Sep 302008

As a followup to this posting, take a gander at this video. It’s a collection of quotes and exchange originally broadcast on C-SPAN in late 2004. In short, major problems were found with the running of Fannie Mae and Freddy Mac… and the Democrat hate machine comes out in force and tars the investigation as racist… and features Franklin Raines (disgraced former CEO of Fannie Mae) who astonishingly refers to those crappy sub-prime mortgage loans with this gem: “These assets are so riskless, that their capital should be under two percent.”

SEE the amazing Maxine Waters declare that there’s not a crises at Freddie Mac and Fannie Mae!

BOGGLE at Ms. Waters refer to Raines’ leadership as “outstanding!”

STAGGER under the weight of Rep. Lacy Clay’s claim that the investigation of Raines was a “lynching!”
THRILL to Barney Frank claiming that there are no “safety and soundnes” issues!

If you’re a subscriber, or want to spend money, you can read the full transcript of the hearing here:

Bah. And now these same assholes are blaming “the market” for the problems, conveniently forgetting that while they and their buddies broke laws and lined their pockets, they helped bring about the ruination of the economy.

 Posted by at 6:27 pm
Sep 282008

As a follow-up to this post, here is a drawing from 1968 showing a Manned Orbiting Laboratory meant for NASA use. Numerous “NASA MOLs” were envisioned (including designs which clustered numerous MOL-modules with a Skylab-type S-IVb space station), this one was specifically an astronomical variant. How similar the instruments in this NASA version were to those planned for the USAF versions is unclear.


 Posted by at 1:46 pm
Sep 282008

Lockheed’s design for the SuperSonic Transport circa 1966 was the L-2000-7. In planform it was a pretty straightforward double-delta design (especially compared to the Boeing 2707-100, which featured variable geometry wings), but in detail featured a great many complex curves…





And here’s a larger version of the inboard profile:


 Posted by at 1:29 pm
Sep 232008

 Finally added some new stuff. I have:

1) A report on the B-70 program…

2) The Martin-Marietta COIN (OV-10 Bronco) proposal…

3) Boeing 2707-200 SST diagrams….

4) Diagram of the Ryan XV-5A…

5) Diagram of the XFV-12…

6) Diagram of a four-engined OV-10 for anti-submarine duty…

7) APR issue V2N1…

See here for more: 

 Posted by at 11:41 pm
Sep 232008

Major economic screwups generally don’t have immediately obvious triggers that immediately precede them (natural disasters and Islamofascists flying jetliners into buildings being obvious exceptions, of course). Often the source of the problem is wide and came long before. Often they are not seen for the trouble that they are at the time.

But sometimes they are.

Behold this article that was published in the National Review in 1993

Assault on the mortgage lenders: in the name of racial justice, the Clintonites want the power to decide who gets a home of his own – efforts to impose regulations on banks to make loans even if applicants are not creditworthy

QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.

Here, as in affirmative-action efforts in hiring, college admissions, and the drawing of voting districts, the Washington establishment is obsessed with “disparate impact,” which it equates with racism. In the mortgage-lending area, there is ample evidence of disparate impact to feed this obsession. Data collected by the Federal Government reveal that in 1992, while 16 per cent of white applicants for mortgage loans were rejected, 36 per cent of black applicants were rejected.

For several years now, mortgage lenders have been discovering that education and counseling can increase the pool of potentially credit-worthy minority homebuyers. Many minority applicants are rejected because they apply for a larger mortgage than they can afford or because they have failed to clear up past delinquent loans. Under “affordable housing” programs devised without Washington’s help, lenders are finding that many rejected applicants can pass muster as early as a year after initial counseling and remedial action. The education reduces the credit risk of the borrower by making him or her a more responsible mortgage holder.

While the article dwells on racial problems, clearly evident was the risks involved with people who should not have a mortgage suddenly getting a mortgage. The US has been a nation living on credit – rather than actual on-hand wealth – for far too long. And people have gotten used to it. I live within my means as best as I can; I pay my bills – including my credit card bill – in full every time. The only debt I have is, undurprisingly, my house. But I see people around me living materially better lives while buried in debt, including vast credit card debt… and not giving a rats ass about that debt. Why shoudl they? Debt is for tomorrow. Goodies are for today.

When this sort of thing becomes accepted and commonplace, suddenly people who do not make enough money to buy a certain kind of house will demand that they *should* be able to buy that kind of house. And when large numbers of people bitch and moan that they are being discriminated against, bet on a certain political party to come riding to the rescue, damn the expense. Or the consequences.

And that’s what the sub-prime mortage crisis was all about: lending money to people that simply would not be able to pay it back. Freakin’ INSANE.

 Posted by at 6:42 pm