Questions Remain Unanswered by Murphy

In a recent Hartford Courant story concerning Representative Chris Murphy’s mortgage issue, Courant columnist Jon Lender writes there are details of the loan still shrouded in mystery.

Mr. Murphy, the Democratic nominee for the U.S. Senate seat soon to be relinquished by Joe Lieberman, has claimed he missed “several” payments on his mortgage. The lapses of memory did not prevent him from receiving favorable credit from a Webster Bank, although Mr. Murphy, a lawyer, had been sued for non-payment of his mortgage.

One of the more important detail yet unknown is how many payments Mr. Murphy missed. The term “several” is non-specific.

“Among the details still unknown,” Mr. Lender writes, “publicly are: the number of monthly payments Murphy missed leading to the 2007 foreclosure action; how much money he was in arrears by; and whether he was keeping up with payments on a concurrent Webster Bank second mortgage.”

The rate given Mr. Murphy was high for someone who had missed “several” mortgage payments, and the favorable rate given to Mr. Murphy required “a top credit score, and total loans and credit lines that did not exceed 80 percent of the value of the house…

“But whatever marks were on Murphy's credit from the missed payments and lawsuits, a Webster official said that at the time of the loan, the bank's underwriting policy when considering joint applications from married couples was to consider the credit score for the more-creditworthy spouse.

“Without being more specific, Robert Guenther, Webster's senior vice president for public affairs, said Cathy Murphy had good credit —and a higher credit score than her husband.”

Mr. Murphy’s campaign appears to be unwilling to furnish the missing details. Even so, he received from the Courant’s editorial department a review at least as favorable as that of the bank in question.

Does Obama’s Past Matter?

President Barack Obama’s past has come up several times in the national debate. Is this a legitimate issue?

The disreputable pasts of other presidents have been noticed in other campaigns. President Bill Clinton, some people recall, had a “bimbo”problem. President John Kennedy had serious health problems, and he also wandered from his marriage vows. President Nixon may not have been a crook, but his politics was not always straight and narrow.

Mr. Obama’s past has been examined since he has been in office. It turns out the book that introduced him to the American public,“Dreams of My Father,” was not, as many people supposed at the time it was issued, a strictly factual production. There are huge chunks of Mr. Obama’s past that are only fleetingly touched upon in his supposed autobiography. Many of the incidents in the book, it appears on close examination, are fictional; some of the characters in the book are “composites.”

Clinton, The Corpse at the Convention

Former President Bill Clinton’s hour upon the stage at the Democratic National Convention – actually, it was 48 minutes – was mostly a 5,896 word defense of Obamacare. Following his speech, the fact-check vultures at the Washington Post dampened some of his fanciful political rhetoric.

Mr. Clinton is sometimes lovingly remembered by both moderate Democrats and Republicans as a president who was willing to reach across party lines to slay ungovernable deficits. During his first term, Mr. Clinton cut spending and raised taxes on upper income taxpayers. Because the economy of his day had been revved up by traditional methods employed by his predecessors – tax reductions and moderate regulatory reform – Mr. Clinton was able to use additional revenues pouring into the treasury to offset an alarming deficit. The budgets offered by Mr. Clinton and affirmed by the U.S. Congress were in balance – indeed, they contained surpluses -- unlike the current the non-budget offered by President Barack Obama. The last time Congress passed a budget, weighing in at $3.53 trillion, was in 2009. Although Democrats commanded the White House and both houses of Congress following the elevation to the presidency of Mr. Obama, no budget was passed.

The Murphy Pass and the Zen Gap

One could only imagine what might have happened at the Hartford Courant’s editorial board offices if one of their investigative journalists had discovered that former Governor John Rowland, now a radio talk show host, had failed to pay his mortgage “several times,” having been sued by a bank anxious to recover mortgage payments from a dead-beat politician.

Brains would have exploded.

DNC Messaging

It’s a little bit like watching a fly fallen into mug of beer wildly flapping its wings. Once the rhetorical mood hits Governor Dannel Malloy, he DOES go on.

One has only to compare the talking points in the 20 minute speech given by Mr. Malloy with those given by 1^st District U.S. Representative John Larson to understand that the script from which both borrowed was co-produced at Central Casting.

In his pre-speech remarks, Mr. Malloy vowed that he would not spend his time during his strut on the national stage talking about himself,unlike his Republican Party nemesis, Governor Chris Christie of New York. Reporters and commentators who have covered the much traveled, fleet-footed Mr. Malloy since he was first sworn in as governor well understand how the presence of a camera awakens the showman in him. Unlike preceding Republican Governor Jodi Rell, Mr. Malloy does not shrink from partisan displays, and be bathes in media adulation more often than other Connecticut politicians.

