- Guess what? Government housing policy did NOT create the subprime crisis:
- Canada is the first country to sign the Ottawa Protocol on Anti-Semitism!
- Barry is right again! How to prevent the next banking crisis
- Best news Massachusetts has had for a while!
- One new job!!!
- Read it and weep! Why this country is headed for the dustbin of history
- A little light view on the crisis in Europe – thank you Barry!
- And now, for the proof of the pudding…..
- A very important scientific study has finally reached a conclusion:
Category Archives: humor
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!
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.”
It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought. —John Kenneth Galbraith
Like my current idol, Barry Ritholtz, who says that every time he goes away, the world breaks loose and things happen, I’ve been away from my computer and look what has been going on! Rather than try to catch up, I’ll just let a few of my favorites sum it up – Paul Krugman, Barry Ritholz, and Andy Borowitz, for a little levity in these turbulent times. Enjoy –
The Hijacked Crisis – by Paul Krugman
Has market turmoil left you feeling afraid? Well, it should. Clearly, the economic crisis that began in 2008 is by no means over.
But there’s another emotion you should feel: anger. For what we’re seeing now is what happens when influential people exploit a crisis rather than try to solve it.
For more than a year and a half — ever since President Obama chose to make deficits, not jobs, the central focus of the 2010 State of the Union address — we’ve had a public conversation that has been dominated by budget concerns, while almost ignoring unemployment. The supposedly urgent need to reduce deficits has so dominated the discourse that on Monday, in the midst of a market panic, Mr. Obama devoted most of his remarks to the deficit rather than to the clear and present danger of renewed recession.
What made this so bizarre was the fact that markets were signaling, as clearly as anyone could ask, that unemployment rather than deficits is our biggest problem. Bear in mind that deficit hawks have been warning for years that interest rates on U.S. government debt would soar any day now; the threat from the bond market was supposed to be the reason that we must slash the deficit now now now. But that threat keeps not materializing. And, this week, on the heels of a downgrade that was supposed to scare bond investors, those interest rates actually plunged to record lows.
What the market was saying — almost shouting — was, “We’re not worried about the deficit! We’re worried about the weak economy!” For a weak economy means both low interest rates and a lack of business opportunities, which, in turn, means that government bonds become an attractive investment even at very low yields. If the downgrade of U.S. debt had any effect at all, it was to reinforce fears of austerity policies that will make the economy even weaker.
So how did Washington discourse come to be dominated by the wrong issue?
Hard-line Republicans have, of course, played a role. Although they don’t seem to truly care about deficits — try suggesting any rise in taxes on the rich — they have found harping on deficits a useful way to attack government programs.
But our discourse wouldn’t have gone so far off-track if other influential people hadn’t been eager to change the subject away from jobs, even in the face of 9 percent unemployment, and to hijack the crisis on behalf of their pre-existing agendas.
Check out the opinion page of any major newspaper, or listen to any news-discussion program, and you’re likely to encounter some self-proclaimed centrist declaring that there are no short-run fixes for our economic difficulties, that the responsible thing is to focus on long-run solutions and, in particular, on “entitlement reform” — that is, cuts in Social Security and Medicare. And when you do encounter such a person, you should be aware that people like that are a major reason we’re in so much trouble.
For the fact is that right now the economy desperately needs a short-run fix. When you’re bleeding profusely from an open wound, you want a doctor who binds that wound up, not a doctor who lectures you on the importance of maintaining a healthy lifestyle as you get older. When millions of willing and able workers are unemployed, and economic potential is going to waste to the tune of almost $1 trillion a year, you want policy makers who work on a fast recovery, not people who lecture you on the need for long-run fiscal sustainability.
Unfortunately, giving lectures on long-run fiscal sustainability is a fashionable Washington pastime; it’s what people who want to sound serious do to demonstrate their seriousness. So when the crisis struck and led to big budget deficits — because that’s what happens when the economy shrinks and revenue plunges — many members of our policy elite were all too eager to seize on those deficits as an excuse to change the subject from jobs to their favorite hobbyhorse. And the economy continued to bleed.
