Archive for the ‘US Politics’ Category

545 People!

Thursday, March 12th, 2009

   

545 PEOPLE
By Charlie Reese

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

You and I don’t propose a federal budget.  The president does.

You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.

You and I don’t write the tax code, Congress does.

You and I don’t set fiscal policy, Congress does.

You and I don’t control monetary policy, the Federal Reserve Bank does.

100 senators, 435 congressmen, one president, and nine Supreme Court justices  545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

I excluded all the special interests and lobbyists for a sound reason. They have no legal authority.  They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing.  I don’t care if they offer a politician $1 million dollars in cash.

The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.

Those 545 human beings spend much of their energy convincing you that what they did is not their fault.   They cooperate in this common con regardless of party.

What separates a politician from a normal human being is an excessive amount of gall.   No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits.   The president can only propose a budget.   He cannot force the Congress to accept it.

The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes.   Who is the speaker of the House?   Nancy Pelosi.  She is the leader of the majority party. 

She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.

It seems inconceivable to me that a nation of 300 million can not replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility.   I can’t think of a single domestic problem that is not traceable directly to those 545 people.  When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

If the tax code is unfair, it’s because they want it unfair.

If the budget is in the red, it’s because they want it in the red

If the Army & Marines are in   IRAQ  , it’s because they want them in IRAQ

If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.

There are no insoluble government problems.

Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power.   Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.

Those 545 people, and they alone, are responsible.

They, and they alone, have the power.

They, and they alone, should be held accountable by the people who are their bosses.

Provided the voters have the gumption to manage their own employees.

We should vote all of them out of office and clean up their mess!

Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.

Upside Down and Out of Luck

Friday, March 6th, 2009

Upside Down and Out of Luck
by Mike Larson

Mike Larson

This week, the Obama administration released the details of how its expanded refinance and mortgage modification programs will work. I’ve combed through the details. And the view I shared with you two weeks ago in my Money and Markets column remains the same: There’s some good, some bad — and one glaring flaw …

We’re still not attacking the “upside down” problem head on!

What do I mean by that? Let me explain …

Falling Sales and Falling Prices Are Leaving More and More Homeowners Upside Down …

During the bubble days, when home prices were soaring, lenders and borrowers went hog wild. The monthly turnover of the U.S. housing stock surged, while home prices soared. One hundred percent financing was widely offered, either as single loans or “80-20” combinations of first and second mortgages.

Now that the housing bubble has popped, 'For Sale' signs are sprouting up like weeds, and prices are plummeting.
Now that the housing bubble has popped, “For Sale” signs are sprouting up like weeds, and prices are plummeting.

This resulted in ever-increasing numbers of homes changing hands at ever-increasing values, funded by larger and larger mortgages at higher and higher loan-to-value ratios.

And now, it’s all coming unglued …

  • New home sales plunged to an annual rate of 309,000 in January. That was down more than 10 percent from December and the lowest level in recorded U.S. history (which goes back to 1963).
  • Sales of existing, single-family homes have dropped to the lowest level in eleven and a half years, with no end to the declines in sight.
  • The median price of a new home is down to $201,100 — the lowest since December 2003. Existing home prices have fallen to a median of $170,300 — the lowest in almost six years.
  • The S&P/Case-Shiller Index shows prices in the 20 top metropolitan areas plunging 18.6 percent from a year earlier, the biggest drop on record. Individual markets are even worse: Phoenix is down 34 percent; Las Vegas, down 33 percent; San Francisco, down 31.2 percent.
  • And it’s not just the bubble markets that are losing value now, either. A recent National Association of Realtors report showed a whopping 134 of 153 U.S. metropolitan areas experienced year-over-year price declines in the fourth quarter of 2008. That’s 88 percent of the U.S., up from 79 percent the prior quarter and the highest on record!

Result: An ever-increasing share of U.S. borrowers are now “upside down” or “underwater” on their homes. In other words, they owe more than their homes are worth — in some cases much more.

We’re talking about 8.3 million households … with another 10.5 million getting close to the negative equity edge — meaning they’ll be upside down if prices fall an additional 5 percent or less.

