Lots Of Us Began As Democrats . . .

20 03 2023

  By Timothy D. Naegele[1]

. . . but their efforts to eradicate Donald Trump[2], and destroy the America we have loved, are truly evil.  Just as evil as anything that Russia’s Vladimir Putin[3], China’s Xi Jinping[4] and North Korea’s Kim Jong-un[5] have ever contemplated doing. 

John F. Kennedy was killed[6]; and Ronald Reagan came perilously close to dying, after which the Democrats tried to destroy him with Iran Contra.[7]  There are sinister forces afoot that want Trump “eradicated.”  He is an anathema to everything they believe.

One of them is “Special Counsel” Jack Smith, who was appointed by Attorney General Merrick Garland to “get” Donald Trump.  By their very nature, prosecutors have never met innocent “prey.”  They are ruthless, driven and myopic.  Justice does not enter their minds.[8]

Because Trump represents “a clear and present danger” of being reelected as our President, they are doing everything to eliminate that possibility—and nothing to deal with Joe Biden and the Biden Family Crime Syndicate’s actual criminality.[9]

The New York prosecutor Alvin Bragg’s latest efforts to gain fame, and political bona fides, may be illegal ab initio.[10]  But that doesn’t bother him or them.  They are driven, and evil incarnate; and they are merely the latest demonic creatures in the “get Trump” saga that began in 2015 when he announced his run for the presidency.

The corrupt AG Garland authorized the FBI’s raid on Trump’s Mar-a-Lago in Florida; and the U.S. Secret Service “stood aside” and let them rummage through the residence, including former First Lady Melania Trump’s possessions and those of young Barron Trump.  This was outrageous, but it raised the specter of whether the former President will be truly protected against his enemies, both foreign and domestic.[11]

If anything untoward happens to Trump, America will explode.  Vast numbers of Americans hate Biden and his Democrats already.  They believe the last presidential election was stolen; and since then, Biden and his Democrats have defiled our great country in every way imaginable.  No mercy will be shown to them.[12]

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© 2023, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See, e.g., https://naegeleblog.wordpress.com/2022/10/15/will-donald-trump-be-killed-by-the-democrats/ (“Will Donald Trump Be Killed By The Democrats?”)

[3]  See, e.g., https://naegeleblog.wordpress.com/2022/09/16/when-will-putin-die/ (“When Will Putin Die?”) and https://naegeleblog.wordpress.com/2022/02/20/if-anyone-doubts-that-america-is-on-the-verge-of-a-two-front-war-they-may-be-naive/ (“If Anyone Doubts That America Is On The Verge Of A Two-Front War, They May Be Naive”)

[4]  See, e.g., https://naegeleblog.wordpress.com/2021/03/12/war-with-china/ (“War With China?”)

[5]  See, e.g., https://naegeleblog.wordpress.com/2019/12/27/will-the-little-rocket-man-opt-for-a-grand-future-in-north-korea/ (“Will The Little Rocket Man Opt For A Grand Future In North Korea?”)

[6]  See, e.g., https://naegeleblog.wordpress.com/2010/10/04/john-f-kennedy-the-most-despicable-president-in-american-history/ (“John F. Kennedy: The Most Despicable President In American History”)

[7]  See, e.g., https://naegeleblog.wordpress.com/2010/03/20/ronald-reagan-and-john-f-kennedy-a-question-of-character/ (“Ronald Reagan and John F. Kennedy: A Question of Character”)

[8]  See https://naegeleblog.wordpress.com/2013/07/15/justice-and-the-law-do-not-mix/ (“Justice And The Law Do Not Mix”); see also https://naegeleblog.wordpress.com/2022/06/19/america-is-lawless/ (“America Is Lawless”)

[9]  See, e.g., https://naegeleblog.wordpress.com/2023/02/02/guantanamo-bay-needs-to-make-ready-for-the-biden-family-crime-syndicate/ (“Guantanamo Bay Needs To Make Ready For The Biden Family Crime Syndicate”)

[10]  See, e.g., https://thehill.com/opinion/3906498-get-ready-for-manhattan-das-made-for-tv-trump-prosecution-high-on-ratings-but-short-on-the-law/; see also https://www.dailymail.co.uk/news/article-11878689/Trump-insists-no-crime-period-says-Manhattans-prosecutors-investigated.html (“Trump insists ‘there was no crime, period’ and now says Manhattan’s DA should be investigated for ‘interfering’ with the election – as White House says ‘we’re watching this’ after ex-president called for protests”)

[11]  See, e.g., https://naegeleblog.wordpress.com/2022/11/18/the-witch-hunters-must-be-brought-to-justice-beginning-with-evil-incarnate-merrick-garland/ (“The “Witch Hunters” Must Be Brought To Justice, Beginning With Evil-Incarnate Merrick Garland”) and https://www.thetimes.co.uk/article/gun-toting-supporters-urged-to-protect-donald-trump-from-arrest-82z08nnsq (“Gun-toting supporters urged to protect Donald Trump from arrest”)

[12]  Carnivorous Varmint commented on MailOnline:

“The swamp needed a shiny new object to distract from the fact that J6 was a frame up job. The US government is at war with its own people.”

https://www.dailymail.co.uk/news/article-11878689/Trump-insists-no-crime-period-says-Manhattans-prosecutors-investigated.html?ito=twitter_share_comment_text#comments

See also https://naegeleblog.wordpress.com/2023/01/20/who-controls-america/  (“Who Controls America?”) and https://naegeleblog.wordpress.com/2023/01/14/the-tragedy-that-is-america-today/ (“The Tragedy That Is America Today”) and https://naegeleblog.wordpress.com/2022/06/16/are-we-heading-toward-the-great-depression-ii-and-world-war-iii/ (“Are We Heading Toward The Great Depression II And World War III?”) and https://naegeleblog.wordpress.com/2022/03/27/the-search-for-sanity-amidst-so-much-insanity/ (“The Search For Sanity Amidst So Much Insanity”)





Is Your Bank Safe?

15 03 2023

  By Timothy D. Naegele[1]

Having purchased seven failing financial institutions from the American government[2], I can say categorically that no one knows for certain whether they are safe or not until they either survive or collapse.  Perhaps the classic example has been Silicon Valley Bank, where reportedly there were few at the top who had any knowledge of banking.[3]

That is stunning, to say the least.  Presumably even the bank’s most sophisticated depositors and customers had no idea how inept its management was.  But the greatest example today may be Wells Fargo Bank, which was once one of America’s and the world’s true icons in banking.[4]

Richard Kovacevich took over, who had no experience in banking; and he created a monster.  Yet, he departed before everything “hit the fan,” and others “took the rap” for his misdeeds.  To escape scot-free is astonishing, which Bernie Madoff and other “Ponzi scheme” creators could not achieve.[5]

We are still in the early stages of this financial reckoning; and the precise depth of the problems will not be known for a long time ahead—perhaps decades.  One thing is certain: no one should take any chances with their monies.  And yes, after the devastating and still-lingering effects of China’s Covid pandemic, many Americans have been hurt already, with much more to come.  Those at the bottom of the economic totem pole have been hurt in ways that are unfathomable.[6]

American companies continue to close, or lay off workers.[7]  Where the economic “merry-go-round” stops is anyone’s guess.  Are we on the cusp of both the “Great Depression II” and World War III, with unimaginable chaos ahead?[8]  I am not a seer; and even the best political, economic and military minds globally can only guess.  But it is best not to gamble in uncertain times like these, when our skills and faith are truly tested.[9]

Lastly, who will pay for this debacle in the United States?  Its taxpayers, of course.  There is no “free ride,” and someone always pays for the misdeeds of others.  Whether it is war, economic chaos or other calamities, the “piper” must be paid; and what we are experiencing today is no exception.  Will Americans and others globally rise up, and say “enough is enough,” as they did in Berlin when freedom had one of its greatest moments in human history?[10]

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© 2023, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See, e.g., https://naegeleknol.wordpress.com/accomplishments/ (“(1) Southern California Savings by The Securities Groups (1982); (2) Fidelity Federal Savings and Loan of Baltimore (1984), (3) American Heritage of Illinois (1984), (4) Fidelity Savings & Loan of Martins Ferry, Ohio (1985), (5) Brighton Federal of Colorado (1985), and (6) Century Savings of Kansas (1985) by Household Bank, F.S.B.; and (7) United Bank of San Francisco by Hibernia Bancshares Corporation (1986)”)

[3]  See https://www.dailymail.co.uk/news/article-11859379/Only-ONE-member-failed-SVBs-board-experience-investment-banking.html (“Only ONE member of failed SVB’s board had a career in investment banking – and the rest were Obama, Clinton mega-donors who ‘grieved’ when Trump won including one who went to Shinto shrine ‘to pray'”); see also https://www.dailymail.co.uk/news/article-11863441/Silicon-Valley-Bank-donated-73-MILLION-Black-Lives-Matter.html (“Woke Silicon Valley Bank donated over $73 MILLION to Black Lives Matter-related social justice groups before it collapsed – while failed Signature Bank gave $850,000”) and https://www.dailymail.co.uk/news/article-11860445/Signature-Bank-boss-hosted-company-seminar-gender-neutral-pronouns-prior-bank-failure.html (“Signature Bank boss hosted a company seminar on gender-neutral pronouns ‘ze’ and ‘hir’ five months before becoming the third largest bank failure in US history”)

[4]  See https://naegeleblog.wordpress.com/2019/09/27/wells-fargo-an-american-banking-nightmare/ (“Wells Fargo: An American Banking Nightmare”)

[5]  See supra n.4.

[6]  See, e.g., https://naegeleblog.wordpress.com/2020/07/09/homelessness-in-america/ (“Homelessness In America”)

[7]  See https://www.nytimes.com/2023/03/14/technology/meta-facebook-layoffs.html (“Meta to Lay Off Another 10,000 Workers”)

[8]  See, e.g.https://naegeleblog.wordpress.com/2023/03/10/is-the-united-states-on-the-cusp-of-the-great-depression-ii/ (“Is The United States On The Cusp Of The Great Depression II?”)

[9]  See https://naegeleblog.wordpress.com/2010/05/12/what-and-where-is-god/ (“What And Where Is God?”)

[10]  I was in Berlin when the Iron Curtain fell and the Soviet Union collapsed.  Soviet military personnel were selling their uniforms and plumbing fixtures from their barracks, and going back to “tent cities” in the USSR.  I will never forget the jubilation that day.

