READER COMMENTS ON
"VIDEO: Brad Gives 'Fox News Alert' LIVE on Fox 'News'!"
(56 Responses so far...)
COMMENT #1 [Permalink]
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Ron
said on 10/20/2008 @ 2:41 am PT...
That was fantastic Brad! You really stood up for the people. I doubt Fox News will want you on their show anymore because your honesty and integrity might adversely affect their ratings, but maybe they will! We can all hope.
COMMENT #2 [Permalink]
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Agent 99
said on 10/20/2008 @ 3:18 am PT...
That was stone cold weird. Sort of like Colbert getting an invitation to do the correspondents' dinner.... Whut? They thought you were an economist? A real estate agent? Very strange.
Great job.
But really very, very strange.
COMMENT #3 [Permalink]
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John
said on 10/20/2008 @ 3:24 am PT...
Great work Brad. I've been following your blogging on the 'voter fraud' hoax since your piece in the UK Guardian. Keep up the excellent work.
Yours,
A Whiny Brit
COMMENT #4 [Permalink]
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Floridiot
said on 10/20/2008 @ 4:40 am PT...
he-he, good you slipped that in there Brad.
The only semi-MSM show that will most likely report this is Countdown I'm sure.
None of the other ones will talk about it and if they do, they will not talk about any of the past troubles/tricks of Jacoby...and don't think for a minute they will ever talk about Nathan Sproul & associates. (hint-hint Countdown producers, Brad has all of the info up on his links above, invite him on to explain it to your viewers why don't cha?)
Where the hell is Sproul anyway?, he musta changed the name of his outfit since he was exposed the last time
COMMENT #5 [Permalink]
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Floridiot
said on 10/20/2008 @ 5:55 am PT...
There's also Arno, who hired YPM and JSM (John Sydney McCain?).
Appears to be downtown LA on skid row registering Republicans maybe?
Snip:
The Skid Row campaigns have been linked to a national petition management firm called JSM Inc., which has handled hotly contested petition campaigns and been accused of fraud in at least six states since 2004. The firm and its staff have never been convicted of wrongdoing.
Jennifer Breslin, the president of JSM Inc., currently based in Fullerton, was not available for comment, according to employees. A local coordinator who works for JSM denied knowing anything about the Skid Row locations or the exchange of food.
However, voter registration cards distributed at one of the Skid Row booths were tracked to JSM using serial numbers that are printed on each card. A spokeswoman for the California Secretary of State said they came from an order of 5,000 registration cards placed by Breslin.
COMMENT #6 [Permalink]
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Floridiot
said on 10/20/2008 @ 6:10 am PT...
BTW that was in 2007, so if you keep registering republicans steadily even in the off years, by petition, you could probably drum up enough registered republican non-voters to hack into the state servers and cast a vote for them on election day without drawing too much attention couldn't you?
Hypothetically speaking of course
I'm turning blue in the face, man
COMMENT #7 [Permalink]
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Floridiot
said on 10/20/2008 @ 6:22 am PT...
Is that why since HAVA they have insisted on State only master electronic voter registration records? So as to make it easier to break in without having to go to each individual county to make mischief?
I wonder.
Feebs do your job goddamnit!!!
COMMENT #8 [Permalink]
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Nunyabiz
said on 10/20/2008 @ 6:54 am PT...
Great Job Brad.
How ever I agree with 99 it was a bit Twilight Zone-ish.
COMMENT #9 [Permalink]
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Phil
said on 10/20/2008 @ 7:42 am PT...
You spanked them with knowledge of elections and voting terminology (too bad the clarification of the terms wasn't forced, as John Fund in the end reverted back to the same propaganda) , and breaking news (GOP vote registration contractor busted), but they spanked you by focusing on the housing market and facing you off with an old school hard core wall street guy. The Market-Ticker guy Karl Denninger will tear John Fund up if given a chance. The Home ownership thing is only a small part of the problem. Fox News is completely living in a propaganda spin bubble.
NO, this wasn't a fair or balanced segment.
COMMENT #10 [Permalink]
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GWN
said on 10/20/2008 @ 8:08 am PT...
Good job! You looked and sounded very confident.
Odd though that they ask an "Election Integrity" person on, and then talk about housing. Likely John Fund said he wouldn't go on if he had to debate "voter fraud" issues with you.
