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the clown will not go west with cap in hand to the imf - he’ll go east instead to ask for imf money!

Gordon Brown the Clown failed for ten years to fix the UK energy sector. Now he’s off to the Middle East with the begging bowl.

This is the invariable result of socialism.

“British Prime Minister Gordon Brown is heading to the oil-rich Middle East to try to bolster the international funding pot available to countries struggling amid the global credit crisis.

“Brown is pushing for Middle Eastern countries to be among the biggest donors to an expanded International Monetary Fund, but analysts warn money will only be forthcoming if regional leaders get more power in any new world economic order. He begins a four-day trip Saturday.”

“Brown and European Commission President Jose Manuel Barroso this week called on the Gulf states - along with China - to do more to help the IMF amid fears that its $250 billion in reserves will not be enough for future bailouts.” [Quoted from ap.google.com]

Having buried the UK economy under a mountain of debt, the Clown and the fake-Lib-Dems believe they can borrow their way out of the mess.

It is always amazing that socialists, whenever something doesn’t work, want to spend more on that thing! In this case, still more debt.

“ Gordon Brown told the Labour Party conference in 1997 that "we have learned from past mistakes - you cannot spend your way out of recession." [Quoted from conservatives.com]
[This from long speech by George Osborne. It is not marvellous. He does not understand Keynes well.]

Here is former Chancellor, Norman Lamont talking more sense:

“Keynes supported deficit financing as an answer to a depression in which the economy was no longer self-correcting and interest rates were ineffective....

“There is an understandable fear that this slowdown is different from previous ones. It is. We have had the most serious banking crisis since the 1930s. But the key difference between now and the 1930s is that, this time, the banks, wisely and correctly, have not been allowed to fail. Liquidity has been lent to banks on a massive scale. Few people are forecasting that we will face 20 per cent unemployment as in the 1930s.

“So do we really need a full-blown , public works "Keynesian" solution? It is an approach with great dangers.” [Quoted from telegraph.co.uk]

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the clown’s socialist economy

The UK stock market is now down 45%, and the pound worth over 25% less against the $ and over 15% less against the euro.

And what is Brown the Clown’s wizard solution?

More taxes and more government spending, of course. Even his treasury puppet, Darling, is admitting that the much vaunted “fiscal rules” of prudence, of limited government borrowing and sending, has been abandoned.

But the Clown has only one solution to every question - more socialism!

The drop in advanced economy stock markets, during this bear squeeze, varies around 40%.
Thus, the real drop in the UK markets is greater in international terms than those of competing economies.

The real drop in the UK stock market so far is 70% against the 40% drop the USA.
The real drop in the UK stock market so far is 60% against Europes drop.
The real drop in the UK stock market so far is 85% against Japans drop.

The Clown is a liar:

“The UK is only in a recession because global growth is slowing.”
[said by Gordon Brown]

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“john mccain calls it socialism, i call it opportunity” - obama the thief

This is Obama’s take on ‘redistribution’.

It sounds just like the plea of a burglar:

“The police call it thieving, but I call it an opportunity!”

related material
translating obarmish - a dictionary

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fuel tax, everybody wins - uncommon sense among the hysteria

[By David Frum, a Bush aide and speech writer]

“The answer is to prevent the cost of oil to the consumer from declining any further. Let consumers pocket and benefit from the decline to US$65. Then impose a stand-by excise tax on any further declines. If oil goes to US$64, the government taxes $1. If the decline continues to $63, $2. And so on.

“Consumers will continue to substitute away from oil. Manufacturers will be induced to continue investing in efficiency. Homebuilders will continue to shift to smaller, more centrally located development. Revenues to the governments of producing nations will be squeezed. Revenues to the governments of consuming nations will rise -- and those governments should use the new tax to cut other taxes, especially taxes on work, saving and investment. I'd nominate the corporate income tax as the first tax to cut --and ideally eliminate.”

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hillary says he isn’t ready, so does biden, so does anyone sane - what does obama say?


1:09 min

“I'm a believer in knowing what you're doing when you're applying for a job, and I think that if I were to seriously consider running on a national ticket, I would have to start now before having served a day in the senate. Now, there are some people who might be comfortable doing that, but I'm not one of those people.”
[Barak Obama, 2004]

Lead from the auroran sunset.