See, e.g., https://naegeleblog.wordpress.com/2015/11/29/the-death-of-putin-and-russia-the-final-chapter-of-the-cold-war/ (“The Death Of Putin And Russia: The Final Chapter Of The Cold War”)





Is The United States On The Cusp Of The Great Depression II?

10 03 2023

  By Timothy D. Naegele[1]

It may seem absurd to ask such a question, much less posit it as a fact to be reckoned with.  But few Americans realize how close we came to a major national catastrophe during the so-called “2007–2008 financial crisis”—or what has been named “The Great Recession.”[2]  I had left the U.S. Senate and was practicing law in Washington, D.C., and had the then-top lawyer for the FDIC over to my home in McLean, Virginia for dinner.  He had too much to drink, and shared how worried he was that one of America’s largest banks might fail, sending uncontrollable shockwaves through our financial system, and globally.

We weathered that economic storm; and few Americans realized how close we came to the edge of an economic abyss, of unfathomable depths.  It’s a fair question to ask: “Will the last economic “crash” be overshadowed by what is coming?”  The number of American billionaires seems overwhelming; and their lavish spending on homes, yachts and other luxuries seems to be “beyond the pale.”  Despite sanctions relating to the war in Ukraine, Russian oligarchs have lived like kings in London and elsewhere; and global wealth seems to be staggering.

But the latest headlines are:

“Turmoil at Silicon Valley Bank triggers market panic: Four biggest US banks lose staggering $52 BILLION in valuation and Dow drops 540 points”[3]

“Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis”[4]

“Silicon Valley Bank meltdown sparks contagion fears: ‘We found our Enron'”[5]

“Silicon Valley Bank’s Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes ‘worst 18 hours of my life’: Lender is SEIZED by regulators in largest US bank failure since Great Recession”[6]

“What caused Silicon Valley Bank to collapse and will customers get their money back? Second largest bank failure in US history rattles markets and raises fears of wider risks” [7]

I testified as an expert witness for the FDIC in litigation stemming from the largest bank failure at the time, the United States National Bank in San Diego.

Today, American banks are holding bonds and other assets that have fallen in value, and lack liquidity.  If they were “marked-to-market,” the banks’ valuation might fall dramatically and precipitously, potentially causing panics and “runs” on such financial institutions.

Fewer and fewer Americans trust their government today; and many are holding their monies in accounts that are not insured by the federal government.  The “Great Depression II” did not come in 2007/2008.  Will it come soon . . . and be accompanied by World War III?

Tragically, the group that can least afford what may be coming are America’s homeless, who are barely surviving already.  And the United States has divisions that are tearing our great country apart, all the while that our enemies salivate over our seeming chaos, and calibrate their next moves against us.

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© 2023, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See, e.g., https://en.m.wikipedia.org/wiki/2007%E2%80%932008_financial_crisis (“2007–2008 financial crisis”)

[3]  See https://www.dailymail.co.uk/news/article-11841715/Turmoil-Silicon-Valley-Bank-triggers-market-panic.html (“Turmoil at Silicon Valley Bank triggers market panic: Four biggest US banks lose staggering $52 BILLION in valuation and Dow drops 540 points”)

[4]  See https://www.cnbc.com/2023/03/10/silicon-valley-bank-is-shut-down-by-regulators-fdic-to-protect-insured-deposits.html (“Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis”)

[5]  See https://nypost.com/2023/03/10/silicon-valley-bank-meltdown-sparks-contagion-fears/ (“Silicon Valley Bank meltdown sparks contagion fears: ‘We found our Enron'”)

[6]  See https://www.dailymail.co.uk/news/article-11845495/Silicon-Valley-Bank-branch-calls-NYPD-tech-investors-tried-pull-cash.html (“Silicon Valley Bank’s Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes ‘worst 18 hours of my life’: Lender is SEIZED by regulators in largest US bank failure since Great Recession”)

[7]  See https://www.dailymail.co.uk/news/article-11845603/What-caused-Silicon-Valley-Bank-collapse-customers-money-back.html (“What caused Silicon Valley Bank to collapse and will customers get their money back? Second largest bank failure in US history rattles markets and raises fears of wider risks”)





America Is Lawless

19 06 2022

  By Timothy D. Naegele[1]

In the latest example, a twenty-six-year-old man slashed a teenager at a subway station; choked a woman in a hotel; and attacked a volunteer in a church bathroom during his fourteen-day crime spree.  He had been arrested and released five times in New York City before finally being detained on rape charges in Baltimore, Maryland.[2]

This lawlessness didn’t happen overnight.  It has been building, in our large cities and all across our great nation.  In San Francisco—which so many of us have loved, and where some of us have worked—perhaps the senseless killing of Kate Steinle at Pier 14 on the city’s waterfront drove it home for us.  Her killer was an illegal alien who had been deported five times from the sanctuary city.[3]

I testified as an expert witness in that city, and walked another lawyer from our hotel to the BART subway station so he could catch a train to the airport for his flight back to Los Angeles. Both of us were wearing business suits and ties; and I was carrying my laptop. I don’t recall being apprehensive like I was that day, as I walked back to the hotel through or near drug-infested homeless encampments, realizing that I was easy prey; and that it was unlikely anyone would help me if I needed it.

Stores are robbed in San Francisco and other American cities in broad daylight, and no one stops it.  Indeed, it is accepted as the “cost of doing business”—or the stores close down, having been hurt already by the Coronavirus pandemic lockdowns.  And who can forget what the thugs, slugs, hoods and mongrels of “Black Lives Matter,” Antifa and other far-Left groups have done, without suffering any serious consequences.

They burned our cities; killed or hurt innocent Americans including our police; and destroyed black and other businesses.  Thugs like George Floyd have been lionized.  No wonder police and other members of law enforcement have resigned, or taken early retirements.  Why place their lives at risk, while being hated by those whom they are sworn to protect?[4]  Perhaps the latest example involves an illegal alien who shot at police in a 100-mile-per-hour chase, and who has been deported seven times.[5]

The solutions seem obvious.  Empower law enforcement to do their jobs, and give them adequate funding.  Dispense with woke notions of helping the criminal, instead of protecting America against criminals.  Get rid of woke judges and politicians who do nothing to protect us.  And do what the Mayor of New York City, Rudy Giuliani, did in turning around that cesspool.  Clearly, a major economic downturn and increased homelessness, and global strategic challenges will only exacerbate these issues.[6]

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© 2022, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See https://www.dailymail.co.uk/news/article-10929937/Queens-man-26-held-without-bail-rape-charges-MD-going-crime-spree-NYC.html (“Man, 26, who ‘slashed teen at subway station, choked woman in hotel and attacked volunteer in church bathroom during 14-day crime spree’ was arrested and released FIVE TIMES in NYC before finally being detained on rape charge in Baltimore”)

[3]  See https://en.m.wikipedia.org/wiki/Shooting_of_Kate_Steinle (“Shooting of Kate Steinle”)

[4]  See, e.g., https://naegeleblog.wordpress.com/2022/05/27/the-slaughter-at-uvalde-texas/ (“The Slaughter At Uvalde, Texas”)

[5]  See https://justthenews.com/nation/crime/man-who-shot-police-during-100mph-chase-reportedly-illegal-immigrant-has-been-deported (“Man who shot at police in 100-mph chase reportedly illegal immigrant, has been deported 7 times”)

[6]  See, e.g., https://naegeleblog.wordpress.com/2022/06/16/are-we-heading-toward-the-great-depression-ii-and-world-war-iii/ (“Are We Heading Toward The Great Depression II And World War III?”)





Are We Heading Toward The Great Depression II And World War III?

16 06 2022

  By Timothy D. Naegele[1]

Is a maelstrom headed our way, the likes of which most Americans have never experienced in their lifetimes—or even close to it—unless they are or have been homeless?[2]  Are the United States and other countries heading toward far worse than the “Great Recession” of 2007-2009[3], and something approaching the Great Depression of the 1930s, coupled with World War III?[4]

Are these the “gifts” that Joe Biden, Russia’s Vladimir Putin and China’s Xi Jinping are bequeathing to the world?  Like Adolf Hitler, Joseph Stalin and Mao Tse-tung, will this be their legacy[5], especially after China launched the deadly Coronavirus pandemic that has hurt so many, physically, economically and psychologically, and weakened the West?  Again, Americans may not have any earthly idea what is heading their way, much less how to cope with it.

The Middle East, much of Africa and other parts of the world have lived with wars, abject poverty and hopelessness far more than most Americans have, even recent immigrants to our great nation.  But nothing can prepare anyone for a convergence of the Great Depression II and World War III.  It is unfathomable, as it should be.  Where is God in the midst of so much suffering and chaos, which is a fair and reasonable question to ask?[6]

_____

© 2022, Timothy D. Naegele

_____

[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  See, e.g., Timothy D. Naegele Resume-21-8-6  and https://naegeleknol.wordpress.com/accomplishments/   He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He served as a Captain in the U.S. Army during the Vietnam War, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service).  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., https://naegeleblog.wordpress.com/articles/ and https://naegeleknol.wordpress.com/articles/), and studied photography with Ansel Adams.  He can be contacted directly at tdnaegele.associates@gmail.com

[2]  See https://naegeleblog.wordpress.com/2020/07/09/homelessness-in-america/ (“Homelessness In America”)

[3]  See https://en.m.wikipedia.org/wiki/Great_Recession (“Great Recession”)

[4]  See https://naegeleblog.wordpress.com/2022/06/12/world-war-iii/ (“World War III”)

[5]  See, e.g., https://naegeleblog.wordpress.com/2010/02/06/the-silent-voices-of-stalin%e2%80%99s-soviet-holocaust-and-mao%e2%80%99s-chinese-holocaust/ (“The Silent Voices Of Stalin’s Soviet Holocaust And Mao’s Chinese Holocaust”)

[6]  See https://naegeleblog.wordpress.com/2010/05/12/what-and-where-is-god/ (“What And Where Is God?”)





The Coronavirus And Similar Global Issues: How To Address Them

30 05 2020

  By Timothy D. Naegele[1]

This is the title of my newest law review article that discusses the Coronavirus, also known as COVID-19, and by other names.[2]

Seemingly out of the blue, emanating from China, came the Coronavirus. The world will never be the same. Like earlier pandemics in recorded history such as the Spanish flu—which killed as many as 100 million globally right after World War I—the effects of the Coronavirus may change humankind forever.

Countless numbers may die; the mass suffering may be indescribable; businesses will disappear; lawlessness may reign; and the social, economic and military order of the planet may be altered decisively and irretrievably.  Banks and other financial institutions, and the very fabric of America, may be affected in ways not seen since the Great Depression.

