Monday, March 5, 2012

I Apologize Too BY: Robert A. Hall

Posted by BH 11:09 pm 3-5

I Apologize Too

My Photo
BY:  Robert A. Hall

Despite abject, fulsome, obsequious, groveling apologies from the President of the United States down to the guy who empties the trash at the airbase, it has failed to quell Muslim violence over the accidental burning of Muslim-defaced Qur’ans in Afghanistan. Now there are some folks who think this is because Muslims just love to have some perceived offence to riot about, so they can slaughter people, mostly each other. Or that Muslims riot to take their minds off the terrible way Islam condemns them to live.

But I reject that view. Muslims have issues. Lots of issues. LOTS of issues. So I figured that if I added a more broad-based apology on those issues, it might help calm the violence. Of course, like President Obama’s apology, it might just lead to more Muslim violence and thus more dead Muslims. I figure either way, it probably can’t hurt. So here goes.
 I’m sorry that violent Muslim jihadists committed blasphemy by desecrating the Qur’an to pass messages designed to help them increase terror and murder. I’m sorry that so many Muslims thought that desecration was acceptable. I’m sorry that the rioters are too stupid to blame the Muslims for desecrating the Holy Qur’an, rather than the low level employees who though the desecrated Qur’ans were trash and accidently burned them.
 I’m sorry that the rioters have such screwed up priorities they care more about a destroyed book than a human life. I’m sorry that the riots make people think Islam is a religion for idiots, and that the rioters are thus insulting Islam.
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"WHEN RADIO WAS" - ( PART 1) - WFZR SERIES - THE HISTORY OF RADIO

Posted by BH 10:19 pm 3-5

WHEN RADIO WAS - PART 1
By Bill Holland (N3BBA) FREE ZONE MEDIA
 This Series will Be Re-Posted in a Roll Page at the TOP OF FREE ZONE MEDIA - LOOK UP ?


STAY TUNED FOLKS ?

WHO DONATES TO WHOM ? WHO DO YOU BUY FROM ?

Posted by BH 9:02 pm 3-5

Know the companies you buy from and their political affiliation.
 
This shows both Democrat and Republican information!
--------------------------------------------------------------------
Shopping
Price Club/Costco donated $225K, 99% went to Democrats
Rite Aid donated $517K, 60% went to Democrats
Magla Products (Stanley tools, Mr. Clean) donated $22K, 100% went to Democrats
Warnaco (undergarments) donated $55K, 73% went to Democrats
Martha Stewart Living Omnimedia donated $153K, 99% went to Democrats
Estee Lauder donated $448K, 95% went to Democrats
Guess, Inc. donated $145K, 98% went to Democrats
Calvin Klein donated $78K, 100% went to Democrats
Liz Claiborne, Inc. donated $34K, 97% went to Democrats
Levi Straus donated $26K, 97% went to Democrats
Olan Mills donated $175K, 99% went to Democrats
Progressive Insurance - Peter Lewis CEO donated $635K 100% went to Democrats plus he has also donated approx. 10 MILLION Dollars over the years to the ACLU
 
WalMart donated $467K, 97% went to Republicans
K-Mart donated $524K, 86% went to Republicans
Home Depot donated $298K, 89% went to Republicans
Target donated $226K, 70% went to Republicans
Circuit City Stores donated $261K, 95% went to Republicans
3M Co. donated $281K, 87% went to Republicans
Hallmark Cards donated $319K, 92% went to Republicans
Amway donated $391K, 100% Republicans
Kohler Co. (plumbing fixtures) donated $283K, 100% Republicans
B.F. Goodrich (tires) donated $215K, 97% went to Republicans
Proctor & Gamble donated $243K, 79% went to Republicans
 
Spirits
Southern Wine & Spirits donated $213K, 73% went to Democrats
Joseph E. Seagrams & Sons (incl. beverage business + considerable media interests) donated $2M+, 67% went to Democrats
Gallo Winery donated $337K, 95% went to Democrats
 
Coors & Budweiser donated $174K, 92% went to Republicans
Brown-Forman Corp. (Southern Comfort, Jack Daniels, Bushmills, Korbel wines - as well as Lenox China, Dansk, Gorham Silver) donated $644 K -- 80% went to Republicans
 
