Financial Crisis Could Have Been Solved...In 2003

Dennis Prager's blog has two posts by Alan Estrin regarding the current financial crisis. One post provides a link to this Kevin Hassett article at Bloomberg.com. Mr. Hassett, it must be stated, is a McCain advisor so one could attribute at least some bias to his view.  However, this September 11, 2003 New York Times article, which is referenced in Alan's other post, cannot be dismissed so easily. It is clear that it was Democrats who refused to allow regulation of Freddie Mac and Fannie Mae which might have prevented the current crisis. Even now, as the President is trying to get legislation that deals with the financial crisis through Congress, the Democrats are playing political games by trying to attach unnecessary and unrelated provisions to the bill. This will only delay the process and create even more uncertainty. There is one very good word for the Congressional Democrats - "irresponsible".

McCain: Lift Ban On Offshore Drilling

John McCain has seen the light. He must have read my recent post. Yeah, right.

Right Here. Right Now. Let's Drill.

Sign this petition demanding that:

. . . the U.S. Congress to act immediately to lower gasoline prices
(and diesel and other fuel prices)* by authorizing the exploration
of proven energy reserves to reduce our dependence on foreign
energy sources from unstable countries.

The first thing out of Madame Pelosi's mouth will be that this won't help because it will take 10 years before the oil will flow. That argument is irrelevant for three reasons.

First, even if that is true, all the more reason to start now. Who knows how bad things might be in ten years? Besides, most of those 10 years would be caused by bureaucratic red tape which Congress could easily cut through.

Second, much of the increase in oil prices is due to speculation in the futures market. If the USA begins to tap its own reserves, it will likely result in a drop in oil prices due to the expectation of increased supply in the future. Buy low, sell high.

Third, the oil producing countries which we are currently dependent on will have less incentive to restrict current production. They love the high price of oil and that they have the USA over a barrel (no pun intended). It was embarrassing to watch President Bush go over to our so-called friends, the Saudis, and beg them to increase production, only to be told (and I'll paraphrase here) "Go pound sand." If we start moving towards more domestic production, I think they will be more interested in producing more oil in the hope that it might discourage us from becoming too enthusiastic about cutting the petrol-umbilical cord.

And now, for your YouTube viewing pleasure, a message from Chuck Norris:

HT: Powerline

Back to the (Farm) Future

With the rising gas prices, a Tennessee farm family decided to park their tractor and hook up Dolly and Molly. Before you get the wrong idea, Dolly & Molly are a pair of mules the family purchased last year. The money quote was uttered by one of the brothers who said, "It's the way of the future."

Ain't progress grand.

Mom's Reading Suggestions

My mother regularly sends me links to articles that she finds interesting. I usually find them interesting, too.

Michael Yon's Wall Street Journal article, Let's 'Surge' Some More. Michale Yon has probably spent more time in Iraq than any other journalist . . . and certainly more than any of the empty suits inside the DC beltway.

Thomas Sowell's RCP article, A Living Lie, gets past Barack Hussein Obama's thin veneer of election year PR and shows the truth of the real Barack Obama.

In his RCP article, What Price Freedom, Lawrence Kudlow takes on the Left's claim that the war in Iraq is the cause of the current economic troubles.

Krugman Nails Biofuel Boondoggle

It's rare that I find myself on the same side of an issue with the rather Liberal Paul Krugman. However, in his NYT article, Grains Gone Wild, Krugman succinctly highlights the problem with ethanol and other biofuels:

...even on optimistic estimates, producing a gallon of ethanol from corn uses most of the energy the gallon contains. But it turns out that even seemingly “good” biofuel policies, like Brazil’s use of ethanol from sugar cane, accelerate the pace of climate change by promoting deforestation. 

And meanwhile, land used to grow biofuel feedstock is land not available to grow food, so subsidies to biofuels are a major factor in the food crisis. You might put it this way: people are starving in Africa so that American politicians can court votes in farm states.