Monday, September 29, 2008

Let Kickout All Incumbent Members of Congress



Excerpt from CNNMoney.com:
NEW YORK (CNNMoney.com) -- Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.



Let vote out all members of this Congress regardless he or she is a Democrat or Republican this November. We need to protect the Main Street.

On the Net:
Bill text
How they vote

Sunday, September 28, 2008

No Welfare for Wall Street

I agreed with Obama: "No Welfare For Wall Street". The government need to bail out the financial sector first to avoid the collapse of our economy. After they need to go after the people on the Wall Street that cause this mess. The situation right now is similar as we need to render aid to the victim injured by criminal gang on Main Street first. After that, the police must investigate and capture the suspect to bring to the justice.

Other news:
Rescue bill released
Text of economic rescue bill official summary
Buffett warns Congress

Saturday, September 27, 2008

KB Home FQ3 2008 Earnings Conference Call

Excerpt from KB Home F3Q08 (Qtr End 08/31/08) Earnings Call Transcript
We believe success in today’s environment calls for an integrated and disciplined approach to balance sheet and profit management centering on three strategic imperatives. First, maintaining a strong cash position and balance sheet, second, restoring operational profitability and third position ourselves to capitalize on a housing market recovery when it occurs.

Audio webcast
KB Home Investor Homepage

Friday, September 26, 2008

WaMu failed, who next?

Now WaMu becomes biggest bank to fail in US history, who next?

WaMu Customers, Welcome to JPMorgan Chase!

I'm not happy with the current Congress, let vote them out this November.

Thursday, September 25, 2008

Country First vs Party First

Last Thursday, President Bush met with Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, and SEC chairman Cox to discuss about financial crisis. Wall Street up.

Friday, Democratic leader in Congress promise to work around the clock to pass the bailout plan. Down Jones up.

But ...

When Paulson presented to Congress controlled by Democrat the bailout plan on Saturday. They delayed. Market down three days. Bush went on TV to talk to the nation: 'Entire economy' at risk. McCain suspends campaign to work on Wall Street plan.

It's clear that Democrat put their party first.

Saturday, September 20, 2008

Treasury Department's Bailout Proposal To Congress

The following is the text of a legislative proposal to give the Treasury department authority to purchase mortgage-related assets.

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.–The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.–The term "Secretary" means the Secretary of the Treasury.

(3) United States.–The term "United States" means the States, territories, and possessions of the United States and the District of Columbia.

Wednesday, September 17, 2008

Another Bad Day on Wall Street

Dow lost 450 points after the FED loan 85 billion to AIG. Hope tomorow, it better.

Tuesday, September 16, 2008

Monday, September 15, 2008

Bear Rule!

As expected, DOW down 500 points. It will continue go down below or around 10K in next few days or weeks. The FED must CUT the rate.

Cash is KING!

Sunday, September 14, 2008

Lehman Files For Bankruptcy

What a crazy weekend!

Lehman Brothers to File for Bankruptcy After Suitors Drop Out
Bank of America to Buy Merrill
AIG Scrambles to Raise Cash, Talks to Fed

Tomorrow will be a nasty trading day. Market may be drop about 3 digits, I guess.

2008 Presidential Candidate Comparison Talking Points

2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS
ISSUE
JOHN McCAIN
BARACK OBAMA
Favors new drilling offshore US
Yes
No
Will appoint judges who interpret the law not make it
Yes
No

Served in the US Armed Forces
Yes
No
Amount of time served in the US Senate
22 YEARS
173 DAYS
Will institute a socialized national health care plan
No
Yes
Supports abortion throughout the pregnancy
No
Yes
Would pull troops out of Iraq immediately
No
Yes
Supports gun ownership rights
Yes
No
Supports homosexual marriage
No
Yes
Proposed programs will mean a huge tax increase
No
Yes
Voted against making English the official language
No
Yes
Voted to give Social Security benefits to illegals
No
Yes
CAPITAL GAINS TAX
MCCAIN
0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA
28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN
15% (no change)
OBAMA
39.6% - (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that 'Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.')
INCOME TAX
MCCAIN
(no changes)
Single making 30K - tax $4,500
Single making 50K - tax $12,500
Single making 75K - tax $18,750
Married making 60K- tax $9,000
Married making 75K - tax $18,750
Married making 125K - tax $31,250
OBAMA (reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250
Married making 60K - tax $16,800
Married making 75K - tax $21,000
Married making 125K - tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN
- 0% (No change, Bush repealed this tax)
OBAMA
Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
  • New government taxes proposed on homes that are more than 2400 square feet.
  • New gasoline taxes (as if gas weren't high enough already)
  • New taxes on natural resources consumption (heating gas, water, electricity)
  • New taxes on retirement accounts, and last but not least....
  • New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!

Saturday, September 13, 2008

AIG down too...

Along with Lehman, Washington Mutual Bank, AIG down too. At the close on Friday, Sept. 12, 2008:

AIG: $12.14

LEH: $3.65

WM: $2.73

The financial sector is no good. Be careful.