This dramatic announcement from Mr. Malloy – it’s not about me; really, it’s never about me – was somewhat subverted when 1^stDistrict U.S. Representative John Larson stepped to the podium and delivered a 20 minute stem-winder that was 1) about himself and 2) overburdened with pretty much the same central casting talking points employed by Mr. Malloy.

Malloy on the GOP plan for entitlements:“Malloy said the GOP plan would slash education and entitlement programs ‘so Romney can give a tax cut of $265,000 to your average millionaire, and continue billions of dollars in subsidies for big oil.’

Larson on the same: “Mitt Romney and Paul Ryan have a different vision. Look at the details. The biggest problem with the Romney-Ryan plan for Medicare is obvious: They take away the Medicare, they end the guarantee, hand out vouchers, limit benefits, and force seniors to pay the difference of up to $6,400 dollars out of their own pockets.”

Same church, same pew, same rollicking partisan sermon; nothing unusual here, considering the setting. The progressive lions on the convention floor wanted red meat, and the two Connecticut Democrats gave it to them. Political conventions are part pulpit show, part circus sideshow. Everyone is expected to bow to the pieties and cheer wildly when the bearded lady is brought on stage.

Asked whether the country was better off than it had been before Mr. Obama took office, Mr. Malloy cried out exuberantly “Hell, yeah!”

A few short weeks before the DNC convened, Newsweek – hardly a conservative organ of opinion – printed a devastating cover story written by Niall Ferguson, “Obama’s Gotta Go,” that chilled the bones of Obamabot economist Paul Krugman:
 

“Certainly, the stock market is well up (by 74 percent) relative to the close on Inauguration Day 2009. But the total number of private-sector jobs is still 4.3 million below the January 2008 peak. Meanwhile, since 2008, a staggering 3.6 million Americans have been added to Social Security’s disability insurance program. This is one of many ways unemployment is being concealed.

“In his fiscal year 2010 budget—the first [Mr. Obama] presented—the president envisaged growth of 3.2 percent in 2010, 4.0 percent in 2011, 4.6 percent in 2012. The actual numbers were 2.4 percent in 2010 and 1.8 percent in 2011; few forecasters now expect it to be much above 2.3 percent this year.”

“Unemployment was supposed to be 6 percent by now. It has averaged 8.2 percent this year so far. Meanwhile real median annual household income has dropped more than 5 percent since June 2009. Nearly 110 million individuals received a welfare benefit in 2011, mostly Medicaid or food stamps.”

In America today, Mr. Ferguson pointed out, only half of the population is “invested” in its government:

“Nearly half the population is not represented on a taxable return -- almost exactly the same proportion that lives in a household where at least one member receives some type of government benefit. We are becoming the 50–50 nation -- half of us paying the taxes, the other half receiving the benefits.”

Debt burden figures, Mr. Ferguson maintained, are grossly underappreciated. He then hauled from the closet the “most recent estimate for the difference between the net present value of federal government liabilities and the net present value of future federal revenues—what economist Larry Kotlikoff calls the true “fiscal gap” -- is $222 trillion.”

The $222 trillion gap between expected future revenues and liabilities is a measure in dollars of the difference between the past and future prosperity of the country. “Not only did the initial fiscal stimulus fade after the sugar rush of 2009,” Mr. Ferguson writes, “but the president has done absolutely nothing to close the long-term gap between spending and revenue.” And while Mr. Ferguson, once an advisor to presidential candidate John McCain certainly is no fan of Mr. Obama, neither is the non-partisan data brought forward in the Newsweek cover story, which apparently has not been read by the ebullient Mr. Malloy or Mr. Larson.

Civil Rights and the Historical Revisionism of the DNC

Henry Mencken, every good journalist’s journalist, was a prolific writer. Asked if he ever got tired cranking out newspaper stories and commentary, he said -- never. During his whole journalistic output, Mr. Mencken said, he felt like a little boy with two stomachs in a candy store. Many of his writings were devoted to Republican and Democratic nominating conventions, which he hugely enjoyed as a buffoonish spectacle.

Of Mencken and conventions, Murray Rothbard wrote:

The Malloyalist Propaganda Machine

After it had been pointed out that his drawings were hypercritical and highly unflattering representations of his subjects, a famous caricaturist responded,“What’s the point of having absolute power, if you are not prepared to abuse it?”

Roy Occhiogrosso, Governor Dannel Malloy’s Senior Advisor and a fierce Malloyalist, should have internalized the quote so that he would be able to flourish it when asked by reporters why the governor thought it necessary to recruit dozens of state officials as propaganda agents.