October 22nd, 2008

Splut

The financial catastrophe that didn't happen

One part of the recent financial mess, according to the MSM, was the financial instrument known as the "credit default swap", or CDS. It's a financial guarantee that another institution won't default on its obligations. The MSM was predicting that CDSs would trigger a snowball effect if they ever had to be paid, because nobody could afford to pay off.

Guess what? The bankruptcy filing of Lehman Brothers on September 15 triggered payment of its CDSs. Everyone involved paid their obligations, finishing up yesterday - and that was it. No drama, no cascading failure, nothing.

Of course, you won't hear about that from the MSM, which doesn't care about collapses that don't happen - because they won't help Obama get elected. I had to read it at Power Line. You can, too, if you want all of the explanation.
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Splut

To the undecided voter

foolscap001 points out a fantastic essay by Neal Boortz with that title. Go read the whole thing...it's full of gems like these:

One interesting point: If Barack Obama was applying for a security clearance as a government employee, these associations [Ayers, Wright, Rezko - JRM] would disqualify him. We are, my friends, about to have a president who doesn't qualify for a security clearance. Pretty pathetic. If Barack Obama becomes president, he would not even qualify to be his own bodyguard.

Not so the government. You have no choice as to whether or not you are going to be a customer of government. Your patronage is compelled and your payments are extracted at the point of a gun. Supreme Court Justice John Marshall said that "the power to tax is the power to destroy." The power to tax in the wrong hands can certainly bring destruction to our economy and even to our country. I submit to you that the power to tax in the hands of Barack Obama is dangerous: Dangerous to you personally, and dangerous to the very fabric of our Republic.

Taxes are a nasty little reality of life. Nobody wants anarchy. Government is a necessity. Government, though, is not supposed to create winners and losers. Government is not, as Obama intends, to be used as an instrument of plunder.

The WSJ reports that the National Federation of Independent Business says that only 10% of small businesses with one to nine employees will be hit by Obama's tax increase. However, almost 20% of the small businesses that employ from 10 to 19 people will get nailed, and 50% of small businesses with over 20 employees get punished. [I can guarantee that the small business I work for will get hammered. - JRM]

If Barack Obama gets those two nominations, and if the Democrat Senate rubber-stamps them, then we are going to have a Supreme Court making decisions based on their liberal definition of "fairness" with some consideration to foreign court decisions tossed in. This is perhaps Obama's greatest opportunity to do permanent damage to our Republic; permanent and irreparable damage. It's one thing when Barack Obama talks about wealth seizure and redistribution in terms of "fairness." It's quite another when that talk is legitimized by a Supreme Court decision.


There's much more. Please, go read the whole thing.
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Flying

Aviation giggle of the season

Airports that have control towers also have a service called ATIS, for Automated Terminal Information Service. The ATIS is a radio broadcast on a dedicated frequency, updated whenever weather information is received (typically, every hour), and gives that information, along with what runways are in use and other information of interest to pilots arriving or departing from that airport. Each ATIS broadcast has an identifying letter associated with it, and a pilot is supposed to let the tower know the identifier on initial contact so the tower knows whether he's got the current information.

Heard at Green Bay recently:

"Advise on initial contact that you have information Delta. I'm Green Bay Ground Control, and I approved this ATIS."
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Dammit

Left-wing moonbattery: an example from my friends list

kinkyturtle, who was once a reasonable person able to separate politics from friendship, posted a rant that's typical of the moonbattery that the Left has spewed for the past 8 years. I'm not going to spend time on dissecting the outright kookiness of it - it almost parodies itself - except for one point:

"It seems like they're hoping some nut will assassinate him."

No. I, for one, am not. There would be two problems:
1) Saint Obama would be immediately canonized as a martyr to the Leftist cause.
2) We'd have Joe Biden the plagiarist as president.

We've taken entirely too long as it is to shake off the influence of Saint JFK. We don't need another one.

The best case if Obama's elected - and it's a nightmare, but the least horrible of the possibilities - is that his socialist policies are rammed through an unyielding Congress and inflicted on the folks who are actually making America's economy work, they have the effects that anyone with half a brain and half a sense of history would predict, and the country realizes that socialism has never worked, cannot work, and cannot be made to work, and repudiates it for all time. Unfortunately, it'll take a minimum of two years of rising unemployment and the economy in the gutter before we have an opportunity to change it.
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