Resolution 1718 at the UN states:

“2. Demands that the DPRK not conduct any further nuclear test or launch of a ballistic missile;”

But they went ahead and launched a missile anyways and what does the UN do? The same crap they did with Saddam….talk talk talk talk and more talk….and then nada, zip, zilch. NOTHING!

An emergency meeting of the U.N. Security Council concluded Sunday without an official reaction to North Korea ignoring repeated international warnings and launching a long-range rocket, the council president told reporters.

“Consultations will go on among members to see what is the appropriate position that the council will take,” said Claude Heller, the current Security Council president, and Mexico’s U.N. ambassador. When the council would reconvene wasn’t clear, but Heller said it would be “as soon as possible.”

“I think that there is a very strong call for dialogue, to reconvene, and I think there is consensus in saying that the Security Council regretted the government of [North Korea] disregarded the call by [the] international community to suspend the launching,” he said.

What does Obama want to do? Well, after some tough talk:

“Rules must be binding. Violations must be punished. Words must mean something. The world must stand together to prevent the spread of these weapons. Now’s the time for a strong international response,” the president said during a speech before a huge crowd in Prague.

(kinda like the rules from 13 resolutions against Iraq eh?)

He wants……wait for it…….another resolution:

“The launch constituted a clear-cut violation” of the resolution, said Susan Rice, the U.S. ambassador to the United Nations. North Korea’s action “merits a clear, strong response” and in the U.S. view, that would come in the form of a council resolution, Rice said.

Pathetic with a capitol P.

Meanwhile Bolton has some strong words:

Prior to North Korea’s launch yesterday of a Taepodong-2 ballistic missile, President Barack Obama declared that such an action would be “provocative.” This public statement was an attempt to reinforce the administration’s private efforts to urge the Democratic Peoples’ Republic of Korea (DPRK) not to fire the missile.

That effort failed, as have countless other attempts to deal softly with Pyongyang. Incredibly, U.S. Special Envoy for North Korea Stephen Bosworth revealed — just a few days before the launch — that he was ready to visit Pyongyang and resume the six-party talks once the “dust from the missiles settles.” It is no wonder the North fired away.

Once the missile shot was complete, the administration’s answer was hand-wringing, more rhetoric and, oh yes, the obligatory trip to the U.N. Security Council so that it could scold the defiant DPRK. Beyond whatever happens in the Security Council, Mr. Obama seems to have no plan whatever.

In 2006, when Pyongyang last lit off a volley of missiles and then exploded a nuclear device, the Security Council responded unanimously with Resolutions 1695 and 1718, which imposed extensive military and some economic sanctions. Unfortunately, the impact of these resolutions was dramatically undercut by subsequent Bush administration diplomacy, which effectively let North Korea off the hook. By re-engaging Pyongyang diplomatically rather than increasing the external pressure, George W. Bush relegitimized the North and gave it yet more time to bargain.

Yesterday’s launch is attributable to prior failures, but the global consequences now unfolding are Mr. Obama’s responsibility. In fact, Secretary of Defense Robert Gates is expected to announce today deep cuts in the U.S. missile defense program, an extraordinarily ill-advised step.

The initial draft Security Council resolution responding to yesterday’s missile launch, written by Japan and the U.S., is weak. It essentially only reaffirms Resolutions 1695 and 1718, and minimally tightens existing enforcement mechanisms. Moreover, China and Russia made it plain before the launch they had no interest in stricter sanctions — even arguing with a straight face that Pyongyang was only interested in peaceful satellite communications.

He scolds Bush as well as Obama….rightly so. No negotiations should have resumed, but now the North Koreans have launched their longest flying missile to date and it’s Obama’s crisis to solve. And so far it’s just more of the same. At least with Bush the world knew he was capable of pulling the trigger. Not so with this weak gollum we have in the White House today

Iran has carefully scrutinized the Obama administration’s every action, and Tehran’s only conclusion can be: It is past time to torque up the pressure on this new crowd in Washington. Not only is Iran’s back now covered by its friends Russia, China and others on the U.N. Security Council, but it sees an American president so ready to bend his knee for public favor in Europe that the mullahs’ wish list for U.S. concessions will grow by the minute.

