September 10, 2009
September 9, 2009
What happens if everyone walks away from their debt-traps? Walks away from their car payments? Walks away from their credit card bills? Let's see.
Anyone underwater on a home loan should be economically motivated to no longer make payments. Live rent-free for a year or two. And eventually be out from under that crushing realtor-inspired debt.
Anyone with an auto payment or credit card bill should be thinking twice now about paying it.
The debt of the past twenty years will be simply washed away. The government will put the taxpayer (i.e. their children and their children's children) on the hook for most of it, so net-net it may be a wash. But just watch this video, and you'll see what's really going on out there.
The bankers got their bonuses. The congressmen got their bribes. And the poor and the middle class got killed.
I like Beck.
He entertains me.
He's a circus clown.
He makes me laugh.
Even though he may have raped and murdered a girl in 1990.
But I've got a feeling that oddly, some aren't laughing. Some aren't in on the joke. Some actually believe what the circus clown says.
So be afraid.
The "Summer of American Rage™" is turning into something quite unexpected.
Paranoid + broke + racist + uneducated + underemployed + ignorant. Quite a combustible combo we have in post-crash Fox-News-watching America today.
And Beck (and Coulter and Limbaugh and Hannity and Malkin and the rest) are simply arsonists, with a proven business model, laughing all the way to the bank, while their nation burns.
$1.5 million and he's in for sure.
Yes, this could be fun.
Ron Paul didn't have the fire in his belly. He was too nice. And he was too old.
That's why we need Schiff.
Schiff vs. Dodd?
Schiff vs. Reid?
Schiff vs. Frank?
Schiff vs. McConnell and Kyl?
Let's get it on!
September 8, 2009
Have at it.
I for one enjoy my high-deductible, low-cost, major medical insurance (i.e. you go to the doctor (or the clinics that should be at every Wal-Mart) for a cold, you pay. go to the doctor for cancer or a heart attack, they pay). And if private companies won't offer this out of concern for profits, then the government, on a revenue-neutral basis, should.
What I don't want is a government "takeover" of healthcare. What I don't want is the disaster of the UK - massive taxes for crappy health care.
Government should be in the insurance business, if it's necessary. However they should NOT be in the health care delivery business. And it should not be in the 50% tax bracket business (like the fools in the UK). Never.
Should be another interesting few months, as the American Summer of Rage™ moves on to the American Autumn of Ignorance™
September 7, 2009
Here's an excerpt from Obama's speech to schoolkids that some idiots are pulling their kids out of class this week so as not to hear
You know, I guess it's good that some Fox-News-watching, misinformed, ignorant
Because we'll need some kids to grow up to serve us our burgers and clean our toilets (and be realtors, if that job still exists).
(note to any American kids reading this - if your mom or dad watch Fox News and Glenn Beck all day, think about running away now. You'll be glad you did.)
Prepared Remarks of President Barack Obama Back to School Event
Oh, gee, what a shock. The FHA is bust, and another massive hundreds-of-billions taxpayer bailout will be on the way.
If a bunch of idiots like us knew that Fannie, Freddie and the FHA were going to go bust, didn't they?
The answer of course is yes, they did. But the short-term exec bonuses were just too tasty. As well as the lobbyist dollars showered on Barney Frank, Chris Dodd and friends.
What a clusterf*ck. And them grifters, they was good. Real good.
FHA Time Bomb Explodes...Bailout Coming Next!
Mortgage-related losses may push the reserves at the Federal Housing Administration below the level required by Congress. The Wall Street Journal describes this as “a development that could raise concerns about whether the agency needs a taxpayer bailout.”
The FHA has played a key role in the government’s attempts to stabilize the housing market. In the past two years, it has rapidly expanded its loan guarantee portfolio in an effort to encourage mortgage lending. FHA-backed loans outstanding, which totaled $429 billion in fiscal 2008, are projected to hit $627 billion this year. FHA market share rose from 2.7% in 2006 to 23% last quarter.
The FHA will insure loans with down payments as little as 3.5% of a home’s price, and until last year it guaranteed down payment assistance programs that basically let borrowers buy houses with no money down.
September 6, 2009
It takes a real man to stand up and do what's right. George Will is now such a man. Bravo. Now let's get the f*ck out of Afghanistan and Iraq.
Too bad there aren't more adults on the right, or the left.
Let's hope this and this represent a start.
Out of Afghanistan.
Out of Iraq.
Admit to the mistakes and move on.
Grow the f*ck up, and get America back on track.
George Will has now given crucial political cover for Obama to do the right and smart thing. Let's see if he takes advantage of this golden opportunity. Or not.
George Will's Moment of Courage, September 2009:
"Forces should be substantially reduced to serve a comprehensively revised policy: America should do only what can be done from offshore, using intelligence, drones, cruise missiles, airstrikes and small, potent special forces units, concentrating on the porous 1,500-mile border with Pakistan, a nation that actually matters. Genius, said de Gaulle, recalling Bismarck's decision to halt German forces short of Paris in 1870, sometimes consists of knowing when to stop."
"Many scholars believe, Pollack says, that nations that suffer civil wars as large as Iraq's between 2004 and 2006 have "a terrifyingly high rate of recidivism." Two more years of U.S. military presence cannot control whether that is in Iraq's future. Some people believe the war in Iraq was not only "won," but vindicated by the success of the 2007 U.S. troop surge. Yet as Iraqi violence is resurgent, the logic of triumphalism leads here:
If, in spite of contrary evidence, the U.S. surge permanently dampened sectarian violence, all U.S. forces can come home sooner than the end of 2011. If, however, the surge did not so succeed, U.S. forces must come home sooner."