That’s 19.8 percent of ALL U.S. homes with mortgages that are now underwater, according to the research firm FirstAmerican CoreLogic. And if you include those homes that are near negative equity, you get a whopping 25 percent of mortgaged U.S. homes. One in four!

As you might expect, the numbers are much worse in some states, too:

  • Some 59 percent of Nevada borrowers are either already underwater or close to it …
  • 48 percent of Michigan homeowners with mortgages are suffering the same fate …
  • As are 37 percent in Arizona, 35 percent in Florida, and 34 percent in California!
Obama and his team still aren't attacking this problem head on. And the latest plan is going to exclude a sizable chunk of homeowners.
Obama and his team still aren’t attacking this problem head on. And the latest plan is going to exclude a sizable chunk of homeowners.

Yet once again, the Obama plan does not attack this problem head on. The Fannie-Freddie refinance part of the program only allows people to refinance if they are in the 80 percent to 105 percent loan-to-value “bucket.” Given the magnitude of the price declines I spelled out earlier, that’s going to exclude a sizable chunk of homeowners.

The modification portion of the program will also follow what’s known as a “waterfall” structure. It spells out the steps a servicer has to go through, one by one, to get the borrower’s monthly payments down to 31% of their income.

The first step? Lower the interest rate to as little as 2 percent.

If that doesn’t work, you move on to the second step: Extend the amortization or term of the loan to as long as 40 years.

Third? Forbear principal. That means you would no longer have to pay interest on a portion of the loan principal, but it wouldn’t be eliminated. You would still have to pay it back as a balloon payment when you sell the home or refinance.

At no point in the process is the cramming down of principal stressed. The program doesn’t PREVENT a servicer from doing it. But they’ve been extremely reluctant to do so to date.

One study in California found that less than 1 percent of the 88,830 loan modifications implemented in the first three quarters of 2008 included principal reductions. That compared to 47 percent where interest rates were cut. Throw in the fact the latest Obama program emphasizes steps other than principal reductions and I seriously doubt lenders will make widespread cuts.

And therein lies the problem …

All This Will Lead to More “Jingle Mail”

When borrowers are upside down, a sense of futility and hopelessness can set in: They wonder why the heck they’re making monthly mortgage payments when their house is continuing to depreciate!

Desperate homeowners will take advantage of Obama's plan. But if anything knocks their finances for a loop, they' ll pop their keys in an envelope and send them off to their lender.
Desperate homeowners will take advantage of Obama’s plan. But if anything knocks their finances for a loop, they’ll pop their keys in an envelope and send them off to their lender.

Here’s another thing: Higher loan-to-value ratio mortgages have ALWAYS had higher default rates than lower LTV ones. Why? When borrowers have none of their money at risk — skin in the game, if you will — they have no vested interest in sticking with the property. They’re giving up nothing by walking away.

Sure, they’ll take the lower payments they’re going to be offered as part of the Obama modification plan. Sure, they’ll stick around for a while. But if anything … anything … throws their financial situation off balance, a high percentage of them will resort to “jingle mail” — meaning, they’ll pop their keys in an envelope and send it off to their lender.

By the way, that option could be extremely attractive right now because rental property has flooded the market, and landlords are perfectly willing to cut deals. The nationwide rental vacancy rate was 10.1 percent in the fourth quarter of 2008, up from 9.6 percent a year earlier and just shy of the 2004 high of 10.4 percent. That level was the highest in the 49 years the Census Bureau has been tracking the data.

Figures from the National Multi-Housing Council’s confirm the rental market is extremely soft. The NMHC’s Market Tightness Index came in at a paltry 11 in the January survey, down from 24 a quarter earlier and the lowest in seven years.

So I’ll repeat what I said back on February 20:

“Unless and until you give borrowers an incentive to stick around … to ride out the tough times … by reducing their principal balances to levels that actually reflect some semblance of reality, you’re going to see many of these loan modifications fail.”

And that means many of the foreclosures the latest plans aim to prevent will just be postponed.

Until next time,

Mike


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Why doesn’t Rahm Emanuel pay property taxes?

