American military commanders.

Obama in Berlin.

He speaks to the masses in front of the Victory Column. Classic Obama Lofty Blather, and a shameless heaping helping from old JFK speeches. But why does he get this privilege? Don't ask.

Shall We Drill?

Debate now rages amongst the Congerscritters as to whether we should expand domestic petroleum production - offshore, in ANWR, and western oilshales. The answer one reaches depends on the ultimate goal of an energy strategy. If it is to eliminate our dependence on foreign oil, no amount of drilling is going to accomplish that goal. But there is an immediate need to halt the growth in the flow of cash used to buy foreign oil, and possibly reduce it. So expanding our drilling is likely to be an essential component of a short-term strategy to buy us some time - say, twenty years - to develop other energy sources, particularly for transportation fuels.

Let's look at the likely reserves and production rates for ANWR, offshore, and new oilshales, and when their production could begin:

• ANWR. The Energy Information Agency states a mean estimate for technically recoverable oil in the ANWR "1002 Area" (the most promising region of ANWR and constituting about 20% of its total acreage) of 10.3 billion barrels. A USGS assessment from 1998 states that the mean amount of economically recoverable oil from the 1002 Area is 7.7 billion barrels. Peak production from the region is estimated by the EIA to be about a million barrels a day, about 5% of our current total daily petroleum consumption. Using the smaller mean reserve estimate, this means ANWR oil would last at least twenty years. Production could not begin for 7-12 years, primarily because of the time required for lease sales, permitting and environmental reviews. These steps could be accelerated.
• Outer Continental Shelves (OCS). The Department of Interior's Minerals Management Service estimates the mean total OCS oil resources to be 85.9 billion barrels (technically recoverable) for the Atlantic, Pacific, Alaskan, and Gulf of Mexico Shelves. The GOM and Alaskan Shelves constitute about 41 and 27 billion barrels, respectively, of this total estimate. The total OCS reserves that are currently unavailable to production because of state or federal moratoria is 18 billion barrels (Eastern GOM, Atlantic and Pacific). So most of the OCS is open to development. The GOM OCS is developed, with nearly 1600 leases producing 1.4 million barrels per day. If one prorates a potential Alaskan OCS production rate based on this number and the relative size of the Alaskan OCS resource, this yields a production of 0.9 million barrels per day, another 4% of our current daily consumption. If the GOM and the Alaskan OCS production rates were 150% of their current (or estimated) rates, it would add an additional 2 million barrels per day to current production, or 10% of our current consumption. Studies for Alaskan OCS development uses a target peak production year of 2030; perhaps this development could be accelerated.
• Continental Oilshales. A study by the RAND Corporation in 2005 estimated a lower limit to the amount of technically recoverable oil from western oilshales to be 500 billion barrels. RAND estimates the timescale for development to production of 1 million barrels per day may be twenty years or longer. The production rate could be as high as three million barrels per day, or 15% of our current consumption. The lifetime of continental oilshale production is very long, perhaps hundreds of years.

Here is what we can "take away" from the discussion above:

1. Assuming all of the three petroleum resources described are developed to peak production, they would probably add no more production than 30% of our current oil consumption. We cannot solve our dependence on foreign oil solely on increased domestic drilling.
2. Nevertheless, this increased production could nearly halve our current imports of foreign oil, ultimately keeping an additional $300B per year in the United States.
3. A controlling factor is the production that can come from each of these sources; apparently no more than 1-3 million barrels per day is likely to be the peak production from these sources. If we commit to increased drilling as a transitional step to alternate transportation fuels, finding solutions to increase production from oilfields will be essential.
4. The development of ANWR and the Alaskan OCS, and the expansion of production from the GOM OCS is likely to reduce our dependence on foreign oil by 10-15% within ten years, if the rate of leasing, permitting, and production can be accelerated.
5. Continental oilshales may provide a tremendous supply, and may be produced at a rate of 15% of our current consumption, but the timescale for development is long, perhaps twenty years. This resource should be developed, however, because it is likely we will still need a substantial amount of petroleum in 20-30 years.

