I can understand how people, who are seeing their mortgage rates increase because of the types of loans they used to purchase their house, can just up and walk away from their property when they can no longer afford their monthly payments. However, I'll never sympathize with them, because they themselves made the decision to make the purchase using a loan where it was crystal clear that the monthly payment was going to increase over time. And they themselves know what their income buys and what their affordable standard of living is. Their decision to buy was based on two factors: buyer's greed and banker's greed. Sure, in a portion of the home sales the bank was complicit by using lax qualifying requirements in order to make the sale. But no one held a gun to the buyer's head and forced them to buy. The buyers were just rolling the dice and hoping that real estate values would keep increasing, thus increasing their equity and ultimately their bank account balance. Well, the dice came up and they lost. And now, in order to survive, they must walk away from the situation.

There's another type of homeowner who is also walking away from his/her loan obligations. This type can well afford the monthly mortgage payment. They are just walking away from a property that has decreased in value, where the balance of the mortgage is currently higher than the value of the house. This type of behaviour is just pure, unadulterated, immoral greed. They do this because they know, in our current financial times, that credit ratings and other black marks on their financial record will be all but forgotten in a few short years. The consequences of their actions are no longer considered as big a deal as before. Sure, the bank must absorb the financial loss and pass it on to the rest of us in the form of higher loan costs and much tighter restrictions on loans for otherwise good credit risks. But our society's moral compass is now pointing to indifference towards these selfish and greedy people, when, intead, we should all be outraged at this criminal behavior. Shame on all of us for looking the other way.

Earthquake here in L.A. a few minutes ago. So far, much ado about almost nothing. Around magnitude 5.8, centered in Chino Hills, which is between Riverside and Los Angeles, north of Anaheim. So far the news is reporting only the frayed nerves of residents. The only unususal reports are that the quake seemed to come in two phases, shaking and then rolling motions. Cell phones are down (or just jammed). Everything seems okay so far, just some minor damage.

Take that McRube!

Johnathan Martin at Politico got to the bottom of Obama not checking in on the injured troops at Ramstein AFB, Germany.

VoteVets, the pro-Democrat group of retired military personnel, counters McCain's Black Hawk down statement with some outrage from Col. Katherine Scheirman (Ret.), the retired Chief of Medical Operations for United States Air Force in Europe Headquarters at Ramstein Air Force Base in Germany: "John McCain's new ad is dishonest and shameful, and I say that as the former Chief of Medical Operations. Senators Hagel and Reed confirmed to Bob Schieffer yesterday that Senator Obama visited the Combat Support Hospital in Baghdad as a part of their CODEL, with no media present. "In Germany, Senator Obama made the right decision to respect wounded troops, and the doctors and nurses doing crucial and time-sensitive work, by not making a visit that was characterized as a campaign event by the Pentagon. Senator Obama should be thanked for putting our military above politics. And, I would hope that John McCain would think in those same terms, the next time he is put in a similar situation. "Senator Obama has voted for the troops when John McCain has not, most recently on the new GI Bill. I am happy that Senator Obama puts the welfare of our troops above politics." Also, it's notable that Obama's camp, quick to respond to most every charge and ever-conscious of not repeating the mistakes of Kerry, has yet to go on the air with a spot pushing back against McCain's charge on the troop visit. Apparently, they won't unless McCain puts real money behind his spot and goes beyond just gaming it for earned media.

Once again, Obama doesn't have to lower himself to his opponents level. Will it work through November?

Ouch. Things are turning nasty in California:

Schwarzenegger plans to cut state worker pay to cope with late budgetBy Kevin Yamamura - kyamamura@sacbee.com -Published 3:48 pm PDT Wednesday, July 23, 2008 Gov. Arnold Schwarzenegger plans to sign an executive order next week that will reduce pay for more than 200,000 state workers to the federal minimum wage of $6.55 per hour to preserve cash in the midst of a month-long budget standoff, according to a draft copy of the order obtained by The Bee. Administration officials said the governor expects to take the action Monday. "The administration is looking into many different options to preserve cash to ensure we have enough to cover our costs," Schwarzenegger communications director Matt David said. The Republican governor, in the executive order, argues that the late state budget means there is "a real and substantial risk" that the state will not have enough cash to pay its bills. He says that his action complies with a 2003 ruling by the California Supreme Court that made clear that without a state budget in place, federal labor laws require the state to pay most workers "either federal minimum wage or, for those employees that work overtime, their full salaries." The order would require state agencies to stop authorizing overtime for most employees. The governor also plans to issue a hard hiring freeze except for state jobs "directly related to the preservation and protection of human life and safety." He also will suspend work for all retired annuitants, permanent intermittent employees, seasonal employees, temporary help workers, student assistants and some contractors. The order, which would take effect for the August pay period, envisions that state workers would be paid their full back salaries once a budget is signed. Court decisions over the years have given the state authority to pay many bills, including employee salaries, despite the lack of a budget. This move by the administration is an effort to preserve money in case the budget debate drags on through September, when internal cash reserves are expected to run dry and the state would be forced into the distressed and expensive private credit market. It also is likely to have a serious political effect on lawmakers, who will feel the heat from public employee unions. Lawmakers have yet to vote on the budget, now 23 days late, that has a $15.2 billion deficit in the $101 billion general fund. The entire budget, including bonds and special funds, is $144 billion. Both houses of the Legislature adjourned until Aug. 4, but today, the Senate summoned its members for a vote next Tuesday. Under former Gov. Pete Wilson, the state in 1992 paid 93,000 workers with IOUs when it ran out of cash, a practice later deemed illegal by a federal judge. That year, the budget impasse lasted a then-record 64 days, as California was deep in a recession and Democrats and Republicans fought over spending cuts and taxes. The IOUs became an embarrassing milestone for California budget-making, as it marked the first time since the Great Depression that the state paid bills in scrip. Banks initially cashed the IOUs for employees when the state began issuing them that summer. But as the budget stalemate grew longer, some banks refused to accept them, sparking legal action against the state from public employees. In 1995, U.S. District Judge Garland E. Burrell Jr. found that the IOUs, or registered warrants, were not "cash or its equivalent" and did not constitute a prompt payment in violation of the federal Fair Labor Standards Act. The state reached a settlement in 1996 in which it granted state workers as many as seven additional days of paid leave.

Don't think state employees are going to take this laying down. And the angry voices raised over this will hopefully spur the state legislature to get serious about completing the budget. And I hope those same legislators will be getting the same $6.55/hr at the most. I think they shouldn't get a dime since this was a job that they were required to complete by June 30th. Would you pay a contractor additional money if they take longer to complete a job? I don't think so...

For many years I have subscribed to Neat Net Tricks Newsletter, which is always chock full of information about useful, unusual and interesting web sites. I highly recommend this bi-monthly newsletter, and now the free edition is returning. Go to Neat Net Tricks and subscribe. You won't be disappointed.

I Used to Respect Canada

Robin Long became the first U.S. war resister since the Vietnam War forced to leave Canada and turned over to the U.S. military. Even though on June 3rd 2008 Canada's House of Commons voted in favor "to allow conscientious objectors" to "remain in Canada".

Let's add Canada's Prime Minister Stephen Harper to the long list of bu$h lapdogs.

Prime Minister Stephen Harper may be set on embracing George Bush and his occupation of Iraq, but on Tuesday, June 3, the Canadian members of Parliament extended their embrace to the war resisters. By a vote of 137-110, the House of Commons called on the Canadian government to “immediately implement a program to allow conscientious objectors and their immediate family members… to apply for permanent resident status and remain in Canada.” The motion also called on the government to “immediately cease any removal or deportation actions against such individuals.” All the opposition parties — Liberal Party, the New Democratic Party, and the Bloc Quebecois — came together to reject the policy of the ruling Conservative Party. The motion, however, is non-binding and the Conservative government of Prime Minister Stephen Harper may choose to ignore it.

There are still many "war resisters" trying legally to remain in Canada and stay out of a war they view as unjust. However, with the deportation and jailing of Robin Long it does not look good for these soldiers who wanted to take a legal avenue. I hope his penalty is light.

There is blog up called Courage to Resist. Some of these soldiers have been to Iraq and Afghanistan, some are in Canada, others are awaiting trials in the U.S. They all have one thing in common... they are sick of war, fighting and the military. They are a diverse group; religious reasons, female soldiers who have been threatened, sufferers of PTSD, and others who have been there, seen the inhuman treatment of other human beings.

I hope Long tells every prospective troop who wants to sign up to be sure of what they are getting into. Once they sign the contract, give their word... it's too late to say, "Oops, my bad."

When I enlisted, I never relized it would end up being the single biggest decision of my entire life. I figured a few years serving during a time of peace, get some college money, get out in good health, I'd be set for life. It does work for some... if it all goes according to plan. To enter during a time of war and expect all things to be rosy is idealistic to say the least.

