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Ted "A Series of Tubes" Stevens Found Guilty

techmuse writes "According to a series of tubes sites, Senator Ted Stevens has been found guilty of lying about free home renovations that he received from an oil contractor. He faces up to 5 years in jail, and the outcome of his current reelection bid is now in doubt. 'The conviction came after a tumultuous week in the jury room. First there were complaints about an unruly juror, then another had to be replaced when she left Washington following the death of her father. Finally, jurors on Monday discovered a discrepancy in the indictment that had been overlooked by prosecutors. Jury deliberations in this historic trial have at times been as contentious as some of the proceedings The Justice Department indicted Stevens on July 29, and the Alaska Republican took a huge legal gamble and asked for a speedy trial in order to resolve the charges before Election Day. Judge Emmet Sullivan complied with Stevens' request, and in less than three months from the time of his indictment, Stevens was found guilty.'"

113 of 565 comments (clear)

  1. Hey Ted, maybe you can understand this by Anonymous Coward · · Score: 5, Funny

    Prison, it's not like a big building, it's more like a series of cubes.

    1. Re:Hey Ted, maybe you can understand this by Anonymous Coward · · Score: 3, Funny

      I didn't think it was possible to shoot halloween candy out one's nose, but you AC, have proven me wrong.

    2. Re:Hey Ted, maybe you can understand this by spintriae · · Score: 5, Funny

      Old Ted had better be watching his ass, lest his own tubes get clogged.

    3. Re:Hey Ted, maybe you can understand this by Anonymous Coward · · Score: 4, Insightful

      Oh, that why cube farms feel somewhat like a prison?

    4. Re:Hey Ted, maybe you can understand this by EriDay · · Score: 3, Interesting

      Bush is a lame duck who will be out of office in 3 months. The Pardon will come in January. He will be out pending appeal in the mean time; no jail time will be served.

      Republicans don't let Republicans go to jail. For example see Scooter Libby whose sentence commuted by Bush. Libby's commutation will be upgraded to a pardon before January 20.

      Removing Sevens from office is the important effect.

    5. Re:Hey Ted, maybe you can understand this by Martin+Blank · · Score: 4, Informative

      This alone will not remove Stevens from office. On the (slim) chance that he wins re-election, he will still be a senator, unless the Senate chooses by a 2/3 margin to remove him (which is fairly likely).

      --
      You can never go home again... but I guess you can shop there.
    6. Re:Hey Ted, maybe you can understand this by iminplaya · · Score: 3, Funny

      He can always call Joe the plumber.

      --
      What?
    7. Re:Hey Ted, maybe you can understand this by rtb61 · · Score: 2, Interesting

      Of course that does not stop the IRS from now pursuing him and charging him with failing to declare income, legal or otherwise. Apparently the US IRS does not pursue politicians when they are running for election but waits until the election is over and then target them whether they have won or not.

      Brings to mind another Alaskan Politician and their custom zoned home that the sports centre built, once their run at running mate is over, it's likely they'll be the one pursued next. Why is it that the proteges of criminal politicians tend to commit much the same crimes.

      --
      Chaos - everything, everywhere, everywhen
    8. Re:Hey Ted, maybe you can understand this by BVis · · Score: 2, Informative

      Nixon got pardoned, and as far as I can remember, he never even got indicted.

      --
      Never underestimate the power of stupid people in large groups.
    9. Re:Hey Ted, maybe you can understand this by GooberToo · · Score: 2, Insightful

      Republicans don't let Republicans go to jail.

      What a short memory you have. Democrats don't let Democrats go to jail either. There is a long history of presidents doing odd things on their way way out - just because they can. This is not about Republicans or Democrats.

  2. Jail: "Just A Series of Bars" by KnowledgeEngine · · Score: 5, Funny

    I can forsee the senator saying that his jailtime will be much like living normal life, but behind a series of bars connected together. I look forward to his jailing, so I can enjoy more humorous remarks about the particular "Series of Bars" he is behind at any given time.

    1. Re:Jail: "Just A Series of Bars" by TheSpoom · · Score: 3, Informative

      The sad truth is that he'll probably pay a fine and get off scott-free otherwise.

      --
      It's better to vote for what you want and not get it than to vote for what you don't want and get it.
      - E. Debs
    2. Re:Jail: "Just A Series of Bars" by GospelHead821 · · Score: 5, Insightful

      I can take no pleasure in the thought of an 84-year-old man going to federal prison. Were he a younger man guilty of a more heinous crime, I could see the necessity or prudence of it. As it is, I will do no more than shrug and say "Let justice be served."

      --
      Virtue finds and chooses the mean.
      Aristotle, Ethica Nichomachea
    3. Re:Jail: "Just A Series of Bars" by mabhatter654 · · Score: 3, Interesting

      of course they can just make him broke and have to live out his final days in a state-funded nursing home... that's much WORSE than prison!

    4. Re:Jail: "Just A Series of Bars" by AuMatar · · Score: 4, Insightful

      Comprimising our democracy for money? There can be no more heinous crime. For a member of Congress to take such a bribe should be a death penalty offense.

      --
      I still have more fans than freaks. WTF is wrong with you people?
    5. Re:Jail: "Just A Series of Bars" by Xaositecte · · Score: 4, Insightful

      What do you think are the odds of him getting a pardon?

      I mean, really, why else would he want to have the trial finished before the election?

    6. Re:Jail: "Just A Series of Bars" by Martin+Blank · · Score: 2, Insightful

      Because if he won, his re-election chances would be very high. If he still had it hanging over his head, his opponent could use it against him. It was a big gamble, and he lost the bet, and now he'll probably lose the election.

      --
      You can never go home again... but I guess you can shop there.
    7. Re:Jail: "Just A Series of Bars" by Abcd1234 · · Score: 3, Insightful

      Comprimising our democracy for money? There can be no more heinous crime. For a member of Congress to take such a bribe should be a death penalty offense.

      Well, unless it's in the name of lobbying or campaign "donations". Then it's free speech.

    8. Re:Jail: "Just A Series of Bars" by jmorris42 · · Score: 2, Insightful

      > For a member of Congress to take such a bribe should be a death penalty offense.

      Well Congress would be pretty frickin' empty..... But if they couldn't make a Quorum nothing could get done and I for one could live with that. :)

      Seriously, I'm a Republican (and have the flamebait mods for questioning The Chosen One to prove it) and think today is a great day for Justice. Crooks need to go, regardless of party.