Will the price of oil drop with this increased production? Perhaps, but not precipitously. But a good chunk of change that leaves the U.S. could be retained if increase our domestic production.

Marge, get me Halliburton on the phone!

What this Country Really Needs...

is a United States Postal Service as good as FedEx.

What's in the Box? III - Energy.

Barack Obama has unveiled an energy plan, so let's check it for substance:

• A $300 rebate for families to offset rise in gas prices. From the same man who dismissed McCain's proposed suspension of the federal gas tax for three months. I guess the difference is that the taxes keep coming in, and instead we borrow the money to fund the rebate.
• A $150B federal investment for ten years in to renewable energy programs. No increased energy production, and no guaranteed results, but it will be exciting!
• Reduce oil consumption by 3 Mbbl/day by 2018, and by 10 Mbbl/day by 2030. How, exactly? The "plan" calls for improving petroleum use efficiency by 50%. That's fifty percent. How? Magic? Because we want it to be so?
• Development of "current leases" on federal land, with the claim this would double current domestic production - without the need for more offshore production nor ANWR. The Wall Street Journal has already shown that this frequently-parroted claim is a canard, relying on a fantastic extrapolation of current production on federal land. However, at least the Obamites concede that more domestic petroleum production is needed. They just need to realize that one has to drill where the oil is, rather than where one would like it to be.
• "End excessive speculation in the oil markets". This is a bone to throw to the conspiracy and class-warfare cranks. It does not result in the production in a single additional barrel of oil.
• Windfall profits tax on oil companies. See the previous point. The collected tax would then be doled out to the citizens to offset higher energy costs. Obama may want to break this gently to many of these same families whose 401Ks are invested in energy companies. Taking from one's pocket to give it right back - after Uncle Sam's cut of pork and waste.
• Doubling the CAFE standards...within 18 years. I think the private sector can handle than one quite well now, thank you.
• Nuclear power? No more nukes until Harry Reid allows the Yucca Mountain Waste Repository to be opened. Like we said...no more nukes.

That's it. Very little in the way of rapidly increasing domestic energy production, but a great deal of central planning, research and study, taxation, and wishful thinking.

Not That Thing Again!

The calls are picking up for reinstating a 55 mph speed limit to conserve gasoline. For those of us that did a good deal of long-distance driving during the Sad Seventies when this federally-ordered limit was in place, it made for great discomfort and irritation. A typical fuel efficiency curve shows a decline above about 60 mph, but other variables such as aerodynamics and weight are also important.

For Americans that drive as part of their employment - like truckers - this 55 mph limit is onerous. It means an additional 21% time on the road to deliver a given value of goods, and is physically gruelling for truckers. For a two-hour business trip (140 mi) in a vehicle that gets 30 mpg at 55 mph, the loss of fuel economy driving at 70 mph is 5 mpg, or less than a gallon of gas for the trip. The time lost at the slower speed is over a half and hour. If the employee-driver is making minimum wage, the savings in fuel costs for a 55 mph limit is lost in additional employee wages in the increased drive time, and a half-hour productivity improvment is lost (it takes more to execute a business transaction of a given value rather than using that time to execute additional business).

We believe that finding additonal sources of transportation fuels - oil, natural gas, electricity, bio-fuels - is a more important task than Share-the-Misery ideas like a lower speed limit.

Maybe It's Too Obvious?

T. Boone Picken's plan to divert the natural gas (NG) used for electricity generation to fuel vehicles requires a supply of NG-powered vehicles, and NG refueling stations. There do exist a limited number stations (even a home-based refueling system), providing for the corporate NG vehicle fleets. What is astonishing is how the major automakers have cut their North American NG vehicle development efforts in the last few years, despite rising gasoline prices. Ford has cashed out of this business; apparently GM has no NG vehicles in the works for North America. Only Honda is offering a NG-powered passenger vehicle, the Civic GX-NG, in the United States.

Boone Picken's Plan.