These soldiers have my utmost respect. Canada not so much.

Right-wing talking head Michael Savage sets us straight on what autism really is:


Thank god for the good sense of radio personalities who speak out about subjects of which they know absolutely nothing. Hey, it's our right as Americans to look like completely ignorant fools in public.

Bits and Pieces for the Week of July 20 - 26

For those interested in an inspiring short film about Alzheimer's, please view, My Name is Lisa. (7 of 6)

Bush Failures May Force McCain, Obama to Make Like FDR in 2009. That headline should read, Bush Failures May Force McCain, Obama to Make Like FDR in 2009. (7 of 6)

This is the latest scam by lawyers taking advantage of debt-ridden homwowners facing foreclosure:

....While a foreclosure may seem straightforward -- a borrower doesn't pay and the bank takes back the home -- lawyers say there are numerous ways to fight. One way is forcing the lender to prove it owns the debt behind the mortgage by producing a promissory note. A mortgage is a security instrument pledging property as collateral for a loan if a borrower defaults, but it is not the promissory note itself. As mortgages were bought, bundled and sold off to investors, notes got lost in the shuffle, landing in vaults or warehouses around the country. Physically retrieving them can be difficult and sometimes impossible. About 80 percent of the time, lenders fail to attach a copy to the lawsuit, Kingcade and others said. When lenders can't prove they own the loan, lawyers can get cases dismissed, said Peter Ticktin of the Ticktin Law Group in Deerfield Beach, whose firm has advertised foreclosure defense services on television. He began taking foreclosure clients about eight months ago. So far, none of his cases have gone to trial. His clients are still in their homes. Some lawyers also ask lenders to produce all the documents in a loan file, transcripts of phone conversations with the borrower and copies of written correspondence, which can take up to a year or more to compile. Several businesses are involved, and some may have gone out of business. Kingcade said requesting and reviewing a complete file could turn up fraud or other inconsistencies leading to a successful defense, though ``the bank may be entitled to its money, and 99.9 percent of the time the bank is absolutely right.'' Neither Kingcade nor other attorneys interviewed said seeking out such documents was intended only to stall the process, which could be considered unethical....

Yeah, right.... And of course here's the catch:

....Marc Ben-Ezra, who also files foreclosures statewide for lenders, said the borrower who seeks to delay the inevitable can face consequences. Interest rates and other costs continue to pile up as the process drags on. Borrowers could be liable for the difference between what the lender recoups from the eventual home sale and the amount owed on the loan. Plus, homeowner and condo fees aren't being paid, which places hardships on people who are paying their debts. ''With every single day that goes by, they could be helping their clients get into bigger and bigger debt, rather than if they face the problems head on and resolve them as quickly as possible,'' Ben-Ezra said.

Bits and Pieces for the Week of July 13 - 19

Obama's and McCain's gambling behaviors may give insights to their potential leadership styles as President. (Mike)

The correct definition of "a nation of whiners" (Mike)

Highly respected political cartoonist Daryl Cagle explains why the current New Yorker Magazine cover of Barack and Michelle Obama was not a good cartoon. (Mike)

The ultimate absurdity: Terrorist watch list now exceeds 1,000,000 (Mike)

The 61 Flip - Flops of John McLame, so far this election year. (7 of 6)

One Oklahoma church's solution to attracting teenagers: promise to give away a semiautomatic assault rifle. (Mike)

The headline reads, "Pre-service crimes often go uncited when vets claim PTSD". Sorry, once the military enlists this man or woman they have just bought all his former history, medical and criminal. Now, the V.A. is going to try and get out of paying claims for these individuals because they were not model citizens. They were good enough to fight for the country, yet somehow don't deserve medical treatment or benefits? (7 of 6)

FRIDAY F U N

• Escapa! and Asteriod-Fight (tiny, fun games)
• Things not To Do When Calling Customer Service
• Can't afford a PDA? Try the PocketMod
• Top 10 Coolest Backyard Inventions of 2008
• 13 Things Your Waiter Won't Tell You

The following is actually true, and still worthy of Friday Fun:

Here's a primer on Freddie Mac and Fannie Mae from FinancialSense.com:

"....The United States economy is in the early phase of its worst housing price collapse since the 1930’s. No end is in sight. Fannie Mae and Freddie Mac, as private stock companies, have gone to excesses in leveraging their risk, most as many private banks did. The financial market bought the bonds of Fannie Mae and Freddie Mac because they bet that the two were “Too Big To Fail,” i.e. that in a crisis the Government, that is the US taxpayer, would be forced to step in and bail them out. "The two, Fannie Mae and Freddie Mac, either own or guarantee about half of the $12 trillion in outstanding US home mortgage loans, or about $6 trillion. To put that number into perspective, the entire 27 member states of the European Union in 2006 had an annual GDP of slightly more than $12 trillion, so $6 trillion would be half the GDP of the combined European Union economies, and almost three times the GDP of the Federal Republic of Germany. "In addition to their home mortgage loans, Fannie Mae has another $831 in outstanding corporate bonds and Freddie Mac has $644 billion in corporate bonds. "Freddie Mac owes $5.2 billion more than its assets today are worth meaning under current US “fair value” accounting rules, it is insolvent. Fair value of Fannie Mae assets has dropped 66% to $12 billion and may as well go negative next quarter. As the home prices continue to fall across America, and corporate bankruptcies spread, the size of the negative values of the two will explode. "On July 14, symbolically the anniversary of Bastille Day, US Treasury Secretary Paulson, former chairman of the powerful Wall Street investment bank Goldman Sachs, stood on the steps of the US Treasury building in Washington, a clear attempt to add psychological gravitas, and announced that the Bush Administration would submit a bill proposal to Congress to make taxpayer guarantee of Freddie Mac and Fannie Mae explicit. In effect, in the present crisis it will mean nationalization of the $6 trillion agencies. "The bailout by Paulson was accompanied by a statement by Bernanke that the Fed stood ready to pump unlimited liquidity into the two companies. "The Federal Reserve is rapidly becoming the world’s largest financial garbage dump as for months it has agreed to accept banks’ Asset Backed Securities including sub-prime real estate bonds as collateral in return for US Treasury bond purchases. Now it agrees to add potentially $6 trillion in GSE real estate debt to that. "However, the disaster in the two private companies was obvious as far back as 2003 when grave accounting abuses in the two companies were made public. In 2003 then President of the St. Louis Federal Reserve, William Poole publicly called for the US Government to cut its implied guarantee of Freddie Mac and Fannie Mae claiming then that the two lacked capital to weather severe financial crisis. Poole, whose warnings were dismissed by then Fed Chairman Greenspan, called repeatedly in 2006 and again in 2007 for Congress to repeal their charters and avoid the predictable taxpayer cost of a huge bailout "As financial investors warn the Paulson bailout is not a bailout of the US economy but a direct bailout of his Wall Street financial cronies. What until recently had been the largest bank in terms of loans outstanding, Citigroup in New York, has been forced to raise billions in capital from Sovereign Wealth Funds in Saudi Arabia and elsewhere to remain in business. In its May announcement, Citigroup’s new Chairman Vikram Pandit announced plans to reduce the bank’s $2.2 billion balance sheet of liabilities. However, he never mentioned an added $1.1 trillion in Citigroup “off balance sheet” liabilities which include some of the highest risk deals in the US real estate and securitization era it so strongly backed. The Financial Accounting Standards Board in Connecticut, the official body defining bank accounting rules is demanding tighter disclosure standards. Analysts fear Citigroup could face devastating new losses as a result with value of liabilities exceeding the bank’s $90 billion market value. In December 2006 prior to the onset of the Tsunami crisis, Citigroup had a market value of more than $270 billion."

I guess it's time to use part of my stimulus check to by a larger bed. I'll need a bigger mattress under which I'll hide my money that I'll be taking out of my soon-to-go-bankrupt S&L.

The Washington Post had an online Q & A with Jane Mayer, author of The Dark Side, a new book about many of the Bush Administration's illegal torture and FISA activities. When asked (by a New Yorker) about the willingness of so many Democratic Senators and members of Congress to go along with Bush, her answer was as follows:

New York, N.Y.: In your interview with Harper's yesterday, you said that[sic] this about why war crimes prosecutions are unlikely: "An additional complicating factor is that key members of Congress sanctioned this program, so many of those who might ordinarily be counted on to lead the charge are themselves compromised." What did you mean by that? Who specifically is compromised " who might ordinarily be counted on to lead the charge are themselves compromised" -- Nancy Pelosi, Jane Harman, Jay Rockefeller? -- and how are they "compromised"? Jane Mayer: The ranking members of the Senate and House Intelligence Committees were briefed dozens of times about the CIA's interrogation and detention program over the past seven years - so any member who has held one of those posts has arguably been complicit. Some say they tried to object, internally. But either because of the threat of violating national security, or, because of the fear of the political price of dissent, these figures in both parties would find it very hard at this point to point the finger at the White House, without also implicating themselves.

