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Another Czar, Another Radical

I suppose, at some point, this sort of thing will cease to be news — another Obama nominee gets the light shined upon them, another radical exposed.  Deja vu, all over again.

The U.S. should move in the direction of socialism but the country’s “white majority” opposes welfare since such programs largely would benefit minorities, especially blacks and Hispanics, argued President Obama’s newly confirmed regulatory czar, Cass Sunstein.

“The absence of a European-style social welfare state is certainly connected with the widespread perception among the white majority that the relevant programs would disproportionately benefit African Americans (and more recently Hispanics),” wrote Sunstein.

The Obama czar’s controversial comments were made in his 2004 book “The Second Bill of Rights,” which was obtained and reviewed by WND.

Get that, folks?  It has nothing to do with politics, policy or personal beliefs —  the only barrier to turning the United States into a “worker’s paradise” like the old Soviet Union — is racism…  The folks over at the Politico point out that Sunstein can’t be a radical, he’s a Harvard professor!  What I think this really suggests is that the folks over at the Politico just might need to get out a little more often… if they think that “radical” and “Harvard Law professor” are somehow completely mutually exclusive concepts.

Perhaps, just perhaps, were Mr. Sunstein actually paying attention to conditions in the old Soviet Union, that socialist utopia, or Maoist China, Pol Pot’s Cambodia, etc., he might have noticed other reasons why socialism wasn’t all that popular a concept in the United States.  Even Western Europe’s experiments in soft socialism would be pipe-dreams without the NATO security guarantee — and they don’t always turn out all that well, like the NHS

Geither To Announce Details … Wall Street Waits

AP is reporting that Timothy Geithner will be releasing the details of his plan to deal with toxic assets that are on the books and the New York Times is reporting some  leaked details of the proposed plan.

Treasury will ask banks, like Citigroup or JPMorgan Chase, to identify pools of residential and commercial real estate loans that they will be willing to sell through an auction. Private investors will bid against each other, setting a market price. No bank will be required to participate.

The idea’s not knew (frustratingly it’s one that Mark Cuban came up with last fall) but it seems like a good one because the market will value the assets and determines a “real” value for them. And, frankly, it’s about the best idea out there. However, even with FDIC loans, you can bet these investors will literally bid pennies on the dollar and the banks are going to have to take a major haircut on any assets that they sell in this auction. It is going to be really interesting to see how that idea shakes out.

Read the whole AP story too. Make special note of this paragraph too:

Some industry officials said that participation by the private sector may be harmed because potential investors will now be worried that the government will change the terms of the deal or impose new restrictions because of the current political backlash against Wall Street.

Hedge funds and other big investors are likely to be more leery of accepting the government’s enticements to purchase these assets, fearing tighter government restraints in such areas as executive compensation.

This is indeed more hope and change. Ye reap what ye sow and another 2 Trillion of our money! It had better work.

Failure! Update – Harry Reid “War is lost” video.

Rush Limbaugh is being hammered from both the right and the left for his comments on wishing Obama fails. He has explained time and again that its his policies he hopes fails and so do I. Read more