      Now if we could just clean out the assholes who caused this current economic meltdown that started at Freddie and Fannie.... Sens Dodd (Banking Cmmt Chairman) and Obama (#2 lifetime money take in only four years), Rep Frank (Chief House cheerleader for subprime lending while fucking the guy in charge of subprime lending for close to decade while overseeing em), etc.

      Or just take Open Secrets:All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008 and work yer way down the top twenty or so.

      --
      Democrat delenda est
    9. Re:Jail: "Just A Series of Bars" by hondo77 · · Score: 4, Funny

      I mean, really, why else would he want to have the trial finished before the election?

      +1 Evil genius

      --
      I live ze unknown. I love ze unknown. I am ze unknown.
    10. Re:Jail: "Just A Series of Bars" by lawpoop · · Score: 4, Informative

      Oh get off of it. The reason for the economic meltdown has little to do with Freddie and Fannie. It was deregulation, spearheaded by the Bush administration, which allowed financial institutions to create "mortgage-backed securities". Instead of a bank making a 30-year mortgage to someone who was a good risk, and keeping the mortgage for the life of it, now institutions could buy and trade baskets of mortgages. They could buy and sell it at any time, and therefore had little incentive to see how well any individual could pay of their personal mortgage. As the appetite for mortgage backed securities increased, lenders loosened criteria to give subprime mortgages, eventually taking people with no incomes and no assets. This had little to do with Fannie and Freddie, and much more to do with deregulation. In their greed, lenders gave loans to people who could never pay, simply because they wanted to sell another bundle of loans. If banks held individual mortgages for the life of the loan, and therefore had good lending criteria, none of this would have happened.

      Here's a great "This American Life" piece on it. Banks made loans to people with no money. Banks wouldn't "regulate" themselves, the Bush administration rolled back regulation. The small way that Freddie and Fannie are related to this is because investors foolishly thought that the US gov't would prop them up. That's the investor's mistake. That's the long and short of it.

      --
      Computers are useless. They can only give you answers.
      -- Pablo Picasso
    11. Re:Jail: "Just A Series of Bars" by AuMatar · · Score: 2, Insightful

      No, I'd put destroying the fabric of democracy as worse than rape or murder. Maybe not above genocide, but quite comparable to it. And that goes no matter which side of the aisle it comes from.

      --
      I still have more fans than freaks. WTF is wrong with you people?
    12. Re:Jail: "Just A Series of Bars" by Cassius+Corodes · · Score: 2, Insightful

      What is this fear some of you right wing Americans have of communists. Its as if they will sneak in while you are not looking or something? Its all a bit silly.

      The people that you really have to fear from are the ones that do not hide. The ones that proudly state their hatred.

      --
      Control is an illusion, order our comforting lie. From chaos, through chaos, into chaos we fly
    13. Re:Jail: "Just A Series of Bars" by afabbro · · Score: 2, Informative

      It was deregulation, spearheaded by the Bush administration, which allowed financial institutions to create "mortgage-backed securities".

      So sad. Read up, sonny - it was the Carter administration.

      --
      Advice: on VPS providers
    14. Re:Jail: "Just A Series of Bars" by ScrewMaster · · Score: 2, Insightful

      Now if we could just clean out the assholes who caused this current economic meltdown that started at Freddie and Fannie

      Don't forget Phil Gramm. He's in this up to his eyeballs.

      --
      The higher the technology, the sharper that two-edged sword.
    15. Re:Jail: "Just A Series of Bars" by ScrewMaster · · Score: 2, Insightful

      Not a bad analysis, but you got the Administration wrong. This was begun way before Bush (granted, he didn't stop it, but one assumes he had other things to do, War in Iraq and all.)

      --
      The higher the technology, the sharper that two-edged sword.
    16. Re:Jail: "Just A Series of Bars" by lawpoop · · Score: 2, Insightful

      Hey, thanks for responding in a non-inflammatory manner.

      So, when did it become possible to sell mortgage-backed securities, and why did it go into overdrive around 2002, 2003?

      I've heard and seen plenty of source on the radio and web that lays the blame at Bush's feet. I've heard that deregulation started with Clinton, but later heard ( which corroborated my own memory ) that they basically outlawed redlining, which is simply the refusal to make loans in certain neighborhoods, regardless of income, assets, or credit history -- nothing that would have caused out situation today. What's your story, and can you provide me some links?

      --
      Computers are useless. They can only give you answers.
      -- Pablo Picasso
    17. Re:Jail: "Just A Series of Bars" by lawpoop · · Score: 2, Interesting

      Can you provide me some link, and also, if this goes back to Carter, how come it they weren't very popular until 2002/2003?

      --
      Computers are useless. They can only give you answers.
      -- Pablo Picasso
    18. Re:Jail: "Just A Series of Bars" by ScrewMaster · · Score: 4, Informative

      You're welcome.

      So far as this mess is concerned, a good deal of it can be traced back to the 1999 Gramm-Leach-Bliley Act. Now, some argue that this law, by repealing the much-older Steagal-Glass Act, was merely bringing the U.S. banking industry in line with Europe's. Maybe so, but considering that a goodly chunk of Europe is suffering a similar meltdown it probably wasn't such a great idea. I don't really know, I'm not an economist.

      --
      The higher the technology, the sharper that two-edged sword.
    19. Re:Jail: "Just A Series of Bars" by Cassius+Corodes · · Score: 2, Insightful

      I disagree - while this may seem "common sense" - most if not all communist revolutions (and most revolutions in general) are done very much in the open - with public support (not neccessarly majority, but critical mass - ie not all segments of the population are equally important to win over). After all popular support is the life blood of any revolution... its where the resources and recruits come from. Revolutions that are contrived by a small cabal without the public support are, and will remain safely in the conspiracy theory bucket.

      Your media infiltration scenario is also a bit bizarre given the availability of right wing news outlets in the US.

      --
      Control is an illusion, order our comforting lie. From chaos, through chaos, into chaos we fly
  3. Nothing to worry about by Anonymous Coward · · Score: 4, Insightful

    Dubya will pardon him on his way out

    Scooter will get a full pardon too (in addition to the sentence commutation he already got)

    'pubs will take care of their own, don't you worry

    1. Re:Nothing to worry about by snowraver1 · · Score: 2, Insightful

      I hope that you are wrong, but fear that you are right.

      --
      Copyright 2010. All rights reserved. This comment may not be copied in any way including, but not limited to caching.
    2. Re:Nothing to worry about by megamerican · · Score: 5, Insightful

      Yes, because only one party is corrupt!

      Clinton is well known for having pardoned many cocaine traffickers before leaving office. One of the first things Bush did when getting into office was block a congressional investigation into it.