What would a real response to our problems involve? First of all, it would involve more, not less, government spending for the time being — with mass unemployment and incredibly low borrowing costs, we should be rebuilding our schools, our roads, our water systems and more. It would involve aggressive moves to reduce household debt via mortgage forgiveness and refinancing. And it would involve an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.
The usual suspects will, of course, denounce such ideas as irresponsible. But you know what’s really irresponsible? Hijacking the debate over a crisis to push for the same things you were advocating before the crisis, and letting the economy continue to bleed.
Barry Ritholtz: Speaking Soothing Words vs. the Truth Bomb (Aug. 11, 2011) – an excerpt from his comments – calling out those who were trying to calm markets for their own purposes:
My comment on Bloomberg Tuesday that Bank of America should seek a pre-packaged, GM-like bankruptcy reorg generated a stern phone call from a Mr. Someone, a regular on BubbleTV. Understand, I have been saying this exact same thing for over 3 years (only adding the GM part since their reorg). The other party was a bit of an ass, and when I called them on it (Long BAC are we?), we had a few choice words. When they crossed a line, I informed them all of our calls were recorded — I could practically hear the sphincter tighten on the other end of the line — I added a few choice words the only way I knew how: My exact phrase to this person was a less than eloquent expression involving self-love that is not possible amongst those who are not double jointed.
Which brings me to pundit motivation: People who try to soothe the savage market psychology do so because its their jobs, and it is in their self-interest. They may work for Fed or the Treasury or a firm so large they cannot be tactical investors. Hence, their calming words amount to little more than propaganda, self-interest, and crowd control.
If you think people are sheep, then you try to manipulate their fears and psychology via the media. You engage in color coded terror warnings, you threaten total financial Armeggedon, you warn of an economic seizure. You say what cows the masses into a corner to be harvested and sold off for parts.
I prefer the Truth bomb. Precision guided, accurate to within millimeters, high yielding explosive truths.
If you have the slightest respect for Humanity, you tell them what is. You give them the facts. You honor the Truth, and let the chips fall where they may. Despite my curmudgeonly world views, I still have enough respect for my fellows that I believe Truth telling is the only way to go. And I am more than happy to call out anyone who wants to tell lies to reach their objectives…….
AUGUST 22, 2011
Gaddafi Found Running for Republican Nomination
Libyan Madman Turns Up in New Hampshire
CONCORD, NH (The Borowitz Report) – The mystery surrounding Col. Muammar Gaddafi’s whereabouts was resolved today as the dictator announced his candidacy for the Republican presidential nomination in a town hall meeting in Concord, New Hampshire.
In announcing his candidacy, the Libyan madman joins a Republican field which is believed to number in excess of seven hundred candidates.
While some New Hampshire Republicans seemed surprised to see Col. Gaddafi shaking hands and kissing babies at the Concord town hall, an aide to the Libyan strongman said his transformation to GOP candidate made perfect sense.
“In those final days in Tripoli he was becoming increasingly disconnected from reality,” said the aide. “So I think he’ll fit right in.”
Mr. Gaddafi, dressed in his trademark yellow turban and matching robe, got mixed reviews in his first appearance on the campaign trail, with some New Hampshire citizens saying that his six-hour stump speech was badly in need of pruning.
Additionally, some felt that his rhetoric needed to be toned down, especially his closing line about fighting for the Republican nomination “until the last drop of blood.”
But others gave him high marks for his grasp of history and geography, which most agreed was stronger than Michele Bachmann’s.
Perhaps underscoring the challenges that lie ahead for Mr. Gaddafi in his quest for the GOP nod, current polls show him in the back of the pack, leading former Senator Rick Santorum but trailing the pizza guy.
“Unfortunately for Muammar Gaddafi, he might be out of step with the current crop of Republican candidates,” one pollster said. “There’s a perception that he’s too moderate.”
The Two-Headed Monster:
New Law, ‘No Politician Left Behind,’ Would Pay Congressmen Based on Performance
Controversial Law Draws Howls of Protest from Lawmakers
WASHINGTON (The Borowitz Report) – A government think-tank today proposed a controversial new law, “No Politician Left Behind,” which would pay congressmen solely on the basis of performance.
The law, which was proposed by the University of Minnesota’s Institute of Government, “would make a serious dent in the Federal deficit because few if any congressmen would ever have to be paid,” said the Institute’s director, Davis Logsdon.
