We can move around our money as much as we like. But all the king's horses and all the king's men can't put commercial real estate back together again.That's the real lending conundrum.
Your thoughts?
Caustically blogging about politics and life.
We can move around our money as much as we like. But all the king's horses and all the king's men can't put commercial real estate back together again.

Thanks for popping in while I blog-rob from Althouse, and take a look at some of the ornaments displayed on Obama's and our country's Christmas tree.Why let a holiday season come between the White House and making some political statements? The White House pegged controversial designer Simon Doonan to oversee the Christmas decorations for the White House. Mr. Doonan, who is creative director of Barney’s New York has often caused a stir with his design choices. Like his naughty yuletide window display of Margaret Thatcher as a dowdy dominatrix and Dan Quayle as a ventriloquist’s dummy. For this year’s White House, he didn’t disappoint.

These photos of ornaments on the White House Christmas tree in the Blue Room were taken just days ago. Of course, Mao has his place in the White House.
And, of course, it wouldn’t be Christmas without an ornament of legendary transvestite Hedda Lettuce.

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And, so soon after collecting the Nobel Peace Prize, why wouldn’t the White House have an ornament super-imposing President Obama onto Mt. Rushmore:

All around, a very Barry Christmas!A Mao ornament on our nation's Christmas tree? Tut tut. Pfft smfft. I've already extolled the virtues of exhorting Maoists.
The whole voting process has grown so clandestine, even Democrats are now grumbling about its cloak-and-daggerness. Could it be, dare I say it, because the health care bill has so much public opposition?"I am in the dark almost as much as he is, and I am in the leadership." Durbin explained that during a Democratic caucus, Reid and the small group of senators involved in crafting the bill turned to their fellow Democrats and "basically stood and said, 'We are sorry, we can't tell you in detail what was involved.'"
"Isn't that a very unusual process?" asked McCain, noting that "we are discussing one-sixth of the gross national product; the bill before us has been a product of almost a year of sausage-making. Yet here we are at a position on December 12, with a proposal that none of us, except, I understand, one person, the Majority Leader, knows what the final parameters are, much less informing the American people. I don't get it."
"I think the senator is correct," Durbin answered, "saying most of us know the fundamentals, but we do not know the important details behind this." (emph. added)
What the hell! If sunlight is the best disinfectant, why are most Dems sprinting for the caves?
You know, the one that has over five thousand earmarks, the bill that pushes our total earmark spending for 2009 to eleven billion? Obama signed it into law this past Wednesday with nary a whimper.
In August, the American people who voted on CNN gave Obama a C+. Back in August, though, his approval ratings were significantly higher.
Obama gives himself a higher grade. Just a few weeks ago, in his Oprah-softball interview, he said he'd earned a "solid B+" in his first year as president.Barack Obama has won a place in history with the worst ratings of any president at the end of his first year: 49% approve and 46% disapprove of his job performance in the latest USA Today/Gallup Poll.Ouch!
There are many factors that explain it, including weakness abroad, an unprecedented spending binge at home, and making a perfectly awful health-care plan his signature domestic initiative. But something else is happening.
Mr. Obama has not governed as the centrist, deficit-fighting, bipartisan consensus builder he promised to be. And his promise to embody a new kind of politics—free of finger-pointing, pettiness and spin—was a mirage. He has cheapened his office with needless attacks on his predecessor.
Consider Mr. Obama's comment in his interview this past Sunday on CBS's "60 Minutes" that the Bush administration made a mistake in speaking in "a triumphant sense about war."
This was a slap at every president who rallied the nation in dark moments, including Franklin D. Roosevelt ("With confidence in our armed forces, with the unbounding determination of our people, we will gain the inevitable triumph"); Woodrow Wilson ("Right is more precious than peace and we shall fight for the things which we have always carried nearest our hearts"); and John F. Kennedy ("Any hostile move anywhere in the world against the safety and freedom of peoples to whom we are committed . . . will be met by whatever action is needed").
This kind of attack gives Mr. Obama's words a slippery quality. For example, he voted for the bank rescue plan in September 2008 and praised it during the campaign. Yet on Dec. 8 at the Brookings Institution, Mr. Obama called it "flawed" and blamed "the last administration" for launching it "hastily."
Really? Bush Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke and New York Fed President Timothy Geithner designed it. If it was "flawed," why did Mr. Obama later nominate Mr. Bernanke to a second term as Fed chairman and make Mr. Geithner his Treasury secretary?
Mr. Obama also claimed at Brookings that he prevented "a second Great Depression" by confronting the financial crisis "largely without the help" of Republicans. Yet his own Treasury secretary suggests otherwise. In a Dec. 9 letter, Mr. Geithner admitted that since taking office, the Obama administration had "committed about $7 billion to banks, much of which went to small institutions." That compares to $240 billion the Bush administration lent banks. Does Mr. Obama really believe his additional $7 billion forestalled "the potential collapse of our financial system"?
Mr. Obama continued distorting the record in his "60 Minutes" interview Sunday when he blamed bankers for the financial crisis. They "caused the problem," he insisted before complaining, "I haven't seen a lot of shame on their part" and pledging to put "a regulatory system in place that prevents them from putting us in this kind of pickle again."
But as a freshman senator, Mr. Obama supported a threatened 2005 filibuster of a bill regulating Fannie Mae and Freddie Mac. He doesn't show "a lot of shame" that he and other Fannie and Freddie defenders blocked "a regulatory system" that might have kept America from getting in such a bad pickle in the first place.
