Monday, October 06, 2008

Legends of the Left: Obama foresaw the subprime mortgage crisis

Presidential candidate Barack Obama appears to have achieved a prophetic status rivaling that of Nostradamus, at least when it comes to having vague statements interpreted as specific predictions.

I first encountered this "Obama knew" claim from an acquaintance. He argued that Obama saw the subprime mortgage crisis coming. I could not induce him to offer any specifics, however.

Senator Biden made the claim during his debate with Sarah Palin.
Barack Obama pointed out two years ago that there was a subprime mortgage crisis and wrote to the secretary of Treasury. And he said, "You'd better get on the stick here. You'd better look at it."
Naturally I developed a curiosity about that letter.

And I quickly ran across a link at The Daily Kos under the headline "Obama saw it coming." The blogger "free speech zone" dressed up a portion of an Obama speech with hotlinks:
If you want to understand the difference between how Senator McCain and I would govern as President, you can start by taking a look at how we've responded to this crisis. Because Senator McCain's approach was the same as the Bush Administration's: support ideological policies that made the crisis more likely; do nothing as the crisis hits; and then scramble as the whole thing collapses. My approach has been to try to prevent this turmoil. In February of 2006, I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. A year later, before the crisis hit, I warned Secretary Paulson and Chairman Bernanke about the risks of mounting foreclosures and urged them to bring together all the stakeholders to find solutions to the subprime mortgage meltdown. Senator McCain did nothing.
I infer that "free speech zone" added the hotlinks because they do not occur in the version of the speech to which the post links.

Note that Andrew Sullivan also considers this letter a warning about the subprime mortgage crisis.

So what mounting risks did Obama talk about? It's always wise to get the point rapidly in a letter ...

Dear Chairman Bernanke and Secretary Paulson,

There is grave concern in low-income communities about a potential coming wave of foreclosures. Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market, I urge you immediately to convene a homeownership preservation summit with leading mortgage lenders, investors, loan servicing organizations, consumer advocates, federal regulators and housing-related agencies to assess options for private sector responses to the challenge.

We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes. And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly.

There simply isn't anything at all in the first two paragraphs that a reasonable person could take as predicting the subprime mortgage crisis. Obama focuses on the risks of foreclosure, not on the risk of a system-wide dissipation of liquidity.

On the other hand, Obama does express some concern over liquidity at number six among six bullet points where he recommends a direction for a summit between private entities and regulators:
  • How to ensure adequate liquidity across all mortgage markets without exacerbating consumer and housing market vulnerability.
Sounds a bit vague, doesn't it? But here's the kicker: Obama wasn't foreseeing anything. He wrote his letter after the crisis had already hit. His letter is dated March 24, 2007. The Telegraph (UK) provides a timeline of the crisis showing how Obama predicted a crisis that had already occurred.

30 June 2004 The US Federal Reserve starts a cycle of interest rate rises that will lift borrowing costs from 1%, their lowest level since the 1950s, to the current level of 5.25%.

The central bank will go on to increase interest rates 17 times in a row as it tries to slow inflation. It pauses in June 2006, and has not lifted borrowing costs from 5.25% since then.

August 2005 through 2006 Higher borrowing costs start to impact on the US housing market and the property boom starts to unwind.

Building rates drop sharply to decade lows and prices also start to come down.

Defaults on sub-prime mortgages - where lenders give cash to people with poor or no credit history at higher than normal repayment levels - start to increase.

12 March 2007 Shares in New Century Financial, one of the biggest sub-prime lenders in the US, are suspended amid fears it may be heading for bankruptcy.

It's generally easier to predict things that have already happened, obviously.

What we have here, it seems, is an Obama trying to burnish his reputation for good judgment despite having no real foundation in fact. Biden goes along for the ride, parroting the campaign talking point for the sake of higher office. Andrew Sullivan ... I'm not sure what he gets out of the deal.

Sunday, October 05, 2008

Black sports Sunday in Tampa Bay

Ouch.

Tampa Bay teams registered a losing hat trick today.

The Tampa Bay Devil*Rays
lost a game to the Chicago White Sox in the AL divisional series. I only caught bits of the game but I wasn't overconfident about a sweep with John Danks pitching for Chicago. The umpire did Tampa Bay no favors from what little I saw. A hat tip to the White Sox, though. They came to play.