Hungry?
Sonic Corporation donated $83K, 98% went to Democrats
Triarc Companies (Arby's, T.J. Cinnamon's, Pasta Connections) donated $112K, 96% went to Democrats
Pilgrim's Pride Corp. (chicken) donated $366K, 100% went to Republicans
Outback Steakhouse donated $641K, 95% went to Republicans
Ralphs donated $525K.  100% went to Democrats
Tricon Global Restaurants (KFC, Pizza Hut, Taco Bell) donated $133K, 87% went to Republicans
Brinker International (Maggiano's, Brinker Cafe, Chili's, On the Border, Macaroni Grill, Crazymel's, Corner Baker, EatZis) donated $242K, 83% went to Republicans
Waffle House donated $279K, 100% went to Republicans
McDonald's Corp. donated $197K, 86% went to Republicans
Darden Restaurants (Red Lobster, Olive Garden, Smokey Bones, Bahama Breeze) donated $121K, 89% went to Republicans
Heinz Republicans $64,000 Democrats $21,300!!!!! John Kerry's wife's company!!!
 
Traveling and/or dining
Hyatt Corporation donated $187K of which 80% went to Democrats
Marriott International $323K, 81% went to Republicans
Holiday Inns donated $38K, 71% went to Republican
 

CLUB MED FOR ILLEGAL'S ? Please, Can I go for THE WEEKEND ?

Posted by BH 8:47 pm 3-5

Kimberly Dvorak's photo
By:  Kimberly Dvorak
San Diego County Political Buzz Examiner



Immigration and Customs Enforcement (ICE) is charged with implementing the nation’s immigration laws and part of that responsibility includes detaining and deporting those who break the law. However, the Obama Administration, ICE Director, John Morton, and DHS Secretary, Janet Napolitano made changes to the process and will provide a litany of “special perks” for those who break the law.
The 355-page detainee manual includes benefits like special meals, female hormone treatment for transgender detainees, abortions, undisclosed medical treatment, “ethnically appropriate” meals, unfettered access to interpreters and legal services, access to preferred-religious materials, and mental health services. The extensive manual provides many perks that American citizen prisoners do not receive, according to Congressman Lamar Smith (R-TX).
The detention facilities must also provide illegal immigrants with a wide variety of recreation and exercise options. Lawbreakers can choose from soccer, basketball, volleyball and an exercise gym. If they want to relax they can choose to read a book in their native language, watch television, play games or entertain visitors.

Rep. Smith likened the new requirements to a “hospitality guideline for illegal immigrants.” He also laments the new detainment standards as unnecessary and “far and beyond” U.S. law requirements.
“The administration goes beyond common sense to accommodate illegal immigrants and treats them better than citizens in federal custody,” Rep. Smith said in a February 2012 statement. “The new detention manual contains extensive and customized details for each illegal immigrant’s stay, regulating everything from the salad bar to recreational activities to medical care. This new manual is not a surprise – it’s just part of a broader pattern made by the Obama administration to reward lawbreakers.  This administration has already granted backdoor amnesty to potentially millions of illegal immigrants and has appointed a taxpayer-funded advocate to lobby for them.” 
 Rep. Smith contends the Obama administration “puts illegal immigrants ahead of the interests of American citizens and taxpayers.”
There is an Immigration Subcommittee oversight hearing scheduled for later this month.
 http://www.examiner.com/county-political-buzz-in-san-diego/ice-detention-facilities-provide-luxuries-for-those-awaiting-deportation#ixzz1oIfeitXS

NEWS FROM A SUNNY VIEWPOINT

Posted by BH 7:42 pm 3-5

MS FLUKE, WHAT YOU NEED IS A CONDOM COMPANY TO SPONSOR YOU ?

Posted by HS 12:56 pm 3-5

  by Angela Morabito

The College Conservative
I’m a proud Georgetown woman upset about another Georgetown woman who may have no pride at all.  How else do you explain  - Ms. Sandra Fluke, a Georgetown Law student, now famous for testimony she never gave – jumping up to talk about her sex life (with the House Minority Leader and with the liberal media) and ask for the cost of her sex life to be subsidized by other students at a Jesuit School?
 
