The subprime mortgage crisis is only the Sarajevo which caused the financial collapse. The real reason is the massive explosion of debt at all levels and in all forms that has engulfed the world. Since 1992, the total of debt in the world has gone from a level equal to global GDP to a level that is now 3.7 times as much as global GDP. This debt explosion, explained in Charles Morris’ book (no relation) The Trillion Dollar Meltdown, consists not only of mortgages, but bonds for corporations that can’t repay them, credit cards for consumers who are neck deep in debt, car loans for drivers who can’t meet the payments, student loans that are swamping young couples, and default insurance sold by companies that can’t make good on their commitments. This massive debt has to be sweated out of our global economic system like a heroin addiction.
Lost in the dramatic disaster unfolding on Wall Street and the brazen hypocrisy of the Hillary Clinton nomination is President-elect Obama’s double signal that the war on terror is now over. His appointment of Arizona Governor Janet Napolitano as Secretary of Homeland Security signals that the Department will once again focus on southern border immigration issues rather than on fighting terrorism.
Published in the New York Post on November 23, 2008
It is still hard to believe but, if Hillary Clinton’s “confidantes” are to be trusted, Barack Obama is about to appoint her secretary of state and she is about to accept. This appointment represents the capstone of betrayal of Obama’s promise to be the “change we can believe in.”
Having upended the Democratic Party, largely over his different views on foreign policy and the war in Iraq, he now turns to the leader of the ancient regime he ousted, derided, mocked and criticized to take over the top international-affairs position in his administration.
Rasmussen reports that Saxby Chambliss is clinging to a narrow lead of only four points in the Georgia runoff election scheduled for December 2nd. With Ted Stevens defeated for the Senate from Alaska and Al Franken within two hundred votes of overtaking Norm Coleman with the Minnesota recount yet to even begin, the Chambliss seat is all that stands between the Democrats and 60 votes in the Senate.
What is happening behind the scenes in the pas de deux between Obama and Hillary on her possible appointment as Secretary of State? It’s hard to tell, but the smoke signals suggest a pattern.
Move One: Obama Makes An Offer
At their meeting last week, Obama seems to have discussed the possibility of appointing Hillary to State. He may not have overtly offered the job and may have done so out of politeness, but he must have raised the prospect and discussed it with her.
Published on TheHill.com on November 18, 2008.
The results of the G-20 economic summit amount to nothing less than the seamless integration of the United States into the European economy. In one month of legislation and one diplomatic meeting, the United States has unilaterally abdicated all the gains for the concept of free markets won by the Reagan administration and surrendered, in toto, to the Western European model of socialism, stagnation and excessive government regulation. Sovereignty is out the window. Without a vote, we are suddenly members of the European Union. Given the dismal record of those nations at creating jobs and sustaining growth, merger with the Europeans is like a partnership with death.
If Barack Obama appoints Hillary Clinton as his Secretary of State, it will send a cynical message to his supporters: that change is something they can still only hope for. Because if Obama relies on this unqualified Washington insider to fill one of the most important positions in his ‘outsider’ administration, it will represent neither change nor hope, just more of the same.
Instead of “Yes, We Can,” Obama will be touting loud and clear: “No, we won’t.”
A Clinton appointment would replace the audacity of hope with the audacity to shamelessly break campaign promises.
Hopefully, it’s just a rumor started by the Clintonistas, but is Barack Obama seriously considering appointing Hillary Clinton as his Secretary of State? If he pulls the trigger on that appointment, he will deserve what he gets!
Obama would do well to remember the history of Harry Truman and Jimmy Byrnes in 1944. Byrnes, known as the “assistant president” in FDR’s third term, was widely thought to be Roosevelt’s choice to replace Henry Wallace as his running mate on the 1944 ticket. At the last minute, FDR re-considered and decided Byrnes, a South Carolinian, was too conservative and went with Truman instead. But the Democratic Party establishment clearly was disappointed. While they wanted to get rid of the almost-Communist Wallace, they wanted Byrnes not Truman. (Just like the party establishment really wanted Hillary, not Obama, to be the presidential nominee).
Those of us who want to frustrate Obama’s radical agenda are one election away from political impotence. Ted Stevens has just fallen 800 votes behind in the Alaska recount (hard to make up in a tiny state) and Coleman is clinging to just a 200 vote margin in Minnesota (tiny in a huge state) with the recount not yet even begun. So if we lose Alaska and Minnesota, Saxby Chambliss’ seat in Georgia is the 60th vote to stop a filibuster. It all comes down to Georgia.
With the election a week old, Norm Coleman’s lead in Minnesota keeps dropping with each day. And now, for the first time, the official recount is underway. Is the left stealing votes? One get suspicious when every day brings new ballots that favor Franken over Coleman.
There is nothing we can do about Minnesota (or Alaska, where Stevens’ margin is under attack as well) but there is a great deal we can — and must — do to protect the 60th Republican seat in Georgia.