The Tampa Bay Lightning lost to fall to 0-2 on the young season with new head coach Barry Melrose. Melrose revamped the roster so I'm not sure what to expect. Olaf Kolzig figures to be an upgrade in the crease. That certainly can't hurt. I think John Tortorella did himself in by not acquiring a solid goaltender the past few years.

The Tampa Bay Buccaneers also lost in Denver to the Broncos. I would have predicted a close Bronco win heading into the game based on an expectation of offensive mistakes, but I thought the Bucs would run more effectively on the day--not that the Bucs' running game wasn't effective. Missed opportunities, like overthrowing tight end Jerramy Stevens on what would have been a sure touchdown, came back to haunt the Bucs. Special teams also figured big in the loss, as Dexter Jackson regressed to pathetic in the return game. If there's any silver lining there at all, at least the guy didn't lose a fumble.

All in all a black sports Sunday. Here's to a Rays victory tomorrow behind pitcher Andy Sonnanstine.

Iraq violence update, October 2008

The numbers for September; the graphs are mine and the numbers come from Icasualties.org.



Iraqi fatalities (civilian and security forces combined) rose slightly in September compared to August. But the numbers continued down from the July total, fulfilling at least for now my expectation that fatalities would continue to gradually drop.

The challenge at present comes primarily from Shia extremists supported by Iran. AQI struggles to maintain its very tenuous foothold in Mosul.

The transition of Sunni Awakening forces from American employ to supervision under the Iraqi national government remains key. Some reports have surfaced suggesting that poor treatment of the Sunnis could still result in sectarian violence sufficient for the "civil war" term to again be brought into play. The Maliki government took the good and important step of promising to pay Sunni Awakening security forces and fold most of them into the nationalized security forces. The government probably won't trust some of the Sunnis as part of its security forces--and that is understandable, expected and wise. But the government must be very careful about whom it accepts. Drawing a hard line in the wrong spot will cause resentment.



Coalition fatalities were up, but not in a way that particularly helps the position of those invested in defeat. Note that the black area of the graph representing "non-hostile" deaths accounts for over half the total. Even supposing that the Pentagon miscategorized a helicopter crash (that killed seven), the total would have been 15. The reported total of eight represents a continuation of the amazing success of the surge COIN strategy.

Saturday, October 04, 2008

The AM General/General Dynamics JLTV




Photo provided
This is the prototype developed by AM General and General Dynamics Land Systems of their joint lightweight tactical vehicle, which was unveiled Tuesday in Quantico, Va. The companies are among a group competing for a military contract with production slated to start in 2013.

Looks pretty sweet, as Napoleon Dynamite perhaps would say.

"It's the first time anyone has seen our vehicle," said Craig Mac Nab, AM General spokesman, in a phone interview from the conference. "It's meant to be a next generation from the Humvee.

"It has a greater payload and greater degree of protection and a higher level of performance."

Friday, October 03, 2008

McCain opposes stem cell research?

I just heard an unbelievable radio ad.

Approved by Barack Obama, the ad stated that John McCain opposes stem cell research.
The ad stated that Sarah Palin opposes "all" stem cell research.

Is Barack Obama stupid enough to think that fetal stem cell research makes up all stem cell research? Or dishonest enough to ignore the distinction?

This ad is shocking in its trampling of the truth.


***

Factcheck.org has already blown the whistle on this type of ad from the Obama campaign. Apparently the persons in charge of the campaign do not care.

Gaffemaster Biden spins another hit

Power Line points out another delightful gaffe by Sen. Joe Biden during last night's vice presidential debate:
I wanted to read the transcript before commenting; here was Gwen Ifill's question:
Governor, you mentioned a moment ago the constitution might give the vice president more power than it has in the past. Do you believe as Vice President Cheney does, that the Executive Branch does not hold complete sway over the office of the vice presidency, that it it is also a member of the Legislative Branch?

Here is Biden's answer, in full:

Vice President Cheney has been the most dangerous vice president we've had probably in American history. The idea he doesn't realize that Article I of the Constitution defines the role of the vice president of the United States, that's the Executive Branch. He works in the Executive Branch. He should understand that. Everyone should understand that.

And the primary role of the vice president of the United States of America is to support the president of the United States of America, give that president his or her best judgment when sought, and as vice president, to preside over the Senate, only in a time when in fact there's a tie vote. The Constitution is explicit.