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what the extreme left like murtha and obarmy really think about the poor

Obama:
“small-town Americans cling to guns and religion and xenophobia out of bitterness over lost jobs”

Murtha:
“There is no question that western Pennsylvania is a racist area.”
Then he tried to squirm out of it, only to dig himself further in:
“This whole area, years ago, was really redneck.”

Then there’s that tribune of the common people, Biden.

Biden:
“I mean, you got the first mainstream African-American who is articulate and bright and clean and a nice-looking guy. I mean, that's a storybook, man.”

“ You cannot go to a 7-11 or a Dunkin' Donuts unless you have a slight Indian accent. ... I'm not joking.”

“ I don't know how many Joe the plumbers in my neighborhood that make $250,000 a year and are worried.”

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biden - the gift that keeps giving

“My mother told me if I hung around with the folks on the corner,
I’d become like the folks that hung around on the corner.”

And then there’s the people on the corner that Obama hung around with:

Ayers, Wright, Farrakhan, Rezko....

related material
biden on obama, and on mccain
who is obama?
obama - judgment and experience

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brown the clown lies over bailout ‘plan’

Anyone who believes anything in the leftist media is one idiot!

“The so-called Brown plan was in fact the result of coordinated efforts between the U.K. Treasury, or Finance Ministry, the independent Bank of England and the Financial Services Authority watchdog, according to several sources familiar with the matter and a spokesman for the FSA itself. The discussions took place over the course of many weeks, even "months," according to one source.

“Even within this supposedly harmonious trinity, one source suggested that the Bank of England played a particularly significant role. But you won't catch the central bank governor, Mervyn King, getting any praise for his as yet unconfirmed involvement in the bailout package preparations.”

Incidentally, this is what I wrote elsewhere a week or so ago, that this is just Brown the Clown doing what he’s told to by the Bank of England, and him following the approach of Cameron and the Conservative Party.

I particularly liked the final paragraph:

“And where is Finance Minister Alistair Darling in all of this? He bore the brunt of the British press's barbs when the plan was first unveiled, with critics slamming the government's ballooning balance sheet and the moral hazard of bailing out the financial sector. But now that the plaudits have come raining in from across the globe, from American economist Paul Krugman to French newspaper Le Monde, Brown seems more prepared to step in and claim the spotlight.”

Le Monde is, of course, a leftist rag in a France dominated by the right, and Krugman is a leftist shill in a USA with Bush as president.

The ubiquitous nature of leftist lies is should be a lesson to any awake person.

This is Bush before any of the lies of the Brown Clown:

24 September 2008 - from George Bush’s statement:
“Second, as markets have lost confidence in mortgage-backed securities, their prices have dropped sharply. Yet the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages. The government is the one institution with the patience and resources to buy these assets at their current low prices and hold them until markets return to normal. And when that happens, money will flow back to the Treasury as these assets are sold. And we expect that much, if not all, of the tax dollars we invest will be paid back.

Paulson presented his outline plan on 18 September 20058.

Brown and the Euro-leaders’ plans were announced on about more like 13th October, most of a month after the Bush statement/s.

Just more socialist ‘New’ Labour lies.

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biden on obama, and on mccain

Biden: “Obama will likely be tested by an international crisis early in his administration if he is elected.” Quoted from thehill.com]

Marker at abelard.org

Biden repeating that Obama is not ready:


0.32 min

Biden: “I would be honoured to run with or against McCain. I think the country would be better off.”

Marker at abelard.org

Biden: “But Barack Obama indicated to me he wanted me with him to help him govern. So every major decision he'll be making, I'll be sitting in the room to give my best advice.” [Quoted from bigpicweblog.com]

Marker at abelard.org

"President Clinton said that Obama is not ready to be president because he does not have enough experience - Obama would "roll the dice" during the presidency.” [Quoted from unimike.net]

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important statement from putin regime on ossetia, georgia and independent states

Bush policies continue to pay dividends.

In an attempt to calm fears of a new cold war, one of Moscow’s most powerful figures has said that Russia will not attack any of its neighbours and has no claim over any of the states it lost after the collapse of the Soviet Union.

“Sergei Ivanov, deputy to Vladimir Putin, the prime minister, promised that Russia’s intentions were entirely peaceful despite its invasion of Georgia. Moscow officials insist that its military operations in August were provoked by Georgian aggression.

“ "We are not aggressive," Ivanov said in an interview. "We have recognised the territorial integrity of all former Soviet republics. That was in 1991. Russia, of course, has no territorial ambitions regarding any former Soviet countries.”

