Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Put a name to the FAIL: Obama Arab Spring, Obama IRS, Obama Recovery, ObamaMedia

I've got something figured out here, and I'm really excited about it. It is time for some name changes.

It seems to me, where Prezzy Barry O is involved, if a problem doesn't have his name on it, he will not take any blame for it. None. It's Bush's fault. It was the video (Benghazi). It was the weather system. It was the House's fault (shutdown, budget not being passed, etc., etc).

But if his name is on it... it seems even the ever-conceited Obama can't pretty talk his way out of it. OBAMACARE is creating a climate where insurance companies are tossing folks overboard like buckets of water on a sinking ship. Democrats who are up for election aren't thrilled, nor are former Democratic officials. And Obama had to apologize for it. Like, literally said "I am sorry."

SORRY? What a guy. He insisted, 24 times, and there's even content on WhiteHouse.gov that IF YOU LIKE YOUR COVERAGE YOU GET TO KEEP YOUR COVERAGE. PERIOD. But he's sorry. Oopsie!

I'm sorry I ever spanked my kitten for clawing the underside of my foot at night. That's something to be sorry over. People have lost their insurance, a Mr. Obvious outcome of the way Obamacare so infringes on segments of the insurance market. And he's sorry.

The problem of millions losing their insurance is just the latest lameness, of course. It's in addition to lots of other problems with the law and it's policies. It's expected to almost universally raise rates for insurance, not lower them. Plus, there's the unimpressive performance that is known even by those not paying much attention: the failed Healthcare.gov site booting millions off it; in one state, Tennessee, merely 600 people had signed up as of this week; any number of felons could be taking personal financial data over the phone as Obamacare "navigators," because there is no criminal history screening for the position.

The problems with the Affordable Care Act, mind you, were widely expected problems, and widely predicted problems. People chose to ignore it, including the majority of news outlets.

Luckily, I've figured it out. This is what has to happen: We name the IRS, Benghazi, the Arab Spring, the Muslim Brotherhood, jobless claims, the jobless recovery, the debt, the budget deficit, the ensuing doctor shortage, the lack of a federal budget, NSA data mining, and media spying tactics, after Obama.

Maybe we should name the mainstream media after Obama, too. Heck, much of the media has managed to be the Obama media for the last six years, haven't they?

Maybe if we name all of these things after Obama, then he'll be cornered into owning up to what's going on with them, too.

That's no bullObama. 


- jR, aka AirFarceOne (Twitter)

ObamaCare: best of intentions, awful law, let's make that awfully clear

Patience is a virtue. For government, patients would be a gold mine. 




Via someone I follow on Twitter (and stupidly forgot who it was), I found this essential guide to the health care law.


(Revised Sep 26, 2013) What else do you need to know but how many initial claims about ObamaCare have been proven WRONG? With the best of intentions (or not, if you're totally skeptical about them), Democrats took a terrible approach to reform the United States' health system, in the Affordable Care Act, aka ObamaCare. Intentions aren't worth a damn if you ignore everyone affected by a law. The supporters of ACA all but ignored whole groups of people affected by the law, including: independent professionals, medical professionals and other small business owners, and many employees. It's one thing to try and help the needy, or to try and give the poor better health care, but it's another to spit in the face of those who would, effectively, pay for it. It is not good to effectively hurt employees through the resulting cuts in hours. ACA, like other government medical reimbursement plans, ignores the legitimate work of medical professionals, who will do the services, as they would get bargain basement returns from government plans that appear to be not at all interested in reasonable compensation for services rendered. 

ObamaCare is not a bible for a health care cure, it is a bible for centralized medical decision-making, whether by intent or not. Solzhenitsyn wrote of the failures of large-scale centralized health care in the former superpower, the Soviet Union, and while ACA is only a step in the same direction, Obama is on record as supporting a "one-payer" health care system (which means government health care for all). 

The U.S. government started out in the spirit of doing exactly the opposite of what ObamaCare wants. The American Experiment is going in reverse, thanks to ObamaCare (it is in addition to the impacts of Homeland Security measures and other big government expansions of recent years). 

The Democrats appear to have been quite wrong about ObamaCare. Or, cynically, they were intentionally misleading us about what was in it. Yet they are still convinced, or at least trying to convince us, that this gigantic addition to the cost of government and health care is a good thing for the country. How? I don't know. I can't see anything that's good about it any longer. The good intention to fix the system no longer exists in the enforcement. It is not fixing the system, it is making it worse, it seems to me. 

I applauded Obama for bringing health reform to the forefront of national discussion in 2008-09. To broach the subject was laudable, but it was only a start. Yes, the intent to fix health care was noble. But the approach? It was not just bad, but to me it was, and is, disturbing. It is the way Democrats handled it from the beginning, all but cutting out Republicans and others (maybe they included socialists and the Green Party), and the resulting law, that has been calamitous. Three years later it is being trashed by some once-convinced Democrats, leaders of unions and businesses. 

In light of national spending negotiations (Sept. 2013), ObamaCare is being defended, breathlessly, by Obama and some other Democratic politicians and sycophantic pundits, as if it's the only thing that'll assure a decent life for millions. Alternately, they claim that the (pick your cowardly labels given by leftists:) racist, poor-hating, greedy, selfish, angry, ignorant, dumb redneck conservatives are trying to destroy the country by way of refusing to fund ObamaCare. 

Democrats are accusing GOP House of trying to close government, of ruining the country out of political greed, by defunding the Affordable (not) Care Act. The House is not preventing the funding of anything else, really, but yet the supposedly (self-appointed) "more reasonable" White House and Democrats are accusing House Republicans of horrible political maneuverings. The political selfishness seems truly to be driven, hard, from the left. The far left. The few remaining supporters of ObamaCare on the left. 

Meanwhile, even some union leaders, and many employers, rail about how it'll hurt families, because it'll hurt jobs. That, because it will force companies to make cuts to retain their profitability (which doesn't matter to liberals, because many are too dumb to realize that profits should even matter at all to regular Americans). 

The briefly all-controlling Democrats -- in early 2010 having the WH, Senate and House they barely passed ACA -- cannot today force us all to follow their bidding. So, the most power-drunk among the Democrats still turn to absurd, desperate rhetoric defending a tragically, pro-socialist, anti-liberty law that would force most employers and employees and the medical industries into a corner, in the long run. They fight for ACA out of ego, not leadership: it is they who will lose if ACA loses funding, therefore loses its place in government. Obama, Pelosi, Reid, Schumer, and more, will all be seen, by more people, as failed leaders when it fails. So as Obama said recently, the argument isn't about the American people. He's leaving one of his biggest concerns out of his discussion of the matter, though. Who's name is on the bill, and who is okay with that? Obama. He is desperate to have a legacy, and Obamacare may be his only big domestic "success." The argument from his side is about retaining greater government control over health care, not about saving the middle class, as he claims it is. His goals may seem to be about American people, but if so, it is a very different America where the government rules with a bureaucratic supremacy. Some citizens foolishly support that. But with such a foolishness, the American Experiment is dying. Liberty is fading. The control of government over greater parts of everyone's lives is succeeding. That's not the America that a freedom pursuing populating wants. So I have to conclude that too many Americans have been lulled into believing government is the solution to their problems. Which, of course, is a pathetic fantasy. But when such fantasies are believed, even partially, we see government expanding its control. People are dreaming that government is a caretaker. I am not asleep with that dream, nor are many others. It's a tough effort to wake others to it. Gotta keep at it.