Thursday, September 11, 2008

Oil Down. Gold Down. Strong Dollar

Oil $101.14
Gold $755.00

1 USD = 1.4004 EUR
Euro Trades Near One-Year Low on Speculation Production Shrank

WM $2.83 52-Week: High $39.25 (09/19/07) Low $1.75 (09/11/08) 1-Yr Return -91.713%

LEH $4.220 52-Week: High $67.73 (11/14/07) Low $3.79 (09/11/08) 1-Yr Return -92.465%
Who will buy Lehman? BAC?

Monday, September 8, 2008

How low will mortgage rate go?

After the US seized the Fannie Mae and Freddie Mac, the mortgage went down below 6%. How low will mortgage rate go? Will it 3?

Mortgage rates drop after Fannie, Freddie takeover
The average interest rate for a 30-year fixed rate mortgage dropped 0.3 of a percentage point to 6.04 on Monday, according to HSH Associates, and are expected to decline a little more in the coming weeks.


Homebuyers May Get Lower Loan Rate After Fannie, Freddie Rescue
Thirty-year fixed rates dropped about a quarter of a percentage point by Monday and may head lower, said Keith Shaughnessy, president of Foundation Mortgage in Littleton, Massachusetts. The average 30-year fixed is now 6.08 percent, according to Bankrate Inc., a research firm in North Palm Beach, Florida. In July, the rate was half a percentage point higher, increasing monthly payments enough to price some potential buyers out of the market.

By December, or at least by the start of the spring selling season in April when the bulk of U.S. home sales occur, fixed rates may be near 5.5 percent, Shaughnessy said in an interview.


Pimco thinks rescue will trim housing's decline
And before Sunday, Gross says he'd guess that the home market might have had as much as 15 percent more in price declines left. Now, it may be no more than 10 percent.


U.S. 30-yr fixed mortgage rate falls after GSE deal
The 30-year fixed-rate mortgage has fallen to near 6.00 percent on Monday from 6.50 percent on Friday, according to Greg McBride, senior financial analyst at Bankrate, Inc, in North Palm Beach, Florida.

"The interest rate drop is without a doubt entirely attributable to the development on Sunday with Fannie Mae and Freddie Mac and the government bailout," he said.

"The question is how much of the interest rate drop will actually stick," he said.

Mortgage bailout unlikely to lift US out of slump
The decline in mortgage rates may provide an incentive to prospective home buyers and for existing homeowners to refinance into more secure, fixed-rate loans, but it won't be a quick cure-all for the crippled housing market.

Builders, reeling from the record-high foreclosures and a glut of unsold homes, will keep cutting back for the foreseeable future, which will continue to be a major drag on national economic activity.

And, home values — people's biggest asset — likely will keep sinking.

Sunday, September 7, 2008

U.S Government takes over Fannie Mae and Freddie Mac

Excerpt from AP articles written by MARTIN CRUTSINGER and ALAN ZIBEL:
WASHINGTON - The Bush administration's seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.

The historic move announced Sunday won support from both presidential campaigns, but private analysts worried that it may not be enough to stabilize the slumping housing market given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence.

Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars. Treasury Secretary Henry Paulson said allowing the companies to fail would have extracted a far higher price on consumers by driving up the cost of home loans and all other types of borrowing because the failures would "create great turmoil in our financial markets here at home and around the globe."

Mark Zandi, chief economist at Moody's Economy.com predicted that 30-year mortgage rates, currently averaging 6.35 percent nationwide, could dip to close to 5.5 percent. That's because investors will be more willing to buy the debt issued by Fannie and Freddie — and at lower rates — since the federal government is now explicitly standing behind that debt.


From CNN: U.S. seizes Fannie and Freddie:
The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing.


From Bloomberg: Paulson Engineers U.S. Takeover of Fannie, Freddie
``Our economy and our markets will not recover until the bulk of this housing correction is behind us,'' Treasury Secretary Henry Paulson, who engineered the takeover along with Federal Housing Finance Agency Director James Lockhart, said in Washington today. ``Fannie Mae and Freddie Mac are critical to turning the corner.''


Video CNBC.com: Fannie, Freddie: What Steps Next?
In the short term, the Federal bailout of Fannie Mae and Freddie Mac removes the uncertainty from markets. Steve Forbes, Chairman & CEO Forbes Inc, thinks the next step forward should be to split the companies up into pieces, recapitalize them and ship them out into the private markets. Bill Smith, President and Senior Portfolio Manager at SAM ADVISORS and CNBC's Martin Soong, Maura Forgarty, Steve Liesman join in the discussion.

Saturday, September 6, 2008

Microwave Oven

I'm looking for a new microwave oven. Which one is good? GE or something else? I do some research on the net before I stop by the Lowe's or Home Depot.

Before You Buy a Microwave Oven
Home Depot
Lowe's
Lowe's in Vietnamese: This explain why Lowe's beat Home Depot. Beyond the Vietnamese, Lowe's have sites in Spanish, Chinese and Korean.

Friday, September 5, 2008

Text of John McCain's acceptance speech

Thank you all very much. Tonight, I have a privilege given few Americans -- the privilege of accepting our party's nomination for President of the United States. And I accept it with gratitude, humility and confidence.