T. Boone Pickens is kicking off a national campaign to reduce our $700B foreign oil habit (now approaching 70% of our oil consumption) by selling large-scale wind power generation. How? The goal is to produce 20% of our electricity needs with wind farms in the Great Plains, displacing the natural gas that is currently used to produce this electricity. This gas can then be used for cars and trucks (real CNG and LNG vehicles - not glorified golf carts - exist; GM sells them in Europe). If 20% wind generation can be achieved, and the gas applied to vehicles, Pickens then estimates that 38% of our foreign oil imports can be eliminated.

Note that the wind-electricity infrastructure will need to be large-scale; 200,000 megawatts will need to be generated. This translates into almost as many industrial-grade wind turbines on large "farms" stretching from Texas to the Canadian border. It will not be achieved with an ensemble of hippie communes with a windmill and some car batteries. Picken's plan will also require easements on land for transmission lines to reach out from the US interior to link with the rest of the grid.

We guess that these two aspects of Picken's plan - large corporate development and operation of the wind farms, and large-scale land development for grid expansion - will make the neo-Luddites and the Extreme Green crowd apoplectic. As Picken's plan is debated, we will watch with interest whether the Sierra Club, NRDC, and the other usual suspects embrace it or attempt to kill it.

Obama's Cynical Iraq Ploy.

Barack Obama now claims to be "refining" his position on Iraq, causing the Hard Left to void their bowels. He gained their rabid support because of his virulent anti-war stand, with an effective pledge to unilaterally and unconditionally withdraw US forces from Iraq within sixteen months...a "nuance-free" position. This was the issue with which he snatched the Democrat nomination from Hillary.

The Hard Left has nothing to fear: Obama's "refined" Iraq position is much more likely than not to be bait for sane Democrats and Independents to think that he's not such a delusional guy on Iraq. Obama was born and raised into the Hard Left, has made his national political bones with an extremely radical leftist view of Iraq, the War on Islamofacism, foreign policy, wealth redistribution, nationalization of health care, etc. As to the Radical Agenda, he is a True Believer. Once in power, he will throw the "refined" stand on Iraq under the bus. When he does so, he will no doubt give a very eloquent speech that will make Chris Matthews and Keith Obermann weep. And moderate Dems will be left holding guaranteed leases to the Brooklyn Bridge, and we can all contemplate the loss of thousands of brave Americans for nothing.

We fear that too many of our fellow Americans will be snookered by this fellow.

If it Quacks like Uranium...

Just so there is no misunderstandings nor disavowals: Iraq did have nuclear material, 550 metric tons of "yellowcake" uranium, that is now being removed and sent to Canada. To us that is a substantial component of a WMD program. Why wasn't this fact mentioned a few years ago when the various Iraq review reports were being advertised as refuting the existance of a serious WMD program?

Petromath.

In the last few weeks much hot air has swirled around the suggestion that "speculators" have driven the surge in oil prices. Yet a review of the record on oil consumption and production for the last two decades clearly shows the hole that we chose to dig for ourselves:

• World Oil Production Mbbl/day: 65.0 (1990), 85.0 (2007) (31% growth)
• US Oil Production Mbbl/day: 7.5 (1990), 5.0 (2007) (-33% growth)
• World Oil Consumption Mbbl/day 66.6 (1990), 87.0 (2007) (30% growth)
• US Oil Consumption Mbbl/day: 17.0 (1990), 21.0 (2007) (24% growth)

The world demand for oil has grown by 20 Mbbl/day since 1990, of which the U.S. consumption growth has grown by only 4 Mbbl/day, and at a rate less than the world consumption growth. Meanwhile, we have crippled our own petroleum production during the same period of time. Furthermore, world oil production has now stalled at about 87 Mbbl/day, while world consumption growth continues unabated. The world's excess production capacity has also collapsed in the last several years (it has become utilized capacity), from 7 Mbbl/day to 2 Mbbl/day.

When we chose to destroy our ability to produce our own petroleum resources by banning expanded offshore drilling (despite dramatic improvement in drilling technologies in the last forty years) , what did we think was going to happen?