That makes so much sense. Now we know why the FISA bill was passed last week.

FRIDAY F U N

• Here's a "gas" map of the U.S. You can zoom in and find the gasoline prices at service stations in any neighborhood. Very fancy!
• Here's another gas chart. You can choose your city and time span (up to 6 years) and see what the price of gasoline has been doing.
• Say goodbye to the gigabyte (hilarious cartoon by Hitachi)
• Exciting, new developments in predicting earthquakes
• Here's an entertaining video that shows you how to properly set up and decorate your workspace.
• Darth Vader in the Death Star cafeteria
• How to translate girl-speak

"The Foundation of the Housing Market has Begun to Collapse"

Here's a few paragraphs to go with Mike's commentary on the economy, from Numerian at the Agonist:

There are two really devastating events, outside of another foolhardy war, that could push the U.S. economy into a depression. The first is a dramatic increase in defaults on consumer credit card, auto, and home equity loans from prime customers, and the second is a collapse of the government sponsored enterprises that support the housing market. This week the first suggestions have begun to appear in the market that both Fannie Mae and Freddie Mac are insolvent. Since at least 2005 a number of commentators here at the Agonist have been mentioning this possibility as an important step in the collapse of the economy as the debt bubble is deflated. Back then, very few economic observers were willing to suggest such a thing, but one of them was Fed Governor William Poole. He laid out the egregious decline in credit standards that was feeding the housing bubble, and he laid blame in part on Fannie Mae and Freddie Mac. This week he stated the obvious: from an accounting standpoint, Freddie Mac is now insolvent, and Fannie Mae will be so by the end of next quarter. This means if you put a price on all their assets, there is not enough cash left over after liquidation to pay off all their liabilities. These are no longer going concerns. The stock prices of both companies tanked. Fannie Mae, the bigger of the two companies, had been trading near $70 a share this time last year. It has been steadily falling since then as the housing crisis has worsened, and today it plunged nearly 14% and closed at $13.20. Naturally, executives at these companies rushed to assert that they were healthy and sound, and one even mentioned that William Poole has for a long time been a critic of the company (kill the messenger, even though he has been right for years). Henry Paulson, Secretary of the Treasury, said the regulators for these companies assured him that they were well-capitalized. The market paid no attention. Government assurances about “well-capitalized” financial firms has lost virtually any credibility since Bear Stearns. One of the things we’ve often mentioned here is that Fannie Mae and Freddie Mac have been allowed to operate on the flimsiest amounts of capital – 2% of assets compared to 8% of assets for commercial banks. This leniency is coming home to roost. Fannie Mae has something like $30 billion in available capital to cover any losses, yet it owns hundreds of billions of mortgages on its balance sheet, and has guaranteed the performance of trillions of dollars more. This is really the point Poole is making: even a modest percentage of losses on such a huge portfolio would wipe out $30 billion in capital...

Daily Kos publisher Markos Moulitsas Zúniga talks about the political price Obama will pay for his awful vote for the FISA bill this week (excerpt):

"...He or his advisors (or both) decided that they'd rather capitulate on the issue than face GOP attack ads claiming Obama is weak on national security. They let fear of political attacks (that are inevitable anyway) override respect for the Constitution and even his prior promises to the American people. The press insists on calling it a "move to the center", but really, it was a move borne out of fear. It wasn't an ideological decision (i.e. a "move to the center"), but a tactical one. It was a strategic retreat. Like all retreats, this one came with a price. Much of his veneer as a transformational politician has faded. He's a gifted and inspirational politician, no doubt about that, and he will make a great president. But at the end of the day, he's a politician, with all the triangulating goodness that's become a hallmark of our presidential candidates. That has cost him some intensity of support, some bad headlines, a new avenue of attack for Republicans (even though McCain didn't even bother showing up for the vote)..."

Yes, Obama really is just another run-of-the-mill Washington politician. If you are still running into rabid Obama supporters, then you can be assured that they aren't paying any attention to what he's actually doing and saying these days. Obama will be an improvement over Bush, but come January 2009 the new Obama Presidency will just continue business-as-usual. The Democrats blew it this year when they didn't select John Edwards as the nominee.

