We all now know that the economic melt down was precipitated by substandard loans to non-creditworthy borrowers. A Clinton idea to give everyone an opportunity to own a home which he brought to reality by his 1995 Amendments to the 1977 Community Reinvestment Act. Iced by regulations which forced Fannie and Freddy to underwrite subprime loans to rabbits, and that forced bankers to make them, the fox was loosed and the chase was on. Meanwhile, back at the kennel, hounds Johnny and W were muzzled and leashed by Barney, Chris and Chuck. Now that there’s nothing more for the fox to eat, enters Barack with the solution. Repeal the CRA? Never! Take the money from the plumber and give it to the rabbits.

During the Palin-Biden debate, Biden made an incredible statement that defines the essential difference between democrats and republicans and between socialism and capitalism. He said he thought that a bankruptcy judge should not only have the power to lower a debtor's mortgage interest rate, but that he should have the power to lower the principal amount as well.

Think about that and think where that would lead. Assume a debtor owes $100,000 on a $125,000 home and is paying 7% interest. Assume the debtor files bankruptcy and by luck of the random selection process draws a very liberal judge. Assume the judge, intending to prevent a foreclosure, lowers the debtor's interest rate to 1% less than the bank pays for the money it borrows and lowers the principal amount to $50,000. 

Consider, that by taking $50,000 from the bank, that there is $50,000 that the bank will never recover and $50,000 that a creditworthy customer can't borrow. The judge trashed the mortgage and trampled on the common law right of "freedom of contract" that has been determined to be a Constitutional right under the Fifth Amendment which provides "No person. . . shall be deprived of . . .property, without due process of law." That has been the law since at least 1904 (Great Southern Fire Proof Hotel Company v. Jones, 193 U.S. 532). But, of course, with another liberal judge or two on the Supreme Court, who prefer to play midnight golf with the law rather than adhere to the Constitution, that could change. 

No longer could you depend upon a court enforcing a written contract. "I've got it in writing" would no longer have any meaning. A bankruptcy case would become a crap shoot with the outcome dependent upon the liberality or conservatism of the judge. "Equal Justice Under Law?"  Fugedaboudit.

Such an action would be a purely socialistic taking from a deserving one and giving to an undeserving one. And that take us back to how we got into this mess by purposely granting large loans to non-creditworthy borrowers with no money down and adjustable rate mortgages.

Is that where you want to be led?

Sarah Palin, Just the Inexperience We Need

At last, a person with no Washington experience who has proven that changing government is not only possible but doable. You have no Capitol experience at "log rolling," ear-marking, filibustering, obfuscating, obstructing or mean spirited denying of the people's right to produce energy.  You have no experience at demeaning, defaming, belittling, and humiliating Senate hearing witnesses and Supreme Court nominees. You own no stock in Halliburton, Lockheed, or Martin-Marietta. You've never sat on the boards of Wal-Mart, The Annenberg Challenge, or The Woods Foundation. You don't even know Rev. Wright, William Ayers, Bernadine Dorn, Father Pflager, Louis Farrakhan, or Tony Rezko. You probably know nothing of Black Liberation Theology. You and Mr. Palin know labor from the inside, not from some self-interested union official who would deny the worker a secret ballot. Avoiding war starts with loving life and you have proved that you love life abundantly. Yet, you and Mr. Palin have allowed your son to join the Army, realizing that the preservation of our nation is paramount and admits of no appeasement of our enemies for a mere hope of peace. You are just the inexperience we need. Mike Snyder, Chicago.

NEVER TRUST THE RUSSIANS AND BE PREPARED FOR ANYTHING. On the night of October 22, 1972, I was the second mate on the S.S. ADABELLE LYKES bound from New Orleans to Casablanca. We were navigating through the Florida Straits between Cuba and Florida. Commencing, at about 11:00 p.m. when we were somewhere between Dry Tortugas and Key West, we were challenged by a group of five naval vessels to identify ourselves. We thought nothing of it because the Navy frequently had exercises in that area. But when we were challenged five times between Key West and Fowey Rocks, we knew something was up. We had not heard President Kennedy's speech given earlier that evening.