The only authority the vice president has from the legislative standpoint is the vote, only when there is a tie vote. He has no authority relative to the Congress. The idea he's part of the Legislative Branch is a bizarre notion invented by Cheney to aggrandize the power of a unitary executive and look where it has gotten us. It has been very dangerous.

For a man of Biden's experience, this is a surprising series of misstatements. First of all, he gets wrong one of the most basic facts about the Constitution: Article 1 establishes the legislative branch, not, as Biden said, the executive branch. This is not exactly an obscure fact; my 17-year-old daughter pointed it out at the time.

Click the link and read more about Biden's difficult-to-understand failure to understand the vice president's role in the Senate after spending over a quarter century serving in that body.

Plucky Devil*Rays drop White Sox in series opener

It was one game.

And it was a first.

The opening game of the divisional series between the Tampa Bay Devil*Rays and the Chicago White Sox turned into the Rays' first-ever playoff win.

The Rays used the regular season formula of solid pitching, sound defense and timely hitting to down the White Sox 6-4 at sold-out Tropicana Field in St. Petersburg.

The team continued its penchant for overlooking its lack of experience and poise in big games. As they have so frequently during the regular season, the team played with poise, professionalism and toughness.

Evan Longoria personified the Rays ability to deliver on potential by swatting homers in his first two playoff at-bats, in the process drawing comparisons to Alex Rodriguez's relative inability to deliver big at the plate during post-season. Ouch, if you're Rodriguez.

Naturally there's no guarantee of continued playoff success this season. The Rays could lose their next three in a row and settle for one win in the playoffs. But a win is a win, and this one's history.

Here's to an even more glorious team history in 2008.

St. Petersburg Times declares Biden winner of VP debate

Not the sort of thing that will cause me to fall out of my chair or anything like that.

The St. Petersburg Times found Biden simply vonderful:
The much-anticipated debate between vice presidential candidates Thursday night provided a stark contrast. Delaware Sen. Joe Biden, the running mate for Sen. Barack Obama, is well prepared to be vice president. Alaska Gov. Sarah Palin, the running mate for Sen. John McCain, clearly is not prepared. This is the rare election where voters should give serious consideration to the bottom of the ticket before casting their ballots for president.
Why should voters give the under ticket such serious consideration? Perhaps because the top of the Democratic ticket is woefully inexperienced compared to the top of the GOP ticket? The Times editor would have us guess, for no explanation follows.
Biden demonstrated a strong command of economic issues, health care and foreign policy. He cited specifics and offered unusually sharp responses, in contrast to his reputation for rambling answers. He made a coherent case against the Bush administration for its handling of the economy and the war in Iraq, and he effectively linked McCain's proposals to the unpopular incumbent.
No explanation follows for this glowing review of Biden's performance. Fact-checking will reveal that Biden played fast and loose with the truth on a number of key points, which leads me to believe that this editorial reflects a tendency I've noted before: Editorialists sometimes take the things they believe as facts. When a news outfit tilts left, some "left" facts that are not true end up getting repeated and reinforced in the the news.

I will grant the last point, however. It has been the Obama-Biden strategy to tie McCain to Bush at every opportunity (whether legitimate or not), and the repetition seems to be working.

Let's get to the Palin-bashing, though:
Palin often talked in circles. In one sentence, she declared "darn right it was the predator lenders'' who have caused the economic crisis. Then she talked about the need for more regulatory oversight. Then she talked about the need for people to be responsible and avoid getting into debt.
How is that talking in circles? Gwen Ifill asked who was responsible and mentioned both the lenders and homebuyers in separate parts of the same question. Apparently the editorialist sees the question as a dilemma. Palin must pick one. Once Palin has picked one, the other is implicitly absolved of any blame. But that's stupid. Both can be (and were) to blame and it is nonsense to suggest that Palin talked in circles simply by spreading the blame, though it's questionable whether she even did so. More interesting is the entity that was never mentioned in Ifill's phrasing of the question, namely government regulators who created the subprime market by incentivizing loans to high risk borrowers.

What's up with that, Ifill?