Bits and Pieces for the Week of July 6 - 12

I did not know you Melanie Mattson, please RIP. "An original Daily Kos regular, she was the publisher of Just A Bump in the Beltway, one of the first wave of political blogs. She was also one of the founders of the FluWiki, a comprehensive resource for those studying pandemic flu, and a contributor at Effect Measure." The kindred spirit of those that did know you and the loss of my friend Lurch this year makes it a reminder we bloggers must remain in contact. (7 of 6)

Tom Engelhardt explains why an Israeli or U.S. attack on Iran is unlikely. (Mike)

Yes, there is at least one true statesman left in American politics! "Congressman Dennis Kucinich (D-OH) will make the text of his article of impeachment against President Bush, which will hit the floor Thursday, public tonight." (7 of 6)

Hear Ye, Hear Ye.... Read all about it. The Democratic U.S. Senate is in the process of trashing another section of the U.S. Constitution and the rights of U.S. citizens. Unfuckingbelievable! (Mike)

"Zoriah Miller, a photojournalist and blogger embedded with U.S. Marines in Iraq..." has been tossed! For guess what? That's right, publishing pictures of a war zone. More specifically, a dead Marine. Remember, this is supposed to be a "sanitized war!" (7 of 6)

"In a break with tradition, Barack Obama will accept the Democratic presidential nomination at Invesco Field at Mile High, a 76,000-seat stadium, rather than at the site of the party's national convention across town." (7 of 6)

It is way past time for a straight jacket and rubber room for Joe Lieberman! Jeez, when will the weak-ass Democrats kick this man to the curb? (7 of 6)

Fidel Castro declares FARC has "cruel methods of kidnapping and holding prisoners in the jungle". I wonder what he thinks of the prisoners in GITMO? (7 of 6)

How's the economy doing these days? Here are some links to articles taken from Dollar Collapse:

Good-bye middle class – MSNBC
It's all over but the dating for U.S. recession – Bloomberg
Confessions of a former inflationist – Mish
Consumer spending slide killing Madison Avenue – New York Post
A change in bank control – Institutional Risk Analyst
Hedge funds fell 0.75% in first half, worst performance in two decades – Bloomberg
Estimates from credit losses now up to $1.6 trillion– Nouriel Roubini

This kind of news is getting reported every day now.

The Relevance of Being Shot Down Bill Press 7/3/2008 It's only July, but already we know the rules of this year's presidential campaign. Actually, they're the same rules that apply every election: You can say anything you want about the Democratic candidate, but you have to treat the Republican candidate with kid gloves. In 2000, for example, you could accuse Al Gore of taking bribes from China, but you could not question George Bush's use of cocaine. In 2004, it was fine to smear John Kerry's war record, but forbidden to wonder why George Bush never showed up for National Guard duty. Here we go again. In 2008, it's OK to suggest, as conservative bloggers do daily, that Barack Obama is a gay, American-hating, chain-smoking Muslim. But not OK to suggest that just because John McCain was shot down and spent six years in the Hanoi Hilton does not, in itself, qualify him to be president. Unfortunately, Gen. Wesley Clark learned that lesson the hard way. Appearing on CBS's "Face the Nation," Clark began by praising McCain's military service, calling him a "hero" for the courage he showed as a prisoner of war. However, Clark correctly pointed out, donning the uniform alone does not make the wearer presidential timber. In choosing a president, what's important is the judgment that a candidate has shown and his experience in making executive decisions. Host Bob Schieffer persisted. Didn't his being shot down give McCain an advantage over Obama? Whereupon General Clark gave his now-famous answer: "Well, I don't think riding in a fighter plane and getting shot down is a qualification to be president." Ironically, Clark didn't say anything John McCain hadn't already said himself. I've heard him, several times, entertain audiences with the same self-deprecating, joke: "It doesn't take a lot of talent to get shot down. I was able to intercept a surface-to-air missile with my own airplane." But for his comment, Clark was not only condemned by the McCain campaign, he was thrown under the bus by his own candidate. Why? Clark did nothing wrong. He merely told the truth. Yes, we honor every man and woman who wears the uniform. We especially honor those who are shot down and taken prisoner. But that doesn't mean they're all qualified to be president. Again, what counts is judgment. How much judgment did John McCain show when he suggested it would be OK for American forces to remain in Iraq another 100 years? When he opposed the latest version of the GI Bill? When he supported the CIA's continued use of waterboarding? When he condemned the Supreme Court's granting prisoners at Guantanamo Bay the right to challenge their confinement in civilian court "one of the worst decisions in the history of this country" Some former fighter pilots might have shown better judgment on those issues. This one did not. The way Gen. Clark was treated was unfair. But what's more unfair is the double standard applied to Democratic and Republican candidates. Why is John McCain's military service out of bounds in 2008, when it was considered perfectly fair to challenge John Kerry's war credentials in 2004, or Max Cleland's in 2002? And notice this big difference. In 2004, the so-called "Swift Boat Veterans for Truth" didn't stop at Kerry's readiness to be president. They called him a phony. They questioned the very authenticity of Kerry's service in Vietnam and the medals he was awarded. They suggested he was somewhere else, and never wounded. It was all a pack of lies. Gen. Clark, by contrast, never challenged -- indeed, he praised -- McCain's service in Vietnam. He merely questioned its relevance to the Oval Office. Big difference. Clark's criticism is legitimate. The Swift Boat attacks were not. But this is not the only double standard we've seen regarding the Swift Boat veterans. To his credit, John McCain condemned their tactics in 2004. To his total discredit, he has embraced them in 2008. McCain has named Bud Day, one of the most vitriolic Swift Boaters against John Kerry, to his campaign "Truth Squad." And, according to USA Today, so far McCain has accepted almost $70,000 in campaign contributions from Swift Boat associates. Whatever moral outrage he felt toward them four years ago disappeared once he needed them as his own attack dogs.