Governmental controls are being imposed and will be implemented in the United States, not experienced since the dark days of World War II.  China launched the Coronavirus, intentionally (as a bioweapon) or inadvertently; and many would argue that it must pay reparations or restitution to the world for having done so, which would likely run into trillions of dollars.

Also, a global boycott of anything and everything from China may ensue, as Americans and their counterparts abroad “vote” with their pocketbooks against the suffering that China unleashed.

 

Xi Jinping and Coronavirus


© 2020, Timothy D. Naegele

 


[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and Timothy D. Naegele Resume-20-5-11). He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service). Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com

[2]  See Timothy D. Naegele, The Coronavirus and Similar Global Issues: How to Address Them, 137 BANKING L. J. 285 (June 2020) (Naegele June 2020) (Timothy D. Naegele) [NOTE: To download The Banking Law Journal article, please click on the link to the left of this note]  





Poverty In America

7 02 2012

 By Timothy D. Naegele[1]

Presidential candidate Mitt Romney made one of the dumbest and most insensitive comments that I have ever heard from an American politician since I became involved with politics:
You can choose where to focus.  You can focus on the rich; that’s not my focus.  You can focus on the very poor; that’s not my focus.  My focus is on middle-income Americans.

He went on to explain that “[w]e have a safety net for the poor.”  And “[i]f there are people that are falling through the cracks, I want to fix that.”[2]

However, the fact that America’s poorest citizens theoretically have access to food stamps, Medicaid and housing vouchers[3]—which Romney cited—does not constitute much of a “safety net” at all.  Some Americans, such as senior citizens, are too proud to accept any governmental assistance (other than Social Security and Medicare benefits) or handouts.  They have worked all of their lives; and to find themselves in poverty is embarrassing and deeply depressing.  They and others are often turned away or sanctioned by the government bureaucracy that can be brutal and cruel, especially to people who are truly in need.[4]

Those Americans who had moved into our “Middle Class” will lose their homes and everything else, which is happening already.  The idea that colleges and professional schools were guaranteed pathways to success will also evaporate.[5]  Our society and that of other countries will be upended.  And yes, there will be “class warfare,” which Barack Obama and his surrogates are fanning already.  Leave aside the fact that he will add more debt than all 43 prior presidents combined, demagoguery is in season and full swing.

When I worked in the U.S. Senate as a young lawyer with its Senate Banking Committee and later headed the Senate staff of Edward W. Brooke (R-Mass)—the first African-American in the Senate since Reconstruction following our Civil War, with Obama being the third—the senator and I met with Mitt’s father who was Secretary of Housing and Urban Development (1969-1973)[6], and I was very impressed with him.  At that time, I was working on the passage and implementation of the Housing and Urban Development Acts of 1969 and 1970, which included the “Brooke Amendment” relating to public housing; and the national “Housing Allowance” program, which morphed into the Section 8 housing program that has helped millions of Americans.  The senator, George Romney and I talked about these programs at length.

On behalf of Senator Brooke, I also established a summer program for disadvantaged kids in Massachusetts, in conjunction with the Pentagon, which involved underutilized military facilities within the state (e.g., the Boston Navy Yard, Otis Air Force Base) and served approximately 100,000 kids during its first year alone.  Indeed, the senator and I traveled to Massachusetts with then-Secretary of Defense Melvin R. Laird in his private plane to review the program and its progress.

In making my observations, I am not singling out Mitt Romney for condemnation.  I have believed in Mitt for a long time now, and will vote for him—in no small part because I share most of his positions with respect to the economy and national security issues.  However, lots of politicians and other successful Americans are “tone deaf” when it comes to the needs of the poor.  They do not relate to them at all, and they cannot understand them.  To be poor is a sign of failure in our success-oriented and driven society.  Our advertising touts beautiful bodies and fancy cars and materialistic dreams.  In no way are the poor glorified, much less given dignity.  Shame is heaped on them, which is wrong.

When I was graduating from grade school in Los Angeles, my mother came to the ceremony in a wheelchair, and I was mortified.  No other mothers were present like that.  She had suffered the convergence of two debilitating illnesses, which robbed her of her beauty and almost killed her.  By the time that I was entering high school, her right leg had been amputated, which stopped the onslaught of what she had gone through; and during the Vietnam War, she walked with an artificial leg and was named the “Woman of the Year” by the local chapter of the Red Cross—for her outstanding volunteer work.

What all of this taught me was that her faith in God had sustained her, and given her courage, hope, joy and great love.[7]  And that stigmas and discrimination attach, especially in Southern California, to those people who are physically or mentally “challenged” or handicapped, the poor, and to those who are not “beautiful.”  Hollywood has gone nationwide and worldwide since then, with a vengeance; and life-threatening illnesses and poverty are not part of the “American dream,” which has been embraced by people globally.  As the U.S. economy declines more between now and the end of this decade—which will happen to an even greater extent in countries around the world—poverty, human suffering, misery and anger will increase dramatically.[8]

The core issues will be how Americans adjust to their poverty and hopelessness, which will be just as rampant in this decade as during the Great Depression of the last century that did not end until the onset of World War II, at the earliest.  There are no easy solutions to losing one’s job, home, car and everything else.  As State governments scramble to avoid bankruptcy, programs that might have helped the poor will no longer exist.  For example, in California, State parks are being closed; and the nightly price for staying at those that remain open equals the cost of a cheap motel already.  Where will the poor stay, especially if they have no family members who can—or are willing to—take them in?  How will they afford food to eat, and find transportation to get from one place to another (e.g., looking for work)?  When inclement weather sets in, how will they survive?

The published numbers of “poor” do not begin to tell their tragic stories; and the human suffering will increase and become unfathomable during the balance of this decade, whether Romney is president or not.  Pure economics will dictate this; and there is nothing that can be done governmentally, by any politician.[9]  And yes, many of those poor will be “middle-income Americans” or those who had been members of our Middle Class.  They will be devastated; suicides and divorces will increase[10]; and families will be torn asunder.  Mitt Romney and the wealthy of the United States—which includes Obama and most members of Congress—need to wake up now, and begin to demonstrate real compassion.  The problem is that they have no earthly idea of what it is like to be poor.

In Greece today, parents are giving away their children because they cannot afford them.  Kids are being dumped in streets or abandoned at shelters with notes attached to them, saying that one or both parents are at wits’ end.[11]  Poverty breeds inhumanity on a scale that is unknown to most Americans; and it also breeds crime (including massive Internet fraud[12]), which will increase in the United States as money for law enforcement declines and as our prisons are overcrowded and prisoners are released.  Reality is crashing down with a thud like never before in our lifetimes.

As I wrote almost three years ago:

America and other nations are in uncharted waters; and their politicians may face backlashes from disillusioned and angry constituents that are unprecedented in modern times. Also, the limits of godless secularism and paying homage to the false gods of materialism may become self-evident.[13]

The chickens are coming home to roost, in spades; and the “good times” are ending for vast numbers of Americans and their counterparts around the world.

Others will remain rich, or attain great riches[14]; and I do not begrudge it to them at all.  I do not envy or covet what another has.  I have never done so.  My parents taught me that, by their own words and actions.  In my lifetime thus far, I have had lots of money, and none.  I have friends with many millions, and one with several billions; and others who have nothing.  I have treated them all the same—with love, respect, dignity and compassion.

I lived in a tent for months at a time—with water everywhere inside it, during the rainy season—because that was all I could afford.  I have had two cars repossessed, as well as a boat.  I have been evicted; and lost my dream house, as well as most of the possessions that were important to me, including priceless family items that had been handed down over generations.  When I was in law school, I had a pair of shoes resoled so many times that I was told it could not be done anymore; and I have struggled to make ends meet for food.

I do not wish any of this on others.  However, I realize that many Americans have experienced losses, pain and suffering that are far worse than I ever have; and this is true today of people abroad who are dying of wars, diseases and malnutrition, and are being forced into slavery and prostitution.[15]  I have great faith in God, the United States, all Americans[16], and people everywhere.  I believe we will survive like my mother did.  However, we will be tested like never before.

© 2012, Timothy D. Naegele


[1] Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates, which specializes in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and http://www.naegele.com/naegele_resume.html).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g.,www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com; see also Google search:Timothy D. Naegele

[2] See http://edition.cnn.com/2012/02/02/politics/campaign-wrap/?hpt=hp_t1

[3] As discussed later in this article, “housing vouchers” are an outgrowth of the national “Housing Allowance” program that I crafted as a young attorney with the Senate Banking Committee—which was complementary to the “Brooke Amendment,” and morphed into the Section 8 housing program that has helped millions of Americans.

[4] As I have written:

[L]awyers who are prosecutors are often less interested in fairness and justice than they are in winning at all costs, and exercising their raw power and hurting others in the process—such as those who are innocent but are convicted anyway.

See https://naegeleblog.wordpress.com/2011/01/03/the-american-legal-system-is-broken-can-it-be-fixed/

And I added:

A federal official with reason to know told me that between 15-20 percent of the indictees in federal courts are probably innocent.  Some are seniors who have been charged with cheating the Social Security program, and they are scared to death, so they agree to plea bargains rather than fight for their innocence.

See id. at n.8.  This is truly frightening, and cruel.  Also, those who are engaged in prosecutorial misconduct are “sheltered” by the government, which is a travesty unto itself.  Aside from any civil remedies against them, such prosecutors should be prosecuted and disbarred.