Wednesday, March 4th, 2009

Compiled from various news, wire and internet sources, including USA Today:

 According to the Cook County Assessor’s website, the Chicago home of four-term Democrat Congressman and new White House Chief of Staff, Rahm Emanuel, doesn’t exist.  While the address of 4228 North Hermitage is listed as Emanuel’s residence on the Illinois State Board of Elections’ website, there seems to be no public record of Emanuel ever paying property taxes on this home.

The Cook County Assessor’s and Cook County Treasurer’s online records indicate Emanuel’s Chicago neighbors pay between $3,500 and $7,000 annually.   However, Illinois Review has been unable to locate any evidence that the former Clinton advisor and investment banker is paying his fair share of Cook County’s notoriously high tax burden.

Why wouldn’t 4228 North Hermitage property owners Rahm Emanuel and wife Amy Rule pay property taxes?

One reason may be because Emanuel and Rule declared their 4228 North Hermitage home as the office location for their personal non-profit foundation called the “Rahm Emanuel and Amy Rule Charitable Foundation”. As the non-profit’s headquarters, their home could be exempt from paying property taxes.

In January 2007, USA Today reported on Emanuel’s foundation:

The Rahm Emanuel and Amy Rule Charitable Trust was formed in 2002, when the Chicago lawmaker was first elected. The former Clinton White House aide and his wife, Amy Rule, are its only donors. Emanuel was an investment banker after serving in the White House.

The trust reported having $2,900 on hand at the end of 2005 after receiving $34,000 from Emanuel and donating more than $31,000 During the past three years, Emanuel’s charity gave nearly $25,000 to the Anshe Emet synagogue and school [a private school that the Rahm/Rule children attend]…, and $15,000 to the foundation run by former president Bill Clinton. It also gave $14,000 to Marwen, a Chicago charity that provides art classes and other educational help to low-income children. Rule is on Marwen’s board.

So Rahm Emanuel and Amy Rule do not pay any property taxes and they get income tax write-offs by donating $25,000 to the Synagogue and other amounts of money to their Foundation?? 

Think about it … Doesn’t this allow their kids to attend school tuition-free by allowing them to write off personal expenses??

Holy Hypocrite Batman!!!  What a racket!

Take all your income and donate it back to yourself via tax exempt orgs. where you can spend it on things such as expenses to operate your car, pay the electric and water bills, etc.

(Apparently if you are a hypocritical “liberal” democrat who advocates raising taxes on everyone else, this is all permissible.)

Emanuel’s 4228 North Hermitage home is one of the largest in the neighborhood, with a side yard that appears to be a vacant lot, making the Emanuels’ property the largest portion on the block.

Other North Hermitage homes on Emanuel’s block are valued in the $500,000 plus range. According to Cook County Treasurer’s website, the Chicago owners of nearby 118 year old 4222 North Hermitage pay almost $6800 annually. The family at 4224 North Heritage pays $6000 each year in property taxes.

President  Obama – himself a connected, Chicago insider, who has benefited from questionable land deals – may find it difficult to explain why his very own Chicago-based chief of staff doesn’t pay property taxes like the “little guy” he claims to represent.  Or perhaps allowing his wealthy friends to avoid taxes is part of Obama’s trickle down redistribution economics. It’s certainly the kind of “change” that 52% of Americans can understand, right?  ...  Illinoisans are quite familiar with such in federal indictment land of Daley, Blagojevich, Madigan, Jones, Cellini, Rezko, …….and maybe, soon ….. Burris.

How the new stimulus plan will work

Saturday, February 28th, 2009

Three contractors are bidding to fix a broken fence at the White House. One is from Chicago , another is from Tennessee , and the third is from Minnesota. All three go with a White House official to examine the fence. The Minnesota contractor takes out a tape measure and does some measuring, then works some figures with a pencil. “Well,” he says, “I figure the job will run about $900: $400 for materials, $400 for my crew and $100 profit for me.”

The Tennessee contractor also does some measuring and figuring, then says, “I can do this job for $700: $300 for materials, $300 for my crew and $100 profit for me.”

The Chicago contractor doesn’t measure or figure, but leans over to the White House official and whispers, “$2,700.”

The official, incredulous, says, “You didn’t even measure like the other guys! How did you come up with such a high figure?”

The Chicago contractor whispers back, “$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence.”

“Done!” replies the government official.