COMMENT #11 [Permalink]
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Bamboo Harvester
said on 10/20/2008 @ 8:29 am PT...
I think ya got foxed ... But ya out foxed'em !
COMMENT #12 [Permalink]
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Karen
said on 10/20/2008 @ 8:49 am PT...
Brad- you are my total hero- I just love you. You did a GREAT job and I think you answered the question about the fair shake just right- you do not want FOX to be in possession of a tape of you saying you treated them well, no matter how nice THIS host was to you. They could splice such a reply onto any story they do. [you do know in the wild the female FOX lures the unsuspecting neighborhood pet dog up into the mountains for the fox hound to grind and gnash their teeth.
The only thing I questioned was that you were not wearing a third layer like your opponent, however, later I thought- well- it looked like you were working=- but then ...oh I am such a bad dresser I have had to hire image consultants to help me-
COMMENT #13 [Permalink]
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Bamboo Harvester
said on 10/20/2008 @ 9:14 am PT...
fox can never be trusted ... period. ... I believe the progressive Dem base that launched Obama into contention did it cuz Hilary got a little cozy with fox. fox support is the litmus test for Anti-Americanism Anti-Democrocy and Anti-Freedom don't drink the punch in there green room. Wilburrr... Let's go.
COMMENT #14 [Permalink]
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HCOCDR
said on 10/20/2008 @ 9:18 am PT...
Hi guys,
Still at it I see. I am heading back to Iraq for the victory tour. Hope you let me post again. Saw you on Fox Brad, I am all for counting votes.
HCOCDR
COMMENT #15 [Permalink]
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Karen
said on 10/20/2008 @ 9:21 am PT...
oops- I mean - you do not want to be on tape saying FOX presented your statements and side of the issue as fair and balanced.
COMMENT #16 [Permalink]
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Karen
said on 10/20/2008 @ 9:23 am PT...
Good luck HCOCDR- yes, counting all the votes is what you are fighting for and this needs to be honored.
COMMENT #17 [Permalink]
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Karen
said on 10/20/2008 @ 9:27 am PT...
yes Bamboo Harvester, how did FOX get the name FOX anyway--....Rupert Murdock owns about 700 media is my understanding from the documentary The Corporation.
COMMENT #18 [Permalink]
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Phil
said on 10/20/2008 @ 9:29 am PT...
I'm with Karen, you DEFINITELY need a three piece suit to do that kind of segment in the future.
You are cleaned up enough for the three piece, I'd run with that. I suggest dark colors, David Letterman style. As much as I HATE fox news, I bet people JUDGED you on that.
Until we have a network where folks wearing Tye-Dye, long hair and patchouli oil, can pin down the talking points of the rich suits with their expensive $2000 Italian non working a day of their life type suits. You probably need to UPGRADE your wardrobe.
I hate saying that.
I doubt I'd ever see that bastard help me dig a hole in the tree roots to fix a drain in winter at 3am. I bet he has soft hands and never held a pick.
COMMENT #19 [Permalink]
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Bamboo Harvester
said on 10/20/2008 @ 9:40 am PT...
Phil ~ What bastard are you talkin bout ?
COMMENT #20 [Permalink]
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Phil
said on 10/20/2008 @ 9:45 am PT...
Mr Fund. Really I wasn't clear on that?
COMMENT #21 [Permalink]
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Floridiot
said on 10/20/2008 @ 10:23 am PT...
You guys are really getting "Slammed" out there in Ca.
Fuckin' Steve Poizner, your friendly Republican state insurance commissioner is paying for it, LOL
COMMENT #22 [Permalink]
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Linda
said on 10/20/2008 @ 11:51 am PT...
I thought you did a great job, Brad.
My sense is that, the next time Fox has you on, they'll be sure to get someone opposite you who's over-the-edge rude and disruptive, because not only are they going to want to prevent you from making substantive statements that they can't refute, they're going to want to discredit you as a journalist and as a person.
Because that's what they do! This was their test-run of you. Now that they know what they're dealing with, they'll work on their signature smear job.
I have to say this: I am coordinating and facilitating six California phone banks into swing states every week during which we dial 3,000+ voters. The worst thing we are up against are individuals who spout Fox and right-wing radio talking points. They are in a class of stupidity and ignorance unsurpassed by even uneducated and illiterate peoples in developing nations. At least in areas of the world where people are uneducated and illiterate, there are plenty whose minds are not closed.
