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A colossal game of “Chicken”

September 30, 2008 by mlq3  
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The clip above shows Franklin D. Roosevelt campaigning for the US presidency in 1933, using eerily familiar rhetoric. The clip opened the second portion of last week’s episode of The Explainer (which you can watch on YouTube), which focused on the Great Depression (in it, I asked my guest to expound on his blog post, Smartly protectionist). The Great Depression has provided a lot of grist for the mill in recent years, for example see A history lesson from the Great Depression – How the World Works – Salon.com

Today, I was going to focus on what’s going on in America but I’m down with the flu so it will have to be for next week.

For the past couple of weeks watching Bloomberg’s been a riveting experience as experts try to grapple with the goings-on in markets in the US and elsewhere. Non-experts, too: Question for a Management Class makes for quite interesting reading.

On the eve of the US House of Representatives voting on the bailout, a group of American economists released an open letter calling on representatives to reject the bailout plan. Columnist Will Hutton in The Guardian pointed out the argument at the heart of the economists’ opposition (and, by all accounts, among US voters who had House Republicans spooked about a popular backlash if they voted for the White House-proposed bailout plan):

And although some conservatives in Britain and America continue to make the ideological case against any government action as a response to the recent turmoil – governments necessarily do everything worse than the market – they have no alternative proposal about how to restore trust once it has gone. Trust is a reciprocal relationship, dependent upon a desire to be considered decent and honourable. Even in the dog-eat-dog financial markets, trust and integrity are matters of self-interest. However amoral you may be, it is in your interest to care about your reputation, because if you behave badly you will not do business with me – or others – on favourable terms again.

But the scale of the personal rewards now available in London and Wall Street – £15m-£20m at the top is the norm – along with the greed-is-good doctrine associated with extreme laissez-faire economics, has trashed the need for individuals to worry about integrity. They don’t need to be concerned about their reputations; they just need one deal or one year at the top and they need never work again. The incentive structure has so departed from one of the principal norms of fairness – proportionality between value added and reward – that it has eviscerated trust relationships and integrity.

Everybody tries to ‘game’ the system on their route to vast personal fortunes – whether short-selling, packaging up dud mortgages as prime mortgages or telling lies about their financial viability – and the result is that the system is getting wise. The best course today in any financial transaction is to presume zero integrity. Credit is drying up and with it the very lifeblood of the economy.

Worse, now that the system is in trouble, financiers are turning to taxpayers in the US and Britain for help without understanding the other key principal of fairness – that we will consider helping those who for no fault of their own get into trouble, but not those who freely created their own bad circumstances.

Hank Paulson certainly acted decisively in launching his plan, but the former Goldman Sachs CEO, who negotiated a special exemption from tax when he took the job, like his former Wall Street colleagues is not well endowed with the fairness gene. It polluted the very design of the scheme.

He knows that unless the US government does something comprehensive, the entire financial system is at stake, but his original plan was designed to bail out the system intact. It made no demands that any financial executives sacrifice pay or bonuses despite having driven their firms and wider economy to the point of bankruptcy. He does not want the government to provide new bank capital to help recapitalise a bust banking system. Instead, he wants the government to buy their toxic debt and so leave the banks unreformed. On top he wanted complete discretion to act as he chose without any oversight.

American economists of every persuasion signed a joint letter complaining not at the aim of the bail out, which is plainly vital, but for its lack of fairness. Conservative papers and politicians echoed the complaint. Suddenly, Wall Street is coming back to earth. The transactions from which it skims such riches are built on the savings of ordinary Americans to whom it has obligations, as it has to other Wall Street firms. What we know now about the yet to be agreed compromise is that Paulson has accepted Congressional oversight, will offer direct help to distressed US homeowners as well as banks, and will accept some constraints on the worst excesses of executive pay.

But the core proposal remains. The government will buy toxic debt rather than inject government funds into the banks’ capital base, in other words, reject even partially nationalising the entire US banking system as the Swedes had to in 1992. I don’t know – nobody does – whether the Paulson plan would be sufficient or whether ultimately the Americans will have to go for nationalisation. What I do know is that unless there is a radical and government-led change in ownership, structure, regulation and incentives so that the principles of fairness are put at the heart of the Anglo American financial system – proportionality of reward and fair distribution of risk – there is no chance of the return of trust and integrity upon which long-term recovery depends.

In the end the House of Representatives rejected the White House plan. FT.com / In depth – House rejects US bail-out bill, stitched the news together with failures and rescues in the UK, Benelux and Germany; and in House to Wall Street: Drop dead – MarketWatch  says the Republicans were the ones who blinked:

Republicans voted against the bill by a two-to-one ratio, and in the process rejected their own leadership, who had worked for nearly a week to craft a bill that could gain a majority. Nearly 100 Democrats also voted against the bill, spurning their leadership.
Many Republicans in the House were never persuaded that the credit crunch in the financial system is an impending disaster deserving of taxpayer aid. Politicians who had cut their teeth on free-market principles couldn’t accept the idea that the federal government should back up the banks who had foolishly bet everything on the housing bubble.
Or they didn’t want to face the voters in six weeks and explain why a Republican would vote for the biggest government bailout ever.
The result was that markets previously poised to celebrate, engaged in an orgy of selling instead, with something of an atmosphere not only of cutting already heavy losses, but of vengeance. In the days leading to the House vote, the weekend negotiations took place against a backdrop of analysts warning that if the market didn’t get what it wanted -a bailout anaylists previously said the markets viewed with unease- then the market would crash.

In his blog, Howard Lindzom put it bluntly:

The market has been demanding a large scope bailout plan for weeks. The market has been chewing through financials one by one until it gets what it wants.

Let’s not kid ourselves, the markets are rigged. The bailout is a wimpy ass way to deal with the problem for sure, but a $1.2 trillion loss in market cap was just TODAY’s tradeoff. The market wants some extra rigging short-term and a meltdown is/was the trade-off.

The people in Washington know very little about a lot of things. That is their specialty, their claime to fame. They know shit ass less than nothing about the stock market and the MOOD of America that matters (money). Today, you saw what a bad mood can bring from traders. Tomorrow and for the next week you will see what panic brings as the selling accelerates.

This crisis though is not about the stock market, it is about THE CREDIT MARKETS. There is NO access to capital. We are shut down for business. Way worse than after 9/11 when the markets were closed. At least than, we were out shopping at the request of our President. Now we are just deer in the headlights at the whim of the House of Reps and Congress and Senate who just seem out to punish the rich. Bullshit politics. Everybody has a chance to be famous. They are really punishing everybody else.

The FED is out of bullets and we have absolutely zero leadership or hopes of any leadership soon.

On that sobering note, as the New York exchange plunged (777 points), and then Asia, too (biggest drop since 1987),  An analyst on Bloomberg dryly said, “Cash seems to be the safest place to put your money now.” Commodity prices had their biggest drop in 52 years (since the index began). The Australian Prime Minister issued a statement appealing to the US Congress to pass the emergency measure, a sentiment echoed by the Japanese Finance Minister. George W. Bush will address his countrymen shortly before the markets open on Tuesday. 

This seems a colossal game of “chicken,” with political leaders answerable to voters pitted on a collision course with financiers normally dismissive of nations, sovereignty, etc., demanding a bailout from the political leaders, otherwise everything comes crashing down. It’s interesting that as today wore on, the analysist began to speak rather confidently of the bailout being passed by the end of the week. 

The Republican nightmare is obviously straight out of the Hollywood version of populist Huey Long’s barely fictionalized movie biopic, All the King’s Men:

 

Here at home, people have been nervous ever since insurance giant AIG ended up being taken over by the US government to prevent its collapse. See Business – Are my Philam investments safe? in INQUIRER.net

There are also concerns, now, over the possibility of bank runs and to head off potential panic, the Central Bank has tried to make soothing noises. See Business – How safe is my money in the bank? also in INQUIRER.net

Salve Duplito, who authored the two articles above, then goes on to point out that instead of hand-wringing, some sober planning is in order for ordinary people: Money Smarts » How are you dealing with the crisis?

As for the economists, Nouriel Roubini takes a kind of grim satisfaction in not turning out to be a Cassandra (see The Worst Financial Crisis Since the Great Depression and the subsequent The Shadow Banking System is Unravelling:Such demise confirmed by Morgan and Goldman now being converted into banks) while Roubini then looks at the proposed 700 billion dollar bailout plan and compares it to other bailouts in the past: Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks

Whenever there is a systemic banking crisis there is a need to recapitalize the banking/financial system to avoid an excessive and destructive credit contraction. But purchasing toxic/illiquid assets of the financial system is not the most effective and efficient way to recapitalize the banking system. Such recapitalization – via the use of public resources – can occur in a number of alternative ways: purchase of bad assets/loans; government injection of preferred shares; government injection of common shares; government purchase of subordinated debt; government issuance of government bonds to be placed on the banks’ balance sheet; government injection of cash; government credit lines extended to the banks; government assumption of government liabilities.

A recent IMF study of 42 systemic banking crises across the world provides evidence on how different crises were resolved. First of all only in 32 of the 42 cases there was government financial intervention of any sort; in 10 cases systemic banking crises were resolved without any government financial intervention. Of the 32 cases where the government recapitalized the banking system only seven included a program of purchase of bad assets/loans (like the one proposed by the US Treasury). In 25 other cases there was no government purchase of such toxic assets. In 6 cases the government purchased preferred shares; in 4 cases the government purchased common shares; in 11 cases the government purchased subordinated debt; in 12 cases the government injected cash in the banks; in 2 cases credit was extended to the banks; and in 3 cases the government assumed bank liabilities. Even in cases where bad assets were purchased – as in Chile – dividends were suspended and all profits and recoveries had to be used to repurchase the bad assets. Of course in most cases multiple forms of government recapitalization of banks were used.

But government purchase of bad assets was the exception rather than the rule. It was used only in Mexico, Japan, Bolivia, Czech Republic, Jamaica, Malaysia, and Paraguay. Even in six of these seven cases where the recapitalization of banks occurred via the government purchase of bad assets such recapitalization was a combination of purchase of bad assets together with other forms of recapitalization (such as government purchase of preferred shares or subordinated debt).

In the Scandinavian banking crises (Sweden, Norway, Finland) that are a model of how a banking crisis should be resolved there was not government purchase of bad assets; most of the recapitalization occurred through various injections of public capital in the banking system. Purchase of toxic assets instead – in most cases in which it was used – made the fiscal cost of the crisis much higher and expensive (as in Japan and Mexico).

Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. This way of recapitalizing financial institutions is a total rip-off that will mostly benefit – at a huge expense for the US taxpayer – the common and preferred shareholders and even unsecured creditors of the banks. Even the late addition of some warrants that the government will get in exchange of this massive injection of public money is only a cosmetic fig leaf of dubious value as the form and size of such warrants is totally vague and fuzzy.

Others have tried to translate the amount in human terms:CJR: What Can You Buy For $700 Billion?

It would reimburse banks, home owners, and local governments for nearly 9 million foreclosures - It could prevent over 200 million foreclosures - It could buy 8.6 billion monthly Metrocards - The government could rebuild Katrina-ravished New Orleans and Gulf Coast … three and a half times - Roughly 538 Yankee Stadiums could be built - 5.4 million students could be sent to a public university - It equals nearly 520 times the amount of Amtrak’s current operating budget - It is $14 billion more than the U.S. spent during the Vietnam War

Another economist, Carsten Hermann Pillath, offers up an approach based on evolutionary economics and cultural science, bringing up game theory and the prisoners’ dilemma (see The financial crisis: a humble evolutionary economist’s perspective).

Over at Left Flank, you can find links to scientists weighing in with their efforts to relate the financial news with Chaos Theory! See Black Swans and Charlatans.

Jeff Jarvis, in Stewardship v. ownership of our news, money, and society  took a cue from the unfolding crisis and criticizes mainstream media and it’s efforts to control how their content is processed, used, and redistributed on the World Wide Web. 

The political fallout, if any, is something else, altogether. I’ve been silent for some weeks because I’ve been trying to get beyond simply reacting to the news, and instead, trying to make sense of where we are and where we ought to go; I’ll attempt to start piecing my thoughts together when I’ve recovered from the flu.

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Comments

319 Comments on "A colossal game of “Chicken”"

  1. mlq3 on Wed, 1st Oct 2008 3:36 pm 

    there was a problem with the comments database but it’s fixed now.

  2. rego on Wed, 1st Oct 2008 4:58 pm 

    Yeah been trying to post comments last night for several times and I though I was banned already….

    test lang…

    im definitely against the bail-out plan and im so happy that the congress voted it down. I hope the senate will do the same…

  3. cvj on Wed, 1st Oct 2008 6:06 pm 

    Notwithstanding his preference for McCain/Palin, kudos to Jemy for his active contribution to the discussion on The Explainer.

  4. Bert on Wed, 1st Oct 2008 6:12 pm 

    Get well soon mlq3.

    my take on this bail-out plan: those market players are gamblers aiming for huge profit. they lose. why should ordinary taxpayers who will gain nothing from their greed bail them out?

    just a thought.

  5. renmin on Wed, 1st Oct 2008 6:58 pm 

    Since credit is drying up in the US, doesn’t that mean the Philippine government will sooner or later find it more difficult/more expensive to borrow money? And isn’t this going to have disastrous consequences for our government, since it’s kept afloat primarily by debt, then by remittances?

  6. nash on Wed, 1st Oct 2008 7:07 pm 

    ..as if naman the ‘ordinary taxpayers’ did not have a hand in this..

    they could have said ‘no’ when banks were handing out ‘generous’ and toxic sums of utang….spend spend spend…..create that warm fuzzy feeling….

  7. mlq3 on Wed, 1st Oct 2008 8:13 pm 

    renmin well to her credit, this is where the president can say paying down debt from e-vat was worth it… and shifting to borrowing domestically, i guess.

  8. UP n grad on Wed, 1st Oct 2008 9:24 pm 

    I know a company that had to cancel (or rather, “postpone indefinitely”) its plans to employ 10 additional H1B consultants. Reason : bank disapproved loan request for additions to its working capital funds.

    This can get worse — to mean firings.

  9. supremo on Wed, 1st Oct 2008 9:30 pm 

    With or without a bailout, Citigroup and JPMorgan Chase & Co. already gained a lot from this financial mess for a small price and with FDIC help. The $700 B bailout is just gravy.

  10. supremo on Wed, 1st Oct 2008 9:56 pm 

    UP n grad,

    Expect more cancellations if Obama wins the presidential election.

  11. UP n grad on Wed, 1st Oct 2008 10:18 pm 

    to supremo: but this image of the White House resident doing a polka to “… bomb, bomb… bomb.. bomb Iran” to motivate a nation to ‘be happy, don’t worry” is quite a big worry.

  12. Tax Joven on Wed, 1st Oct 2008 10:19 pm 

    mlq3 – You didn’t have to get the flu just because USA convulsed. Get up big boy, and get well. Think of the country without you.

    renmin – A disaster for Gloria’s government could be a blessing for the people, in the long run.

  13. supremo on Wed, 1st Oct 2008 10:30 pm 

    UP n grad,

    Both a President Obama or McCain can’t afford a war with Iran. McCain is interested more with a surge in Afghanistan. Obama will most likely not do anything because it will be election time again by the time he is done talking.

  14. renmin on Wed, 1st Oct 2008 10:42 pm 

    mlq3 – as i understand it, her pushing the EVAT (or rather RVAT) wasn’t so much about paying down debt (the additional 100 billion or so isn’t gonna do that) as demonstrating greater ability to pay the creditors, and so opening up fresh lines of credit–i.e., so she can borrow more.

  15. renmin on Wed, 1st Oct 2008 11:05 pm 

    This government takes on new debt to pay the interests on old debts. If credit becomes more expensive and the cost of debt servicing rises, then down the line we can expect cuts in social services spending–as in the aftermath of the 1997 financial crisis, when the DBCC imposed negative or zero growth ceilings on the social services budget from 1998 to around 2006.

  16. PSI on Wed, 1st Oct 2008 11:18 pm 

    Well, for the past two years the Philippine government had a bonanza in its finances.

    First, the strong peso (going as low as 40 pesos to one dollar) allowed RP to lower its debt service costs. Second, the windfall from the EVAT, specially with the spike in oil prices, created a ‘buffer’ fund. Let’s hope these ‘rainy days’ will now be put to good use.

    On a related subject, Mr. Bill Luz of Ayala Foundation , on 20/20 hindsight, now says that its good the OFWs went into consumptive investment (house & lot, condos, etc.) instead of investing in the stock market where they could have been burned with the global financial meltdown. Luz calls these OFW’s practical investments.

    Really, KISS is good. Keep It Simple but Safe.

  17. cvj on Wed, 1st Oct 2008 11:29 pm 

    PSI (at 11:18pm), what Bill Luz observed validates the position i took in this discussion over at FV, (which at that time was the unpopular stand). That being said, i think OFW’s should participate in the recently PERA if only out of patriotism.

  18. cvj on Wed, 1st Oct 2008 11:30 pm 

    [above should read..'recently signed into law PERA'.]

  19. PSI on Wed, 1st Oct 2008 11:33 pm 

    cvj,

    Yes, indeed. And i believe so was I.

    “Another area of business which OFWs could pursue, instead of sinking their savings in the stock market, is to get a franchise. The franchise will include setting up the operation, training of the franchisee, provision of goods, supplies, and services. A good franchise will involve step-by-step engagement, which have been proven successful in several markets.

    There are still many affordable franchises, both home-grown and foreign.”

  20. cvj on Thu, 2nd Oct 2008 12:20 am 

    PSI, i agree. It turns out that going into franchise may even be less risky than betting on the stock market. Or at least if you lose your money, it would be your own fault.

  21. supremo on Thu, 2nd Oct 2008 12:24 am 

    cvj,

    ‘i think OFW’s should participate in the recently signed into law PERA’

    Why would OFWs invest their money in the Philippines when government financial instituitions like the GSIS are known to invest outside the Philippines? Congress just wasted their time crafting PERA.

  22. Amadeo on Thu, 2nd Oct 2008 1:18 am 

    Here we go again, creating new laws with their attendant bureaucracies.

    The foreign currency deposit law has been in the books since the 70’s. Use that with better incentives to attract those abroad who are rushing toward more liguidity in their holdings.

    This should allow the private banking sector more liguidity and funding for productive credit accommodations.

    And follow the lead, by increasing the PDIC coverage per individual depositor.

    Can we do this?

  23. cvj on Thu, 2nd Oct 2008 1:26 am 

    supremo, as i said above, for patriotic reasons.

  24. supremo on Thu, 2nd Oct 2008 1:33 am 

    cvj,

    People invest to make money not to show their patriotism.

  25. UP n grad on Thu, 2nd Oct 2008 1:44 am 

    it will be most patriotic if, fifteen or twenty years from now, the (future) retirees are financially-stable where the Philippine government can use more of its funds more to educate the young and less to pay for medicine and surgery for the old.

  26. anthony scalia on Thu, 2nd Oct 2008 1:55 am 

    supremo,

    “Why would OFWs invest their money in the Philippines when government financial instituitions like the GSIS are known to invest outside the Philippines? Congress just wasted their time crafting PERA.”

    not all investible funds of GSIS are invested abroad. and so what if GFIs invest abroad?

    and no, PERA’s enactment isn’t a waste of time. among other things, PERA exempts retirement accounts from tax, to encourage savings and investment in certain investment products

    and its more for the protection of the OFWs, giving them one way of safekeeping their hard-earned money

    “People invest to make money not to show their patriotism.”

    Jamie Dimon, CEO of JP Morgan Chase, said they agreed to take over Bear Stearns because they felt its their obligation to their country

    it must be great to make money and at the same time show patriotism.

  27. nash on Thu, 2nd Oct 2008 2:16 am 

    who among us (overseas flips) pays voluntary sss/gsis contributions? raise your hands for an informal poll.

    cheers

  28. cvj on Thu, 2nd Oct 2008 2:22 am 

    Supremo, the more patriotic Filipinos there are, the greater the chances of that the Philippines will develop economically. I’m just doing my part.

  29. cvj on Thu, 2nd Oct 2008 2:24 am 

    nash, not yet but will do so.

  30. supremo on Thu, 2nd Oct 2008 2:47 am 

    anthony scalia,

    ‘not all investible funds of GSIS are invested abroad. and so what if GFIs invest abroad?’

    I did NOT say all. It is wrong for GFIs to invest abroad if capital is badly needed in the Philippines.

    ‘PERA exempts retirement accounts from tax’

    Income tax credit up to 5% of the PERA account contribution is small.

    ‘and its more for the protection of the OFWs’

    PDIC only insures bank deposits up to 100,000 pesos. I’m sure PERA accounts are not insured.

    ‘it must be great to make money and at the same time show patriotism’

    You are comparing several billion dollars of investment backed by the Federal Reserve Bank with several hundred thousand pesos of investments. Dimon is not using his own money.

  31. supremo on Thu, 2nd Oct 2008 2:51 am 

    cvj,

    You are doing your part but you admit to not contributing to SSS and you are asking Filipinos to be more patriotic by opening PERA accounts. I got lost on the doing ‘your part thing’.

  32. supremo on Thu, 2nd Oct 2008 3:11 am 

    nash,

    I don’t contribute to SSS.

  33. cvj on Thu, 2nd Oct 2008 3:28 am 

    supremo, as i told nash, i plan to restart my SSS contributions. as for ‘doing my part,’ i’ve already been doing so by investing whatever i can save in the Philippines (i.e. life insurance, retirement fund). i don’t have enough to spare for stocks though.

  34. supremo on Thu, 2nd Oct 2008 3:44 am 

    cvj,

    I already own a house and 3 lots there. I think that’s enough.

  35. cvj on Thu, 2nd Oct 2008 4:06 am 

    imho, more than enough. anyway, good for you.

  36. nash on Thu, 2nd Oct 2008 5:18 am 

    Bush is a sitting duck lang pala

    Texas: 15 out of 19 voted against the bailout
    Arizona: No one voted for the bail out…

    Meanwhile incoming President Barack Obama should start writing a stirring speech to convince the consumerists to be more austere…

    I wonder how long before our very own Tongressmen realise that 2010 is just tomorrow and GMA is reduced to a sitting duck?

  37. leytenian on Thu, 2nd Oct 2008 5:19 am 

    On PERA: I’m still pessimistic with this program because our government system remains so corrupt and so disorganize in terms of business process. It first needs to establish a sound pension system and a sound tax administration system efficient enough to ensure the public trust. Financial transparency remains to be a problem. Although the BILL has been approved in August 22 this year, I have no choice except to accept and agree with the BILL not only for patriotic purposes but it will motivate OFW to save instead of spending it lavishly on things not necessary. For me… I will not invest on PERA, I will invest on land in the provinces not in high rise Manila. The air pollution should not be included on my investment. Fresh air and beach front lot in the province will give me better return in terms of quality and real money in the future :)

    Explainer #4 made mentioned that McCain is better President than Obama for Philippine economy. I agree with the professor.

  38. UP n grad on Thu, 2nd Oct 2008 5:43 am 

    leytenian: That’s probably ‘cuz you and McCain are Beach Boys fans. “… bomb, bomb, bomb….. bomb, bomb Iran.”