September 4, 2009
Mortgage, banking and securities fraud used to be a crime in America. As we can all see today under Eric Holder and Barack Obama, not so much.
By the tens of thousands.
Start with Mozilo, Perry and Fuld.
And then work backwards all the way to Casey Serin.
In the 90's, after the S&L debacle, thousands went to jail.
[/sound of crickets chirping]
Yes, the wheels of justice turn slowly. Yes, investigating this clusterf*ck will take time. Yes, the SEC barely existed under Bush.
But seriously, come on, how much more obvious can criminal cases be than Angelo Mozilo's? And Michael Perry? A fifth grader could prosecute those cases.
Frog marches. Now. And for every bigtime banker humiliated on his frog march to justice (complete with recovery of ill-gotten gains), Obama's approval rating will go up 1%.
Insight: A matter of retribution - Financial Times
Between 1990 and 1995 no less than 1,852 S&L officials were prosecuted, and 1,072 placed behind bars. Another 2,558 bankers were also jailed, often for offenses which were S&L-linked too.
September 2, 2009
Winning was the easy part.
Governing, well, that's a bit tricky.
Barack Obama is so far just yet another failed American presidency. When leadership is called for, he punts. When strong and decisive decisions are needed, he defers to Congress. When clear and powerful communication from the bully pulpit are in demand, he's out golfing.
So, I submit, 10 Things That Barack Obama Has F*cked Up, and 10 Things that Barack Obama Needs To Do ASAP:
10 Things Barack Obama Has F*cked Up:
1) Completely losing control of the healthcare debate, while serving as a whore to his trial lawyer pimps
2) Mangling relations with Russia
3) Continuing with Bush's Iraq and Afghanistan debacles
4) Not prosecuting Angelo Mozilo, Dick Fuld, Michael Perry and the rest of the mortgage fraudsters
5) Not launching investigations of the Bush administration for illegal wiretapping, torture and the Iraq debacle
6) Not taking on Medicaid, Medicare and Social Security first
7) Pussyfooting the GOP, when he should be dancing on their grave
8) Deferring to Harry Reid and Nancy Pelosi on pretty much everything
9) Not pursuing a radical flat-rate tax overhaul
10) Not giving America a new Big Goal
10 Things Barack Obama Needs To Do ASAP:
1) Do a prime time address from the oval office and address to Congress, complete with Ross Perot charts and graphs, showing that America is bankrupt, that we can no longer pave the streets with gold, and that we'll need to bite the bullet on health care, Medicare, Medicaid and Social Security, with urgency
2) Ask Harry Reid and Nancy Pelosi to step aside immediately
3) Request that Eric Holder arrest Angelo Mozilo, Dick Fuld and Michael Perry immediately
4) Request that Eric Holder name an independent special prosecutor to look at crimes committed by the Bush administration
5) Request that Eric Holder name an independent special prosecutor to look into crimes committed by the US congress during the Great Housing Bubble
6) Announce that the USA has canceled Bush's stupid missile defense system plans for East Europe
7) Announce that 100% of US troops will be out of Iraq and Afghanistan by 12/31, with CIA and Special Ops forces to remain to support the democratically elected governments as requested
8) Mandate that 100% of new cars and trucks sold in 2025 are electric or electric hybrid, that America will get 90% of its electricity from nuclear, solar and wind power by 2025, and allocate $250 billion for electric trains and light rail
9) Announce that he is no longer a member of the Democratic Party, and that if he runs for re-election in 2012 it will be as an Independent
10) Demand that the US Federal Reserve books be opened to the public, and that the US submit audited financial statements as per Sarbanes-Oxley effective 2010
And as a bonus,
11+) Break up the NAR on anti-racketeering and restraint-of-trade charges, allow gays in the military and gay civil unions, close 80% of overseas US military bases by 2015, legalize pot, tell Israel to bomb Iran's nuclear facilities, replace income tax with 20% flat tax and 5% sales tax, raise tax on gasoline $1 a gallon, reduce corporate tax rate to 10%, allow unlimited legal migration to anyone in the world with clean legal record, English proficiency, high school equivalent degree and $10,000 savings, and most of all, last but not least, require an NCAA football playoff using the bowls as early round games
After that massive rally, the sidelines are feeling pretty darn good. Market may go up another 50%, but of course, it could fall another 50% too. I'm pretty sure which one is worse - suffering a 50% fall from here, versus missing another 50% up. Should be an interesting few months.
BTW, remember when George Bush wanted people to put their Social Security accounts into the casino? Now THAT would have been interesting. You know we'd be talking about bailing out failed speculators right about now.
Why Investors Need to See the Light and Slow Down
In August, corporate insiders -- officers and directors of public companies -- sold nearly 31 times as much stock as they bought. From last September through this past March, in the depths of the bear market, that ratio was just 2 to 1, according to TrimTabs Investment Research of Sausalito, Calif. The long-term average is about 7 to 1.
The people who run companies don't know exactly what the future holds, but they do know more about their own firms than outsiders do. If they are furiously selling, how eagerly should the rest of us be buying?
September 1, 2009
Future generations will come to hate you.
Inflation: How China May Be Forced To Use The Nuclear Option
The US government is currently indebted to the tune of approximately $11 trillion. Amazingly, that doesn’t account for the $49 trillion of Medicare and Social Security entitlement liabilities which will need to be paid off in the future.
The United States Treasury Department doesn’t use these entitlements when calculating their debt to GDP ratio, but if they did it would be 680%!
This partly explains why entitlements are not included in the calculations; if they were it would become painfully obvious that the country is basically insolvent.