And of course the Republican response would be, "If Obama can't take this kind of b.s. then he's not strong enough to be president."

FRIDAY F U N

• The moral of this video: in a bar, choose your beer brand wisely.
• AccuTunes is a new internet radio that has a great selection of stations.
• Several common events, but in super-slow-motion.
• Unpublished historical photos from National Geographic
• If you are an Office 2007 user, Micorsoft has set up a new web site where users upload their own videos that explain some of the features of the various 2007 programs (i.e. Excel, Word, PowerPoint, etc.). I've already picked up some useful info.

We all saw this coming years ago, but most of us looked the other way because we are a live-in-the-present society. I saw it 6 years ago and bought a Prius. Now I say "good riddance" to an economic dinosaur. I have fond memories of riding in the back seat of my dad's impeccably kept '58 Buick Special and then '62 Cadillac, but I'll have much fonder memories of driving my fun, gas-sipping Prius.

GENERAL MELTDOWN By PAUL THARP July 3, 2008 -- Bloated by years of gas-guzzler greed, General Motors has collapsed almost overnight from a driving force into a virtually broke loser facing bankruptcy. GM shares skidded yesterday into the single digits, a 54-year low, banishing the one-time No. 1 automaker towards the bottom ranks of America's corporate pecking order. Shares tumbled 15 percent to $9.98, with 75 percent of their value already wiped out in the past year. Even towel purveyor Bed Bath & Beyond and motorcycle-maker Harley-Davidson now enjoy richer market values than GM. "It's become a single-digit midget," said Peter Schiff, president of Euro-Pacific Capital. "It's now 1/25 the size of Toyota's market value. The question now is who will go into bankruptcy first, GM or Ford?" More Wall Street analysts piled onto GM's woes yesterday with Merrill Lynch declaring one of the grimmest outlooks yet. It said GM needs to raise as much as $15 billion in coming months to avoid parking the cash-strapped company in bankruptcy court. "Bankruptcy is not impossible if the market continues to deteriorate, said Merrill analyst John Murphy. He downgraded the anemic stock from a "buy" to "underperform" - projecting it would hit $7 a share. GM's problems began more than a decade ago, analysts say, when it couldn't beat back Japan's popular economical cars, and threw its might into making highly profitable gas hogs - pickups and SUVs. For years, the plan worked and earned record profits for GM while gas was under $2 a gallon. But the plan got totaled when gas soared over $3 a gallon just as debt-laden consumers began avoiding showrooms. "GM got itself into its mess," said Schiff. GM's finance arm, GMAC, made matters worse by loaning too much money to customers to buy its vehicles. GM dug its own hole by giving 6- and 7-year loans to people to buy cars they couldn't afford. The loans even exceed the warranties," said Schiff, adding that borrowers are defaulting at record levels on financed cars. "The US car market is dead. It makes cars no one wants to buy, and people are too broke to pay for them if it they do buy," said Schiff. Analysts say bankruptcy could be helpful to GM's future. In bankruptcy, GM would be able to eliminate common stock obligations, and seek to seriously alter its expensive labor agreements. "I don't see any investors stepping up to the plate right now to buy into GM. I think they'll wait to buy assets out of bankruptcy court," said Schiff. GM's other option is to sell more shares to raise new capital, seriously diluting its already widely held stock. The automaker has "sufficient liquidity and financial flexibility to meet its 2008 funding requirements," said GM spokeswoman Renee Rashid-Merem in an e-mail. The company may consider "reducing structural costs, selling non-core assets, and retiming or eliminating other capital spending," she said.