  39. UP n grad on Thu, 2nd Oct 2008 5:57 am 

    But “McCain–bomb-bomb Iran was only number-4 in Time’s 2007 List of Campaign Gaffes”. Number-5 was John Edwards’ $400-haircut. #1 was Giulani’s “”I was at ground zero as often, if not more, than most of the workers. I was there working with them. I was there guiding things….”
    — Rudy Giuliani

  40. Amadeo on Thu, 2nd Oct 2008 6:05 am 

    Nice idea asking if people here are walking their talk.

    So while we are on the subject, aside from the usual savings and retirements accounts which are lodged in the governmental or private financial sector, try turning your sights to the many credit unions and/or cooperatives that litter the countryside. While the private financial sector has at most a market penetration of 15% or less, those credit unions serve those who otherwise do not have access to credit and financial services. That would truly be patriotic and compassionate to who have less in life.

    And in the process, provide adequate return for your investment.

  41. UP n grad on Thu, 2nd Oct 2008 6:06 am 

    but leytenian: time is working against you, and maybe in 3 weeks, you’ll be another of the “females for Obama” crowd. If you can believe ‘dem surveys, it is reported:
    . . . . Obama leads McCain by 17 points with women, 55%-38%. Before the conventions, women preferred Obama by a margin of 10 points, 49%-39%. After McCain picked Palin as his running mate, the gap narrowed to a virtual tie, with Obama holding a 1-point margin, 48%-47%.

    Allegedly (but you can deny it) the survey results valid for whites and non-whites.

  42. nash on Thu, 2nd Oct 2008 6:15 am 

    McCain is so low in the polls right now, he needs a miracle quick… much as we wet our pants with a Sarah Palin presidency, mukhang this recession was the knockout blow. During the cabinet meeting, McCain was so SILENT, hardly contributing anything, there goes his much vaunted ‘experience’….nagmukha siyang Lito Lapid…

    …and we are all eagerly awaiting the Palin-Biden debate after her CBS interview gaffes!

  43. leytenian on Thu, 2nd Oct 2008 6:19 am 

    UP N,

    i know Obama is leading but online surveys are popular for young voters. female like me don’t go online and click to vote for McCain. Will see who will win in November? it’s too soon to assume.

    If Obama will win and will increase taxation on corporation, then BPO job to Philippines will suffer. Immigration qouta will remain the same and outsourcing of jobs will not be the democrats policy. why pinoy are now against our country’s benefit. Are majority of Pinoys receiving food stamps in NY and California? why ? I thought mga social kayo diyan? buti pa si island girl… understand the benefits of free market with Maverick regulation of McCain… hahaha

    I am just being loyal to Republican and patriotic to my beloved country Philippines… :)

  44. leytenian on Thu, 2nd Oct 2008 6:25 am 

    I am very pessimistic with Obama not because of him but because of how his own people will destroy him before Obama destroy his own country. Obama is not even patriotic to his own. Here’s why…

    A Pattern of Concerns | Not Fit To Be Commander in Chief

    Take Note of Obama’s wife and his Pastor Wright…I agree with McCain that Obama is dangerous not only to America but to my beloved Philippines :)

    http://www.obamamustgo.com/

  45. rego on Thu, 2nd Oct 2008 7:28 am 

    UP n grad, Both a President Obama or McCain can’t afford a war with Iran. McCain is interested more with a surge in Afghanistan. Obama will most likely not do anything because it will be election time again by the time he is done talking…..Supremo.

    —————————————————————-
    I dont know supremo, but during ths bail-out drama, It was actually Mc Cain who overtalked and grandstanded. I like better the way Obama behaved.

    And its becoming clearer now that Palin is more of a baggage to Mc Cain than an asset. Have you watched her two interviews in NBC and CBS? The prospect of having her as a president in case Mc Cain cannot finsih his term. scared the hell out of me

    I dont what is your basis when said that there will be more “cancellations” if Obama wins.? And what makes Mc Cain a better choice for you?

  46. nash on Thu, 2nd Oct 2008 7:32 am 

    @UP n

    “bomb, bomb, bomb….. bomb, bomb Iran.”

    with what??? cruise missiles? let me count, that’s 5 bombs so with the cheapest missile, that amounts to $3M.

    can they even afford that? :D maybe they will borrow off mortgage-backed credit..

  47. nash on Thu, 2nd Oct 2008 8:03 am 

    …”..female like me don’t go online and click to vote for McCain”

    ???

    Another hint of irony for someone who puts lots of links and google searches on the punditry tambayan….

  48. supremo on Thu, 2nd Oct 2008 8:11 am 

    rego,

    ‘during ths bail-out drama, It was actually Mc Cain who overtalked and grandstanded.’

    The Dems said McCain did not talked much during the meeting with Bush. Obama was in the meeting too and he talked. Who ‘grandstanded’ now?

    ‘I dont what is your basis when said that there will be more “cancellations” if Obama wins.?’

    Leytenian already provided the answer and I agree.

    ‘Immigration qouta will remain the same and outsourcing of jobs will not be the democrats policy.’

    If you’re not a citizen yet better work on it rego or they will kick you out.

    ‘its becoming clearer now that Palin is more of a baggage’

    I don’t care about the VP position. Remember it’s a PRESIDENTIAL election.

    ‘And what makes Mc Cain a better choice for you?’

    Maybe you didn’t watch the debate or you’re not paying attention. Obama said at least 5 times ‘Senator McCain is right blah blah blah.’

    Now explain to us here why you are for Obama.

  49. TonGuE-tWisTeD on Thu, 2nd Oct 2008 8:23 am 

    nash:”can they even afford that? maybe they will borrow off mortgage-backed credit..”

    Maybe they can start shooting toxic mort…ars.

  50. TonGuE-tWisTeD on Thu, 2nd Oct 2008 8:33 am 

    “If Obama will win and will increase taxation on corporation, then BPO job to Philippines will suffer. ”

    All the more reason for corporations to outsource. Going the way of cheaper labor and then cheaper taxes via BPO is a decision made in the board room. Not in DC.

  51. BrianB on Thu, 2nd Oct 2008 8:50 am 

    So bailout was less than 7000 billion and tax payers get rebates?

    http://voices.washingtonpost.com/capitol-briefing/2008/09/why_the_bailout_bill_failed.html?hpid=topnews

  52. BrianB on Thu, 2nd Oct 2008 8:52 am 

    Is there NO economists speaking AGAINST the bailout?

    http://business.theage.com.au/business/when-is-a-bailout-no-longer-a-bailout-when-its-a-rescue-package-of-course-20081001-4s4t.html

  53. vic on Thu, 2nd Oct 2008 9:05 am 

    There is a Leadership debate going on here among the Five Leader, but it is only in “French” so I’ll pass this one, but tomorrow the English Version of the debate will follow..It will be mostly on the topic of Economy as the Big Mess south will have the Bigger Impact north than in most other places. Canada Export 80% of its totals to the U.S. and it amounted in average to $200 billions and imports $150 billions, the biggest trading partners.. Thousands had already lost the high paying jobs in Auto Industry in Ontario and in related industries, although unemployment remains steady as it was absorbed in Retail and Service Sector and the inter-migration in boomtown Alberta. No Banks or financial institutions, including the Royal Bank which had a lot of dealings in U.S. is in danger of failure, but everyone of them already reporting revised smaller profits or even losses and shares are reflecting those forecasts.

    But overall, election campaigns are going smooth…the Current Government called the Election, a year and few months short of its mandate reasoning that the opposition parties were no longer interested in co-operating with its Agenda, but trying to defeat it in every opportunity, yet not doing it, (thereby, it was getting to the point of being “dysfunctional”) and to seek a new Mandate, be it another Minority, but Prefers a Majority..I rather have a Majority, because it is getting tiring to have an election….we have three already in less than four years..very expensive for us Party Members and Campaign contributors..and we are not getting our rebates until tax time…

  54. leytenian on Thu, 2nd Oct 2008 9:09 am 

    Tongue,
    “All the more reason for corporations to outsource. Going the way of cheaper labor and then cheaper taxes via BPO is a decision made in the board room. Not in DC.”

    are you sure? what about international trade policy in DC? a corporation cannot just open business overseas without following trade policies, qoutas, sanctions and many more. The board room decision is only about making profit and tax consequences. Once the board room feel the tax burden , lowering their margins plus credit crunching… i’m not sure if you are right.

  55. leytenian on Thu, 2nd Oct 2008 9:24 am 

    and tongue,

    democrats do not like outsourcing.. DC has a direct role on economic policy in terms of international trade including outsourcing. democrats love protectionism. That protectionism policy will be endorsed by Obama if he wins. god bless philippines.

  56. Liam Tinio on Thu, 2nd Oct 2008 9:25 am 

    @leytenian

    they’ll either start up a bogus company or a subsidiary to go around that regulation..

    @bailout

    too Republican..

  57. Liam Tinio on Thu, 2nd Oct 2008 9:28 am 

    @leytenian

    that labor protectionism, along with higher spending on welfare, will scare business and prompt them to go to cheaper labor areas, like the Philippines :) as well as discourage foreign investors considering the US.. which means good for us :)

  58. cvj on Thu, 2nd Oct 2008 9:39 am 

    I agree with Jemy that the Republican platform is, on its face, more friendly to free trade which is needed by countries like the Philippines. (That’s not necessarily the case with outsourcing and immigration though with the Lou Dobbs-type constituency who are more likely to go Republican.) However, that is taking for granted that another four years of the Republicans will not run the United States economy into the ground and take the rest of the World Economy with it.

  59. Bert on Thu, 2nd Oct 2008 10:21 am 

    If another four years of the Republican run the United States economy into the ground that would make things even I guess since the economy of poor countries like ours are on the ground already. I’m far from being an economist but I suppose that way the playing field would be levelled. Then we could play with them on the same plain, hehehe.

  60. rego on Thu, 2nd Oct 2008 10:30 am 

    The Dems said McCain did not talked much during the meeting with Bush. Obama was in the meeting too and he talked. Who ‘grandstanded’ now?

    He he he. But isn’t it a meeting? so how can you have a meeting without talking. Are you saying that Obama should just go meet with Bush and just listen.. Anong klaseng meeting naman yan. Should it be Mc Cain that should be criticize for talking less in an improtant meeting.

    Id rather have Obama talk much in a closed door meeting and talked less in a press reease than Mc Cain who talk less in closed meeting but talked so much in press release.

    Most recently, McCain dramatically suspended his campaign to ride into Washington to save the country from economic disaster – only to ride out of town without obvious success.

    He called for the SEC chairman’s head on a platter. He threatened to skip the presidential debate – which many saw as a transparent attempt to use a crisis for political benefit. It seemed even more erratic when he turned around and debated anyway, even though no deal had been reached.

    He took credit for the bailout deal before it was final – and then it spectacularly failed. Nor did his “Country First” slogan seem very credible as he amplified the House GOP leader John Boehner’s line that several Republicans had voted against the rescue bill because Speaker Nancy Pelosi hurt their feelings with her speech before the vote.

    Now, if that is not overtalking and grand standing the part of Mc Cain to you, please tell me how would you describe that kind of political behavior..

  61. rego on Thu, 2nd Oct 2008 10:44 am 

    “If you’re not a citizen yet better work on it rego or they will kick you out.” –

    ————————————————————————

    Will you please stop being childish. We are only discussing the qualities of these presidential candidates in relation to the coming very crucial election.

    Ou imimigration staus has nothing to do with it. You may be a Citizen and Im not but its has nothing to do with the topic on hand.

    I was just voicing out my disagreement on your claim and thats just it.

    I am not even campaigning for Obama or MC Cain . becuase it is not yet very clear to me who is the better one. I was just saying that during the bail -out drama the past week. I strongly believe that Obama performed or behave better than Mc Cain.

  62. rego on Thu, 2nd Oct 2008 10:47 am 

    “I don’t care about the VP position. Remember it’s a PRESIDENTIAL election.”

    If you are really a US citizen, Im telling you you should care now becuas ethe reality is MC is a little more mature for a presidential candidate. And there is always a change that he may not be able to finsih his term.

  63. rego on Thu, 2nd Oct 2008 10:49 am 

    “Maybe you didn’t watch the debate or you’re not paying attention. Obama said at least 5 times ‘Senator McCain is right blah blah blah.”

    Is this your only reason why you are going for MC Cain. Im so disappointed of you.

    Now I really really doubt if you are a US citizen…..

  64. rego on Thu, 2nd Oct 2008 10:52 am 

    And supremo, I really really hope that your disdain for Obama has nothing to with his being Black….

  65. leytenian on Thu, 2nd Oct 2008 11:11 am 

    rego,
    “And there is always a change that he may not be able to finsih his term.”

    and what made you so sure that Obama will finish his term?

    “On my February 26 profile, I called Obama “the political equivalent of a sociopath”, without any derogatory intent. A sociopath seeks the empathy of all around him while empathizing with no one.

    No country’s politics depends more openly on friendships than America’s, yet Obama has not a single real friend, for he rose so fast that all his acquaintances become rungs on the ladder of his ascent. One human relationship crowds the others out of his life, his marriage to Michelle, a strong, assertive and very angry woman.

    It is conceivable that Barack Obama, if elected, will destroy himself before he destroys the country. Hatred is a toxic diet even for someone with as strong a stomach as Obama … Both Obama and the American public should be very careful of what they wish for.”

    http://www.atimes.com/atimes/Front_Page/JI03Aa02.html

  66. UP n grad on Thu, 2nd Oct 2008 11:21 am 

    it does look more and more likely that Obama will carry Virginia. If this is proven true come November 5/2008, then this is a significant event. Of course, there are the electoral votes. But the significance is because Virginia is a Johnny-Reb state.

    rego…. it still remains the case (and it will be true for a few more decades to come) that color-of-skin is a factor. Ganoon iyon eh, different folks, different strokes.

  67. supremo on Thu, 2nd Oct 2008 11:31 am 

    rego,

    ‘I was just saying that during the bail -out drama the past week. I strongly believe that Obama performed or behave better than Mc Cain.’

    Ok I’ll give Obama the Oscar for Best actor.

    ‘Is this your only reason why you are going for MC Cain. Im so disappointed of you.’

    If you don’t get it, you’re parents will be disappointed at you because you wasted the money they spent for your education.

    ‘Will you please stop being childish…
    Ou imimigration staus has nothing to do with it. You may be a Citizen and Im not but its has nothing to do with the topic on hand.’

    Don’t worry. If I vote for Obama and he wins your taxi fare is on me.

    ‘I really really hope that your disdain for Obama has nothing to with his being Black….’

    This is a typical response from a racist. Change your attitude rego. Your racist attitude has no place in America. Watching the movie Crash might help you understand racial issues a little bit.

  68. wysgal on Thu, 2nd Oct 2008 11:45 am 

    As I wrote in my blog, it may be an awful time to graduate and be looking for a full-time job … but it’s amazing to be surrounded by the best academic minds in the finance world.

    http://wysgal.blogspot.com/2008/10/world-serves-its-own-needs-regardless.html

  69. BrianB on Thu, 2nd Oct 2008 11:59 am 

    Bailout bill just passed.

    http://news.cnet.com/8301-13860_3-10056218-56.html?part=rss&subj=news&tag=2547-1_3-0-20

  70. BrianB on Thu, 2nd Oct 2008 12:06 pm 

    You’re at Wharton, wysgal? So why not just bailout the real people. If they can keep their homes, maybe they’ll continue buying stuff.

  71. rego on Thu, 2nd Oct 2008 12:23 pm 

    rego…. it still remains the case (and it will be true for a few more decades to come) that color-of-skin is a factor. Ganoon iyon eh, different folks, different strokes.

    but UPn. I really believe that racism should stop and the only way to stop that is start discussing now.

    I live with my cousin who is a US citizen and just see Obama as a black man who doesn’t deserve the presidency. Im really ly trying hard to convince him to look what each candiates has to offer for the people not by the color of the skin. And believe, I still feel that I have to try harder until now.

  72. rego on Thu, 2nd Oct 2008 12:25 pm 

    Supremo , feel free to believe what you want to believe…..

    Still I will continue voice out my opinion anytime I disagree with you….

  73. rego on Thu, 2nd Oct 2008 12:32 pm 

    rego,
    “And there is always a change that he may not be able to finsih his term.”

    and what made you so sure that Obama will finish his term?

    ———————————————————–
    Leytenean ,

    Isa ka pa. You not improving at all after all teh so many times you spent i in this blog. Did I say that Obama will surely finish his term?. The point in US presidential election you dont only look at the candidates for president. Because a vote for president is automatically becomes a vote for vice president.

    Do I really need to mention that Mc Cain AND OBAMA may not be able to finish their term to stress this point?

    Hay naku……

  74. rego on Thu, 2nd Oct 2008 12:34 pm 

    makatulog na nag lang….

  75. KG on Thu, 2nd Oct 2008 3:35 pm 

    Leytenian,

    since you love googling.
    check on the number of anti outsourcing bills archived in congress.

    About not giving tax breaks to those who set shop overseas.
    Many have already outsourced,so it is too late for that populist promise.

    Those present here will stick to their contracts,unless of course they are a financial institution who got seized.
    Concrete example:Wamu got eaten by JPMorgan chase,sure there may be retrenchments but the industry practice here is you transfer from one company to the other. If people want to stick with banking, those who used to have wamu as their account can apply to companies that cater to citigroup,hsbc, chase,ge,deutsche or they might go to any other account not related to finance,since it will only take three weeks to have a crash course on product knowledge and another four weeks of ojt.

  76. istambay_sakalye on Thu, 2nd Oct 2008 3:44 pm 

    local scene sa pinas: the economic meltdown in the us of a is just the excuse gma is looking for to declare emergency rule, martial law.

    think of it fellas…america falls into recession if not depression…world economy/market tanks…philippine economy well…gets even worst…government takes over private utilities and gma declares emergency rule!

    patay kang bata kang isko! walang 2010 election!

  77. grd on Thu, 2nd Oct 2008 3:45 pm 

    and why can’t obama finish his term if he wins (even if leytenian keeps on saying how badly he will perform)? bush made it twice and survived both terms considering how dumb he’s been (the case of the dumb and the dumber).

  78. istambay_sakalye on Thu, 2nd Oct 2008 3:54 pm 

    mccain loves to talk about his great decision making…exhibit 1: sarah palin for his VP. what do you have to say about that? sarah palin running usa if mccain for any reason becomes incapacitated( did
    i get that right?).

    while obama chose biden, a catholic and experienced in foreign relations. who do you is showing the gift of right and good choices?

    a lot of rhetorics and posturing will get you only so far, but action speaks louder than words as they say.
    listen to what they say, but also pay attention to what they do afterwards. does that make sense to my fellow pinoys na sa tate?

  79. istambay_sakalye on Thu, 2nd Oct 2008 4:00 pm 

    “and why can’t obama finish his term if he wins (even if leytenian keeps on saying how badly he will perform)? bush made it twice and survived both terms considering how dumb he’s been (the case of the dumb and the dumber).”

    -and american people even being the dumbest for voting him twice to the office of the president of usa. at least he actually won in his second term and not by the supreme court ruling (florida chads).

    -and pinoys being even more dumbest for putting up with gma who was never voted into the office of the president…first benefited from edsa dos…second from garci (hello ma’am).

  80. Liam Tinio on Thu, 2nd Oct 2008 4:10 pm 

    here we go again with these doomsday predictions..

  81. istambay_sakalye on Thu, 2nd Oct 2008 4:25 pm 

    “here we go again with these doomsday predictions..”

    – eh asan na ngayon ang ekonomiya ng amerika? bat nagkandarapa ang mga na amerikanong senador at presidential candidates at si bush para maipasa lang ang bail out package kahit na marami sa ordinaryong kano ayaw? is just a hallucination?

  82. istambay_sakalye on Thu, 2nd Oct 2008 4:31 pm 

    baka hallucination lang nga…di pa kasi ako kumakain dahil sa hirap sa buhay dito sa pinas! gutom pala ang tawag. pati pandesal nagmahal na! di pa pwede bumili ng gatas galing sa china dahil may malamine! may e-vat pa. may c-5 pa! ay ang sarap ng buhay sa pinas. hindi oy! sabi ni gma, gumiginhawa na daw o!

  83. Liam Tinio on Thu, 2nd Oct 2008 4:33 pm 

    theyre down, yes..

    pero ‘nagkakandarapa’?! i dont think so..

    the bail out is aimed to benefit big ticket industries and businesses who should be blamed for extending credit to people who couldnt pay..

  84. Liam Tinio on Thu, 2nd Oct 2008 4:38 pm 

    istambay..

    baka naman nag hihirap ka dahil di ka nagaral ng mabuti nung bata ka pa..

    o di kaya nagtatamad-tamaran ka lang..

    andaming bakante sa call center bat di mo subukan dun..

    sa tesda merong free scholarship for work here and abroad..

    “kung gusto.. me paraan”

  85. istambay_sakalye on Thu, 2nd Oct 2008 4:43 pm 

    pero ‘nagkakandarapa’?! i dont think so..

    the bail out is aimed to benefit big ticket industries and businesses who should be blamed for extending credit to people who couldnt pay..

    – so anong tawag mo sa mga actions ni bush, paulson, bernanke at both party leaders sa house of congress? si mccain, willing to suspend his campaign and would have skipped the first debate just to find a compromise bill for the bail out package and now the senate by voting a new compromise bill to force the house of representative to pass the bill despite being opposed by the main street american? if desperation is not the right term.

  86. istambay_sakalye on Thu, 2nd Oct 2008 4:46 pm 

    andaming bakante sa call center bat di mo subukan dun..

    –di ako masyadong magaling sa american accent!
    may ilonggo accent kasi. ;)

  87. istambay_sakalye on Thu, 2nd Oct 2008 4:50 pm 

    “kung gusto.. me paraan”

    — salamat sa mga payo mo liam! hayaan mo ngayon din gagawan ko ng paraan para maituwid ko ng mabuti ang aking pamumuhay alang alang sa ikauunlad ng inang bayan, pilipinas (o PI) :)

  88. Liam Tinio on Thu, 2nd Oct 2008 4:51 pm 

    xempre.. paulson is an ex-wall street player, kaya ganun n lng ang worry nya for his turf.. eh baka wala na cyang babalikan pag di nya tinulungan..

    there’s so much to review with the US type of big-ticket capitalism, especially to the absurdly high benefits it gives to CEOs and business executives..

  89. istambay_sakalye on Thu, 2nd Oct 2008 4:55 pm 

    sa tesda merong free scholarship for work here and abroad..