      Whatever you do, don't research Mena, AK

      --
      If you have something that you dont want anyone to know, maybe you shouldnt be doing it in the first place -Eric Schmidt
    3. Re:Nothing to worry about by UnknowingFool · · Score: 2, Insightful

      Yes, the [other guy] did it, that makes it okay for [your party] to do it. That is hypocrisy at best. Will how about this then: O.J. Simpson got away with murdering 2 people. That gives everyone a pass at a double murder.

      --
      Well, there's spam egg sausage and spam, that's not got much spam in it.
    4. Re:Nothing to worry about by bigstrat2003 · · Score: 4, Insightful

      No one said that it's okay for anyone to do it. Megamerican was merely countering a (probably) deliberately slanted statement with the fact that both parties are corrupt, not just one.

      --
      "16MB (fuck off, MiB fascists)" - The Mighty Buzzard
    5. Re:Nothing to worry about by hax4bux · · Score: 3, Informative

      That would be Mena, ARKANSAS. And you would be referring to Iran/Contra, which was a Regan affair.

    6. Re:Nothing to worry about by Hatta · · Score: 4, Insightful

      What's corrupt about that? These people are performing a valid service to the public and are being persecuted by the government for it. As head of that government, Clinton has the prerogative to right that wrong. The only thing wrong here is that he didn't pardon every drug offender.

      --
      Give me Classic Slashdot or give me death!
    7. Re:Nothing to worry about by rcw-home · · Score: 3, Informative

      Dubya won't be president when Ted is sentenced on February 25th. Can he still pardon him? (I don't know - I'm asking).

      Never mind.

      the pardoned person need not yet have been convicted or even formally charged with a crime

    8. Re:Nothing to worry about by evilviper · · Score: 4, Insightful

      Yes, because only one party is corrupt!

      I'm tired of hearing this nonsense over and over again.

      Yes, Democrats have done plenty of wrong, but on the whole, they're absolute choir boys compared to the flagrant, bald-faced corruption of most of the Republican party.

      Of course, pointing the finger in willful ignorance is a typical Republican campaign tactic as well... See the McCain campaign's distribution of tire pressure gauges labeled "Obama's Energy Plan," Bush campaign promises that he was going to do more to combat global warming than Al Gore, and pretty much everything else they whole party has done in the past 20 years.

      It's a bit like a guy driving 110MPH in a 45MPH zone, and complaining to the cops about being singled out for a ticket, single HE wasn't the only one speeding, as everyone else on the road was going 50MPH... So why should HE get singled out and ticketed?

      There's plenty of fuckups on both sides, but pointing out that the Democrats aren't perfect, while the Republicans are widespread and institutionally corrupt, is purely feigned ignorance.

      --
      Slashdot gets worse every day... Pipedot: News for nerds, without the corporate slant
    9. Re:Nothing to worry about by AuMatar · · Score: 2, Insightful

      Not a saint, only someone committed to their ideals. Which probably does eliminate most politicians, who vote whatever way the polls say.

      --
      I still have more fans than freaks. WTF is wrong with you people?
    10. Re:Nothing to worry about by Lost+Engineer · · Score: 2, Interesting

      Um I can only find one cocaine trafficker they pardoned. While it's not fair that he got pardoned and some others did not, it was well known that Clinton in general opposed the sentencing laws this guy was convicted under. Besides Clinton never took money from that guy; Antonio Villaraigosa is one whose head should've rolled for that. But this is Los Angeles so they just elected him mayor.

  4. Meet the new Senator, same as the old Senator... by Grandiloquence · · Score: 5, Insightful

    I would celebrate, but I know in my heart he'll be replaced by someone just as bad. Our body politic is rotten to the core.

  5. Duh by headhot · · Score: 5, Insightful

    So your a Senator of one of the largest oil producing states, an you hire an oil services company to renovate your house, instead of say, a home builder.

    Yea that doesn't look odd at all.

    1. Re:Duh by morgan_greywolf · · Score: 5, Funny

      Well, see, Ted doesn't think that Americans, whose hard-earned tax dollars paid for those oil company incentives, were smart enough to catch him. No, rather than thinking of Americans as citizens, he understands them as a series of boobs.
       

  6. Slight correction by kithrup · · Score: 4, Informative

    He faces up to five years for each count. Although most seem to agree he won't serve anywhere near that much time.

  7. Does he have to pay by seanadams.com · · Score: 4, Funny

    for his own rape kit?

  8. Here is hoping by sithkhan · · Score: 5, Interesting

    I hope he does the proper thing and resigns. Although the Republicans cannot afford a single loss of Senate seats, he needs to immediately show respect to the people of Alaska. Of course, I'm still waiting for William Jefferson (D - LA) to do the right thing too ...

    --

    is it that bad seein a hot chick again? if i see a hot chick walkin down the hall i dont say "repost"
  9. Summary Correction by epdp14 · · Score: 5, Informative

    The summary indicates that he faces up to 5 years in jail. This is incorrect. He faces up to 5 years in jail *per count*. Source: http://www.cnn.com/2008/POLITICS/10/27/stevens.jurors/index.html

    1. Re:Summary Correction by Ethanol-fueled · · Score: 2, Insightful

      If he isn't pardoned he'll probably do 6 months and probation if he behaves himself in the 'joint.

    2. Re:Summary Correction by mikael · · Score: 4, Informative

      A total of 35 years:

      The jury found Stevens guilty of "knowingly and willfully" scheming to conceal on Senate disclosure forms more than $250,000 in home renovations and other gifts from an Alaska-based oil industry contractor.

      Stevens faces a maximum sentence of up to to 35 years in prison -- five years for each of the seven counts.

      The contractor is VECO, who wanted to build a gas pipeline from Alaska

      --
      Vintage computer adverts: http://www.vintageadbrowser.com/computers-and-software-ads
  10. Welcome to PMITA Federal Prison... by nweaver · · Score: 2, Funny

    A scene a few months from now:

    Hello senator. Congratulations on being reelected dispite being a convicted felon. I hope you enjoy serving your remaining term in PMITA Federal Prsion. Have a nice day.

    --
    Test your net with Netalyzr
  11. The sad thing by internerdj · · Score: 5, Insightful

    The truely sad thing is that if he is reelected then he can serve. Forgetting there being no law against a felon holding office. Shouldn't there be some law to protect the American people from legislators who commit felonies relating to their position?

    1. Re:The sad thing by ScoLgo · · Score: 4, Insightful

      To win a political race against Stevens, all his opponent needs do is bring this conviction up. That's not saying that I disagree with you but the real world will probably take care of this without the need for more laws.