In my life, no success has come without a good fight, and this nomination wasn't any different. That's a tribute to the candidates who opposed me and their supporters. They're leaders of great ability, who love our country, and wished to lead it to better days. Their support is an honor I won't forget.

I'm grateful to the President for leading us in those dark days following the worst attack on American soil in our history, and keeping us safe from another attack many thought was inevitable; and to the First Lady, Laura Bush, a model of grace and kindness in public and in private. And I'm grateful to the 41st President and his bride of 63 years, and for their outstanding example of honorable service to our country.

As always, I'm indebted to my wife, Cindy, and my seven children. The pleasures of family life can seem like a brief holiday from the crowded calendar of our nation's business. But I have treasured them all the more, and can't imagine a life without the happiness you give me. Cindy said a lot of nice things about me tonight. But, in truth, she's more my inspiration than I am hers. Her concern for those less blessed than we are - victims of land mines, children born in poverty and with birth defects - shows the measure of her humanity. I know she will make a great First Lady.

When I was growing up, my father was often at sea, and the job of raising my brother, sister and me would fall to my mother alone. Roberta McCain gave us her love of life, her deep interest in the world, her strength, and her belief we are all meant to use our opportunities to make ourselves useful to our country. I wouldn't be here tonight but for the strength of her character.

My heartfelt thanks to all of you, who helped me win this nomination, and stood by me when the odds were long. I won't let you down. To Americans who have yet to decide who to vote for, thank you for your consideration and the opportunity to win your trust. I intend to earn it.

Finally, a word to Senator Obama and his supporters. We'll go at it over the next two months. That's the nature of these contests, and there are big differences between us. But you have my respect and admiration. Despite our differences, much more unites us than divides us. We are fellow Americans, an association that means more to me than any other. We're dedicated to the proposition that all people are created equal and endowed by our Creator with inalienable rights. No country ever had a greater cause than that. And I wouldn't be an American worthy of the name if I didn't honor Senator Obama and his supporters for their achievement.

But let there be no doubt, my friends, we're going to win this election. And after we've won, we're going to reach out our hand to any willing patriot, make this government start working for you again, and get this country back on the road to prosperity and peace.

These are tough times for many of you. You're worried about keeping your job or finding a new one, and are struggling to put food on the table and stay in your home. All you ever asked of government is to stand on your side, not in your way. And that's just what I intend to do: stand on your side and fight for your future.

And I've found just the right partner to help me shake up Washington, Governor Sarah Palin of Alaska. She has executive experience and a real record of accomplishment. She's tackled tough problems like energy independence and corruption. She's balanced a budget, cut taxes, and taken on the special interests. She's reached across the aisle and asked Republicans, Democrats and Independents to serve in her administration. She's the mother of five children. She's helped run a small business, worked with her hands and knows what it's like to worry about mortgage payments and health care and the cost of gasoline and groceries.

She knows where she comes from and she knows who she works for. She stands up for what's right, and she doesn't let anyone tell her to sit down. I'm very proud to have introduced our next Vice President to the country. But I can't wait until I introduce her to Washington. And let me offer an advance warning to the old, big spending, do nothing, me first, country second Washington crowd: change is coming.

I'm not in the habit of breaking promises to my country and neither is Governor Palin. And when we tell you we're going to change Washington, and stop leaving our country's problems for some unluckier generation to fix, you can count on it. We've got a record of doing just that, and the strength, experience, judgment and backbone to keep our word to you.

You know, I've been called a maverick; someone who marches to the beat of his own drum. Sometimes it's meant as a compliment and sometimes it's not. What it really means is I understand who I work for. I don't work for a party. I don't work for a special interest. I don't work for myself. I work for you.

I've fought corruption, and it didn't matter if the culprits were Democrats or Republicans. They violated their public trust, and had to be held accountable. I've fought big spenders in both parties, who waste your money on things you neither need nor want, while you struggle to buy groceries, fill your gas tank and make your mortgage payment. I've fought to get million dollar checks out of our elections. I've fought lobbyists who stole from Indian tribes. I fought crooked deals in the Pentagon. I fought tobacco companies and trial lawyers, drug companies and union bosses.

I fought for the right strategy and more troops in Iraq, when it wasn't a popular thing to do. And when the pundits said my campaign was finished, I said I'd rather lose an election than see my country lose a war.

Thanks to the leadership of a brilliant general, David Petraeus, and the brave men and women he has the honor to command, that strategy succeeded and rescued us from a defeat that would have demoralized our military, risked a wider war and threatened the security of all Americans.

I don't mind a good fight. For reasons known only to God, I've had quite a few tough ones in my life. But I learned an important lesson along the way. In the end, it matters less that you can fight. What you fight for is the real test.

I fight for Americans. I fight for you. I fight for Bill and Sue Nebe from Farmington Hills, Michigan, who lost their real estate investments in the bad housing market. Bill got a temporary job after he was out of work for seven months. Sue works three jobs to help pay the bills.

I fight for Jake and Toni Wimmer of Franklin County, Pennsylvania. Jake works on a loading dock; coaches Little League, and raises money for the mentally and physically disabled. Toni is a schoolteacher, working toward her Master's Degree. They have two sons, the youngest, Luke, has been diagnosed with autism. Their lives should matter to the people they elect to office. They matter to me.