See, e.g.http://www.usatoday.com/news/washington/story/2012-02-06/ted-stevens-prosecutors-justice-department/52922922/1 (“Taxpayers pay to defend prosecutors in Ted Stevens case”); see also https://naegeleblog.wordpress.com/2011/01/03/the-american-legal-system-is-broken-can-it-be-fixed/#comment-1700 (“Perhaps the best remedy for such abuses is to have the ‘guilty’ prosecutors incarcerated; and let justice be meted out with respect to them, by those in prisons”)

[5] See, e.g., https://naegeleblog.wordpress.com/2011/01/03/the-american-legal-system-is-broken-can-it-be-fixed/#comment-1977 (“Law School May Amount To The Worst Investment Of Her Life!”) and https://naegeleblog.wordpress.com/2011/07/29/are-colleges-dinosaurs/ (“Are Colleges Dinosaurs?”) (see also the footnotes and all other comments beneath the article)

[6]  See, e.g., http://en.wikipedia.org/wiki/George_W._Romney#Secretary_of_Housing_and_Urban_Development

[7] See, e.g.https://naegeleblog.wordpress.com/2010/05/12/what-and-where-is-god/ (“What And Where Is God?”) (see also the footnotes and comments beneath the article)

[8] See, e.g., https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally/#comment-1960 (“Global Economy Could Endure Disaster For a Week”) (see also the article itself, as well as the footnotes and all of the other comments beneath it)

[9] See, e.g., http://www.americanbanker.com/issues/173_212/-365185-1.html (“Greenspan’s Fingerprints All Over Enduring Mess”) and http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html (“Euphoria or the Obama Depression?”); see also http://www.philstockworld.com/2009/10/11/greenspan’s-legacy-more-suffering-to-come/ (“Greenspan’s legacy: more suffering to come”)

[10] See https://naegeleblog.wordpress.com/2011/07/14/divorces/ (see also the footnotes and comments beneath the article)

[11] See, e.g., http://www.dailymail.co.uk/news/article-2085163/Children-dumped-streets-Greek-parents-afford-them.html (“Children ‘dumped in streets by Greek parents who can’t afford to look after them any more'”)

[12] See https://naegeleblog.wordpress.com/2010/01/31/lawyers-and-internet-scams/ (“Lawyers And Internet Scams”) (see also the footnotes and all of the comments beneath the article)

[13] See http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html

[14] See, e.g., http://www.thedailybeast.com/galleries/2012/02/02/the-youngest-and-richest-people-in-america-from-mark-zuckerberg-to-sean-parker-photos.html (“The 10 Youngest Richest, From Sergey Brin to Mark Zuckerberg”)

[15] See https://naegeleblog.wordpress.com/2009/12/28/human-trafficking/ (“Human Trafficking”) (see also the footnotes and all of the comments beneath the article)

[16] See https://naegeleblog.wordpress.com/2010/02/26/america-a-rich-tapestry-of-life/ (“America: A Rich Tapestry Of Life”) (see also the footnotes and all of the comments beneath the article)





Barack Obama Is A Lame-Duck President Who Will Not Be Reelected

3 12 2010

By Timothy D. Naegele[1]

Like former Presidents Jimmy Carter and Lyndon Johnson before him, in 1980 and 1968 respectively, Barack Obama will not be reelected in 2012.[2] The twin pincers of a domestic economy in the throes of the “Great Depression II”[3]—which economic historians will describe as such, or by using similar terms 20-40 years from now—and his failed Vietnam-like Afghan war[4] will seal his political fate.  Other factors will contribute mightily too, such as the perception that he is “out of touch” just as Jimmy Carter was; and that Obama is a silver-tongued, narcissistic “foreign born” demagogue who is un-American.[5] Perceptions often become reality, certainly in politics.

We are witnessing the end of Obama as a politician now.  The zenith of his presidency occurred with the enactment of ObamaCare, just as Hillary Clinton’s health care efforts marked the “high water mark” of her influence during Bill Clinton’s presidency.  Obama’s nadir is yet to come, but the 2010 mid-term election debacle represented an important milestone on the slippery downward slope of his presidency.  The domestic economy will get far worse; his Afghan war is a morass that seems unwinnable and inescapable; and national security issues loom—such as North Korea and Iran—which may prove “hazardous” at best.

Barack Obama is a failed politician whose “magic” has come and gone.  He is not merely a bad president. He may have the distinction of going down in history as one of the worst presidents that America has ever had, or perhaps the worst depending on what happens during the remainder of his term in office.  That he is presiding over a failed presidency is not in dispute. The only question becomes: how bad will things get for the American nation, its people and for him, before he leaves public office?[6] It is fair to surmise that we have only seen the tip of an enormous political, economic, social and national security “iceberg”—or nightmare—reminiscent of the one that the RMS Titanic struck in 1912.

It is not beyond the pale to believe that scandals will engulf Barack Obama’s presidency as more and more is learned about who he is and how he has governed, and what he and others in his administration have done during the time they have been entrusted with the presidency.[7] Barack Obama is no Bill Clinton: a “cat” with seemingly nine lives politically. He is a “mix” between Carter who was perceived as cerebral and out of touch, and Johnson who was viciously maligned and prevented from running for reelection.

When I was a young Army officer stationed at the Pentagon, before working on Capitol Hill, I remember bumper stickers on cars in the District of Columbia that asked: “Where is Lee Harvey Oswald now that we really need him?”—a reference to John F. Kennedy’s killer.  Johnson was hated, and such implied threats were real.  There are rising negative sentiments about Obama today, involving large numbers of Americans who are not racially prejudiced or merely disillusioned.  Indeed, two Democratic pollsters and advisers to Presidents Clinton and Carter respectively, Douglas E. Schoen and Patrick H. Caddell, wrote an important op-ed piece in the Washington Post recently, which stated:

[W]e believe Obama should announce immediately that he will not be a candidate for reelection in 2012.

. . .

[T]he president has largely lost the consent of the governed.  The [2010] midterm elections were effectively a referendum on the Obama presidency.[8]

However, his raving and overarching narcissism will likely drive his decision making to put his own perceived best interests ahead of the good of the country and his political party; and he will probably fight on to the bitter end.  More and more Americans are concluding that he does not deserve a second term in the White House.[9] Political pundit and former adviser to Bill Clinton, Dick Morris, argues that he will be challenged by both those on his left and right politically.[10]

Barack Obama is an unsuccessful “community organizer” from Chicago—and before that, Hawaii and Indonesia—who became a black man when it suited him, despite the ethnicity of his mother and her parents who nurtured him like no one else in his life.  The best of him, he has readily admitted, is what the three of them gave him; and clearly he cherishes their memories.[11] Yet, it is not such personal qualities that will determine his political fate.  Jimmy Carter was perceived as likable too.

With respect to the economy, we are in the midst of the “Great Depression II,” and there is nothing he can do about that fact.  The economic tsunami that former Federal Reserve Chairman Alan Greenspan unleashed has been rolling worldwide, with no end in sight. At most, government policies can affect it at the margins—because it will run its course, essentially oblivious to government intervention. Where and when it stops, no one knows; however, Obama’s actions to date have only made it worse.[12] His so-called “stimulus package” has done little or nothing to help the economy; and his reform of the financial markets is akin to shuffling deck chairs on the Titanic[13].

His signature legislation, ObamaCare, was opposed by a majority of the American people, but that did not stop Obama and House Speaker Nancy Pelosi from arrogantly shoving it down their throats, as if to say that the two of them knew what was best for their wards.  ObamaCare is likely to be a tragedy for Americans who need health care the most, such as senior citizens; and according to a Rasmussen Reports national telephone survey, 58 percent of American voters favor its repeal, while 37 percent are opposed.[14]

His policies with respect to Russia’s “dictator-for-life” Vladimir Putin are a travesty to say the least, which simply reflect his almost-total naïveté that is stunning—America’s “Hamlet” on the Potomac.  His negotiation and endorsement of the New START Treaty is a perfect example.[15] Also, he stood by helplessly while those Iranians who advocated freedom were tortured or killed.  His positive contributions with respect to peace between the Israelis and Palestinians are essentially nonexistent, at a critical juncture in the history of the Middle East.[16] And the list goes on and on.

Writing for Germany’s Der Spiegel, Klaus Brinkbäumer stated bluntly:

[N]obody in the US understands [the Afghan] war any more.  The conflict long ago ceased to be Bush’s war, and is now Obama’s.  Worse still, it will inevitably end with an inglorious withdrawal.  Why, then, should the US send in yet more troops?  Why spend $100 billion a year waging war when train stations and schools back home are falling to pieces, and the money would be better spent on other American projects and research?  Congress refuses to approve extra spending on renewing America: The money has already been spent.

. . .

The problem is simply that Obama is smaller than the promise he made, and tiny in comparison to the hopes an entire nation placed on him in 2008. There’s one thing that Barack Obama failed to do. That was his real failure, the big mistake he made, back when everything seemed possible.

. . .

[H]e didn’t even try.[17]

The fact is that Barack Obama is a professional politician and nothing more.  And Americans have come to loathe such creatures, not love them.  So “out of touch” is he that when the BP oil spill was polluting the Gulf of Mexico, Michelle Obama and their youngest daughter flew to Spain—and she was described as America’s “Marie Antoinette.”  More importantly, Obama is not fit to serve or govern, and he never has been.  He is a demagogue and a liar[18], and an embarassment to this great nation and its people.  He is incompetent[19]; and yes, he is evil.[20] Before his presidency ends, he is apt to do even more irreparable damage to our national security, our economy, and with respect to a whole host of critical areas.

He should be relieved of command, and end his political career with dignity like his former military commander in Afghanistan, General Stanley A. McChrystal.  This is what Democrat pollsters Schoen and Caddell have urged Obama to do.  The good General McChrystal, who was forced by Obama to resign his command, might be the first public official (or former-public official) to call for Obama’s resignation.[21] He knows, better than most people, about Obama’s ineptitude and recklessness with the lives of U.S. military personnel and America’s honor—which are at stake and on the line each and every day in Afghanistan and elsewhere around the world.

The fact that Obama named General David Petraeus to replace McChrystal as commander of American and NATO forces in Afghanistan, and that Petraeus was willing to accept the job and step down from his position as Commander of the U.S. Central Command—which oversees American military efforts in Afghanistan, Iraq, Pakistan, Central Asia, the Arabian Peninsula, and parts of Africa—speaks volumes about the character, talent, loyalty and integrity of Petraeus.  However, it does not change the verdict with respect to Obama and his failed presidency.

There is nothing positive about his administration or what he has done to date, nothing.  Despite projecting an upbeat, positive, personable image on the campaign trail, which enthused millions of voters and gave them hope, at best he has proved to be an “empty suit.”  If Americans read his book, “Dreams from My Father,” they will realize that his radical beliefs are in tune with Indonesia where he lived—or perhaps some other foreign country—but not with the United States.[22] The “change” he espoused has not been consistent with the beliefs and goals of mainstream American voters.

The critical words that General McChrystal and his staff spoke in a Rolling Stone interview[23] were true and needed to be said—even though lots of Americans might have preferred not to hear about the acrimony and dissension between our military and the Obama Administration.[24] We have a president who is a far-Left neophyte and wrong for America; and he is presiding over a presidency that almost surely will get dramatically worse with the passage of time.  And we have a lovable but utter buffoon for vice president, who is a pathological liar and the laughingstock of the world, and who makes former Vice President Spiro Agnew look brilliant by comparison.[25]

With respect to Afghanistan, at the same time that Obama announced the deployment of an additional 30,000 American troops, he said the U.S. would begin pulling out by July of 2011—just before his anticipated reelection campaign begins in earnest[26], and only one year after our forces will have been deployed fully.  If implemented, it would be tantamount to conceding the country to our enemies sometime in 2011; and it would result in the shedding of American blood and that of our allies for nothing, like Vietnam.