And that, my friends, is how the new stimulus plan will work.

Obama & Lincoln Are Very Much Alike

Wednesday, February 25th, 2009

1. Lincoln placed his hand on the Bible for his inauguration. Obama used the same Bible.
 
2. Lincoln came from Illinois. Obama comes from Illinois.
 
3. Lincoln served in the Illinois Legislature. Obama served in the Illinois Legislature.
 
4. Lincoln had very little experience before becoming President. Obama had very little experience before becoming President.
 
5. Lincoln rode the train from Philadelphia to Washington for his inauguration. Obama rode the train from Philadelphia to Washington for his inauguration.
 
6. Lincoln was a skinny lawyer. Obama is a skinny lawyer.
 
7. Lincoln was a Republican. Obama is a skinny lawyer.
 
8. Lincoln was highly respected. Obama is a skinny lawyer.
 
9. Lincoln was born in the United States. Obama is a skinny lawyer.
 
10. Lincoln was called Honest Abe. Obama is a skinny lawyer.

Eric Holder: U.S. a ‘nation of cowards’ on race discussions

Thursday, February 19th, 2009

By Terry Frieden
CNN

WASHINGTON (CNN) — In a blunt assessment of race relations in the United States, Attorney General Eric Holder Wednesday called the American people “essentially a nation of cowards” in failing to openly discuss the issue of race.

Eric Holder spoke to an overflowing crowd for Black History Month at the Justice Department Wednesday.

Eric Holder spoke to an overflowing crowd for Black History Month at the Justice Department Wednesday.

In his first major speech since being confirmed, the nation’s first black attorney general told an overflow crowd celebrating Black History Month at the Justice Department the nation remains “voluntarily socially segregated.”

“Though this nation has proudly thought of itself as an ethnic melting pot, in things racial we have always been and continue to be, in too many ways, essentially a nation of cowards,” Holder declared.

Holder urged Americans of all races to use Black History Month as a time to have a forthright national conversation between blacks and whites to discuss aspects of race which are ignored because they are uncomfortable.

The attorney general said employees across the country “have done a pretty good job in melding the races in the workplace,” but he noted that “certain subjects are off limits and that to explore them risks at best embarrassment and at worst the questioning of one’s character.” 

“On Saturdays and Sundays, America in the year 2009 does not, in some ways, differ significantly from the country that existed some 50 years ago. This is truly sad,” Holder said.

Following his address,  Holder declined to say whether his unexpectedly stern message would be translated into policy.

“It’s a question of being honest with ourselves and racial issues that divide us,” Holder told reporters in a hastily arranged news conference. “It’s not easy to talk about it. We have to have the guts to be honest with each other, accept criticism, accept new proposals.”

The nation’s top law enforcement official vowed to “revitalize the Civil Rights Division” at the Justice Department but offered no specifics.

In a reference to the highly divisive issue of affirmative action, Holder said there can be “very legitimate debate about the question of affirmative action. This debate can and should be nuanced, principled and spirited.”

The attorney general criticized past public debates on the issue as “too often simplistic and left to those on the extremes who are not hesitant to use these issues to advance nothing more than their own narrow self-interest.”

President Barrack Obama has not yet nominated an assistant attorney general to head the Civil Rights Division, which is charged with enforcing the nation’s civil rights laws and which helps fashion race-related policy.

Allegations of politically motivated hiring in the division and increased emphasis on combating religious discrimination and human trafficking — rather than concentration on traditional civil rights enforcement — during the Bush administration caused some dissent in the department.

Holder has promised to bring order to the Civil Rights Division.

Obama Signs Presidential Determination Allowing Palestinians Loyal to Hamas to Resettle In US

Wednesday, February 18th, 2009

Obama Signs Presidential Determination Allowing Palestinians Loyal to Hamas to Resettle In US <http://www.freerepublic.com/focus/f-news/2181149/posts>
Feb 17,2009 | Kim Priestap

President Barack Obama has signed an executive order presidential determination allowing hundreds of thousands of Palestinians to resettle in the United States. Sure, what can go wrong when we allow hundreds of thousands of people who have been, as Mark Steyn memorably described, “marinated” in a “sick death cult,” who voted for Hamas, and 55% of whom support suicide bombings live here and at the American taxpayers’ expense:

By executive order, President Barack Obama has ordered the expenditure of $20.3 million in migration assistance to the Palestinian refugees and conflict victims in Gaza.