Etc.

For those interested in the minutiae (pricing details not guaranteed) there are reports that Russia needs around $70 a barrel before they make a profit. Whereas I saw a Middle East statement that Saudi (and thus much of the Middle East can profit from around $15-20 a barrel).

Russia has serious geo-political problems: a huge land area, with both rivals and enemies to the south, along with a shrinking population. Thus Russia, for all its macho posturing, needs the West far more than the West needs Russia.

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obama’s flawed tax claims

The difference between the cuurent US tax regime and Obama's flawed tax claims. Image: american.com
Image:american.com

Marginal tax rates:
When a person receives food stamps and other state help, they do not pay tax. However, if they also work, this may raise their gross income (their adjusted gross income) to above the next tax level. At that point, these poorer people may find themselves liable to pay tax at a level that is diproportionate to their income level, leaving little or nothing extra after their taxes are paid.

Worse, their dole benefits start being withdrawn, thus adding to their effective marginal tax rates, which can thereby rise dangerously. In Europe, this has led to heavy unemployment, as work becomes disincentivised. A poor worker, with an already low wage, ends up working in real terms for far below the minimum wage. Thus, the penalty for working is too great and these people prefer not to work, thus does socialism destroy the work ethic. Marginal workers are said to be in a poverty trap.

The current marginal tax percentages are shown by the purple area above. The proposed Obama tax regime is shown by the red line. Although Obama’s regime does take wealth from at least some wealthy people, it hits the poor even harder.

“Mr. Obama is proposing to create or expand no fewer than seven [tax] credits for individuals:

“1. A $500 tax credit ($1,000 a couple) to "make work pay" that phases out at income of $75,000 for individuals and $150,000 per couple.
2. A $4,000 tax credit for college tuition.
3. A 10% mortgage interest tax credit (on top of the existing mortgage interest deduction and other housing subsidies).
4. A "savings" tax credit of 50% up to $1,000.
5. An expansion of the earned-income tax credit that would allow single workers to receive as much as $555 a year, up from $175 now, and give these workers up to $1,110 if they are paying child support.
6. A child care credit of 50% up to $6,000 of expenses a year.
7. A "clean car" tax credit of up to $7,000 on the purchase of certain vehicles.

“Here's the political catch. All but the clean car credit would be "refundable," which is Washington-speak for the fact that you can receive these checks even if you have no income-tax liability. In other words, they are an income transfer -- a federal check -- from taxpayers to nontaxpayers.” [Quoted from taxprof.typepad.com]

This looks like the standard income trap that keeps so many in Europe out of work and encourages dole scrounging.

Obama is also proposing increases in capital gains tax, in the pretence that it only effects ‘the rich’. This is yet another Obama lie, as it will undermine the pensions of the third of Americans, saving with 401Ks.

As usual with socialists, Obama is proffering all manner of bribes to the poor (out of other people’s money) by offering handouts which will eventually rebound to the disadvantage of the poor and to American society.

Obama’s tax lies include the pretence that he can spend a $trillion (and the ‘promises’ grow by the week!) in extra taxes without taxing!

In the end, all taxes come out of production, and then feed through to prices, and thence undermine national competitiveness, and thus wealth.

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citizen’s wage

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why is obarmy looking rattled? can he buy the presidency?

Like some of McCain’s Republican rivals, Obama is spending 3 or 4 times as much as McCain.
McCain won the nomination.

Can Obama buy the presidency?

Obama is offering to steal from the productive and give to the unproductive. That is, he’s trying to buy votes from the impecunious and incompetent.

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.” [1]

Well, can Obama buy the presidency?

Marker at abelard.org

Obama keeps lying about a tax cut for 95% of Americans, but 40% do not pay tax. What Obama is, in fact, offering is paying out to people who do not pay tax. However, I am not clear on the details, I do not know whether he is being transparent.

It has been obvious to me since Obama started making this daft claim, that he is lying again.

All tax is tax. All tax comes out of production. It matters very little under what disguise a tax is presented. All tax means that the cost of production rises and, therefore, prices rise.

The reality is Obama is proposing to raise more taxes, some say a $trillion or more.

This is the way socialists attempt to build their client states.

Marker at abelard.org

or can he bully his way to the presidency?