Revolutionary Music Video!

The great Fife and Drums of York Town entertain for Independence Day 2007.

Proclaim Liberty Throughout All the Land Unto All the Inhabitants Thereof - Lev. XXV, v. X

Whither Michigan?

The Michigan Department of Labor and Economic Growth has released the state's unemployment rate for May, and it was grim: 8.5%, a 1.6% increase from April. As Rick Haglund of the Grand Rapids News observes, the state government really can do little to stem the loss of unskilled and semi-skilled manufacturing jobs. Certainly not with emergency programs to stimulate one industry or another. It could choose to bring some sanity to the state business and fuel tax structure, perhaps reduce the business tax rate (our fair state chose to add a 22% surcharge to the new Single Business tax, shafted some businesses with tax increases and favored others with reductions, and raised state income taxes in the teeth of our own state's severe recession...so Hooveresque!). Governor Granholm has hawked a miriad of "Cool Jobs" schemes (a reference to her "Cool Cities" program"), from IT to medicine to alternative energies to movies. Nothing has really stuck, and for state policy makers there is a very important message in that fact. Perhaps a change of strategy is needed: cut business regulation and taxes, make it brain-dead simple for people with a good ideas to start up a business...and then just stay out of their way.

PS - Tom Shields' column makes the same case for the "State of the Morass".

Today's Readings.


Genesis 21:8-21
Psalm 86:1-10, 16-17
Romans 6:1b-11
Matthew 10:24-39



The O.T. reading and the Psalm refer to the plight of Hagar and Ishmael, her son by Abraham; God protects those shunned or persecuted by others.

The Epistle speaks to the totality of the union of us in Christ. Jesus was made human, suffered in his human life, and we are bonded to him in that common suffering. Yet our souls are also bonded to him in his defeat of death by resurrection.

In the Gospel Jesus asks the most difficult task of us - displacing the nexus of our lives from our loved ones on Earth to him. This is not abandonment or disowning those around us, rather it is transforming our connections to our loved ones to pass through Christ. As Abraham trusted in God to provide for Ishmael, so we must trust in Christ to provide the ultimate and permanent bond between human beings.

Huh?

This cannot be true; from PostPolitics (Nashville Post):

Since taking steps to make his home more environmentally-friendly last June, [former Vice-President Al] Gore devours an average of 17,768 kWh per month –1,638 kWh more energy per month than before the renovations – at a cost of $16,533. By comparison, the average American household consumes 11,040 kWh in an entire year, according to the Energy Information Administration.

The report must have slipped a decimal place...right?

Weekend Miracles.

Not only did Tiger Woods play the most "Transplendent Golffe" at Saturday's third round of the U.S. Open, but as he passed the gallery, the lame threw their crutches down, the sores fell away from the lepers, and blind gained their sight. Yowzers, he's good!

P.S. - Rocco made him work for the trophy today, but we worry that Tiger's knee may be in very serious condition. Don't expect to see much of him until the British Open.

A Bold and Courageous Action.

With tonight's endorsement, Al Gore has cinched the nomination for Barack Obama! Uh...yeah, that's it...yeah...

Farewell to a Decent Man.

Tim Russert was a good, decent man, and our public life was enriched by his service. His life on Earth was short, but rich and robust. May we all live as well. R.I.P.

Speaking As a Child.

The Supreme Court ruled yesterday that Gitmo detainees have the right to haebeus corpus petition. It was a strongly divided decision, 5 to 4, and there are core beliefs in this decision that appear irreconcilable; and a thoughtful person acknowledges them. The decision will have a huge impact on the prosecution of the Global War on Terror; according to a report on Gitmo by General McCafferty a large fraction of the detainees are considered extremely dangerous, a portion of these combatants will likely be released and undoubtedly return to their efforts to kill Americans and some will be successful. Those that are cheering the Court's decision are deluding themselves if they do not acknowledge this likelihood.