Sandra Fluke was declined the privilege (a privilege, not a right) of testifying in front of a Senate Committee on the proposed contraceptive mandate.
Her name was submitted too late to be admitted to testify.  She’s n...Her one claim to fame in the reproductive health care debate is…drumroll, please…being a student club leader! You go, Sandra! Hang those posters girl. Wear out those Sharpies.
Me?  I love me some extracurricular involvement. The difference between Sandra and me is that I don’t think it qualifies me to speak in front of Congress.  ”The Chair calls to the stand  the captains of the intramural ultimate frisbee team!”
Having been told by Congress to more or less shut up and go home, Sandra found a sympathetic ear in Nancy Pelosi.  She is not going to find one on the Georgetown Campus. She is wildly out of step.
Senate Democrats needed a show pony for this circus – and they knew they could find a liberal woman on a college campus who would willingly trot around the ring.   That’s why Nancy & Pals created a photo op with all the props – the microphones, the podium, an air of pretense,  and the all-important liberal media – for Sandra to tell her “story.”  And it is just that – a story, told on a stage.
But Nancy Pelosi and the Liberal Media should know that they can no longer rely on college campuses as an endless source of liberal support. My colleagues and I atTheCollegeConservativeare creating a new wave on campuses across the country. Every day we make it a little safer to be conservative – out in public – without fear of bad grades as a result of our views. Sandra should know we have no fear in calling out a classmate for thoughtless liberal ideology.
Sandra Fluke doesn’t speak for me. Or for Georgetown.
She doesn’t speak for those of us who worked hard to be able to choose to come to a great institution with a great tradition of faith and scholarship. She certainly can’t speak for the Jesuits who dedicated their lives to God and Education with a long established set of rules. There are only ten of them, and Ms. Fluke would do well to give them a quick read.
If she wants a more liberal sex life, she can go to Syracuse. (Syracuse, I must apologize – but we are in March and basketball matters – sorry you got caught up in this.)
Sandra doesn’t even speak for all skanks!  She only speaks for the skanks who don’t want to take responsibility for their choices.  That’s a tiny group of people.  Hey Sandra!  How about next Saturday night, you come hang out with me and my gay boyfriends!  Your hair will look fabulous and you’ll get to see great musical theatre!  Oh, and odds of you getting pregnant?  Zero percent.
Even the oh-so-left HuffPo called Sandra out on her media sluttery:Fluke got the stage all to herself and was hailed as a hero by the crowd and Democratic lawmakers on the panel, all of whom rushed to appear on camera with her at the end. “Excuse me. I’d love to get a picture with our star,” Rep. Carolyn Maloney (D-N.Y.) said as she pushed her way through the packed room to Fluke.” Star of what? Star of the bedroom sex tape? When did Georgetown Law start admitting Kardashians?
Sandra, we might be on the same campus, but we are not on the same planet.
Sandra told some sob stories about how contraception isn’t covered by the Jesuit institution we attend. (Maybe they don’t cover it because, you know, they’re a Jesuit institution. Religious freedom? Anyone? Bueller?)
A student group called Plan A H*yas for Choice staged a demonstration against the university health plan last year, duct taping their mouths and chaining themselves to the statue of Georgetown’s founder on the university’s front lawn. Then, a funny thing happened – nothing. We left them there. Now Sandra has chained herself to the sinking ship of Pelosi Liberalism. She will always be remembered as a Welfare Condom Queen.
Let’s talk priorities here. It costs over $23,000 for a year at Georgetown Law. Sandra, are you telling us that you can afford that but cannot afford your own contraception? Really? Math was never my strong suit, but something about Sandra’s accounting just doesn’t seem right.
No one forced Sandra to come to Georgetown. And now that she has, Sandra does not have to depend on the university health plan. She could walk down the street to CVS and get some contraception herself. Or, go to an off-campus, non-university doctor and pay for it out of pocket. (Or, you know…maybe not have so much sex that it puts her in financial peril?)
Funny how the same side that cries “Get your rosaries off my ovaries” is the same side saying, “on second thought…please pay for me to have all the sex I want!” The people who espouse “pro-choice” “values” are the same people who say religious institutions have no right to choose.
Imagine if someone else had asked the government to cover a different activity. Let’s say I want to go rock climbing. It’s my body and my choice and I want to climb all the cliffs I can! Imagine if I went to the government and asked it to pay for helmets and ropes and band-aids I’ll need to safely climb rocks every day of my life. What would everyone say?
“It’s your choice to do that- no one’s forcing you to scale cliffs. So, either quit it or pay for it yourself!”
This is the reaction we should have had to Sandra Fluke.
Sandra, I hope you take to heart our school’s motto of “Cura Personalis” – care of the whole person. You are so much more than your reproductive organs. Please, have some self-respect and take responsibility for your choices instead of having to beg the government for help. The government should not be able to force a religious institution – like the one we attend – to pay for the things they don’t believe in. That is pretty clear in the first amendment. But since you missed the ten commandments I can’t expect you to read the Bill of Rights either.
I believe in Georgetown. I love this school. And I know that we are so, so much better than what Sandra Fluke would make us out to be.
Hoya Saxa.
Angela Morabito :: Georgetown University :: Washington, DC :: @_AngelaMorabito

