We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
The CDS --the "toxic assets" that AIG (most prominently) committed ritual suicide with --was specifically left unregulated by this guy in the yr 2000 financial reforms, when there were a few hundred million in CDS existent. By 2007, that number was sixty trillion. Denninger makes the case that complex structured assets are deceptive by design.
Waxman-Markey would be a very stupid bill even if it were true that 1) the earth is getting warmer, 2) human activity is mostly responsible for climate changes, and 3) a warmer earth would be a bad thing. Given that all three of these premises are false--we cannot, in fact, control the weather--Waxman-Markey is a suicidal monument to human folly.
Oh, it seems easy at first. The press is kind; the Congress is pliant; the country loves you. Youíre a breath of fresh air after the previous administrationís excesses. Your first attempts at big-ticket legislation shoulder their way into law. The opposition party looks easily divided, easily co-opted and deeply out of touch.
But eventually the hard part arrives. For Barack Obama, it may have started last week, courtesy of the abacus-wielding wonks at the Congressional Budget Office.
Where did the US sit in 2007 (the last year of data in Table 1315)? Somewhat less socialist than the OECD (Organization for Economic Cooperation and Development) average, but well into the mix. In 2007, government spending in the US was 37.4% of GDP, or more than Australia, Ireland, Japan, Slovakia, South Korea and Switzerland. The OECD average was 40.4% and the European average was 46.2%.
In 2007, the federal government spent "only" 20% of GDP (the remaining 17.4% of GDP was spent by state and local governments). According to the Congressional Budget Office, President Obama will spend 28.5% of GDP in 2009. If states and localities have remained roughly constant, government spending is now about 46% of GDP, or almost exactly the European average in 2007.
We are as much in the thick of socialism right now as, say, Germany, Greece and the Netherlands.
But the trends in these figures tell an even more interesting story. Table 1315 lists 28 OECD countries. At some point prior to 2007, 16 of those governments were spending over 50% of GDP. The European average peaked in 1993 at 52.2%. But by 2007, only four governments spent over half of GDP: Hungary, Denmark, Sweden and France. The European average fell from 52.2% to 46.2%.
At one point, Sweden was the top socialist in the OECD states, at 70.9% of GDP. But by 2007, France was in the lead, at just 52.4%. Sweden's government had cut its spending by almost 20% of GDP between 1993 and 2007. That is the size of the entire US federal government as a fraction of GDP!
Deceptive by design. The end of that article says it all. Stop the looting start the prosecuting. These financial terrorists need to be dealt with as enemies of the state. We need to treat them the same way as Al Quadi, and the Taliban.
Round them all up and water board all the bastards, hell I'm even willing to hire a hit squad to get them.
Why they are still in charge of the hen house is beyond me.
jappy, take a look at the wiki on Obama's new head regulator and designer of the new proposed regs:
See if you can count the number of times he's helped start fires, then come a-running to douse them --with gasoline. And every time, after his associates have made a pile, he steps in and helps government "clean up" --and end up with more power.
Counting, start with his helping Enron load up with electronic trading de-regs, then with the 'fix' of SarBox let his pals (i know their names, thank to 'search') open the offshore hedge funds which thru 2000-2007 (under the GOP, natch) powered the Fannie & Freddie-sparked global meltdown which exposed just in time for the election the CDS pileup from his yr 2000 landmark CDS re-regs.
Keep on ounting until you come current with his new (proposed) regs (and be sure and count forward a hair --the 1.6 trillion of worthless CDS still ticking away on the books of Citibank waiting for the timing to be right for another rachet up of the power of government).