Since I have been a Republican office holder for 16 of the past 18 years it should come as no surprise that I plan to vote for Senator John McCain as President. However, what might surprise you is that I have voted for a few Democrats and that I have very carefully analyzed both McCain and Senator Barrack Obama given that this is the most important vote I have ever cast.

I have listed below positions that I have evaluated where I believe there is truly a difference. There are a number of others such as immigration, the Rescue Plan, and energy where I feel both are basically the same. An issue such as healthcare is so complex and so massive that it’s going to take more than either to correct it so I did not list it.

My information on the positions below comes from what the candidates have said, prior votes, what they have written in terms of their platforms and groups to whom they are beholden.

JUDICAL APPOINTMENTS: It is possible this President will appoint a majority of the Supreme Court. The differences between the appointments by McCain and Obama will be huge! McCain is more original intent so if you want to change the constitution amend it. Obama feels our courts should stand up for social and economic justice or an expansion of original intent.

JOBS: Basically McCain receives more support from and is more supportive of the free market than Obama who like most liberals, believes in more government. Obama supports the “Employee Free Choice” Act which denies a secret ballot when employees decide if a company should become unionized. This will result in the loss of hundreds of thousands of jobs.

PUBLIC EDUCATION: Given Obama’s liberalism and very active support by the National Education Association union we will see more of the same costing more money but Obama expects different results. Somewhere I read that is the height of folly. Meanwhile, McCain is clearly advocating more choice, accountability and focusing on the children.

BI-PARTICIANSHIP: Given the complexity of the issues facing us and the failure of partisanship by Democrats and Republicans, it is becoming increasingly obvious that we need a President who will work with both parties. McCain has a long history of this and Obama has no history of this.

BUYING THE ELECTION: Obama committed to using pubic monies as did McCain. However, as he has done on other issues Obama reneged. This has resulted in Obama raising at least $100 million more. Also, ACORN’s voter registration drives, to which Obama gave $800,000, is big a concern!

CIVIL RIGHTS: Obama is going to be beholden to the blacks since 90 plus percent of them are supporting him. I understand that discrimination is not over, but we have made huge strides. It’s time to move on while using the laws on the books to aggressively prosecute anyone who does discriminate. Put another way McCain agrees more with Bill Cosby and Shelby Steel than he does Jesse Jackson and Al Sharpton.

CHARACTER: No one that I know has been more tested than McCain. Also, most agree, whether you like his position or not, you know where he stands. Meanwhile, Obama is suddenly rejecting radical friends only after pressure builds, flip-flopping on issues, reneging on promises and using his oratorical skills to hide things.

VALUES: The most in-depth live comparison of the two candidates were the interviews by Rick Warren. It was obvious to me that McCain’s Christian faith is more conservative than Obama’s. McCain being pro-life and Obama being pro-choice is one of many differences,

PRINCIPLES: While McCain is not as conservative as some would like he is much closer to the conservative principles of less government, lower taxes, more personal responsibility and looking to the free market whenever possible than is Obama.

FOREIGN AFFAIRS: McCain’s experience is vastly more than Obama’s. Since the President has far more responsibilities in foreign affairs than in domestic affairs this is critical.

VETO POWER: It is obvious that the Democrats will continue to control both the House and the Senate and that they will be more aggressive with their liberal agenda. We need a check on this. McCain will veto the most liberal bills whereas Obama is obligated to sign most.

COMMANDER IN CHIEF: Do I really need to say anything?

Thanks for taking the time to read this. Now it’s your time to vote! 

 

 

More on Oil Speculation

October 2008

 

Since I wrote my article suggesting that "speculators in paper" may be a key factor in the rapid increase in the price of oil I have heard from two stockbrokers, two very savvy investors, Senator Chambliss' office, which the LaGrange Daily News printed, and a thirty something who has an MBA in finance. Net net there are as many views supporting my on balance conclusion of these speculators being a key reason for the rapid increase as there are those disagreeing. In addition to their opinions they forwarded two articles from Business Week magazine; one agreeing with my conclusions and one opposing. There were other articles from equally well regarded publications; again divided. Most of the articles and respondents got around to the issue of increasing world wide demand for oil and how bad a job we have done conserving and finding alternatives to oil. I totally agree but when some say these are the reasons for the rapid increase I reject that intuitively. There is no new news here so if they were the reasons we would have seen these dramatic and increasingly devastating increases years ago. Having watched the fickle nature of speculators in many other markets their behavior is now being replicated in oil futures in my opinion.

The letter below that millions of us are receiving from 12 of the largest US airlines is testimony to me that indeed the speculators need to be reigned in. I encourage you to take a few minutes to read this letter. If you then want to start doing something to reduce oil prices go to the link in this letter and take less than 5 minutes to send our two US Senators and Congressman Westmoreland an email asking for their action. Next increasingly conserve on all oil related products such as gasoline and plastics. As the saying goes, “if you are not part of the solution you are part of the problem.”

 

The following was published by AirTran Airways on July 9, 2008 in an email to a+ Rewards customers.