HELLO DC

CHECK MAIN STREET MEDIA, WE DON'T SELL THIS HERE, WE DON'T EVEN GIVE IT AWAY ?


Rep. King, Muslim leaders to show support for NYPD on Monday

Posted by BH 9:09 am 3-5

Rep. King, Muslim leaders to show support for NYPD on Monday

Members of CAIR who have been arrested, prosecuted and convicted for supporting terrorist-affiliated groups.
NYPD Demonstration | March 5, 2012
"As American Muslim leaders, we come together to defend the US Constitution, uphold religious pluralism, protect American security and cherish...
 
 
"As American Muslim leaders, we come together to defend the US Constitution, uphold religious pluralism, protect American security and cherish genuine diversity in the practice of our faith of Islam." - American Muslim Leadership Coalition  
The chairman of the House Homeland Security Committee, will join a group of American Muslim leaders to show their support for the New York Police Department’s highly successful counterterrorism efforts, a NYC police officer told the Law Enforcement Examiner early this morning.
 
In a telephone conversation,  Detective Iris Aquino said the demonstration/press conference, organized by the American Islamic Leadership Coalition (AILC) will begin Monday, March 5 at 10 a.m. at the NYPD's headquarters at 1 Police Plaza in lower Manhattan.


Rep. Peter T. King (R-NY), Chairman of the House Committee on Homeland Security; Dr. M. Zuhdi Jasser, President of the American Islamic Forum for Democracy ; Tarek Fatah, Founder of the Muslim Canadian Congress ; Manda Zand Ervin, Founder of the Alliance for Iranian Women; and C. Holland Taylor, Chairman and CEO of the LibforAll Foundation  will all gather to show their gratitude to the New York City Police Department for continuing to give homeland security top priority.
 
"The news media and commentators have been unfair and unreasonable in their criticism of the NYPD following a series of news reports regarding surveillance and intelligence gathering operations," Det. Aquino told the Law Enforcement Examiner.  
 
"The press conference by a diverse, broad-based group of American Muslim leaders who have come together to address recent criticism of the counterterrorism programs of the NYPD [is important at this time]," said Rep. King in a statement.
 
"The public discourse concerning Muslims and NYPD has been dominated by a perception that American Muslims feel targeted. This press conference will give voice to a large coalition of American Muslims who feel otherwise and reject Islamist representation of their voices," stated King.
 
"A campaign of vilification waged by the Council on American-Islamic Relations (CAIR) and its allies against the NYPD has reached new heights over the past six weeks, with no less than eight separate stories having appeared in the New York Times from January 24 – February 15, 2012, including an editorial from its editorial board and a page one feature, which concern the screening of a film entitled The Third Jihad to some 1,400 NYPD officers while they waited for a training program," said the American Islamic Leadership Coalition in a press statement. 
In March 2011, Chairman King had convened a series of four hearings focusing on radicalization within the Muslim-American community.  At the first hearing, on March 10, Chairman King called Dr. M. Zuhdi Jasser as his first witness. 
While Rep. King and members of his committee withstood name calling and accusations of racism and intolerance, his hearings proved to be "right on the money," former intelligence officer and police detective Mike Snopes, who served in the NYPD's Intelligence Division, said during a phone conversation with the Law Enforcement Examiner.
"It's like the old adage: if it walks like a duck and quacks like a duck you've got yourself a duck," Snopes quipped.
The Council on American Islamic Relations (CAIR) routinely attacks anyone who questions the motives or actions of Muslims in the United States, according to several law enforcement sources. They have been demanding an investigation by the Obama Justice Department.
According to a report from the Senate Judiciary Subcommittee on Terrorism and Homeland  Security: "The Council on American-Islamic Relations and its employees have combined, conspired, and agreed with third parties, including, but not limited to, the Islamic Association for Palestine, the Holy Land Foundation for Relief and Development, the Global Relief Foundation, and foreign nationals hostile to the interests of the United States, to provide material support to known terrorist organizations, to advance the Hamas agenda, and to propagate radical Islam." 
 