If you seek further feedback on your Fox TV spot, I'd be happy to provide that to you off-line. I have total confidence in your ability to self-critique, however.
COMMENT #23 [Permalink]
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Adam Fulford
said on 10/20/2008 @ 12:19 pm PT...
Brad,
Did they tell you that the discussion would be about the housing crisis? Or were they vague about about their purposes in having you on? This is weird to say, but the Fox news host was uncharacteristically not as horrible. What' up with that? It is like the criminal who's acting nice. Very suspicious. It seemed to be like a weird snow-job of some kind, I'm not really sure.
It is great to see you get your word in. You projected well, but the exchange was like one topic juxtaposed over another. A little strange, but it is amazing that you broadcast such important information that the mainstream media has been dangerously negligent in not reporting.
Just adding my humble thoughts on this. I say this from the perspective of someone who knows of you in your capacity of someone who promotes election integrity. Are you also involved in Real Estate?
I don't think you'll be invited to Fox News for segments devoted to election integrity. Fox News is a far too cowardly and intellectually dishonest fascist propaganda entity for that.
Fox News decision makers are sniveling wimps who'd be scared to have you on a news show about election integrity. They're too weak for that.
Bill O'Reilly is scared of you because he lacks huevos. He's a bully without backbone. It won't happen, because he'd just fearfully shout you down as is typical of Fox News, and look like the wimp that he is, too scared to hear facts contrary to their cultish beliefs.
[Ed Note: Adam, see my comments in the original article above, the ones following the video, about the housing topic they used. - BF]
COMMENT #24 [Permalink]
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TomR
said on 10/20/2008 @ 12:22 pm PT...
COMMENT #25 [Permalink]
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Floridiot
said on 10/20/2008 @ 12:38 pm PT...
Oops TomR, Blogged by Brad Friedman on 10/18/2008 12:46PM
And It Begins Again: Touch-Screen Votes Flipping From Dem to Rep in WV
COMMENT #26 [Permalink]
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DES
said on 10/20/2008 @ 12:59 pm PT...
Fund either doesn't fully understand the factors directly responsible for the meltdown on Wall St. or is purposely trying to deflect attention from the real causes and the real people who prioritized personal greed over the safety of the global economy.
HERE is a FACT CHECK on Fund's last-second insertion of the Community Reinvestment Act to rebut Brad's charge that "no one forced anyone to make bad loans". For some reason it's not letting me do a hot-link, so copy and paste into your browser: https://bradblog.com/?p=6466
PLEASE DISTRIBUTE THESE LINKS to combat specious arguments attempting to lay the blame for the meltdown on long-overdue fair lending practices that ended banks' racist red-lining of low-income communities:
Sandra F. Braunstein, Federal Reserve Director, Division of Consumer and Community Affairs
Testimony before the Committee on Financial Services
U.S. House of Representatives
February 13, 2008
"Neither the CRA nor its implementing regulation gives specific criteria for rating the performance of depository institutions. Rather, the law indicates that the evaluation process should accommodate an institution's individual circumstances. Nor does the law require institutions to make high-risk loans that jeopardize their safety. To the contrary, the law makes it clear that an institution's CRA activities should be undertaken in a safe and sound manner." (emphasis added)
MORE NEWS YOU CAN USE: h/t Echidne of the Snakes (click on link for direct sourcing)
2008-ComplianceTech, a provider of technology and business intelligence for consumer lending institutions and government agencies, has released an industry report indicating that the majority of subprime-rate loans originated in 2006 were made to non-Hispanic Whites and upper-income borrowers (conventional, 1st lien, 1-to-4 family, owner-occupied, home purchase and refinance).The findings are contrary to the way subprime-rate lending has been portrayed. Frequent media portrayals and congressional dialogue refer to subprime-rate lending as a minority and low-income issue. Findings in the report are based on data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) analyzed with the data-mining tool LendingPatterns(TM).
ALSO a must-read: Matt Taibbi's smack-down of Byron York's disinfo on Fannie Mae and Freddie Mac's contribution to the crisis.
Taibbi is merciless, and it's funny.
For more context of why minorities are a convenient target, see this previous BRAD BLOG post.
COMMENT #27 [Permalink]
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TomR
said on 10/20/2008 @ 1:12 pm PT...
COMMENT #28 [Permalink]
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DES
said on 10/20/2008 @ 1:34 pm PT...