What else do you need to know but how many initial claims have been proven WRONG? There were the best of intentions, but a terrible approach, in ObamaCare. And the promises have been proven to be a lie. I don't see why it should be funded, and I don't see a reason to even recognize the ridiculous language from the chief architects (and posers) behind ObamaCare. They've lost the war of reason, because all their claims are shown to be lies. Don't fund the damned thing!


- jR, aka AirFarceOne (Twitter)

Amid the Schwartz/Soros furor, a major Jewish group defends Beck

The wacky hedge fund, god-fantasizing, ethically two-faced Hungarian rambler George Soros doesn't have every Jewish group, and human rights group, adoringly -- half-blind, politically correct and sheepishly, in my view -- at his side.

I did not see Glenn Beck's series about Soros, and I am sure something he said has been taken out of context by knee-jerk liberal groups, Jewish groups and missing-the-point apologists for Soros. I am also sure that Beck probably upset some people for being blunt in his characterization of Soros' actions during the Nazi regime's control of his homeland, and his activity today. Well, suck it up, people. Soros is not your local charity group. He's a bit melted in the head, loaded with cash and awfully eager to shut up his opponents through his funded groups -- like any good god-fantasizing autocrat would be.

Beck may be some things, but in pursuit of world power he is not. That's the other guy, Soros. So, right there, Soros must prove that concern wrong. And I don't think he will. So, Beck has the handicap in this battle of public personalities. People seem to spend a lot of time shooting down Beck, while getting many facts wrong. Is he ever incorrect? Duh, yeah. Not so often as those who attack him by habit wish he were. And he's hardly dangerous. Also, take whatever you want away from him, but at least Beck's books are coherent, unlike the Soros drivel I have tried to read.

I have educated myself and seen enough, often through personal experience, half-twisted people with some good intentions but very bad traits (Soros, I mean, not Beck, dammit), the Holocaust, Nazi Germany, Hitler, anti-Semitism, world parity groups, utopian fantasies, and other stuff. That Soros does not regret doing what he did to his fellow citizens -- helping to turn Jews over to the Nazis -- is a step too far in the direction of amoral to meet acceptable criteria in the survival game. Survival is a solid instinct. To not regret what was done is akin to the rest of the placation and apathy that allowed the Nazis to flourish for a while.

Major Jewish Group Defends Beck Amid Soros Furor | The Blaze :
http://www.theblaze.com/stories/major-jewish-group-slams-attacks-on-beck-over-soros-programs/
In a three-part series on Beck's Fox program last week, Beck portrayed Soros as the "puppet master" behind, among other things, world financial collapses. While describing Soros, Beck told how, during the Holocaust, the 14-year-old Hungarian Jew "used to go around with this anti-Semite and deliver papers to the Jews and confiscate their property and then ship them off."

The "anti-Semite" was Soros's fake grandfather, who was paid off by his real father in an effort to conceal the young Soros's Jewish identity. He has not shown remorse or regret for those actions.

"A number of American Jewish leaders condemned Mr. Beck for these remarks," ZOA's statement says, "yet a 1998 interview with Soros conducted by Steve Kroft on '60 Minutes' shows that Beck did not misstate the facts."

The group goes on to detail a litany of "anti-Israel, anti-American" remarks made by Soros over the years....
George Soros is what is wrong with making money off of other people making products and services while we bet against them. He creates influence with his cash the way some James Bond antagonist holds the world hostage with satellite-born death lasers.

Investment success is not wrong -- I am not against informed investing, just the opposite -- but an apparent underlying kookiness, which Soros seems to have (ever tried to read one of his rambling, poorly edited books?), no matter the person's success, or half of his stated goals, is not to be lauded. How anyone could have faked their way through the Holocaust in the manner that Soros -- originally Schwartz -- did and not feel remorse is a sign of very distorted emotional/ethical wiring. It does not deserve reward, as some Canadian group (Canadian International Council) bestowed upon Soros (see this link) nor some absolutist appreciation. It needs to be looked at carefully, not set aside. I am glad Beck and ZOA, among others, can see that.

It is shameful that some Canadian blind mice chose to reward Soros for one thing while overlooking a glaring problem: he has an obviously autocratic, anti-liberty intent in his approach to economics, politics and media. He wants to control the money and the message. Seems like a kind of thinking ripe for regret down the line. Not the regret of Soros, but of the Canadians.

I can only imagine -- for lack of understanding it -- that the Canadian group and the many others who adore Soros on the one hand care nothing of -- excuse or don't even understand -- his other hand. Hopefully the other hand will slap them in the face some day. In the process, I hope some complete sense of his grand scheme will sink in. (Not only the money-making, anti-Communist influence-peddling part, but the part that madly craves what I suspect as a benevolent autocracy of his doing, a worldview of his making.) Fortunately, mad geniuses don't tend to hang onto real power for long. Not against truly free societies, at least. Let's hope Soros run out of time before anyone, in economic desperation, appoints him the chancellor, or god, of anything.

- jR
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Census reveals that more than half of renters are overstretched (or overreaching)

Median household income between 1965 and 2005....Median Household Income, 1965-2005; Image via Wikipedia
I think it is time to stop any talk about raising taxes, and start raising RAISES. Don't even talk about it, just get to it.


Housing costs are proving unaffordable for more than half of Americans who rent. And, go figure, many might even have gotten into a rental agreement during the recent drop in prices and are still drained! Sucks to not be the guy taking the rent or taking the taxes these days. Big time. I'm getting a little tired of it.

It makes sense to take what a household earns and say that 30% of it should be the cost of housing. Less would be better, obviously. The census finding reveals that, broadly, a little more than half of Americans are on the wrong side of two general types: those who spend beyond their means, whether their income is great or they are in lower income brackets, and those who are unable to afford living within their means. (But let's face it, this is middle-class and working-class families, overwhelmingly, and, in the past few years, recent college graduates who are anti-roommate or unable to move in with parents).


From USA Today:
More renters found housing unaffordable last year as incomes fell while costs increased, a one-two punch that squeezed lower-income households in particular. Affordability for homeowners, however, was stable.