Israel must also be carefully considering how the U.S. watched North Korea rip through “the international community.” The most important lesson the new government headed by Prime Minister Benjamin Netanyahu should draw is: Look out for No. 1. If Israel isn’t prepared to protect itself, including using military force, against Iran’s nuclear weapons program, it certainly shouldn’t be holding its breath for Mr. Obama to do anything.

Russia and China must also be relishing this outcome. They will have faced down Mr. Obama in his first real crisis, having provided Security Council cover for a criminal regime, and emerged unscathed.

Well, as Biden said would happen….Obama has been tested and failed completely.

UPDATE

Brian T. Kennedy at The Corner:

…does anyone seriously think it is possible that the North Korean missile test was not designed to embarrass Mr. Obama? While he is preening about a world without nuclear weapons, and beginning his justification for doing away with our rudimentary missile defense systems, the North Koreans launch a missile that further demonstrates their intention of being able to attack the United States or Japan.

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This entry was posted on Monday, April 6th, 2009 at 10:36 am and is filed under Barack Obama, Iran, North Korea, Russia, china, foreign policy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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30 comments so far

ruaqtpi2
 1Reply to this comment  

Prediction: Internally, North Korea will continue to assert that it has succesfully deployed its new satellite, and will televise for its democratic citizens an “actual” satellite feed. There will be parades in the streets honoring Kim Jong Il for his achievements.

Internationally, North Korea will imply that this demonstrates its ability to strike targets in the U.S., Japan, and other countires friendly to the U.S., and North Korea will consider nuclear disarmament in trade for massive aid packages for its people. After the aid packages have been distributed to the neediest of its citizens (Kim Jong Il and a few of his buddies), North Korea will fire another missile. Some time later, North Korea will claim to have succesfully conducted testing of a “nuclear” device, although the seismic profile will be that of a moderately sized conventional explosive.

The cycle will continue ad nauseum until North Korea will have enriched enough nuclear materials to build and test a real nuclear device.

Obama will hold a special news briefing to officially state that he is really, really angry at the leadership of North Korea, but instead of taking stern diplomatic action, he has worked with his senior advisors to establish a program that will bring needed aid to North Korea, reconnect North and South Korea, and send civil leaders and community organizers to the area to rebuild Korea into the great nation that it once was.

The new “Korean Redevelopment and Aid Program” (KRAP)* will start tearing down monetary and social barriers by constructing homes (”Domestic Dwelling Facilities”) for all citizens of the newly established New Korean Free Democratic Republic. The new housing projects will provide needed employment for up to 60 million unemployed Koreans, and the homes themselves will be wired with next-generation giga-bit per second Internet connections and a dedicated personal computer for each resident. Based on the results of a recent study by the National Center for Social Development, the homes will be identical to one another to promote harmony and eliminate the kind of ugly class warfare that Bush and other Republicans used for the last 8 years to oppress all people the world over.

Along with public housing, Korea (with aid from the United States) will implement a comprehensive National Health and Education program with free health care for all, a free public school system with broadband internet connections in every classroom, and free laptops for all school children from birth through age 25. A newly developed “Community Organization for Kleptocratic Excellence” (COKE) department will be given long-term loans and grants for development of after-school programs that give disadvantaged inner-city children an alternative to selling drugs on the streets. ACORN members will form a committee to be the management “head” for COKE, and this committee will be referred to formally as the COKE-Heads.

These programs, along with many more currently in the concept stage, will be funded through the Qintessential Utopian Excess Equity Redeployment (QUEER) agency to ensure that the “rich” pay their “fair share.” Obama will instruct Hillary Clinton to develop a proposal in the next 120 days to provide further details of KRAP.

Jeff V

* You can track the process of the Korean Redevelopment and Aid Program online at http://www.KRAP.org

April 6th, 2009 at 12:15 pm
HMS Nerd
 2Reply to this comment  

Elephant in the room:

While,

“The launch constituted a clear-cut violation” of the resolution, said Susan Rice, the U.S. ambassador to the United Nations. North Korea’s action “merits a clear, strong response” and in the U.S. view, that would come in the form of a council resolution, Rice said…

NOBODY’S TALKING ABOUT WHY THEY LAUNCHED THE DARNED THING!

