Thursday, December 06, 2007

Bushie on Iran and on a Mortgage Rate Freeze

So this week it turns out that U.S. intelligence agencies have determined that Iran gave up its nuclear weapons program in 2003. Bushie knew this months ago, but he has been trumpeting his foolish claim that Iran wants to start WWIII. He is an idiot and as I have been saying for months there is no way that we are going to attack Iran. They are the number 2 producer of oil in OPEC and they have many business deals with countries such as Russia, Germany, China, and India. All of his saber rattling now looks ever more idiotic and has further damaged American credibility on the world stage.

The newest blunder is his administration's negiotiations with mortgage lenders to freeze rates for 5 years on certain sub-prime loans. This is a horrible idea. I don't want people to lose their homes, but the way the mortgage industry works is by securing investors. If you are going to fix rates to bail folks out then you are essentially saying that the market cannot resolve itself. You will push away many investors and threaten the future cash flow of investors that will be needed to finance future mortgages. We are better off allowing the market to shed all of the bad loans quickly rather than try to artificially protect weak folks who cannot afford their homes.

Ultimately, here is what is going to happen - a whole lot of people are going to lose their homes anyway (it will just take longer), future qualified would-be homeowners won't get financing or will get them at higher rates, and the end result will be extend the mortgage crunch which will further slow the economy.

Monday, December 03, 2007

Bears are Just About Done

The Bears D was bad yesterday, particularly in the 4th quarter when they again surrendered the lead with 2 late TDs. The D caused turnovers in the first three quarters, but that only covered up their inability to stop the run all game. When it really mattered they could stop the run or a horribly inconsistent Eli Manning from playing the part of a hero late in the game. You cannot win consistently in the NFL if you give up 175 yards rushing. That is 8 straight games the D has allowed the opponent to rush for more than 100 yards.

The O-line for the Bears also is just plain terrible. Giving up 6 sacks and only rushing for 68 yards won't cut it. When Rex wasn't getting sacked he was throwing it away to avoid sacks or getting beat up after throwing. Add to that the 5-6 drops (including Devin Hester's drop on a perfect pass that would have gone for a long TD) and the Bears were doomed.

It is all of the same problems they have had all year. The Bears don't need a QB or a running back - they need offensive and defensive linemen to re-establish themselves on the line of scrimmage. Football starts up front and that is why they lost yet again.

The Bears play the Redskins on Thursday night. It is unlikely that either team will make the playoffs, but certainly the team that loses is out. Aside from bragging rights I don't think the game will amount to much.