While Obama may be in the process of jettisoning that unrealistic timeline, his thought processes are not surprising because he is an anti-war politician who never served in the U.S. military, and he knows nothing about running a war.  His goals—which never refer to the possibility of “victory” in Afghanistan—are designed to appease his political soul mates and constituency, America’s anti-war far-Left.  He is focused on an “exit strategy” instead of winning.  He has not been successful at running anything, ever[27]; and it is unlikely that Afghanistan will be an exception.  Since when does a failed, anti-war, far-Left “community organizer” from Chicago, who was raised in Hawaii and Indonesia, know how to run a war, much less successfully?

Independents and Republicans helped elect Obama and Democrat candidates in 2008; and they  joined with “disenchanted” Democrats and members of the Tea Party movement in November of 2010 to produce an opposite result.  The combination of Afghanistan—which is apt to be Obama’s Vietnam—and growing economic problems may doom his presidency, just as similar issues converged to deny Lyndon Johnson’s reelection in 1968.  Like John F. Kennedy before him, who inspired so many people and caused legions to enter politics, Obama has feet of clay and is dashing Americans’ dreams and political fantasies.[28]

In the final analysis, it is increasingly clear that Obama is a fad and a feckless naïf, and a tragic Shakespearean figure who will be forgotten and consigned to the dustheap of history—unless he tragically alters the course of American history.  His naïveté is matched by his overarching narcissism; and he is more starry-eyed and “dangerous” than Jimmy Carter.  Indeed, it is likely that his presidency will be considered a sad and tragic watershed in history; and the American people are recognizing this more and more with each day that passes.[29] Hopefully he chooses to end his political career with dignity by not running for reelection in 2012, instead of continuing to drag this great nation down with him.[30]

© 2010, Timothy D. Naegele


[1] Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass).  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates, which specializes in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and http://www.naegele.com/naegele_resume.html).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g.www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com

[2] See https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama [Please note: the postings beneath this article are important as well]; see also https://naegeleblog.wordpress.com/2010/11/12/sarah-and-todd-palin-the-big-winners and https://naegeleblog.wordpress.com/2010/03/31/the-rise-of-independents/ and https://naegeleblog.wordpress.com/2010/09/01/the-speech—is-barack-obama-smoking-pot-again/ and https://naegeleblog.wordpress.com/2010/01/01/barack-obama-america’s-second-emperor/

[3] See, e.g., http://www.americanbanker.com/issues/173_212/-365185-1.html and http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html and http://www.philstockworld.com/2009/10/11/greenspan’s-legacy-more-suffering-to-come/ and https://naegeleblog.wordpress.com/2009/12/16/the-great-depression-ii/ and https://naegeleblog.wordpress.com/2010/04/23/is-financial-reform-simply-washingtons-latest-boondoggle/ and https://naegeleblog.wordpress.com/2010/05/16/will-the-eus-collapse-push-the-world-deeper-into-the-great-depression-ii/ and https://naegeleblog.wordpress.com/2010/09/27/the-economic-tsunami-continues-its-relentless-and-unforgiving-advance-globally

[4] See, e.g., https://naegeleblog.wordpress.com/2010/09/09/are-afghanistan-iraq-and-pakistan-hopeless-and-is-the-spread-of-radical-islam-inevitable-and-is-barack-obama-finished-as-americas-president/ and https://naegeleblog.wordpress.com/2009/12/26/obama-in-afghanistan-doomed-from-the-start/

[5] See https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/

[6] See, e.g., https://naegeleblog.wordpress.com/2010/01/19/emp-attack-only-30-million-americans-survive/

[7] In his book, “Dreams from My Father,” Obama wrote:

Junkie.  Pothead.  That’s where I’d been headed: the final, fatal role of the young would-be black man.

See Obama, “Dreams from My Father” (paperback “Revised Edition,” published by Three Rivers Press, 2004), p. 93; see also pp. 120, 270; https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/.

Regardless of whether he has taken illegal drugs or not since his college years, he is occupying our White House; and sooner or later, stories will trickle out about the time he has spent there.

[8] See http://www.washingtonpost.com/wp-dyn/content/article/2010/11/12/AR2010111202846.html; see also https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama/#comment-974

[9] See http://www.quinnipiac.edu/x1295.xml?ReleaseID=1538; see also https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama/#comment-999

[10] See http://www.dickmorris.com/blog/obama-may-face-left-wing-primary/; see also https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama/#comment-968 and https://naegeleblog.wordpress.com/2010/11/12/sarah-and-todd-palin-the-big-winners/ (“[I]t is not beyond the pale to believe that two women might face off for the American presidency in 2012, Sarah Palin and Hillary Clinton, which would be historic!”)

[11] See https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/ and Obama, “Dreams from My Father” (paperback “Revised Edition,” published by Three Rivers Press, 2004).

[12] Paul Krugman has written a New York Times’ article entitled, “The Third Depression,” which states:

Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.

. . .

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost—to the world economy and, above all, to the millions of lives blighted by the absence of jobs—will nonetheless be immense.

. . .

[T]he recession brought on by the financial crisis arguably ended last summer.

But future historians will tell us that this wasn’t the end of the third depression, just as the business upturn that began in 1933 wasn’t the end of the Great Depression.  . . .  [B]oth the United States and Europe are well on their way toward Japan-style deflationary traps.

See http://www.nytimes.com/2010/06/28/opinion/28krugman.html

This conclusion is consistent with the thesis of articles that I have written and interview responses that I have given; namely, we are in the midst of the “Great Depression II”—certainly in terms of the 20th and 21st Centuries—which will continue to unfold during at least the balance of this decade.  See infra n.3.

Krugman added:

As far as rhetoric is concerned, the revival of the old-time religion is most evident in Europe, where officials seem to be getting their talking points from the collected speeches of Herbert Hoover, up to and including the claim that raising taxes and cutting spending will actually expand the economy, by improving business confidence. As a practical matter, however, America isn’t doing much better. The Fed seems aware of the deflationary risks—but what it proposes to do about these risks is, well, nothing. The Obama administration understands the dangers of premature fiscal austerity—but because Republicans and conservative Democrats in Congress won’t authorize additional aid to state governments, that austerity is coming anyway, in the form of budget cuts at the state and local levels.

Why the wrong turn in policy? The hard-liners often invoke the troubles facing Greece and other nations around the edges of Europe to justify their actions. And it’s true that bond investors have turned on governments with intractable deficits. But there is no evidence that short-run fiscal austerity in the face of a depressed economy reassures investors. On the contrary: Greece has agreed to harsh austerity, only to find its risk spreads growing ever wider; Ireland has imposed savage cuts in public spending, only to be treated by the markets as a worse risk than Spain, which has been far more reluctant to take the hard-liners’ medicine.

It’s almost as if the financial markets understand what policy makers seemingly don’t: that while long-term fiscal responsibility is important, slashing spending in the midst of a depression, which deepens that depression and paves the way for deflation, is actually self-defeating.

So I don’t think this is really about Greece, or indeed about any realistic appreciation of the tradeoffs between deficits and jobs. It is, instead, the victory of an orthodoxy that has little to do with rational analysis, whose main tenet is that imposing suffering on other people is how you show leadership in tough times.

And who will pay the price for this triumph of orthodoxy?  The answer is, tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again.

Amen.  Where I differ with Krugman is that his solution is more Keynesian governmental spending, with the goal of spending our way to prosperity.  As stated in articles that I have written and interview responses that I have given, the economic tsunami that Alan Greenspan unleashed has been rolling worldwide, with no end in sight.  At most, government policies can affect it at the margins—because it will run its course, essentially oblivious to government intervention.  Where and when it stops, no one knows.  Originally I predicted the 2017-2019 time frame, but it may take longer than that because of misguided and wasteful government “tinkering.”

In an editorial entitled, “The Keynesian Dead End,” the Wall Street Journal concluded that spending our way to prosperity is going out of style—and the editorial essentially rebuts the solution that Krugman recommended:

For going on three years, the developed world’s economic policy has been dominated by the revival of the old idea that vast amounts of public spending could prevent deflation, cure a recession, and ignite a new era of government-led prosperity. It hasn’t turned out that way.

. . .

The response at the White House and among Congressional leaders has been . . . Stimulus III. While talking about the need for “fiscal discipline” some time in the future, President Obama wants more spending today to again boost “demand.” Thirty months after [Obama economic adviser Larry] Summers won his first victory, we are back at the same policy stand.

The difference this time is that the Keynesian political consensus is cracking up. In Europe, the bond vigilantes have pulled the credit cards of Greece, Portugal and Spain, with Britain and Italy in their sights. Policy makers are now making a 180-degree turn from their own stimulus blowouts to cut spending and raise taxes. The austerity budget offered this month by the new British government is typical of Europe’s new consensus.

To put it another way, Germany’s Angela Merkel has won the bet she made in early 2009 by keeping her country’s stimulus far more modest. We suspect Mr. Obama will find a political stonewall this weekend in Toronto when he pleads with his fellow leaders to join him again for a spending spree.

Meanwhile, in Congress, even many Democrats are revolting against Stimulus III. The original White House package of jobless benefits and aid to the states had to be watered down several times, and the latest version failed again in the Senate late this week.  . . .  Mr. Obama is having his credit card pulled too—not by the bond markets, but by a voting public that sees the troubles in Europe and is telling pollsters that it doesn’t want a Grecian bath.

The Journal adds:

The larger lesson here is about policy. The original sin—and it was nearly global—was to revive the Keynesian economic model that had last cracked up in the 1970s, while forgetting the lessons of the long prosperity from 1982 through 2007. The Reagan and Clinton-Gingrich booms were fostered by a policy environment for most of that era of lower taxes, spending restraint and sound money. The spending restraint began to end in the late 1990s, sound money vanished earlier this decade, and now Democrats are promising a series of enormous tax increases.

Notice that we aren’t saying that spending restraint alone is a miracle economic cure. The spending cuts now in fashion in Europe are essential, but cuts by themselves won’t balance annual deficits reaching 10% of GDP. That requires new revenues from faster growth, and there’s a danger that the tax increases now sweeping Europe will dampen growth further.

President Obama’s tragic mistake was to blow out the U.S. federal balance sheet on spending that has produced little bang for the buck. . . .