An Open Letter to All Airline Customers Our country is facing a possible sharp economic downturn because of skyrocketing oil and fuel prices, but by pulling together, we can all do something to help now. For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and small communities. To the broader economy, oil prices mean slower activity and widespread economic pain. This pain can be alleviated, and that is why we are taking the extraordinary step of writing this joint letter to our customers. Since high oil prices are partly a response to normal market forces, the nation needs to focus on increased energy supplies and conservation. However, there is another side to this story because normal market forces are being dangerously amplified by poorly regulated market speculation. Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs. Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper. The nation needs to pull together to reform the oil markets and solve this growing problem. We need your help. Get more information and contact Congress by visitingwww.StopOilSpeculationNow.com/sos. Sincerely, Robert Fornaro Chairman, President and CEO AirTran Airways, Inc. Bill Ayer Chairman, President and CEO Alaska Airlines, Inc. Gerard J. Arpey Chairman, President and CEO American Airlines, Inc. Lawrence W. Kellner Chairman and CEO Continental Airlines, Inc. Richard Anderson CEO Delta Air Lines, Inc. Mark B. Dunkerley President and CEO Hawaiian Airlines, Inc. Dave Barger CEO JetBlue Airways Corporation Timothy E. Hoeksema Chairman, President and CEO Midwest Airlines Douglas M. Steenland President and CEO Northwest Airlines, Inc. Gary Kelly Chairman and CEO Southwest Airlines Co. Glenn F. Tilton Chairman, President and CEO United Airlines, Inc. Douglas Parker Chairman and CEO US Airways Group, Inc.

 

 

Recent Thoughts and Experiences

October 2008

PRICE OF GAS. When I left Florida last Thursday night I paid $3.11 per gallon and thought I got a good deal only to see it within a few miles at $3.06. However in Georgia it was about $3.78 at most stations. Coming back to Florida Sunday gas was about $3.38 in Georgia. I paid $3.02 in AL and felt good until I started to see it at $2.99 and in Florida several had it as low as $2.82. Whenever I come back into Georgia it always seems gas is more expensive than in surrounding states. Why is this given our state taxes on gasoline are lower?

GOVERNOR PALIN RALLY. Last Monday I spent time getting tickets for this rally. On Tuesday we got to the Pensacola Civic Center a couple of hours before Gov Palin was to talk only to find lines waiting to clear security, stretching for hundreds of yards in every direction with a driving rain. We came prepared for the rain with our $1.00 ponchos and $5.00 umbrellas purchased at a Dollar General on the way to the rally. Nonetheless we decided to go for lunch versus waiting a couple of hours in the rain and taking our chances that we could get in afterwards. Our strategy worked and we joined 11,000 in a packed auditorium. Once Governor Palin was introduced and scores of times thereafter I have never seen more enthusiastic responses over an extended period of time than she received.

SUB PRIME MESS If you want to know a key reason for the sub prime mortgage mess ask your banker whether bank examiners put pressure on them for years to make loans to people they knew over time would not be able to make their payments. This was due to the 1977 Community Reinvestment Act signed into law by President Carter. Note this is 23 years before President Bush was ever elected. It’s amazing how the Democrats who sponsored this bill and were very cozy with Freddie Mac and Fannie Mae, who were so poorly managed that we had to bail them out, do not take any of the blame. Also Senator Chris Dodd and Rep Barney Franks have headed the Senate and House Financial Services Committees for two years and have done nothing but they are good at blaming the President.

PRESIDENTIAL DEBATE I thought last week’s debate was downright boring and I blame Tom Brokaw. Supposedly he had 6,000,000 questions submitted from which he was free to select any. He chose ones we have heard Senators McCain and Obama answer time and again and left out insightful ones that we have not heard them address. I’m willing to bet that the four hosts for these debates will all vote Democrat. What a shame that at least some non partisan hosts were not chosen. With Senator Obama in the lead he certainly did not want tough questions and whether by design or otherwise his wishes came true.

GLOBAL WARMING One topic that has been discussed with some regularity in this race is global warming. I am reading Cool It by Bjorn Lomborg who in 2004 was named one of the 100 most influential people in the world by Time magazine. He wrote this book in 2007 with a Foreword in April 2008 so it is quite up to date. Previously he wrote The Skeptical Environmentalist; the title of which gives you some indication of his premise. With over 600 footnotes and another approximate 600 literature sources he takes a very different and far more researched approach to global warming, which he believes is largely man made, than Al Gore. He believes it would have been a huge mistake for the United States to have signed the Kyoto Protocol.

A panel of top-level economists including four Nobel laureates developed a global priority list and then did an extensive cost/benefit analysis on each. Turns out preventing HIV/AIDS is the very best investment humanity can make now. Climate change including Kyoto was at the bottom. Looks like President Bush was once again right when he refused to sign the Kyoto Protocol and again when he pledged billions to Africa to fight AIDS.

Foreign Affairs magazine says, “Highly readable….A plea for a rational discussion of social priorities.” If you, like most of us, are demonized when you dissent with the Gore crowd read this book and you’ll probably wind up knowing more than most of those who demonize.