I fight for the family of Matthew Stanley of Wolfboro, New Hampshire, who died serving our country in Iraq. I wear his bracelet and think of him every day. I intend to honor their sacrifice by making sure the country their son loved so well and never returned to, remains safe from its enemies.

I fight to restore the pride and principles of our party. We were elected to change Washington, and we let Washington change us. We lost the trust of the American people when some Republicans gave in to the temptations of corruption. We lost their trust when rather than reform government, both parties made it bigger. We lost their trust when instead of freeing ourselves from a dangerous dependence on foreign oil, both parties and Senator Obama passed another corporate welfare bill for oil companies. We lost their trust, when we valued our power over our principles.

We're going to change that. We're going to recover the people's trust by standing up again for the values Americans admire. The party of Lincoln, Roosevelt and Reagan is going to get back to basics.

We believe everyone has something to contribute and deserves the opportunity to reach their God-given potential from the boy whose descendents arrived on the Mayflower to the Latina daughter of migrant workers. We're all God's children and we're all Americans.

We believe in low taxes; spending discipline, and open markets. We believe in rewarding hard work and risk takers and letting people keep the fruits of their labor.

We believe in a strong defense, work, faith, service, a culture of life, personal responsibility, the rule of law, and judges who dispense justice impartially and don't legislate from the bench. We believe in the values of families, neighborhoods and communities.

We believe in a government that unleashes the creativity and initiative of Americans. Government that doesn't make your choices for you, but works to make sure you have more choices to make for yourself.

I will keep taxes low and cut them where I can. My opponent will raise them. I will open new markets to our goods and services. My opponent will close them. I will cut government spending. He will increase it.

My tax cuts will create jobs. His tax increases will eliminate them. My health care plan will make it easier for more Americans to find and keep good health care insurance. His plan will force small businesses to cut jobs, reduce wages, and force families into a government run health care system where a bureaucrat stands between you and your doctor.

Keeping taxes low helps small businesses grow and create new jobs. Cutting the second highest business tax rate in the world will help American companies compete and keep jobs from moving overseas. Doubling the child tax exemption from $3500 to $7000 will improve the lives of millions of American families. Reducing government spending and getting rid of failed programs will let you keep more of your own money to save, spend and invest as you see fit. Opening new markets and preparing workers to compete in the world economy is essential to our future prosperity.

I know some of you have been left behind in the changing economy and it often seems your government hasn't even noticed. Government assistance for unemployed workers was designed for the economy of the 1950s. That's going to change on my watch. My opponent promises to bring back old jobs by wishing away the global economy. We're going to help workers who've lost a job that won't come back, find a new one that won't go away.

We will prepare them for the jobs of today. We will use our community colleges to help train people for new opportunities in their communities. For workers in industries that have been hard hit, we'll help make up part of the difference in wages between their old job and a temporary, lower paid one while they receive retraining that will help them find secure new employment at a decent wage.

Education is the civil rights issue of this century. Equal access to public education has been gained. But what is the value of access to a failing school? We need to shake up failed school bureaucracies with competition, empower parents with choice, remove barriers to qualified instructors, attract and reward good teachers, and help bad teachers find another line of work.

When a public school fails to meet its obligations to students, parents deserve a choice in the education of their children. And I intend to give it to them. Some may choose a better public school. Some may choose a private one. Many will choose a charter school. But they will have that choice and their children will have that opportunity.

Senator Obama wants our schools to answer to unions and entrenched bureaucracies. I want schools to answer to parents and students. And when I'm President, they will.

My fellow Americans, when I'm President, we're going to embark on the most ambitious national project in decades. We are going to stop sending $700 billion a year to countries that don't like us very much. We will attack the problem on every front. We will produce more energy at home. We will drill new wells offshore, and we'll drill them now. We will build more nuclear power plants. We will develop clean coal technology. We will increase the use of wind, tide, solar and natural gas. We will encourage the development and use of flex fuel, hybrid and electric automobiles.

Senator Obama thinks we can achieve energy independence without more drilling and without more nuclear power. But Americans know better than that. We must use all resources and develop all technologies necessary to rescue our economy from the damage caused by rising oil prices and to restore the health of our planet. It's an ambitious plan, but Americans are ambitious by nature, and we have faced greater challenges. It's time for us to show the world again how Americans lead.

This great national cause will create millions of new jobs, many in industries that will be the engine of our future prosperity; jobs that will be there when your children enter the workforce.

Today, the prospect of a better world remains within our reach. But we must see the threats to peace and liberty in our time clearly and face them, as Americans before us did, with confidence, wisdom and resolve.

We have dealt a serious blow to al Qaeda in recent years. But they are not defeated, and they'll strike us again if they can. Iran remains the chief state sponsor of terrorism and on the path to acquiring nuclear weapons. Russia's leaders, rich with oil wealth and corrupt with power, have rejected democratic ideals and the obligations of a responsible power. They invaded a small, democratic neighbor to gain more control over the world's oil supply, intimidate other neighbors, and further their ambitions of reassembling the Russian empire. And the brave people of Georgia need our solidarity and prayers. As President, I will work to establish good relations with Russia so we need not fear a return of the Cold War. But we can't turn a blind eye to aggression and international lawlessness that threatens the peace and stability of the world and the security of the American people.