The North Koreans don’t actually intend to shoot the missile at the U.S., S. Korea or Japan. They can already hit the latter two, and they don’t have the resources to inflict real damage against the U.S. anytime soon – nor would they want to induce an ABM resurgence (which, BTW, might be great for the economy, just sayin’) within U.S. policy circles. What they’re doing is demoing a product…for groups with less strategic sense.

see: http://www.newsy.com/videos/the_mixed_nuclear_reaction/

The N. Korean leadership is not stupid, it’s just painted itself into a really awful corner of world society and politics. That’s not praise or apology for a brutal dictatorship, it’s a fact that when it comes to brinkmanship, N. Korea speaks the language just fine – it’s just super short stack. Selling missile tech would allow it to loosen up generally because it’d create home-grown industry for the scientists that it keeps producing despite the fact that most of the economy is subsistence agriculture.

April 6th, 2009 at 2:11 pm
the struggler
 3Reply to this comment  

These people are playing out “Team America” in real life.

It’s like watching someone stuck in a Stupid Bubble.

April 6th, 2009 at 4:31 pm
Thomas B.
 4Reply to this comment  

Yet the nutroots still believe in the UN.

April 6th, 2009 at 5:21 pm
ruaqtpi2
 5Reply to this comment  

HMS Nerd,

You hit the nail on the head – it’s all theatrics, all “advertizing,” with at least the motives to extort aid from the “open” aid “markets” while at the same time drumming up customers from the lucrative “black markets” for contraband weaponry. No doubt Kim is flexing his muscles now that Obama has unequivocably stated that the United States’ government is being run by a bunch of passivist pussies (of course, I mean little pussy cats!)

I have two questions for President Obama:

1) Who is going to apologize for North Korea’s arrogance and agression the first time Al Qaeda deploys one of North Korea’s nuclear weapons?

[Oh, that's right; you're going to capture Bin Laden and eradicate Al Qaeda from the world! How silly of me to forget.]

2) Are you out of your F_KING MIND??

Jeff V

April 6th, 2009 at 5:47 pm
Scrapiron
 6Reply to this comment  

The world is laughing at O’Dumbo and he thinks they’re laughing with him. Dimmy Carter is looking real smart about now.

Both Dimmy and Trickie Dick Nixon were more popular at this stage of their administration than O’Dumbo. Ain’t that a shame for such a world hero as O’Dumbo. I wonder how many courses he failed in college since he’s a failure at everything else in life. Being elected by the socialist/communist democrats and welfare riders (one and the same) is not winning.

April 6th, 2009 at 6:00 pm
Red
 7Reply to this comment  

Curt: “… At least with Bush the world knew he was capable of pulling the trigger.”

RA: Agreed!

Bin Laden Intent on Attack inside the USA … [silence] … Vacation-Trigger-Lock-On

“Wanted, Dead or Alive” …. click, click, click … OK a misfire

“Mission Accomplished” … BLAMMMM! … “W” shot himself in the foot foot

“WMD” …. BLAMMM! …. Iraq Shot

“Government is the Problem = Deregulation” …. BLAMMMM! … American Economy shot in the heart, bleeding profusely

Yup! You sure knew Ole “W” could pull the trigger … Just never knew who’d be shot

Red-Atery

April 6th, 2009 at 6:17 pm
ruaqtpi2
 8Reply to this comment  

Red,

Deregulation has never meant total removal of all regulations. Even after deregulation, there are checks and balances in place that *would* be effective *if followed* and if reports of violations every got serious attention!. Unfortunately, the laws that serve to enact regulations almost always seem to invoke the over-riding Law of Unintended Consequences (which usually means taking advantage of loopholes or vagueries in the law.) And when regulatory violations occur, the government and media do their best to obscure everything.

Whistleblowers in the banking industry and government alerted officials years ago about the games being played, yet those items don’t get reported. Why? Nobody wants to take away the punch bowl when the party’s at fever pitch.