 

 

Conservative/Liberal Response To Our Financial Crisis
September 25, 2008

One thing most of us agree about in regard to the financial crisis facing our country is that indeed it is a crisis potentially rivaling the Depression. However, Liberals and Conservatives are divided as to what the government's response should be.

My friend Dr Jon Birkeli last Thursday in the LaGrange Daily News and President Bush last night did a good job of succinctly outlining how we got here. It reminds me of a paraphrase of the old Pogo cartoon, we went looking for who caused this and found out it was many of us. It is greed, stupidity, lack of informed home buyers, failure of our elected officials to heed the warnings of Senator McCain two years ago or similar ones of Treasury Secretary Hank Paulson several months ago, actions starting at least as far back as President Clinton pushing for banks to loan low income people money to buy houses they could not afford, those who sell stocks short and the boards of directors of banks, mortgage companies, investment companies and insurance companies involved in this crisis failing to do their job. In regard to this last point, in my opinion boards are too often ceremonial, stacked with friends of the top management and/or filled with very accomplished people who are too busy elsewhere to spend the time it should take to be an effective board member.

Most of us believe that President Bush made excellent appointments in Secretary Paulson and Federal Reserve Board Chairman Ben Bernanke. Last Friday they and President Bush presented their $700,000,000,000 package to Congress. When they did so the market responded with a gain of about 400 points. The market has fallen ever since and the crisis gets worse. Why? Because our elected official started acting as they usually do with partisan bickering and trying to add things to this package for a whole host of constituencies. Meanwhile Senators Obama and McCain did not handle the situation very well.

I hope you'll get in touch with your Senators and Congressman today and tell them you expect more of them in these dire times. It is time for both conservatives and liberals to recognize their principles are in uncharted waters so have the debate but listen for consensus that will best serve this country. I also suggest you tell them to ignore the lobbyists and perhaps for the first time pass a bill that focuses on this one issue and do not create a bill that loses focus and cost unnecessary billions.

Back to Pogo I have heard and read a lot of what I feel are self serving and/or uninformed opinions; most of which oppose the government "bailout." Thomas Jefferson said that for democracy to survive informed voters are needed. If you have not kept up on this financial crisis which could effect the value of your home, jeopardize your job, threaten your retirement and college savings, etc shame on you. Just as I encourage our elected officials to be objective as they hear plans that are contrary to their conservative or liberal roots I suggest you do the same.

One point that President Bush should have said with greater clarity is that this 700B are loans and we should get much of this back into our treasury; in some cases more than we invested. Also thanks to Congressional involvement it appears the bill once it is ready for a vote will prevent the executives of these companies from getting windfall compensations. Speaking of compensation Sunday's New York Times listed what has happened to the value of the stock holdings of the key 16 executives presently or recently involved with the primary companies in this crisis. On average the value of their stocks have decreased over 65%.


I mentioned that I hope our elected officials will ignore lobbyists and influence peddlers as they decide what the government needs to do. This will be hard since Senator Obama has as two of his key advisers top people who were at Fannie Mae and Lehman Brothers. Also Senator McCain has received a reported $7,000,000 in contributions from Wall Street and Senator Obama about $10,000,000. It is time for them and other elected officials to realize their responsibility is to us and while we do not have lobbyists we hold the ultimate power which is our vote.

Recently I wrote two articles following the huge increases in the price of gas. In those articles I said one of the contributing reasons was those who speculate in paper. I am even more convinced of that today. In one of those articles I suggested we stop short selling and for that matter other such derivatives. Guess what? Short sellers, those who profit by expecting the value of a stock to decline and in some cases spread false rumors about a company to drive down the stock value, are part of what has caused this crisis. Belatedly there is a short term ban on short selling. If you agree with me as you communicate with your Senators and Congressman ask them to make this a permanent ban. Why should those who make their living selling short be allowed to jeopardize our finances while doing nothing to help the economy?

In the early 1930's during the Depression Congress passed the Glass-Stegal Act preventing investment banks from owning commercial banks. In 1999 this was repealed. Another part of what caused this crisis are the combinations of commercial banks and investment banks under one roof. Is it time to pass another such prohibition? Again this will call into legitimate question the role of government. For me it needs to be limited. But given history, common sense and/or the Judeo-Christian belief of man being sinful the untested principles of conservatism epitomized by a libertarian view in the type of crisis we are in now should temper our government's response but not prevent a response.

I encourage those of you who are not certain of who you plan to vote for as president to avoid Early Voting. Between now and election day on November 4 we are going to learn a lot more about Senators McCain and Obama. Isn't this critical vote worth a few extra minutes in line?

The New York Times #1 bestseller The Shack quotes Jesus in this fictional story regarding economics that it along with religion and politics "are the man created trinity of terrors that ravages the earth and deceives those I care about." He goes on to say, "these terrors are tools that many use to prop up their illusions of security and control. People are afraid of uncertainty, afraid of the future." As a conservative Christian I can not disagree with those quotes but also admit I'm not sure what to do in response except to pray for guidance and to pray that those in Washington who must address this crisis do so in prayer.