We face many threats in this dangerous world, but I'm not afraid of them. I'm prepared for them. I know how the military works, what it can do, what it can do better, and what it should not do. I know how the world works. I know the good and the evil in it. I know how to work with leaders who share our dreams of a freer, safer and more prosperous world, and how to stand up to those who don't. I know how to secure the peace.

When I was five years old, a car pulled up in front of our house. A Navy officer rolled down the window, and shouted at my father that the Japanese had bombed Pearl Harbor. I rarely saw my father again for four years. My grandfather came home from that same war exhausted from the burdens he had borne, and died the next day. In Vietnam, where I formed the closest friendships of my life, some of those friends never came home with me. I hate war. It is terrible beyond imagination.

I'm running for President to keep the country I love safe, and prevent other families from risking their loved ones in war as my family has. I will draw on all my experience with the world and its leaders, and all the tools at our disposal - diplomatic, economic, military and the power of our ideals - to build the foundations for a stable and enduring peace.

In America, we change things that need to be changed. Each generation makes its contribution to our greatness. The work that is ours to do is plainly before us. We don't need to search for it.

We need to change the way government does almost everything: from the way we protect our security to the way we compete in the world economy; from the way we respond to disasters to the way we fuel our transportation network; from the way we train our workers to the way we educate our children. All these functions of government were designed before the rise of the global economy, the information technology revolution and the end of the Cold War. We have to catch up to history, and we have to change the way we do business in Washington.

The constant partisan rancor that stops us from solving these problems isn't a cause, it's a symptom. It's what happens when people go to Washington to work for themselves and not you.

Again and again, I've worked with members of both parties to fix problems that need to be fixed. That's how I will govern as President. I will reach out my hand to anyone to help me get this country moving again. I have that record and the scars to prove it. Senator Obama does not.

Instead of rejecting good ideas because we didn't think of them first, let's use the best ideas from both sides. Instead of fighting over who gets the credit, let's try sharing it. This amazing country can do anything we put our minds to. I will ask Democrats and Independents to serve with me. And my administration will set a new standard for transparency and accountability.

We're going to finally start getting things done for the people who are counting on us, and I won't care who gets the credit.

I've been an imperfect servant of my country for many years. But I have been her servant first, last and always. And I've never lived a day, in good times or bad, that I didn't thank God for the privilege.

Long ago, something unusual happened to me that taught me the most valuable lesson of my life. I was blessed by misfortune. I mean that sincerely. I was blessed because I served in the company of heroes, and I witnessed a thousand acts of courage, compassion and love.

On an October morning, in the Gulf of Tonkin, I prepared for my 23rd mission over North Vietnam. I hadn't any worry I wouldn't come back safe and sound. I thought I was tougher than anyone. I was pretty independent then, too. I liked to bend a few rules, and pick a few fights for the fun of it. But I did it for my own pleasure; my own pride. I didn't think there was a cause more important than me.

Then I found myself falling toward the middle of a small lake in the city of Hanoi, with two broken arms, a broken leg, and an angry crowd waiting to greet me. I was dumped in a dark cell, and left to die. I didn't feel so tough anymore. When they discovered my father was an admiral, they took me to a hospital. They couldn't set my bones properly, so they just slapped a cast on me. When I didn't get better, and was down to about a hundred pounds, they put me in a cell with two other Americans. I couldn't do anything. I couldn't even feed myself. They did it for me. I was beginning to learn the limits of my selfish independence. Those men saved my life.

I was in solitary confinement when my captors offered to release me. I knew why. If I went home, they would use it as propaganda to demoralize my fellow prisoners. Our Code said we could only go home in the order of our capture, and there were men who had been shot down before me. I thought about it, though. I wasn't in great shape, and I missed everything about America. But I turned it down.

A lot of prisoners had it worse than I did. I'd been mistreated before, but not as badly as others. I always liked to strut a little after I'd been roughed up to show the other guys I was tough enough to take it. But after I turned down their offer, they worked me over harder than they ever had before. For a long time. And they broke me.

When they brought me back to my cell, I was hurt and ashamed, and I didn't know how I could face my fellow prisoners. The good man in the cell next door, my friend, Bob Craner, saved me. Through taps on a wall he told me I had fought as hard as I could. No man can always stand alone. And then he told me to get back up and fight again for our country and for the men I had the honor to serve with. Because every day they fought for me.

I fell in love with my country when I was a prisoner in someone else's. I loved it not just for the many comforts of life here. I loved it for its decency; for its faith in the wisdom, justice and goodness of its people. I loved it because it was not just a place, but an idea, a cause worth fighting for. I was never the same again. I wasn't my own man anymore. I was my country's.

I'm not running for president because I think I'm blessed with such personal greatness that history has anointed me to save our country in its hour of need. My country saved me. My country saved me, and I cannot forget it. And I will fight for her for as long as I draw breath, so help me God.