So, the Times strikes out with its lone example of Palin talking in circles. It's certainly true that Palin kept her answers fairly simple and reiterated points she had already made, but that is simply a well-known method of effective communication. A very effective method of communication, if you see what I mean.
At other points, she was absolutely incoherent. She lost herself in a rambling response about nuclear weapons. She was inarticulate at best about the causes of global warming — probably because she previously has questioned whether humans have contributed to the problem. Responded Biden: "I think it is man-made. … If you don't understand what the cause is, it's virtually impossible to come up with a solution.''
Nuclear weapons, global warming.

Regarding Palin's treatment of nuclear weapons, Gwen Ifill served up a confused question, mixing "interventionism" with the use of nuclear weapons.

IFILL: Governor, on another issue, interventionism, nuclear weapons. What should be the trigger, or should there be a trigger, when nuclear weapons use is ever put into play?

PALIN: Nuclear weaponry, of course, would be the be all, end all of just too many people in too many parts of our planet, so those dangerous regimes, again, cannot be allowed to acquire nuclear weapons, period.

Our nuclear weaponry here in the U.S. is used as a deterrent. And that's a safe, stable way to use nuclear weaponry.

But for those countries -- North Korea, also, under Kim Jong Il -- we have got to make sure that we're putting the economic sanctions on these countries and that we have friends and allies supporting us in this to make sure that leaders like Kim Jong Il and Ahmadinejad are not allowed to acquire, to proliferate, or to use those nuclear weapons. It is that important.

(CNN transcript)

I don't see any sense in framing the use of nuclear weapons in association with interventionism. Ifill flubbed up on that one. Palin reasonably took the question in terms of interventionist response to the attempts of irresponsible nations to acquire nuclear weapons. In that context, Palin's response is coherent. Biden's only attempt to address the issue was to try to give Obama undeserved credit for Sen. Richard Lugar's nuclear materials bill. I'm sure in the writer's eyes Sen. Biden's response was finely nuanced brilliance.

As for global warming, Palin's response was fine. Ifill arguably asked the question specifically to draw out Palin regarding past expressions of anthropogenic global warming skepticism. Palin did not take the bait. McCain buys into anthropogenic global warming, so Palin simply offered that she did not want to get into the issue of cause but instead focus on solutions.

IFILL: Governor, I'm happy to talk to you in this next section about energy issues. Let's talk about climate change. What is true and what is false about what we have heard, read, discussed, debated about the causes of climate change?

PALIN: Yes. Well, as the nation's only Arctic state and being the governor of that state, Alaska feels and sees impacts of climate change more so than any other state. And we know that it's real.

I'm not one to attribute every man -- activity of man to the changes in the climate. There is something to be said also for man's activities, but also for the cyclical temperature changes on our planet.

But there are real changes going on in our climate. And I don't want to argue about the causes. What I want to argue about is, how are we going to get there to positively affect the impacts?

We have got to clean up this planet. We have got to encourage other nations also to come along with us with the impacts of climate change, what we can do about that.

As governor, I was the first governor to form a climate change sub-cabinet to start dealing with the impacts. We've got to reduce emissions. John McCain is right there with an "all of the above" approach to deal with climate change impacts.

We've got to become energy independent for that reason. Also as we rely more and more on other countries that don't care as much about the climate as we do, we're allowing them to produce and to emit and even pollute more than America would ever stand for.

So even in dealing with climate change, it's all the more reason that we have an "all of the above" approach, tapping into alternative sources of energy and conserving fuel, conserving our petroleum products and our hydrocarbons so that we can clean up this planet and deal with climate change.

Biden, in contrast, signed on unequivocally with the anthropogenic climate change camp. I think only time will tell which candidate answered with better judgment. Probably Biden's answer pleased a higher percentage of the electorate, however--that percentage that takes anthropogenic global warming as a type of gospel.
Here is the extent of Palin's explanation of energy policy. When Biden referred to Republican chants of "drill! drill! drill!'', Palin corrected him. "The chant is, 'drill, baby, drill,' '' she said.
Hmmm. The editorialist is either lying or engaging in a very misleading bit of hyperbole.
IFILL: Well, clear it up for us, both of you, and start with Gov. Palin.

PALIN: Yes, Sen. McCain does support this. The chant is "drill, baby, drill." And that's what we hear all across this country in our rallies because people are so hungry for those domestic sources of energy to be tapped into.

They know that even in my own energy-producing state we have billions of barrels of oil and hundreds of trillions of cubic feet of clean, green natural gas. And we're building a nearly $40 billion natural gas pipeline which is North America's largest and most you expensive infrastructure project ever to flow those sources of energy into hungry markets.