With the economy in recession in 2008 and 2009, we argued that some stimulus was justified and an increase in the deficit was understandable and inevitable. However, we also argued that permanent tax cuts aimed at marginal individual and corporate tax rates would have done far more to revive animal spirits, and in our view would have led to a far more robust recovery. . . .

What the world has now reached instead is a Keynesian dead end. We are told to let Congress continue to spend and borrow until the precise moment when Summers and Mark Zandi and the other architects of our current policy say it is time to raise taxes to reduce the huge deficits and debt that their spending has produced. Meanwhile, individuals and businesses are supposed to be unaffected by the prospect of future tax increases, higher interest rates, and more government control over nearly every area of the economy. Even the CEOs of the Business Roundtable now see the damage this is doing.

A better economic policy will have to await a new Congress, which we hope at a minimum can prevent punishing tax increases. But for now the good news is that voters and markets are telling politicians to stop doing what hasn’t worked.

See http://online.wsj.com/article/SB10001424052748703615104575328981319857618.html?mod=WSJ_hp_mostpop_read

Thus, economic “thinkers” continue to flail around, while the Great Depression II takes its toll in terms of horrendous human suffering worldwide, with no end in sight.

[13] See https://naegeleblog.wordpress.com/2010/04/23/is-financial-reform-simply-washingtons-latest-boondoggle/

[14] See http://www.rasmussenreports.com/public_content/politics/current_events/healthcare/health_care_law

[15] See, e.g.https://naegeleblog.wordpress.com/2010/02/09/russias-putin-is-a-killer/ and https://naegeleblog.wordpress.com/2010/02/09/russias-putin-is-a-killer/#comment-1014

[16] See, e.g.https://naegeleblog.wordpress.com/2010/02/20/israels-senseless-killings-and-war-with-iran/ [Please note: the postings beneath this article are important as well]

[17] See http://www.spiegel.de/international/world/0,1518,723814,00.html

[18] In his announcement with respect to McChrystal, Obama stated:

I don’t make this decision based on any difference in policy with Gen. McChrystal, as we are in full agreement about our strategy. Nor do I make this decision out of any sense of personal insult.

See http://blogs.wsj.com/washwire/2010/06/23/obama-on-mcchrystal-nothing-personal/

It has been said before, and it bears repeating, that if one wishes to watch Barack Obama lie, all one needs to do is watch his lips move.

[19] See, e.g., http://www.dickmorris.com/blog/2010/07/28/leaked-report-hurts-obama/#more-1230 (“Having already lost all Republicans and almost all independents, Obama is shedding Democrats these days.  . . .  [W]hile liberals have increasing reason to question Obama’s performance on their litmus-test issues, they also have increasing cause to wonder at his competence”).

[20] He is not evil in the sense of being the “antichrist,” as some would suggest, but evil in the sense of leading the United States in the wrong direction and having lied to the American people in the process of doing so.  As stated previously:

It has been said: “Jimmy Carter may be heading to #2 on the [list of] all-time worst presidents in American history, thanks to ‘O.’” This is an understatement.  When history is written, Barack Obama may be hated more than George W. Bush has been by the Democrats, more than Bill and Hillary Clinton have been hated by the Republicans, more than Nixon was hated by the Democrats, and even more than Johnson was hated by a broad swath of the American electorate . . . and the list goes on and on.  Obama may emerge as the most hated president in history.

See https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama

[21] With McChrystal’s military career at an end, there will be nothing to prevent him from lashing out at Obama and telling the truth (e.g., in memoirs released shortly before the 2012 presidential elections, which tell the unvarnished truth about Obama’s handling of the war in Afghanistan and sear Obama in explicit terms):

Obama seemed to suggest that McChrystal’s military career is over, saying the nation should be grateful “for his remarkable career in uniform” as if that has drawn to a close.

McChrystal left the White House after the meeting and returned to his military quarters at Washington’s Fort McNair.

See http://www.msnbc.msn.com/id/37866754/ns/us_news-military/

Former adviser to President Bill Clinton and political pundit Dick Morris adds:

Relieving the general of command sends a message that Obama is thin-skinned, arrogant, and easily offended.

Coming at the same time that the failure of the Obama Administration to clean up the oil spill in the Gulf is already rankling liberal voters, the McChrystal comments will add to their doubts about Obama. They already are against his decision to send additional troops there and have long believed that we should not be fighting in Afghanistan. By calling attention to how badly the war is going and the disarray in the president’s foreign policy apparatus, the McChrystal interview can only highlight and underscore these concerns and further dampen liberal enthusiasm for Obama.

Neither the oil spill nor the Afghan War will drive any liberals to vote for conservatives or induce Democrats to vote Republican. But they both will hold down Democratic turnout and reinforce cynicism about the Obama presidency on the left. Those initially attracted by Obama’s charisma will be driven away by these twin failures.

The Democratic Party is really a synthesis of environmentalists and peace advocates with a few gay rights activists and public employee unions thrown in. Now, Obama has alienated both the green and the anti-war segments of the party. And the continuing spillage from the Gulf oil well and from the General’s mouth will further damage his standing with his political base.

Whatever the fate of General McChrystal or of the American involvement in the war, the mounting casualty lists will drag down Obama’s prospects in November still further and depress his ratings in the days ahead.

See http://www.dickmorris.com/blog/2010/06/23/mcchrystals-attack-hurts-obamas-left-wing-base/#more-1096

[22] See https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/

While some of his far-Left “true believers” may have read the book and agreed with his core beliefs, the majority of Americans did not; and they had no idea how much his future policies would differ from what they perceived as the mainstream views that he was espousing on the campaign trail.

[23] For example, the author Michael Hastings writes:

The general’s staff is a handpicked collection of killers, spies, geniuses, patriots, political operators and outright maniacs . . . , and they pride themselves on their can-do attitude and their disdain for authority.

. . .

[McChrystal] also set a manic pace for his staff, becoming legendary for sleeping four hours a night, running seven miles each morning, and eating one meal a day. (In the month I spend around the general, I witness him eating only once.) It’s a kind of superhuman narrative that has built up around him, a staple in almost every media profile, as if the ability to go without sleep and food translates into the possibility of a man single-handedly winning the war.

See “The Runaway General” by Michael Hastings, Rolling Stone (June 22, 2010), http://www.rollingstone.com/politics/news/17390/119236#

Barack Obama is quoted by the national media as having said that the article showed “poor judgment,” and that he wanted to talk with McChrystal before making any decision about whether he should remain the U.S. commander in Afghanistan.

See, e.g., http://www.politico.com/news/stories/0610/38837.html and http://online.wsj.com/article/SB10001424052748704853404575322354071542896.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsTop

While it was surprising that McChrystal gave the Rolling Stone any access, much less seemingly unfettered access to his innermost thoughts and beliefs—especially given the Rolling Stone‘s reputation—the fact is that he did, and he and his staff spoke their minds, and their words are now part of American history.

The article adds:

After arriving in Afghanistan last June, [McChrystal] conducted his own policy review, ordered up by Defense Secretary Robert Gates. The now-infamous report was leaked to the press, and its conclusion was dire: If we didn’t send another 40,000 troops—swelling the number of U.S. forces in Afghanistan by nearly half—we were in danger of “mission failure.” The White House was furious. McChrystal, they felt, was trying to bully Obama, opening him up to charges of being weak on national security unless he did what the general wanted. It was Obama versus the Pentagon, and the Pentagon was determined to kick the president’s ass.

. . .

Obama has quietly begun to back away from the deadline he set for withdrawing U.S. troops in July of next year. The president finds himself stuck in something even more insane than a quagmire: a quagmire he knowingly walked into, even though it’s precisely the kind of gigantic, mind-numbing, multigenerational nation-building project he explicitly said he didn’t want.

It is reminiscent of “Brer Rabbit And The Tar Baby,” and Afghanistan is becoming Obama’s “tar pit.”

See, e.g.http://en.wikisource.org/wiki/Uncle_Remus%3A_His_Songs_and_His_Sayings/The_Wonderful_Tar-Baby_Story

The article continues:

In private, Team McChrystal likes to talk shit about many of Obama’s top people on the diplomatic side. One aide calls Jim Jones, a retired four-star general and veteran of the Cold War, a “clown” who remains “stuck in 1985.” Politicians like McCain and Kerry, says another aide, “turn up, have a meeting with Karzai, criticize him at the airport press conference, then get back for the Sunday talk shows. Frankly, it’s not very helpful.” Only Hillary Clinton receives good reviews from McChrystal’s inner circle. “Hillary had Stan’s back during the strategic review,” says an adviser. “She said, ‘If Stan wants it, give him what he needs.'”

. . .

 

At one point on his trip to Paris, McChrystal checks his BlackBerry. “Oh, not another e-mail from [Special Representative to Afghanistan Richard] Holbrooke,” he groans. “I don’t even want to open it.” He clicks on the message and reads the salutation out loud, then stuffs the BlackBerry back in his pocket, not bothering to conceal his annoyance.

“Make sure you don’t get any of that on your leg,” an aide jokes, referring to the e-mail.

. . .

When it comes to Afghanistan, history is not on McChrystal’s side. The only foreign invader to have any success here was Genghis Khan—and he wasn’t hampered by things like human rights, economic development and press scrutiny.

. . .

The very people that [McChrystal’s military strategy known as counterinsurgency, or] COIN seeks to win over—the Afghan people—do not want us there.  . . .  There is a reason that President Obama studiously avoids using the word “victory” when he talks about Afghanistan. Winning, it would seem, is not really possible. Not even with Stanley McChrystal in charge.

The media and politicians like Barack Obama said the same thing about George W. Bush’s—and David Petraeus’—”surge” in Iraq, and they were mistaken.

[24] The highly-respected Rasmussen polling organization found in results that were released on June 25, 2010:

Forty-seven percent (47%) of U.S. voters agree that it was appropriate for President Obama to fire America’s top commander in Afghanistan this week, according to a new Rasmussen Reports national telephone survey.

Thirty-six percent (36%) disagree and say the president should not have removed General Stanley McChrystal from his command. Another 17% are not sure.

Just 32%, however, believe it was appropriate for McChrystal to criticize the president and other top U.S. officials in an interview with Rolling Stone magazine. Fifty percent (50%) feel the general’s public comments were not appropriate. Nearly one-out-of-five voters (18%) are undecided.

Publication of that interview prompted the president to call McChrystal back to Washington and, during a private White House meeting, to accept his resignation. Obama then announced that General David Petraeus, who commanded U.S. troops in Iraq in 2007 and 2008, will take his place.