      --
      "Michael, I did nothing. I did absolutely nothing - and it was everything that I thought it could be."
    2. Re:The sad thing by SydShamino · · Score: 4, Informative

      Shouldn't there be some law to protect the American people from legislators who commit felonies relating to their position?

      if he is reelected

      Didn't you answer your own question? We already have election law and it allows us to choose to replace our criminal legislators, or, if we feel that they are still able to competently serve us, choose to return them to office.

      --
      It doesn't hurt to be nice.
    3. Re:The sad thing by kabloom · · Score: 4, Informative

      The senate ethics committee can recommend that the he be expelled from senate by a 2/3 vote. The ethics committee has recommended such things before, but nobody's ever been expelled because they all resign first.

      The more likely possibility, however, is that Senator Stevens' close senate race has just gone down a series of tubes because of this.

    4. Re:The sad thing by eln · · Score: 4, Insightful

      Not necessarily. Most people will vote for a long-term Senator because they have a lot of seniority, and seniority in the Senate is everything. A very senior Senator will be able to have much greater influence and be much more successful at getting earmarks passed.

      In short, as long as a Senator is able to bring home the bacon to his district, a little thing like a felony conviction won't necessarily do him in.

    5. Re:The sad thing by Darby · · Score: 2, Informative

      I would suggest that if you are good enough for the Holy See, you are probably good enough (too good?) to run for the US Senate.

      He was also a Nazi sympathizer who won his position through actively working to subvert justice to prevent prosecution of scumbags who rape little kids.

      You might consider actually developing a set of ethics and morals rather than claiming the magical sanctity of one of the most evil organizations in history.

      Sure, he's perfect for the Church, but let's not pretend that the Church would know a moral if it got bitten on the ass by a pack of them.

    6. Re:The sad thing by svnt · · Score: 2, Insightful

      The real world doesn't exist in Alaska. If what you've seen over the last several months hasn't convinced you, wait and see.

    7. Re:The sad thing by winomonkey · · Score: 5, Insightful

      As an Alaskan, I would be a little hesitant to put any money on a wager against his being reelected. I know a lot of people who have hated him (or been staunch Democrats) and yet have voted for him. Those who disagree with his ability to be a decent person typically acknowledge that he has gotten our state a ridiculous amount of money and development.

      His being so ridiculously connected, and his serving as the chair of so many committees, has made a lot of people give up a vote to him. It is funny/sad to see people give up their own moral pride to keep the cash flowing in. On another note, for all of his crap and corruption, he has also done some good for the state and its many indigenous peoples.

      While I think that this is going to be a pretty major nail in the coffin of his political life, I am not convinced that it will really lay the issue to rest (it would take either a stake and some garlic or a severed spinal cord, depending on whether you tie his longevity to his being a vampire or one of the undead).

  12. Re:Meet the new Senator, same as the old Senator.. by vil3nr0b · · Score: 5, Informative

    Another bad apple is fine. We will send him to prison just like Stevens. Eventually America will get pissed enough to start hanging these crooks in the street.....then it will stop.

  13. Could this hurt McCain/Palin? by Doug52392 · · Score: 4, Insightful

    This pretty much ruined Ted's shot of being reelected, but will this hurt the image of political figures from Alaska? So close to election day, could this affect Sarah Palin's image? Morality? (Which has already been questioned).

    So what could this do to John McCain's campaign?

    (Probably already missed first post)

    1. Re:Could this hurt McCain/Palin? by rudedog · · Score: 5, Insightful

      This pretty much ruined Ted's shot of being reelected

      They're so cute when they're in their young, naive stage. Too bad they grow up so fast.

    2. Re:Could this hurt McCain/Palin? by CodeBuster · · Score: 2, Interesting

      This pretty much ruined Ted's shot of being reelected

      Don't be so sure, in the Senate seniority is everything, it determines who chairs the powerful committees and who controls the agendas that come before those committees and ultimately how much money goes back to the home state. Now, Alaska is not a very big state population wise and would not get even HALF of the federal money that they currently get if they replaced Stevens and started all over again with a very junior Senator. It would take decades for Alaska to rebuild the influence that they currently have built up in Stevens who, along with the oil companies, has but tens of thousands of dollars (cold hard cash) directly into the pockets of average Alaskans over the years. Alaska under Stevens gets roughly $1.80+ of every tax dollar they spend back for a profit of 0.80+ cents for every tax dollar they send to the Federal Government. Meanwhile, States like California, which do not have Senators anywhere near as senior as Stevens, get much less than $1 back for every $1 in taxes paid to the Federal Government. Alaskans have too much invested in Stevens to cut him loose for failing to declare gifts from oil companies and as difficult as it may be for west coast Liberals to understand, most Alaskans like the oil companies and want even more drilling because royalties go directly into the pockets of average Alaskans (thousands of dollars per family per year).

  14. !badsummary by AudioInfecktion · · Score: 2, Informative

    Thats 5 years for each count.. and he was found guilty on all of them.

  15. Re:But Colin Powell! by megamerican · · Score: 2, Interesting

    When did embracing a war criminal's endorsement become a good thing? People must have short memories. Don't they realize that he sold his credibility down the river so we could go to war with Iraq?

    Its also worth mentioning that this endorsement came 2 days after the movie W. released, which painted Colin Powell as a genius. Not surprisingly the movie didn't do very well. Who wants to watch a movie about a recurring nightmare they've had for the past 8 years? Not me.

    --
    If you have something that you dont want anyone to know, maybe you shouldnt be doing it in the first place -Eric Schmidt
  16. I feel sorry for this guy by fermion · · Score: 4, Insightful
    Stevens probably did a lot to help alaska. He probably knows more about the politics than anyone. He was in office for, what, 40 years, only 9 years less than Alaska has been a state. And the charges might be trumped out, and the defense was good. It was essentially what Reagan used in his drug smuggling case. I was not my doing, I don't recall, I don't know. So it is probably an effort to get him out of office. If he should have to office for so long.

    OTOH, one has to think that a guy that can't control his household might be over the edges. That he is so much a part of the Washington Elite, that he might not distinguish between what is done to benefit the country and what is done to enrich himself. It really speaks to the accumulation of power, and the corruption that accompanies it. One can imagine that a dictator might not be such a bad thing, except eventually the accumulated power and privilege ends up warping the sense of reality to a mentally deformed image. It is kind of the story of this election, can a guy with 8 houses and 13 cars and a corporate jet and a young rich second wife really represent the bulk of the people who do not have any of these. I don't know. It will be a change in Alaska, and we will see if they can make it. If they have been broken from their benevolent benefactor, or freed from their father figure. I sure he did good, but perhaps did not get out when the good he did was not overwhelming.