If you find faults with our country, make it a better one. If you're disappointed with the mistakes of government, join its ranks and work to correct them. Enlist in our Armed Forces. Become a teacher. Enter the ministry. Run for public office. Feed a hungry child. Teach an illiterate adult to read. Comfort the afflicted. Defend the rights of the oppressed. Our country will be the better, and you will be the happier. Because nothing brings greater happiness in life than to serve a cause greater than yourself.

I'm going to fight for my cause every day as your President. I'm going to fight to make sure every American has every reason to thank God, as I thank Him: that I'm an American, a proud citizen of the greatest country on earth, and with hard work, strong faith and a little courage, great things are always within our reach. Fight with me. Fight with me.

Fight for what's right for our country.

Fight for the ideals and character of a free people.

Fight for our children's future.

Fight for justice and opportunity for all.

Stand up to defend our country from its enemies.

Stand up for each other; for beautiful, blessed, bountiful America.

Stand up, stand up, stand up and fight. Nothing is inevitable here. We're Americans, and we never give up. We never quit. We never hide from history. We make history.

Thank you, and God Bless you.

Thursday, September 4, 2008

Remarks as Prepared for Delivery by Alaska Governor Sarah Palin

Wednesday, September 03, 2008

Mr. Chairman, delegates, and fellow citizens: I am honored to be considered for the nomination for Vice President of the United States...

I accept the call to help our nominee for president to serve and defend America.

I accept the challenge of a tough fight in this election... against confident opponents ... at a crucial hour for our country.

And I accept the privilege of serving with a man who has come through much harder missions ... and met far graver challenges ... and knows how tough fights are won - the next president of the United States, John S. McCain.

It was just a year ago when all the experts in Washington counted out our nominee because he refused to hedge his commitment to the security of the country he loves.

With their usual certitude, they told us that all was lost - there was no hope for this candidate who said that he would rather lose an election than see his country lose a war.

But the pollsters and pundits overlooked just one thing when they wrote him off.

They overlooked the caliber of the man himself - the determination, resolve, and sheer guts of Senator John McCain. The voters knew better.

And maybe that's because they realize there is a time for politics and a time for leadership ... a time to campaign and a time to put our country first.

Our nominee for president is a true profile in courage, and people like that are hard to come by.

He's a man who wore the uniform of this country for 22 years, and refused to break faith with those troops in Iraq who have now brought victory within sight.

And as the mother of one of those troops, that is exactly the kind of man I want as commander in chief. I'm just one of many moms who'll say an extra prayer each night for our sons and daughters going into harm's way.

Our son Track is 19.

And one week from tomorrow - September 11th - he'll deploy to Iraq with the Army infantry in the service of his country.

My nephew Kasey also enlisted, and serves on a carrier in the Persian Gulf.

My family is proud of both of them and of all the fine men and women serving the country in uniform. Track is the eldest of our five children.

In our family, it's two boys and three girls in between - my strong and kind-hearted daughters Bristol, Willow, and Piper.

And in April, my husband Todd and I welcomed our littlest one into the world, a perfectly beautiful baby boy named Trig. From the inside, no family ever seems typical.

That's how it is with us.

Our family has the same ups and downs as any other ... the same challenges and the same joys.

Sometimes even the greatest joys bring challenge.

And children with special needs inspire a special love.

To the families of special-needs children all across this country, I have a message: For years, you sought to make America a more welcoming place for your sons and daughters.

I pledge to you that if we are elected, you will have a friend and advocate in the White House. Todd is a story all by himself.

He's a lifelong commercial fisherman ... a production operator in the oil fields of Alaska's North Slope ... a proud member of the United Steel Workers' Union ... and world champion snow machine racer.

Throw in his Yup'ik Eskimo ancestry, and it all makes for quite a package.

We met in high school, and two decades and five children later he's still my guy. My Mom and Dad both worked at the elementary school in our small town.

And among the many things I owe them is one simple lesson: that this is America, and every woman can walk through every door of opportunity.

My parents are here tonight, and I am so proud to be the daughter of Chuck and Sally Heath. Long ago, a young farmer and habber-dasher from Missouri followed an unlikely path to the vice presidency.

A writer observed: "We grow good people in our small towns, with honesty, sincerity, and dignity." I know just the kind of people that writer had in mind when he praised Harry Truman.

I grew up with those people.

They are the ones who do some of the hardest work in America ... who grow our food, run our factories, and fight our wars.

They love their country, in good times and bad, and they're always proud of America. I had the privilege of living most of my life in a small town.

I was just your average hockey mom, and signed up for the PTA because I wanted to make my kids' public education better.

When I ran for city council, I didn't need focus groups and voter profiles because I knew those voters, and knew their families, too.

Before I became governor of the great state of Alaska, I was mayor of my hometown.

And since our opponents in this presidential election seem to look down on that experience, let me explain to them what the job involves.

I guess a small-town mayor is sort of like a "community organizer," except that you have actual responsibilities. I might add that in small towns, we don't quite know what to make of a candidate who lavishes praise on working people when they are listening, and then talks about how bitterly they cling to their religion and guns when those people aren't listening.

We tend to prefer candidates who don't talk about us one way in Scranton and another way in San Francisco.

As for my running mate, you can be certain that wherever he goes, and whoever is listening, John McCain is the same man. I'm not a member of the permanent political establishment.< br>
And I've learned quickly, these past few days, that if you're not a member in good standing of the Washington elite, then some in the media consider a candidate unqualified for that reason alone.