The president's rhetorical tricks don't end there. Mr. Obama also claimed his $787 billion stimulus package "helped us [stem] the panic and get the economy growing again." But 1.5 million more people are unemployed than he said there would be if nothing were done.
And as of yesterday, only $244 billion of the stimulus had been spent. Why was $787 billion needed when less than a third of that figure supposedly got the job done?
Mr. Obama also alleged on "60 Minutes" that health-care reform "will actually bring down the deficit" (which people clearly know it will not). He said his reform reduces "costs and premiums for American families and businesses" (though they will be higher than they would otherwise be). And he claimed 30 million more people will get coverage through "an exchange that allows individuals and small businesses" to purchase insurance (though 15 million of them are covered by being dumped into Medicaid and don't get private insurance).
Mr. Obama may actually believe it when he says, "I think that's a pretty darned good outcome" and congratulates himself that he could succeed where "seven presidents have tried . . . [and] seven presidents have failed."
But voters seem to have a different definition of success. And they are tiring of the president's blame shifting and distortions.
Mr. Obama may believe, as he told Oprah Winfrey in a recent interview, that he deserves a "solid B+" for his first year in office, but the American people beg to differ. A presidency that started with so much promise is receiving unprecedentedly low grades from the country that elected him. He's earned them.
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Yet we're still letting the banks cook the books.
And this excerpt from the article explains that the "hockey stick" graph: [w]as the chart displayed on the first page of the ‘Summary for Policymakers’ of the 2001 IPCC report - the famous ‘hockey stick’ graph that has been endlessly reproduced in everything from newspapers to primary-school textbooks ever since, showing centuries of level or declining temperatures until a dizzying, almost vertical rise in the late 20th Century.Click here for the full article.
There could be no simpler or more dramatic representation of global warming, and if the origin of worldwide concern over climate change could be traced to a single image, it would be the hockey stick.
Gabriel Fahrenheit did not invent the mercury thermometer until 1724, so scientists who want to reconstruct earlier climate history have to use ‘proxy data’ - measurements derived from records such as ice cores, tree-rings and growing season dates.
However, different proxies give very different results.
For example, some suggest that the ‘medieval warm period’, the 350-year era that started around 1000, when red wine grapes flourished in southern England and the Vikings tilled now-frozen farms in Greenland, was considerably warmer than even 1998.
Of course, this is inconvenient to climate change believers because there were no cars or factories pumping out greenhouse gases in 1000AD - yet the Earth still warmed.
Some tree-ring data eliminates the medieval warmth altogether, while others reflect it. In September 1999, Jones’s IPCC colleague Michael Mann of Penn State University in America - who is now also the subject of an official investigation --was working with Jones on the hockey stick. As they debated which data to use, they discussed a long tree-ring analysis carried out by Keith Briffa.
Briffa knew exactly why they wanted it, writing in an email on September 22: ‘I know there is pressure to present a nice tidy story as regards “apparent unprecedented warming in a thousand years or more”.’ But his conscience was troubled. ‘In reality the situation is not quite so simple - I believe that the recent warmth was probably matched about 1,000 years ago.’
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Finally, Briffa changed the way he computed his data and submitted a revised version. This brought his work into line for earlier centuries, and ‘cooled’ them significantly. But alas, it created another, potentially even more serious, problem.
According to his tree rings, the period since 1960 had not seen a steep rise in temperature, as actual temperature readings showed - but a large and steady decline, so calling into question the accuracy of the earlier data derived from tree rings.
This is the context in which, seven weeks later, Jones presented his ‘trick’ - as simple as it was deceptive.
All he had to do was cut off Briffa’s inconvenient data at the point where the decline started, in 1961, and replace it with actual temperature readings, which showed an increase.
On the hockey stick graph, his line is abruptly terminated - but the end of the line is obscured by the other lines.
‘Any scientist ought to know that you just can’t mix and match proxy and actual data,’ said Philip Stott, emeritus professor of biogeography at London’s School of Oriental and African Studies.
‘They’re apples and oranges. Yet that’s exactly what he did.’

"Want to take advantage of the proposed buy-in to the federal health care plan? Got $9,900?
But you think you're getting a government subsidy? Oh, but you are. The buy-in will cost $20,000 — according to a CBO estimate — and — assuming you make only $54,000, on which you are attempting to raise a family of 4 — you will get a government subsidy of $10,100.
Or are you over 55 and thinking you'll get to buy intoMedicare ? That's estimated to cost $7,600 a year per person — $15,200 for a couple. No subsidies until 2014.
Do people who support what the Democrats are trying to do really understand how much money they will be required to come up with to comply?
PLUS: Here comes the VAT!"
Speaking of grand, did you know that since the recession began, the number of federal employees making $100,000+ has increased by an eye-popping FORTY-SIX PERCENT?
From the USA Today, here's a happy little blurb for you:
If that didn't cheer you up, hop on over to Mike Shedlock's blog. He's listed some of the marvelous projects funded by Obama's stimulus package -- you know, the one the Democrats passed this February.
I'll have a good stiff drink waiting for you when you come back. Err, better make that cocktail a hemlock.
Ah. Ain't government grand!