The share of renters spending 30% or more of their household income on housing costs — the threshold set by the government to determine if housing is unaffordable — rose to 51.5% from about 50% in 2008, according to 2009 Census data released Tuesday.
To use myself as an example, I have been paying at least $1200 too much, annually, for rent (for what I was getting), ever since I moved to Florida in 2003. The market was certainly in a bubble, and in South Florida, it was comical. Or, frightening, depending on how you look at it. In some places, people were paying $700 or better rates to live between some very scruffy walls, and neighbors. That imbalance changed -- for me, at least -- when I relocated in January 2010, in the midst of the sunken housing market.  Some places were still asking far too much. Some folks have, some folks do not have, and some of the former are sloooow in reacting to change. I guess they can afford to be that way.

To get a bit class warfare about it, in 2009-2010, I found that those who are in the "have" category don't find a need to change their ways when the stuff hits the fan. (I don't take my little class war farther than that, though: I don't expect anyone to hand over a nice place to me.) It's a bit mystifying to me. There are those, however, both homeowners and apartment management companies, who were working with people during the 2008 till ?? (whenever it stops) downturn. I applaud their common sense and business sense.

The housing downturn started way back in April 2006, and good people have bad things happen to them in times like that. The landowners should respond appropriately, and not make it feel like a class warfare coming from their end. You get what I mean? If nobody gets all self-centered and needy when things are tense, we'll get through it much better. That goes for government types, too.

It's time to stop raising taxes, and start raising RAISES, including the best raise of all, a good, free market job (and getting off of unemployment) for the jobless who really need them. The U.S. Congress has not missed giving themselves a raise in 2008, in 2009, and will probably do so again in 2010 (wait till December, I believe that's when it will happen again, conveniently after the election cycle).

Check out the related articles, linked below (I like Blogger's Zemanta feature).

- jR, aka AirFarceOne (Twitter)
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The Motley Fool's Rebuttal of the Latest of Krugman's "1938 in 2010" Twaddle

Historical government spending in the United S...Image via Wikipedia
Who you gonna believe? Some professional investors or a professional Keynesian? I'm going with the capitalists, and not the sour-faced NY Times columnist. (Note: bolding and links are mine.)

Krugman wrote another Op-Ed about his favorite subject "1937".  The year when the Fed Gov't cut back some spending and the economy faltered.  I've disputed this ludicrousness before, stating that if EIGHT years of spending didn't fix the problem, when in the hell is all this spending supposed to work? Let's also not forget that in 1934 the dollar was devalued by 50% and THAT didn't work.
In this particular Op-Ed he goes further, stating "From an economic point of view World War II was, above all, a burst of deficit-financed government spending, on a scale that would never have been approved otherwise. Over the course of the war the federal government borrowed an amount equal to roughly twice the value of G.D.P. in 1940 — the equivalent of roughly $30 trillion today". 
Pro-WWII end recession/depression economist LOVE to point out that huge spending on a massive scale ended the Great Depression.  I've spoken to many of these people before and asked them EXACTLY when this massive spending ended the Great Depression. There are only two answers: 1) When the war started 2) After the war ended
Let's tackle #1 first (When the war started).  These are the scariest people in the world today, because they don't believe in freedom in the least. 
You'll need to visit the site for the whole thing. More at the Motley site.

-jR
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All time donors: fed, state and city workers union is top

Much has been made of the money in politics, since it's fair to assess that where the money comes from is where the legislation and favor goes to.

For Obama, Pelosi and Reid, according to the opensecrets.org site, the  stress should be on government jobs. It is disturbing just how true that has been, with the bigger government push of the Administration  and Congress, ruled by not just Democrats, but a cast of Leftists unlike any who ever ran this country in my memory.

It was recently reported that, for the first time since who-knows-when, public sector jobs, which depend on everyone's payments of all taxes, fees and utilities, pay more than private sector jobs. Add to that the impressive benefits -- among them the retirement pensions the likes of which very rarely exist in private companies -- and it hardly is necessary to question whose interests the politicians have at heart. Is that cynical or simplistic? Not when seeing the numbers.

Government, typically, is not intent on having an efficient operation. They are rarely motivated to curb overall money, thanks to an historically expanding, abusive, power-greedy tax spending attitude. Politicians are rarely motivated to decrease spending. That is inconvenient since the people who work directly for them, with them,
and who support them so greatly -- with contributions -- are government workers. At least, those who support Democrats, overwhelmingly. They are the most special interest of all, historically.

They are not alone, but http://opensecrets.org/ has them pegged as the biggest big spenders along with several other union-heavy industries. The big spenders, ironically perhaps, are very heavily favoring Democrats. See the included image, a screenshot of the site's list of top all-time donors, and then ask yourself: why is government favoring not all the people, but some very special interests.

Spendalot: Economic small 'hope' and spare 'change' for the new inflation to come

There is a new term that I wish to share,   my new name for the Obama Administration. It has little to do with efforts of "saving the economy", bailing out banks or GM. It has to do with the budget, and the holly-jolly engagement with inflation that the liberal White House and Congress seems to be sending our country to, with all this spending and the taxation and further expansion of government to come.

Often people invoke comparisons of the Obamas to images of John Kennedy and wife, for their youth, presumably. We called JFK's administration Camelot, which was a favorite musical of JFK, and somehow it was a fitting definition of his generation-changing entry into the White House, thought it was very corny if you really think about it.

What comes to mind nowadays when I think of Obama is the late Robert Goulet, in his portrayal of Sir Lancelot in the musical Camelot. Except, he's instead an ironic cameo character, in a comic bit. The bit's name? Spendalot!

That is my nickname for Obama's White House: Spendalot.

Contrary to the JFK-Camelot budgetary outlook, and far more moderate political perspective, I say to hell with Spendalot's brand of so-called "progress". If -- big IF! -- it bears the fruit of bona-fide economic invigoration, I'll be among the first to admit I was shortsighted. I don't weant to make excuses for why a success was actaully a failure. That's not what I want. Some successes are on the backs of those who benefit nothing from it, though. That's what I will be responding against. Inflation, weakened state of U.S. to favor other states. I think the only way a nation can reasonably help others is in a position of strength. How else?

There's only so many ways one can play on the theme of economics, short of hitting stop and reinventing the thing, before it all becomes essentially fatal to millions of people who must use money to buy things to live. Spendalot seems terribly burdensome, and terribly anti-business, to me.

We lack economic growth, and that means we are weakened. So we are going to print more money, thus weakening it -- in the short term, or will it create severe inflation? Spendalot is creating a very steep budgetary deficit. So are we going to eventually redefine the country's money -- or the world's as the Chinese have already floated. Money's funny this way: more money you print, the less it is worth. Economics is a human-invented thing, but that does not mean it is not a sort of entity on its own, that reacts to the environment. Inflation is survivable, but when you're something that the whole world hinges its economic activity to, which is what the U.S. surely is, then you need to be a bit careful, lest you spin the planet into a world at war. Tough times inspired WW I and WW II, easily. Nazis took charge in a time fo great strife in Germany, after the loss of WW I.