Try this on for size: Geithner’s plan to help banks get rid of the toxic assets that have been such a problem is called the Public-Private Investment Program, or PPIP. Under this program, Citibank and Bank of America have been bidding up each other’s toxic (legacy) assets to artificially inflate their apparent value. The Treasury is discounting these assets, and is using taxpayer funds to allow investors to buy the assets for pennies on the dollar (tax funds pay the rest). If the assets tank, the investors lose hardly anything (and in fact the banking industry is lobbying right now to get the “government” to guarantee against the loss of ANY investor capital in the PPIP!)

Why isn’t this getting reported in the mainstream media? These are the kInds of unintended consequences that arise, even with government regulation, but if the media willingly refuses to report these abuses, then what should be done? Impose more (useless) regulations?

We need to demand more accountability from government and the media. These abuses can be minimized if government is actually trying to act in the best interests of the public, but that has happened in decades of Democratic or Republican leadership. Right now, the Dems have control of Congress and the Presidency. Go ahead and defend your Democratic Party if you want to, but right now THEY are the biggest political part of the problem! Defending them isn’t doing a damned thing to improve government accountability, and you’re only losing your constitutional rights in the process.

Jeff V

April 6th, 2009 at 7:11 pm
Red
 9Reply to this comment  

I notice you quote ‘Bolton-Mustache’ … the guy whose trigger-happy, hard-line, preemptive-’diplomacy’ allowed Iran to become a virtually unopposed power in the M.E. Quite the track record.

Furthermore this guy has argued that we can not wait for evidence that our fears of _____ nation (fill in the blank) are legitimate, because that’ll be too late. Therefore we must attack any nation we fear. F-E-A-R itself is the new Bolton Empiricism

Quite the paranoid world John-the-80z-Mustache lives in. At least we know one thing for certain, John is not the Egg Man ….

Red Artery

April 6th, 2009 at 7:19 pm
 10Reply to this comment  

North Korea was always a more significant threat than Iraq – and further along in actually developing WMDs. Hasn’t the US already given money to North Korea and helped unfreeze accounts?

http://article.nationalreview.com/?q=OWU4MzVjMjlmY2QyNzg2N2I3NWY5ZmU2MzhjMmZlNWQ=

April 6th, 2009 at 7:39 pm
 11Reply to this comment  

The President needs to take a proactive stance to foreign policy and not grovel to Europe, the Middle East, or Asia. He needs to put his foot down, ask for more NATO troops, tell NK to keep missiles in storage, or there will be consequences.

And not just a strongly worded letter.

April 6th, 2009 at 7:45 pm
Red
 12Reply to this comment  

Jeff: “… Deregulation has never meant total removal of all regulations. Even after deregulation, there are checks and balances in place that *would* be effective *if followed* and if reports of violations every got serious attention!.”

RA: From Reagan to Bush II (Clinton included to a significant degree), the mantra has been ‘Government is THE Problem’ …. ‘Government and Government Regulations impedes Business’. “W” capped this all off with his ‘K Street Project’, trading preferential policy for political funding, by politicizing the regulatory agencies … the fox in charge of the hen house, as it were.

The consequence … the world is teetering on the edge of Depression.

Jeff: “… laws that serve to enact regulations almost always seem to invoke the over-riding Law of Unintended Consequences (which usually means taking advantage of loopholes or vagueries in the law.) And when regulatory violations occur, the government and media do their best to obscure everything.”

RA: Au contraire … Canadian banks were regulated and the law of Intended Consequences played out there. Results have it therefore Regulation works and Deregulation doesn’t.

As a counter, my question is, why isn’t the US MSM talking about that story? Why are they obscuring that fact?

Jeff: “… Right now, the Dems have control of Congress and the Presidency. Go ahead and defend your Democratic Party if you want to, but right now THEY are the biggest political part of the problem!”

RA: This is like saying … ‘A guy named “W” gets a new car with a gas card with a huge surplus on it. He drives the car without taking it in for the ‘regulated servicing’ it over-heats and is damaged, drives breaking all the rules and damages the vehicle more, ends up with a huge debt on the gas card, and as he abandons the car on a downgrade, and a guy named “O” jumps in to try to put the emergence break on … and y’all blame him.