The candidates have made statements about the decision. One statement respresented a thoughtful, balanced and mature view, the other statement was puerile politics. From the Washington Post:

McCain, the presumptive Republican nominee, told reporters in Boston that he had not yet read the opinion, but he expressed concerns about the rights it might impart to the people being held there. "These are unlawful combatants, they are not American citizens and I think we should pay attention to Justice [John] Roberts's opinion in this decision," he said, referring to the chief justice's dissent. "But it is a decision that the Supreme Court has made. Now we need to move forward. As you know, I always favored closing Guantanamo Bay and I still think we ought to do that."

Obama issued a statement expressing support for the decision, saying it strikes the proper balance between fighting terrorism and "protecting our core values." The Illinois Democrat said that "the court's decision is a rejection of the Bush administration's attempt to create a legal black hole at Guantanamo -- yet another failed policy supported by John McCain. This is an important step toward reestablishing our credibility as a nation committed to the rule of law."

Mr. Obama's statement is yet another example of his tendency to unilaterally find fault with his own country's actions to protect its citizenry while failing to acknowledge the realities in dealing with a foe that uses the shield of civilization to pursue the annihilation of that civilization.

What's In the Box? Part II: Taxes

Barack Obama appeared on CNBC to talk economy and taxes:

...Obama told CNBC that he would raise taxes on Americans making $250,000 a year or more and raise the capital gains tax for those in higher income brackets while exempting small investors. He said the U.S. economy has been "out of balance for too long."

This is insane. Right now the high price of petroleum, coal, and natural gas is spurring a great deal of investment to displace these traditional energy sources. Raising the capital gains tax on investors not considered to be "small" will stifle this investment. Of course, Mr. Obama has a solution to that: take the taxes collected at the increased rate and provide government direction of investment in alternative energies. Like the enthanol boondoggle? A theme begins to take shape: expanding government-supervised industrial policy funded by increased taxes on private investement.

Other questions come to mind: $250K is certainly within the income levels of many small "S" corporations, small entrepeneurships that declare their income on the owners' personal 1040 returns. Will some elaborate tinkering with the tax code be required to patch up this bug? And what in the hell does he mean by "out of balance"? What is an economy that is "in balance"?

Last, but not the least, Mr. Obama wants to institute a windfall-profits tax on "Big Oil". The definition of this term is vague. How much profit is "too much"? Shall such a calculation take into account the actual profit margin of the enterprise ("Big Oil" has suprisingly modest margins)?Shall only the large integrated oil companies be taxed? Should the tax also include the drillers, refiners, or natural gas and coal companies? Such issues must water the mouths of left-wing socio-economic planners.

End the Enabling.

We at Deaddrifts recieved a weekend solicitation phone call from the RNC. After explaining to the "salesman" that we would be confining our political contributions to Misters McCain and Walberg (our Congerscritter) directly, the salesman attempted to persuade us otherwise. We were not amused.

The RNC must accept the fact that it had, expressed in the idiom of test pilots, "screwed the pooch" in the last seven years. Not in the manner in which the Left shrieks, but in dismantling an exciting movement of conservative ideas and philosophy of governance for forty pieces of silver and the incessant pursuit of ever-increasing political power. They have, we are sad to say, met the enemy, and they is them (hat tip to Walt Kelly).

One of our principal complaints is the noxious triad of expanding government, drunken-sailor spending, and the inevitable corruption that accompanies it. Tonight Fox News presented "Porked: Earmarks for Profit", and highlighted the shenanigans of several Republican congerscritters in adding earmarks to spending bills that ended in personal profit for the pols, including former Speaker of the House Dennis ("Mr. Permanent Minority") Hastert and California Representative Ken Calvert. Fox also discussed how the current House Republican standard-bearer, Mr. Boehner, squashed the appointment of Jeff Flake, the Arizona Republican and sworn enemy of earmarking, to the House Appropriations Committee. The reason given that Boehner gave to Flake was, well the obvious: it would put the pigs off their feed.

The Question that Dared Not Be Asked.

Is it in Hillary Clinton's political interest for Barack Obama to win election in November?