Spendalot seems to play to both sides, to our detriment: apologizing for American arrogance (since GW, intentionally or not, made us out to be arrogant, or like a bull in a china shop) and inventing words like "mad-made disaster" (a stupid PC phrase for "terrorism") on one end, pushing other nations to share troops and spend their money with us on the other (c'mon, let's all risk severe inflation so it won't feel so uncommon to Americans).

Either other nations can expect us to be merely the lead dog on many fronts, or we simply give up and pretend we are not the lead dog anymore, thus making it so. We are not -- NOT -- yet an insignificant nor a dead economy, not by far. In fact we are still a massive piece of the world's wealth, no matter how people "feel" about it. Reality pleads that we stop acting like it's all over for the U.S., or it will be all over. The less rationally we think it through, the closer we are to being a has-been, and not a preeminent up-and-comer. Perception can be reality, so it's a shame if the overall economic graphs are more rational -- relatively -- than our perception of the economy, isn't it?

A bad economy hits some very personally, with job lesses, income loss, retirement loss -- we have every right to be ticked off, too. But our personal feelings are not the world reality. Don't just imagine that the U.S. is a mere part of the whole world economy. We're a huge chunk of it. That's not arrogance, that's realism. We consume more, we provide more, we are busy busy busy. Meanwhile, millions live in dirt houses in China.

Ask yourself how many a nation came up with 1000% inflation in the past, from many South American nations, to Israel, to ... well, likely there's a long list of African nations, and several European states, too. How did that happen? Do better than asking yourself, look it up.

This massive, overarching Spendalot "budget" --more like a massive government-expanding bill -- and the inflation to come will not be the hope and change wished for by anyone but those who adore power and the status quo over everything else.

I am sure, come 2012, that
Spendalot will still be blaming GW Bush for everything. Spendalot will be held up as the answer to everything, simply if the economy turns around at all. He will be aiming for the lowest common denominator for avowed voters, misleading them with bogus words of aimless positiveness as he did in 2008. This was less about hope than race, and white guilt; it was less about change than it was about anger against the GW Bush White House -- even over things that they were only one hand of many, like the economy, the Iraq invasion and governmental upheaval, the mortgage meltdown, etc.

Whether or not Spendalot's tactics work as well next time as they did in 2008, there's plenty of room to wonder but there's little reason to jump to conclusions. But there is no time to wait, no time for the GOP to wonder -- they need to get off their duffs and make progress or they will lose again in 2010, and possibly 2012, too.

Conservatives cannot win by being the ignorant opposite of ignorant liberalism. They cannot win out over mindless openness and utopian wishing unless they DO SOMETHING. Ronald Reagan's plainspoken, clever, and well-informed, reasoned tactics up against the USSR, Newt Gingrich's intelligence and ability to debate -- these are some of what the GOP, and Blue Dog Dems, and small government moderates, need to tap. There's no more USSR, but there are people who resent us everywhere. Even Spendalot's apologies do little to improve the world's view of America. Iran is going nuclear, Korea is launching missiles, and America is being looked at as just another player in the international game. I think we're fools is we simply accept that kind of thinking. Not because I want America to be the biggest kid on the block, having to jump into the fight, but because if not us, then what country? WHO?

If conservatives and moderates simply complain, refuse to compromise, react with invocations of mere punditry, or simply keep tossing out the socialism bomb towards the liberal desires for government-controlled education, health care, and markets, then they will not win anything in the few years that lie ahead. We aren't trying to convince those who believe in small government of its merits, but those who think government is their friend that it is, in fact, the burden to the people, not the solution to our ills.

What will win is realism that is supercharged by evidence of governmental failures and decent plans for how to fix them. It cannot be won through Christian conservative rhetoric (much as I follow Christian ethics, these are a complement to, and no replacement for, down to earth facts in order to make policy, and write bills). They need to start soon. Now would be better than next month.


- jRuse, aka AirFarceOne (on Twitter)

Florida's Crist puts essential need over politics and conservatism

Florida Governor Charlie Crist | 2009 State of the State Address
There is no doubt, that for our economy to recover, we must get people back to work. In the past several weeks I have visited with Floridians at seven unemployment offices across our state. I have looked into their eyes and I saw worry. I saw good, honest people who desperately want the opportunity to help themselves. Some argue the politics of the federal stimulus plan. My friends, while our people worry, we cannot put politics over their needs – the needs of our students and teachers, the sick and the infirm, or those out of work. We should not ask what it means to be Republican nor should we ask what it means to be Democrat; but rather what a good human being is supposed to do. In each and every one of us is the hope of the millions who sent us here. We must honor that sacred trust, to put them first.
Above is a part of Crist's State of the State address from March 3, 2009 (as written, perhaps not as it was delivered). Crist, a Republican, is not one of the governors who tried to refuse stimulus money. He has thus become a target by conservatives. That is understandable, but only so far as as is his acceptance of the money, as he outlines above. Call me anti-capitalist, but I agree with Gov. Crist, in the comment above, at least. As fate would have it, so do all our governors, as of very recently (SC's guv caved this week). Stimulus stinks, indeed, and so does how steeply off track had gone our regulations, laws and practices. Shame.

If this stimulus results in future increased taxation burdens for states, to pay for unemployment -- and welfare of a more permanent nature -- into the future, I will be thoroughly miffed. If that's the deal, then that law needs to be trounced and "un-billed" (so to speak; that is, passing a bill to remove a prior bill). Right now, today, Florida is a state that needs this money for a real crisis. Millions would have lost their unemployment -- professionals who are not being hired by the occasional retail or other company that has an opening -- without this. Is this is good thing? Define "good thing". Do I love getting unemployment, ever? No. Would most anyone getting unemployment be happy they are getting it? I seriously doubt it! I would be much happier being EMPLOYED, and I am pretty sure most people who just got on welfare rolls feels the same way.

Do I like using tax dollars for unemployment, education and to help the needy? Yes, far more than I think tax money should be used to bail out companies such as GM, AIG and to cover bad mortgages -- all inspired by cowardly attitudes, stupid laws and bad regulation. I don't want government to be any bigger, any more taxing (literally) than it is, and I vehemently want it to be less so. Screwing people out of unemployment is not the answer, however. Getting rid of the disgustingly pandering attitudes of people such as Nancy Pelosi, where Americans feel pain for basics while she calls illegals patriotic Americans, and whines about getting her own jet for trips, THAT is where the real battle lines are, not where we help -- and minimally so -- underemployed or unemployed American families.

Do I like any of this stimulus money, knowing just what it and this absurd federal budget seem to be promising? No. But reality, to me, dictates caring about the jobless and the needy Americans, not throwing the baby out with the bath water. As for the budget, well, one can only pray that plenty of people get their common sense -- and butts -- in gear and working boots on, and move Barack Obama into a nice speaking tour in November 2012. However, that seems a very far-fetched concept to me right now, seeing the adorable little mess that 2007-08 brought in and how well it was played by the Democrats (even though it was their upside-down finance markets ideals that helped everything along, too).

