Punch Drunk on Tax Funded Bailouts
Posted: March 23, 2009 Filed under: Equity Markets, Global Financial Crisis, Main Stream Media, president teleprompter jesus, Team Obama, U.S. Economy, Uncategorized | Tags: bailout, Change When?, Obama, SouthPark, TARP, Timothy Geithner 4 CommentsWhile the Right Wing is off having tea parties and screaming class war, there appears to be some legitimate soul searching going on in left Blogistan about our “punch drunk” POTUS and his continual campaign like appearances. A lot of the discussion is focused on his dogged support of Turbo Tax Timmy and his bailout of the Suckers who created this bad economy for the rest of us. We’ve been overwhelmed with “heckuva-job-Timmy moments and distasteful ‘gallows humor’. When is enough enough?
Meanwhile, those of us that can’t avoid our jobs by taking a permanent vacation in TVLand are watching the economy unwind in spasms of agony and ecstasy. The market, starved for specific plans and information, provided a big thumbs 
up on a bail out program that at best reheats Dubya’s. If any one was punch drunk, it was the equity markets today. The leaders were the financials, of course, who will continue to provide profits to the market while writing their costs off to the taxpayer. If you were looking for the fresh cold breath of reality, it wasn’t on Wall Street or on Pennsylvania Avenue.
Lucidity, however, is on the rise in other places. I’m finding it in interesting places like the second episode of South Park where the lampoon on the Dark Knight included this little back ground gem; a satire of the famous Obama picutre with a deer-in-the-headlights appearing Obama and the change mantra tagged by a bright red WHEN?
My answer to the when question is probably never.
Most left wing angst appears to be directed at Tim Geithner since the Light Bringer is still too new to the job to blame. We continue to learn how involved both he and his staff at the NY Fed were in the AIG Bonuses. In fact, the Obama administration is trying to scuttle the Excise tax on the bonuses while verbally denouncing executive greed on TV. We’ve also found out that Citibank has managed to insert similar language to protect its executive bonuses. Let’s see how much change we get on that one too.
Not only are right wing shrills like Fox’s Sean Hannity calling for the head of Timmy Geithner but Progressive Diva Arianna Huffington front paged the call on HuffPo today. When Hannity and Huffington carry the same headline, it’s time for more than a few campaign appearances on Leno and 60 minutes. I’m not sure where all this shock and angst is coming from because it’s been rather obvious to some of us for some time that Obama represented rather narrow interests (not ours). How can every Obama supporter be calling the AIG Bailout a travesty while knowing that the architects and enablers of AIG are continuing the task with the Light Bringer’s blessings and attaboys? Well, Obama just mustn’t realize that it’s all Timmy’s fault and we need his head on a limited edition Obama inaugural platter. But, wait, isn’t Obama the one with that great judgement ? C’mon folks reconcile all this in your mental ledger. It really isn’t that hard.
In FDIC We Trust
Posted: March 7, 2009 Filed under: Equity Markets, Global Financial Crisis, Main Stream Media, president teleprompter jesus, Team Obama, U.S. Economy | Tags: banking regulation, joseph stiglitz 6 Comments
I continue to read current economic thought on the state of the economy and the state of the Obama administration’s response. I don’t’ know if you’ve ever made a trip to Project Syndicate, but it’s an interesting site where you can read contributions by brilliant people to newspapers around the world. It’s another one of those places that I’ve found since I’ve completely given up on the US MSM’s ability to provide real news, insight, or criticism of the world today.
Joseph Stiglitz is a frequent contributor. He’s a 2001 Nobel Laureate Economist. This is a contribution of his to The Guatemala Times from March 6, 2009. It’s called How to Fail to Recover. I’ve talked a lot about how the stimulus package isn’t big enough, that it contains too many tax cuts and that it is a bandage approach to a systemic problem that started in the financial system with bad lending practices egged on by Washington and greedy megainvestors. I feel vindicated because that is Stiglitz take too.
The stimulus package appears big – more than 2% of GDP per year – but one-third of it goes to tax cuts. And, with Americans facing a debt overhang, rapidly increasing unemployment (and the worst unemployment compensation system among major industrial countries), and falling asset prices, they are likely to save much of the tax cut.