Barack Obama and Sen. Biden, you've said no to everything in trying to find a domestic solution to the energy crisis that we're in. You even called drilling -- safe, environmentally-friendly drilling offshore as raping the outer continental shelf.

There -- with new technology, with tiny footprints even on land, it is safe to drill and we need to do more of that. But also in that "all of the above" approach that Sen. McCain supports, the alternative fuels will be tapped into: the nuclear, the clean coal.

I was surprised to hear you mention that because you had said that there isn't anything -- such a thing as clean coal. And I think you said it in a rope line, too, at one of your rallies.

Big score for Palin with that last line, not that a blinkered editorialist at the Times would notice.

But let us once again share the blinkered point of view:
Her message on the Iraq war was similarly simplistic. She said it would be a "travesty if we quit now in Iraq'' — which no one advocates. And Obama's call for a gradual withdrawal of troops, she said, is waving a white flag of surrender. Such responses lack depth or a grasp of reality.
One wonders on what basis the Times editorialist feels entitled to judge.

Palin, in fact, took the opportunity to take another "Gotcha" type question from Ifill ("You both have sons who are in Iraq or on their way to Iraq. You, Gov. Palin, have said that you would like to see a real clear plan for an exit strategy. What should that be, Governor?") and turn it into an expose of Biden's past criticisms of Obama's approach to Iraq. Certainly Palin couldn't trust Ifill with that sort of thing. Palin's grasp on reality is firm: A withdrawal plan not based on the success of security capability in Iraq is foolishness. And that type of plan is exactly what Biden offered to the apparent drooling admiration of certain Times staffers.
Palin was clear on at least one point, and the Obama campaign will wrap it around McCain. In a discussion in which Biden described Obama's plan to keep tax cuts for the middle class but not for wealthier Americans, Palin suggested she was not on board with such a "redistribution of wealth.'' That was an easy shot for Biden, who noted that helping middle class families in Scranton, Pa., and other places send their children to college is not a redistribution of wealth.
Message to the editorialist: If you tax one group of people (say, "the rich") and use that money to put into effect the aforementioned "helping middle class families" then you're engaged in the redistribution of wealth. QED. Biden can fool these people with a euphemism?
Palin often chided Biden for looking backward instead of forward. No wonder, since she conceded the Bush administration has made "huge blunders'' on Iraq and the economy. "We're gonna forge ahead,'' she said. The problem, of course, is that McCain's vision on tax cuts, health care and the ongoing war in Iraq is virtually identical to Bush's. That makes it harder to build on McCain's reputation as a maverick, which Palin repeated as often as she could.
The editorialist made up the part about Palin conceding blunders on the economy, unless it is drawn from some non-debate statement. The problem with the Times' criticism is that Bush's economic policies and Iraq policies (in the Petraeus era, at least) have been good. On health care, at least Bush is better than Obama-Biden. Again, bias guides the editorialist's judgment.

Biden was the clear winner of the only debate between the candidates for vice president. But the night was really about Palin, who on Monday will visit Clearwater. She proved to be disarmingly charming. When she's not fumbling for specifics or repeating generalities about fighting big government, opposing taxes and embracing patriotism, her folksy cadence sounds warm and approachable. It's clear why she connects with many Republicans eager to hear from someone who sounds familiar and informal.

But the Alaska governor said nothing to reassure Americans she is prepared to be a heartbeat away from the presidency.

The editorial simply provides evidence of poor judgment at the Times. It makes no informed judgments on Palin. Palin did plenty to establish herself politically, for she kept the uber-experienced Biden on the defensive for virtually the entire debate in spite of Ifill's helpful attempts to guide the debate in Biden's favor. She hammered Biden on his differences with Obama with class, style and a disarming smile. She called Biden on one of his erroneous claims, pointing out that while a surge strategy patterned after the one in Iraq was unsuitable for Afghanistan that none the less a COIN strategy would be suitable for Afghanistan--no mean feat for a supposed foreign policy neophyte going up against one of the stronger Democrats on foreign policy.

That's why pundits right and left are calling the debate a win for Palin.

Not that the editors at the Times will notice. Is any opinion important apart from their own?