Meanwhile, 2010 is not very far away, and there's some Congress and gubernatorial work to do, to get rid of wacky liberals and get in some moderates and conservatives.


- jR aka AirFarceOne (Twitter)



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EU chief deems Obama economic moves the 'road to hell'

Moneynews - EU Chief: Obama Plan is Road to Hell
The head of the European Union slammed President Barack Obama's plan to spend nearly $2 trillion to push the U.S. economy out of recession as "the road to hell" that EU governments must avoid.

The blunt comments by Czech Prime Minister Mirek Topolanek to the European Parliament on Wednesday highlighted simmering European differences with Washington ahead of a key summit next week on fixing the world economy.

It was the strongest pushback yet from a European leader as the 27-nation bloc bristles from U.S. criticism that it is not spending enough to stimulate demand.

Shocked by the outburst, other European politicians went into damage control mode, with some reproaching the Czech leader for his language and others reaffirming their good diplomatic ties with the United States. The leaders of EU's major nations -- France, Britain and Germany, among others -- largely ignored Topolanek and his remarks.
What can we expect? For every time he seems to show some rationale for the U.S. that is successful, he either does something, or someone reminds us in strong and blunt terms, just how obstinate BHO can be. In light of this, too, the Openness-in-Chief, the "TOTUS" isn't reproaching world currency ideas flaoted out there, is he? Not that I have heard. How very disappointing.

It irks me, the reserve to defend what's American on so many counts, by this president. Write off the U.S. dollars' once and future (if there is a future!) strength... it's untoward to act like we're still stronger on all counts than any other nation and able to be caretaker of freedom and capitalism and markets. Let's just give it all up now, while WE HAVE THE CHANCE, in light of the deep recession. Is that the thinking? I hope not.

It is too soon for the Earth of Star Trek, with a world-governing council, planetary "credits", etc. Too many ideologues with deep desires to kill innocents for their god or their power. In other words, to keep with the Star Trek theme, Earth has its own Vulcans, Klingons, Romulans, who are interested in harming others, despite overtures to Iran and others by Ms. Clinton and friends.


- jR, aka AirFarceOne (Twitter)



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Year 2000: Madoff scam was uncovered


You think the Bernie Madoff scam is a surprise?
Nope. It was just a surprise to his investors, since the SEC ignored repeated input about the guy's scam. It was not a surprise to anyone who cared enough, or was simply smart enough, to bother to look at facts. One smart guy actually tried to do something about it and was thoroughly ignored by the SEC. Why was he ignored? He tells the tale.

In short, lots of people know how to succeed, they have money to invest. Many have no commonsense grasp of, or any education in, investing, so they leave it to others. Madoff was among those who people trusted -- he was once chairman of the NASDAQ exchange!

Some folks simply cannot visualize what is possible or credible in investing. Some cannot see for themselves what is either screwy tricks done via poor lawmaking (many mortgages and highly "creative" financial concepts come to mind) or impossible dreams dressed up as a viable reality.

Harry Markopolos is just one of the ignored people who have been pointing out the OBVIOUS for many years. His big difference is that he made official moves, which makes him honorable, indeed. It also makes more vacuous the lack of REAL regulation over the "greed" industries: mortgages, stocks, hedge funds, derivatives, commodities.

Why do I call them "greed" industries? If you have to ask, then you don't really understand what the finance industry has to some degree been peddling over the years. There are a wide variety of viable investment ideas out there, and if folks fog over in any discussion of how investing, or money, works, then they are easy targets. It's sad, really.

When one talks of a bubble bursting in financial markets -- and in 2008 there was a few massive bursts -- one talks of overblown assumptions about the markets being dashed by a heavy dose of REALITY. Watch the CBS News 60 Minutes video, linked, with that in mind.

The Man Who Figured Out Madoff's Scheme - CBS News
It has been two and a half months since Bernard L. Madoff was picked up and charged with what is believed to be the largest financial fraud in history. Yet we still don't know much more about the alleged $50 billion scam than what Madoff initially told the FBI agents who arrested him.
Watch the video:

...
Until a few months ago, Harry Markopolos was an obscure financial analyst and mildly eccentric fraud investigator from Boston who most people would never notice on the street.

But today he enjoys an almost heroic status, pursued by journalists and movie producers, and honored by colleagues as the man who went to the Securities and Exchange Commission and blew the whistle on Bernie Madoff and his $50 billion fraud.

But he seems uncomfortable with the attention, and knows that he is no hero. "I stand before you a 50 billion dollar failure," he said at an event.

Asked how many times he sent materials to the SEC,
Markopolos told Kroft, "May 2000. October 2001. October, November, and December of 2005. Then again June 2007. And finally April 2008. So five separate SEC submissions."

"And in spite of all of the things that you did, it still ended up in disaster?" Kroft asked.

"There's nothing to be proud about in this case. I feel horrible about the result. It's been a total disaster for the victims," Markopolos replied.

It began a decade ago, when Markopolos was working for a Boston investment firm. His boss told him that Madoff, a former chairman of the NASDAQ stock exchange, was running a huge unregistered hedge fund that was producing incredible returns. He wanted Markopolos to reverse-engineer its trading strategy and revenue streams so the firm could duplicate Madoff's results.

"He had the patina of being a respected citizen. One of the most successful businessmen in New York, and certainly, one of the most powerful men on Wall Street. You would never suspect him of fraud. Unless you knew the math," Markopolos told Kroft.

"I mean, you're like a math guy, right?" Kroft asked.

"I've taken all the calculus courses, from integral calculus through differential calculus, as well as linear algebra. And statistics, both normal and non-normal," Markopolos said.

Asked how long it took him to figure out something was wrong, Markopolos said, "It took me five minutes to know that it was a fraud. It took me another almost four hours of mathematical modeling to prove that it was a fraud. "
For my point of view, this fellow underlines just what exactly went wrong with financial market regulation, not just of the SEC, but with regard to responsible finance practices all over the place, including mortgages and mortgage-derived investment packages. Our lawmakers fell down on the job, our regulatory agencies, our professionals in the industries -- they failed us.


- jR


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Wondering how well things are going? Just look nearby

I live in Central Florida, and stumbled across this via an Orlando networking site fro entrepreneurs. Of course, we all know that entrepreneurs know NOTHING about how money works. That's why they're small business people -- not greedy enough to be big business. A-ha. Ha. Ha.

UCF Economist: Obama's Stimulus Makes Me LOL - UCF Newsroom
So far, says [UCF economist] Sean Snaith, too much money is being spent in the wrong places, and Americans are tired of footing the bill.

“There is a growing public sentiment that you might call ‘bailout fatigue,’” Snaith says in his U.S. quarterly forecast released this morning.

“Millions of people who did the right things and yet still have watched their assets plummet are getting more angry that their tax dollars and their children’s tax dollars will be used to bail out those most responsible for our current problems.”