The Council on American-Islamic Relations, and certain of its officers, directors, and employees, have acted in support of, and in furtherance of, this conspiracy, said the Senate report.
Special thanks to Detective Iris Aquino, NYPD, for her help with this news story.
 http://www.examiner.com/law-enforcement-in-national/rep-king-muslim-leaders-to-show-support-for-nypd-on-monday#ixzz1oFMHTIaj

OBAMA'S ISRAEL CHALLANGE " CAN BIBI TRUST PREZ ?"

Posted by BH 9:00 am 3-5

By  beavni@gmail.com

President Obama’s rousing speech to supporters of Israel yesterday is no doubt already being edited for broadcast in pro-Israel voting districts — yet it failed to erase important gaps between his administration and Jerusalem over Iran policy.
As he hosts Prime Minister Benjamin “Bibi” Netanyahu at the White House today, Obama will try to privately iron out major differences with his guest that went unmentioned in yesterday’s public address to the American Israel Public Affairs Committee.
Obama thinks he has time to convince Iran to drop its nuclear pursuit and believes an attack to unilaterally stop the program could trigger regional war, a huge oil-price jump and global economic catastrophe — incidentally dooming his re-election prospects. Netanyahu is skeptical that persuasion is possible — and doesn’t think action can wait much longer.

After years of screaming from the rooftops about the menace that a nuclear Iran could pose to the world, Netanyahu is finally getting some traction: Washington (indeed, much of the Western world) is no longer minimizing the dangers.
In fact, Obama yesterday clearly sided _against_ those who claim we could live with (and contain) a nuclear Iran. “Iran’s leaders should know that I do not have a policy of containment; I have a policy to prevent Iran from obtaining a nuclear weapon,” he told AIPAC. “I will not hesitate to use force when it is necessary.”
Note the word “obtaining.” Secretary of State Hillary Clinton last week told Congress that US policy is “to prevent Iran from having nuclear-weapons capability.” [Emphasis added.] But White House officials quickly said she had misspoke — and, tellingly, Obama didn’t use the word “capability” yesterday.
Instead, he argued that the increasingly isolated mullahs might drop the pursuit of nukes on their own: “Iran’s leaders still have the opportunity to make the right decision.”
All this came after weeks in which Obama’s top military officials tried to convince their Jerusalem counterparts that Iran hasn’t yet decided to build an A-bomb, so there’s still hope that, with sufficient pressure, it might drop its nuclear pursuit.

In Israel, most Iran analysts believe that, for Tehran, there’s no way back. Yes, pressure on Iran might prompt an overthrow of the regime, but the mullahs will never give up their pursuit of the bomb voluntarily.

After years of “negotiations,” Iran has learned how to dangle promises in front of credulous diplomats while its centrifuges spin closer to the “nuclear-capacity” point.
According to the latest International Atomic Energy Agency report, Iran is moving its uranium-enrichment efforts to Fordow, a heavily fortified facility near the city of Qom. Israel’s former IAEA ambassador, Ephraim Asculai, tells me that Fordow will be able to turn out\ a nuclear bomb every four months once it’s operative.
And the facility, buried deep under layers of granite, affords Iran a “zone of immunity” from an Israeli attack (although US forces may have the fire power to penetrate it).
So if Israel waits for next year, it must rely solely on the goodwill of the American president to stop Iran from wiping it off the map. Conversely, if Netanyahu decides he has to act militarily without America’s help, he must move quickly — within weeks or months.
But Obama is plainly concerned about the economic and political US impact of an attack. At AIPAC yesterday, he pointedly insisted that this is no time for “bluster,” that talk of military action “has only benefited the Iranian government, by driving up the price of oil, which they depend upon to fund their nuclear program.”
Obama did acknowledge that he can’t stop Netanyahu: The mullahs “should not doubt Israel’s sovereign right to make its own decisions about what is required to meet its security needs.”
But today at the White House, he’ll try to pressure Israel to not exercise that sovereign right of self-defense — even as he makes every effort to sweep remaining differences under the rug.
Much is at stake: If Obama fails to convince Netanyahu that he’s ready to go beyond his vague public promises — that he is fully determined to stop Iran before it achieves nuclear capability — those pro-Israel campaign ads won’t matter.


