Daily Archives: January 30, 2010

Still more nonsense revealed about global warming

UN’s Nobel prize wining report with its claim about disappearing Himalayan glaciers was  based, we learned last week, on nothing. Now it turns out another part of its “scientific” analysis was founded on a popular mountain climbing magazine’s article and a student’s research paper. Nothing wrong with student research papers but they are hardly the stuff of peer-reviewed studies and when scientists at the UN hide their reliance on such untested work some cynics might suspect that they have an agenda going on that has nothing to do with actual science.

By the way: have you noticed that the American press, especially the New York Times, is keeping silent on this widening exposure of fraud? There was a time, long ago, and long before Walter Duranty the Stalinist, when the NYT was considered an objective source of news. Maybe a hundred years ago.

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Santa Rosa liberals: “we don’t hate faggots, we just have, er, environmental concerns”

A Gay assisted living retirement community gets stonewalled in one of California’s most liberal cities. Who’d have guessed? Gays, like blacks, have fallen for the Democrat line for decades – they’re always surprised when they’re dumped – do you remember “don’t ask, don’t tell”? – and what they have never figured out, even though Warren Beatty pointed it out in Bullworth, Democrats will do nothing for them because they know they already have their votes. Time for a third party of fiscal discipline and libertarian principles, don’t you think?

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Even chumps can awake

Fannie Mae going after banks that sold it crap mortgages.

Stuck with about $300 billion in loans to borrowers at least 90 days behind on payments, Fannie and Freddie have unleashed armies of auditors and other employees to sift through mortgage files for proof of underwriting flaws. The two mortgage-finance companies are flexing their muscles to force banks to repurchase loans found to contain improper documentation about a borrower’s income or outright lies.

The result: Freddie Mac required lenders to buy back $2.7 billion of loans in the first nine months of 2009, a 125% jump from $1.2 billion a year earlier. Fannie Mae won’t disclose its figure, but trade publication Inside Mortgage Finance said Fannie made $4.3 billion in loan-repurchase requests in the first nine months of 2009.

“Because taxpayers are involved, we’re being very vigilant,” said Maria Brewster, who oversees Fannie’s repurchase team. “No taxpayer should have to pay for a business decision that caused a bad loan to be sold to Fannie Mae.”

That’s all very nice, but I hope we’re going to see more than 3% of our money returned.

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Breaking news from Scusie’s Dog Bowl

Baba Booey, Gary Dell’Abate, was actually seen shopping at the Riverside A&P!! Wow – real people doing real things. You want more? Here’s a dead person who never lived in Greenwich:

Shut the door, would you Scusie?

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The trouble with socialism is that sooner or later you run out of other people’s money

Hartford calling!

Greenwich: $142 to Hartford, $1 back.

For every $142 local residents pay out in state income tax, Greenwich gets about $1 back in municipal aid annually, according to a new study by the South Western Regional Planning Agency that has town officials once again saying that they are stuck in a one-way relationship.

Greenwich provided the state with $758 million, or just over 14 percent, of its income tax revenue in 2007, the most recent year that figures were available to the eight-municipality planning consortium.

On a per-capita basis, that works out to $12,420 for each of the town’s 61,101 residents as estimated by the 2000 Census.

The next closest municipality was Stamford, which accounted for $241 million, or 4.5 percent, in state income tax revenue.

Rep. Cameron Staples, D-New Haven, co-chairman of the General Assembly‘s Finance,Revenue and Bonding Committee, said the system was never intended to provide a return on contribution.

“State aid is not supposed to be, in my view, equitably distributed to towns,” Staples said. “State aid for the most part goes for services that the state needs to supplement at the local level. A town like Greenwich has the ability to fund most of its own services. The city of Bridgeport is not capable of fully funding its own education system.”

I’m not worried about getting money back from the yokels up north – it’s never going to happen. But if Greenwich and Stamford together are paying 20% of the income tax burden, it’s a fair bet that Fairfield County, with Westport, Darien and New Canaan being sucked dry too, is probably paying almost the full 100%. This is a pretty perilous way to run a state budget, I think. We don’t have to stick around to be bled, after all.

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The wonder of capital

Real banks get out of the lending business so alternative lenders step in. 40% a year to keep your business running but you do what you gotta do. Makes you wonder, though, whether the world would really have ended last year had we let the big guys go down the drain. Seems to me that somehow, we’d have all survived.

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This isn’t fair

We get the cold, they get the snow. I prefer snow.

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