ADD THIS to your arsenal to fight misinformation on the Wall St. meltdown:
Two developments seem to have spurred the easing in US standards. First, a range of legislative and policy changes had been made to encourage the development of a non-conforming (Alt-A and subprime) lending sector, lying outside the model defined by the government-sponsored enterprises (GSEs, Fannie Mae and Freddie Mac). Part of the motivation for this was a desire to ensure that home ownership was accessible to households who had historically been underserved by mortgage lenders (Gramlich 2007). In addition, the administration had wanted to reduce the GSEs' domination of the mortgage market. Following problems with accounting and governance at both institutions, the GSEs' capacity to expand lending was capped by new regulatory limits on their activities (Kiff and Mills 2007, Blundell-Wignall and Atkinson 2008). [emphasis added]
Facts are such inconvenient things when there are minority populations to smear....
COMMENT #29 [Permalink]
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Floridiot
said on 10/20/2008 @ 2:10 pm PT...
COMMENT #30 [Permalink]
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Kira
said on 10/20/2008 @ 2:52 pm PT...
COMMENT #31 [Permalink]
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Kira
said on 10/20/2008 @ 2:54 pm PT...
I meant to say baiting & switching the topic from Voter Fraud to Housing Crisis Issues. [duh.]
COMMENT #32 [Permalink]
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TomR
said on 10/20/2008 @ 3:12 pm PT...
COMMENT #33 [Permalink]
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Lottakatz
said on 10/20/2008 @ 3:28 pm PT...
Two observations on FAUX News: If it's bait & switch and you aren't up to the task then you look bad personally and your credibility suffers;
If you can't respond in an educated way to Fund on his issue then the Fund/FAUX position goes unchallenged in any meaningful way.
They are whiley and conniving bastards they are.
And you were **fabulous**! Great job under difficult circumstances.
COMMENT #34 [Permalink]
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Kira
said on 10/20/2008 @ 3:33 pm PT...
!!! Heh !!! Thanks, TomR.
COMMENT #35 [Permalink]
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Jeannie Dean (not in) FL-13
said on 10/20/2008 @ 4:22 pm PT...
Great job, Brad, under very odd circumstances. (What a weird little egg-shell dance that was!)
Now that you can add "breaking a (factual) LIVE FOX NEWS ALERT" to your esteemed resume, it must put you alongside the great odd-makers of all time--like people who've been struck by lighting twice, or Hall-of-Famers who haven't been supoened.
Fund came off as his usual hostile self, I thought, especially after the FOX NEWS anchor deferred to your (correct) definition of "voter registration fraud" and he refused.
What a petulant child. What an astro-turd. What a petulastroturdchild.
I wonder if he, or FOX, had been tipped off to Bowen's bombshell before the hour they switched the topic of debate to the housing crisis. Or maybe he knew about THIS, and therefore couldn't rightly look you in the eye on voter fraud issues:
http://www.huffingtonpos...g-gop-oper_n_136254.html
HuffPo's FRONT PAGE "McCain Employing GOP Operative Accused of Voter Registration Fraud"
(Sproul and the onerous Lincoln Strategy on the hot seat! Flo! Just like you hoped! Nice manifestin'!)
..."Sproul, who has donated nearly $30,000 to McCain's campaign, has been in the good graces of GOP officials for the past decade despite charges of ethical and potentially legal wrongdoing..."
COMMENT #36 [Permalink]
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Kira
said on 10/20/2008 @ 4:29 pm PT...
republican party = Petulant Astro-TURD Children
Thanks for the link to HuffPo!
Keep on Manifestin' folks! Here's to better times *fist-bump*
COMMENT #37 [Permalink]
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mick
said on 10/20/2008 @ 4:49 pm PT...
HCOCDR good luck fella ,respect the victims ,Iraqi's have paid enough for Bush's ego.
COMMENT #38 [Permalink]
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Karen
said on 10/20/2008 @ 5:01 pm PT...
Until we have a network where folks wearing Tye-Dye, long hair and patchouli oil, can pin down the talking points of the rich suits with their expensive $2000 Italian non working a day of their life type suits. You probably need to UPGRADE your wardrobe.
Hey, Man check out http://www.goleft.tv/. Maybe they can host you and Bill Oreilly together there! O Reilly will look completely out of place
COMMENT #39 [Permalink]
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flex
said on 10/20/2008 @ 5:50 pm PT...