***

Roger Simon's observations of the media lens overlap with mine:
Tonight, Sarah Palin drove another stake in the heart of those fuddy-duddy reactionaries that constitute our mainstream media. Going toe-to-toe with a senator with decades of experience, she more than held her own, giving lie to the media constructed narrative that she was an inexperienced hick from nowheresville Alaska. It demonstrates once again why the media is held in such contempt. For economic and ego reasons, they consider themselves to be our gatekeepers, but frankly they are not that smart. They are not rocket scientists – figuratively or literally. They are certainly no smarter than Sarah Palin. I would be willing to bet that in a free debate with Katie Couric, Palin would come out the victor.

Thursday, October 02, 2008

Grading PolitiFact: Iranian women at risk for want of proper hijab?

Our stalwart bunglers at PolitiFact remain busy--far too busy for me to keep up, unfortunately.

The picking on Palin series received a recent update, so I chose that entry for my latest critique.

Iran ain't Miami Beach, but beatings and killings for immodesty? No

The giveaway deck is accentuated by the trademark "Truth-O-Meter" graphic with needle buried at the "False" end of the scale. On to the rationalization:

In arguing for a hard line against Iran, Gov. Sarah Palin invoked not just that country's uranium-enrichment efforts and attitude toward Israel, but also its treatment of women.

"It is said that the measure of a country is the treatment of its most vulnerable citizens," Palin wrote in a Sept. 22, 2008, opinion piece in the New York Sun. "By that standard, the Iranian government is both oppressive and barbaric. Under (President Mahmoud) Ahmadinejad's rule, Iranian women are some of the most vulnerable citizens. If an Iranian woman shows too much hair in public, she risks being beaten or killed."

That New York Sun link may not last long. I understand the paper has suspended operations. PolitiFact provides sufficient context for the quotation, happily.

The issue, as is often the case with PolitiFact, comes down to a judgment. Should Palin's statement be judged as to its truth or in terms of whether it might supply a misleading impression in terms of the underlying argument? PolitiFact vacillates in its judgments. One time the literal meaning is at issue, as when Barack Obama used the odds of a lightning strike as hyperbole. Another time the flacks at PolitiFact try to skewer the underlying argument--however they happen to see it.

Fact-checking ought to be a more systematic pursuit.

In the case of Palin, PolitiFact apparently grants the literal truth of Palin's statement. That's not enough for her statement to be as much as "Barely True," however. The PolitiFact writer, Alexander Lane, emphasizes that the Iranian government does not sanction the beating (at least since a change in hijab law way back in 1988) or killing of hijab outlaws. Beatings, along with any killings that might have occurred, were a by-product of the criminal's resistance.

Palin might have received a contrary impression from stories such as this 1A item from The Los Angeles Times (2005):
There are Muslim countries where women have no choice but to cover their heads. Religious police in Saudi Arabia and Iran hunt and even beat bareheaded women.
Not that you should go around thinking that the stuff you read in the papers is true, mind you.

I have no reason to doubt Lane's finding that the government does not officially sanction the beating or killing of women who fail to properly wear the hijab. However, some of the hard-liners in power apparently wish they held enough sway to enforce that aspect of Sharia law:
"Women who do not respect the hijab and their husbands deserve to die," said Hassani, who leads Friday prayers in the city of Urumieh, in Iranian Azerbaijan.

"I do not understand how these women who do not respect the hijab, 28 years after the birth of the Islamic Republic, are still alive," he said.

"These women and their husbands and their fathers must die," said Hassani, who is the representative of the Iranian Supreme Leader Ayatollah Seyyed Ali Khamenei in eastern Azerbaijan.
(ADN Kronos)
One might suggest that the argument underlying the underlying argument suggests that the hard-liners in the ruling establishment of Iran would like to have women beaten or killed. But that may be too complicated even for the media professionals at PolitiFact.

I'll give PolitiFact a D for this entry. I dispense credit for researching the current state of hijab law in Iran, but dock 40 points for failing to discern the attitude of Iran's ruling religious elite toward the issue of hijab and for the amazing arrogance displayed in rating a true statement "False."

Democrats help (accurately) fix blame for subprime mortgage crisis

The Wall Street Journal compiled a series of quotations from Democratic congressional leaders concerning Fannie Mae and Freddie Mac.

Please read it all, but here's a teaser:

Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .

Rep. Frank: I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists.

You tell 'em, Barney.