Almost half of the stimulus simply offsets the contractionary effect of cutbacks at the state level. America’s 50 states must maintain balanced budgets. The total shortfalls were estimated at $150 billion a few months ago; now the number must be much larger – indeed, California alone faces a shortfall of $40 billion.Household savings are finally beginning to rise, which is good for the long-run health of household finances, but disastrous for economic growth. Meanwhile, investment and exports are plummeting as well. America’s automatic stabilizers the progressivity of our tax systems, the strength of our welfare system – have been greatly weakened, but they will provide some stimulus, as the expected fiscal deficit soars to 10% of GDP.
In short, the stimulus will strengthen America’s economy, but it is probably not enough to restore robust growth. This is bad news for the rest of the world, too, for a strong global recovery requires a strong American economy.
The real failings in the Obama recovery program, however, lie not in the stimulus package but in its efforts to revive financial markets. America’s failures provide important lessons to countries around the world, which are or will be facing increasing problems which are or will be facing increasing problems with their banks.
The Blogzkrieg Bots
Posted: March 4, 2009 Filed under: Equity Markets, Global Financial Crisis, Main Stream Media, president teleprompter jesus, Team Obama, The DNC, The Media SUCKS, U.S. Economy | Tags: axerod, obama blog attacks, Obama lies, obama media campaign, obama propoganda 4 Comments
Axelrove must’ve sensed a disturbance in the force because I believe the Blogzkrieg Bots are back at work in sites where the Obamessiah’s economic message has been questioned. Most of the frontpagers and bloggers that I know were chased off various blogs when they harshed the Obama mellow or dared suggest that Hillary’s campaign was better, not racist, and worthy of support. Recently, a set of anonymous email exchanges were released at Liberal Rapture. One writer of the exchange has self identifed themself (James Kunstler) and verified the authenticity of the exchange. Those of us who have dealt with the spam filter and comments in moderation can give our take on the Blogzkrieg under taken by the Obama campaign which apparently still is in full force to stop any potential anti-obama Buzzkill. Here’s the relevant exchange from a former Obama supporter that I’d like to reference.
I can also say how shocked I became at the really dishonest tactics he used, from race-baiting to caucus fraud to paying cyber stalkers to terrorize pro-Clinton writers and website owners.
The cyberstalking continues. Yesterday, I blogged about CNBC’s Kramer. I have to say that I’m a value investor, unlike Kramer, and do not follow any of his individual stock picks. I do think the man has an excellent grasp of and background in market psychology. I started listening to him more when he came out on Ellen as a Hillary supporter. He made it clear he thought she’d be best for the economy. So yesterday, I wrote on his rant on cnbc. This wasn’t his first rant but one the most eye-popping to date. All last week he was talking about Obama-proofing your investment portfolio.
Billy O’Reilly’s mother would be ashamed!
Posted: February 12, 2009 Filed under: Main Stream Media Comments Off on Billy O’Reilly’s mother would be ashamed!Once again, an infamous journalistic bully with access to a prime time audience goes after a woman. Famously arrogant and mean Bill O’Reilly of Fox news has nothing better to do than pick on elderly women. He attacked veteran journalist Helen Thomas after the Obama presser monday night. He spent nearly his entire program last night justifying calling her a “wicked witch” and even brought in the irrelevant comic Dennis Miller to take some of the heat. Miller sang an incredibly off key and patronizing “You are So Beautiful to Me” for Thomas.
Veteran Journalist Bonnie Erbe, among others, have dedicated their columns and blogs calling down O”Reilly.
Bill O’Reilly mocks everyone—all right, I get it. He’s a venom-spitting curmudgeon and works hard to build that image and protect his niche. But calling veteran journalist Helen Thomas a “wicked witch” after her question to President Obama at his news conference last night was not only ugly, it was petty.
O’Reilly is living proof there are a lot of hateful TV viewers out there because they must get a rise out of watching an angry homunculus who’s outlived his useful life span. What else would prompt someone to watch his show? Quite frankly I’d have a better time parking on a freeway in rush hour and dealing with all the angry motorists, than watching Venom Boy spew. Can’t somebody recommend to O’Reilly a competent psychotherapist? But then where would angry TV news viewers go to watch highly-paid cobras?