Thanks Brad! Fox news would NEVER report a republican being arrested for anything unless they were forced to.
Fox news is the lying, criminal media outlet for the Fascist Repuks. They infect the world with hate, fear, rascism and moral stupidity.
COMMENT #40 [Permalink]
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Carol
said on 10/20/2008 @ 6:35 pm PT...
It's so INFURIATING how that woman on Fox was trying to suck you into some kind of blame game. The reason that Fund didn't want to "go there" is because he KNOWS that the "blame" for the housing crisis rests squarely on the shoulders of the GOP. I wish you would have said so and pointed out the recent articles that mention the lobbying against regulation and what exactly the Democrats voted against in that scenario (i.e., removing government oversight of Fannie and Freddie entirely and giving the regulatory responsibility to an outside independent agency as recommended by the Hagel bill that McCain "endorsed" 16 months later after it had died. The Democrats voted against it because it would have made the exposure of Fannie and Freddie to subprime mortgage securities fraud even MUCH larger than it already was owing to Bush's "Ownership" policies). Nonetheless, good job of discussing the vote suppression. P.S. I hate John Fund.
COMMENT #41 [Permalink]
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Carol
said on 10/20/2008 @ 6:46 pm PT...
Fund tried to conflate "vote fraud" with VOTER fraud. What a snake. And then he tried to pass the blame onto the Community Reinvestment Act. BUSINESS WEEK reported that the CRA had NOTHING to do with the housing crisis. Brad, were you asked to come on and talk about "voter fraud" with John Fund and then that woman switched the topic on you? Because, all respect, but we know you are NO economics expert.
COMMENT #42 [Permalink]
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Phil
said on 10/20/2008 @ 7:03 pm PT...
Carol, as much as I'd like to see all the Republicans not only removed from office, but never allowed to work, contract, or hold a security clearance ever again.
The blame for the screwed up markets is EQUALLY the democrats and the republican's fault, and their current fix is not going to restore trust, it's only delaying and setting things up to make things much worse.
Eventually the markets will correct themselves regardless of what the criminals Ben and Hank do, and if it corrects itself it's going to be worse than if they put the Genesis Plan in place.
1. Force all off-balance sheet "assets" back onto the balance sheet, and force the valuation models and identification of individual assets out of Level 3 and into 10Qs and 10Ks. Enact this requirement beginning with the 3Q 2008 reporting period which begins next month. Total taxpayer cost: $0.00
2. Force all OTC derivatives onto a regulated exchange similar to that used by listed options in the equity markets. This permanently defuses the derivatives time bomb. Give market participants 90 days to get this done; any that are not listed in 90 days are declared void; let the participants sue each other if they can't prove capital adequacy. Total taxpayer cost: $0.00
3. Force leverage by all institutions to no more than 12:1. The SEC intentionally dropped broker/dealer leverage limits in 2004; prior to that date 12:1 was the limit. Every firm that has failed had double or more the leverage of that former 12:1 limit. Enact this with a six month time limit and require 1/6th of the excess taken down monthly. Total taxpayer cost: $0.00
All these bailouts and stimulus plans are treason.
COMMENT #43 [Permalink]
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Phil
said on 10/20/2008 @ 7:10 pm PT...
John Fund and Fox have been hiding what has been predicted for quite some time now! Don't feel bad though, so did Blomberg, CNBC, ABC, CBS, NBC, and on and on.
Congress (Democrat and Republican) were full aware but refused to take action.
The people have not held them accountable. Not because they are lazy, because they DON'T KNOW!
COMMENT #44 [Permalink]
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Batocchio
said on 10/21/2008 @ 1:19 am PT...
COMMENT #45 [Permalink]
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judesedit
said on 10/21/2008 @ 12:56 pm PT...
I saw it when you said it. I knew you were on, because I saw the notice. It was great. I actually opened a beer and toasted you right there and then. Thank you so much for what you are doing. Broward County, FL electronic voting machines are switching Obama votes to McCain. I have emailed my representatives and Barack Obama if they actually get any of their mail. Please stop these crooks. Tell everyone that may be able to help and be sure to insist the perpetrators be prosecuted to the fullest extent.
COMMENT #46 [Permalink]
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Floridiot
said on 10/21/2008 @ 6:08 pm PT...