Snaith, director of UCF’s Institute for Economic Competitiveness, says some types of stimulus and financial rescue packages are needed -- such as investing in more infrastructure projects and a expanded, fast-acting version of the TARP program. But he fears that the new plans to hand out money are “woefully lacking in detail.”

“The devil, as they say, is truly in the details,” Snaith says. “Nobody knows exactly the total bill the U.S. government -- really, American taxpayers -- will run up before this whole shameful debacle comes to an end.”
Oh those damnable anti-Keynesians!


- jR



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Obama omnivorous budget: CNBC goes contrary to evil sisters NBC News and MSNBC


Omnivorous, oops! In the headline I meant to say omnibus. Or maybe I didn't. We'll have to see just how much the Federal 2009 budget EATS away from our economic hope and change (spare change and otherwise) before I reach a conclusion.

CNBC, the business-minded and fun-loving sister of evil twins NBC News and MSNBC, offers this...

Obama Declares War on Investors, Entrepreneurs, Businesses, And More - Money and Politics Blog - CNBC.com
Let me be very clear on the economics of President Obama’s State of the Union speech and his budget.

He is declaring war on investors, entrepreneurs, small businesses, large corporations, and private-equity and venture-capital funds.

That is the meaning of his anti-growth tax-hike proposals, which make absolutely no sense at all — either for this recession or from the standpoint of expanding our economy’s long-run potential to grow.
What happened?!! Was that a bus that hit me, or just reality of living under a President Obama economic policy?

I hope all you voters are proud of yourselves, putting an unproven, professional candidate in charge of the end of capitalism as the driving force of the biggest economy on the planet.

At least, temporarily.


- jR


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Dumb butts win: Many who played by rules see unfairness in economic recovery tactics


Bailout lament: What about me? - The Boston Globe
"What about people like me who are playing by the rules, who got a mortgage we could afford?" said [Brian] Carpenter, 52, who programs building management systems for MIT Lincoln Laboratory. "Maybe I'm too old school, but you sign on the bottom line, and you're responsible for it."

Carpenter is among the vast majority of Americans who work, pay mort gages, borrow responsibly, and now find themselves facing the bill to bail out those who didn't. Over the years they lived within their means. Now they're asking: What for?

He sees the federal committing $1 trillion to bail out banks and struggling homeowners, and nearly $800 billion to offset economic damage caused by reckless lending and borrowing. What's in it for him?
Well, clearly, this "Carpenter" guy -- if that is his real name -- is part of the problem. He contributed to the reason why the global economy is in a slump. He probably voted for John McCain in Nov. 2008. No doubt, he supported GW Bush, the worst president this nation has ever had, ever. He was happy about that needless spending on Homeland Security, the Middle East empire-building, waterboarding a million innocent small boys with brown skin in Iraq and secret prisons all over the world, depriving everyone but Dick Cheney their civil rights. Surely, this self-thinking, self-responsible jerk thought all that war mongering was totally awesome! He's probably in that camp that is angry that more Iraqis haven't died!

Had "Carpenter" been like the regulators, the high-risk banks, the investment managers, hedge fund managers, mortgage companies, the Congressional financial leadership, FMA, FHA, subprime mortgage holders, etc., over the years, he wouldn't be in this spot! He'd be getting money, not losing it! If he played along maybe he'd be getting a piece of the pie!

I hope this stimulus teaches you, Mr. Carpenter! Your RESPONSIBILITY created the mess you're in. Maybe next time you'll go along with the greedy, self-centered, politically motivated, and irresponsible flow and stop being so rational about things! If you get more progressive, as defined by MoveOn.org, Think Progress, ACORN, ACLU, and the top Democratic congressional leadership, you wouldn't have such as hard time about having to think so much, you could just agree a lot, like all those satisfied subprime mortgage customers. After all, you're not important! You're just one man. Let others handle all the thinking for you next time. They know better -- bankers, politicians, secretaries of dead Nigerian government ministers who contact you by email. Trust them all and you'll feel better!

I hope this teaches ALL of you overly individualistic, self-thinking people who refuse to ignore basic logic and accept what others tell you what makes sense. I hope you will pay attention next time someone tells you that living beyond your means is the only way to live, that pop musicians and actors are the most logical people on earth, and we ought to have only one party in this country that runs things. I hope you will, now that you've been shown how dumb it is to be RESPONSIBLE, that you will listen when someone tells you something like "I'm your mortgage advisor, I'm only here to help you."

I mean, what fool wouldn't listen to advice based on government laws built on illogical economic reasoning and greedy financial dealings? What fool would ignore the fact that once you vote people into office, it is their God-given right to tell you what to do?

I just wish you RESPONSIBLE people would snap out of it and let the government tell you how to do everything! If you would just trust government -- and by government I mean Obama, Reid, and Pelosi and their flying monkeys, not those irritating governors or Republicans -- you would be so much more better off!


- jR


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Bad policy, bad ethics, broken ideals, and the downfall of America's markets


Yet more clear reasons why Obama and the Democrats (if we can still call them that, and not Obamacrats) won an election based on the broadest of false claims, that the economics of laissez faire, of hands-off and low taxes, got us into this. It was not capitalism and free markets that hurt us, it was failure by gov't, be it Clinton, GW Bush, or many years of Congressional leaders, that got us into this mess. And yes, CRA and poverty mortgages got us into this!

This problem of the failing economy was PARTLY the fault of Republicans in Congress, since they make the LAWS, but not sure when GW Bush instisted banking regulations be all but forgotten. In fact, it seems the GOP leaders were basically assuaged -- or illicitly looked the other way -- and played along with crazy, fast-times-will-never-slow policies, in the case of the sour mortgages that turned into sour credit default swaps, which turned into a ruined U.S. economy.

In my thoughts, in reading about this economic crisis and how we got here, I am reacting against big government types, and socialists, and liberals, all who to some extent or another seem to be convincing people that the GOP did this to us. Ironic, then, that it was liberal mortgage ideas that got us here, right alongside a lack of regulations (which, indeed, is a small gov't thus GOP attitude) but not by way of GW Bush, but through Clinton-era Congressional diddling through the ever-expanding nonsense of CRA and ill-thought mortgage regulations.