The “presidential determination” which allows hundreds of thousands of Palestinians with ties to Hamas to resettle in the United States was signed on January 27 and appeared in the Federal Register on February 4.

President Obama’s decision, according to the Register, was necessitated by “the urgent refugee and migration needs” of the “victims.”

Few on Capitol Hill took note that the order provides a free ticket replete with housing and food allowances to individuals who have displayed their overwhelming support of the Islamic Resistance Movement (Hamas) in the parliamentary election of January 2006.

Let’s review some of Barack Obama’s most recent actions since he was inaugurated a little more than three weeks ago:


* His first call to any head of state as president was to Mahmoud Abbas, leader of Fatah party in the Palestinian territory.

* His first one on one interview with any news organization was with Al Arabia television.

* He ordered Guantanamo Bay closed and all military trials of detainees halted.

* He ordered all overseas CIA interrogation centers closed.

* He withdrew all charges against the masterminds behind the USS Cole and 9/11.


*  Today we learn that he is allowing hundreds of thousands of Palestinian refugees to move to and live in the US at American taxpayer expense.


Anyone else seeing a pattern here?

We may be broke and we may be headed for a depression, but we can always spare an extra $20.3 million for our sand brothers. Don¢t bother heading for Snopes. http://www.whitehouse..gov/the_press_office/Unexpected_Urgent_Refugee_Migration_Needs_Gaza/  will show you what is below. Believe it. – –


Unexpected Urgent Refugee and Migration Needs Related to Gaza

MEMORANDUM                  FOR THE SECRETARY OF STATE
 
SUBJECT:      Unexpected Urgent Refugee and Migration Needs Related to Gaza
 
By the authority vested in me by the Constitution and the laws of the United States, including section 2(c)(1) of the Migration and Refugee Assistance Act of 1962 (the “Act”), as amended (22 U.S.C. 2601), I hereby determine, pursuant to section 2(c)(1) of the Act, that it is important to the national interest to furnish assistance under the Act in an amount not to exceed $20.3 million from the United States Emergency Refugee and Migration Assistance Fund for the purpose of meeting unexpected and urgent refugee and migration needs, including by contributions to international, governmental, and nongovernmental organizations and payment of administrative expenses of the Bureau of Population, Refugees, and Migration of the Department of State, related to humanitarian needs of Palestinian refugees and conflict victims in Gaza.
 
You are authorized and directed to publish this memorandum in the Federal Register.
 
BARACK OBAMA

THE WHITE HOUSE,
January 27, 2009

President Obama quietly signs Pro-Union Executive Order

Tuesday, February 17th, 2009

While everyone  is talking about the pork laden stimulus that Obama and many Democrats  in Congress are pushing, President Obama very quietly signed a  pro union executive order on Friday.  It ordered the use of union  labor for federal construction projects.  This is one of the most  blatant payoffs I have ever seen. 

Republican  National Committee Chairman Michael Steele has made the following  statement:

“President  Obama’s executive order will drive up the cost of government at a time  when we should be doing everything possible to save taxpayer dollars.  Federal contracts should go to the businesses that can offer taxpayers  the best value – not just the unions who supported the Democrats’  campaigns last year. Quietly signing executive orders to payback  campaign backers undermines Obama promise to change Washington. It is a disappointment for Americans hoping for  more transparency and less politics as usual in Washington.” 

I would have to  agree with everything the chairman said.  It is nothing less than  a payoff to the unions who supported his campaign with both  money and troops.  And the fact that it was done  with no media coverage shows that he once again is trying to slip one  by Americans, which is anything but transparent. 
 

Socialism Was Predicted in 1944

Monday, February 16th, 2009

Back in Texas, we used the analogy of “how to boil a frog” … You can’t just throw him directly into a pot of boling water – You’ve got to put him in a cool pot of water and slowly turn up the heat until he is DONE!