The choice he has is attempt to reflate the economy, by getting lending going again OR a Depression worse than 1929, ’cause now because of Globalization, the whole world gets taken down …

Really Jeff!?

Red Artery

April 6th, 2009 at 7:57 pm
Red
 13Reply to this comment  

Gaf: “… North Korea was always a more significant threat than Iraq – and further along in actually developing WMDs.”

RA: Yah! Further along, as in … actually having them.

That being the case, then ‘the threat posed by Iraq’ was never the reason for the invasion … if ‘threat’ was the criterion, that is.

Red

April 6th, 2009 at 8:05 pm
Timothy
 14Reply to this comment  

Someone lays a hunk of cash on N. Korea for a few missile specs. N. Korea keeps improving the product and franchises to other countries who want to be in the “big leagues”. Presto….capitalism!!!!!

April 6th, 2009 at 8:09 pm
Red
 15Reply to this comment  

Tim: “… N. Korea keeps improving the product and franchises to other countries who want to be in the “big leagues”. Presto….capitalism!!!!!”

RA: But … like … Capitalism is GOOD! … (R)ight!? So selling nuke technology is GOOD!

And attempting to R-E-G-U-L-A-T-E, is … errr …B-A-A-A-A-D! … Because it’s … like … SOCIALISM

Red

April 6th, 2009 at 8:33 pm
Red
 16Reply to this comment  

Matt the Dina: “… The President needs to take a proactive stance to foreign policy and not grovel to Europe, the Middle East, or Asia. He needs to put his foot down, ask for more NATO troops …”

RA: YAH! Like tell them Euros … You know, the Euros who are like all pissed off because the US is kinda takin’ down the world economy, and the same Euros to whom Obama has to go an say, “Yah, I know we did, but you have to pay the price for our mistake and bail out your banks … and not be all protectionist and resentful like the people who elect you want you to be, for having to use their tax dollars for our US screw up” …. Them Euros …!?

And them NATO troops … the ones the EURO are reluctant to sent because Afghanistan, because it is now such a mess because the US faked left like they were goin’ into Afghanistan where Bin Laden was, but went right into Iraq where bin Laden wasn’t, but the oil was … them NATO troops the Euros aren’t sending to Afghanistan because of that … ?

Yah, yah! Obama should put his foot down and say, “Send them troops your aren’t sending to Afghanistan to North Korea instead” …

Red

April 6th, 2009 at 8:47 pm
b1jetmech
 17Reply to this comment  

Hey Red,

This thread is about North Korea’s missile launch, not the financial meltdown caused by the Democrats.

please stick to the subject hand…. Red.

April 6th, 2009 at 9:21 pm
 18Reply to this comment  

Can someone please compare and contrast the effectiveness of the Bush policies regarding North Korea over 8 years, vis a vis the policies of any other US administration, including that of Obama. North Korea tested the exact same missile in 2006.

Before commenting further, I’d really like to learn.

I’m not blaming Republicans. Even among Democrats, the majority of those polled thought that the US should have taken military action to prevent the launch.

That’s lunacy.

- Larry Weisenthal/Huntington Beach, CA

April 6th, 2009 at 9:44 pm
b1jetmech
 19Reply to this comment  

More Red:

Remember in the mid 1990’s when Jimmy Carter(D) freelanced his way over to North Korea and unofficially bartered the NK into a treaty without the approval of the Clinton(D) administration and Clinton(D) being anxious for his next fling with the latest intern goes signs off on it. Then the US sends North Korea money, technology and equipment to build nuclear reactors.

Oh! but wait with in all that technology the US sent the NK’s most of it was “Dual use” technology. Later on with the help of the RED Chinese NK was able to construct a nuclear missile….while their population starves.

Sup’ with that?

If your going to Rant about how good the Dems(D) are and how bad those “wasky” Republicans are maybe you should shovel the “plank” out of your own eye before decrying the speck in someone else.

The problem with liberal Democrats(D) they don’t have intellectual honesty with in to admit or even acknowledge the reality of the situation.

Mo’ to come ….red….