Here's some hard work to that end, linked below, but diced into some small pieces, following:

Feds Re-Impose Loan Standards They Helped Undermine | RealClearMarkets
There is a great irony that Washington will now lead the way in imposing new, stricter standards, including a tougher income-to-payment ratio, because it was Washington, prodded by affordable housing advocates, which pushed mortgage lenders to dilute their traditional underwriting values in the first place. Federal regulators attacked those established standards as being “unintentionally biased” against low and moderate income borrowers and used a variety of laws and regulatory bodies to push often resistant lenders into programs based on these lower standards. The government and those who backed its actions assured lenders these lower standards were safer than they thought, even though there was little research to support that contention. Now that a huge chunk of the market based on these debased standards has melted down, the government is going full circle.
And those who were most easily "prodded by affordable housing advocates" are now running things, so this is quite quite ironic.
...a Freddie Mac program called Affordable Gold, which purchased loans from banks under looser underwriting standards, including loans which allowed a borrower to make a down payment with funds contributed from a third party like a government assistance program or a nonprofit, showed sharply higher default rates, up to four times higher than traditional underwriting standards.
...politicians in both parties made expanding the number of home owners in America a high priority, and the only way to keep doing that was to lend to people with increasingly riskier credit.
Got bad credit? No problem! Not only will you get a loan, but it will be with a low interest rate, too! We'll bend over backwards for our risky customers since Big Brother asked us to. After all, everyone deserves to lose a home at least once in their lifetime!
In a recent Forbes article Peter Wallison of the American Enterprise Institute and Edward Pinto, former chief credit officer of Fannie Mae, point out that by 2001, 18 percent of Fannie Mae’s portfolio consisted of loans to people with credit scores below 680—the traditional definition of a loan to someone with riskier credit, who is also someone more likely to default.

Of course, with two huge federal agencies willing to purchase such loans, mortgage makers couldn’t churn them out fast enough, and private investors also began snapping up the loans in competition with Fannie and Freddie.
As if that is not insulting enough, and ironic that this all came to a head during GW Bush's time in office, when he was too busy waging war on Teararists to notice the economy was failing in a big way, there's this little nugget to chew on:
[Relevant experts] say federal programs were not the problem because many of the worst loans portfolios were created by non-bank lenders which are not even subject to the Community Reinvestment Act. But that’s an argument that ignores the much broader role that government played in watering down standards, including using pressure to force players across the industry to participate.

The Department of Housing and Urban Development under President Clinton, for instance, threatened to introduce legislation to make non-bank lenders, that is, mortgage finance companies, subject to CRA if these firms didn’t sign on to affordable lending goals.
So where were these blowhard, blame Bush, extended-stay Congress members during all of this, for two double-term presidents?!! Those sillies over in Congress -- can't do anything without the White House, it seems!

Who were some of the big fans of this fun mortgage idea? Countrywide hopped right into the cesspool first!
One of the first ... to take up the pledge was Countrywide, which pledged to introduce low-down payment loans with high income-to-payment ratios for low-income borrowers. Countrywide and its co-founder, Angelo Mozilo, ultimately became infamous as one of the first major mortgage lenders to melt down under the weight of its bad lending, but before it was notorious Countrywide was celebrated for its low-income efforts.
Today, the Obama administration acknowledges through its bailout program that those standards were unsafe. It’s a backhanded acknowledgement. ... I suppose that’s about as far as we can expect government to go in admitting the mess it helped to make.

I guess I don't get a bailout, since I was not getting any loans out. Oh well. I hope I can get a JOB at some point that isn't in CONSTRUCTION. Which I have zero experience in.


- jR


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WHY ARE WE BANKRUPT :: one problem's impact, lots of links


Some links that someone else compiled follows. I found them on an activist Web site. I hope the links work. If not, just look the facts up. It beats trusting your government -- it is called being informed. The government prefers that you are not that, clearly. That is WHY BIG GOVERNMENT IS, AND ALWAYS WILL BE, A BAD THING.

The bigger government is, the less they actually wind up doing for the good of the common man, because power corrupts -- even if that simply means that that power makes people lazy and glib and smug. It is still corrupt. Not caring about your duties is simply akin to corruption.

However, the country, Bush or Obama aside, is failing, thoroughly, to be a caretaker of tax dollars and to regulate such efforts. See the following examples, which regard ONLY illegal alien costs. This is ANNUALLY. This is just one little problem in the U.S. today. Add to this the errors of bad regulative efforts against banking, financial markets, etc. Add to this the cost of the RAISED SALARIES that our U.S. Congress accepted for themselves, in December 2008. Add to that the cost of the stimulus. Where is all the money coming from? You, and me. Anyone who pays taxes.

What are you getting out of it, if you are a "victim" of the current economic crisis? If you are unemployed, and living in Florida, you get a grand total of $275 a week. Some states offer better. If you are in a union, perhaps you get better in most cases. However, if you are in an auto union, you will likely be working in a non-union, Japanese-owned factory come 2010. If you're lucky.

Anyways, just some thoughts on one "little" segment of where your tax dollars were going, and will still be, even while billions of dollars are going out to banks and job creation that the government is sanctioning.


WHY ARE WE BANKRUPT

Boy, was I confused. I have been hammered with the propaganda that it is the Iraq war and the War on Terror that is bankrupting us. I now find that to be RIDICULOUS.

I hope the following 14 reasons are forwarded over and over again until they are read so many times that readers get sick of them. I also have included the URL's for verification of all the following facts.


1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments.

2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens.

3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens.

4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English!

5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, AKA anchor babies for these illegals who are still illegals even though they have US kids, note.

6. $3 Million Dollars a DAY is spent to incarcerate CRIMINAL illegal aliens. This is NOT a tiny segment of the prison population. (See next.)

7. 30% percent of all Federal Prison inmates are illegal aliens.

8. $90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.

9. $200 Billion dollars a year in suppressed American wages are caused by the illegal aliens.

10. The illegal aliens in the United States have a crime rate that's two and a half times that of white non-illegal aliens. In particular, their children, are going to make a huge additional crime problem in the US .

11. During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and marijuana, crossed into the U. S from the Southern border.
Verify at: Homeland Security Report: http://tinyurl.com/t9sht

12. The National policy Institute, estimated that the total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.'

13. In 2006 illegal aliens sent home $45 BILLION in remittances to their countries of origin.

14. "The Dark Side of Illegal Immigration: Nearly One million sex crimes are Committed by Illegal Immigrants In The United States."
Verify at: http://www.drdsk.com/articles.html


The total cost is a whopping $ 338.3 BILLION PER YEAR.

Are we THAT stupid?


Hmm. I think we have been. Will we stop being that stupid?


- jR

STIMULUS MADNESS: Rolling Stone has an opinion, too, see! Waah!


They cannot even make the Rock and Roll Hall of Fame respectable, but Rolling Stone weighs in on the stimulus. But, you know, Jan Weener knows better than us dumb Americans, since he's a rich media person:

The Unserious Opposition 
This is stimulus at its BEST. Thousands of labor-intensive American jobs.... And it has the added bonus of saving taxpayers millions down the line: You reap long term savings in energy costs and have the added bonus of reduced greenhouse emissions. 
This quote was regarding billions for renovating government buildings, for energy savings. Umm, "down the line" is NOT what this ought to be about. That's another bill. BILL ME LATER. Thanks! 