Bernard Goldberg joined in the witch hunt later by saying “Helen Thomas’ 15 minutes were up during the Lincoln administration.”
Why are these guys allowed to get away with passing this kind of meanness off as news commentary? Why are they even given airtime? Is America that desperate for entertainment that picking on elderly women as means of ego gratification of the likes of O’Reilly yields huge salaries and audiences? There’s a reason I don’t watch Tweety, KO, Rush, and O’Reilly. What I want to know is why do people watch these jerks and why do they get paid money to spew sexism and play ground bully commentary?
Some Random Thoughts about the Sky Falling …
Posted: December 11, 2008 Filed under: Main Stream Media, New Orleans, president teleprompter jesus, The DNC, The Media SUCKS, U.S. Economy, Uncategorized, Voter Ignorance | Tags: Barrack Hussein Obama, Chicago and New Orleans Political Corruption, New Orleans Snow 2 Comments
It’s one of those rare things in New Orleans. It snowed like crazy this morning and I essentially had a blizzard vacation today. My campus had about 7 inches of snow and the power went off in Hammond. Down here in NOLA, there were these big huge wet flakes that dropped for several hours. They iced up my hibiscus, my bananas, my avocado tree, and the roads. My 12 year old lab-mix Karma was a pain to try to walk today because she’s not used to snow. Actually, she wouldn’t walk at all. She just stood there wondering why the sky was falling.
Somethings are rare. For one, the latest government corruption case has nothing to do with any one representing me. I currently have a state senator, several school board members, and a city council man doing time on bribery and corruption cases. There’s a Louisiana Governor in Jail right now for the same thing. My current congressman is just waiting for his trial. Frankly, I’d like to think this current IL thing will catch a few big fish but doubt it. Most every in Illinois knew Governor 1 was being taped, watched, and followed. Only Candidate 5 appeared dumb or greedy enough to potentially be caught by the Fed Web. The exciting information will come if any one from this (including Rezko) turn snitch. If you think these guys may just sing like little girls to stay out of prison, just remember that Jimmy Hoffa’s body is still missing.
This guy may have been a close associate of Obama, Rezko, Axelrod, and Emmanuel (and basically all part of the Daley Machine) but I’m thinking the press will be shy to admit they were wrong and could reconsider their fluffing for Obama during the entire election and now. Also, I can’t imagine any savvy pol that was not careful about what they said to Governor Number 1 when they spoke to him because it was well known the FBI were after evidence for years. If Blagovich just refuses to go any where and continues to stay on the front page, will it help or hurt Obama? Does it detract from all the problems confronting him or add to them?
In the Disrict, Hell freezes over all the time. We’re watching a Republican (supposedly Reagonomics-loving) administration attempt to nationalize its second industry this year. Banks of course were first because of the general panic.. Now it appears we’re going to nationalize our barely functional auto industry. My prostitute-loving radical right and moralist Senator David Vitter is threatening a filibuster once the rescue plan hits the senate floor. Isn’t it interesting how the most self-righteous Republicans are always the ones that have the weirdest sexual proclivities? Just google Vitter and diapers and you’ll get the idea.
Meanwhile, after MONTHS of being told we were guilty of using racist, right wing Republican memes if we dared use the one’smiddle name, the ONE has decided that he is going to take the oath of office and ensure all the inaugural fal-de-ral will include the Hussein word. Does this strike any one but me as the least bit hypocritical? Look for Left Blogosphere to completely ignore this one so that their computers and synapses don’t blow a fuse. Frankly, I was thrown off blogs for using the one’s name while including Hussein. It was considered racist and it implied I was pushing the right wing meme that he was a Muslim. Has the rule changed now the Obama has embraced it again? Any one?
Some time it’s the sky falling. Some time’s, it’s just that rare thing like a snowfall in New Orleans. Still other times, hell is freezing over and you want to be there with a camera.
UPDATED: Here’s a shot of the Music Building at South Eastern Louisiana University in Hammond. Seven Friggin inches!! Unbelievable! I never would believe I’d have this kind of a snow day down here in the tropics! The other pic at the top is of my street from my front porch. Karma retreated to under the bed at this point.
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