Tag Archives: Corruption

Commentary

Thomas Sowell explains how politicians cause recessions while getting elected

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Article here at Townhall.com. (H/T ECM)

Excerpt:

After the cascade of economic disasters that began in the housing markets in 2006 and spread into the financial markets in Wall Street and even overseas, people in the private sector pulled back. Banks stopped making so many risky loans. Home buyers began buying homes they could afford, instead of going out on a limb with “creative”– and risky– financing schemes to buy homes that were beyond their means.

But politicians went directly in the opposite direction. In the name of “rescuing” the housing market, Congress passed laws enabling the Federal Housing Administration to insure more and bigger risky loans– loans where there is less than a 4 percent down payment.

A recent news story told of three young men who chipped in a total of $33,000 to buy a home in San Francisco that cost nearly a million dollars. Why would a bank lend that kind of money to them on such a small down payment? Because the loan was insured by the Federal Housing Administration.

The bank wasn’t taking any risk. If the three guys defaulted, the bank could always collect the money from the Federal Housing Administration. The only risk was to the taxpayers.

Does the Federal Housing Administration have unlimited money to bail out bad loans? Actually there have been so many defaults that the FHA’s own reserves have dropped below where they are supposed to be. But not to worry. There will always be taxpayers, not to mention future generations to pay off the national debt.

Very few people are likely to connect the dots back to those members of Congress who voted for bigger mortgage guarantees and bailouts by the FHA. So the Congressmen’s and the bureaucrats’ jobs are safe, even if millions of other people’s jobs are not.

Congressman Barney Frank is not about to cut back on risky mortgage loan guarantees by the FHA. He recently announced that he plans to introduce legislation to raise the limit on FHA loan guarantees even more.

Congressman Frank will make himself popular with people who get those loans and with banks that make these high-risk loans where they can pocket the profits and pass the risk on to the FHA.

So long as the taxpayers don’t understand that all this political generosity and compassion are at their expense, Barney Frank is an odds-on favorite to get re-elected. The man is not stupid.

Can you guess which political party Barney Frank represents?

News

Leaked CRU e-mails reveal pattern of deception and suppression of criticism

3 Comments

Here on Watts Up With That.

Here are a few of my favorites, with links to the original e-mails.

  • Phil Jones writes to University of Hull to try to stop sceptic Sonia Boehmer Christiansen using her Hull affiliation. Graham F Haughton of Hull University says its easier to push greenery there now SB-C has retired.(1256765544)
  • Michael Mann discusses how to destroy a journal that has published sceptic papers.(1047388489)
  • Tim Osborn discusses how data are truncated to stop an apparent cooling trend showing up in the results (0939154709). Analysis of impact here. Wow!
  • Phil Jones encourages colleagues to delete information subject to FoI (Freedom of Information) request.(1212063122)
  • Phil Jones says he has use Mann’s “Nature trick of adding in the real temps to each series”…to hide the decline”. Real Climate says “hiding” was an unfortunate turn of phrase.(0942777075)
  • Kevin Trenberth says they can’t account for the lack of recent warming and that it is a travesty that they can’t.(1255352257)
  • Tom Wigley discusses how to deal with the advent of FoI law in UK. Jones says use IPR argument to hold onto code. Says data is covered by agreements with outsiders and that CRU will be “hiding behind them”.(1106338806)
  • Reaction to McIntyre’s 2005 paper in GRL. Mann has challenged GRL editor-in-chief over the publication. Mann is concerned about the connections of the paper’s editor James Saiers with U Virginia [does he mean Pat Michaels?]. Tom Wigley says that if Saiers is a sceptic they should go through official GRL channels to get him ousted. (1106322460) [Note to readers – Saiers was subsequently ousted]
  • Later on Mann refers to the leak at GRL being plugged.(1132094873)

It goes on and on. There are FORTY-SEVEN of these.

Is this science?

Comments in CRU source code

Check out these comments in the source code of a CRU program that explains why CRU uses some data, but not other data.

From documents\harris-tree\recon_esper.pro:

; Computes regressions on full, high and low pass Esper et al. (2002) series,
; anomalies against full NH temperatures and other series.
; CALIBRATES IT AGAINST THE LAND-ONLY TEMPERATURES NORTH OF 20 N
;
; Specify period over which to compute the regressions (stop in 1960 to avoid
; the decline
;

Is this science?

Note: a search engine for the leaked e-mails is now online.

News

The leftist New York Times refuses to publish CRU’s global warming e-mails

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All the news that fits, they print.

Story from Michael Goldfarb of the Weekly Standard. (H/T ECM)

Excerpt:

With the release of hundreds of emails by scientists advocates of global warming showing obvious and entirely inappropriate collusion by the authors — including attempts to suppress dissent, to punish journals that publish peer-reviewed studies casting doubt on global warming, and to manipulate data to bolster their own arguments — even the New York Times is forced to concede that “the documents will undoubtedly raise questions about the quality of research on some specific questions and the actions of some scientists.” But apparently the paper’s environmental blog, Dot Earth, is taking a pass on publishing any of the documents and emails that are now circulating.

[…]This is the position of the New York Times when given the chance to publish sensitive information that might hinder the liberal agenda. Of course, when the choice is between publishing classified information that might endanger the lives of U.S. troops in the field or intelligence programs vital to national security, that information is published without hesitation by the nation’s paper of record.

Click here to read all the details.

Glenn Beck gives a good summary of the e-mails here:

Here is my previous post on the hacked e-mails.

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