    –eh kung ganun lang sana kadali, siguro lahat na mga pinoy nag-abroad na. mga politiko na lang ang mga naiwan dito sa pinas! ;)

  90. Liam Tinio on Thu, 2nd Oct 2008 4:55 pm 

    :) haha yoko ng Philippine Islands, Philippines n lng pde? :)

    hehe ako man ay hindi rin overly-optimistic sa sitwasyon ng bansa natin.. pero naniniwala ako na sa kalagayan natin, kelangan ko munang paunlarin ang sarili ko bago ko pedeng baguhin lipunan natin.. :)

    hambal lang ni ato b’la

  91. istambay_sakalye on Thu, 2nd Oct 2008 5:02 pm 

    hambal lang ni ato b’la

    — eh kung hasta lang kita sa hambal wala gid kita padulungan. kinahanglan may aksyon gid! oh di b’la?
    ;)

  92. istambay_sakalye on Thu, 2nd Oct 2008 5:20 pm 

    i may not be there in usa to really see and feel how bad their economy is, but just by looking how the rest of the world economy reacts to every action the american congress does is a good indicator how bad the situatiion is for everyone. for example when the lower house fail to pass the bail out package this week and us stock market was down by 777 points and the rest of the world stock went down with it.

    so i think it is really bad and could very well get worse in the days to come. there is palpable sense of desperation from the americans to reverse the downward spiral. giants of wall street falling one by one is very scary. one by one large banks not just your union bank being taken over by fdic or being bought to save it. and the latest the auto industry sales down by 27%, it is a very good indicator where the economy is in the usa. and that is bad, very bad.

    and this is very bad for pinas too. i don’t need to really explain why. anyone here could very well know why it is bad for us pinoys here. call me doomsayer if you will but the picture doesn’t look bright and sunny for us here.

  93. grd on Thu, 2nd Oct 2008 5:22 pm 

    “patay kang bata kang isko! walang 2010 election!”

    istambay,

    your paranoia about 2010 will not deter pinoys like me from rejoicing with the thought that gma will soon be out of the picture and better days lie ahead.

    si gma ato sa bacolod attend maskara. :)

  94. istambay_sakalye on Thu, 2nd Oct 2008 5:42 pm 

    “si gma ato sa bacolod attend maskara”

    maybe she should get a permanent maskara so i don’t have to change the tv channel everytime i see her face in the news! :)

  95. istambay_sakalye on Thu, 2nd Oct 2008 5:45 pm 

    your paranoia about 2010 will not deter pinoys like me from rejoicing with the thought that gma will soon be out of the picture and better days lie ahead.

    – that’s a very nice thought indeed, but that could be a fool’s gold or false hope.

  96. leytenian on Thu, 2nd Oct 2008 7:14 pm 

    the bailout plan includes 150B tax breaks for individuals and corporations, a John McCain’s proposal. Obama’s proposal of increase taxation will never work at this time of crisis. Bank Deposits are now temporarily FDIC insured up to $250,000.

    KG,
    “Those present here will stick to their contracts,unless of course they are a financial institution who got seized.”

    Your assessment will ONLY apply to a stable market. You can also expect that when times are tight, those who will survive will have to cut cost.

  97. nash on Thu, 2nd Oct 2008 7:19 pm 

    aren’t we all excited to see the Palin-Biden debate tonight!

    It’s going to be fun fun fun fun.

    Palin is a fricking dimwit but she’s so adorable.

    For this reason alone McCain-Palin 2008!

  98. leytenian on Thu, 2nd Oct 2008 7:41 pm 

    Readers Feedback

    “Whoever picks Obama doesn’t understand the essence of balance of power. The free world cannot have a WEAK AMERICA both in terms of economy and military.

    Russia is now becoming of an aggressor, an OBAMA presidency gives you a weak US military which is not good. OPEC right now is trying to blackmail the world with their OIL. There is no way to avoid an American leadership when tackling world crisis.

    Iran, China as well as other countries are exerting their own will on the free world by any means. A strong America balances that and John McCain I believe posses a character that is willing to get bad reviews from American people to do that is right and Obama always wants to look good and not willing to sacrifice being ridiculed and criticized to make a very hard decision.

    Obama lacks experienced needed to be the President of the world’s most powerful nation. A strong American leader wouldn’t think twice about going strong againts OPEC countries, Russia, Iran or China. Countries like Philippines have no chance against these countries, a strong America would at least not leave us all alone.”

    this andrew guy is so patriotic to the Philippines. He understand the consequences of an OSAMA presidency. :)

    http://www.gmanews.tv/story/120760/BBC-survey-suggests-Pinoys-prefer-Obama-over-McCain

  99. grd on Thu, 2nd Oct 2008 7:48 pm 

    “this andrew guy is so patriotic to the Philippines. He understand the consequences of an OSAMA presidency.”

    agree.. wink

  100. nash on Thu, 2nd Oct 2008 8:34 pm 

    “”"Russia is now becoming of an aggressor, an OBAMA presidency gives you a weak US military which is not good. OPEC right now is trying to blackmail the world with their OIL. There is no way to avoid an American leadership when tackling world crisis.”"

    Where do you get your foreign policy insights? They are brilliant and really in-depth. I am impressed.

    “Iran, China as well as other countries are exerting their own will on the free world by any means. ”

    Every country has the right to exert their will! What gives the USA more of a right to it (and it’s not as if they are not using ‘by any means’)???

  101. grd on Thu, 2nd Oct 2008 8:57 pm 

    “this andrew guy is so patriotic to the Philippines. He understand the consequences of an OSAMA presidency. leytenian”

    to you he’s patriotic, to others he’s pathetic.

  102. UP n grad on Thu, 2nd Oct 2008 9:12 pm 

    Side-topic : to those intrigued, there indeed is money in blogging. Technorati just released its report and one of the chapters has the dollars and cents. :

    http://www.technorati.com/blogging/state-of-the-blogosphere/blogging-for-profit/

    Average Annual Revenue is more than $6,000

    The average annual blogger revenue is more than $6,000. However, this is skewed by the top 1% of bloggers who earn $200k+. Among active bloggers that we surveyed, the average income was $75,000 for those who had 100,000 or more unique visitors per month (some of whom had more than one million visitors each month). The median annual income for this group is significantly lower — $22,000.

    Bloggers with advertising invest an average of $1,800 annually in their blogs. U.S. bloggers earn an average of $5,000, though bloggers in Asia earn 50% more on average and European bloggers earn an average of 75% more than U.S. bloggers.

  103. KG on Thu, 2nd Oct 2008 9:22 pm 

    “You can also expect that when times are tight, those who will survive will have to cut cost.”

    Precisely!!!!!!!

    Hello Ms. leyetenian’s head,anybody home?????

  104. UP n grad on Thu, 2nd Oct 2008 10:12 pm 

    to istambay sa kalye: Brazil probably has a much stronger economy than the Philippines. And while China, not US, is Brazil’s largest trading partner, Brazil economists still expect that Brazil’s economic growth will be reduced from 5% to 2% or 2-1/2% because of the US forthcoming lethargy (worse recession as “payback” for financial crisis).

  105. istambay_sakalye on Thu, 2nd Oct 2008 10:17 pm 

    “Whoever picks Obama doesn’t understand the essence of balance of power. The free world cannot have a WEAK AMERICA both in terms of economy and military.”

    — america cannot afford to go to another war and the world knows it. this explains the change in bush administration’s tact in dealing with iran and n.korea. bush is now willing to sit at the table and talk. america just don’t have the money and manpower to wage another war.

    mccain having a war mentality is not what americans need. they need somebody who can bring leaders to the table and talk instead of the cowboy and gunslinger attitude bush had after 9/11. mccain could not even get his fellow republican in the lower house to support the bail out package. now that’s strong leadership.

    who do you think is better at that job?

  106. nash on Thu, 2nd Oct 2008 10:20 pm 

    and brazil is 100% energy self-sufficient….(high inequality though)

  107. supremo on Thu, 2nd Oct 2008 10:22 pm 

    rego,

    ‘ live with my cousin who is a US citizen and just see Obama as a black man who doesn’t deserve the presidency.’

    So it runs in the family. No one is stopping you from ‘voicing your opinion.’ Just don’t impose your bigotry on other people.

  108. rego on Thu, 2nd Oct 2008 11:06 pm 

    Geezzz Isupremo , you are veering so far away from the original discourse and just embarassing your self even more.

    You maneuvered very well to shift the discourse to my attitude towards racism but you did nothing but twist it by baselessly accusing me the racist one. I willn ot be defensive the way you don on this matter
    And again I will just say, believe what you want to believe.

    But yous still have to answer my unanswered question;. how would you describe Mc Cain behaviour during the bail-out drama last week? I have enumerated the reasons why believed i consider him overtalking and grandstanding last week.

    And supremo, I know you really wanted me to engaged in a discourse with you. Sorry to tell you but I really believe now that you are not worth it. I have better things to do…

  109. anthony scalia on Fri, 3rd Oct 2008 12:08 am 

    supremo :

    “I did NOT say all. It is wrong for GFIs to invest abroad if capital is badly needed in the Philippines.”

    no it is not wrong, especially if offshore investments are small compared to those onshore

    “Income tax credit up to 5% of the PERA account contribution is small.”

    maybe for you it small, but for the OFW, its big enough

    “PDIC only insures bank deposits up to 100,000 pesos. I’m sure PERA accounts are not insured”

    it is an investment product, not a savings deposit, so its not insured.

    “You are comparing several billion dollars of investment backed by the Federal Reserve Bank with several hundred thousand pesos of investments. Dimon is not using his own money”

    our issue is the relation, if any, between patriotism and investing. for you, there’s no ‘connect’

    Dimon claims to have been prompted by patriotism when he agreed to take over Bear Stearns. a good example of investing with patriotism.

    Dimon may not have used his own money, but indirectly, his own stake in JP Morgan is tied to the performance of an integrated Bear Stearns.

  110. PSI on Fri, 3rd Oct 2008 1:05 am 

    Blimey and Blarney, Leytenian!

    The way you promote MaCain’s strong suit is just amazing. In case you haven’t noticed, we already live in a multi-polar world with several power : China, EU, BRIC, etc.

    As we’ve seen in Iraq and Afghanistan, its not just hard power (military intervention, etc) that will win the day. Soft power (goodwill, faith, ) are what’s severely lacking with America. You don’t want cowboy Bush to be replaced by GI MaCain.

    I believe to regain that trust, the U.S. must be able to provide a soft landing for everybody in this mess that America created.

    It’s deja vu: its the economy, stupendous!

  111. BrianB on Fri, 3rd Oct 2008 1:10 am 

    “and brazil is 100% energy self-sufficient….(high inequality though)”

    Because Brazil is ruled by an elite minority mestizo just like us.

  112. supremo on Fri, 3rd Oct 2008 1:27 am 

    rego or is it Racist EGO,

    ‘And supremo, I know you really wanted me to engaged in a discourse with you. Sorry to tell you but I really believe now that you are not worth it. I have better things to do…’

    You were the one who started the discourse in the first place. Although I find it hard to understand what you were saying because of the jumbled words. It seems to me that you cannot really handle anyone here who oppose you anyway. You even resort to name calling when you cannot get your way. If you can’t handle the discussion that you started then get out by all means.

  113. rego on Fri, 3rd Oct 2008 1:56 am 

    OK Supremo, I cut and paste what I wrote above..
    take your time to read it . There seem to be no jumbled word this three paragraphs. I ‘ll leave it to you to answer it or not. Alibis is also accepetable;)
    ——————————————————————–
    Most recently, McCain dramatically suspended his campaign to ride into Washington to save the country from economic disaster – only to ride out of town without obvious success.

    He called for the SEC chairman’s head on a platter. He threatened to skip the presidential debate – which many saw as a transparent attempt to use a crisis for political benefit. It seemed even more erratic when he turned around and debated anyway, even though no deal had been reached.

    He took credit for the bailout deal before it was final – and then it spectacularly failed. Nor did his “Country First” slogan seem very credible as he amplified the House GOP leader John Boehner’s line that several Republicans had voted against the rescue bill because Speaker Nancy Pelosi hurt their feelings with her speech before the vote.

    Now, if that is not overtalking and grand standing on the part of Mc Cain , please tell me how would you describe that kind of political behavior..
    ———————————————————————-

  114. UP n grad on Fri, 3rd Oct 2008 5:06 am 

    Jim Carrey (comedian – “The Mask”, “The Grinch”) is quoted to have said : “I am feeling really good about this Sarah Palin,” Carrey said, “because I used to live in Canada and you could to see Alaska from there. So I know everything there is to know about her.” :razz:

  115. leytenian on Fri, 3rd Oct 2008 5:07 am 

    hahaha, sounds like we need to have some sanity with US election and its financial crisis. If McCain will win , Philippines can be better off. If Obama will win, Democrats pinoy will be happy in the US but will send more money to Philippines and will probably feel guilty of agreeing to democrats international policy that will hurt Philippine economy. It would be smart to remain patriotic to Philippines.

    PSI on EU and Brit… consider OIL and pipeline. Obama did not even have a clue on Russia’s aggression to Georgia. It’s still about oil. Obama will spend more money
    by sending more troops in Afganistan to find Bin Laden. How naive of him to say that. Try Reading pipeline thru Afganistan…

  116. leytenian on Fri, 3rd Oct 2008 5:36 am 

    KG , on
    “You can also expect that when times are tight, those who will survive will have to cut cost.”

    i’m talking about the BPO companies that will survive but will cut cost. anyway, i don’t want to be negative here but what i’m trying to point out is to prepare for the worst.

  117. hvrds on Fri, 3rd Oct 2008 5:46 am 

    Why the empire will have to expand the war of agression in the M. East and Central Asia.

    The dollar hegemony is under severe stress from decades of pump priming to save the American economy from severe recessions.

    Monetary measures are getting almost totally useless. For the U.S. economy to survive it has to be allowed to penetrate addtional markets and continue to control startegic resources together with Europe.

    The war based industrial sector is expanding with increasing demand for military hardware.

    The piracy in the Gulf of Somalia is a prime example where Russia had been selling military hardware to Kenya.

    When economic conditions deteriorate governments revert to the gun. Hungry stomachs become blind, deaf and dumb.

    The situation is no different in the Philippines. Since the Argentinina crisis in early 2000 everyone knew that it was just a matter of time when the dollar crisis would revert back to the source. For students of historical materialism, history is on the march.

    “We are getting closer to a tipping-point,” said Benn Steil, an economist. “People are asking: can we really trust the dollar as a store of value?”

    “The Bretton Woods system of monetary management collapsed in 1971, under Nixon. Since then the dollar’s been the primary reserve currency. Now, we’re reaching another point where a rethink of the foundations for a global economy is needed.”

    “Global trade and capital flows are essential to prosperity. But it’s illogical to have a global system with no global reserve as insurance. Perhaps the trillions of Gulf and Chinese surpluses could be used to finance that. Or perhaps it’s time for a return to the gold standard.”
    Roger Cohen NY Times

    http://www.nytimes.com/2008/10/02/opinion/02Cohen.html?em

  118. UP n grad on Fri, 3rd Oct 2008 5:53 am 

    Among Sarah Palin’s understanding of president-to-be-McCain (if she gets her wish):
    He’s also known as the maverick, that is what America needs today finding a solution and taking action.

    for more of her thoughts, click here:
    http://palinquotes.sillycloud.com/

  119. leytenian on Fri, 3rd Oct 2008 6:08 am 

    Even Joe Biden does not believe in Barack Obama!

    http://www.youtube.com/watch?v=RDVUPqoowf8

  120. leytenian on Fri, 3rd Oct 2008 6:23 am 

    Democrats Versus Obama

    ouch. No one likes him in the WHITE house.

    http://www.youtube.com/watch?v=6Re0Z5xOC6w

  121. nash on Fri, 3rd Oct 2008 6:50 am 

    did someone just call the spin doctor to flypost us with her youtube selections?

  122. BrianB on Fri, 3rd Oct 2008 7:27 am 

    I really wanted Hillary to win.

  123. KG on Fri, 3rd Oct 2008 7:29 am 

    Leytenian,

    BPO companies can loose clients,and may lose business,
    But It all depends on who their clients are.

    For example if their lifeblood star client suddenly got absorbed by a company who also happens to have a presence here,to bad for them but good for the other BPO company who services the client who absorbs the bakrupt company.

    Case in point Chase which is served by a BPO company somewhere in Makati, and the other BPO company has Wamu for its client (at least two BPO companies hold Wamu (one for banking and one for card services).
    The worst case scenario is for the BPO company(ies) who holds WAMU loses its client because chase does not want to have to deal with them or they could court chase to retain their services.

    JP Morgan Chase may remove redundant banks located in the same town,city or state but they also have new banks where they never had a presence and they just almost doubled their depositors/borrowers/credit card holders, so they will still need customer services and if ever their incentive to locate overseas got hurdled by a removal of their tax incentives, they may no longer have the incentive to move,but no one can stop them to locate overseas.

    Citigroup which absorbed Wachovia suddenly had a banking presence in many states,most likely they will expand their customer services abroad.

    Obama admits that if he can’t stop companies from moving,but at least he will remove their incentives for moving.

    Compare taxes, and low cost of labor.

  124. TonGuE-tWisTeD on Fri, 3rd Oct 2008 7:35 am 

    leytenian:
    “are you sure? what about international trade policy in DC? a corporation cannot just open business overseas without following trade policies, qoutas, sanctions and many more. The board room decision is only about making profit and tax consequences. Once the board room feel the tax burden , lowering their margins plus credit crunching… i’m not sure if you are right.”

    You can bet your 401K if you like. The boardrooms also decide when it’s time to close its unprofitable business.

    How do you stop businesses from outsourcing? By raising taxes? Regulate the outflow of capital? Announce a trade embargo against the Philippines? For what, to increase labor cost eight-fold, (never mind executive payroll)? It will hurt these businesses they will have to move outside of the system. What’s the use of rescuing the financial services sector now, if you will only punish them later? Banks and credit companies are the biggest clients of the Phil. call center industry. Are you saying Washington under Obama will be anti-business?

    The other Phil. BPO major clents – software vendors, manufacturers, and telecoms – will all suffer as a consequence of this crisis, forcing them back to the more expensive mode of operations will definitely hurt these industries, ergo, the whole US economy even more. Obama may be inexperienced but, I presume, definitely not that stupid.

    So, you must instead provide incentives to those who don’t outsource, right? How, by lowering taxes for them? That will surely contradict Obama’s policy, according to your earlier posts, of raising new taxes. And there goes your “levelling the playing field” and ” not changing the rules in the middle of the game” which American businesses have been teaching us for ages.

    For example, Sprint/Nextel contracts its CS ops with about 4 or 5 call centers here, each allocating 400 to 600 seats per shift. Mulliply that with their other providers from South America, India, and SE Asia. Imagine the savings that would be lost.

  125. hvrds on Fri, 3rd Oct 2008 7:49 am 

    Question to MLQ3? When you had two individuals from KPMG in your show about the depression did these two gentleman represent themselves or their company?

    Did they disclose beforehand to the best of their knowledge if their company has any clients or clients here with any interest with AIG or Philam Life directly here in the country that operates primarily like a hedge fund with tremendous leverage.

    Would they also be aware of any of their clients benefiting directly from any proposed change in the constitution in reference to the economic provisions?

  126. TonGuE-tWisTeD on Fri, 3rd Oct 2008 7:51 am 

    KG,
    I would not have wasted time typing if I knew you were posting that one, heheh.

    But since you mentioned it, WaMu’s call center is still operational (as of 2 weeks ago) but it will be taken over by JPM Chase soon. Aside from other Chase contractors like ICT, Chase has also one in Makati it operates by itself.

  127. leytenian on Fri, 3rd Oct 2008 8:56 am 

    KG and Tongue,

    you both are optimistic about the BPO market and you both have good points on low cost labor …

    But you have to understand that people in the US are not using their credit cards. their attitudes have changed. most of them are cutting off personal expenses. financial crisis moves from wall street to the Malls of America.
    http://www.miamiherald.com/business/nation/story/710901.html
    so my question, who are the end consumers of BPO services?

    Obama is an anti free trade and anti globalization.Obama will end tax breaks for companies who ship jobs overseas and give breaks to companies who create good jobs with decent wages here in America. Check Obama’s website on free trade and his limited exposure on policy making on NAFTA , CAFTA and whatever. I’m sure he will prefer to ship these jobs to Kenya.
    :)

  128. Liam Tinio on Fri, 3rd Oct 2008 9:28 am 

    ^ but what you have just mentioned will benefit the Philippines

  129. istambay_sakalye on Fri, 3rd Oct 2008 9:36 am 

    anyone watching the usa VP debate? sarah palin is so out of league! unable to answer moderators questions directly and instead time and time again goes back to energy and unable to directly refute joe biden.

    is there any doubt that mccain just set up poor sarah to pander to republican’s conservative base and women voters? this after conservative republicans rejected his two choices for VP, turn coat lieberman and the other pro choice guy. now talking about sticking to his principles!

  130. Liam Tinio on Fri, 3rd Oct 2008 9:39 am 

    Philippines is a Consumption and a Services country, we dont export a significant amount of products, rather we import labor, then the money we get from it we use to consume (imported & exported)products here in the Philippines..

    an obama who will give free universal health care to the millions of Filipinos in the US will mean more savings to send to the Philippines.

    its impossible for obama to stop influx of foreign workers into the US, especially health workers, since the americans are soo ‘maarte’ to take nursing or physical therapy or occupational therapy or caregiving, which will be a plus on our side.

    better health care and social welfare benefits from an obama presidency will also increase the demand for health workers as US medical institutions have to step up as more people use free health care.

    the only benefit i will see on a mccain presidency is around $20 million surplus military hardware for the Philippines

  131. Liam Tinio on Fri, 3rd Oct 2008 9:41 am 

    ^ (imported & domestic) products

    haste is such a drag

  132. Tax Joven on Fri, 3rd Oct 2008 10:15 am 

    Depression pushes us back to basics. Food, mainly. We are an agricultural country but we depend on food imports. Why? Talk of insulation.

  133. mlq3 on Fri, 3rd Oct 2008 10:39 am 

    hrds they were invited in their capacity as teachers and in jemy’s case, a blogger. they disclosed their affiliation with kpmg on their own volition. as for the rest, you’d have to ask them.

  134. magdiwang on Fri, 3rd Oct 2008 11:07 am 

    Those living in the US should oppose the bailout. Please write and call your representatives to derail this measure. The series of bandaid patches implemented by the fed will not work and will only delay the bottoming out of the US economy and the whole world for that matter. Why helped this greedy charlatans in wall street who earned billions of dollars in commissions in the last 5 years.

    While the credit market has seized up in the US. Its not yet dire as one would be percieved if you lived in another country. 95% of people are still paying their mortgages, you can still get 0% unsecured credit card loans with good credit, and unemployment rate is at a respectable 7%.

    Let the market untangle this mess. Dont let Paulson backstop his friends in Manhattan.

  135. Bert on Fri, 3rd Oct 2008 11:14 am 

    ” unable to answer moderators questions directly…..”-istambay said of sarah palin

    agree.

    of course she won’t, that’s prior strategy, i’ve read it couple of days ago she won’t, the moderator being considered by some camps as a bias moderator.

    i think she did well.

  136. UP n grad on Fri, 3rd Oct 2008 11:25 am 

    well…. the VP biden-vs-palin debate again show…. politicians will lie. Asked what promises made they will have to cut in light of the $700Billion-bailout :

    “The one thing we might have to slow down is a commitment we made to double foreign assistance. We’ll probably have to slow that down,” Biden said during a debate with his Republican vice-presidential rival, Sarah Palin.

    Palin, who is running with John McCain on the Republican ticket for the November 4 election, said the financial crisis had not affected her campaign’s policy agenda.

    “. . . .there hasn’t been a whole lot that I’ve promised, except to do what is right for the American people,” said Palin, the governor of Alaska.

    “I don’t believe that John McCain has made any promise that he would not be able to keep, either,” she added.