    --
    "She's a scientist and a lesbian. She's not going to let it slide." Orphan Black
    1. Re:I feel sorry for this guy by amRadioHed · · Score: 3, Insightful

      I don't. He did a lot for Alaska only because he was the senate King of Pork barrel spending. He did little good for the country as a whole. Good riddance.

      --
      We hope your rules and wisdom choke you / Now we are one in everlasting peace
  17. WTF?!!? by robinsonne · · Score: 5, Informative

    Despite being a convicted felon, he is not required to drop out of the race or resign from the Senate. If he wins re-election, he can continue to hold his seat because there is no rule barring felons from serving in Congress. The Senate could vote to expel Stevens on a two-thirds vote. Article here

    WTF?!?! Seriously?

    From same article, when asked about stepping down: "Put this down: That will never happen - ever, OK?" Stevens said in the weeks leading up to his trial. "I am not stepping down. I'm going to run through and I'm going to win this election.

    What an absolutely arrogant bastard! It's good to know what the rule of law really means to the men in charge of this country.

    1. Re:WTF?!!? by Snowblindeye · · Score: 5, Insightful

      ... there is no rule barring felons from serving in Congress.

      Aren't felons barred from voting? So, they can't be trusted enough to cast one vote in several millions, but they can be trusted enough to be a Senator?

    2. Re:WTF?!!? by MBCook · · Score: 2, Insightful

      If felons were barred from serving in the Senate / Congress, then all you'd have to do is get people you don't like convicted of little petty things which may technically be felonies (due to their positions) and you could control who was in charge. It's probably for the best things are this way. The leaders of the Senate can kick him out if they want, as that MSN article says.

      Should a few parking tickets get someone kicked out of congress? I'm not supporting being a scoff-law about them, but would that really necessitate removing them from office?

      That said, I'd support a mandatory recall election on representatives who are convicted of felonies.

      Or I would if he wasn't up for re-election in less than 2 weeks anyway.

      --
      Comment forecast: Bits of genius surrounded by a sea of mediocrity.
    3. Re:WTF?!!? by lakeland · · Score: 4, Insightful

      Sure, how about pirating music?

    4. Re:WTF?!!? by Tmack · · Score: 2, Informative
      In most states, a felon can be given the right to vote again by the parole board...

      "Generally, a person must complete all the requirements of all felony sentences before the right to vote may be restored. This also applies to the right to serve on a jury, sign an initiative, or run for office."

      "Each state has its own laws regarding losing the right to vote if convicted of a felony. For example, some states restore the right to vote as soon as the prison term is completed. In Maine and Vermont, a convicted felon does not lose the right to vote. In every other state, persons convicted of a felony lose the right to vote for a period of time."

      So at least in Washington State, he couldn't run for office until AFTER completing his sentence.

      tm

      --
      Support TBI Research: http://www.raisinhope.org
    5. Re:WTF?!!? by Artifakt · · Score: 4, Informative

      Felons can have their rights restored by the appropriate legislatures after serving their sentences. One famous example was Johnny Cash. It is not uncommon for the legislature to restore selected rights to a whole group of felons at once - for example Florida restored rights to over 60,000 prior felons in one bill.
      It is also not unusual for some states to make restoration automatic - for example, it became automatic in Maryland for all felons to regain their right to vote as soon as they have finished serving any parole or probation, on July 1st, 2007. There is a single exception for MD, felons convicted of buying or selling votes.
            Usually, the right to bear arms is not restored, but the rights to vote, run for office and petition are. Rights of free association and movement may be limited, most commonly in the case of some sex offenders, even after other rights are restored.

      --
      Who is John Cabal?
  18. Re:But Colin Powell! by Jeremiah+Cornelius · · Score: 4, Funny

    Agreed. Maybe he can join Stevens in the pen, someday.

    A Senator in the Fed Pen? he's going to come face to face with a whole new series of tubes!

    --
    "Flyin' in just a sweet place,
    Never been known to fail..."
  19. I predict... by cplusplus · · Score: 5, Insightful

    ...a presidential pardon in 85 days.

    --
    "False hope is why we'll never run out of natural resources!" - Lewis Black
    1. Re:I predict... by DerekSTheRed · · Score: 2, Insightful

      Nahh... He won't be pardoned. He'll just have his sentence commuted.

    2. Re:I predict... by Dhalka226 · · Score: 2, Informative

      They're federal charges, Palin has no authority to affect the sentence regardless of where he serves his time.

  20. Re:Meet the new Senator, same as the old Senator.. by eln · · Score: 4, Insightful

    232 years and counting, and that still hasn't happened. But sure, the next one will do the trick.

  21. Re:Meet the new Senator, same as the old Senator.. by rrhal · · Score: 4, Interesting

    Many Alaskans would vote for a Sled dog if it had a R next its name on the ballot. It wouldn't suprise me if they reelect Stevens - then Sarah Palin would appoint his successor. Sarah may be going to Washington after all. Somehow I just don't see her appointing Cathy Murkowski ...

    --
    All generalizations are false, including this one. Mark Twain
  22. Attribute your quotes! by Microlith · · Score: 5, Informative
  23. Re:Meet the new Senator, same as the old Senator.. by erroneus · · Score: 4, Insightful

    Corruption is a problem of availability, not so much moral strength.

    Separate temptation from politicians and you will see fewer troubles. It would be far cheaper to grant politicians in key positions generous allowances for the rest of their lives and to clear all expenses over certain through some sort of oversight board forbidden to have any contact with the people they are overseeing. They should be very well taken care of and at the same time, isolated from their keepers. Then let the special interests make their arguments for legislation and let it be balanced against public interest groups and may legislators then make fair and balanced choices, actions and decisions.

    No more revolving doors. No more contributions from special interests. Once a politician enters public service, he should never again need to consider private sector life and would therefore have less tempting him now and in the future.

  24. Give a break on "series of tubes" by gorehog · · Score: 3, Insightful

    Alright, I'm certainly happy to see Ted Stevens convicted. He probably deserves it. I am in fact a far left winger. I'm always happy to see any Republican convicted of anything.

    With that said:

    Give Ted Stevens a break on the "series of tubes" analogy. He was trying to describe saturation of available bandwidth in terms of water going through a pipe. It is a particularly good analogy given that educational metaphor for electrical systems are usually in terms of water in a pipe (or tube). All the snickering about "tubes" makes us look stupid to the community that knows about these things. Among the slashdot community it is just self-degrading. We should know better and attack him with points of merit.