April 6th, 2009 at 9:49 pm
Red
 20Reply to this comment  

b1: “… This thread is about North Korea’s missile launch, not the financial meltdown caused by the Democrats. please stick to the subject hand…. Red.”

RA: Good point!

Except for the fact that Obama’s ability to ‘lecture’ and ‘demand’ Euro compliance towards North Korea (which Matt the Dina suggested), is in fact severely limited by the fact he needs their support to fight the economic melt down, which “W”z deregulated, laissez faire economics caused.

The inability of the Bush II administration to think ‘complex’ (i.e. multifaceted, inter-relatedly, ecologically-connected, etc), is exactly what has lead the world to the brink of economic disaster and limited Obama’s range of International options

Red

April 6th, 2009 at 9:59 pm
b1jetmech
 21Reply to this comment  

Larry:

We can wait 20 years for the worthless fat cats at the UN to pass their non-applying resolution that don’t hold water to anything.

By then, North Korea along with other fringe kook regimes will have a good supply of Nukes by then and will dare to “call the bluff” to the world.

By then the US will have no missile defense because of defense cuts during the OBama administration so it will have to go to DECON 1 but the problem then…there will be no more nukes for deterrence because Obama scrapped them all out of good faith hoping nations like Russia and China will follow but never did.

North Korea is so unstable it wouldn’t take much to cause them to collapse. If the Soviet Union collapsed…North Korea can fall just as easily. Military force wouldn’t be necessary..that should make the libs happy.

April 6th, 2009 at 10:02 pm
b1jetmech
 22Reply to this comment  

RED:

Oh really and how did the Bush administration cause the financial meltdown? Wasn’t because of a lack of regulation which is the latest “populace” rhetoric from the liberals.

How about this, let’s go back to 1977 during Carter’s(D) term when he enacted the Community development act of 1977. That made it easier for people who really couldn’t afford a house a chance to get one.

Fast forward to 1993-94. CRA has been left alone but along comes Bill Clinton(D) and his pet friends Adrew Cuemo(D) the HUD secretary, and Janet Reno(D) of the DOJ. They schemed a plan to give more low income/poor people that ability buy a home either with little or no down payment or intimidate banks into giving loans to people who couldn’t afford them.

The power of government was used to intimate financial institutions into giving loans to people who couldn’t afford them.

Then comes Barney Frank and Chris Dodd. Two peas in a pod stonewalled any attempt to bring this whole financial matter out in the open and managed to hold off until the Dems regain control in congress in 06′.

There were no Republicans who had anything to do with the CRA and government intimidation to the financial institutions…not one.

So lay off the recycled rhetoric of “de-regulation. that was NOT the problem, it was intimidation by government that created the so called predatory lending because banks had no choice.

April 6th, 2009 at 10:15 pm
 23Reply to this comment  

Obama’s speech in Prague said that we probably wouldn’t see nuclear disarmament in his lifetime, much less in his Presidency.

The nuclear threat is not ICBMs. It would be idiocy for any country to launch a nuclear weapon with a missile. This leaves a return address. Said country would be turned into glass, with me and most other liberals cheering the glassmaking.

Here’s how to deliver a nuke. Put it on a small fishing boat. Or a recreational sailboat. Anchor it in your port city of choice. Set the timer on the fuse. Take your Zodiac to shore, hail a cab, and go to Las Vegas. Or whereever.

No return address. Pinpoint delivery.

That’s the threat. Not a North Korean missile.

- Larry Weisenthal/Huntington Beach, CA

April 6th, 2009 at 10:31 pm
Red
 24Reply to this comment  

b1 … We don’t have no stickin’ sub-prime mortgages in Canada due to R-E-G-U-L-A-T-I-O-N. As a result we don’t have the housing crisis you are having, though we will pay the price for yours. See … we know that you can regulate for both greed and stupidity, that it isn’t a simple ideological either/or.

However, the housing crisis could have been somewhat contained and isolated, if it weren’t for the AIG insurance, non-insurance of these and other risky ventures.