  137. hvrds on Fri, 3rd Oct 2008 11:33 am 

    Mlq3 Thank you.

    In the interest of full disclosure we are researching the role of KPMG in respect to their client/clients who have set up highly leveraged vehicles domestically who have placed bets in the Philippines recently with financing directly from AIG overseas and Phil Am Life.

    Those highly leveraged bets will come under close watch as the credit crisis will most definitely affect these vehicles.

    Maybe it was simply a coincidence that your two guests were from KPMG.

  138. leytenian on Fri, 3rd Oct 2008 11:41 am 

    Liam ,

    “better health care and social welfare benefits from an obama presidency will also increase the demand for health workers as US medical institutions have to step up as more people use free health care.”

    I have to disagree with you on Obama’s presidency but I will agree with you on demand. The demand for healthcare professionals is the real problem in the US. Healthcare demand has never been addressed due to immigration qoutas. who among the two favors free trade and free market?

    “an obama who will give free universal health care to the millions of Filipinos in the US will mean more savings to send to the Philippines.”

    i have to disagree with you on this also. Pinoys who are in america are paying healthcare and they deserve quality healthcare. Quality healthcare means balancing supply and demand of healthcare professionals. How can a pinoy who will eventually get sick and not getting quality healthcare due to lack of professionals send money to Philippines if that pinoy ends up going back and forth to the hospital?

    Obama’s healthcare policy only addresses the symptoms but not the underlying disease. He is too inexperienced. :)

  139. rego on Fri, 3rd Oct 2008 11:45 am 

    “Even Joe Biden does not believe in Barack Obama!”

    Bu do you know that Sarah Palin’s mother -in law is inclined to vote for Obama?Raed it on the the very first week that Palin by Mc Cain.

    My impression is that MC Cain is such a big gambler, well he term it as maverick . But I feel that he gambled so much on Palin. It did give some boast to his campaign in the first few weeks , But after two media interviews and now this vice presidential debate. I dont she is helping in his campaign that much. Feeling ko nga pabigat pa sa kanya.

    The Obama campaign is getting better and better in handling Palin as the campaign progesses. I be;ieve they mishandled it in the first few weeks.

    Still I am not sure yet on who would be a make a better president. Obama ssem to be leading now but its not really a big margin. MC Cain can still bounce back.

    So far this presidential campaign has not really impressed me much. It even lessen my regards for US elections.

  140. hvrds on Fri, 3rd Oct 2008 12:03 pm 

    It is simply amazing as a certain pundit called it the United States of Stupid but in the 30’s FDR effectively nationalized the banking system by making it illegal for anyone but the Federal government to own gold.

    This time around the Federal government through the FED and the FDIC has effectively again nationalized the entire banking system without calling it as such and are moving the process quietly and effectively.

    Banks that are in trouble will be asked to merge with stronger ones with either the Fed of FDIC taking over bad debts and replacing it with U.S. bonds.

    The Treasury can produce as much bonds as it wants to produce in exchange for bad debts and warrants for equity in the banks it is helping.

    With the surge in liquidity looking for safe havens yields are going down anyway.

    They are also going to go into the mortgage business to stem the fall in housing by propping up demand.

    The only problem is the time it will take for these measures to be felt in the midst of all the noise being generated by the political contest and the so called minority of ideologues on both sides.

    Thank God the election is only a few more weeks away.

    It will be interesting to see if the name the United States of Stupid will hold.. Vote Republican – Burn Baby Burn.

    Nail that ‘Nigra’…

  141. leytenian on Fri, 3rd Oct 2008 12:17 pm 

    Liam,

    please understand that most pinoy in the US belong to the middle income class. we pay medicare and medicaid every paycheck. We also have a company sponsored plan currently with preferred provider services. We deserve quality healthcare. I don’t like Universal healthcare propose by Obama. it’s like an HMO plan that limits doctor’s visits, limits rehabilitation services, limits hospital stay, limits testings, limits dialysis visits and many more. The whole process limits business profits which will result to lower salaries. It is healthcare for quantity sacrificing quality.

  142. UP n grad on Fri, 3rd Oct 2008 12:23 pm 

    rego and leytenian: Is it true that some Fil-Am republicans are now in Indonesia looking for someone who will kind-of-swear that he and Obama were classmates in a madrassa?

    The time for the “October-surprise!!!!” is now.

    In fact, even better if they can show that the specific Madrassa Mr. Obama attended was espousing Wahhabism.

    Oh, wait…. they’ve already done this.
    http://www.insightmag.com/Media/MediaManager/Obama_2.htm

    [I guess the October-surprise is if they can show that Obama already has two children in Indonesia. :twisted: :mrgreen: ]

  143. Bert on Fri, 3rd Oct 2008 2:01 pm 

    My goodness, calling the most powerful country in the world ‘United States of Stupid’ just because of party affiliation of the sitting president.

    I wonder what they’ll call the Philippines for tolerating for so long a president who is not love by the people.

    Any suggestion guys?

  144. Bert on Fri, 3rd Oct 2008 2:23 pm 

    Speaking of “October Surprise” I think that the McCain camp is saving the best for last.

  145. Bert on Fri, 3rd Oct 2008 2:54 pm 

    Btw, JCC’s calling RP as PI, I hope that’s not people idiots.

  146. nash on Fri, 3rd Oct 2008 3:08 pm 

    “Obama will end tax breaks for companies who ship jobs overseas and give breaks to companies who create good jobs with decent wages here in America.”

    Decent wages in america??

    Here is my naive and uninformed advice

    To stem the flow of jobs overseas, stop asking and buying for CHEAP goods then. Don’t buy at Walmart.

    If you see that $10 jeans, tell yourself “This can’t be right! At this price everyone in the supply chain cannot be paid a decent wage. I’m not going to buy it. I’m going to buy the locally produced $80 jeans and keep industries at home”

    And stop calling those FREE helplines. Calls to technical support /customer service should cost $5.99 a minute to keep callcentres at home.

    :D

  147. UP n grad on Fri, 3rd Oct 2008 8:37 pm 

    The Melamine-scare and the lead-paint-in-toys scare reinforce the wisdom of the “colonial mentality” that “Made-in-USA” (or “Made-in-France”, or “Made-in-England”, “made-in-canada”) merits the aura of superiority given to these products.

  148. nash on Fri, 3rd Oct 2008 9:17 pm 

    Ikaw naman UP n, totoo namang may melamine at lead at mercury yung mga products na iyon.

    It’s not colonial mentality when one product is clearly superior because of better quality control.

    But yes, qc comes at a price and you get what you pay for…

  149. vic on Fri, 3rd Oct 2008 10:16 pm 

    leytenian, I believe Liam is assuming that Universal Health Care he believes Obama is trying to propose is Tax Funded thereby Filipino workers don’t have to worry paying for Health Insurance Premium and not to worry dipping into their savings in case of getting sick for long time or permanently..because the scheme that was proposed by “Hillary” during the Clinton Era was patterned as close to the Canadian Model which as per Capita is cheaper than the U.S. because it got rid of the Hospital Profits, the insurance profit and even the substantial Drug profits. Although most services are privately provided, like the labs they are still has to be under the government agreed pay schedules and thereby can be monitored and controlled…

    During the Clinton Administration, it failed because of the strong resistance from the Medical Businesses, from Insurance to Hospitals and even Medical Practitioners, but with the Mess of the unmoderated Capitalism now, maybe the American Taxpayers will be agreeable to a little mix of Socialism in the world’s great Capitalist Society..

  150. vic on Fri, 3rd Oct 2008 10:28 pm 

    Leyetenian, it should be noted that most workers in a Universal Health Care system that we had are also have some kind of Extended Insurance Coverage provided by Employers, in most instances Free, to cover other medical needs not listed under the Health Care Coverage.. most employers will assume the premiums since it won’t be as high since the Basic is covered by the Government Own.

    So even our lifestyle medication, like the one that sometimes “seniors male” don’t want to mention are covered by our extended insurance and even orthotics that most Pinoys will exchange for very expensive pairs of Sport Nikes..imagine a $1000 annually for orthotics..that is a lot of nikes.

  151. nash on Fri, 3rd Oct 2008 10:38 pm 

    forget it vic. USAmericans are averse to high taxes and would rather pay expensive private insurance.

    incidentally, do have to pay for your prescription medicine in Canada? In the UK the doctor gives you your prescription, you go to the pharmacy, they give you the ENTIRE dose for a flat rate (free if you can’t afford it.)

    the first time I got sick, i thought this was really good. often, in our beloved country, under-dosing or going on a 3-day antibiotic treatment rather than 5 days..etc.. is a problem because sick people cannot afford to pay for the complete dose..

    ah socialism, when it works, it really is good. :D

  152. nash on Fri, 3rd Oct 2008 10:41 pm 

    ps. the prescription charge is £7.10 regardless of whether the doctor prescribed you combantrin or 7 weeks of viagra…(kaya sulit pag mahal yung gamot) and around 2/3 or more are exempt from this charge…

  153. leytenian on Sat, 4th Oct 2008 4:57 am 

    Vic,

    of course I am very familiar with canadian healthcare. we do service many canadians during the winter seasons for hip replacements, open heart surgery and other major surgeries. Canadians travel to US to seek medical care in frustration with the limitations of their own healthcare system. Canadian healthcare has also been criticized on waiting times, 4 weeks for surgery and 4 hours in emergency, shortage of medical professionals and 40% less pay than nurses in the US, and restrictions on privately funded insurance.

    If US will change its healthcare policy then pinoy medical professionals may suffer 30% cut of salary. ouch… :) how can pinoy send money to Philippines…
    Not now Not Obama

  154. leytenian on Sat, 4th Oct 2008 5:13 am 

    Talking about Medical Tourism. This is another area of growth for Philippine government to have a Medical City to cater major surgeries and long term care. I am positive that Filipinos are superior in the medical field in Asia.
    The location should not be in the city but it should be in the province with an international airport ready. This medical facility will contain all the infrastructures needed for a medically ill person to recuperate. Clean unpolluted air surrounded with nature ,either mountain view or ocean front facility will attract foreign healthcare recipients , insurance companies and investors ( pharma co.)

    Employment will now be generated. I will not recommend this Medical City for profit or privately owned. It is not good for the country. The profits made by the government will supplement the rest of the country’s public healthcare needs.

    Gloria, Start doing your job to attract the baby boomers in the world to Philippines New Medical City. :)

    just a suggestion….am sure CVJ will look into this and blog about it.. please.

  155. vic on Sat, 4th Oct 2008 9:20 am 

    nash, prescription drugs in Canada is Free while in Hospital care and covered by a different Drug Plan for maintenance and outpatient for those who can not afford them, like welfare recepients, the disabled, Seniors are always Free, while those that are gainfully employed are on their own, but most have some kind of a very Generous Extended Insurance Benefits compliments of the Employers and for those with unionized labour it’s Home Free.

    Leytenian, we are aware of the Limitations of the Universal Health Care, but the waiting period for non-emergency, selective surgery is understandable. and those who can afford can always go south and pay on their own, since they can not Jump the Line in the So-called we are Equal Society (the advantage of being Rich still), but It is still debatable if health care workers in the U.S. is really making 40% more than their counterparts in Canada. Many doctors who moved during the cutbacks during Premier Harris tenure are now back here when the found out the Grass is not always greener on the other side. my two siblings are also Doctors in New York and they said they are not making any more than doctors in here..they were here before. so maybe it depends your practice..but for Average Working Man Like Me, and for those who can not afford to make a living, the disabled, the Seniors, the minors, I prefer our System anytime, despite its limitations..

  156. vic on Sat, 4th Oct 2008 9:31 am 

    nash, every prescription drug, prescrbed is covered by extended care…deductible varies, most unionized labour will just pay a toke of $1 per prescription, regardless of amount to the maximum of 20% of the total.

  157. KG on Sat, 4th Oct 2008 10:12 am 

    Lead painted toys, colonial mentality….

    Those were Mattel toys, ask for an old barbie doll and look were it’s made. They were made in the philippines.

    remember most US companies had factories here before they moved out, we had mattel,reebock ,Johnson and Johnson,etc.

  158. nash on Sat, 4th Oct 2008 3:30 pm 

    @vic

    is it also because they work more than 38 hours a week that usa nurses earn more?

    i have cousins who have regretted moving to the usa because of the long working hours. apparently, they also don’t get the normal 4-5 weeks paid holidays.

  159. John Christian Canda on Sat, 4th Oct 2008 5:59 pm 

    Please read Pat Buchanan’s “Day of Reckoning”.

    http://www.humanevents.com/article.php?print=yes&id=28743

  160. UP n grad on Sat, 4th Oct 2008 8:09 pm 

    nash: yes, people in USA work more than 38-hour workweeks. Translation: many people in America have two jobs (including commercial airline pilots who also are NFL football referees; public school teachers who tutor on weekends; accountants who do tax-prep come January-to-May).

  161. UP n grad on Sun, 5th Oct 2008 4:08 am 

    That Pat Buchanan article contains nonsensical thoughts. How can Buchanan say this one? “…Had the politicians of both parties not coerced and pressured banks, S&Ls, Fannie Mae and Freddie Mac to make all those sub-prime mortgages, then to tie this rotten paper to good paper, convert it into securities and sell to banks all over the world, there would have been no global financial crisis. “

    Coerced the banks? The politicians did not know then (and neither did mayors, governors, Dubya nor Dick Cheney and not even half the financial analysts and University accounting professors)…. and they do not fully understand still (witness the various solution-proposals) how these “toxic derivatives” worked.

  162. hvrds on Sun, 5th Oct 2008 5:41 am 

    Allen Greenspan’s Feb. 23, 2004 speech at the National Credit Union Association in which, as Chairman of the Fed., Greenspan said:

    “American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. ”

    and

    “Indeed, recent research within the Federal Reserve suggests that many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages…”

    …Regarding interest rates, in February 2004, Greenspan highlighted the evolving trends in the mortgage industry and said “there are lots of innovative programs, especially targeting low-income and first time buyers.” He went on to suggest that homeowners could save thousands of dollars by switching from fixed-rate to adjustable rate mortgages.

    For the stupids in the U.S. you have basically three types of mortgages in the U.S. Adjustable rate mortgages, Fixed rate and Jumbo mortgages.

    Jumbo mortgages are those that are above the threshold of Fannie Mae’s secondary benchmark buyout limit. This was just raisedd recently.

    Yes it was the maven Greenspan that lowered the overnite to 1% and was warned about the impending ballon in real estate but he simply reffered to it as froth. Being a market ideologue he felt it was not the job of the FED to regulate and control bubbles. He also spoke about the conundrum in the spread between short term and long term rates that were narrowing instead of widening.

    Since there was a huge savings glut there was a need to support them with new products that offerred better yields.

    The history of the marekets from 2001 till today are worth looking into.

    Buchanan has a way of characterizing his writings in strong language but the susbtance of what he said is true.

    Greespan is a strong believer in the dogma that people always act rationally for their own self interest.

    This in a country where you have massive stupidity about the basics of finance when it comes to credit.

    The obsrvation of the prvious pundit proves it to be true.

    The Fed lowered rates in 2002-2003 and from 2004 started the process of higher rates that caused the massive market correction….

    All those mortgages or equity loans that were not fixed naturally corrected as well….

    What a royal fuck up that was announced everyday in all the media relative to the movement of interest rates.

    Hey stupids of the world it is the government that sets the price for credit (money) for the short term. From the start of the GWOT the U.S. also has had to spend more than it collected to fund its budget deficits.

    The advice of W to the American people on the GWOT, keep on shopping and show the terorrists that they cannot intimidate the American people.

    After almost a trillion later America is in a credit crunch and will take the world economy down with it.

    Spend spend spend even if you are not spending money you do not own….

  163. hvrds on Sun, 5th Oct 2008 5:44 am 

    Correction

    Last sentence should read :
    “spend spend spend even if you are spending money you do not own.”

  164. leytenian on Sun, 5th Oct 2008 6:05 am 

    UP N,

    The democrats coerced the bank to make subprime mortgages during the Clinton administration-The Community Reinvestment Act. In order to make loans and homes more affordable for lower income borrowers the unusual loan products were developed. Interest only, Option ARM, and the low teaser rate products were answers to helping people who did not otherwise qualify get a home, as REQUIRED by CRA. These low standards for qualification were applied to everyone who wanted a mortgage.

    The Clinton Administration rewrote the CRA to REQUIRE loans be made to low credit quality borrowers. And engaged FANNIE and FREEdie to buy these loans.CRA is not a loan program. It sets numerical targets for lending by location, race, and ethnicity. CRA often required lending to uncreditworthy persons to get a satisfactory CRA rating, and it did indeed cause Freddie and Fannie to take on huge amounts of dreck.

    Barack Obama has been talking a big game over the past week about his concerns for Main Street, but he actually played a key roles in an organization that contributed significantly to the financial crisis. Google search ACORN and the role of Obama as an ACORN organizer in Chicago.

    In 2008, economist Stan Liebowitz wrote that the CRA encouraged a loosening of lending standards throughout the banking industry despite warnings of default. Banks were allowed to loan to consumers who were not credit worthy with “no verification of income or assets; little consideration of the applicant’s ability to make payments; no down payment.” According to Liebowitz, the chief executive of Countrywide said that in order to approve minority applications, “lenders have had to stretch the rules a bit”

  165. leytenian on Sun, 5th Oct 2008 6:13 am 

    and Now Obama will CHANGE healthcare? what’s wrong with his WELFARE. America cannot afford to provide welfare for everybody that takes advantage of the system… America is sick and it will not only catch the flu but fever.

    I’m hoping that all pinoys who works in America will wake UP. We all know that most Pinoys do not understand welfare because we were not exposed nor even received welfare when we where in the Philippines. We came to america to work not because we will vote for the democratic party to receive WELFARE. hay naku…. :)

  166. leytenian on Sun, 5th Oct 2008 6:30 am 

    Greenspan is the worst, add CRA, add ACORN, add the jumbo loans and increase of Fannie’s conforming loans, add wall street, add china’s money , Gramm leach Biley , add america’s dream to own a home and it’s lavish lifestyle.

    CRA, ACORN, Obama, Democrats and the Housing Market Crisis:
    http://www.theminorityreportblog.com/blog_entry/blue_collar_muse/2008/09/27/cra_acorn_obama_democrats_and_the_housing_market_crisis

  167. leytenian on Sun, 5th Oct 2008 7:41 am 

    Mga pinoys in amerika… you don’t belong to the welfare side of the equation. our role is to send money to the Philippines…

    here’s Obama and ACORN Fraud:

    http://www.youtube.com/watch?v=qQtTuO8Bzj8

    ACORN Accused of Electoral Fraud:

    http://www.youtube.com/watch?v=0nbD18WMXA8&feature=related

    OBAMA ACORN SCANDAL BAILOUT COMMUNITY ORGANIZER VOTER FRAUD:

    http://www.youtube.com/watch?v=Dz5G_E9Hj54&feature=related

    Obama’s ACORN = Voter Fraud & Mortgage Crisis

    http://www.youtube.com/watch?v=0VMfLP3dt30&feature=related

    so mga pinoy… parang si Gloria din tong si Obama.. may voter fraud…

  168. rego on Sun, 5th Oct 2008 9:11 am 

    seems like leyetenean is very much n to links , I counter her /his link with another links just in the spirit of fair airtime in this blog.

    http://politicalticker.blogs.cnn.com/2008/10/03/obama-gains-in-nh-maintains-lead-in-pa/

  169. UP n grad on Sun, 5th Oct 2008 11:29 am 

    leytenian: the most prevalent voter-fraud in USA are those tricks to disenfranchise the WEALTHY (e.g. by asking for documents that the rich do not have; by phone-banks that trick the rich to go to different precincts where they are not registered or by telling the rich that they can’t vote because their precinct has run out of forms; by “purging” the voters registration documents at precincts).

  170. UP n grad on Sun, 5th Oct 2008 11:34 am 

    and leytenian: when all is said and done, Mccain’s biggest problem is that he is a Republican who wants to deregulate – deregulate — deregulate . Republican — who thinks the only way for creating jobs is to give tax-breaks to corporations. Republican — like Dubya and Cheney.

  171. leytenian on Sun, 5th Oct 2008 12:21 pm 

    Gramm Leach Biley to Deregulate was signed by Bill Clinton in 1999. McCain voted yes on that Bill. Majority votes made deregulations into law not just McCain..

    Community organizer Obama Sued Citibank Under CRA to Force it to Make Bad Loans. In these lawsuits, ACORN makes a bogus claim of Redlining (denying poor people loans because of their ethnic heritage). They protest and get the local media to raise a big stink.

    http://www.youtube.com/watch?v=exxVZTKq1vA

    “Obama’s legion of loyalists owe much to the CRA (Community Reinvestment Act) and ACORN (Association of Community Organizations for Reform Now)and LA RAZA. These organizations have the most responsibility for sending the American economy into the toilet. All are communist/socialist inspired acronyms with deep ROOTS in Marxism.”

  172. Amadeo on Sun, 5th Oct 2008 1:18 pm 

    You, go, girl, Leytenian. Passionately taking the cudgels for the McCain/Palin ticket and doing a good job. Mention also the Ayers, J. Wright, Pfelger connections, the Annenberg Challenge, Southside Chicago community organizing like ACORN, etc. And while doing so, link to videos showing the congressional hearings in 2003 and 2005 where out of the mouths of the personalities involved including Raines, the fate of those directly responsible ought to be sealed.

    More power!

    *******************************************

    “For the stupids in the U.S. you have basically three types of mortgages in the U.S. Adjustable rate mortgages, Fixed rate and Jumbo mortgages.

    Jumbo mortgages are those that are above the threshold of Fannie Mae’s secondary benchmark buyout limit. This was just raised recently.”-hvrds

    Whoa, please go easy with the criticism, sir.

    Though indeed there are two basic mortgage types – fixed and ARM, there are also hybrids like say the 5/1 ARM which is a combination of fixed and ARM. And there are many combinations out there.

    Jumbo is not a kind of mortgage it is a type of loan. Loans are either conforming or jumbo, the latter you described rightly. The former being those falling under those that Fannie and Freddie can entertain.

    You’re welcome, sir.

  173. cvj on Sun, 5th Oct 2008 3:34 pm 

    Blaming a law that was passed in 1977 [aka the 'Community Reinvestment Act' or CRA) for the current crisis is a red herring and factually erroneous:

    ...lending institutions covered by the CRA have a lower mortgage default rates than ones that aren't,

    Add to that the fact that the magnitude and domino effect of the crisis is due to the trading of derivatives which are 'financial innovations' by the banking [aka 'private'] sector…

    ….and that even if the former were the worst companies in the history of the universe, they wouldn’t have helped produce the financial contagion had not conservative deregulation green-lighted the buying and selling of insanely irresponsible mortgage-backed securities.

    Read the rest here.

  174. The Ca t on Sun, 5th Oct 2008 9:06 pm 

    and Now Obama will CHANGE healthcare? what’s wrong with his WELFARE. America cannot afford to provide welfare for everybody that takes advantage of the system… America is sick and it will not only catch the flu but fever.

    now, now ,do not confuse welfare with healtcare.