The next day, after riding with the Gulf Stream up the east coast of Florida, we turned east to cross the Atlantic. About four hours later, we came upon a Soviet cargo ship stopped in the water with a destroyer escort lying across her bow. This was clearly a blockade. On the deck of the Soviet ship, we could see at least six cylindrical tubes about 70 feet long and five feet in diameter. The officers' dining salon was usually a very happy place with a lot of jovial chatter but that evening it was gloomy with worry and anxiety.

JFK's speech is to be studied and remembered. Among the things he said then which have serious implications in today's challenges are the following:

The size of this undertaking makes clear that it has been planned for some months. Yet, only last month, after I had made clear the distinction between any introduction of ground-to-ground missiles and the existence of defensive antiaircraft missiles, the Soviet Government publicly stated on September 11 that, and I quote, "the armaments and military equipment sent to Cuba are designed exclusively for defensive purposes," that there is, and I quote the Soviet Government, "there is no need for the Soviet Government to shift its weapons for a retaliatory blow to any other country, for instance Cuba," and that, and I quote their government, "the Soviet Union has so powerful rockets to carry these nuclear warheads that there is no need to search for sites for them beyond the boundaries of the Soviet Union."

That statement was false.

* * *

Only last Thursday, as evidence of this rapid offensive buildup was already in my hand, Soviet Foreign Minister Gromyko told me in my office that he was instructed to make it clear once again, as he said his government had already done, that Soviet assistance to Cuba, and I quote, "pursued solely the purpose of contributing to the defense capabilities of Cuba," that, and I quote him, "training by Soviet specialists of Cuban nationals in handling defensive armaments was by no means offensive, and if it were otherwise," Mr. Gromyko went on, "the Soviet Government would never become involved in rendering such assistance."

That statement also was false.

* * *

The 1930's taught us a clear lesson: aggressive conduct, if allowed to go unchecked and unchallenged, ultimately leads to war. This nation is opposed to war. We are also true to our word. Our unswerving objective, therefore, must be to prevent the use of these missiles against this or any other country, and to secure their withdrawal or elimination from the Western Hemisphere.

* * *

This Nation is prepared to present its case against the Soviet threat to peace, and our own proposals for a peaceful world, at any time and in any forum -- in the OAS, in the United Nations, or in any other meeting that could be useful -- without limiting our freedom of action. We have in the past made strenuous efforts to limit the spread of nuclear weapons. We have proposed the elimination of all arms and military bases in a fair and effective disarmament treaty. We are prepared to discuss new proposals for the removal of tensions on both sides, including the possibilities of a genuinely independent Cuba, free to determine its own destiny. We have no wish to war with the Soviet Union -- for we are a peaceful people who desire to live in peace with all other peoples.

But it is difficult to settle or even discuss these problems in an atmosphere of intimidation. That is why this latest Soviet threat -- or any other threat which is made either independently or in response to our actions this week-- must and will be met with determination. Any hostile move anywhere in the world against the safety and freedom of peoples to whom we are committed, including in particular the brave people of West Berlin, will be met by whatever action is needed.

            Because of President Kennedy's character, his WWII navy experience, and his personal pain from combat, he had the fortitude and resolve to confront the Soviets forcefully and unequivocally, mincing no words and giving no quarter. It was a stare down and as the world knows, "Khrushchev blinked."

            We are in much the same position with Putin today as we were in 1972 with Khrushchev. Putin would have the world believe that we are putting missiles in Europe and protecting the sovereignty of Georgia as Russia did in Cuba in 1972. Ah! But there is a marked distinction between defensive missile interceptors and offensive missiles designed and intended for the annihilation of a nation.

            I think that encounter was one of our President's and our nation's proudest moments. I also think that it was the beginning of the end of the cold war. No one was so foolish as to suggest that President Kennedy was "shooting from the hip." No one criticized him for not assembling a coalition of nations and getting the permission of the UN before he took action. He knew what had to be done and he did it.

            In less than three months, we must decide who to elect as our next President. Obama comes from the worlds of academia and law. Worlds of scholarly debates, faculty teas, and rhetoric practice. But life isn't all scholarly tea and crumpets; life is Khrushchevs and Putins, energy crises, faulty intelligence, economic downturns, mistakes in borrowing and lending, unemployment, and unemployables. I can't imagine Obama facing down Putin or decisively confronting any of the lesser challenges of a president. Pray for guidance and vote for McCain.

Mike Snyder - August 20, 2008