    To sum up...Ted Steven's tubes refer to capacity of bandwidth to carry data. He does not seem to think that the internet is a bunch of vacuum tube technology. To persist with this insult makes the critic look stupid, not the target.

    1. Re:Give a break on "series of tubes" by Creepy+Crawler · · Score: 2, Insightful

      The techies call it pipes anyways. Same damned thing.

      I never saw anything bad about this, except for the idiot techies who laughed at "series of tubes" cause that's what it is.

      But where Im at, I call it fscking dialup.

      --
    2. Re:Give a break on "series of tubes" by Neon+Aardvark · · Score: 2, Informative

      Er, he stated that an "internet" that someone sent him didn't arrive because it was blocked in a tube, in that little speech of his.

      He really didn't have a fucking clue what he was talking about. But that didn't stop him thinking he had something important to say, of course.

      He and all others who act like that deserve ridicule.

      --
      Azural - instrumentals
    3. Re:Give a break on "series of tubes" by AceofSpades19 · · Score: 4, Informative

      Ten movies streaming across that, that Internet, and what happens to your own personal Internet? I just the other day got... an Internet was sent by my staff at 10 o'clock in the morning on Friday. I got it yesterday [Tuesday]. Why? Why? Because it got tangled up with all these things going on the Internet commercially.

      if you don't think thats funny, then there is something wrong with you, btw that was from the wikipedia page on "Series of tubes"

    4. Re:Give a break on "series of tubes" by blair1q · · Score: 3, Insightful

      That one misuse of the word "internet" was typical of anyone speaking faster than they're thinking in any venue. He clearly meant to say "email" and didn't realize he'd duplicated a different word in his linguistic stream of consciousness. Read a few transcripts of any unscripted dialogue and you'll giggle the first ten times then just roll right past them.

      The rest of his description was actually pretty good, from an "explain it to me like i'm six years old" perspective. Which is the sort of perspective you have to have when talking to Congress and/or the kind of people who watch the news and write letters to Congress.

      Talking dumber than the smart people in your audience informs more people than talking smarter than the dumb people, and anyone who's been in Congress that long will know that.

      He's not a stupid politician, in other words.

      Just a crooked and arrogant one.

    5. Re:Give a break on "series of tubes" by cbhacking · · Score: 4, Informative

      We (or at least, I personally) would cut him a bigger break if he hadn't made that analogy
      A) In a speech justifying his vote against net neutrality
      B) If there hadn't been aspects of said speech that actually SUPPORT net neutrality, which he clearly doesn't understand at all
      C) If he hadn't, in the same speech, complained of one of his aides sending him "an internet" and it getting blocked for days
      D) If the context of that line hadn't been something that even by /. standards would be a ridiculous automotive analogy ("The Internet is not like a big truck..." WTF?)

      So, no, I really don't think he's going to get to live that one down for a while. I think at least half the humor derived from the situation is that the guy CLEARLY had no idea what he was talking about, and by some miracle managed to use *almost* the generally accepted terminology.

      --
      There's no place I could be, since I've found Serenity...
    6. Re:Give a break on "series of tubes" by evilviper · · Score: 4, Insightful

      Give Ted Stevens a break on the "series of tubes" analogy. He was trying to describe saturation of available bandwidth in terms of water going through a pipe. It is a particularly good analogy given that educational metaphor for electrical systems are usually in terms of water in a pipe (or tube).

      The "tubes" comment wasn't the ridiculous part... That's just the quickest short-hand for that whole speech he gave.

      While the numerous mis-statements, like calling the internet "tubes", and repeatedly calling an "e-mail" an "internet" where stupid... The fact that he thinks an e-mail from his staff took 4 days to get to his inbox because the "tubes" were "full" of movies downloading is what really demonstrates his woeful ignorance.

      But what really makes it really sad, important, etc., is the fact that he chaired the United States Senate Committee on Commerce, Science and Transportation, tasked with regulating the internet, and used his overwhelming clear ignorance to justify striking down network neutrality legislation.

      John McCain got similarly criticized for getting the Sunni/Shia thing wrong while making a speech, and failing to correct his own mistake.

      When you have a role of responsibility regulating something, and you demonstrate an utter ignorance of the subject, it's not "snickering" to point out that fact, as often as necessary.

      --
      Slashdot gets worse every day... Pipedot: News for nerds, without the corporate slant
  25. Re:But Colin Powell! by Darby · · Score: 2

    A Senator in the Fed Pen? he's going to come face to face with a whole new series of tubes!

    Better get some lube for your tube, Stevie boy!

  26. Another reason to support term limits by Joe+Jordan · · Score: 2, Interesting

    This guy has been in office since the late 60's. That's 50 frekin' years in the Senate. With the number of lobbyists in Washington, there's just too much temptation to compromise your beliefs and the needs of your constituents. With term limits, lobbyists can only get their meat hooks so deep into a Senator before they're forced to leave office, having to start the process all over again. It's not a foolproof solution for Washington corruption, but I certainly think it would help.

  27. Re:Meet the new Senator, same as the old Senator.. by homer_s · · Score: 5, Insightful

    From here:

    " Among the articles of faith of "progressivism" is the theory - which never yields to experience - that you can fill the sea with enormous quantities of fresh red meat and then, Moses-like, successfully command the sharks not to devour it."

    "As long as Uncle Sam continues to stock the Potomac by ripping from the body politic such enormous quantities of flesh and muscle - now more than three trillion dollars worth annually - sharks and vultures will inevitably swarm throughout Washington in a competitive struggle to gorge themselves on this unfortunate feast."

  28. a series of TOOLS by Rick+Bentley · · Score: 2, Funny

    Congress is a series of tools. Each one 2-4 years long. I guess this one was older and rustier than most.

    --
    My favorite quote doesn't fit into 120 characters. Now no one will like me.
  29. Re:Meet the new Senator, same as the old Senator.. by SydShamino · · Score: 4, Insightful

    It would be far cheaper to grant politicians in key positions generous allowances for the rest of their lives

    Indeed. Instead, we have many people (including many on Slashdot) advocating for term limits, which force those politicians to immediately start thinking about their income post-service, and what they can do now to ensure it.

    I've always thought that being a lifetime public servant, if your constituents allow it, is far better than being another revolving door politician heading from a law degree into a cushy PR position at a company paying for the laws you gave them.