3:14 mins

Joe the Plumber, whom Obama approached during a rally ‘walkabout’, has publicly destablised Obama’s mantra that 95% of Americans will be better off. Now both the fossil media and the blogosphere are doing their best to discredit and intimidate Joe the Plumber, prying into his bank accounts and tax payments, as well as (in the case of the fossil media) sieging Joe’s house with broadcast vans.

end note

  1. Unattributed, see lorencollins.net

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misrepresentation in the telegraph re cameron’s position on recovering from clown’s financial mismanagement

The following statement is clearly both false and misleading:

“He appears to have the Conservatives on the run, too. Having promised a bipartisan approach in the national interest, the Tories are starting to suspect the deal will not be popular with the nation. They are studying it closely and considering sheering away from their original position to instead "stick up for the taxpayer", as an aide put it. That - defending the taxpayer - is a novel idea, one that has not yet caught on in modern Britain.” [Quoted from telegraph.co.uk]

This misrepresentation is repeated by Newsnight on 17 October 2008.

In fact, David Cameron (at the Conservative Party conference) most clearly stated his/tory support would be subject to safeguarding the taxpayers:

“…We’ve got to get the policy response right, and our principle is clear: we must protect the taxpayer where possible, and stabilise the system where necessary. So I and this party stand ready to help in whatever way is necessary, to help the Government to do the right thing for the sake of our economy and for our future financial security.

“We’ve got to get the policy response right, and our principle is clear: we must protect the taxpayer where possible, and stabilise the system where necessary. So I and this party stand ready to help in whatever way is necessary, to help the Government to do the right thing for the sake of our economy and for our future financial security.” [Quoted from conservatives.com]

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mccain the stand-up comic

Recommended viewing

At tonight’s Alfred E. Smith dinner:


part one: 6:17 mins


part two: 9:19 mins

Link to a Flash video from CSpan with all speeches made at the Alfred Emanuel Smith Memorial Dinner, the Waldorf Astoria Hotel [47:27 min].

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obama - do we know the man?

Of much concern to me is that I believe Obama to be both an marxist extremist and highly dishonest.

Here is Obama reporting on a relation’s view of Obama’s natural grandfather:

“What your grandfather respected was strength [...] But he could not understand such ideas as mercy towards your enemies, or that this man Jesus could wash away a man’s sins. To your grandfather, this was a foolish sentiment, something to comfort women. And so he converted to Islam—he thought its practices conformed more closely to his beliefs.” [p.407, Dreams from my father, hbk]

And here is Obama on his Muslim stepfather:

“ "Your mother has a soft heart [he said] That’s a good thing in a woman. But you will be a man someday, and a man needs to have more sense." ”[p.39]

“I thought for a moment. "Why was the man killed? The one you saw?"
“ "Because he was weak."
“ "That’s all?"
“Lolo shrugged and rolled his pant leg back down. “That’s usually enough. Men take advantage of weakness in other men. They’re just like countries in that way. The strong man takes the weak man’s land. He makes the weak man work in his fields. If the weak man’s woman is pretty, the strong man will take her." He paused to take another sip of water, then asked, "Which would you rather be?"
   “I didn’t answer, and Lolo squinted up to the sky. "Better to be strong," he said finally, rising to his feet. "If you can’t be strong, be clever and make peace with someone who’s strong. But always better to be strong yourself. Always." ” [pp. 40-41]

I am strongly inclined to believe these attitudes pervade the behaviour of Obama. I have often heard expressed, in areas I have travelled, notions that it is clever to lie; ideas that only a fool lets others know what he is thinking. I think Obama embraces such attitudes.

I think that if his facial expressions are watched closely, and then compared with his accompanying words, you can get hints of such internal attitudes.

For instance, in the Presidential debate of 15 October 2008, Obama was seen grinning (smirking) and shaking his head at McCain’s words. It would seem that Obama appeared pleased at some arrogant self-regard, then slyly tried to cover up his response.

I do not believe lying is praiseworthy, even though it can be effective with the naive and the stupid.

Perhaps Obama would suppose that I am naive or stupid, but then, like so many socialists, Obama does have a disparaging attitude to anyone who does not buy into his narrow and arid pseudo-intellectualism. This was also evidenced by his nonsense about those lesser beings “who cling to guns and religion”.

related material
who is obama?
obama - judgment and experience
lying in islam

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a picture is worth rather a lot of words!

Obama reacts to being confronted about his links to Acorn and voter fraud.