“Right now, congressmen get paid even when they storm out of budget negotiations in a hissy fit,” Mr. Logsdon said. “Under this new law, the rule would be, no budget, no paycheck.”
The idea of being paid per accomplishment drew howls of protest from lawmakers, many claiming that if the law were enacted it would result in their financial ruin.
“If passed, this law would be tantamount to the establishment of ‘Work Panels,’ which would determine whether individual congressmen are accomplishing anything,” said Rep. Eric Cantor (R-VA). “I, for one, would be in deep, deep trouble.”
“I’m fairly sure that this law is unconstitutional,” said Sen. Mitch McConnell (R-KY). “Now, I have never actually read the Constitution, but if this law were passed I would probably be forced to read it or live in a cardboard box.”
House Speaker John Boehner (R-OH) said that creating performance standards for lawmakers was “an insult to the institution of Congress.”
“We have spent millions of dollars, some of it out of our own pockets, to get to Washington,” he said. “We did not come here to be treated like teachers.” Get a free subscription to Borowitz Report here.
Disgusted, Satan Returns Murdoch’s Soul
Media Titan Loses Closest Ally
LONDON (The Borowitz Report) – In a blow that many insiders saw as the last straw for embattled media titan Rupert Murdoch, Satan today returned Mr. Murdoch’s soul to him and demanded his money back.
“Rupert Murdoch has done my bidding for decades, but that relationship is now terminated,” read the terse statement from the Prince of Darkness, who close associates said has been “disgusted” by Murdoch’s recent activities.
Purchased by Satan in Melbourne, Australia in 1951, Mr. Murdoch’s soul is estimated to have a current value of nine dollars (US).
Around the media world, observers were stunned by this latest setback for Mr. Murdoch, who in Satan is losing one of his closest and most powerful allies.
But according to Ian Langramstone, who at his post as the University of Nottingham has studied Mr. Murdoch’s relationship with Satan for years, the slap in the face from the Lord of Misrule should not come as a surprise.
“Satan never wants to be the last one to desert a sinking ship,” said Mr. Langromstone. “He always takes his lead from British politicians.”
In what many saw a tacit admission of the depth of his current problems, Mr. Murdoch today cancelled plans to purchase the remainder of the British government that he does not already own.
Elsewhere, pitcher Roger Clemens celebrated his steroid case being declared a mistrial by throwing a car across the courthouse parking lot.
A friend sent me a very funny Youtube video. A laugh a day is therapeutic… Enjoy!
I call them the seven dwarfs – although if Sarah joins, they will be eight – what will we call them then? Any suggestions? This is Andy Borowitz’ take on the Republican Candidates:
Viewer Poll on Republican Debate: 25% Undecided, 75% Unconscious
NEW HAMPSHIRE (The Borowitz Report) – In what could spell trouble for the current field of GOP presidential candidates, a poll of likely voters who saw last night’s Republican debate found that 25% of viewers were undecided while 75% were unconscious.
Additionally, over half of respondents agreed with the statement, “This field of candidates comes dangerously close to qualifying as a prank.”
Despite this somewhat tepid response, the debate did have its moments of excitement, such as Rep. Michele Bachmann’s official announcement of her candidacy: “I wanted to declare my candidacy here in New Hampshire, the home of the Boston Tea Party.”
Rep. Bachmann received high marks in the poll from voters who said they found former Alaska Governor Sarah Palin “too cerebral.”
While Gov. Palin is not yet an official candidate, she told reporters today, “If I do decide to run, I’m gonna come ridin’ in like Paul Revere at the Alamo.”
Another potential candidate, Texas Gov. Rick Perry, offered this statement: “At this time, I can’t decide whether to run for President of the US or secede from the US and become President of Texas.”
Former Massachusetts Governor Mitt Romney made the most headlines last night by offering voters this guarantee: “I will never get involved in a scandal like Weinergate because Mattel did not give me genitals.”
Answering a question about the mass defection of his campaign staff, former House Speaker Newt Gingrich said, “They all simultaneously realized I was a douche.”
Finally, by a wide margin, the poll showed that the biggest winners of the GOP debate were the people who didn’t watch.