    Obviously Ted Stevens decided he could keep the office and get the payback, too; he should have retired six years ago, after which time he could have gotten all the house upgrades he desired for the work he'd already performed for the oil industry.

    --
    It doesn't hurt to be nice.
  30. The facts by UnknowingFool · · Score: 5, Informative
    Before some people go off on how he was an innocent man, here's some of the charges, his response, and the prosecution's point:
    • Prosecution: Part of the $250,000 Bill Allen provided was in furniture. He essentially replaced all the furniture in the Stevens' home.
      Stevens: Allen didn't have permission to remove the furniture, we didn't want it, and it was tasteless furniture.
      Prosecution: After Allen removed the furniture, Stevens didn't get back his old furniture but kept the new furniture, and didn't report Allen to the police. More importantly he didn't report this furniture among other things to the Senate. Also Senator Stevens reportedly wanted to gift this "tasteless" furniture to his newly married son.
    • Prosecution: Bob Persons gave the Stevens a $2,700 massage chair from Brookstone and didn't report this to the Senate.
      Stevens: It was not a gift. It was a loan, and we hardly used it.
      Prosecution: A loan for 7 years, interest free? Also Stevens sent a note thanking Persons for his "gift" and that he (Stevens) used it all the time.
    • Prosecution: An expensive fish statue that was donated to the Stevens memorial foundation somehow ended up not at the foundation headquarters but on his porch. Was this not another gift that isn't a gift?
      Stevens:"Ms. Morris, I have not died yet."
    --
    Well, there's spam egg sausage and spam, that's not got much spam in it.
  31. Re:Meet the new Senator, same as the old Senator.. by Maguscrowley · · Score: 2, Funny

    I'd vote for the sled dog. They're so cute and cuddly and can't possibly produce any legislation more stupid then some human politicians I'm aware of.

    Still, a few well placed biskets, or a good scratch behind the ear, could lead to a bad corruption scandal.

  32. Totally Tubular! by WillAffleckUW · · Score: 2, Funny

    Or, in non-geek-speak, GUILTY! GUILTY! GUILTY!

    I hope they sentence him to 40 years hard-wiring routers ....

    --
    -- Tigger warning: This post may contain tiggers! --
  33. Re:Meet the new Senator, same as the old Senator.. by 2short · · Score: 3, Informative

    What you read is correct: Only a 2/3 vote of the Senate can expel a member. This might seem unreasonable in the case of a felony conviction fro corruption like this. But the drafters of the constitution (rightly, IMO) wanted to make it very difficult for one branch of government to pull dirty tricks on another, or for anyone to override the will of the voters.

    Based on my moderate understanding of Alaskan politics, the smart money says Stevens will lose the election now. It was already close, and corruption amongst the old-guard republicans is a big campaign issue. Stevens had put a lot on being exonerated here.

    Even if he does win, resignation seems certain. None of his Republican "friends" are going to want him around generating press, and if he decides to ignore them and hang on just because he can, they might get pissed off, which is the only way you'll see 67 votes for expulsion.

    So the election looks like the popular mayor of the states largest city vs. an unspecified Republican to be named by Sarah Palin. Hard to think there won't be an enthusiasm gap there.

  34. Re:Meet the new Senator, same as the old Senator.. by Anonymous Coward · · Score: 2, Informative

    Alaska is the only state governor doesn't get to appoint a replacement. There would have to be a special election if Stevens was elected and the Senate voted to kick him out.

  35. Not buying it. by EriDay · · Score: 4, Insightful

    Yes there have always been corrupt politicians from all parties. The difference is Tom Delay and the K street project institutionalized corruption. That's why the Republican party is going down so hard in this election.

    Either that or the government is in worse condition than we know and and the republicans want to make sure there are no republicans anywhere near government for the next four years. I don't know how else to explain the terrible campaigns being run by all republicans this year.

    1. Re:Not buying it. by plasmacutter · · Score: 2, Insightful

      I don't know how else to explain the terrible campaigns being run by all republicans this year.

      well, you can only lie about your disastrous policies and hide the horrible smell for so long before the weight of the dung in the closet causes the door to burst, flooding the room.

      Reaganomics doesn't work. Deregulation of the financial industries led to the meltdown, and republican policies of rewarding the rich while ignoring or even disenfranchising the middle class and working poor were not very conducive to successful mortgage payments.

      --
      VLC FOR MAC IS DYING! IF YOU DEVELOP, PLEASE SAVE IT!!
  36. This is NOT a YRO Story. by NullProg · · Score: 2, Insightful

    This story belongs in the political section at best. Even better, it belongs in the "I hate Republicans and limited government" section.

    I haven't seen YRO articles on Cold Cash Jefferson (URL:http://en.wikipedia.org/wiki/William_J._Jefferson) or Alcee Hastings (URL:http://en.wikipedia.org/wiki/Alcee_Hastings) or even recently Tim Mahoney (URL:http://en.wikipedia.org/wiki/Tim_Mahoney).

    Taco, if I want political BS, I'll visit the DNC/RNC/MOVEON/NRO websites, not slashdot.
    Keep slashdot neutral, or at least keep the articles in the correct forum (which I block).

    My opinion,
    Enjoy.

    --
    It's just the normal noises in here.
    1. Re:This is NOT a YRO Story. by quantaman · · Score: 2, Insightful

      This story belongs in the political section at best.

      Perhaps but recall this guy got his nickname during a speech about net neutrality. Stevens has been screwing with my rights online for a while, I don't see any problem with this story being YRO.

      --
      I stole this Sig
    2. Re:This is NOT a YRO Story. by dangitman · · Score: 2, Insightful

      Even better, it belongs in the "I hate Republicans and limited government" section.

      Hang on a minute - Republicans are for "limited government"? Where in the hell did you get that absurd notion from?

      --
      ... and then they built the supercollider.
  37. Re:Meet the new Senator, same as the old Senator.. by feed_me_cereal · · Score: 3, Funny

    you sound like a cubs fan

    --
    "Question with boldness even the existence of a god." - Thomas Jefferson
  38. We weren't talking about Clinton, dipshit by Nimey · · Score: 3, Informative

    This may be news to you, but Bill Clinton hasn't been news or powerful since 20 January 2001, and you only make yourself pathetic by excusing Bush's actions by saying "but Clinton!".

    --
    Hail Eris, full of mischief...

    E pluribus sanguinem
  39. I apologize in advance by Anonymous Coward · · Score: 3, Funny

    So he's going to be having a problem with a series of pubes, huh?

  40. Re:Meet the new Senator, same as the old Senator.. by plasmacutter · · Score: 2

    We don't have Rovian tactics in India, but we are good at spotting charlatans who speak about things they have no business talking about.