    Welfare is the program of the US providing cash assistance like under the General Relief Program, Food stamps for people under low income brackets and Wic program–an assistance to women, infant and children,

    there is also the low cost housing assistance which is managed by the government thru non profit agencies.

    i worked in the non-profit which basically help these poor people n their basic necessities.

    The healthcare of the US right now is in the form of MEDiCARe and medicaid.

    MEDICARE can only be availed once you reached the age of 65. so f you get sick, unemployed and no insurance, there is a problem.

    MEDICAID is given to people with disabilities regardless of the age and regardless whether these people have contributed to the FICA.(Medicare and SSS tax)

    So the problem of the people who are not qualified in this program is health insurace when they get sick and they are unemployed . This is basically what Obama is espousing for.. A universal healthcare for those people who cannot afford insurance and those who are not covered with insurance beause they have preexisting conditions.

    From what I understand, the medicare and medicaid stay for whatever they were intended for.

    MCCain;s healthcare is to privatize the Medicare and medicaid.(translation: the companies can invest the Fica taxes in stock market and bonds).

  175. leytenian on Sun, 5th Oct 2008 9:27 pm 

    cvj,

    Not only CRA. Let’s just focus on Obama’s character and his connection to Acorn. Professional ethics and social responsibility is lacking from Obama. His actions is more towards finding weakness of the system. Imagine suing Citibank to make bad loans.

    “It’s important not to get too carried away with the ACORN connection in the collapse. The real trigger came when Fannie Mae and Freddie Mac began buying up all of these loans and converting them into securities. Without that impetus, which began in 1999 and ran wild under the management of Franklin Raines at Fannie, lenders would have responded to the nuisance complaints by extending lending just enough to comply with the CRA.”

    http://hotair.com/archives/2008/09/30/video-stanley-kurtz-on-obama-acorn-and-the-cra/

    Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae.

    http://www.youtube.com/watch?v=usvG-s_Ssb0

  176. leytenian on Sun, 5th Oct 2008 9:59 pm 

    I can’t help myself laughing this morning..

    Asian became whites on loan underwritings… hehehe.

    “”The highest percentage of people of any race getting approved for loans were the Asians, who for the law suit became “White.”

    “BofA was the first lender to use FICO scores and had been using them for some time, though at the time most lenders did not use them. Soon after starting to work at BofA memo came out saying that people of Hispanic or Black Heritage were to be given an extra 50 points on their fico score. If that did not get them the loan, the loan was to be reviewed by a senior underwriter who was supposed to look for “any way possible” to do the loan.”

    Black people need homes Hispanic people need homes. And I have one child who is half Black and two others that qualify for their Indian cards; I want my kids to get their fair share.But now I am asking what really is fair, is it fair to give credit to people who have not earned it and deny credit to those who did earn it based on race?

    Clearly the one of the highest, if not the highes default rate today is among the minorities who were made to qualify base on race, which would not have gotten the loan otherwise. While the loans were being made I looked at that as a benefit to them. Now I see that it has only destroyed many of them.

    what was done in the name of ending racism may have actually BACK FIRED and may be one of the main problems with the market today.

    http://www.brokeruniverse.com/grapevine/thread/?thread=540152

  177. UP n grad on Sun, 5th Oct 2008 10:04 pm 

    to leytenian: it still remains the case that philosophically as evidenced by his actions over the past 30 years, McCain is more in tune with the financial contagion that exists today with McCain’s philosophy about deregulation deregulation deregulation. It is these deregulations that removed the oversight of government accountants and lawyers over the Countrywide- and FHA-loans. It is McCain deregulation philosophy that did not slam on the brakes when the financial derivatives began to escalate into the trillions in asset value.
    And when reduced to the utmost of simplicity, I do hear and understand where McCain’s ‘bomb bomb bomb Iran’ gleeful dancing can lead. Republican McCain continues the practices of Republican Bush giving tax breaks only to corporations and wealthy as the only way to generate jobs.

  178. UP n grad on Sun, 5th Oct 2008 10:07 pm 

    now Amadeo… I do see where Sarah Palin offers something different. that video-clip you have in your blogsite of Sarah in :shock: swimsuit…. interesting. :mrgreen:

  179. UP n grad on Sun, 5th Oct 2008 10:14 pm 

    leytenian: did you just write that you have one child who is half-Black?

  180. leytenian on Sun, 5th Oct 2008 10:58 pm 

    Up N,

    leytenian: did you just write that you have one child who is half-Black?

    no it was the child of the blogger.. read the link. it was a cut and paste . you know me… hehehhe.

    Of course, republican contributed to deregulations. But I have to select the party beneficial to me at personal level and beneficial to Philippines. I have always been a republican.

  181. Pilipinoparin on Mon, 6th Oct 2008 12:43 am 

    Vic,
    The reality is more Canadians, Canadian-Filipinos want to go south of the border than those who want to go north. I have several colleagues here from the north, never heard of someone who went up north. Same with our kababayans, they want to embrace Uncle Sam. I don’t have the statistics available but that is what we see here (my friends, relatives and myself).

    There are so many reasons for this, one of them is the socialized medicine up north. No one wants to lose his choice, no one wants a gate keeper, no one wants to be in HMO and be included in a verrrryyyy long list of waiting list for appointments for CT, MRI, PET SCAN even for a routine appointment much more a referral to cardio,GI,GU. OB, derm, ortho. Maybe in the end you may want to be referred instead to a psych!

  182. leytenian on Mon, 6th Oct 2008 4:11 am 

    Obama’s Anti Capitalism and Radical Left… Voter’s Registration fraud and conflict of Interest. Obama is dangerous. Sounds like Marxist Agitation.

    http://www.youtube.com/watch?v=H8Ep1tkNOUU

  183. PSI on Mon, 6th Oct 2008 4:18 am 

    @ Leytenian,

    I really think you have more substance than VP-candidate Palin.

    Being Republican supporter aside, are you a Palin-believer? Surely, frow what I heard from Ms. Palin and what I’ve seen you blogged, there more smarts from Florida than from Alaska.:)

  184. nash on Mon, 6th Oct 2008 5:02 am 

    @leytenian

    I think you are really more concerned about people who try to CHEAT the system. Those who abuse the welfare dole outs.

    But there are genuinely poor and disenfranchised people in the USA. The wealth disparity is no different from China. These people need help to get up on their feet and become productive members of society.

  185. hvrds on Mon, 6th Oct 2008 5:13 am 

    “Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants… With these advances in technology, lenders have taken advantage of credit scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers… Where once more marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending… fostering constructive innovation that is both responsive to market demand and beneficial to consumers.”
    – Alan Greenspan, April 2005

    When the head of the institution of state who believes that the market is God and using the latest in computing power to calculate probabilties of risk and mediating and parceling out risk to more risk takers the net result is the underlying contracting parties in the equation are left clueless with the debtor frozen like deer in someones headlights because the government itself believed that business cycles have been abolished by the rapid advances in technology.

    Man could now predict the future with accuracy….

    The idea of God is the freemarket was enshrined.

  186. leytenian on Mon, 6th Oct 2008 5:46 am 

    Nash,
    “These people need help to get up on their feet and become productive members of society.”

    sorry to say that these people are not motivated to get up nor responsible enough to find work. The blacks and the Hispanics are known for that attitude in the US. You can search for that statistics online. I’m not trying to be racist but that’s really a fact. Ask your cousins in the US about how blacks and how the hispanic community work.

    True , Obama give them the fish instead of teaching them how to fish. It’s their attitude Nash. It’s a fact. Obama wants change but he doesn’t realize that his own people will bring him down. They will demand more from him once he become president. This will create a big division between blacks and whites. This will eventually lead to more problems in America and the White House. The bail out plan includes 20% to Acorn’s bad loans.

    Rego,

    here’s my response to your link why Obama won in PA…
    Voters Registration Fraud…

    http://cayankee.blogs.com/cayankee/2008/10/the-obama-acorn.html

  187. hvrds on Mon, 6th Oct 2008 6:17 am 

    It is surprising that no one in the Philippines has asked the BSP or the finance department the prevailing price of CDS on Philippine sovereign paper and the cost of forex exchange forwards.

    The govenment has promised a balanced budget meaning it will not have to borrow to fund deficits and the economic cirsis bulding up will almost assuredly widen spreads in the price for CDS.

    It is shocking nobody in the media most particularly even the business media has asked this question…

    The local banking instituions have already created special purpose vehicles to transfer NPL’s and NPA’s to these SPV’s who in turn have securitized these and financed their acquisitions with highly leveraged debt. AIG and PHILAM Life have bought into these securities or loans.

  188. UP n grad on Mon, 6th Oct 2008 6:18 am 

    actually, leytenian, you can be as racist as you want, because the next 4 weeks will be filled with that — racism — as a subterfuge in the USA elections. The soft-version of it has been running already with the McCain campaign portraying Obama as not like mainstream America. The message — that the Hawaiian-born Obama with one parent a non-American (not even European!!!!) is, at heart, un-American. This is the same as saying that a Amadeo’s or Abe Margallo’s children born in USA may be good enough to be a CFO or Marketing-Vice-President or even CEO of a large corporation; okay-enough to be an Olympic gold medalist or mayor of Daly city but not good enough for the White House and playing with that nuclear-football.

  189. nash on Mon, 6th Oct 2008 6:41 am 

    i give up, leytenian is just a racist.

    bye.

  190. TonGuE-tWisTeD on Mon, 6th Oct 2008 6:53 am 

    “Coerced the banks? The politicians did not know then (and neither did mayors, governors, Dubya nor Dick Cheney and not even half the financial analysts and University accounting professors)…. and they do not fully understand still (witness the various solution-proposals) how these “toxic derivatives” worked.”-UPn

    In an interview with NYTimes, sacked Fannie Mae CEO Mudd admitted he was pressured not just by legislators (for not doing enough for low-income borrowers) but also by clients (Fannie’s biggest client – Countrywide’s Mozilo threatened to make them irrelevant as Countrywide has been dealing directly with Lehman, Goldman, Bear Stearns bypassing Fannie because of the latter’s refusal to buy subprime), the regulators (when they increased Fannie’s goals and then again to “relax” their standards), and investors (for complaining that they are not making as much as their investment bank counterparts are offering), plus the fact that the year prior to his appointment, Fannie lost 56% of its loan-reselling business to Wall Street and other competitors – all contributed to his decision to buy subprime thus making Fannie the biggest in the world.

    Complete interview here.

  191. TonGuE-tWisTeD on Mon, 6th Oct 2008 6:56 am 

    “Coerced the banks? The politicians did not know then (and neither did mayors, governors, Dubya nor Dick Cheney and not even half the financial analysts and University accounting professors)…. and they do not fully understand still (witness the various solution-proposals) how these “toxic derivatives” worked.”-UPn

    In an interview with NYTimes, sacked Fannie Mae CEO Mudd admitted he was pressured not just by legislators (for not doing enough for low-income borrowers) but also by clients (Fannie’s biggest client – Countrywide’s Mozilo threatened to make them irrelevant as Countrywide has been dealing directly with Lehman, Goldman, Bear Stearns bypassing Fannie because of the latter’s refusal to buy subprime), the regulators (when they increased Fannie’s goals and then again to “relax” their standards), and investors (for complaining that they are not making as much as their investment bank counterparts are offering), plus the fact that the year prior to his appointment, Fannie lost 56% of its loan-reselling business to Wall Street and other competitors – all contributed to his decision to buy subprime thus making Fannie the biggest in the world.

    Complete interview here.

  192. TonGuE-tWisTeD on Mon, 6th Oct 2008 7:06 am 

    “Man could now predict the future with accuracy….

    Bigshot economists in the US, as the joke goes, have actually predicted nine out of the last five recessions accurately.

  193. leytenian on Mon, 6th Oct 2008 7:09 am 

    UP n and Nash,

    You deserve to know this…
    Burning down the house: What Caused our Economic Crisis

    http://www.youtube.com/watch?v=1RZVw3no2A4

    thanks tongue for the link.

  194. TonGuE-tWisTeD on Mon, 6th Oct 2008 8:54 am 

    leytenian, here’s more:
    http://www.larouchepub.com/other/2003/3010ofheo_rpt.html

    In the congressional investigation of FannieMae and FreddieMac in 2003 which eventually led to the removal of Raines and his CFO in FannieMae, the shocking revelation came from OFHEO’s Armando Falcon (a Clinton appointee), that of an impending crisis in the derivatives market. Bush’ administration did a quick coverup they replaced him within 24 hrs and by whom? By Mark Brickell, JPMorgan Chase head of derivatives trading, that’s who! Brickell later worked closely with Phil Gramm (now McCain’s economic adviser) for more deregulation. Brickell also traded, er, brickbats with Lyndon Larouche who has been predicting a mortgage bubble as early as 1993.

    That investigation by (D-Tex) Rep.Henry Gonzales also paved the way for Mudd’s rise as FannieMae CEO after OFHEO’s findings of accounting fraud dropped the ax on Raines and Howard.

    Falcon recently predicted accurately how government will act on Fannie and Freddie. Read here.

    The video link makes it appear as if it was Obama who caused this problem only last year. It’s about time you get a complete picture (w/ timeline):
    http://www.motherjones.com/news/feature/2008/07/where-credit-is-due-timeline.html

    Read this, andthis, too.

  195. leytenian on Mon, 6th Oct 2008 9:15 am 

    Fox News: ACorn Obama Connection

    http://www.youtube.com/watch?v=n6rMSd-JRuk&feature=related

    CNN: Lou Dobbs – ACORN Contribution to Financial Crisis

    http://www.youtube.com/watch?v=VfN4-nrjspY

  196. hvrds on Mon, 6th Oct 2008 9:24 am 

    Who actually did the slicing and dicing of all mortgages, equity loans, car loans, credit card loans etc.

    In the old days you had to face a human being. Today you are simply made a numerical score and artificial intelligence or software slices and dices your expected income and expenditures. In actual fact software to a great degree approves loan applications and mortgage applications today.

    You are reduced simply to a score… Millions of people are now simply consumers…. The religion is materialism and a person is simply defined by what he can consume…

    Now millions of people who use the internet and all its varied sites are being made composites for marketing.

    Those that use financial instruments like credit cards and get loans are all already characterized and standardized.

    Credit has already been monetized and future consumption has already been monetized in a person’s credit limit. The same with businesses and governments.

    How do you guarantee performance- by taking out insurance.

    Now that entire metaphysical economy of the future is crumbling before our very eyes. Credit lines are being cut and the real economy is naturally contracting…

    Sophisticated and complicated computer models are totally useless…. How does one go back to manual control when the machines are now in charge????

    Human intelligence has been replaced with artificial intelligence.

    Just look at the old style guerilla warfare being employed by the Taliban versus the high tech warfare of the West in Afghanistan.

    Remember the mathematical modeling of the body count employed by McNamara during the Vietnam war.

  197. hvrds on Mon, 6th Oct 2008 9:35 am 

    Are McCain -Palin stoking the racist fires of white man domination disguised as American ‘Exceptionalism’ just like Theodore Roosevelt. Theodore R. apparently was a believer in historical materialism.

    Are McCain and Palin American ‘jihadists.’?

    “Roosevelt was an individualist who considered the individualism of others an impediment to the social unity required for national greatness. Having read Darwin’s “The Origin of Species” at age 14 and having strenuously transformed himself from an asthmatic child into a robust adult, he advocated “warrior republicanism” (Hawley’s phrase). TR saw virtue emerging from struggle, especially violent struggle, between nations and between the “Anglo-Saxon” race and lesser races. Blending “muscular Christianity,” the “social gospel” — which sanctified the state as an instrument of moral reclamation — and Darwinian theory, TR believed that human nature evolved toward improvement through conflict. ”

    “This dark vision of progress through strife made him advocate concentrated national power to serve his agenda, which was radically more ambitious than the Founders’ vision of limited government maintaining order, protecting property and otherwise staying out of the way of individual striving.”

    “Like Winston Churchill, who said that mankind had entered “the region of mass effects,” TR said that “this is an age of combination” — of vast interlocking economic entities. Big was, he thought, beautiful and, anyway, inevitable. So government, and especially the presidency, must become commensurate to the task of breaking American individualism to the saddle of collective purposes. Here TR and “Country First” McCain converge. ”
    George Will

    http://www.washingtonpost.com/wp-dyn/content/article/2008/10/03/AR2008100303306.html?hpid=opinionsbox1

  198. KG on Mon, 6th Oct 2008 9:41 am 

    the title of this blog is the colossal game of chicken;it turned out to be the colossal game of pork.
    for the rum industry,racing and wooden arrow manufacturing.

    For the Philippines:
    I have watched the explainer,on the issue of budgeting.
    The congress has no power over the purse lahat nakprograma na tulad ng interest payments for ourloans,inernal revenue allotments,etc. konti na lang ang pwedeng mapacontrol ng legislature, it is all the executive’s budget .

  199. leytenian on Mon, 6th Oct 2008 10:11 am 

    hvrds,

    “Are McCain and Palin American ‘jihadists.’?”

    No they are both mavericks :)

    Clinton knows that McCain tried to regulate Fannie and banks in 2005. It’s democratic party who opposed the bill to regulate.

    http://www.youtube.com/watch?v=XsynspIqAoE&feature=related

  200. vic on Mon, 6th Oct 2008 10:23 am 

    Pilipinoparin,

    I agree that there are more going south than north and the main reasons are Weather and Taxes. Our taxes here are very high not only to finance the Health Care but also the Universal Education and the very Generous Social Welfare Scheme..One Political Party, the New Democrats even put forward in their campaign platform of making a $400 a month per child allowance tax free until 18 years of age (children are getting already all kinds of allowances) and just imagine when this party wins the government and start overhauling the mothers’ allowances and making maternity leave into 2 years instead of one year.

    And also most who wanted to go South were attracted to the U.S deregulated Free Enterprise Capitalism, like Physicians who are capped with their billings here after half a million for family practitioner and a little more for specialist, while they maybe can make more in the u.s.

    I do my regular check ups every 3 months and do my refills and the longest referral i experienced for joints checks is 4 weeks. that is reasonable, but i have been in Emergency and emergency personnel didn’t even bother to check for Insurance papers, they don’t have to, there is none, just rushed me right to emergency treatment as soon as they assessed the situation.

    In the end it your choice, but not everyone of us, not every citizen of a country can afford to have every boy and girl get treated without his or her parent worrying or losing sleep where to get the money to pay the bills..That is a nightmare we can sacrifice a little waiting for nonemergency procedures…

  201. hvrds on Mon, 6th Oct 2008 11:07 am 

    “Clinton knows that McCain tried to regulate Fannie and banks in 2005. It’s democratic party who opposed the bill to regulate.”

    http://www.youtube.com/watch?v=XsynspIqAoE&feature=related

    The U.S. Congress has been under Republican control since 1996 till the mid year elections in 2006 .

    The U.S. Congress which is the law making body of the United States of Stupid has been Republican since 1996.

    The Democrats took a slight majority in the elections of 2006 to take tenuous control of the Congress for the years 2007 till the present…….

    The executive department has been under Republican control since 1999 till the present.

    Hmmmm… that means management control of economic policies as well were under the Republicans from 1996 till the present time…

    I would earnestly suggest to some obviously stupid pundit that they look into seriously putting up their own web site and specialize in porn. One could blow smoke out of one’s sphincter muscle and earn dollars for oneself and the Philippines. One need not expose ones face…

    Yup Obama, the Muslim African Witch Doctor Communist used voodoo to bring down the U.S. economy…

  202. Bert on Mon, 6th Oct 2008 12:44 pm 

    The McCain demolition crew is starting to tighten the nooze around Obama’s neck, in three more weeks it will constrict then soffucate. The Obama machine will be having a very challenging job ahead until election day.

    Nothing to lose for McCain, he’s losing in the polls already, the terrorist bogey is the only remaining option for him.

    Personally I believe Obama has a taint of Muslim in him but concealed. Whether a Muslim president is good for America, or not, remain to be seen.

  203. istambay_sakalye on Mon, 6th Oct 2008 2:12 pm 

    time out….what’s going on here???is there a battle of hyperlinks going on??? ;)

  204. UP n grad on Mon, 6th Oct 2008 6:46 pm 

    to Amadeo: as you think a lot of Sarah Palin being very close to Mccain, you should also be worried about Phil Gramm who is even closer to Mccain. Phil Gramm and Mccain are blood-brothers in the “deregulate-deregulate-deregulate” mantra, but Phil Gramm is the brighter of the two. Phil Gramm is the one who slipped in the provision which prohibited governmental regulation of credit default swaps.
    It is these credit default swaps that bubbled up to a face-value of $62 trillion. [Two-percent of $62trillion is a lot of commissions-money!!!] Then as the housing bubble burst, the swaps became a massive pile of worthless paper.

  205. UP n grad on Mon, 6th Oct 2008 10:56 pm 

    and to those getting bored with talk about Barack and McCain and prefer sweet adorable Sarah Palin, click here:

    http://www.nbc.com/Saturday_Night_Live/video/clips/couric-palin-open/704042/

  206. Amadeo on Tue, 7th Oct 2008 12:45 am 

    Talking about Medical Tourism. This is another area of growth for Philippine government to have a Medical City to cater major surgeries and long term care. I am positive that Filipinos are superior in the medical field in Asia.

    Leytenian:

    You mentioned an area where I have ventured into on the smallest of scale, and thus can be easily replicated by other ex-pats. And which I know works. Imagine in our place a house call for a doctor starts at 500 pesos. A registered caregiver at 250-350 pesos a day.

    This can as I have done it start as a very small and private enterprise catering to one’s own relatives. Look around you, not only in Florida and but in sunny California, many of our compatriots with their extended families count many members who are now elderly but not necessarily infirm. Many may be gaunt or look emaciated due to age, but many are essentially just that with no catastrophic illnesses. Now elderly care in California was pegged on average at 5,000 dollars a month in nursing/elderly care homes. And this datum was some years back. Many of our compatriots also maintain their residences in the old homeland, while many have invested in residential real estate awaiting for either their retirement or as second homes.

    Responsible and knowledgeable Caregiving in the old homeland is not only cheap comparatively speaking, but aplentiful.

    Thus simply relocate those elderly to the old homeland and allow them to have 24/7 care which they would otherwise not have in the US. Imagine the inflow of foreign exchange for their care into the old homeland. These difficult times would be most appropriate to make the move.

  207. grd on Tue, 7th Oct 2008 1:58 am 

    republicans are getting desperate but there’s no stopping of the inevitable. in 4 weeks time, america will have its 1st black president… bi-racial actually.

  208. leytenian on Tue, 7th Oct 2008 4:51 am 

    amadeo,

    i am in healthcare consulting and management. i know for sure that Philippines is a good target for the Japanese elderly . A beach front luxurious Assisted Living is perfect for these people and a very high tech hospital nearby. The provinces is the perfect place to have a business like this as long as nearby hospital is accessible or specialized home care MD flexible enough to travel for emergency at high price.

    Yup a good business venture in Pinas. The Japanese are a good target also.

    Anyway, I think McCain will win because Obama is already using his people to steal for votes thru ACORN. Voter registration fraud is rampant among democrats.

    http://www.youtube.com/watch?v=s5VgzvzIJ04&feature=related

  209. UP n grad on Tue, 7th Oct 2008 5:18 am 

    Conrado de Quiros writes about these moments when he envies USA :
    Here (in the Philippines), if there are any fundamental differences between the “presidentiables” it is only on which hairstylist they prefer.

