Monthly Archives: September 2011

Barry is right again! How to prevent the next banking crisis

The author of “Bailout Nation”, Barry Ritholz, has it right again.  His common sense solution, unfortunately, has no chance of getting done because too many vested interests are making money from the ‘new’ rules that let them get us into the crisis in the first place.  But his suggestions would just do it.  If only….

http://www.ritholtz.com/blog/2011/09/10-steps-to-prevent-the-next-bank-crisis/

Best news Massachusetts has had for a while!

From the Washington Post:

http://www.washingtonpost.com/politics/elizabeth-warren-to-challenge-scott-brown-in-massachusetts-senate-race/2011/09/13/gIQARqhTQK_story.html

Elizabeth Warren to challenge Scott Brown in Massachusetts Senate race

By Rosalind S. Helderman and , Published: September 13

Elizabeth Warren, a Harvard professor and former Obama administration official who became a hero to liberals with her sharp critique of the nation’s financial institutions, will announce Wednesday that she is challenging Sen. Scott Brown of Massachusetts for his seat in 2012.

Warren, 62, had been widely expected to run and had been conducting a campaign-style listening tour. She will formally announce her intentions with an online video statement as she travels the state.

Consumer advocate Elizabeth Warren enters Massachusetts' Democratic primary, hoping to best a crowded field vying to challenge incumbent Republican Scott Brown for his Senate seat. (Sept. 14)

Consumer advocate Elizabeth Warren enters Massachusetts’ Democratic primary, hoping to best a crowded field vying to challenge incumbent Republican Scott Brown for his Senate seat. (Sept. 14)

“The pressures on middle-class families are worse than ever, but it is the big corporations that get their way in Washington,” she said. “I want to change that. I will work my heart out to earn the trust of the people of Massachusetts.”

Her candidacy will set up one of the nation’s most high-profile Senate races. Democrats, who are trying to hold control of the Senate, hunger for a win in one of the nation’s most liberal states, particularly if it would mean snatching back the seat once held by the late Edward M. Kennedy.

Brown (R) won the seat in a 2010 special election after Kennedy’s death.

Read the rest of the story here:

http://www.washingtonpost.com/politics/elizabeth-warren-to-challenge-scott-brown-in-massachusetts-senate-race/2011/09/13/gIQARqhTQK_story.html

 

Money?

One new job!!!

SEPTEMBER 13, 2011

In Compromise, Republicans Allow Obama to Create One Part-Time Job

Step in Right Direction, President Says

WASHINGTON (The Borowitz Report) – In what the White House hailed as “an example of what can be accomplished when we put aside partisan differences,” congressional Republicans today responded to President Obama’s $447 billion American Jobs Act by allowing the President to create one part-time job.

While details of what the job would entail remain to be determined, it was expected to be in the lawn work or handing-out-flyers industry.

At the White House, the President acknowledged that creating one part-time job fell somewhat short of the millions of full-time jobs envisioned in his proposed legislation, but added, “This is clearly a step in the right direction.”

In order to secure funding for the part-time job, Mr. Obama had to cave to a series of Republican demands, including tax breaks for second homes and third wives.

But even as the President and congressional Republicans announced their agreement on the part-time job plan, the proposal came under attack from GOP presidential front-runner Rick Perry, who blasted the plan for creating yet another worker who would someday be eligible for Social Security.

“If we don’t cut Social Security now, we won’t have enough money to execute our children’s children,” Gov. Perry said.

Read it and weep! Why this country is headed for the dustbin of history

This is the best discussion of politics in America that I have read in years – long and covers the demise of civility in politics in the last 30-40 years.  It is written by a just-retired Republican congressional staffer and is a tell-all of the inner workings of Republican strategy and why the Democrats don’t have a snowball’s chance in hell of making this country sit up and take notice.  It covers politics, demographics, economics and human psychology and will make you cry if you care about this country and its future!