But here's a little news flash for all those reporters and commentators: I'm not going to Washington to seek their good opinion - I'm going to Washington to serve the people of this country. Americans expect us to go to Washington for the right reasons, and not just to mingle with the right people.

Politics isn't just a game of clashing parties and competing interests.

The right reason is to challenge the status quo, to serve the common good, and to leave this nation better than we found it.

No one expects us to agree on everything.

But we are expected to govern with integrity, good will, clear convictions, and ... a servant's heart.

I pledge to all Americans that I will carry myself in this spirit as vice president of the United States. This was the spirit that brought me to the governor's office, when I took on the old politics as usual in Juneau ... when I stood up to the special interests, the lobbyists, big oil companies, and the good-ol' boys network.

Sudden and relentless reform never sits well with entrenched interests and power brokers. That's why true reform is so hard to achieve.

But with the support of the citizens of Alaska, we shook things up.

And in short order we put the government of our state back on the side of the people.

I came to office promising major ethics reform, to end the culture of self-dealing. And today, that ethics reform is the law.

While I was at it, I got rid of a few things in the governor's office that I didn't believe our citizens should have to pay for.

That luxury jet was over the top. I put it on eBay.

I also drive myself to work.

And I thought we could muddle through without the governor's personal chef - although I've got to admit that sometimes my kids sure miss her. I came to office promising to control spending - by request if possible and by veto if necessary.

Senator McCain also promises to use the power of veto in defense of the public interest - and as a chief executive, I can assure you it works.

Our state budget is under control.

We have a surplus.

And I have protected the taxpayers by vetoing wasteful spending: nearly half a billion dollars in vetoes.

I suspended the state fuel tax, and championed reform to end the abuses of earmark spending by Congress.

I told the Congress "thanks, but no thanks," for that Bridge to Nowhere.

If our state wanted a bridge, we'd build it ourselves. When oil and gas prices went up dramatically, and filled up the state treasury, I sent a large share of that revenue back where it belonged - directly to the people of Alaska.

And despite fierce opposition from oil company lobbyists, who kind of liked things the way they were, we broke their monopoly on power and resources.

As governor, I insisted on competition and basic fairness to end their control of our state and return it to the people.

I fought to bring about the largest private-sector infrastructure project in North American history.

And when that deal was struck, we began a nearly forty billion dollar natural gas pipeline to help lead America to energy independence.

That pipeline, when the last section is laid and its valves are opened, will lead America one step farther away from dependence on dangerous foreign powers that do not have our interests at heart.

The stakes for our nation could not be higher.

When a hurricane strikes in the Gulf of Mexico, this country should not be so dependent on imported oil that we are forced to draw from our Strategic Petroleum Reserve.

And families cannot throw away more and more of their paychecks on gas and heating oil.

With Russia wanting to control a vital pipeline in the Caucasus, and to divide and intimidate our European allies by using energy as a weapon, we cannot leave ourselves at the mercy of foreign suppliers.

To confront the threat that Iran might seek to cut off nearly a fifth of world energy supplies ... or that terrorists might strike again at the Abqaiq facility in Saudi Arabia ... or that Venezuela might shut off its oil deliveries ... we Americans need to produce more of our own oil and gas.

And take it from a gal who knows the North Slope of Alaska: we've got lots of both.

Our opponents say, again and again, that drilling will not solve all of America's energy problems - as if we all didn't know that already.

But the fact that drilling won't solve every problem is no excuse to do nothing at all.

Starting in January, in a McCain-Palin administration, we're going to lay more pipelines ... build more new-clear plants ... create jobs with clean coal ... and move forward on solar, wind, geothermal, and other alternative sources.

We need American energy resources, brought to you by American ingenuity, and produced by American workers. I've noticed a pattern with our opponent.

Maybe you have, too.

We've all heard his dramatic speeches before devoted followers.

And there is much to like and admire about our opponent.

But listening to him speak, it's easy to forget that this is a man who has authored two memoirs but not a single major law or reform - not even in the state senate.

This is a man who can give an entire speech about the wars America is fighting, and never use the word "victory" except when he's talking about his own campaign. But when the cloud of rhetoric has passed ... when the roar of the crowd fades away ... when the stadium lights go out, and those Styrofoam Greek columns are hauled back to some studio lot - what exactly is our opponent's plan? What does he actually seek to accomplish, after he's done turning back the waters and healing the planet? The answer is to make government bigger ... take more of your money ... give you more orders from Washington ... and to reduce the strength of America in a dangerous world. America needs more energy ... our opponent is against producing it.

Victory in Iraq is finally in sight ... he wants to forfeit.

Terrorist states are seeking new-clear weapons without delay ... he wants to meet them without preconditions.

Al Qaeda terrorists still plot to inflict catastrophic harm on America ... he's worried that someone won't read them their rights? Government is too big ... he wants to grow it.

Congress spends too much ... he promises more.

Taxes are too high ... he wants to raise them. His tax increases are the fine print in his economic plan, and let me be specific.

