Things I'd blog about if I had more time

I've been a bit busy the last couple of days, so here are some bullet points about things I'd blog about if I had more time:

* CNSNews is reporting that the global warming bill passed by the House could lead to increased regulations on fireworks.

"Americans use more than 200 million pounds of fireworks each year, the majority on July Fourth. Because fireworks emit carbon dioxide (CO2) as they burn, however, the fireworks industry may come under tighter regulation if cap-and-trade legislation passes in the Senate in coming months."

We have plenty of regulations on fireworks already - and local noise ordinances to boot. But none of that seems to matter when it comes to the Fourth of July celebrations. What makes anyone think that new regulations on fireworks because of the global-warming charade will have any impact whatsoever? And what could be more unpatriotic than to disallow the celebration of our liberties by infringing upon them in the name of some cooked-up crisis?

* "Democratic Leader Laughs at Idea That House Members Would Actually Read Health-Care Bill Before Voting On It" That's the headline in a story yesterday about when House Majority Leader Steny Hoyer (D-Md.) was asked "whether he supported a pledge that asks members of the Congress to read the entire bill before voting on it and also make the full text of the bill available to the public for 72 hours before a vote."

In fact, Hoyer found the idea of the pledge humorous, laughing as he responded to the question. “I’m laughing because a) I don’t know how long this bill is going to be, but it’s going to be a very long bill,” he said.

“Members clearly--and staff and review boards, they read them in their entirety. They go over it with members, and members read substantial portions of the bill themselves, but the issue is--I don’t know who signed this (pledge), but frankly the opposition has been very vociferous, not of the verbiage and bill, but on the concept that it incorporates,” Hoyer said.

So the concept that our representatives should read what they vote on prior to voting is what he opposes? Amazing - just simply amazing!

* I might have missed it over the past couple of days, but I didn't see this story featured prominently in any of the news:

"Washington (CNSNews.com) – Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a congressional report released Tuesday.

The claims in the report have long been advanced by conservatives, who argue that the Community Reinvestment Act and other federal programs fed the housing bubble that burst in 2007 and led to the economic downfall in 2008.

But the report explains in detail how Fannie and Freddie -- government sponsored enterprises (GSE) that were not subject to the same oversight as other publicly traded firms -- “privatized their profits but socialized their risks.”

“In the short run, this government intervention was successful in its stated goal – raising the national homeownership rate,” says the report, the result of an investigation launched last fall by Republican members of the House Oversight and Government Reform Committee.

“However, the ultimate effect was to create a mortgage tsunami that wrought devastation on the American people and economy,” says the report. “While government intervention was not the sole cause of the financial crisis, its role was significant and has received too little attention.”"

Told you so!

Pork in the bailout plan? Say it ain't so!

Bill Smith, fellow Samsphere blogger from ARRA News Service, has received a copy of the 'agreement in principle' for the $700 billion bailout which, if left to stand, could have some serious implications for taxpayers.

According to Bill:

In the "agreement in principle," there is the effect of a major "earmark" which commits money from future "profits" to be given to nonprofits organizations like ACORN, National Council of La Raza and potentially the National Urban League. This agreement clearly evidences that the Government expects to benefit in the future from the bailout when the values of property rises and mortgages or properties are then sold by the Federal government. The agreement --

"Directs a certain percentage of future profits to the Affordable Housing Fund and the Capital Magnet Fund to meet America's housing needs."

In the proposed bailout agreement, Sen. Christopher Dodd, the Senate Banking Committee and other Democrats desire to pre-direct that future funds (profits) not be returned to the taxpayers via the treasury but that they be used to underwrite potential questionable (maybe even illegal activities) of certain nonprofits which have had a hand in promoting and expanding access to "no money down" loans for minorities, illegal voter registrations and extensive lobbying activities.

I suppose I'm being overly optimistic to think that the current crisis would have taught these idiots a lesson, but I guess not.

The major reason we're in this mess isn't because of 'greed by Wall Street,' but because legislators like Dodd wrote laws to accomplish such social engineering like 'affordable housing,' threatening banks if they didn't increase the number of mortgage loans to minority and low-income individuals. They even went so far as to say that welfare and unemployment payments should be considered as 'earnings' for the purposes of qualifying for loans.

John Lott, a senior research scientist at the University of Maryland, cites a manual from the Federal Reserve Bank of Boston in the early '90s that warned mortgage lenders to no longer deny urban and lower-income minority applicants on such "outdated" criteria as credit history, down payment or employment income. Those "outdated" criteria:

Credit History: Lack of credit history should not be seen as a negative factor...

Sources of Income: In addition to primary employment income, Fannie Mae and Freddie Mac will accept the following as valid income sources: overtime and part–time work, second jobs (including seasonal work), retirement and Social Security income, alimony, child support, Veterans Administration (VA) benefits, welfare payments, and unemployment benefits.

The Fed warned the banks:

"Did You Know? Failure to comply with the Equal Credit Opportunity Act or Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions."

Other members of Congress, specifically Rep. Barney Frank and Sen. Chuck Schumer, fought against reforms in Fannie Mae and Freddie Mac that would have addressed many of the issues before they became a crises.

In Congress, they made sure there was no additional oversight, no additional limit on executive behavior and compensation, and no further restraint on the growth of the companies' mortgage-backed-securities portfolios, among other changes.

Even after the 2003 Freddie Mac accounting scandal, Frank said, "I do not think we are facing any kind of a crisis."

The Wall Street Journal quoted Congressman Barney Frank in 2003 as criticizing Greg Mankiw, chairman of President Bush's Council of Economic Advisers, "because he is worried about the tiny little matter of safety and soundness rather than ‘concern about housing.'"

And now, they're at it again, attempting to take any profits the government might possibly get from all these 'illiquid' assets and direct them NOT back to the taxpayers whose money is being used, but right back into the very practice that got us into the mess in the first place.

I can only hope that some of the Republicans in Congress, like Rep. Mike Pence, can hold the line.

Warner Todd Huston has some interesting points on this as well.

Red State's commentary on the pork provision.