In the third Presidential Debate, Senator Obama's reaction to being confronted with his links to Acorn and voter fraud. Image: Fox News
Occured at 3:52 (video counts down). Image: Fox News

In the third Presidential Debate, Senator Obama's reaction to being confronted with his links to Acorn and voter fraud. Image: Fox News
Occured at 3:44 (video counts down). Image: Fox News

related material
who is obama?
obama - judgment and experience
obama - do we know the man?

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some disturbing comparisons - the clown and the usa

George Bush asked for a line of credit of $700 billion.
The Clown [Gordon Brown] is looking for going on a trillion dollars of tax payers’ money to nationalise anything he can grab.

On these actions:
The Footsie [FTSE - UK stock exchange] drops 8%
The Dow [US stock exchange] drops 1.5%.

The USA economy is nearly 14 trillion dollars, Britain’s is more like 2 trillion.

Why is the Clown trying to nationalise?
Why is he grabbing at a similar, or greater, amount than the USA, despite having an economy one-sixth to one-seventh of the size?

Meanwhile, the pound has slipped about 20% against the dollar, so far!

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will obamaniacs cheer as rezko starts to squeal to the feds?

After all, ‘Democrats’ just love the truth.

“Although some may feel like that, others do believe that an October surprise is in the making for Obama. The website HillBuzz, for instance, reported on Saturday that its information led it to believe that Obama could potentially face charges.This sentiment seems a bit far-fetched presently, but the Chicago Sun-Times explained in a column that the way for prosecutors to get to Obama is through Alexi Giannoulias, Illinois state treasurer. Giannoulias family runs banks which may have questionable ties to Rezko and (potentially) organized crime. When Giannoulias ran for office in 2003, Barack Obama suddenly endorsed him. This while Giannoulias had never run for office before, nor had he ever voted. The two were connected, however, through Tony Rezko and Giannoulias’ family (business). In other words, if Rezko started to talk about Giannoulias and the family’s banks, it could be that investigators will end up... at Obama.”

For more detailed scuttlebutt from Chicago

“So, the Tony Rezko sweetheart deal was not the first magic home loan Obama ever received to buy a house he could not afford.”

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map correlations

Compare this map:

State energy-efficiency scorecard. Image: ACEEE
State energy-efficiency scorecard. Image: ACEEE

with this one:

US electoral college projections, made October 2008. Image: RealClearPolitics
US electoral college projections, made October 2008. Image: RealClearPolitics

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big brother gets another toy

“Clusters of speed cameras that will monitor drivers’ average speed on all routes across a wide area are to be deployed on hundreds of roads next year.

“It will be impossible to evade detection because the digital cameras will cover every entry and exit point and, unlike the earlier speed cameras, will never run out of film.

“Drivers who slow down briefly or who make a detour from the main route will still be caught because up to 50 of the cameras will work together in a network. They can be positioned more than 15 miles apart and will automatically read numberplates and transmit data instantly to a penalty processing centre.”

“The Association of British Drivers, which campaigns against speed cameras, said that Specs3 could cause drivers to lose concentration. Brian Gregory, a founder member, said: “People put the car in cruise control and the mind in neutral. It’s so boring driving through these sections at a constant slow speed that people are going to drop off.” ”

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translating obarmish - a dictionary

Obarmish: That’s a distraction = “I’m going to avoid that question.”

Obarmish: Irritable = “I object to mccain pointing out that I’m lying.”

Obarmish: Desperate = “Insisting that I answer a question.”

Obarmish: Unstable = “Telling the truth.”

Obarmish: Truth = “Lie”

Obarmish: As I said = “What I heard McCain say”, also
“What I heard Bush say”, also
“What I heard Paulson say”, etc.

Obarmish: Let me be very clear about this = “I’ve flip-flopped so many times on this issue, I need a minute to remember where I stand now.” [Contributed by End.of.an.Error.012009]

Obarmish: Let me clarify what I meant by that statement =
“I accidentally told the embarrassing truth, so now I'm going to try to fool you into thinking that I said the opposite of what I actually said, in sure and certain knowledge that my sycophants in the media will turn a blind eye to the deception.” [Contributed by Occidental]

Obarmish: Erratic = “Don’t be subtle beyond my empty sound bite.”

Obarmish: Educated = “Never done a real job, no real-world experience.”

Additions solicited....

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obama blackshirts or obama youth....?

