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.
Our Recent Essays Behind the Front Page
Tuesday, July 10. 2012
Women tough it out as sappers
Ouch! The Wine Bubble Blows Up
America Already Is Europe - In spending, debt and progressivity of taxes, the U.S. is as much a social-welfare state as Spain.
The many problems with Elizabeth Warren
"Warren is the number one organized progressive cause this November, above even Obama."
...forcing them to lay off employees
Ruling Opens Avenue To Repealing Obamacare
'Affordable' Care Act? Not so much for Sacramento - Obama's healthcare overhaul is one more costly program for a red-ink state.
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RE: The Huff Post article:
Aren't the WSJ articles behind a pay wall
The Democrat Party won the elections in November of 2006 and took control of Congress on January 3, 2007, and shut down the Bush administration from any further action at that point. Of course, I am sure someone will say that correlation does not prove causation.
2007 and 2008 were a heaven-sent interregnum for the Obama crew --every single one of the current disasters fired up as soon as the new Reid/Pelosi congress convened --everything from the kill-phase of the subprime blowoff, zoom rise in lending leverage, SEC rules changes to enable criminal naked shorting, the Lehman credit-killer CDS buildup, to the southern border abrupt change of a century old sleepy smuggling trade to a military-weaponized shooting war --and all under the trailing edge of the GWB admin. How very damn convenient. Almost the same sort of miracle as two-thousand-page laws springing from the forehead of Zeus ready made to vote into law.
And sadly, things have only gotten dramatically worse since then.
In 2007-2008 perhaps GWB should have taken a blank as-yet-unghostwritten page from the King Barack strategy book and ruled by executive order and administrative rule making. If the Democrat Congress had passed a bill reversing one of his EOs, GWB could have threatened to veto it, just like King Barack does. GWB had more respect for the other branches of government than does our present overlord, that's true, but it might have been fun to watch the Libs' heads explode had they been stalemated and even check mated.
Obama is boasting to his campaign crowds that he "saved the auto industry." Here is how one commenter at the Daily Caller, by the name of 3rdjerseyman, sees it from his perspective:
"I'm a 30 year auto industry vet.. The President's boasts about saving the industry are BS. 36 factories closed. About 4700 dealers lost their lifetime's investment- often multi-generational investment. 360,000 dealership employees lost their jobs. Local tax bases were wrecked in hundreds of small towns. Chrysler was given- free of charge to Fiat of all companies ( The sick man of European makers). The there's the Union sell out. The illegal violation of bankruptcy law, and the imperial over-reach of firing Waggoner. Plus, there's an ongoing technology transfer to China going on right now. Did you know that Obama's "car tsar" is a crook whose company defrauded NY State and who was barred from the security industry?"
The Daily Caller article reminds people, who may have forgotten, that in bailing out the auto union pension funds the Treasury Dept. forced 20 thousand non-union workers at the Delphi company to lose nearly their entire pensions. In other words, the union allies of the President were thrown life preservers while the non-union workers were thrown cement blocks. The President of all Americans...in a pig's eye.
One should also not forget that even though Obama doesn't seem to know the difference between Chapter Eleven bankruptcy and Chapter seven bankruptcy, we do. Chapter Eleven is an orderly dismemberment of a company during which the unprofitable segments of the company are sold off or disbanded, the profitable arms are kept, and the core of the company emerges leaner, meaner and able to try to fight its battles again. Chapter Seven bankruptcy is evidently the only type of action Obama is familiar with. In this type of legal action, the owners have decided that nothing to do with the company is worth trying to save, and every section is sold off for what they can get.
I would suggest to Mr. Obama, that he stay off the golf clubs and the basketball courts long enough to learn something useful about both types of bankruptcies. He may be dealing with both types of disintegration in the next few years.
another 2007 kick-off appears to have been the current LIBOR scandal --with no way on earth that the Fed --esp the NY Fed (president Tim Geithner) --didn't know about the fix --after all the only thing they do day to day is watch the price of money/time and cost of credit/risk premiums. LIBOR being a trust number --banks traditionally offer LIBOR to each other on unsecured loans --the minute the demand arose for secured lending among the same banks that had always been let unsecured transfers, and yet a LIBOR was STILL being offered in public, any idiot with the info would've seen the apples and oranges where there should've been --oh, all coconuts, say.
So they knew, but in letting it go on (ostensibly for an amalgam of reasons startying with low mortgage rates to try to fix what they had done to the housing mkt), they hid the best, most important, most reliable economic health signal --that is, interest rates in the open market, most especially the rate in the open or secondary market needed to trade long bonds --is not working, is not telling the truth about confidence in the future, that it always told --and until just now no one knew but the fixers, and the regulators, and the Fed and British equivalents such as FSA.
This is tactically akin to getting more and more people hooked on food stamps (what is it, 50%? 70%? --higher thabn 2008?) so that when the evil rich GOP starts making the market pay true value for the treasury's long paper, forcing the SNAP program (among the many others) to cut hard or go bust, there'll be plenty of troops in the army of the hungry instantly in the street gobbling up the entire American experiment.
Here's a wonderfully-presented straw-in-the-wind from September 2009 --written to Lord Turner of FSA, who said then he would investigate, and who just lately confronted with LIBOR said ''oh my, what a distinct surprise''.