See, AIG insured risk (stocks, subprime mortgages, etc), but because they weren’t regulated, they didn’t have to hold any money against the liability they took on, like regulated insurance companies have to. Because they insured risk (but without the regulated requirement to have the money to pay), crappy risks got a AAA rating. These got bought up all over the world as AAA.

Then, when the unregulated mortgage thingy started to happen, not just the housing sector got effected. Now everyone levered on them AAA assets, backed by AIG insurance started to discover they didn’t have AAA assets, because the insurance company (AIG) didn’t have the ability to pay the insurance. Banks no longer had the assets to support their 30 to 1 lending, in fact they didn’t even have that ratio anymore. Same for business assets for loans …

This is how deregulation took a simple housing problem and radiated it to the whole world. If it weren’t housing that brought it down, a downturn in other AIG ‘insured’ risk woulda brought it down … due to the consequences of deregulation upon the creation of AAA rating for crappy assets

Red

April 6th, 2009 at 10:46 pm
 25Reply to this comment  

Really, Red? Considering that the price of housing is instrumental in toxic assets (and not only in the US), just how doth thou explain your own housing bubble that needed to crash?

Or perhaps your income went up along with the housing prices? Ooops… look at the nosedive in unemployment starting in the early 90s….

Why not take care of your own back yard instead of pompously lecturing us on legislation in the 90s you apparently know nothing about.

April 6th, 2009 at 11:05 pm
 26Reply to this comment  

The UN is the world’s greatest debating society. And the absolute beauty of it is that few understand what the other is saying. Its absolutely wonderful. A gathering of the worlds elites who will invariably, “complicate the obvious and trivialize the momentous”.

April 7th, 2009 at 12:43 am
bbartlog
 27Reply to this comment  

So lay off the recycled rhetoric of “de-regulation. that was NOT the problem, it was intimidation by government that created the so called predatory lending because banks had no choice.

CRA caused problems, but you can’t blame all or even most of this mess on it. First of all, there are plenty of other bad debts – not just subprime mortgages – that are causing problems. Second, housing prices bubbled all over the world, not just in the US – and CRA can’t be to blame for that. And the use of extremely poor models to value the MBS has been well-documented elsewhere. I think it would be pretty hard to make the case that we both *should* bail out the banks, *and* that we shouldn’t have more regulation/oversight. Who’s going to accept being on the hook for a trillion dollars of someone else’s losses, and then say ‘well, I wouldn’t want to impair this productive engine of capitalism with onerous red tape’? It’s a joke.
Now as it happens, and contrary to what people say about the market somehow failing, I think we had a working regulator in the form of the market. It was in the process of destroying every one of these poorly run banks (and AIG). Unfortunately, these industries are politically well-connected, so instead of taking their lumps as they should have they were able to blackmail the government into bailing them out.

April 7th, 2009 at 5:11 am
 28Reply to this comment  

The mainstream media wouldn’t do it. So we are trying to get your important messages to the American people. This post is a suggested read at, http://aresay.blogspot.com/

April 7th, 2009 at 5:17 am
Timothy
 29Reply to this comment  

Red is a C A N U C K….wow……say hello to Terrance and Phillips (and Dudley DoRight).

Europe is part of NATO??? Really??? So when the Serbs were going on the killing spree, this is the same Euroland who basicly stood by and watched. Thas is, until the Americans cajoled them into action.

Euroland can’t send anymore troops…they depend upon the Americans to do it. Kind of Like Canada needs the US to defend its artic region and NW passage. I can just see you guys fending off the territorial claims by the Russians…..NOT.

A British journalist said it best. Europe likes the US military umbrella, they like their money, and they like to bitch. You can add Canada to that list.

April 7th, 2009 at 6:27 am
ruaqtpi2
 30Reply to this comment  

Back to the issues, please!

The point of this thread’s main article is simple: You can not REASON with an UNREASONABLE person.

Obama can (and will) talk – because that’s what he does best _ until he is blue in the face. North Korea’s leadership principles will not change until they have a change in leader. Kim Jong Il is a pathological misfit and a bully, incapable of compassion or remorse. He will never change unless he gets a lobotomy (planned or otherwise).

Jeff V

April 7th, 2009 at 6:58 am

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