New Video: Description of How We Got Into This Mess – By John Gibson

History of who is who in the Fannie / Freddie scandal.

http://www.foxnews.com/video-search/m/20968545/my_word_9_19.htm?q=Barney+Frank+Video

NEW VIDEO: Republicans Indicate Current Plan Is A No Go – New Plan Needed

THIS IS WHY McCAIN IS HEADING BACK TO WASHINGTON – A NEW BILL IS NEEDED.

 http://www.foxnews.com/video-search/m/20988269/alternate_plan.htm?q=Barney+Frank+Video

T. Boone Pickens Investment Funds Down About $1 Billion

Please Don’t Tell Me He Wants A Bailout Too …….

Lately, T. Boone Pickens would get better marks as a policy advocate and author than an energy investor.

The 80-year-old Texas oil magnate has bankrolled a massive public campaign for improved U.S. energy independence, and his new book, “The First Billion is the Hardest,” is a best seller. But the downturn in energy has blindsided the industry veteran, leaving one of his hedge funds that focuses on energy stocks down almost 30% through August. A smaller commodity-focused fund is down 84%.

All in, the funds have lost around $1 billion this year, a figure that includes $270 million of personal losses. “It’s my toughest run in 10 years,” said Mr. Pickens, a former geologist who earned billions by building an oil company and investing in energy. “We missed the turn in the market, there’s nothing fun about it.”

Until lately, money had gushed from Mr. Pickens’s trading desk as energy prices climbed. His energy-stock fund, which started the year at $2 billion, has returned a compounded annual return of 37% over seven years, according to an investor. The commodity fund, which started the year at about $600 million, has had similar strong performance. That fund relies heavily on borrowed money, resulting in the deeper losses.

Mr. Pickens argues that the recent falloff in energy prices in large part is due to dislocations in financial markets, which forced a range of investors to sell holdings to raise cash. “I’m not willing to accept that [the downturn] was due to a global slowdown” reducing energy demand, he says. “When there’s deleveraging in markets it will affect everything.” (What is being said here is that oil prices were not based on demand – but on the amount of cash invested in oil by speculators – that the price dropped when the speculators were forced to sell their “oil bets”).

Unless there’s a deep, global economic downturn, he says, oil prices will head higher because oil demand will outpace supply by at least two million barrels over the next year. “Oil likely will finish the year around $120 or $125 a barrel.” Still, Mr. Pickens says he’s shifted his funds’ portfolios to a more neutral stance, to keep his losses in check. That means he hasn’t fully benefited as oil prices jumped in the past few days to $106.61 a barrel from about $90.

Despite crisscrossing the country to discuss his energy plan, Mr. Pickens says he remains focused on his investment firm, BP Capital LLC. When he’s in Dallas, where he lives, Mr. Pickens starts the day with a workout, and then meets his 10-person investment team for breakfast. He leaves the office around 6:30 p.m.

He’s been getting calls from concerned investors, but many are longtime friends. It also helps that he’s made them a fortune over the years. “He made his [bullish] views well known and we expected volatility,” says John Trammell, president of Cadogan Management LLC, a $7.5 billion firm that invests in hedge funds. “They’re not as exposed to the downward movement in oil as they were” a few months ago.

Mr. Pickens is upbeat about the prospects of the firm. But he acknowledges that the recent losses have an impact. “It’s like mashing all your fingers in the door… This has been a pretty bad period for us,” he says.

http://online.wsj.com/article/SB122221505732769415.html

Remember this his – when you see a Commercial on TV – someone is trying to sell you something – the trick is to figure out what it is.  

Video: Biden’s Off The Wall FDR – Depression Comment Not A First – Watch Biden Claim His Plan On Iraq Is Working

Senator Biden’s comments yesterday claiming that FDR addressed the Country on TV during the Great Depression – https://mcauleysworld.wordpress.com/2008/09/23/oops-biden-slips-suggests-fdr-was-president-when-market-crashed/ are not the first unusual comments made by the Senator during this Campaign.

THE SET UP

Senator Biden once called for a Plan to Partition or divide Iraq into three separate Countries. The Plan was, naturally enough, trashed. The Iraqis, and I do mean ALL THE IRAQI’S, all parties, all sides, even al-Queda, called the plan a bad idea.

Biden was even called an Imperialist (as insults go – it doesn’t get any worse in the middle east).

Biden’s response to the universal rejection of his plan, “Who the Hell do they think they are?”. Well the answer is – they are the Iraqi’s – it is their Country. They want to keep it in one piece. Biden just couldn’t let it go …….

FAST FORWARD 

Months later Biden tried to claim that “my plan for Iraq is working”. See the video here: http://embeds.blogs.foxnews.com/2008/09/07/biden-says-his-tripartite-plan-for-iraq-is-working/

Can someone remind the Senator that his plan was rejected – it really was a stinker. Wait till tomorrow to let him know that FDR wasn’t the President during the Great Depression and TV’s hadn’t been invented at the time. You know ….. bring him up to speed a little bit at a time.

https://mcauleysworld.wordpress.com/2008/09/09/watch-biden-declare-my-iraq-plan-is-working-desperate-obamabiden-ticket-resurrect-bidens-plan-to-partition-iraq/

Drill Baby Drill – Democrats to Let Offshore Drilling Ban Expire, Conceding Defeat in Battle With GOP

UPDATE: The activities described below were just a pre-election ploy ….. In fact none of the changes were ever implemented …. prior or post election.

WASHINGTON —  Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a months-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

House Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

Republicans have made lifting the ban a key campaign issue after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.

“If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices,” said House GOP leader John Boehner of Ohio.

Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.

The House is expected to act on the spending bill Wednesday. The Senate is likely to go along with the House.

“The White House has made it clear they will not accept anything with a drilling moratorium, and Democrats know we cannot afford to shut down the government over this,” said Jim Manley, a spokesman for Senate Majority Leader Harry Reid. “We look forward to working with the next president to hammer out a final resolution of this issue.”

While the House would lift the long-standing drilling moratoriums for both the Atlantic and Pacific coasts, a drilling ban in waters within 125 miles of Florida’s western coast would remain in force under a law passed by Congress in 2006 that opened some new areas of the east-central Gulf to drilling.

Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore. It quickly became clear that measure would not get the 60 votes needed in the Senate.

Republicans called that effort a sham that would have left almost 90 percent of offshore reserves effectively off-limits.

The ban on energy development will be lifted if the Senate goes along with the House action. imminent.

The congressional battle over offshore drilling is far from over. Democrats are expected to press for broader energy legislation, probably next year, that would put limits on any drilling off most of the Atlantic and Pacific coasts. Republicans, meanwhile, are likely to fight any resumption of the drilling bans that have been in place since 1981.

John McCain, the Republican presidential nominee, has promised to make offshore oil drilling a priority if elected president. He has called for developing the oil and gas resources along all of Outer Continental Shelf and for the federal government to share royalties with states who go along with drilling.

Democratic presidential rival Barack Obama has said he would support very limited drilling in certain areas — possibly the South Atlantic region — if it is part of a broader energy plan to shift the U.S. away from oil to alternative fuels and more energy efficiency.

The debate over offshore drilling is not expected to subside in the first months of the next presidency — no matter who sits in the White House.

Lifting the drilling ban gives momentum to the underlying bill, which includes the Pentagon budget, $24 billion in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.

http://www.foxnews.com/story/0,2933,426764,00.html?sPage=fnc/politics/senate

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