Forty-seven percent (47%) view the naming of Petraeus as the new top commander in Afghanistan as good for the U.S. war effort there. Only nine percent (9%) say it’s a bad move, while 30% think it will have no impact. Fourteen percent (14%) aren’t sure.

Voter confidence in the course of the war in Afghanistan has been falling in recent weeks. Just 41% of voters now believe it is possible for the United States to win the nearly nine-year-old war in Afghanistan. Thirty-six percent (36%) disagree and say it is not possible for America to win the war. Another 23% are not sure.

See http://www.rasmussenreports.com/public_content/politics/obama_administration/june_2010/47_support_obama_s_decision_to_fire_mcchrystal_36_oppose

[25] In an editorial entitled, “The Petraeus Hail Mary,” the Wall Street Journal pointed out the divisive effect that Biden has had with respect to American policies and their implementation in Afghanistan.  Biden has been a “loose canon,” who was fully capable of fabricating facts if not engaging in outright lies.

See http://online.wsj.com/article/SB10001424052748704629804575325073086949444.html?mod=WSJ_Opinion_LEADTop (“Mr. Obama said yesterday that no one individual is indispensable in war, but if any single person is, it is a President. Mr. Obama too often gives the impression of a leader asking, ‘Won’t someone rid me of this damn war?'”); see also https://naegeleblog.wordpress.com/2009/12/26/obama-in-afghanistan-doomed-from-the-start/#comment-169

Former President Bill Clinton was reluctant to take on the military politically, and wisely so—much to the chagrin of his far-Left constituents, some of whom believe America does not need to be strong militarily.  As I have stated before: “America’s economic and military strength go hand in hand. Both are indispensable ingredients of our great nation’s future strength.”

See http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html

[26] If Obama’s presidency does not end before 2012, it is likely that he will not run for reelection, just as Truman declined to run in the midst of the Korean War, and Lyndon Johnson declined to run in the midst of the Vietnam War.

[27] See, e.g., http://dyn.politico.com/printstory.cfm?uuid=1FF04086-18FE-70B2-A8502AE14AB8C592 and https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/

[28] See, e.g., https://naegeleblog.wordpress.com/2010/10/04/john-f-kennedy-the-most-despicable-president-in-american-history/ and https://naegeleblog.wordpress.com/2010/03/20/ronald-reagan-and-john-f-kennedy-a-question-of-character

[29] Also, there is the issue of personal Obama family extravagances at the expense of U.S. taxpayers, especially at a time when so many Americans are suffering.  See, e.g.http://www.dailymail.co.uk/news/worldnews/article-1298063/Michelle-Obama-takes-daughter-Sasha-Spanish-getaway–leaves-birthday-boy-Barack-behind.html (“Michelle Obama is set to holiday with daughter Sasha on Spain’s Costa del Sol.  . . .  Mrs Obama . . .  has reserved 30 rooms at a five-star hotel”)

[30] Lyndon Johnson chose not to run for reelection in 1968; and Obama advised New York Congressman Charles Rangel to end his political career with dignity as well.  Hopefully he follows his own advice.

See http://www.politico.com/blogs/bensmith/0710/Obama_Time_for_Rangel_to_end_career_with_dignity.html





The Speech—Is Barack Obama Smoking Pot Again?

1 09 2010

By Timothy D. Naegele[1]

As Barack Obama wrote in his biography, “Dreams from My Father”:

Junkie.  Pothead.  That’s where I’d been headed: the final, fatal role of the young would-be black man.[2]

Is he using again . . . or is he simply pathetic and a bad joke?  In his televised speech to the American people, he announced that “all U.S. troops will leave [Iraq] by the end of next year.”[3] This artificial deadline may snatch defeat from the jaws of victory; and if so, the anti-war, far-Left Obama will be responsible personally.  Among other things, Iraq is still without a coalition government months after its election, and political compromise remains elusive.[4]

The Wall Street Journal was correct when it stated in an editorial prior to the speech:

The U.S. kept hundreds of thousands of troops in Germany for decades after World War II, and it still has tens of thousands in South Korea and Japan. It would be a tragedy if after seven years of sacrifice, the U.S. now failed to assist Iraqis as they try to build a federal, democratic state in an often hostile neighborhood.[5]

He is bringing our troops home to no jobs, or to poor jobs with little or no financial security once they leave the military.  Obama’s central responsibility as president—which is true of all presidents—is to protect the United States and the American people against our enemies.  It is not, as Obama stated, to put the millions who have lost their jobs back to work.  This is the task of private enterprise, not any “big brother” government.

International terrorism and other very real national security concerns still loom, which might produce flashpoints at any time. We have enemies who seek to destroy us—a fact that seems to escape Obama[6], and is sometimes forgotten by many Americans as 9/11 recedes in our memories. While it might be attractive for the president and the Democrats to take a “meat ax” to the Defense Department, it would be foolhardy to gut our military precisely when it has been performing magnificently and its continued strength is needed most.

America’s economic and military strength go hand in hand. Both are indispensable ingredients of our great nation’s future strength.  Obama is naïve and out of touch with reality—almost as much as Joe Biden, which is scary.  He spoke of “record deficits,” but failed to mention that he created them; and he is pandering to the American people (aka his far-Left constituency) in the hopes that the approaching political “blood bath” in November’s elections will not materialize.

At best, it is wishful thinking, devoid of attachments to reality, because a political tsunami is building that may engulf Obama, House Speaker Nancy Pelosi and their minions.  America and other nations are in uncharted waters; and their politicians may face backlashes from disillusioned and angry constituents that are unprecedented in modern times.

The facts are that we are in the midst of the “Great Depression II,” and there is nothing that Obama can do about it, except to make things worse.  It will run its course, probably toward the end of this decade—although it has been suggested that it might take a generation.  Between now and then, the carnage in America and worldwide will be mind-boggling.[7]

Also, Obama is caught in the “tar” of his Afghan war.[8] Secretary of Defense Robert Gates has noted that the full complement of additional troops ordered to Afghanistan by the president is only now arriving.[9] However, when President Obama announced the deployment of an additional 30,000 American troops to Afghanistan, he said the U.S. would begin pulling out by July of 2011—just before his reelection campaign might begin in earnest, which is a recipe for defeat.

It is a political decision, and tantamount to conceding the country to our enemies sometime next year.  Obama is apt to be a one-term president who is unable to run for reelection, like Lyndon Johnson in 1968.  No amount of flowery rhetoric or contrived puffery by the president will change these facts.

Throw in the Tea Party movement, as well as a majority of Americans who support the wholesale repeal of ObamaCare—and other crises to come—and the president is engaged in “Mission Impossible,” or certainly close to it.  He can give all of the speeches he wants, until the cows come home, but they are unlikely to make any appreciable difference.  His goose is cooked, and the following observation may prove to be prophetic:

Jimmy Carter may be heading to #2 on the [list of] all-time worst presidents in American history, thanks to “O.”[10]

This may be an understatement.  If our “victory” in Iraq is lost, Obama will be blamed.  If we “lose” in Afghanistan, Obama will be blamed.  If America’s economy does not return to robust health—which it will not during the balance of his presidency—he will be blamed.  The bloom is off the rose of his presidency.  It is long gone.  If November is a disaster for the Democrats and Obama, he may be perceived as a lame-duck president in short order.  Among other things, Hillary and Bill Clinton and their minions (e.g., James Carville) may be “gunning” for him.

What will be clear, crystal clear, is that Obama was the wrong man for the presidency.  He had feet of clay, which he and his handlers hid from the American people—before he was elected.  He was a fad and a feckless naïf, and a tragic Shakespearean figure who will be forgotten and consigned to the dustheap of history.  His naïveté was matched by his overarching narcissism; and he was more starry-eyed and “dangerous” than Jimmy Carter.  In the final analysis, his presidency is likely to be considered a sad watershed in history.

© 2010, Timothy D. Naegele


[1] Timothy D. Naegele was counsel to the U.S. Senate Banking Committee, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass), the first black senator since Reconstruction after the U.S. Civil War.  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates (www.naegele.com).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years.  See, e.g., www.naegele.com/whats_new.html#articles

[2] See Obama, “Dreams from My Father” (paperback “Revised Edition,” published by Three Rivers Press, 2004), p. 93; see also pp. 120, 270; https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist

[3] See, e.g., http://blogs.wsj.com/washwire/2010/08/31/text-of-obamas-remarks-on-iraq/

[4] See, e.g.http://online.wsj.com/article/SB10001424052748703467004575463563467541850.html?mod=WSJ_hps_sections_news

[5] See http://www.naegele.com/documents/ThePresidentonIraq-WSJ.com.pdf

[6] See, e.g.https://naegeleblog.wordpress.com/2010/01/19/emp-attack-only-30-million-americans-survive/

[7] See https://naegeleblog.wordpress.com/2009/12/16/the-great-depression-ii; see also http://www.americanbanker.com/issues/173_212/-365185-1.html and http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html and http://www.philstockworld.com/2009/10/11/greenspan’s-legacy-more-suffering-to-come/

[8] See https://naegeleblog.wordpress.com/2009/12/26/obama-in-afghanistan-doomed-from-the-start; see also http://en.wikisource.org/wiki/Uncle_Remus%3A_His_Songs_and_His_Sayings/The_Wonderful_Tar-Baby_Story

[9] See http://online.wsj.com/article/SB10001424052748703467004575463563467541850.html?mod=WSJ_hps_sections_news

[10] See https://naegeleblog.wordpress.com/2010/01/20/the-end-of-barack-obama





Will The EU’s Collapse Push The World Deeper Into The Great Depression II?

16 05 2010

By Timothy D. Naegele[1]

“For want of a nail . . .  the kingdom was lost.”[2] Will Greece’s debt crisis lead to a Greek debt default and the collapse of the euro and an ensuing collapse of the 27-member European Union (or EU), and trigger the next round of crashes that will be described by economic historians decades from now as “the Great Depression II”?[3] The assassination of Archduke Franz Ferdinand of Austria and his wife in Sarajevo, Serbia brought the tensions between Austria-Hungary and Serbia to a head.  In turn, it is said this triggered a chain of international events that embroiled Russia and the major European powers; and World War I broke out in Europe.[4] Will Greece’s debt crisis set a series of events in motion that sends the world into a downward economic spiral of unfathomable proportions?

For years, I have wrestled with the question of whether the Europe would collapse economically, politically, socially and militarily.  Sounds absurd, you say?  The countries are too interwoven and mutually dependent now for that to happen, and at the very least they will muddle along, making the worst of the best situations, and achieving the lowest common denominator?  The United States of Europe, they are not and never will be, but they have achieved a degree of cohesiveness that I never thought was likely years ago.