    Far more to be envious about, you can be certain about several things in the United States today. First and foremost, you know that George W. Bush will be history after the end of this year.. . . The system is ironclad. A president may have only two terms, at the end of which he has to step down. . . .

    You can be sure as well that the vote of each and every American will be duly noted and counted. . . .Like the sacredness of taxpayers’ money, the sacredness of elections is a given in any democratic country. It lodges deep in the psyche. It is expected to be upheld as a matter of course. Here, well, we don’t even know if Gloria Macapagal-Arroyo will be gone in 2010. I myself am certain she won’t.

  210. Letran student on Tue, 7th Oct 2008 5:54 am 

    Ayoko na ng mga TALSIK DIYAN demonstrasyon, pero hindi puwedeng si Gloria pa rin, kailangang magkaisa tayo na iba naman ang susunod pa presidente pagdating ng June-2010. Kung hindi si Villar, si Loren; kung hindi sa dalawa na ito, si Mar Roxas; kung hindi si Mar; si Lacson. Pero hanggang 2010 lang si Gloria, tapos, tapos na.

  211. leytenian on Tue, 7th Oct 2008 6:00 am 

    am tired of a female president. we need a man in the Philippines. I am a woman that I believe will always support a man. Loren is good to be a vice president. just like McCain and Plain ticket :)

  212. hvrds on Tue, 7th Oct 2008 10:06 am 

    While McCain and Palin introduce the doctrine of becoming “mavericky” and take the gloves off and accuse Obama of being a “commie terrorist” the United States of Stupid is reverting to Centralized Planning to price risk…
    Shhhhhh…… don’t tell anyone this….

    http://www.washingtonpost.com/wp-srv/opinions/cartoonsandvideos/telnaes/telnaes_main.html?hpid=opinionsbox1

    “The Treasury has asked for authority to purchase $700 billion of mortgages to get them off of the private sector’s books. Expanding the demand and reducing the supply of these risky assets is a way of manipulating their price. The Fed and the Treasury are walking down a road that ends with making the price of risk in financial markets, along with the price of liquidity, an administered price.”

    “This was how central banking got started in the first place: letting the market and the market alone determine the price of liquidity was judged too costly for the businessmen who voted and the workers who could overthrow governments. Now it looks as though letting the market alone determine the price of risk is similarly being judged too costly for today’s voters and campaign contributors to bear.” Bradford Delong

    From Central Bank to Central Planning?
    by J. Bradford DeLong

  213. rego on Tue, 7th Oct 2008 10:17 am 

    Just one word for Mc campaign and the flooding of Anti Obama links by Leytenean…..

    DESPERATE!

  214. rego on Tue, 7th Oct 2008 10:43 am 

    There is only one killer issue for Mc Cain…

    ECONOMY.

    All these sleaze coming from Leyetenean doesn’t really help but makes the MC Cain soooooooo negative that its turning off a lot of voter.

    Leyetean should instead post something about how Mc Cain can overturn the economy.

  215. hvrds on Tue, 7th Oct 2008 11:21 am 

    “Gramm was always Wall Street’s man in the Senate. As chairman of the Senate Banking Committee during the Clinton administration, he consistently underfunded the Securities and Exchange Commission and kept it from stopping accounting firms from auditing corporations with which they had conflicts of interest. Gramm’s piece de resistance came on Dec. 15, 2000, when he slipped into an omnibus spending bill a provision called the Commodity Futures Modernization Act (CFMA), which prohibited any governmental regulation of credit default swaps, those insurance policies covering losses on securities in the event they went belly up. As the housing bubble ballooned, the face value of those swaps rose to a tidy $62 trillion. And as the housing bubble burst, those swaps became a massive pile of worthless paper, because no government agency had required the banks to set aside money to back them up.”

    “The CFMA also prohibited government regulation of the energy-trading market, which enabled Enron to nearly bankrupt the state of California before bankrupting itself.”
    Harold Meyerson Washington Post

    Memo from Usama Bin Laden to John and Sarah—

    Allah will shower you with so many blessings for having so many close friends in the Republican party from Alan, Phil, Charles and most particularly Hank, Ben and friends who have bankrupted the financial system of the U.S. and will probably affect the entire world and will cause untold sufferings to so many..

    Your unrelenting jihad against regulations have really borne fruit. Most especially Phil who was able to allow the price of oil to reach the numbers that we needed to pay for rearming and expanding.

    Do not allow those Godless commies to take hold of any power. We know that a major terrorist attack from us will help you greatly but you have done the job for us in coming close to destroying the Great Satan.

    Warm messages and salutations to our friends in the White House W and Dick. UBL

    Allahu Akabar!!!!

  216. Amadeo on Tue, 7th Oct 2008 12:11 pm 

    Hi, Leytenian:

    Fairly or unfairly, you appear to be getting good-sized flak in this forum, some under cover with some subtlety, others not so.

    So in a spirit of genuine friendliness and also since your efforts maybe can be put to better use elsewhere, let me ask:

    Have you mentally surveyed this forum to find out how many could be actual US voters? – Those who comment and those who are lurkers.

    Maybe not many, and from the comments, no Independents to be addressed with issues. All appear committed.

    Since we appear to share the same political stripe this election cycle, we can maybe harness your tireless efforts in another venue, in a venue that could spell a difference.

    Please take this in the proper spirit it is heartily given. Thanks.

  217. anthony scalia on Tue, 7th Oct 2008 1:29 pm 

    leytenian,

    i thought obama represents what makes (or made) America great – equal opportunity for all regardless of background, income class, gender, age, political and religious persuasion

  218. Kg on Tue, 7th Oct 2008 7:43 pm 

    Leytenian says ,

    i am in healthcare consulting and management…….

    http://www.quezon.ph/1967/a-colossal-game-of-chicken/#comment-963035

    and in another post , she says:

    I’m no longer in healthcare management or consulting …

    http://www.quezon.ph/1963/crisis-management-immigration-and-devolution/#comment-937926

    nothing follows.

  219. Kg on Tue, 7th Oct 2008 7:48 pm 

    said pala dapat.

    so its a matter of she said ,she said.

  220. UP n grad on Tue, 7th Oct 2008 9:04 pm 

    Please join the campaign to get BBC :evil: to issue an apology. :mrgreen: for a 25-second comedy sketch (a copy available at http://www.bbc.co.uk/iplayer/episode/b00dnf21 ) The British-comedy-skit showed a Filipina maid as a slut, gyrating away trying to get an erection from a British. Even worse, she couldn’t do it!!!! :roll:

    Speak out against the British Broadcasting Co. comedy Harry and Paul Show for degrading Filipino women and domestic workers in its September 29 episode, exhorts Loline Lualhati Reed, (head of Overseas Women’s Club) and Michael Duque of UK Philippine Nurses Association.

    Support the campaign!!!! Boycott British-made items. The Brits should know (and Americans, too) that the only movie- and TV-characters that should be given to Filipinas should be of nuns or gigglish teenagers or all-suffering mothers, not prostitutes nor sluts-in-maid-uniforms.

  221. UP n grad on Tue, 7th Oct 2008 9:14 pm 

    A youtube clip of the comedy-skit is here:
    http://www.youtube.com/watch?v=FL9KrTGx28E&feature=related

    And one of the commenters (a Pinoy based on his many blog-entries) said:
    oh yeah and very hospitable filipino is. but dont forget that filipino’s are greedy and end envious too. and everyt5ime they saw a white people they go “0H MY GOD A WALKING ATM”.

    Another commenter said :

    jewelces4106 (1 hour ago) y
    elow mga kapwa pinoys,, dpat hindi agad mg over react .. walang ko mkita masama sa show.. its a comedy show remember.. hwag po tayong pikon ,, PLS DONT MAKE THE ISSUE LONG…tnxs

    —-

  222. d0d0ng on Tue, 7th Oct 2008 11:12 pm 

    “Have you mentally surveyed this forum to find out how many could be actual US voters?

    Excellent point, Amadeo!

    Leytenian vote for McCain counts because she is in Florida. And so is Bencard though he is silent but he will cast his vote. Same way I do.

    The rest are just balooney, don’t count at all because it cannot be translated to vote come November.

  223. Pilipinoparin on Tue, 7th Oct 2008 11:55 pm 

    I’ll vote for John. Obama? He is just the usual democrat, panay dada.

  224. UP n grad on Wed, 8th Oct 2008 12:07 am 

    pro-MILF thuggery :twisted: d0d0ng :oops: and Bencard think alike???? :lol:

    Woooohhh–weeeee!!!! :roll:

  225. d0d0ng on Wed, 8th Oct 2008 12:24 am 

    UP n grad – you oversimplify too much. US citizens have different reasons for voting for McCain. It doesn’t mean we think alike.

  226. d0d0ng on Wed, 8th Oct 2008 1:44 am 

    “I’ll vote for John. Obama? He is just the usual democrat, panay dada.”

    Very good, Pilipinoparin. That is where it counts. Not just the blab for change – Obama’s big mantra.

  227. TonGuE-tWisTeD on Wed, 8th Oct 2008 4:45 am 

    Choose: a Harvard topnotcher OR the 5th bottom dweller in the Academy batch of 890 grads?

    Love the smell of Republican fear and panic in the morning.

  228. leytenian on Wed, 8th Oct 2008 5:22 am 

    KG,

    you are right . I’m now back to health care management. Other industries has no rooms for me. Lucky to have the background, the job was was much easier to find. Remember I am self employed – any industry will apply in consulting. Healthcare has rooms for me in this time of crisis. I don’t like it but I have no choice.

    Obama’s healthcare policy are not populars among healthcare professionals. Majority in this industry who are paid in mid and upper income level are republicans except for those who are CNA’s, and low income healthcare employees. The ones that value welfare over pride of one’s hardwork. Sorry… but I have to be blunt. Welfare and giving them fish will not help america’s economic problem. The Republicans policy is perfect for this crisis. Low taxes both individuals and corporations to generate employment.

    Gas price is now down at $90.00/barrel. What does it mean?

  229. leytenian on Wed, 8th Oct 2008 5:39 am 

    amadeo,

    “Have you mentally surveyed this forum to find out how many could be actual US voters? – Those who comment and those who are lurkers.”

    hahaha, funny. of course I have mentally surveyed most of the bloggers here. I am sharing the side of Republicans and the others are sharing their sides being democrats. It is not my biz to know if they are actually voters or losers… oh sorry… lurkers. It’s ok. It just so happened that the topic is about chicken. :)

    UP N,

    On Deregulations:

    The Gramm-Leach-Bliley – BANK DEREGULATION bill was made into law during the Clinton’s Administration in 1999. The law allowed commercial and investment banks to CONSOLIDATE. It tore down the artificial walls between financial institutions. Meaning, Bank of America could have not been able to acquire Merrill Lynch, which would have been impossible prior to Gramm’s deregulation. Merrill would either have gone under or been bailed out by the taxpayers. Similarly, J.P. Morgan wouldn’t have taken over Bear Stearns, and Barclays Bank wouldn’t be considering buying Lehman Brothers. Recently Wachovia Bank will not be able to consolidate with Citibank without the Gramm Leach BILL.

    Democrats blame this bill for the current financial crisis. It is the Democrats Scapegoat. And Yet, Joe Biden , VP of Obama supported the bill. Robert Rubin and Larry Summers, Clinton Treasury officials whom Obama relies on for advice, supported it. Bill Clinton signed the BILL and admitted that it’s the democrats who opposed the Republicans to start regulating the Banks in 2003 and 2005. The regulation BILL will only extend loans to creditworthy customers . Instead, the democrats push for more deregulations thru CRA and the law of redlining. Obama sued Citibank for not extending loans to more minorities and underserved individuals which are mostly members of ACORN. Youtube search: Acorn and Obama.

    true it’s good to provide housing to low income people but the opposite had happened- a financial mess that affects the whole world.

    Here’s a simple example: you lend money to your neighbor in pinas, knowing the fact that your neighbor has an unstable job with history of bad credit to others. There are two reasons why you lend your money to your neighbor, 1. you believe that you’re neighbor will pay you back 2. you have a big heart. Now your neighbor has only paid you for 1 year of the 5 year term loan ( for example). Who’s fault is that? It is Obama’s fault for extending credit to neighbors who cannot pay, period.

    Deregulations by democrats to attack Republican author Phil Gramm of the 1999 Gramm Leach Bliley BILL is naïve. Today, Arnold Swazeneger announced budget deficit in the State of California, a democratic State. He is asking a 7B funds from Federal government.

    TEACH the people how to fish instead of giving them the Fish….

    Obama is giving his people the fish and he is trying hard to tell the pinoy that we belong to that equation. Excuse me Obama, majority of Pinoy in america are highly educated and belongs to the middle and upper income. We believe in contributing to the system and outsourcing of jobs to Philippines :)

  230. TonGuE-tWisTeD on Wed, 8th Oct 2008 5:43 am 

    Remember the mathematical modeling of the body count employed by McNamara during the Vietnam war.

    The US lied about “leaving no men behind” in Vietnam. Documented evidences on POW-MIA-KIA like those found in the Soviet archives, the depositions of witnesses who received radio transmissions of pilot serial codes, actual satellite sightings of these codes in farm fields dismissed by Washington as “shadow and vegetation”, and the first hand knowledge of surviving veterans were either: 1. dismissed as insufficient; 2. witness’ character was assailed; 3. deemed private thus would not fall under the Freedom of Info Act.

    Even close relatives weren’t allowed to know if reports that sightings of their missing loved ones were true. That’s because of one POW out of the 591 released then wouldn’t allow such info to be revealed: Sen. John McCain.

    See a sample document by DPMO on “denial of specific info here.

  231. TonGuE-tWisTeD on Wed, 8th Oct 2008 6:11 am 

    That’s TRUTH, McCain style. (McCain’s Truth Bill)

    How about WAR HERO – McCain’s definition? A mere 20hrs. of combat flight, shot down and captured; and causing fire and deaths to USS Forrestal by “Wet-Starting”

    And MAVERICK? Being DIFFERENT by doing the SAME things for the past 26 years!

    Go, McCain, Go! Your grave is waiting for you.

  232. leytenian on Wed, 8th Oct 2008 6:31 am 

    anthony scalia :
    “i thought obama represents what makes (or made) America great – equal opportunity for all regardless of background, income class, gender, age, political and religious persuasion”

    sorry to say that the result of giving them fish is the opposite of what US majority wants. Obama’s agenda is insecure and will take US to a bigger problem. His own people will demand more welfare . His foundation is understandable to be insecure and will always be naive. God bless him in the WHITE house. He wants to be the first black president and will provide welfare to everybody. I will suggest to Obama to run in the Philippines. :)

  233. leytenian on Wed, 8th Oct 2008 6:33 am 

    hahaha. this is entertaining.

  234. KG on Wed, 8th Oct 2008 7:25 am 

    Amadeo,d0d0ng,

    wala pala kaming karapatan, magcomment ke Mccain o Obama.dahil nandito kami sa pilipinas, we cannot walk our talk.

    well, at least you have noticed what our friend leytenian has been doing, If Palin is the attack dog,what can I call her?

    oops wala pala akong karapatan, bakit ko binaggit si Palin,baloney nga pala.

  235. TonGuE-tWisTeD on Wed, 8th Oct 2008 7:38 am 

    Yeah, KG. We might as well ask Manolo to remove this thread entirely. “Balooney” (not baloney) daw.

    Love the smell of Republican fear and panic in the morning.

  236. rego on Wed, 8th Oct 2008 8:16 am 

    “The rest are just balooney, don’t count at all because it cannot be translated to vote come November”- dodong

    Naku alam naman nating lahat na karamihan sa mga commenters dito ay based sa Pinas and non American voters eh..

    Kung gusto talaga ni Leyetenean mangampanya kay Mc Cain, dapat hindi dito sa blog na to. Doon dapat sya sa mga blog na American voters lang ang commenters. Nagsasayang lang sya ng oras dito at space . Kahit ilang links pa ang i post nya dito ay talaga naman walang syang makukhang tulong dito para manalo si Mc Cain eh. Well, ang pwede lang mangyari ay malaman nya kung sino ang kakampi nya na US voters dito.

    Ngayon dahil andito na rin sya, eh di malaya ang lahat ng commenter na mad react sa mga sinusulat nya.

    Ako, malinaw na simula pa lang ng Clinton/Obama contest, na hindi ako US citizen at wala akong karapatang bomoto. Pero masugid akong nagmamasid sa eleksyon na dahil dadating din ang panahon para magdesisyon kung mananatili na ako dito o hini. & taon pa lang ako dito eh.

    Im am not a partisan observer though, Im very much open for either candidates. (well actually I like Hilary)..I have been swinging from Mc Cain and Obama becuase I dont see a really big diffrence from their platforms. But lets face it. Mc Cains campaign has obviously gone sooooo negative out of desperation and its tuning off a lot of people (that includes me) . Obama’s campaign on the other hand is much much better and thats the reason why he is leading. Do I believe and trust all of Obama’s press realeases? Honestly, I dont believe he can deliver all of them (just like Bush and the previous presidents). Do I believe that he will be a better president than Mc Cain.? Im not sure. I believe that remains to be seen. How wll America survived the current crisis naman will not entirely depend on the coming president eh.

    But I do like to reply to some of the post that I read when I I feel I have something to say about it.

    La lang…..

    .

  237. rego on Wed, 8th Oct 2008 8:27 am 

    we all know that majority of the commenters here are not US citizen, I have been very clear from the start of Obama clinton contest that I am not an American voters. What I dont understand is why Leytean is campaigning so hard in this blog when she knows that she cannot really get votes for Mc Cain in this blog. She should just go to Amadeos blog or other blogs were the commenters are all US voters.

    Ngayon habang nandito sya, malaya ang lahat na mag reply sa comments nya. And I can see she just love the attention that is receieving…..

  238. supremo on Wed, 8th Oct 2008 8:49 am 

    tongue…,

    ‘Choose: a Harvard topnotcher OR the 5th bottom dweller in the Academy batch of 890 grads?’

    You are using Filipino standards of who is better. Filipinos have low regard for soldiers but will usually kneel before a Harvard graduate. In the US even a private is honored with a parade in his hometown after coming back from war.

  239. cvj on Wed, 8th Oct 2008 10:29 am 

    …so much for ‘American standards.’

  240. supremo on Wed, 8th Oct 2008 10:51 am 

    …so much for ‘American standards.’

    Look who’s talking. This a person who chose the economist over the actor and regretted his decision.

    Have you apologize to the your fellow Filipinos yet?

  241. cvj on Wed, 8th Oct 2008 1:06 pm 

    i’m not Garci so i have nothing to apologize for. my vote had nothing to do with GMA being in Malacanang.

  242. devilsadvc8 on Wed, 8th Oct 2008 5:09 pm 

    on the contrary, your vote and those who thought like you had A LOT to do with GMA being in Malacanang.

    without your votes, GMA’s more than 1 million padded votes wouldn’t have been enough to overcome FPJ’s votes. she needed your votes to lessen the cheating needed.

    you provided it conveniently.

    no hard feelings though, cvj. we know of your remorse now.

  243. devilsadvc8 on Wed, 8th Oct 2008 5:12 pm 

    btw, economic crises such as this one opens up a lot of opportunities for those who know how to seize it.

    in times like these are millionaires made. you only have to know when to strike.

    and before i forget, who knew pardons are now for sale to the highest bidder?

  244. cvj on Wed, 8th Oct 2008 7:36 pm 

    Devils, ok you’re right. i’m sorry i voted for GMA.

    Good to hear from you. i see that your prophecies are so far on track.

  245. grd on Wed, 8th Oct 2008 9:11 pm 

    so, the “grumpy old man” failed to rattle Osama… este Obama.

    http://www.abs-cbnnews.com/world/10/08/08/angrier-mccain-fails-rattle-obama

  246. UP n grad on Wed, 8th Oct 2008 9:37 pm 

    Obama and McCain both said the US should not wait for the United Nations if Iran were to strike Israel. But Obama (correctly, in my opinion) continues to say that the US should start high-level contacts and discussions with the likes of North Korea and Iran.

    As far back as 5 years ago, the US military had always been worried that there is no “hot line” direct phone link between the US State Department and the equivalent in Iran. the direct-link is needed so cooler heads (i.e. diplomats) can immediately talk and control things should there be a flash-encounter between naval vessels in the Hormuz.

  247. d0d0ng on Wed, 8th Oct 2008 10:46 pm 

    tongue on, “choose, a Harvard topnotcher OR the 5th bottom dweller in the Academy batch of 890 grads?”

    Unlike Filipinos who chose Arroyo, Americans are not into ivy league school backgrounds to become president.

  248. d0d0ng on Wed, 8th Oct 2008 10:59 pm 

    KG on, “wala pala kaming karapatan, magcomment ke Mccain o Obama.dahil nandito kami sa pilipinas, we cannot walk our talk.”

    You have your opinion. There is a world opinion at large. Obama is popular in world opinion. That has little to do with Americans choosing our president. This is not a popularity contest.

  249. d0d0ng on Wed, 8th Oct 2008 11:17 pm 

    Tongue on, “Yeah. We might as well ask Manolo to remove this thread entirely.”

    Pilipinos get easily offended. Don’t take it personally. It is true that you have your opinion. It also true that your opinion doesn’t count if you cannot vote. That is reality. If I have retain that kind of attitude, I would have leave this place a long time ago.

  250. d0d0ng on Wed, 8th Oct 2008 11:24 pm 

    “You are using Filipino standards of who is better. Filipinos have low regard for soldiers but will usually kneel before a Harvard graduate. In the US even a private is honored with a parade in his hometown after coming back from war.”

    Excellent point, Supremo

  251. d0d0ng on Wed, 8th Oct 2008 11:56 pm 

    rego on, “Do I believe that he will be a better president than Mc Cain.? Im not sure. I believe that remains to be seen. How wll America survived the current crisis naman will not entirely depend on the coming president eh. ”

    Without debates, Americans have fairly chosen in mind their president. The impact on debate is to help those undecided voters. The poll result simply show that swing on which is only a part of the population.

    Everybody knew McCain. Obama in most part is questionable. This is reflected in the voting age. 40+ will go for McCain while voters less than 40 will go Obama which is consistent for the known fact that younger ones go for riskier choices.

    Unlike in the Philippines, the Americans put much weight on decision of how much a potential president will listen to the people to govern America. That puts Clinton in economic boom and Bush in the war times.

  252. d0d0ng on Thu, 9th Oct 2008 12:53 am 

    “As far back as 5 years ago, the US military had always been worried that there is no “hot line” direct phone link between the US State Department and the equivalent in Iran.”

    There is no such need. We don’t ask Iran, we rely on our military commander. Both candidates knew US unilaterally can go to war as provided for in its charter. The straight of Hormuz is the chokepoint for oil shipments coming Persian Gulf. The US military providing protection is tested almost daily by the Iranian gunboats. The military has clear mandate and instruction in any possible engagement.

  253. supremo on Thu, 9th Oct 2008 1:47 am 

    ‘But Obama (correctly, in my opinion) continues to say that the US should start high-level contacts and discussions with the likes of North Korea and Iran.’