The Democratic nominee for president supports plans to raise income taxes ... raise payroll taxes ... raise investment income taxes ... raise the death tax ... raise business taxes ... and increase the tax burden on the American people by hundreds of billions of dollars. My sister Heather and her husband have just built a service station that's now opened for business - like millions of others who run small businesses.

How are they going to be any better off if taxes go up? Or maybe you're trying to keep your job at a plant in Michigan or Ohio ... or create jobs with clean coal from Pennsylvania or West Virginia ... or keep a small farm in the family right here in Minnesota.

How are you going to be better off if our opponent adds a massive tax burden to the American economy? Here's how I look at the choice Americans face in this election.

In politics, there are some candidates who use change to promote their careers.

And then there are those, like John McCain, who use their careers to promote change.

They're the ones whose names appear on laws and landmark reforms, not just on buttons and banners, or on self-designed presidential seals.

Among politicians, there is the idealism of high-flown speechmaking, in which crowds are stirringly summoned to support great things.

And then there is the idealism of those leaders, like John McCain, who actually do great things. They're the ones who are good for more than talk ... the ones we have always been able to count on to serve and defend America. Senator McCain's record of actual achievement and reform helps explain why so many special interests, lobbyists, and comfortable committee chairmen in Congress have fought the prospect of a McCain presidency - from the primary election of 2000 to this very day.

Our nominee doesn't run with the Washington herd.

He's a man who's there to serve his country, and not just his party.

A leader who's not looking for a fight, but is not afraid of one either. Harry Reid, the Majority Leader of the current do-nothing Senate, not long ago summed up his feelings about our nominee.

He said, quote, "I can't stand John McCain." Ladies and gentlemen, perhaps no accolade we hear this week is better proof that we've chosen the right man. Clearly what the Majority Leader was driving at is that he can't stand up to John McCain. That is only one more reason to take the maverick of the Senate and put him in the White House. My fellow citizens, the American presidency is not supposed to be a journey of "personal discovery." This world of threats and dangers is not just a community, and it doesn't just need an organizer.

And though both Senator Obama and Senator Biden have been going on lately about how they are always, quote, "fighting for you," let us face the matter squarely.

There is only one man in this election who has ever really fought for you ... in places where winning means survival and defeat means death ... and that man is John McCain. In our day, politicians have readily shared much lesser tales of adversity than the nightmare world in which this man, and others equally brave, served and suffered for their country.

It's a long way from the fear and pain and squalor of a six-by-four cell in Hanoi to the Oval Office.

But if Senator McCain is elected president, that is the journey he will have made.

It's the journey of an upright and honorable man - the kind of fellow whose name you will find on war memorials in small towns across this country, only he was among those who came home.

To the most powerful office on earth, he would bring the compassion that comes from having once been powerless ... the wisdom that comes even to the captives, by the grace of God ... the special confidence of those who have seen evil, and seen how evil is overcome. A fellow prisoner of war, a man named Tom Moe of Lancaster, Ohio, recalls looking through a pin-hole in his cell door as Lieutenant Commander John McCain was led down the hallway, by the guards, day after day.

As the story is told, "When McCain shuffled back from torturous interrogations, he would turn toward Moe's door and flash a grin and thumbs up" - as if to say, "We're going to pull through this." My fellow Americans, that is the kind of man America needs to see us through these next four years.

For a season, a gifted speaker can inspire with his words.

For a lifetime, John McCain has inspired with his deeds.

If character is the measure in this election ... and hope the theme ... and change the goal we share, then I ask you to join our cause. Join our cause and help America elect a great man as the next president of the United States.

Thank you all, and may God bless America.



On the Net:
http://gopconvention.com/schedule/

Tuesday, September 2, 2008

Another Browser War

I was anxious to wait for Google released its browser this morning. It's really impressed. You can drag and drop the tab folder into a separate window or move it back into one window. How about speed? Hard to tell.

E*Trade Bank & CLC Consumer Services Co

They made me headace and frustated. Just spend the whole night to write a letter to them. To learn more, google with key word "clc consumer services co etrade". Below are some info.

E*Trade Complaints
The Shell Game: Not online? Not in business
Rip Off Report: CLC Consumer Services, E-trade
Consumer complaints about E*Trade
E*TRADE Reviews. Buying guides & consumer product reviews at Epinions.com

Monday, September 1, 2008

Warren Buffett

Another good article I read today at MSN written by Tim Hanson and Brian Richards for The Motley Fool: Why Buffett is smarter than you

Some interesting portions:
At 77, Warren Buffett is no spring chicken. The fact is, most people his age are looking to get money out of the market rather than put money into it.

Yet Buffett is continuing his life's work in the same way he always has.

and
Buffett's abilities did not develop overnight. It's been a lifelong process -- one that he began at age 11. So while he may be a better investor than we are today, we can at least learn from his experiences and -- like he did -- become superior investors over time. That means:

* Buying for life (or, at least, the long term).
* Buying small (perhaps our lone advantage).
* Buying based on thorough research and due diligence.

I agreed with the last two: buying small and buying based on thorough research. However I'm not sure buying for life is still valid for today?

"I will tell you how to become rich. … Be fearful when others are greedy. Be greedy when others are fearful."
-- Warren Buffett