This from RCP website:
http://www.realclearpolitics.com/articles/2008/09/bailout_blues.html
"As one of my more knowing correspondents put it: "Wall Street loves money but hates free markets, because free markets distribute economic benefits to those who earn them, rather than to those best able to seize them."
The capitalist investment bankers stand accused, rightly, of having invented brilliant kiting schemes -- ultimately to deliver credit to customers who hadn't earned it. Their "greed" is irrelevant -- everyone is trying to make money. The point is that the schemes themselves were basically unsound. The lesson is that when home ownership is considered a "right" instead of a privilege, it is not only the housing market that goes bottom up."
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That first paragraph is SPOT ON.... and then the bastard basically says, "Well, we can't blame the bankers, boys will be boys, its not their fault that they have absolutely no scruples, morals or any inkling of risk restraint."
THEIR 'GREED' IS NOT, IS ABSOLUTELY NOT IRRELEVANT. THEIR GREED IS THE DEFINING FEATURE OF ALL MODERN, MATURE CAPITALIST STATES, AND THEIR GREED IS EVIL.
We must be EVER VIGILANT against that greed. And not blame the poor minorities for the fact that the GREED is running the show and won't even allow any modest and reasonable oversight or regulations.
Thursday, September 25, 2008
Monday, September 22, 2008
Tuppence in the bank (DOW dropped 300 points today blues)
Sometimes I have moments of genius... watch this youtube.
Tuppence, prudently, thriftly invested in the Dawes, Tomes, Mousely Grubbs Fidelity Fiduciary Bank...
Bankruptcies! Debtor sales!!
http://www.youtube.com/watch?v=jt9JpYRulSk
Compare this to the current situation. Wall Street and men getting 9 million dollar "golden parachutes" are asking for $700 billion dollars from the American taxpayer to bail them out.
These investment firms (such as AIG) purposefully and cold-bloodedly and "with malice aforethought" made incredibly RISKY and FOOLHARDY investments, thinking that the housing market would continue to go up at an accelerated rate forever (which anyone knows just simply does NOT happen... everyone knows the market goes in CYCLES)... and as a direct result (I"m not even mentioning the snake-oil ARM loans pushed on poor urban and elderly people... I'm not even mentioning these... its scary to think how much those are a part of it) the banks now have what Paul Krugman called "toxic paper", i.e. the worthless subprime loans.
Krugman belives that the huge banking lobby is basically trying to RAM the 700 billion through Congress, and basically force the American taxpayer to BUY THE TOXIC PAPER for its face value.
Profits are privatized; losses are made public and force-fed down the unwilling and powerless gullets of the American people.
Wow.
America.
Again, America has jumped the shark in 2008.
Tuppence, prudently, thriftly invested in the Dawes, Tomes, Mousely Grubbs Fidelity Fiduciary Bank...
Bankruptcies! Debtor sales!!
http://www.youtube.com/watch?v=jt9JpYRulSk
Compare this to the current situation. Wall Street and men getting 9 million dollar "golden parachutes" are asking for $700 billion dollars from the American taxpayer to bail them out.
These investment firms (such as AIG) purposefully and cold-bloodedly and "with malice aforethought" made incredibly RISKY and FOOLHARDY investments, thinking that the housing market would continue to go up at an accelerated rate forever (which anyone knows just simply does NOT happen... everyone knows the market goes in CYCLES)... and as a direct result (I"m not even mentioning the snake-oil ARM loans pushed on poor urban and elderly people... I'm not even mentioning these... its scary to think how much those are a part of it) the banks now have what Paul Krugman called "toxic paper", i.e. the worthless subprime loans.
Krugman belives that the huge banking lobby is basically trying to RAM the 700 billion through Congress, and basically force the American taxpayer to BUY THE TOXIC PAPER for its face value.
Profits are privatized; losses are made public and force-fed down the unwilling and powerless gullets of the American people.
Wow.
America.
Again, America has jumped the shark in 2008.
Wednesday, September 10, 2008
The creepy, unprecedented, bizarre media shut-down continues
...an aide told the journalists on board that all Palin flights would be off the record unless the media were told otherwise. At least one reporter objected. Two people on the flight said the Palins greeted the media and they chatted about who had been to Alaska, but little else was said.
If you want to know what it's like to live in Putin's Russia, the Republican party is giving you a good taste. This is the most appalling dereliction of duty by the press that I have ever seen in my adult life. If they had any integrity, they would stop covering her at all under these conditions. We're now well into the second week in which someone who could be president of the United States next January has not been available to the press.
Monday, September 8, 2008
Socialism for the RICH
I want to move to Europe sometimes. They seem so rational and honest.
----------------
CEO: Fannie/Freddie Bailout Makes America 'More Communist than China' Rogers Holdings chief tells CNBC Europe U.S. brand of socialism is meant only for the rich.