My comment #4,5,6&21, were all brought up on Countdown tonight 99...hmmm
COMMENT #47 [Permalink]
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Agent 99
said on 10/21/2008 @ 6:17 pm PT...
Well, so when are you going to start doing special comments?
COMMENT #48 [Permalink]
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Floridiot
said on 10/21/2008 @ 6:52 pm PT...
heh, all I really care about is that it gets coverage, it's all important IMO...now we only can hope that the feebs are paying attention to my blue in the face rants about the state servers and they try to bust somebody come early November.
Coincidences? Who knows?
COMMENT #49 [Permalink]
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Floridiot
said on 10/21/2008 @ 7:10 pm PT...
I tells ya tho, after that 'Anthrax case solved' ordeal a while back I don't have to much faith in the feebs anymore, that thing was messed up to the max
COMMENT #50 [Permalink]
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Kira
said on 10/21/2008 @ 10:40 pm PT...
COMMENT #51 [Permalink]
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Floridiot
said on 10/22/2008 @ 3:38 am PT...
Nah Kira, I like putting my finds here so Brad can have a shot at it first if he finds them worthy of a story, or he can send it off to someone who might.
Or someone lurking can run with it, I don't care
COMMENT #52 [Permalink]
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Lottakatz
said on 10/22/2008 @ 11:56 am PT...
... Phil said on 10/20/2008 @ 7:03 pm PT...
'Carol, as much as I'd like to see all the Republicans not only removed from office, but never allowed to work, contract, or hold a security clearance ever again. '
Excellent post Phil, but may I add 'breed' to your list?
COMMENT #53 [Permalink]
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Kira
said on 10/22/2008 @ 12:48 pm PT...
Well, anyway ... thanks Floridiot for your links & comments. I've learned a lot from you over the years, & laughed a lot - 'coz you've got a good sense of humor to boot!
COMMENT #54 [Permalink]
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Joan
said on 10/22/2008 @ 5:04 pm PT...
#52 Lottakatz,
LOL, I'll drink to that.
But wait a sec...that Cisneros quote...
"...The country is paying...because we as a society did not draw a line..."
God-DAMN that makes me mad! SO many in SO many ways find a way to put the blame on us! Excuse me..."WE" didn't draw a line??
Well pardon my French, but fuck, no! "WE" out here in real life---those of us who never did have fat portfolios & stock options & matching his-and-hers BMW's in the garages of our twenty-room estates---had fuck-all to do with any of this!!
Eh...just one in a long list of things that really burn me up!!
COMMENT #55 [Permalink]
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Joan
said on 10/22/2008 @ 5:08 pm PT...
But Brad, you were great, as always...calm, articulate, cool as a cucumber. So glad you got in that "phony Acorn "voter-fraud" hoax" part!
You da Man.
COMMENT #56 [Permalink]
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Grizzly Bear Dancer
said on 10/25/2008 @ 8:34 am PT...
Nice commentary Brad! How did you get 1/2 of 15 min of FAUX FAME? Using reverse anti-science logic typical of these lame ace corp loser parrots, i could predict that since the polar ice caps are melting, then this will increase the chance of their "HELL" freezing over. When this occurs, that is when fux news is going to ask you back. Since others are suggesting a wardrobe upgrade, i think you might consider wearing a red tux with tails and grow a satin beard for the appearance.
Being in the morgage industry for 17 yrs, the problem with the quote "800 billion dollar plus bailout" is it's benefitting the preditory lenders/investment bankers who in collusion with the government (fannie and freddie)that lowered their required underwriting standards, did these bad loans. This brilliant action called the BAILOUT is throwing American's money to the bastards who caused the problem basically without any restriction of how "they" spend it instead of FIXING THE BAD LOANS and PROVIDING AMERICANS PROTECTION FROM A REOCCURANCE OF THESE SIMILAR PREDITORY LENDING PRACTICES. Example: Do you think it's ethical that a broker is paid up to 6% of a loan amount for his borrower signing 30 loan documents.. without the borrower's knowledge? This is $12,000 on a $200,000 mortgage.
What happened to cause the meltdown? Add in a borrower signing a loan that will not favor him in any way after his payment adjusts past his income potential in 3-5-7 yrs and you have the receipe for the housing meltdown. Americans lose their homes, and the corrupted system collapses now taking people's investments with it.
FINAL ANSWER:The bankers who cause the problem get rewarded for their criminally careless actions so they can cuntinue on their paths.