    I was taught economics by the combined faculty of a top 20 undergrad institution and a business school ranked 6th in the world.

    You are merely screaming repeatedly that I'm a charlatan with no rational counter-argument to my case.

    Please provide a rational counter-argument. I don't reach my conclusions lightly, but when presented with more feasible arguments or evidence to the contrary, I do adjust my beliefs rather than cling to ignorance.

    Personally, I think you're just a republican who is pissed at what I say.

    --
    VLC FOR MAC IS DYING! IF YOU DEVELOP, PLEASE SAVE IT!!
  41. Causes of the housing bubble by sjbe · · Score: 4, Informative

    So, when did it become possible to sell mortgage-backed securities, and why did it go into overdrive around 2002, 2003?

    Modern US incarnations started in 1938 with the creation of Fannie Mae.

    There are a LOT of reasons why they went into overdrive lately. Low interest rates, hedge funds, deregulation, policies to encourage home ownership gone awry, big profits in securitization, lack of transparency into exotic securities, inadequate risk management policies at banks, and several other reasons come to mind.

    It isn't a simple situation with a simple solution unfortunately. Any solution that does come however will need to come from regulation requiring disclosure of exotic security positions and limits on the ability to endlessly bundle and transfer risk through securitization. A better term for sub-prime is high risk. But everyone thought they could just transfer the risk to someone else and eventually there was so much high risk debt that it clogged up the credit markets.

  42. Re:Meet the new Senator, same as the old Senator.. by plasmacutter · · Score: 2, Informative

    If everyone is saving, then someone is willing to pay interest/returns for that saving.

    This is not true. Savings does not have to equate to high returns, or even private companies snatching up the deposited money. Financial markets work the same way consumer markets do. When people save more money than is demanded, the interest rates plummet.

    Otherwise, "everyone" would have no place to invest their savings.

    Who says you have to invest your savings? Some paranoid depression-minded people still use a good old mattress, but there are also government bonds if no private enterprise will take your money.

    It is funny that you accuse me of being a republican, but you are the one making the assumption that bush made after 9/11 when he urged everyone to go spend.

    The assumption he made was that everyone would take his "suggestion" to go spend when it was obvious the market would be volatile and many industries would suffer in the citizens' paranoia, and therefore anyone who had money to spend on non-essentials decided to tighten up.

    Spending or consumption does not create wealth. Increasing productivity does.

    This is not true. Increasing productivity without insuring people have a disposable income with which to buy the goods results in inventory which cannot be moved. This means that businesses will not be keen on simply building more infrastructure just because the government says so. The extra subsidies/tax breaks will be treated like profits and distributed as bonuses to the upper ranks in a manner commensurate with profits.

    Assuming they do decide to increase productivity, though, The potential lower prices from this situation simply will not compensate for the fact that consumers, faced with anti-labor policies (stemming from deregulation under the same philosophy as the subsidies to producers), will slowly lose real purchasing power, see this coming, and not feel as comfortable parting with their money.

    Finally, in the long term, producers will slow down any expansion, or stop all together. As people reproduce, their kids face a rougher job market, and real wages go down further.

    The farmer who consumes all his seed corn may increase consumption, but he does not increase his wealth.

    The farmer who consumes all his seed is actually increasing his production. It's true, he doesn't increase his wealth because he now has a field full of crops which are worth less, and may not be bought at all. (this is one of the reasons why the government pays farmers NOT to plant every few years, and buys up surpluses.. planting all seeds results in greater taxes on everyone) And you've just contradicted your earlier statement about productivity creating wealth.

    The farmer who starves and saves to buy a new tractor is the one who increases wealth. And he does so by saving, not by consuming.

    No, he has not increased wealth, he's shifted wealth into another good with an entirely different set of expenses.

    Here is my analysis:
    Bottom up is preferable to top down in terms of economic and fiscal policy.

    Subsidies given to the bottom are far more likely to be passed up the chain through spending than those given to people and companies who already have plenty of disposable income and available credit. The bottom actually NEED that money, and they will be compelled by their situation to utilize more of it constructively.

    Additionally, subsidizing the bottom produces a better overall quality of life, and provides every potential entrepreneur with a hedge against risk, freeing them from some uncertainty and blessing their efforts with the promise they will at least retain their own shirts if things don't go well.

    The increase in available income for discretionary spending will result in higher demand and higher sales for "the greedy rich", giving them a conside

    --
    VLC FOR MAC IS DYING! IF YOU DEVELOP, PLEASE SAVE IT!!
  43. Re:But Colin Powell! by megamerican · · Score: 4, Informative

    I got modded down for pointing out that Colin Powell made a 1 hour speech of known lies to the UN to make our case for going to war with Iraq? I guess now that he endorsed Obama he must be a great guy again!

    That speech he gave was from a paper written by a post-graduate student in 1990. He and others knew it but he gave the speech anyway. Without that speech there would have been a lot more people against the war from the beginning.

    It really is too bad I didn't make i to a +5 troll. that would have made my day :)

    --
    If you have something that you dont want anyone to know, maybe you shouldnt be doing it in the first place -Eric Schmidt
  44. Re: The Real Deal on the Current Economic Crisis by malice · · Score: 5, Informative

    The Real Deal on the Current Economic Crisis

    So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working home owners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

    The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

    Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

    Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

    Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

    The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

    Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

    Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

    Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

    The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

    An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

    Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

    The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

  45. Re: The Real Deal on the Current Economic Crisis by Nefarious+Wheel · · Score: 2, Insightful
    Be careful with this. In Australia we had a similar initiative called the "Goods and Services Tax" which was supposed to do exactly that -- drop an enormously complicated and layered tax structure for a simple flat percentage on goods & services.

    Problem was they added the GST, but didn't remove all the other taxes, so it became essentially just one more tax. Implementation is everything, don't let it go ahead unless and until all those other taxes go away in the same bill.

    --
    Do not mock my vision of impractical footwear
  46. Re:Meet the new Senator, same as the old Senator.. by Khyber · · Score: 2

    Since it's quite obvious you don't understand, I'm not going to bother pointing it out to you. You're already blinded by your 'economics' of bullshit.

    I'll just say it simply, the USA cannot increase production, NOR PRODUCTIVITY, as long as WE LOSE OUR JOBS TO ANOTHER COUNTRY.

    Maybe your pea-sized money-befuddled brain can understand that.

    --
    Still waiting on Serviscope_minor to wake up to fucking reality and realize that Jessica Price isn't going to fuck him.