Gonzales is finally gone. I'd throw a party, but I want the bastard prosecuted - and I'm afraid of who Bush is going to put in his place.
I knew corruption in Iraq was bad, but this is enough to make you vomit.
mostly pointless meanderings
However, President Bush has a valuable historical example that he could choose to follow.
When the ancient Roman general Julius Caesar was struggling to conquer ancient Gaul, he not only had to defeat the Gauls, but he also had to defeat his political enemies in Rome who would destroy him the moment his tenure as consul (president) ended.
Caesar pacified Gaul by mass slaughter; he then used his successful army to crush all political opposition at home and establish himself as permanent ruler of ancient Rome. This brilliant action not only ended the personal threat to Caesar, but ended the civil chaos that was threatening anarchy in ancient Rome – thus marking the start of the ancient Roman Empire that gave peace and prosperity to the known world.
If President Bush copied Julius Caesar by ordering his army to empty Iraq of Arabs and repopulate the country with Americans, he would achieve immediate results: popularity with his military; enrichment of America by converting an Arabian Iraq into an American Iraq (therefore turning it from a liability to an asset); and boost American prestiege while terrifying American enemies.
He could then follow Caesar’s example and use his newfound popularity with the military to wield military power to become the first permanent president of America, and end the civil chaos caused by the continually squabbling Congress and the out-of-control Supreme Court.
Bottom line: there are a ton of problems in the credit market that aren't going away anytime soon. The main reason for that comment comes from Countrywide Financial's report on Thursday. Countrywide is the largest mortgage lender by volume. That means they have a ton of stature and clout in the market. The problem is simple: they can't find liquidity for their mortgages right now. They had to place $1.8 billion of loans into their investment portfolio and devalue both investments by between 14% and 20% when the transferred those assets. The devaluation tells me that buyers are pretty scared about the whole mortgage mess right now.Add to this the news that BNP stopped withdrawals from some of its funds, a Goldman Sachs fund lost over 20% since the beginning of the year, Washington Mutual agreeing with Countrywide's assessment of the credit markets, and the central banks pumping liquidity into the market, and you have a recipe for increased volatility and concern.
And in case you thought that wasn't enough:
But, he adds, the full weight of resets on adjustable-rate mortgages have yet to been felt. From the beginning of 2007 through the middle of 2008, over $1 trillion ARMs will reset, many from low "teaser" rates. Then the extent of the declines in home prices and the financial fallout will be apparent, Magnus observes.The news has continued to come out in a very negative vein. And it's the big players who are making the announcements. That is all the more concerning. When the mortgage mess first started in last 2006/early 2007 it was the smaller players making the announcements. While this was disconcerting, it wasn't earth shattering. Now the big boys are saying, "boy is it rough out there". That should concern everybody.