Bush is very close to launching a military strike against Iran.

Please watch this short video to see what your president

is planning to destroy.

Of all the current international events and situations, this is the one we should most closely monitor:

Israel May Attack Iran, Pentagon Official Tells ABC (Update2) By Ladane Nasseri and Thomas Penny July 1 (Bloomberg) -- Israel is increasingly likely to attack Iranian nuclear facilities this year, a U.S. Defense Department official told ABC News. Iran's government dismissed as propaganda the ABC report on the unidentified Pentagon official's comments. Israeli government officials declined to comment on the report. In the U.S., Pentagon spokesmen Bryan Whitman declined to address the report. ``I don't comment for Israel,'' he said. State Department spokesman Tom Casey said he had ``no information that would substantiate'' the ABC report and criticized the official for not speaking publicly. An Israeli strike might be triggered by the production of enough enriched uranium at Iran's Natanz nuclear plant to make a bomb, ABC cited the official as saying. A second possible trigger would be the delivery of a Russian SA-20 air-defense system, the installation of which would make an Israeli attack more difficult, the U.S. official told ABC. Oil rose on concern any conflict would cut supplies from OPEC's second-largest producer. Crude oil for August delivery increased as much as $2.95, or 2.1 percent, to $142.95 a barrel in electronic trading on the New York Mercantile Exchange. Former Israeli Air Force General Isaac Ben-Israel, now a lawmaker in Israel's ruling Kadima party, told Germany's Spiegel that his nation is ``prepared'' for an attack if diplomacy and United Nations sanctions fail to stop Iran from making a nuclear weapon. Ben-Israel helped plan Israel's 1981 strike on an Iraqi nuclear reactor, the magazine said. Before Bush Leaves. A strike on Natanz would only temporarily damage Iran's nuclear program and could spark a wave of attacks on U.S. interests, ABC said in yesterday's report, citing unidentified Pentagon officials. The U.S. and many of its allies have accused Iran of trying to develop nuclear weapons. Iran insists its production of enriched uranium is intended to produce electricity and is legal under the nuclear Non-Proliferation Treaty. The Israeli government may want an attack to take place before President George W. Bush leaves office, Ephraim Kam, deputy director of the Institute for National Security Studies in Tel Aviv, said today in a telephone interview. ``There is no doubt that such an operation is being considered, but it's not going to happen tomorrow,'' Kam said. ``We still have some time. The Bush administration may be more sympathetic to an Israeli operation against Iran than whoever the next president may be, so it could happen before the end of the year.'' Israeli Maneuvers More than 100 Israeli F-16 and F-15 fighter planes took part in maneuvers over the eastern Mediterranean and Greece during the first week of June, the New York Times reported on June 20. Admiral Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, was in Israel last weekend for meetings with Israeli military leaders, ABC said. Israeli Defense Ministry spokesman Shlomo Dror, in a telephone interview from Tel Aviv, declined to comment today on the ABC report. International Atomic Energy Agency inspectors made more than 14 visits to Natanz over the last year, the Vienna-based UN organization said last month. The IAEA said Iran hadn't taken any steps toward making the highly enriched uranium necessary for a bomb and had stockpiled about 150 kilograms (330 pounds) of lower-grade enriched uranium suitable for power plants. "Iran certainly wouldn't be able to produce enough uranium at Natanz for a bomb,'' British American Security Information Council Co-Director Paul Ingram said today in a telephone interview from London. ``It would be impossible under the current safeguards arrangements to reconfigure the facility to produce highly enriched uranium.'' It takes around 25 kilograms of 90 percent enriched uranium- 235 isotopes to build a bomb. Iran currently has enough uranium to produce less than 4 kilograms of the material, Ingram said. To contact the reporters on this story: Ladane Nasseri in Tehran at lnasseri@bloomberg.net; Thomas Penny in London tpenny@bloomberg.net. Last Updated: July 1, 2008 10:47 EDT