I believed jealousies and rivalries and, yes, the hatreds of the past would linger barely beneath the surface, coming unglued at the most inopportune times when it really mattered the most.  When the chips were down, I felt the EU would splinter and fall apart; and that its participants and the world would write it off as a noble experiment that failed, much like the League of Nations.  After all, its successor—the United Nations—is considered to be a colossal joke by Americans, many of whom would love to see it shipped to Europe, and its building on the East River in Manhattan bulldozed and turned into a park, or made into co-ops or condominiums.

The bitter hatreds of the past seem to have subsided in Europe though, and it has become a cultural melting pot, more and more.  Airbus was the first tangible sign of economic integration that I never thought would be possible.  To see the Germans and French working together, and genuinely enjoying each other and producing competitive aircraft on a global scale, was something to behold.  The economic interdependence and booming economies covered up a myriad of sins, mistakes and weaknesses.  It all looked very rosy until the economic tide in Europe and worldwide began to turn.  Then, potholes showed up where there had been rose gardens; and recriminations began to occur that had been buried beneath the surface.

Today Greece is teetering, and anger is intensifying over proposed cuts that are to be made as part of the EU deal to save the country’s economy.  It is the age-old battle between the haves and have-nots, and between those who will bear the burden of the cuts and the wealthy who will escape them.  However, anti-American sentiments are growing because the International Monetary Fund (or IMF) is viewed as a tool of the U.S., which is carrying out American policies.  Like the U.N., the IMF has taken on more powers and responsibilities than were ever envisioned; and it needs to be curbed, and its U.S. support diminished.[5]

Perhaps a recent editorial by the Wall Street Journal best captured the “contagion” that began with Greece:

It hasn’t been a week since the terms of Athens’s . . . bailout were set, and already the reviews of this latest Greek drama are saying it’s a flop.  Yesterday the euro sank to its lowest level in a year.  Stock markets across Europe fell nearly 3%, and the carnage spread to Wall Street and beyond.  Greek interest-rate spreads climbed higher again, and market players have turned their attention to the euro zone’s other weak sisters as everyone tries to figure out who is most likely to follow Greece down the road to national insolvency.

The bailout, in other words, hasn’t stopped the much-feared contagion. If anything, it has spread it.[6]

The Archduke revisited—and hardly encouraging to a world that is in the process of revisiting the Great Depression.  And reason enough for panics, with many more to come.[7]

In another editorial, the Journal added:

The real gamble is being made by politicians who are calculating that, by taking the risk of sovereign default off the table for now, they are giving the global economic recovery time to build and making it easier to address Europe’s fiscal woes.

. . .

In the euro’s first serious test, the political class blinked.  The resulting moral hazard will haunt the single currency for years and reduce the incentive for governments to keep their fiscal houses in order.[8]

Even more troubling is the prospect that the 16-nation (out of the 27-EU member states) shared euro currency may be headed for disintegration.  “The euro is doomed,” said one market analyst.

As German Chancellor Angela Merkel observed, Europe is in a “very, very serious situation”; and the U.K.’s new Prime Minister David Cameron and his coalition partner, Nick Clegg, may have major problems keeping the left wing of the Liberal Democrats and the right wing of the Conservatives (or Tories) in line, and a new election may be called before year-end.[9] Also, it is predicted that “China’s economy will slow and possibly ‘crash’ within a year as the nation’s property bubble is set to burst”—which may have troubling implications for whether China will continue to buy and hold our government debt.[10] In turn, this is a major economic and national security risk.

The economic tsunami that former Federal Reserve Chairman Alan Greenspan unleashed has produced consequences far beyond those that were ever envisioned—and far beyond American shores—which will last through the end of this decade, and possibly a generation.  Giulio Tremonti, Italy’s Minister of Economy and Finance, has said: “Greenspan was considered a master.  Now we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most.”  These words speak volumes; however, they fall short of describing the global dimensions and consequences of Greenspan’s actions and inactions.[11]

The central banks of the world are essentially out of options, and the worst is yet to come.  Hold on tight.  It will not be pretty—and global citizenry anger may be truly mind-boggling![12]

© 2010, Timothy D. Naegele


[1] Timothy D. Naegele was counsel to the U.S. Senate Banking Committee, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass), the first black senator since Reconstruction after the U.S. Civil War.  He practices law in Washington, D.C. and Los Angeles with his firm, Timothy D. Naegele & Associates (www.naegele.com).  He has an undergraduate degree in economics from UCLA, as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University.  He is a member of the District of Columbia and California bars.  He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal.  Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years.  See, e.g., www.naegele.com/whats_new.html#articles

[2] The proverb, “For Want of a Nail,” states:

For want of a nail the shoe was lost.

For want of a shoe the horse was lost.

For want of a horse the rider was lost.

For want of a rider the battle was lost.

For want of a battle the kingdom was lost.

And all for the want of a horseshoe nail.

See http://en.wikipedia.org/wiki/For_Want_of_a_Nail_(proverb)

[3] See, e.g.http://apnews.myway.com/article/20100408/D9EURADO0.html and http://www.bloomberg.com/apps/news?sid=aL3SiaURK8dQ&pid=20601087

[4] See, e.g.http://en.wikipedia.org/wiki/Assassination_of_Archduke_Franz_Ferdinand_of_Austria

[5] As the London Times points out:

Even greater social unrest is expected as resentment simmers among poorer families at being told to tighten their belts when wealthy Greeks can protect their fortunes by moving their money abroad, some of it into property bargains in London.

See http://www.timesonline.co.uk/tol/news/world/europe/article7113941.ece The Times article adds:

Mikis Theodorakis, the 84-year-old musician who composed the score for the film Zorba the Greek, calls for revolt against what he sees as an American plot to turn Greece into a “protectorate”.

[6] See http://www.naegele.com/documents/TheGreekBailoutFlop_000.pdf

[7] On May 6, 2010, the Dow Jones Industrial Average “ended down 347.80, or 3.2 percent, at 10,520.32, after being down as much as 998.50 earlier, the Dow’s biggest intraday drop on record.”

See http://www.cnbc.com/id/36988229

The CNBC article added:

“We’ve seen a crisis start in a country—Greece—become regional, impact the whole of the Euro zone and is on the verge of truly going global,” said El-Erian, CEO of the world’s biggest bond fund.

. . .

There is simply a growing recognition that Greece has got to default, said Rochdale banking analyst Dick Bove. “The riots in the streets showed the decision to repay the debt was not going to be made by the people in Germany, France and Switzerland, it’s going to be made by people in Greece and they’re not going to repay it,” he said. “Anyone seeing the riots is going to recognize that this government is going to be thrown out and anything replacing this government is going to be far more leftist leaning and they’re going to repudiate.”

See id. A Wall Street Journal article added:

The velocity of the plunge in stocks was breath-taking. Investors fled everything from stocks and risky bonds to commodities and poured money into safe assets such as U.S. Treasurys and gold.

. . .

“You worry about the a domino effect, from Greece to Portugal to Ireland and Spain,” said Richard Schottenfeld, general partner of Schottenfeld Associates, a New York hedge fund. “Pretty soon those kinds of losses are bigger than housing.”

Investors said they were worried about potential contagion from Greece’s ongoing problems, and whether eventual losses could even exceed those of the U.S. housing collapse.

See http://online.wsj.com/article/SB10001424052748704370704575227754131412596.html?mod=WSJ_hps_LEADNewsCollection

[8] The Journal’s editorial added:

The real euro crisis, in short, is one of overspending and policies that sabotage economic growth. Sunday’s shock and awe campaign has merely postponed that reckoning—and at a fearsome price.

See http://www.naegele.com/documents/TheRealEuroCrisis.pdf

[9] See http://www.bloomberg.com/apps/news?pid=20601087&sid=aqquuYOAN_sE (“European policy makers last week unveiled a loan package worth almost $1 trillion and a program of bond purchases in an effort to contain a sovereign-debt crisis that has threatened to shatter confidence in the euro.  . . .  By resorting to what some economists have called the ‘nuclear option,’ the [European Central Bank, or] ECB may open itself to the charge it’s undermining its independence by helping governments plug budget holes”)

[10] See http://www.upi.com/Top_News/Analysis/2010/05/07/Commentary-Fiscal-WMD/UPI-69801273233877/

[11] See http://www.philstockworld.com/2009/10/11/greenspan’s-legacy-more-suffering-to-come/ and http://www.americanbanker.com/issues/173_212/-365185-1.html and http://www.realclearpolitics.com/news/tms/politics/2009/Apr/08/euphoria_or_the_obama_depression_.html

[12] See also http://www.naegele.com/documents/MatthewKaminski-EuropesOtherCrisis.pdf (“Germans no longer feel obliged to pay for the sins of their forefathers by bankrolling Europe.  . . .  ‘The EU is falling to pieces'”) and http://finance.yahoo.com/news/Spain-debt-downgraded-by-apf-1816859080.html?x=0&.v=27 (Spain) and http://www.ft.com/cms/s/0/6f696c52-456a-11df-9e46-00144feab49a.html (“Soros warns Europe of disintegration”) and http://online.wsj.com/article/SB10001424052748703525704575061172926967984.html?mod=WSJ_hp_mostpop_read (“Europe is entering unprepared into a serious economic crisis—and the nascent global recovery could easily collapse due to the unsustainable and Ponzi-like buildup of government debt in weaker countries.  . . .  The issues for troubled euro zone countries are straightforward: Portugal, Ireland, Italy, Greece and Spain (known to the financial markets, and not in a polite way, as the PIIGS) had varying degrees of foreign- and bank credit-financed rapid expansions over the past decade.  In fall 2008, these bubbles collapsed.  . . .  Since these struggling countries share the euro, run by the European Central Bank in Frankfurt, . . . they are left with the need to massively curtail demand, lower wages and reduce the public sector workforce.  The last time we saw this kind of precipitate fiscal austerity—when nations were tied to the gold standard—it contributed directly to the onset of the Great Depression in the 1930s.  . . .  Ireland’s banks are today probably insolvent. Who can afford to repay their mortgages when wages are falling and unemployment rising?  Irish house prices continue to speed downward.  This is not an example of a ‘careful’ solution—it is a nation in a financial death spiral”) and http://www.dailymail.co.uk/news/worldnews/article-1250433/Greece-debt-bailout-EU-leaders-split-euro-crisis.html and http://www.nytimes.com/2010/02/14/business/global/14debt.html?hp=&pagewanted=all








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