By Jeff Poor Business & Media Institute9/8/2008 5:24:06 PM
Has America created its own variety of communism with the U.S. Treasury Department’s bailout of two beleaguered government-sponsored enterprises (GSEs), Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE)? According to Rogers Holding CEO Jim Rogers, the answer is yes.
“America is more communist than China is right now,” Rogers told CNBC Europe’s “Squawk Box Europe” September 8. “You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."
Rogers, known for launching the Quantum Fund with left-wing heavyweight George Soros, said the bailout was not benefiting homeowners or helping average citizens improve their standing for a home mortgage.
“It’s not bailing out the homeowners who are in trouble, by the way,” Rogers said. “It’s not bailing out people who want a mortgage – it’s just bailing out financial institutions. This is not my idea of the way things are supposed to be, but if that’s what America wants, you know, it can elect people who are going to do it. I think it’s a mistake.”
The Rogers Holdings CEO had little confidence that Democratic presidential nominee Sen. Barack Obama, Ill., or Republican vice-presidential nominee, Alaska Gov. Sarah Palin, would be able to do anything to steer Fannie or Freddie on a more stable path.
“This is a big huge mess and neither one of them has a clue as to what to do next year,” Rogers said. “Bank stocks around the world are going through the roof, that’s because they’ve all been bailed out. You don’t see the homeowners in Kansas going through the roof because they’re not being bailed out.”
Rogers had previously called for Fannie and Freddie to be allowed to go bankrupt. “They should not be bailed out,” he told “Worldwide Exchange” July 15. “This is outrageous. Who are these people who are taking our money and doing this and ruining America?”
“Let the patient go bankrupt,” he said. “We have courts in America; they will be reorganized.”
Fannie Mae and Freddie Mac were “wove a mantle of invincibility” through lobbying according to a September 8 Wall Street Journal “Deal Journal” blog post. According to the Journal’s Heidi N. Moore, the mortgage giants had $170 million in lobbying bills in the past decade and spent $3.5 million on lobbying just in this year’s first quarter, spreading their largesse among 42 outside lobbying firms.
Earlier on September 8, CNBC “Mad Money” host Jim Cramer called the bailout “a homerun plan” on MSNBC’s “Morning Joe.”
----------
Jim Cramer lost all credibility with his "brilliance" concerning Bear Stearns.
The link below:
http://businessandmedia.org/articles/2008/20080908171808.aspx
----------------
CEO: Fannie/Freddie Bailout Makes America 'More Communist than China' Rogers Holdings chief tells CNBC Europe U.S. brand of socialism is meant only for the rich.
By Jeff Poor Business & Media Institute9/8/2008 5:24:06 PM
Has America created its own variety of communism with the U.S. Treasury Department’s bailout of two beleaguered government-sponsored enterprises (GSEs), Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE)? According to Rogers Holding CEO Jim Rogers, the answer is yes.
“America is more communist than China is right now,” Rogers told CNBC Europe’s “Squawk Box Europe” September 8. “You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters."
Rogers, known for launching the Quantum Fund with left-wing heavyweight George Soros, said the bailout was not benefiting homeowners or helping average citizens improve their standing for a home mortgage.
“It’s not bailing out the homeowners who are in trouble, by the way,” Rogers said. “It’s not bailing out people who want a mortgage – it’s just bailing out financial institutions. This is not my idea of the way things are supposed to be, but if that’s what America wants, you know, it can elect people who are going to do it. I think it’s a mistake.”
The Rogers Holdings CEO had little confidence that Democratic presidential nominee Sen. Barack Obama, Ill., or Republican vice-presidential nominee, Alaska Gov. Sarah Palin, would be able to do anything to steer Fannie or Freddie on a more stable path.
“This is a big huge mess and neither one of them has a clue as to what to do next year,” Rogers said. “Bank stocks around the world are going through the roof, that’s because they’ve all been bailed out. You don’t see the homeowners in Kansas going through the roof because they’re not being bailed out.”
Rogers had previously called for Fannie and Freddie to be allowed to go bankrupt. “They should not be bailed out,” he told “Worldwide Exchange” July 15. “This is outrageous. Who are these people who are taking our money and doing this and ruining America?”
“Let the patient go bankrupt,” he said. “We have courts in America; they will be reorganized.”
Fannie Mae and Freddie Mac were “wove a mantle of invincibility” through lobbying according to a September 8 Wall Street Journal “Deal Journal” blog post. According to the Journal’s Heidi N. Moore, the mortgage giants had $170 million in lobbying bills in the past decade and spent $3.5 million on lobbying just in this year’s first quarter, spreading their largesse among 42 outside lobbying firms.
Earlier on September 8, CNBC “Mad Money” host Jim Cramer called the bailout “a homerun plan” on MSNBC’s “Morning Joe.”
----------
Jim Cramer lost all credibility with his "brilliance" concerning Bear Stearns.
The link below:
http://businessandmedia.org/articles/2008/20080908171808.aspx
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