USA ‘teacher’ suspended for this:


2:45 minutes

Another USA ‘teacher’ ‘educates’ the youth:


3:24 minutes

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the outcome of the clown’s energy ‘policy’

“British companies are being forced to pay over four times more for their electricity this winter than competitors in France and in excess of 70 per cent more than in Germany.”

“On Friday, the forward price of power for November reached more than £130 per megawatt hour. In France, it was about €40 (£31) per megawatt hour, according to Spectron, a supplier of energy market data. In Germany, the price stood at around €97 per megawatt hour. ”

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as the election approaches, the obama campaign desperately tries to close off leaks about the real obama

Corsi, who has written a highly sourced book on Obama’s evasions, lies and attempts to cover up his background, has been detained in Kenya, while he was there further investigating Obama’s background.

The fossil press is in full obfuscation mode to obscure the truth about Obama.

Obama was most certainly raised a muslim for several years of his childhood, and has expressed sympathy with Nation of Islam, anti-semite, Farrakhan. As described in Who is Obama?, Obama has real links to…

Raila Odinga, the politician currently disputing elections in Kenya.

“[...] Raila Odinga has, in his own words, a "close personal friendship" with Barrack Hussein Obama Junior.

“When Obama went to Kenya in August of 2006, he was hosted by Raila and spoke in praise of him at rallies in Nairobi:” [Quoted from atlasshrugs2000.typepad.com]

Also....

“The Evangelical Alliance of Kenya has posted on its website a photograph copy of a Memorandum of Understanding, dated and signed on August 29, 2007, between Raila Odinga and Shiekh Abdullah Abdi, chairman of the National Muslim Leaders Forum of Kenya.

“It pledges the support of Kenyan Moslems for Raila's election. In return, as President of Kenya, Raila agrees to 14 actions, listed a) through n) on page two. Read them all, and be sure you're sitting down. Here's a sample:

“b) Within 6 months re-write the Constitution of Kenya to recognize Shariah as the only true law sanctioned by the Holy Quran for Muslim declared regions.

“c) With immediate effect dismiss the Commissioner of Police who has allowed himself to be used by heathens and Zionists to oppress the Kenyan Muslim community.

“g) Within one year facilitate the establishment of a Shariah court in every Kenyan divisional headquarters. [Note: everywhere in Kenya, not just in "Muslim declared regions."] ”

Marker at abelard.org

Odinga and Obama both have roots in the Luo tribe.

Odinga has also claimed to be a first cousin to Obama. As ever, Obama has denied that also.

But then Obama now has a long history of denying his relationships!

The Obama Nation: Leftist Politics and the Cult of Personality by Jerome R. Corsi

The Obama Nation: Leftist Politics and the Cult of Personality
by Jerome R. Corsi

Threshold Editions, 2008, hbk
ISBN-10: 1416598065
ISBN-13: 978-1416598060
$18.48 [amazon.com]
£18.04 [amazon.co.uk]

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biden contradicts himself

According to US TV pundits, Biden made at least ten clear errors of fact (if you are being generous with this description). The blogosphere is eagarly making lists of his lies, here is an example. He also contradicted himself:

  • He and Obama will treat oppressive regimes as illegitimate, Biden citing the intervention in Kosova - “BIDEN: I think the American public has the stomach for success. My recommendations on Bosnia. I admit I was the first one to recommend it. ” (This is a position with which I fully agree - that is, the so-called Bush doctrine.) “They saved tens of thousands of lives. And initially John McCain opposed it along with a lot of other people. But the end result was it worked. Look what we did in Bosnia. We took Serbs, Croats and Bosniaks [sic.], being told by everyone, I was told by everyone that this would mean that they had been killing each other for a thousand years, it would never work.

    “There's a relatively stable government there now as in Kosovo. With regard to Iraq, I indicated it would be a mistake to -- I gave the president the power. I voted for the power because he said he needed it not to go to war but to keep the United States, the UN in line, to keep sanctions on Iraq and not let them be lifted.” This is a lie. He voted to give Bush war powers.

    “I, along with Dick Lugar, before we went to war, said if we were to go to war without our allies, without the kind of support we need, we'd be there for a decade and it'd cost us tens of billions of dollars. John McCain said, no, it was going to be OK.