A PROPHETIC 1944 SPEECH 

Norman Mattoon Thomas (November 20, 1884 – December 19, 1968), was a leading American socialist, pacifist, and six-time presidential candidate for the Socialist Party of America.  In a now famous 1944 speach, he is quoted as saying:

“The American people will never knowingly adopt socialism. But, under the name of “liberalism,” they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” He went on to say: “I no longer need to run as a Presidential Candidate for the Socialist Party. 
 

So Much For Hope Over Fear

Friday, February 6th, 2009

By Charles Krauthammer
“A failure to act, and act now, will turn crisis into a catastrophe.”
— President Obama, Feb. 4.

WASHINGTON — Catastrophe, mind you. So much for the president who in his inaugural address two weeks earlier declared “we have chosen hope over fear.” Until, that is, you need fear to pass a bill.

And so much for the promise to banish the money changers and influence peddlers from the temple. An ostentatious executive order banning lobbyists was immediately followed by the nomination of at least a dozen current or former lobbyists to high position. Followed by a Treasury secretary who allegedly couldn’t understand the payroll tax provisions in his 1040. Followed by Tom Daschle, who had to fall on his sword according to the new Washington rule that no Cabinet can have more than one tax delinquent.

The Daschle affair was more serious because his offense involved more than taxes. As Michael Kinsley once observed, in Washington the real scandal isn’t what’s illegal, but what’s legal. Not paying taxes is one thing. But what made this case intolerable was the perfectly legal dealings that amassed Daschle $5.2 million in just two years.

He’d been getting $1 million per year from a law firm. But he’s not a lawyer, nor a registered lobbyist. You don’t get paid this kind of money to instruct partners on the Senate markup process. You get it for picking up the phone and peddling influence.

At least Tim Geithner, the tax-challenged Treasury secretary, had been working for years as a humble international civil servant earning non-stratospheric wages. Daschle, who had made another cool million a year (plus chauffeur and Caddy) for unspecified services to a pal’s private equity firm, represented everything Obama said he’d come to Washington to upend.

And yet more damaging to Obama’s image than all the hypocrisies in the appointment process is his signature bill: the stimulus package. He inexplicably delegated the writing to Nancy Pelosi and the barons of the House. The product, which inevitably carries Obama’s name, was not just bad, not just flawed, but a legislative abomination.

It’s not just pages and pages of special-interest tax breaks, giveaways and protections, one of which would set off a ruinous Smoot-Hawley trade war. It’s not just the waste, such as the $88.6 million for new construction for Milwaukee Public Schools, which, reports the Milwaukee Journal Sentinel, have shrinking enrollment, 15 vacant schools and, quite logically, no plans for new construction.

It’s the essential fraud of rushing through a bill in which the normal rules (committee hearings, finding revenue to pay for the programs) are suspended on the grounds that a national emergency requires an immediate job-creating stimulus — and then throwing into it hundreds of billions that have nothing to do with stimulus, that Congress’ own budget office says won’t be spent until 2011 and beyond, and that are little more than the back-scratching, special-interest, lobby-driven parochialism that Obama came to Washington to abolish. He said.

Not just to abolish but to create something new — a new politics where the moneyed pork-barreling and corrupt logrolling of the past would give way to a bottom-up, grass-roots participatory democracy. That is what made Obama so dazzling and new. Turns out the “fierce urgency of now” includes $150 million for livestock insurance.

The Age of Obama begins with perhaps the greatest frenzy of old-politics influence peddling ever seen in Washington. By the time the stimulus bill reached the Senate, reports The Wall Street Journal, pharmaceutical and high-tech companies were lobbying furiously for a new plan to repatriate overseas profits that would yield major tax savings. California wine growers and Florida citrus producers were fighting to change a single phrase in one provision. Substituting “planted” for “ready to market” would mean a windfall garnered from a new “bonus depreciation” incentive.

After Obama’s miraculous 2008 presidential campaign, it was clear that at some point the magical mystery tour would have to end. The nation would rub its eyes and begin to emerge from its reverie. The hallucinatory Obama would give way to the mere mortal. The great ethical transformations promised would be seen as a fairy tale that all presidents tell — and that this president told better than anyone.

I thought the awakening would take six months. It took two and a half weeks.

letters@charleskrauthammer.com

Copyright 2009, Washington Post Writers Group