This economic recovery bill ought to focus on JOBS for now and FINANCE for NOW. It ought to focus on NOW, not renovations to old buildings just so the government can be well-kept. "Later" can come once we are sure we have a country that is not full of human scavengers, thanks. JOBS!! Real jobs, not excuses for putting new windows in buildings or replacing perfectly working cars, etc! (These are what the bill had/has in it.)  
BEST Quote: "Worthy but misplaced. We’ll have to spend that money anyhow. Kill it." 
Sadly, that was reserved only for CENSUS spending. Census?!! In a stimulus bill???? So obviously misplaced, like so much in this sad bill, such as the renovation of office buildings! Gag!!

Ironically, who was on the cover of this issue, where the RS editors thrash at the Republicans for trying to cut a paltry 18 billion from an incredibly huge "stimulus" bill? The King of Hollywood Socialists, Sean Penn. Penn, who idolizes Castro and Chavez, is the closest thing to a celebrity socialist ideologue -- assuming there is more in than noggin of his but some creative and humanistic sensibilities and he realizes he's a socialist -- that can be pointed at in America. 

This guy drips with adoration for Castro, a man who violently overthrew a government, promising great reform and a party of the people, but wound up offering only a one-party, Communist-Socialist rule that caused millions to flee to America to enjoy some sort of personal freedom. A man who, in 1981, sent thousands of his worst criminals, by boat, to America, in an event called the Mariel Boatlift. This is a man worthy of Penn's respect? I guess sicne he loves Hugo Chavez so much, it just fits. Oddball. Horrific sense of right and wrong, good and bad, governance and exploitation, this Penn guy.


- jR

Dashing through the snow-job: Daschle left something out


(From the NY Times, but here via a Texas daily paper)

Now nominee Daschle has tax explaining to do | Dallas Morning News
Senate Democrats rushed Saturday to save the nomination of their former leader, Tom Daschle, as President Obama's health and human services secretary, while the White House sought to explain how Daschle survived its vaunted vetting despite his failure to pay $128,000 in taxes.

Senior administration officials said that although Daschle was aware as early as June 2008 that he might have to pay back taxes for the use of a car and driver provided by a private equity firm, he did not inform the president's transition team until mid-December, several days after Obama announced Daschle as his pick for health secretary.
A normal person would feel guilty for owing that much in taxes. This was a US senator. Should it kill his chances? I should hope not, seeing an outright tax evader is our Treasury head now. Still, owing $128,00 in taxes and gaining a sweet position of influence don't really impress me. It kinda makes me think he's more about himself than average Americans.

As for it being from the Times, it looks like they are making some effort to show the honeymoon is over for Obama. That, or they do not like longtime headliners Daschle.

- jR

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Arthur Nadel: I've gone stark raving Madoff


Flying the coop is generally a sign someone was a crook of some sort, even if there were no regulators there to see it.

Florida man suspected of running Ponzi scheme - Business - MiamiHerald.com
Around the same time he mysteriously vanished, hedge fund manager Arthur G. Nadel owed a $50 million payout to some of the investors who had entrusted their life savings to him, an accountant said Monday.

Instead, they learned their money was gone -- and now they're left asking if it was all a bad investment, or if they were scammed.

The search for Nadel entered its sixth day Monday as more investors contacted authorities with concerns their savings, and Nadel, were gone forever. Nadel's green Subaru was found in a Sarasota airport parking lot on Jan. 15, and he left his family a note in which he appeared to be ''very distraught,'' said Lt. Chuck Lesaltato of the Sarasota County Sheriff's office.

Since being a criminal and being a hedge fund manager are somehow NOT the same thing, legally, I guess Nadal, Madoff, and the like, are helping us all by maybe, just maybe, giving government an idea that hedge funds, and hands-off ideals about financial services are a bad idea. This attitude was virtually UNIVERSAL in Congress (both GOP and Dem) and, seeing that the GREED factor attracts many people to fishing for other people's money for a living, for starters, it is the most obvious mistake in governing since Ebonics was being considered as a subject of educational instruction in our schools.


- jR

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NY Times' Friedman laments, but does not quite hit, the money crisis cronies


Thomas L. Friedman is a guy who has long-winded opinions -- that's meant as a description, not an insult -- and has made a thorough living, since the 1970s, with his writing, including opinion. He's a Pulitzer winner, several times. In this piece, though, he leaves out the one small group of Americans who, along with the business leaders, the finance companies, the Fannie Mae and Freddie Mac operators, and financially sunken mortgage takers, took our free market and turned it into a free-for-all hedged on a permanently positive economy.

The current economic crisis makes me think -- metaphorically -- of the starving masses when Marie Antoinette said, "Let them eat cake." Smug politicians, and business leaders, have led us down a wrong path, and now presumably informed and intelligent writers such as Friedman say is is everyone who must pay the way.

That's paying homage to an undeserving status quo, I suspect. We are not at an economic crossroads right now, we are at a civilization crossroads. Friedman likely recognizes that the rich and powerful will always be the rich and powerful. I do too. But unlike Friedman, at least in this piece, I think that not merely business leaders and average Joes will suffer these consequences, but our politicians must be held accountable, must own up to their culpability.

All Fall Down - NYTimes.com
This financial meltdown involved a broad national breakdown in personal responsibility, government regulation and financial ethics.

So many people were in on it: People who had no business buying a home, with nothing down and nothing to pay for two years; people who had no business pushing such mortgages, but made fortunes doing so; people who had no business bundling those loans into securities and selling them to third parties, as if they were AAA bonds, but made fortunes doing so; people who had no business rating those loans as AAA, but made fortunes doing so; and people who had no business buying those bonds and putting them on their balance sheets so they could earn a little better yield, but made fortunes doing so.

Citigroup was involved in, and made money from, almost every link in that chain. And the bank’s executives, including, sad to see, the former Treasury Secretary Robert Rubin, were clueless about the reckless financial instruments they were creating, or were so ensnared by the cronyism between the bank’s risk managers and risk takers (and so bought off by their bonuses) that they had no interest in stopping it.

These are the people whom taxpayers bailed out on Monday to the tune of what could be more than $300 billion. We probably had no choice. Just letting Citigroup melt down could have been catastrophic. But when the government throws together a bailout that could end up being hundreds of billions of dollars in 48 hours, you can bet there will be unintended consequences — many, many, many.
It is a very basic tenet of common economic teaching that economies move in cycles. It is also an obvious fact that a lot of people get into the money business to make ridiculous amounts of money on speculation. For years, the Bush Administration, from Treasury to other finance-relevant departments, urged Congress to act to rein in subprime loans. Nothing happened with the GOP in leadership; nothing happened after 2006 with Dem leaders. They are all to blame. So who do we trust? Who can we trust?

The most horrendous error in this whole debacle, which is causing the biggest, most historic global economic upheaval since 1929, is that financiers, banks and government leaders were ignoring that knock on the door. In other words, everyone who should have known, or at least had some idea, of the complexities of markets and economic paths, proved they did not know or did not care. Most to blame are the leaders of our government, who are the only ones who can tell anyone what to do in the self-centered and greed-oriented banking and finance industries, for assuming that hard-to-believe products were, indeed, unbelievable.

- jR

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