    “I don't have the stomach for genocide when it comes to Darfur. We can now impose a no-fly zone. It's within our capacity. We can lead NATO if we're willing to take a hard stand. We can, I've been in those camps in Chad. I've seen the suffering, thousands and tens of thousands have died and are dying. We should rally the world to act and demonstrate it by our own movement to provide the helicopters to get the 21,000 forces of the African Union in there now to stop this genocide. In other words, he wishes to intervene.

  • He and Obama “reject the Bush Doctrine of preemption and regime change and [will] replace it with a doctrine of prevention and cooperation”.
    Heavens know what is the difference between “preemption” and “prevention”.

Marker at abelard.org

  • Biden says will sit over Obama when he makes decisions, and give him advice. “So every major decision he'll be making, I'll be sitting in the room to give my best advice.”
    The regent and the young inexperienced prince.

It was also interesting to watch Biden start off over-confident and supercilious, and then gradually, throughout the debate, slowly turn a sickly green as he realised that things were not turning out the way he had fantasised. Maybe this is part of the reason he reverted to winging it and making things up as he went along.

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republican senator charles [chuck] hagel on the democrat corruption of fannie mae, 26/01/2005

Democrats strenuously resisted the change and reform.

“Mr. President, I rise today to introduce, along with my colleagues Senators SUNUNU and DOLE, the Federal Housing Enterprise Regulatory Reform Act of 2005. This is needed regulatory reform at a critical time for the Federal National Mortgage Association (Fannie Mae the Federal Home Loan Mortgage Corporation, Freddie Mac, and the Federal Home Loan Banks.

”There is no doubt that our housing government sponsored enterprises GSEs, have been successful in carrying out their mission of providing liquidity for the housing market. The market has remained strong through tough economic times, and homeownership in this country is at an all-time high.

“The housing GSEs, however, are uncommon institutions with a unique set of responsibilities and stakeholders. Fannie and Freddie are chartered by Congress, limited in scope, and are subject to Congressional mandates, yet they are publicly traded companies with all the earnings pressure that Wall Street demands. Additionally, Fannie and Freddie enjoy an implicit guarantee by the Federal Government that has aided them in developing substantial clout on Wall Street. With their influence in the markets, their ability to raise capital at near-Treasury bill rates, and their use of the most sophisticated portfolio management tools, Fannie and Freddie today are no longer simply secondary market facilitators for mortgages.

“The significance of Fannie Mae and Freddie Mac to our economy cannot be overstated. Together, the companies own or guarantee roughly 45.6 percent of all mortgage loans in the United States. The companies combined have issued over $3.9 trillion in obligations comprised of $2.2 trillion in mortgage backed securities and $1.7 trillion of GSE debt.

“It is clear that the recent revelations at both Freddie Mac and Fannie Mae precipitate the need for Congress to address GSE regulatory reform. In 2003, Freddie Mac found itself treading through a wave of accounting problems and questionable management actions. That led to an income restatement of $5 billion, a penalty of $125 million and the removal of several members of its executive management. One year later, a similar surge of questionable practices was discovered at Fannie Mae. That led to the retirement and resignation of two of Fannie Mae's top management officials, as well as last month's ruling by the Securities and Exchange Commission, SEC, that Fannie could face a $9 billion income restatement.

“At a minimum, the bar for a GSE should not be held lower than it is for any other company. In fact, given its congressionally chartered mission to serve a public interest, the bar should be held significantly higher. The operations of such companies should be managed with uncompromising integrity and unabridged transparency.

“Our legislation would create a new independent world class regulator for Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Our bill provides the new regulator with enhanced regulatory flexibility and enforcement tools like those afforded to the Federal Deposit Insurance Corporation, the Federal Reserve System, the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Furthermore, the bill would:

“Provide the new regulator the authority of receivership to close down a failing GSE and protect against a taxpayer bailout; provide the new regulator greater discretion in raising capital standards to protect against insolvency; provide the new regulator approval power over new programs and activities proposed by a GSE; provide the regulator with greater authority to limit exit compensation packages or golden parachutes for executives removed for cause; require the annual audits of Fannie Mae's and Freddie Mac's affordable housing programs to ensure that these programs support the enterprises' affordable housing mission; end presidential appointments to the board of directors of Fannie Mae and Freddie Mac, and would require all Federal Home Loan Bank directors to be elected.

“This reform is important to restoring and maintaining the confidence that investors and the markets require. In light of the recent problems at Freddie Mac and Fannie Mae, it is even more important. I urge my colleagues to support this reform effort and invite them to cosponsor our bill.”

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