    Sabi lang ni Obama yan. Baka naman pag President na siya umulan na lang ng tomahawk sa Tehran parang si Clinton.

  254. TonGuE-tWisTeD on Thu, 9th Oct 2008 4:07 am 

    Unlike Filipinos who chose Arroyo, Americans are not into ivy league school backgrounds to become president.

    Ah, good. Great choice, that Bush, by the way. Good luck on McCain. Believe me, you need it.

    Love the Republican fear and panic in in the morning.

  255. TonGuE-tWisTeD on Thu, 9th Oct 2008 4:19 am 

    Pilipinos get easily offended. Don’t take it personally. It is true that you have your opinion. It also true that your opinion doesn’t count if you cannot vote.

    Elections are personal choices. Are you voting McCain because your wife says so? I’m a businessman whose present income depends entirely on the US stock market. I may not be a voter, but I am a stakeholder, your banks make money out of my money, my opinion counts. My vote doesn’t.

  256. d0d0ng on Thu, 9th Oct 2008 4:30 am 

    “Great choice, that Bush, by the way.”

    Yes, we voted for him in the war. Bush is not popular in the world but that was American decision not world decision.

  257. supremo on Thu, 9th Oct 2008 4:35 am 

    ‘Love the Republican fear and panic in in the morning.’

    Hey Crappola! Don’t forget that Dubya kept GMA from declaring martial law. Obama as President may not care so much.

  258. leytenian on Thu, 9th Oct 2008 4:39 am 

    “Obama Sued in Philadelphia Federal Court on Grounds he is Constitutionally Ineligible for the Presidency”

    In the lawsuit, Berg states that Sen. Obama was born in Kenya, and not in Hawaii as the senator maintains. Before giving birth, according to the lawsuit, Obama’s mother traveled to Kenya with his father but was prevented from flying back to Hawaii because of the late stage of her pregnancy, “apparently a normal restriction to avoid births during a flight.” As Sen. Obama’s own paternal grandmother, half-brother and half-sister have also claimed, Berg maintains that Stanley Ann Dunham–Obama’s mother–gave birth to little Barack in Kenya and subsequently flew to Hawaii to register the birth.

    good luck Obama

  259. d0d0ng on Thu, 9th Oct 2008 6:03 am 

    Thank you for asking. I can tell resentment when you suggest a wife (Filipino culture) can decide on ones vote.

    Anyway, I am very sorry of your plight having income dependent entirely on US stock market. It is at its worst. Just this weekend a 45 yr old accountant that worked before with PriceWaterhouse killed his entire family including a 19 yrs old son -Fulbright UCLA scholar, just because of losing an entire family fortune invested in a holding company. We used to walk along the curving lanes with beautiful houses in the vicinity of tragic incident at Porter Ranch, am familiar with the place. I too lost a fortune in stock options but that is life as taking more risks.

    Your hope is on McCain, not Obama. McCain was the first one to prioritize attention (and pause the debate) to the crisis – a trademark of a leader. US is in the period of deflation. Obama’s plan will put US among the top 6 countries with highest taxes in the world. The unemployment of current high taxed countries exceeded 8%. That means US companies will move more operations abroad, double unemployment, drive out small businesses from competition (3/4 of small businesses earned $250k or more, will be taxed by Obama). Unlike Clinton, Obama will change rule on union – easier for them to come in than before, increasingly detrimental to US production and increase entitlement to union workers. That is how we assess impact on US business operation.

  260. UP n grad on Thu, 9th Oct 2008 6:08 am 

    d0d0ng: are you claiming that you voted for Dubya? :?:

  261. d0d0ng on Thu, 9th Oct 2008 6:23 am 

    I voted for Clinton in his 2 terms for economic reason. I voted for Bush in his 2 terms for war. I will vote for McCain for both economic and war.

    Plain and simple.

  262. UP n grad on Thu, 9th Oct 2008 6:24 am 

    to tongueTwisted: I bought some shorts in May/June/July and I’m happy for it…. SH, PSQ, DOG, DUG, EFZ.

  263. leytenian on Thu, 9th Oct 2008 6:35 am 

    america needs a bipartisan leadership. McCain is known for that. When america’s economy is weak, extremism may become stronger. MCain is better for national security and stabilizing the economy. The Republican ticket is also good for Asia.

  264. d0d0ng on Thu, 9th Oct 2008 6:42 am 

    UPn – this is probably the best time to scoop up the clobbered stocks out there. But who has the extra mileage after losing in the financial crisis.

  265. rego on Thu, 9th Oct 2008 7:39 am 

    “Without debates, Americans have fairly chosen in mind their president. The impact on debate is to help those undecided voters. The poll result simply show that swing on which is only a part of the population” -Dodong

    I was not impressed by last night’s debate in terms of issues. Both candidates are saying nothing new and there was really no knock out punch from either side. well Mc Cain did come up with something new , the bail of home mortages. But the presentation is so vague.

    However, personality wise, I believe na malaki ang laman ni Obama. He is cool , consistent and cautious . compared to Mc Cain.

  266. leytenian on Thu, 9th Oct 2008 7:55 am 

    Obama is likely to adopt protectionist policies. And don’t just look at what he says. Obama’s voting record is more anti-trade than McCain’s or even Biden’s. Protectionism will benefit neither the US nor Philippines.

    http://www.freetrade.org/congress?senator=84

  267. rego on Thu, 9th Oct 2008 8:04 am 

    here the reason why both candidate should stop
    negative campaigning

    http://www.cnn.com/2008/POLITICS/10/06/independent.voters/index.html

  268. rego on Thu, 9th Oct 2008 8:07 am 

    I totally I agree withis one after watching last night debates…

    http://www.nydailynews.com/opinions/2008/10/08/2008-10-08_obama_keeps_momentum_in_debate_with_mcca.html

  269. TonGuE-tWisTeD on Thu, 9th Oct 2008 8:15 am 

    UPn,
    Good job! Since January, it’s pretty much a hit-and-run game I’m playing I’m almost burned-out. Love the volatility though. It pays having former colleagues handling your account. Yesterday I was +18% on VRML.PK. (oooopss!) Not bad for a day’s work.

  270. d0d0ng on Thu, 9th Oct 2008 10:07 am 

    I just got home and 2 things happened. It never happened before but there were messages from 6 different mortgage companies offering lower rates and a couple more calls. I told them call me back if they can guarantee 5% or less 30 yrs fixed no closing cost with cash outlay. The agents were eager to call me back as soon as they can firm up their programs.

    Apparently, Treasury Department recently announced that they fasttracked selection process of bailout contractors. Second, McCain’s homeowner bailout rather than Wall Street put priority on homeowners and working Americans. Obama is on demolition job to discredit McCain and out of touch of what is going on behind the scene. As homeowner we care less as we already lost value of our stocks, what matters is our home and our pocket.

    The other thing, we just got our mail-in votes. In 5 minutes, it is done and for mailing tomorrow – McCain for president.

  271. UP n grad on Thu, 9th Oct 2008 10:33 am 

    to leytenian and d00d0ng: you folks should read this and pass in on. Testimonials to John Mccain from POW’s. Page 4 starts with :
    There is no question that McCain suffered hideously in North Vietnam. His ejection over a lake in downtown Hanoi broke his knee and both his arms. During his capture, he was bayoneted in the ankle and the groin, and had his shoulder smashed by a rifle butt. His tormentors dragged McCain’s broken body to a cell and seemed content to let him expire from his injuries. For the next two years, there were few days that he was not in agony.
    ..
    ..
    According to Dramesi, one of the few POWs who remained silent under years of torture, McCain tried to justify his behavior while they were still prisoners. “I had to tell them,” he insisted to Dramesi, “or I would have died in bed.”

    Another one who provide a testimonial to McCain is Colin Powell’s former chief of staff:

    “It took guts to go through that and to come out reasonably intact and able to pick up the pieces of your life and move on,” says Wilkerson, Colin Powell’s former chief of staff, who has known McCain since the 1980s. “It is unquestionably a demonstration of the character of the man. .

    http://www.rollingstone.com/news/coverstory/make_believe_maverick_the_real_john_mccain

    ———–
    Rego : you should read the article, too.

    [d0d00ng: not for you. It makes no mention of the MILF attacks against civilians.]

  272. hvrds on Thu, 9th Oct 2008 11:23 am 

    “Apparently, Treasury Department recently announced that they fasttracked selection process of bailout contractors. Second, McCain’s homeowner bailout rather than Wall Street put priority on homeowners and working Americans. Obama is on demolition job to discredit McCain and out of touch of what is going on behind the scene. As homeowner we care less as we already lost value of our stocks, what matters is our home and our pocket.” Stupid is as stupid does.

    Is McCain stupid? It certainly looks like it. $300 billion to bail out homeowners.

    For the stupids like McCain.. Retail mortgages have been already sold to wholesalers through brokers like Fannie Mae and other investment banks.

    The are now consolidated under bonds called asset backed securities and sold to many other institutions who also bought insurance versus default called credit default swaps.

    The treasury is about to buy some of these securities that have turned toxic. Hence the underlying values -home prices are a big unknown as they have dropped and still continue to drop in certain areas of the U.S.
    Naturally these instruments also hold property rights to these homes. Home owner could not pay for his mortgage.

    Is McCain suggesting that the government simply buy these mortgages for the principal amount of the loan or the appraised value of the home at the start of the process. The present fair market value of the home is unknown.

    Pray tell who is going to set the price of the buyout???

    Isn’t the Treasury already going to do that on a wholesale level?????

    Is McCain suggesting that the government pay full value for these securities at full face value? But the guys who did the shit will get a windfall and the taxpayer will get the short end of the stick…

    But McCain is a maverick… That is a dammed stupid idea.

    Is McCain that stupid!!!!!Or was he trying to impress the stupids elsewhere…

  273. hvrds on Thu, 9th Oct 2008 11:39 am 

    In Short the price of housing in the U.S. today is a moving target!!!!!!! Headed mostly down……

    Who will peg it down in the short term to allow a fix??????

    Maybe Sarah could by invoking the God of Mr. Market, Ronald Reagan…

  274. UP n grad on Thu, 9th Oct 2008 12:18 pm 

    hvrds: you have been taken by d00d0ng’s nonsense bullshit that he has gotten phone calls from mortgage lenders because the Treasury has already fasttracked and selected some bail out contractors.

    The Treasury is fast tracking… yes… but one has to wait at least a couple more days before any winners get announced!!!!

    http://money.aol.com/news/articles/_a/treasury-works-rapidly-to-pick-bailout/n20081007180909990015?ecid=RSS0001

  275. d0d0ng on Thu, 9th Oct 2008 11:26 pm 

    hvrds – i love your rant but it tells me something that you are not a homeowner and out of reality. By this time, majority of overfinanced homeowners have already filed bankruptcy. There is oversupply of bank owned or foreclosed properties out there. We walk everyday, and saw these abandoned huge houses in every other corner a unique holloween treat in 2008. You can say good riddance, they should not have the houses in the first place.

    The people who are left in the neighborhood are those who can met their monthly mortgage but now are threatened by job layoffs as economy is contracting, lost savings and high property taxes, next in line for bankruptcy.

    The current option right now effective July 2008, is to refinance a home loan with lender and homeowner to compromise on the loss of market value. Besides a little relief on homeowner, the loss recognition will devalue the mortgage securities further and continue to put burden on the financial market.

    McCain’s plan is simple. FHA will wipe out the original loan, kept the value of securities stable, prevent further deterioration and hold unemployment related to financial crisis. The bigger beneficiary is the homeowner who will have lower monthly payments and low property taxes on new loan fixed at 30 yrs. The difference between loans will be in the federal books amortized in 30 yrs making a speedy recovery in the mortgage market in 5 yrs. The plan will start in January 2009 when McCain will become president.

    This is big boost to Filipino nurses who can refinance their loans at low rate. My friends in healthcare are spreading word to vote for McCain for the homeowner bailout.

  276. supremo on Fri, 10th Oct 2008 3:37 am 

    I rather vote for a make believe maverick than a make believe natural born citizen.

  277. d0d0ng on Fri, 10th Oct 2008 4:06 am 

    Darn, things are getting titanic.

    There will be another financial earthquake coming ahead. While the national government is sorting on the bailout for banking and financial companies, there is a looming meltdown of state and local government. California is already $3billion in a hole for its 2008-09 budget and is borrowing $7billion (by selling municipal bonds on the market where there are no takers) for running current operation and services against tax receipts that are not available until 2009. Both governor and senators are talking with Treasury Secretary but the latter balked of starting a precedent of bailing out all 64,000 issuers of municipal debts. New York which is the hardest hit of wallstreet crises and lost revenues is also looking for solution.

    Both Obama and McCain are reassuring the public that all the problems can be fixed. But no one has told the public that we hit an iceberg and we need more lifeboats or bailouts as we will know in the coming weeks when states will be asking for help as the entire econony will start to sink.

    May God help us.

  278. leytenian on Fri, 10th Oct 2008 5:10 am 

    We need a president that gets more respect from all networks. Obama for me is too inexperienced and risky in terms of having a bipartisan style of management. The financial crisis is no longer about democrats and republicans, this is a joint effort and teamwork.
    Records show McCain more bipartisan:)
    http://www.washingtontimes.com/news/2008/sep/15/records-show-mccain-more-bipartisan/?page=3

  279. leytenian on Fri, 10th Oct 2008 5:16 am 

    dodong is right,

    people who lost their jobs, in the process of foreclosures ( lis pendens )has four options.

    1. deed in lieu of foreclosures. you pay the bank for all back charges at SALE datae. The last day in court after 3-6 months of extensions of non payment
    2. short sale
    3. mitigate loan and delay payment- defer monthly payment to 6 months. most banks allow this.
    4. refinancing. common for ARM loans or homeowners with high interest rates.

    a homeowner can delay foreclosure or defer up to 1 year especially if one hires a lawyer.

    those options may not apply to investors. depending on the bank and income qualification.

  280. rego on Fri, 10th Oct 2008 8:28 am 

    UPn,

    Yes I’ ve just read your link. But honestly Im not very interested on those kind of article. Thats the reason why I was never ever tempted to open all the links provided by leytenean. What I actualy do is that I keenly observed the behavior of each candidates by my self and and read read read read what they are offering to the public or their platforms.

    I dont know but for some reason, I trust Obama more than Mc Cain. Especially after the last debate. I had a very negative vibes on Mc Cain based on how he behave on that debate. Sad to say, to me he has not learned so much from his very long stay in the senate.He is sooooooooooo unpresidential.

    I just realized after the debate , that Mc Cains politics is just soooooooo jaded for me and Im having a hard time relating to it. I dont think he is maverick, I actually find him to be very erratic . He said he will not debate but in the last minute he decided for it. His sense of judgement also scared me when he choose Palin as vice president. What kind of vice president is that ( This also the reason why I did not vote for Gloria when he choose Noli as vice president)

    I have been reading a lot about Mc Cain platforms and most of them is not appealing to me. I used to think that his healthcare platform was better than Obama. ButI after Obama rebutted him in the last debate, I dont think it was a good idea at all. Then one group of undecided voter that was inteviewd by Katie Courix after the deabte said , Mc Cain healtcare program is not applicable to peopel with existing precodition. And of cours I believ heatlcare is a right not a responsibility that Mc esouses.

    I was very interested ont Mc Cains home owners mortgage bail -out becuase I though that was the right thing to do than bailing out the Wall St. However, I am not reading any positive feedback about it. I actually actually have my own home remodling company on the side on top of my regular job in a Construction Company, Right now I am maintainng 6 expensive houses in Manhattan, Brooklyn and Greenport ( worth $2M -up ) on the weekends. Curently Im fliiping a two family brownstone house in Jersey City. I know how bad really is the housing market. So I know how really really bad is the housing sector. Three of my caucasian regular clients that I asked so far also dont like the bail-out plan of Mc Cain. And off course, just like Dodong , this is not the only main economic concerns of the people now. There is the shrinking 401K , fear of losing jobs and so on and on. so I dont thnk this will help much the majority of the people

    On foriegn policy, I am more comfortable with Obamas style than Mc Cain.

    I ised to think that there is nothing wrong with Mc Cains offshore drilling, but again after Obama explanation during the debate. I feel that it is actually a wrong policy.

    And then there are just so many negative campaign coming from Mc Cains side. Even worst, they made Palin as their attack dog. Who would want to listen and believe Palin after hisdismal performance in two interviews and a so so perfromance in the debate?

    I have also some negative feeling on Obama but they are much much fewer compared to Mc Cain. One thing that I dont like about Obama, is that just like Mc Cain, I dont think he really really know what to do about the Economy, I am not getting a very good presentation on what is really wrong with the economy form both of them. To me it is very important that they really understood the problem
    before they present the solution. I really really waiting for these two candidate to say something about the what is wrong with current economic structure rather than just blaming the greed and dergulation. What structural changes ( aside from deregulation) they are going to implement to correct the problem. But the good thing is, I watched one epsisode of Charlie Rose this week and one non partisan panelist was optimistic about Obams becuase he has a very well respected group economic adviser. Even Warren Buffet , that Mc said woul be the best Treasury secretary to have is an Obama supporter

    So believe now that Obam is much better choice than Mc Cain. And Im very interested and excited to know how he will perform in office.

  281. leytenian on Fri, 10th Oct 2008 9:49 am 

    Given the above, the following would be great questions for Barack Obama

    1. Why did you stand silent in 2005 and vote with the other Democrats to block very financial reforms which would have prevented the current crisis in the financial markets?

    2. One of the primary reasons so many bad mortgage loans were made in the first place is that “community organizers” like ACORN, for which Obama worked, spent decades pressuring banks and bank regulators to do more to make mortgages available to people without much in the way of income, assets, or credit. These campaigns often were couched in racially inflammatory terms. Does Obama still think that banks should have made these loans?

    3. Why did you not favor punishment for the former CEO of the bankrupt Fannie Mae, Franklin Raines, a man who personally made $90 million over a few years while cooking the books Enron-style at Fannie Mae? And why did you have Jim Johnson, former Fannie Mae Chairman, helping you pick you VP before the pure embarrassment made him resign?

    4. How can you blame John McCain and the Republicans for this mess when you yourself supported the easy credit policies and refused the needed reforms for these programs?

    5. How can you blame John McCain and the Republicans for this mess when you yourself supported the easy credit policies and refused the needed reforms for these programs?

    Even Bill Clinton new
    http://www.youtube.com/watch?v=XsynspIqAoE&feature=related

    Fannie Mae CEO, Daniel Mudd calling Obama and the Dems the “Family” and “Conscience” of Fannie Mae. He admitted that Fannie Mae has lent more money to more minorities and more underserved individuals than any single company in history.
    http://www.youtube.com/watch?v=usvG-s_Ssb0

  282. rego on Fri, 10th Oct 2008 7:38 pm 

    Just corrected some grammatical and typo errors. Sorry about the earlier post .

    UPn,

    Yes I’ ve just read your link. But honestly Im not very interested on those kind of article. I did not even read all of them I just scan it. Thats the reason why I was never ever tempted to open all the links provided by leytenean. What I actualy do is that I keenly observed the behavior of each candidates by my self and and read read read read what they are offering to the public or their platforms.

    I dont know but for some reason, I trust Obama more than Mc Cain. Especially after the last debate. I had a very negative vibes on Mc Cain based on how he behave on that debate. Sad to say, to me he has not learned so much from his very long stay in the senate.He is sooooooooooo unpresidential.

    I just realized after the debate , that Mc Cains politics is just soooooooo jaded for me and Im having a hard time relating to it. I dont think he is maverick, I actually find him to be very erratic . He said he will not debate but in the last minute he decided for it…He is attcaking Obama for inexperience but look he choose a vice president is obvioulsy very very much inexpereinced on national and international politics. His sense of judgement also scared me when he choose Palin as vice president. What kind of vice president is that ( This also the reason why I did not vote for Gloria when she chose Noli as vice president)

    I have been reading a lot about Mc Cain platforms and most of them is not appealing to me. I used to think that his healthcare platform was better than Obama. But after Obama rebutted him in the last debate, I dont think it was a good idea at all. Then one group of undecided voter that was inteviewd by Katie Couric after the debate said , Mc Cain healthcare program is not applicable to people with existing precodition. And of course I believe healthcare is a right not a responsibility that Mc Cain espouses.

    I was very interested on Mc Cain’s home owners mortgage bail-out plan because I thought that was the right thing to do than bailing out the Wall St. However, I am not reading any positive feedback about it. I actually have my own home remodeling company on the side on top of my regular job in a Construction Company, Right now I am maintainng 6 expensive houses in Manhattan, Brooklyn and Greenport ( worth $2M -up ) on the weekends. Curently, Im fliiping a two family brownstone house in Jersey City. So I know how really really bad is the housing sector. Three of my caucasian regular clients that I asked so far also dont like the bail-out plan of Mc Cain. And off course, just like Dodong said this is not the only main economic concerns of the people now. There is the shrinking 401K , fear of losing jobs and so on and on. so I dont think this will help much the majority of the people.

    On foriegn policy, I am more comfortable with Obamas style than Mc Cain.

    I used to think that there is nothing wrong with Mc Cains offshore drilling, but again after Obama explanation during the debate. I feel that it is actually a wrong policy.

    And then there are just so many negative campaign coming from Mc Cains side. Even worst, they made Palin as their attack dog. Who would want to listen and believe Palin after her dismal performance in two interviews and a so so perfromance in the debate? And geez, look at those Palin gaffes, it give me an impression na ang bobo bobo nya!

    I have also some negative vibes on Obama but they are much much fewer compared to Mc Cain. One thing that I dont like about Obama, is that just like Mc Cain, I dont think he really really know what to do about the Economy, I am not getting a very good presentation on what is really wrong with the economy form both of them. To me it is very important that they really understood the problem
    before they present the solution. Im really really waiting for these two candidate to say something about the what is wrong with current economic structure rather than just blaming greed and dergulation. What structural changes ( aside from deregulation) they are going to implement to correct the problem.

    But the good thing is, I watched one epsisode of Charlie Rose on PBS this week and one non partisan panelist was optimistic about Obama becuase he has a very well respected group economic adviser. Even Warren Buffet , that Mc said would be the best Treasury secretary to have is an Obama supporter. Then I heard one wall st executive before the debate that it would not be agood idea for both candidates to give all the details of their economic policies in pubic because any policies that would have a negative impact on the stock market could sent the the market spiralling down even more. So I can let this one pass and wait when Obama is already in office.

    So believe now that Obama is much better choice than Mc Cain. And Im very interested and excited to know how he will perform in office.

  283. rego on Fri, 10th Oct 2008 8:07 pm 

    Excellent questions for Obama Leytenean! Now my question is why Mc Cain did not brought these questions during the debates? His campaign is very much on the mudslinging mode any way.? Could it be because these questione doesn’t really matter much to the independent and undecided voters? And if Mc Cain raise these kind of questions, the Obama camp will even definitely just relataliate with similar questions? Eventually turning this campaign into a mudslinging contest?

    I dont know with you but to me both of these candidates has skeletons in their closet , has some dark past and no one is imaculately clean. I feel that if you based your selection process in these manner you will end up not choosing anyone even in the primary stage. Or just choosing the lesser evil. But how would measure that “evilness” How would decide which one is lesser.