 http://www.nypost.com/p/news/opinion/opedcolumnists/israel_challenge_bRpXjumwYygzXw40JUSzYP#ixzz1oFOOvuaN


Janoris Jenkins: Meet the NFL’s Newest Multi-BabyDaddy Criminal

Posted by BH 8:34 am 3-5

By Debbie Schlussel

There’s a reason Janoris Jenkins‘ first name rhymes with clitoris.  For a non-gynecologist, he’s come into contact with way too many of them.
Jenkins, a cornerback who is set to be picked in the first round of the upcoming NFL Draft, is just 21 years old, but he’s already fathered four illegitimate kids under the age of three, by three different women.  Three of those kids were reportedly born in the same year, by the way.  Dude gets around.  And now he’s on the way to being cast as your child’s next role model.  Just terrific.
I agree with Rush Limbaugh and most other conservatives that no one (especially not private and/or religious institutions) should be forced to pay for the contraception of sluts.  And Jenkins and his multiple hoochie-mamas are evidence that it’s not being used by those who should be using it, anyway.  And while we’re at requiring everyone to provide birth control for free, why not provide lesson in baby naming for those who decline?  Jenkins’ kids are named, Janoris Jr., Janorion (I guess that’s the “Official Planet of Janorises”), Legend, and Paris.
And they’re emblems that America has lost the culture war–that it’s hip to father and give birth to lots of kids outside of marriage, breeding generations of future criminals, drug addicts, and assorted other losers.  Jenkins is well on his way to being like some other NFL players I’ve written about on this site, including Travis Henry, who fathered at least 11 kids with ten different women, and Antonio Cromartie, who fathered eight kids with six different women in six different states by the age of 26 and most of the kids are the same age.  But, even outside the NFL and on the right-wing side of the aisle, babymamas like Bristol Palin are rewarded with reality shows for the sole reason that they had sex in high school and had an illegitimate kid.  In fact, the words “illegitimate” and “bastard” aren’t even used anymore.  There’s no stigma.  It’s more “uncool” to actually marry first and have kids with an intact nuclear family.  It’s no longer a trend.  It’s the ever-increasing death of America.
And like Bristol Palin’s cable reality show, the sad thing is that Jenkins will also be rewarded–and not penalized in the least–for his disgusting behavior.  Many NFL teams are looking at drafting him (yes, at least, he has a marketable talent, unlike Bristol Palin whose only “talent” was on her back).  He’ll sign a multi-million dollar deal after he’s drafted.  And even after that’s garnished for the child support of four kids, he’ll still have plenty left over.  It’s only if he makes it into Travis Henry numbers that he’ll have nothing left.  Henry turned to drug dealing to make up the difference and is now in federal prison for a long time as a result.  But NFL teams don’t care how many kids you’ve fathered and neglected in your life of entitlement on the way to NFL riches.  They just want those kids to buy jerseys and watch telecasts to make the NFL owners richer.
And they don’t care about Janoris Jenkins’ criminal record, either.  Jenkins was arrested three times.  He was Tasered during a June 2009 street fight outside a bar, and he was caught smoking marijuana twice in a period of three months in 2011.  For his behavior, Rhymes-With-Clitoris was kicked out of the University of Florida,  but he was quickly scooped up by North Alabama, and, again, he’ll be quickly scooped up in the NFL Draft’s initial round.  If you can run the ball, you get a million second chances (or if you’re born to a famous ex-half-Governor), even though your kids won’t even get a first chance.
No matter where he’s drafted, you can bet that this jerk will father more kids.  And it’s also probably a good bet that within a couple of years of the end of his NFL career, he’ll be broke.  It’s just that predictable.
Even more predictable is that the NFL will never have a conscience or even the most basic standards that say, if you can’t keep your pants on, you won’t wear our jockstrap.