Goodbye to All That: Reflections of a GOP Operative Who Left the Cult

Saturday 3 September 2011

by: Mike Lofgren, Truthout | News Analysis

Barbara Stanwyck: “We’re both rotten!”

Fred MacMurray: “Yeah – only you’re a little more rotten.” -“Double Indemnity” (1944)

Those lines of dialogue from a classic film noir sum up the state of the two political parties in contemporary America. Both parties are rotten – how could they not be, given the complete infestation of the political system by corporate money on a scale that now requires a presidential candidate to raise upwards of a billion dollars to be competitive in the general election? Both parties are captives to corporate loot. The main reason the Democrats’ health care bill will be a budget buster once it fully phases in is the Democrats’ rank capitulation to corporate interests – no single-payer system, in order to mollify the insurers; and no negotiation of drug prices, a craven surrender to Big Pharma.

But both parties are not rotten in quite the same way. The Democrats have their share of machine politicians, careerists, corporate bagmen, egomaniacs and kooks. Nothing, however, quite matches the modern GOP.

Read the rest here:

http://www.truth-out.org/goodbye-all-reflections-gop-operative-who-left-cult/1314907779

A little light view on the crisis in Europe – thank you Barry!

Check out this delightful chart of the Europe crisis done in Lego figures:

http://www.ritholtz.com/blog/2011/09/jp-morgan-explains-the-euro-crisis-with-lego/

And now, for the proof of the pudding…..

More than 500 days of talks to form a government have seen Belgium take from Iraq the dubious honor of taking the longest time ever to form a government, prompting attacks by bond vigilantes as well as international ridicule.

But the best part is that the Belgian economy is the envy of all Europe!  Because there has been no government, there has been no austerity program put in place, as has been done in all the other Euro-zone countries – with the result that Belgium’s economy is doing BETTER than all of its peers!!!!

If this doesn’t prove that government meddling in the economy – especially with austerity programs – is NOT good for the economy, then nothing will.

Read the full report here:

http://www.cnbc.com/id/44449759

A very important scientific study has finally reached a conclusion:

We have all wondered, I am sure, why it always seems longer to get to where we are going, than it does to get home again.  Now the science is in:

http://m.npr.org/story/140159009?url=/2011/09/05/140159009/why-the-trip-home-seems-to-go-by-faster&sc=nl&cc=sh-20110910

A hysterical story: the mysterious “V”

We have all probably wondered about this, but have we had more than a passing thought about the phenomenon?  In these trying times, it behooves us to pay attention to stories that lift us out of the much of politics and the economy, so I am doing my share!

http://m.npr.org/story/140255219?url=/blogs/krulwich/2011/09/07/140255219/the-mysterious-v-in-my-hotel-bathroom&sc=nl&cc=sh-20110910

Andy Borowitz does it again!

 

SEPTEMBER 10, 2011

‘Credible Threats’ Made to US Government

Homeland Security Studying Two-Hour Video from Wednesday Night

WASHINGTON (The Borowitz Report) – The Department of Homeland Security said today that it was studying several “credible threats” made to the United States government in a two-hour broadcast Wednesday night from a location believed to be the Reagan Library in Simi Valley, California.

Homeland Security spokesman Harland Dorinson said that the Department did not want to alarm the American people, “but whenever you have a group of individuals threatening to dismantle the US government piece by piece, it has to be taken seriously.”

In reviewing the two-hour tape, Homeland Security officials said they found threats to some of the most essential functions of the US government, from Social Security to the Federal Reserve.

While stopping short of saying that the speakers were engaged in some sort of jihad, Mr. Dorinson did note that a tone of religious extremism dominated the video.

“One speaker in particular, seemed bent on rolling back the advances of science and plunging America back into the Dark Ages,” he said.

But the most terrifying moment in the tape came when that same speaker received thunderous applause from the audience after threatening to execute people.

“We’re posting pictures of this individual on our website,” Mr. Dorinson said.  “Hopefully he will be captured before he can carry out any of his plans.”