    To me, politics is about relating to people. So it very very important that you present yourself to the voters particularly the undecided voters that dictates the result of the election, in a very relatable and likable manner. The obama campign is doing really really well in these aspect. Thats the reason why they are leading in the polls.

    Personally I would chose candidates whose actions/ behaviour and policies is more compatible with my mine. I would chose a candidate whom Im more comfortable with.

    And my choice is Obama. And if you choice is Mc Cain, thats fine!.

    Have a nice week end.

  284. leytenian on Sat, 11th Oct 2008 4:49 am 

    rego,
    glad you like obama and you accept that i like mccain. that’s fair and civilized. have a great weekend to you too.

  285. UP n grad on Sat, 11th Oct 2008 8:40 am 

    John McCain is getting booed more often at his rallies.

    By Republicans!!!!

    ….McCain was booed by his own supporters Friday when, in an abrupt switch from raising questions about Barack Obama’s character, he described the Democrat as a “decent person and a person that you do not have to be scared of as president of the United States.”

    This was in response to a white woman who said :

    I don’t trust Obama,” a woman said. “I have read about him. He’s an Arab.”

    ———————————

    Blowback….. Palin especially has been stoking the hate, and the polls shows hate-mongering only stokes their own while the independents are getting much more annoyed at the McCain / Palin campaign.

    Can McCain shove the racism genie back into the bottle?

  286. hvrds on Sat, 11th Oct 2008 9:46 am 

    Credit default swaps, Collateralized debt obligations and Collateralized loan obligations.

    ARM’s and fixed rate mortgages have been around for a long time.
    Fannie Mae was established in the 1930’s. Freddie Mac in the 1960’s. They were established primarily to give everyone a chance to own a home. That is no secret.

    Who indirectly sets the price for mortgages ? The Fed sets the price for short term rates. Who then sets the price for mortgages/. Indirectly the executive. Fixed rate mortgages are set based on the treasuries ten year note.
    ARMs’ are set on the basis of two year notes.

    The Fed acts as a check and balance as it sets the rate that banks lend to each other. The real culprit in monetary policy is the executive and fiscal policy with the Congress.

    Sometimes though the Fed like Greenspan becomes political. .

    Clinton left Bush with a budget surplus. Interest rates were low for that reason.

    The war happened and Greenspan instead had to help pay for the war and at the same time Bush cut taxes instead of increasing them to pay for the war.

    Bubble time….

    Then you had the orgy or jihad versus regulation of the financial markets…

    In comes the CDS to help out selling CDO’s and CLO’s
    Let us take a look at McStupid’s solution. Buy the debt of homeowners. But the debt has already been sold and resold. Now institutional investors and governments own the debt that has been consolidated.

    Even Russia owns some of that debt. Why was everyone so excited and why did it have good credit ratings. Because it was supposedly insured…. But who was looking over the shoulders of the insurers. Mr Market. But when people realized that there was too many policies coming in to be collected on that started a run.

    Obama and McCain and the rest of Washington had no clue concerning this so called instruments of mass destruction. Let the markets sort themselves out. Let the buyer beware.

    Now the NYSE is approaching the loss of the 1929 crash principally due to the fact that banks and institutions have a big hole in their balance sheets…. The flight to liquidity had started and it is now becoming more and more of a shut down of liquidity.

    Government now have to nationalize their banking systems since most people are putting their money into banks to lend to the state anyway. The U.S. will eventually lower overnite rates to almost zero to help recapitalize banks with public money.

    This is about wholesale banking. Mortgages are given at the retail level. they are then sold to Fannie and other investment banks who then resell them. The same with Equity loans, credit card loans and car loans.

    They are sliced and diced based on risk models of credit risk. They they are insured just like life insurance based on life expectancy.

  287. leytenian on Sat, 11th Oct 2008 10:29 am 

    credit default swaps

    http://www.youtube.com/watch?v=a1lVOO9Y080

  288. leytenian on Sat, 11th Oct 2008 10:44 am 

    Now imagine this scenario played out on a global scale, with the health of multinational banks and corporations — and the portfolios of untold individuals — at stake.

    Fannie Mae and Freddie Mac should be rated AA…
    http://www.youtube.com/watch?v=IMJciPFv5BE&NR=1

    connect all that with Obama’s ACORN , CRA extending loans to uncreditworty individuals . it is a fact that Obama’s legal experience is in litigation… Has he really understood the consequences of his actions? what is he going to to next? His relationship with previous Fannie CEO Raines cannot be ignored.
    http://www.youtube.com/watch?v=68D9XrqyrWo

    Barack Obama & Friends Caused U.S. Economic Crisis
    http://www.youtube.com/watch?v=RbkEAR2GgiA

    i hope people will get it this time.

  289. UP n grad on Sat, 11th Oct 2008 8:46 pm 

    The latest polls puts McCain at 41%.

    This is just about as low as a Republican presidential candidate can get. What it means is in fact what has become evident —- that the only remaining people interested in the Palin/McCain campaign rallies are the diehard kooks who believe that “Obama is an Arab… Obama is a Hussein…. Obama is a Muslim”. The independents and the conservative-Democrats have lost interest in watching or hearing Palin and McCain exhort the crowds about skeletons-in-the-Obama-closet or “lack of patriotism” stuff.

  290. grd on Sat, 11th Oct 2008 9:34 pm 

    that’s the spirit leytenian. twist and shout. go go go!

  291. leytenian on Sun, 12th Oct 2008 12:29 am 

    20% of the bail-out will go to ACORN . ACORN is supposed to be a non-partisan organization but conflict of interest exist because ACORN endorse Obama therefore Obama can be bought and corrupt.

    Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN

    http://www.youtube.com/watch?v=YxHancIezQA&feature=related

  292. UP n grad on Sun, 12th Oct 2008 5:30 am 

    I guess 3 days from now, someone will bring up the idea —- just don’t vote / why bother?


    First, let’s get something clear: Like the candidates or not, someone’s going to win. And yes, voting might boil down to choosing the least-bad – as opposed to the best – candidate. But that’s our democratic burden, imperfect as it is.

    We need only look at the 1998 elections in Venezuela to understand why Americans must never let the don’t-vote mentality take hold.

    The choices Venezuelans faced were awful. One candidate was from a corrupt political class that had ruled the country for decades and had used the presidency to enrich a well-entrenched oligarchy. The other was Hugo Chávez, a former army lieutenant colonel imprisoned for leading a failed, bloody coup in 1992, who had miraculously received subsequent permission to seek elective office.

    This man openly thumbed his nose at democracy and exploited the political laziness of Venezuela’s middle- and upper-class voters. Some chose not to vote. Others used the election holiday to fly to Miami. But the alienated working class swamped the polls and swept Mr. Chávez to victory.

    Once in office, he held numerous follow-up elections seeking to dissolve the legislature, rewrite the constitution and eliminate term limits so he could stay in office indefinitely. Venezuelans were slow to react as they watched him systematically dismantle the economic, judicial and political structure, rewrite laws and dissolve their democratic system.

    They eventually organized mass protests and get-out-the-vote campaigns. But by then, it was too late. Venezuelan democracy, as they had known it, was gone. Boy, do they regret not taking that 1998 vote more seriously.

    Above is from Dallas, Texas.

    http://www.dallasnews.com/sharedcontent/dws/dn/opinion/points/stories/DN-robberson_12edi.State.Edition1.1e94385.html

  293. rego on Mon, 13th Oct 2008 4:34 am 

    Leyetenean,

    I have one question for you. In case Mc Cain wins this election, how you feel waking up someday with a terrible news that Mc Cain died in office and Sarah Palin being the constitutional succesor became teh president?

  294. leytenian on Mon, 13th Oct 2008 5:38 am 

    rego,

    Worst case scenario, it will not affect my vote but if mccain will really die in office, then i have no choice but to be supportive for Palin to carry on his/her duty.

    i have a question to you too. Do you think there’s a conflict of interest exist between Obama’s campaign providing $800,000 to ACORN. An organization that advertise on its website as a non partisan organization and yet endorse Obama as their presidential candidate. Check this video for a fact:

    http://www.youtube.com/watch?v=iM708EjH0bs

  295. KG on Mon, 13th Oct 2008 8:25 am 

    leytenian,

    the only way they could validate that they are non partisan is to come clean that they are also funding the other side.

    Support everyone then you are already non partisan.

  296. UP n grad on Mon, 13th Oct 2008 9:15 pm 

    Recent survey reported by the Dallas, Seattle and Washington DC papers — that more than half of voters, 51 percent, said that McCain, if elected, would largely continue to lead the country in the direction Bush has.

    And that sentence, in a nutshell, summarizes why McCain will lose.

    —————–
    And the Palin hooohahhhh and her constant jibber-jabber about Ayers and Acorn? The effect is zilch, nada, zero. Now, the newspapers report that even
    McCain’s supporters are now less enthusiastic about his candidacy, returning to levels not seen since before the Republican National Convention.

  297. leytenian on Mon, 13th Oct 2008 11:07 pm 

    Records show that McCain will be running the country in a bipartisan style of management. With the current financial crisis, there’s no more room for footsie footsie. When money is an issue, teamwork is necessary.

    “The Washington Times reported September 15 that Senator John McCain, the Republican presidential nominee, has a stronger record of bipartisanship than does Senator Barack Obama. Whether looking at bills they have led on or bills they have signed onto, Mr. McCain has reached across the aisle far more frequently and with more members than Mr. Obama since the latter came to the Senate in 2005.”

  298. UP n grad on Tue, 14th Oct 2008 12:03 am 

    to Leytenian (and to Amadeo and supremo): if you are voting for McCain because you don’t like Obama’s bloodline or because you are simply anti-Democrats, then vote the way you want to vote. But if you are voting for McCain because of his leadership skills, then even the Washington Times will tell you to think again. October 3, 2008, the Washington Times says about John McCain and the Republican Party:

    What is happening of late raises questions about Mr. McCain’s leadership qualities, Mr. McCain’s coattails and the . . . .the Republican leadership in both chambers.

    Only in America would the president say there is a crisis at hand that needs the full time and attention of Congress, and then his own party – that would be the Republicans – fail to deliver to its leader. One chamber, the House, tells the president no and goes on holiday. Leadership, not experience, and hero-worship, not moral clarity, had a lot to do with that outcome.

    Mr. McCain, aka Sir Anti-Earmark, was considered our knight in shining armor, coming off the campaign trail to the rescue of Main Street, Wall Street and both ends of Pennsylvania Avenue. In the end, his lack of leadership delivered disappointment. Mr. McCain’s insertion into the deliberations either left his party brethen twisting in the wind or further stiffening their spines on the bailout. But then he turned around and did the unconscionable: Mr. McCain voted “yea” on the pork-laden Senate version of the bailout.

    Mr. McCain broke his own rule and disavowed his own principle. His armor remains forever tarnished.

    Mr. McCain cannot defend his support for this lard: Manufacturers for children’s wooden arrows get $6 million; $192m goes to Puerto Rican and Virgin Islands rum producers; auto-racing tracks get $128 million. .

  299. leytenian on Tue, 14th Oct 2008 1:27 am 

    Michelle Obama herself is Racist.

    “My experiences at Princeton have made me far more aware of my ‘blackness’ than ever before,” the future Mrs. Obama wrote in her thesis introduction. “I have found that at Princeton, no matter how liberal and open-minded some of my white professors and classmates try to be toward me, I sometimes feel like a visitor on campus; as if I really don’t belong. Regardless of the circumstances underwhich I interact with whites at Princeton, it often seems as if, to them, I will always be black first and a student second.”

    “The thesis, titled “Princeton-Educated Blacks and the Black Community” and written under her maiden name, Michelle LaVaughn Robinson, in 1985, has been the subject of much conjecture on the blogosphere and elsewhere in recent weeks, as it has been “temporarily withdrawn” from Princeton’s library until after this year’s presidential election in November. Some of the material has been written about previously, however, including a story last year in the Newark Star Ledger.

    Obama writes that the path she chose by attending Princeton would likely lead to her “further integration and/or assimilation into a white cultural and social structure that will only allow me to remain on the periphery of society; never becoming a full participant.”

    “Why a restricted thesis?” asked blogger-pastor Louis Lapides on his site Thinking Outside the Blog. “Is the concern based on what’s in the thesis? Will Michelle Obama appear to be too black for white America or not black enough for black America?”

  300. leytenian on Tue, 14th Oct 2008 1:45 am 

    I thought her senior thesis was a reflection of immaturity and insecurity because she wrote it when was on her 20’s . But When she said ” for the first time I have proud of my country”

    in my own view, i don’t like people who are given so much and are ungrateful. she should be proud.

  301. rego on Tue, 14th Oct 2008 7:49 am 

    “i have a question to you too. Do you think there’s a conflict of interest exist between Obama’s campaign providing $800,000 to ACORN. An organization that advertise on its website as a non partisan organization and yet endorse Obama as their presidential candidate. Check this video for a fact:”

    Leyetenean,

    I dont think there is a conflict of interest. Im not even sure if conflict of interest is the right term. Maybe you are trying to say, guilt by association. But I dont think this is possible too.

    It is indeed a fact that Acorn comitted a fraud.of voters registrant. And a criminal case was already filed. If Obama camaign is liable to that for that then a they should have been incuded in teh charge sheet. Clearly they are not. So there is no connection at all.

    If I am a supporter of Obama and I will cheat for Obama without the Obama konwing it. does that mean Obama is a cheat too?

    I dont think so. What ever alleged crime comitted by Acorn has really nothing to do with Obama at all until you come up with another video showing Obama campaign was indeed and in fact connected to the fraud.comitted by Acorn. Like it was really proven that he directed Acorn to do the fraud.

  302. rego on Tue, 14th Oct 2008 8:07 am 

    Leytenean,

    Here is another questions for you.

    Are you comfortable with all of the Mc Cai proposed policies. what is your view of His healthcare now thta you know that it cannot cover peopel with preexsiting condition. Are you still Ok with $5,000 tax break despite the flaws pointed out by Obama?

    Are stil OK with the war in Iraq despite the economic crisis that America is facing? Dont you think the biliions of billion s of dollar being used to financed it has a much better use otherwise?

    You know rather that these ennuendos, speculations, I think it would be more productice if you just focus on issues.

    Alls these links that you hav ebeen flooding in this blog has really no direct proven conection that tied up to Obama campaigns. All these Mc Cains negative campaigns has not really produced enough tie up to Obama.

    And if Obama is really that negatiev as you are trying to suggest, then why peopel like Warren Buffet supports him. Dont tell me that he hasnt known that Acorn fraud or any of those links that you have published here…..

    Obviously Leytenan , all you have doing here is nothing but negative campaigns and does not really help Mc Cains with the independent and undecided voters. What will really help Mc Cain is to stick to the issues facing the country and very good presentation on what he really wanted to do if he is elected as president.

    He could have use Palin to do the presentation rather than used her as an attack dog….

  303. UP n grad on Tue, 14th Oct 2008 8:42 pm 

    Fearless forecast: McCain will lose :cry: Florida. I’m basing leytenian efforts of the past many days. [ Michelle Obama's college thesis :shock: being raised as an issue is total desperation . ]

    McCain will lose Michigan, too…. (oh, wait… McCain has already lost …. McCain already conceded :???: Michigan. )

  304. UP n grad on Tue, 14th Oct 2008 9:13 pm 

    The Dallas newspapers report that McCain’s advertising is more than 95 percent negative (Obama’s ads — 30% negative) but McCain’s ads are so ineffective they might as well be on YouTube and sent by e-mails like leytenian has been doing. [ The most effective McCain ad (the one that generated the most discussions for quite a few days) was also the nonsensical one that also "featured" Paris Hilton and Brittany Spears. One of the most effective Obama negative ads --- that McCain "says that he's going to give you a $5,000 tax credit. What he doesn't tell you is that he's going to tax your employer-based health-care benefits, for the first time ever." ]

    Just look at these two mantras :
    McCain/Palin — DRILL, BABY, DRILL :neutral:
    Obama (with Bill and Hillary echoing the same message )
    JOBS, BABY, JOBS :idea:

    No wonder many Republicans have gone public for McCain to fire :???: his entire campaign staff.

  305. Pilipinoparin on Wed, 15th Oct 2008 12:57 am 

    one commentator said that there is a very strong TEFLON shield that separates obama and the voters with regards to the truth on his associations with many shady personalities among them Wright (his pastor for 20 years), ayers, rezko, and ACORN, the NGO(?) which reincarnated the Aswang voters in the 50’s from Mindanao to Indiana in the present presidential election. the teflon of course is courtesy of the democrat/liberal press.

    obama definitely is associated with those personalities. one way or the other they influenced him or it maybe the other way, obama influenced them. one thing for sure, BIRDS OF A FEATHER FLOCK TOGETHER.

  306. Solly on Wed, 15th Oct 2008 3:47 am 

    to PilipinoParin: what state are you from? Kung taga California ka o taga New York, tapos na ang bola. The electoral votes for those states go to Obama.

  307. leytenian on Wed, 15th Oct 2008 6:32 am 

    hahaha… funny you guys. will see what will happen during the election.

  308. rego on Wed, 15th Oct 2008 7:44 am 

    exactly, leyetenean, so better stop all these negative campaign now because it is not achieveing anything and you are just wasting your time. Now that is what is funny!

    The fact as shown by the polls is that Obama has the momentum. And with 4weeks to go, Mc Cain has a lot of work to do to evercome that momentum.

  309. rego on Wed, 15th Oct 2008 8:00 am 

    BTW here the latest from CNN…..

    http://www.cnn.com/2008/POLITICS/10/06/poll.of.polls/index.html

  310. Pilipinoparin on Thu, 16th Oct 2008 12:23 am 

    that’s the problem, not only here in USA but most of the time in our homeland, the Philippines. we see problems, we talk a about it but we don’t seek for the truth and the solutions.

    in my view, these are not negative propaganda. the purpose is to look at the innards of the candidates, their true color. let us dissect their history, make a time line, look at the associates. only then we can say what kind of candidates these people are. i don’t believe in promises during election, pangakong napapako. i believe in the pattern of behavior, their previous accomplishments. we all know them, kinda like ” I voted for it before i voted against it”, the numerous flip-flops among them. typical politicians, local and abroad, they will promise even their souls just to be elected. dissect the history, personality…don’t rely on oratory bolahan sa election.

    we know that economy is the main problem today. but it does not mean we would set aside other criteria for electing the best candidate. let us check everything for we are at the verge of socialism with triumvirate, obama, pelosi and reid.

  311. Pilipinoparin on Thu, 16th Oct 2008 12:51 am 

    btw, NY and Cali do not dictate the future of USA. “Conan the Barbarian” is now asking for $7billion (yes, with a big “B”) from the federal and Bloomberg is trying to change the state constitution just so he could lead the “needed changes” in NY. bottom line, NY and CA are just two states of USA, out of 50. others have they say in our future.hindi pa tapos ang sabong, baka talunin pa ‘nung texas ‘yung bulik.

  312. leytenian on Thu, 16th Oct 2008 9:09 am 

    Obama’s answer on first question on debate is to end the jobs sent overseas. Second, Obama has no clue of the housing market. This is again an inexperience tactic where most pinoys are taking chances.

  313. rego on Fri, 17th Oct 2008 8:29 am 

    Actually, All panelist in all talks shows that I watched last night after the debate agreed that the It Mc Cains best performance ever. He was winning the first 30 minutes the debates that Obama campaign started to worry. Unfortunately, It was when Mc Cain brought out the Ayers and and Acord issues that he started losing the debate. Obama suddenly came strong when he answered the Ayers mud being thrown to him. it was the monement that showed Obama great strength and Mc Cains negative side. So majority especially the undecided voters see Obama sa very presidentiable Obama got the nod of so many undecided voter based on CBS instant poll.

    See, I ve been telling this Leyetenean,…negative campaigning is just destroying the Mc Cain campaign and bossting Obma’s.
    .
    BTW heres a nice article for you on the ACORN that you made such a big deal in this blog.

    http://www.nydailynews.com/opinions/2008/10/16/2008-10-16_attack_on_acorn_is_just_nutty.html

    And heres teh CNN poll on the debate. The daiing news headline here in NYC say ” AND THE WHINNER IS….. Mc Cain

    http://www.cnn.com/2008/POLITICS/10/15/debate.poll/index.html

    MC Cain may be strong in , foriegn policy , homeland security and may have a better economic plan. But the thing is Obama is simply just a politcal genius who caryy himself very well and very relatable to a majority of the people. It simply just his time . And just like Hilary, Mc Cain and other old timer in US politics can just eat their heat out. And political neophyte and a black at that just made them all eat dust….

  314. rego on Fri, 17th Oct 2008 8:40 am 

    Pilipinopa rin,

    Bakit ba ang daming pinoy ang anti Obama? You know I strong suspect that this prejudice . Talgang hanggang ngayon karamihan sa mga pInoy ay backward pa rin ang mindset.

    I dont know if you watche dtalke shows, if you are try checking the Charie Rose in PBS. It 10:30 to 11:30 in NYC. Dito and panelist ay mga non partisan so they really said what needs to be said. And they last every just said nothing but great words for Obama.

  315. leytenian on Fri, 17th Oct 2008 9:51 am 

    Obama is racist too. If you read his book: Dreams of my Father. Obama hates white people

    http://www.youtube.com/watch?v=f-Ho9uO5M-k&feature=related

  316. UP n grad on Fri, 17th Oct 2008 6:33 pm 

    This is good!!!

    http://www.youtube.com/watch?v=zGZFwKg5RZM

  317. Pilipinoparin on Fri, 17th Oct 2008 11:41 pm 

    “Bakit ba ang daming pinoy ang anti Obama? You know I strong suspect that this prejudice . Talgang hanggang ngayon karamihan sa mga pInoy ay backward pa rin ang mindset.”….rego

    It is very unfortunate that the words”prejudice and backward” are being thrown into the discussion by one of our own, a Filipino himself.

    We know that 10% of our kababayans are spread out in the entire world at anyone time, from Antartica, to Timbuktu to the deepest parts of the oceans in submarines. They are considered one of the happiest groups of people, one of the easiest group to be assimilated into any type of local conditions. The Filipinos never had problems with any group , any race, and yet here comes one of them calling the whole Filipino race PREJUDICE AND BACKWARD? I am very disappointed, rego. I hope this is just a typo.

    Anyway, I don’t believe that checking every bit of information, history, personality etc. of someone who is aspiring to be one of the public servants especially the highest position, the president is out of line, be labeled as prejudice and with backward mindset. Voters in the Philippines, much more in USA are not satisfied with watching candidates do the “ocho-ocho”, the “hahil sa iyo nais kong mabuhay” thingy. Voters want to scrutinize the candidates. This maybe one of the offshoots of
    CIS, hehehehhe.This is the only way we can be sure that a right person is elected as public servant, including the president

  318. leytenian on Sat, 18th Oct 2008 3:32 am 

    rego is racist among white people. hehehe

  319. grd on Sat, 18th Oct 2008 1:01 pm 

    “Voters want to scrutinize the candidates. This maybe one of the offshoots of
    CIS, hehehehhe.This is the only way we can be sure that a right person is elected as public servant, including the president.” pilipinoparin

    right, for 8 years you’ve been sure that you’ve chosen the right president… and you need another 4 years.

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