GREG HUNTER'S USAWATCHDOG REPORT MAR 5, 2012

Posted by BH 8:35 am 3-5

 Subprime to the Rescue
5 March 2012 
 
By Greg Hunter’s USAWatchdog.com 
Subprime lending is back, and it is creating headlines like: “February auto sales rise to highest level in 4 years.”  That comes from a story last week from Reuters.  Reuters goes on to say, “U.S. auto sales rose nearly 16 percent in February and the annual sales rate leapt to its best level in four years . . . For a second month in a row, sales surpassed even the most optimistic expectations.  Analysts ascribed the gains partly to rising consumer confidence and upbeat U.S. economic data.”  (Click here for the complete Reuters story.)  Subprime lending was one of the major causes of the 2008 economic meltdown.  You would think the banks and the government would have learned a lesson, but they did not. 
Subprime auto lending played a big part in those car sales figures.  According to published reports, people with a credit score of just 500 can now get a car loan. As of last August, more than 40% of car loans were given to subprime borrowers.  That number is growing according to Loans.org.  It said two weeks ago, “Due to a new trend that many lenders have begun to participate in, more and more subprime borrowers were able to obtain vehicle financing. As a result, outstanding car loans rose by 3.8 percent, which is roughly $23 billion. That sharp uptick in outstanding vehicle financing brings the national total to $658 billion.”  (Click here to read the complete Loans.org story.)   
Nothing gets the economy going faster than loaning money to people with a high chance of not paying it back.  Mind you, the economy is not improving because of increased exports, productivity gains, some sort of new technology or dynamic innovation.  It appears to be improving (somewhat) because of the return of subprime lending.  If that is not a sign of the impending doom of another future crash, I don’t know what is.  If we could only put people back to work as fast as someone could qualify for a subprime car loan, we’d be able to fix America’s chronic unemployment problem—at least for a little while.  
Not to be outdone by the auto industry, real estate is getting a boost from the government’s revamped “Home Affordable Refinance Program,” also known as “HARP 2.0.”  This program is only available to homeowners who have mortgages with Fannie Mae or Freddie Mac, but that is effectively around half of the mortgage market.  Perspective borrowers have to be current on their payments, and the mortgage must be under 125% of the home’s current value.  In other words, if you owe a $125,000 mortgage but the home is only worth $100,000, you can still borrow the full $125,000 and get a new loan with cheaper payments.  
Bankers love this new government financing program.  It cuts payments for mortgages by a few hundred bucks (on average) but not principle.  It retains the value of all those mortgage-backed securities packaged and sold by the banks, and this locks the homeowner into another underwater mortgage at taxpayer expense.  What do you think will happen when interest rates on mortgages go back up to more normal levels?  The underwater mortgages will be sunk even deeper, and taxpayers will be on the hook for billions in more losses.   On top of that, HARP 2.0 creates new mortgage paperwork so foreclosing will be much easier next time around.  Stupid consumers live on this question, “What are the payments?”  It is the dumbest finance question you can ever ask.
One mortgage website called Harploans.com touts this new government boondoggle as some sort of consumer rescue.   A recent Harploans.com posting said, “In addition to helping more than a million underwater homeowners refinance their mortgages, HARP 2.0 could cause an increase in mortgage originations of between $200-300 billion in 2012-2013.”  Here’s the real kicker and the most outrageous part of this new program.  Harploans.com goes on to say, “It is also notable that Fannie Mae has made some key changes to their underwriting guidelines pertaining to HARP 2.0 that could encourage more lenders to jump on board with the program. Fannie eliminated an underwriting requirement that forces the lender to determine if the borrower has a “reasonable ability to repay” the loan based upon debt-to-income ratio, income, and other factors. It appears that the lender is now able to qualify borrowers through a streamlined process that could only take into account credit score and the number of recent payments made. This could make it significantly easier to qualify borrowers for new loans.  (Click here for the complete Harploans.com posting.) 
Talk about throwing good money after bad, I think “HARP 2.0” should be called “Subprime 2.0” or maybe “Subprime Lite.”  No matter what you call it, this is nothing less than another banker bailout program handed out at taxpayer expense.  What can you expect in an election year?  It’s subprime to the rescue for autos, housing and the bankers; but they are trying to rescue a system that cannot be saved.
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