How much of a dent will the unresolved eurozone debt crisis put in the U.S. economic recovery?
TODAY’S MARKETS
DECEMBER 16, 2011, 11:10 P.M. ET
Europe Clouds U.S. Stocks Positive Indicators on U.S. Economy Aren’t a Match for Sovereign-Debt Crisis
by STEVEN RUSSOLILLO
Stocks ended the week with a whimper, as continued jitters surrounding Europe’s debt crisis weighed on investor sentiment. Meanwhile Zynga shares lost 5% on its first day of trading. Paul Vigna has details on The News Hub. Photo: AP
A week that opened with a bearish bang ended with a whimper.
Investors sold stocks in earnest early in the week amid disappointment in Europe’s efforts to reign in its debt crisis. Tentative indications of a strengthening U.S. economy slowed the slide but weren’t enough to pierce the gloom, and by Friday any signs of optimism among investors had washed out.
The Dow Jones Industrial Average edged down 2.42 points to 11866.24 on Friday and finished the week down 2.6%. Last week, stocks at one point were propelled to a six-week high on hopes for a decisive European Union summit, but those were dashed early on this week after credit-ratings firms gave the thumbs down to efforts to resolve the debt crisis.
Investors resigned themselves to the prospect of continued uncertainty over how—or even whether—the euro zone would manage the debt loads of its most heavily indebted countries.
“There’s only so much we can rally given everything going on in Europe and the interdependent global market place,” said Rick Bensignor, chief market strategist at Merlin Securities, noting that investors had turned away from riskier assets, like stocks and commodities.
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The Euro problems are leading to a drop in the value of the Euro. This will lead to Euro Zone exports becoming cheaper and Euro Zone imports becoming more expensive. Neither out come is helpful to countries trading in Dollars or currencies tied to the Dollar, and I’d say it’s much less helpful to China than to the USA.
The out come for the majority of Europeans, is a decline in living standards with inflation out striping pay rises. For example this year I received a 3% pay rise (most people received much less), unfortunately official inflation was 5.5% (the real rate, who knows but I’d take a small gamble it isn’t less). So like the majority of people my standard of living declined, but I’m seen as being in a fortunate position by most of the people I know. I’m just going backwards more slowly than the rest.
What’s really screwy is the micro-economic incentive, the incentive to the individual, to want to have a strong currency so his buying power will be maxed being contrary to the macro-economic incentive of his country wanting to have a weak currency so it will have strong exports.
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Comment by combotechie
2011-12-17 09:03:56
This is why we get to hear pronouncements such as “America has a strong dollar policy” when in truth we have just the opposite.
Comment by Diogenes (Tampa, Fl)
2011-12-17 09:10:30
That’s a pretty good summation of the problem. We have a “democracy” where “we the people” are in charge. Right?
And “we the people” want our government to be accountable.
We DIDN’t want “bailouts” by a large majority, and we got them anyway because a group of 535 people were bamboozled into believing the world would implode without them.
“We the people” have a economic policy instituted by the “independent” Federal Reserve banking cartel, who have destroyed investment incentives and propped up their buddy banksters, of, by and for the benefit of an elite cartel of Banksters and Wallstreet trading firms.
Quite simply, ”we the people” don’t have any control over our government and the OWS people are targeting the wrong group. They should all be parked out in front of the FEDERAL RESERVE Banking Houses and on the White House Lawn.
So, i guess in spite of all the rhetoric to the contrary, the Obama administration really does believe in “trickle down” economics…..So long as the Banksters are being fed Trillions of dollars of money, then the belief that all will be okay is predominant. All Hail Goldman-Sachs!!
“…contrary to the macro-economic incentive of his country wanting to have a weak currency…”
Therein lies the Achilles’ heel for the ephemeral ‘cash is king’ episode we are currently experiencing. Any major trading power which does not continually weaken its own currency risks pricing itself out of the export market.
The real question is, how many more trillions of bankster gambling losses will be added to the accounts of unborn US taxpayers, either through the Fed’s deranged money-printing to provide liquidity for the global banking system (while transfering their toxic waste liabilities onto the public books) or profligate borrowing from countries like China.
Another real question is that of at what point the Fed will use its printing press to create enough inflation to transfer Wall Street’s gambling losses on to the backs of retirees who depend on fixed-income pensions for subsistence income in their waning years. So far the retirees have merely been gouged out of any kind of positive return on their fixed-income investments, thanks to all those zero-interest loans to Megabank, Inc, which can either be socked away under the mattress in anticipation of an eventual asset price fire sale, or loaned back to the masses at “market rates” in order to pocket the spread.
Bush’s War on Savers has already morphed into a much wider War on the Responsible. There will be poetic justice as Boomers who with their votes for Bush, Obama, and McCain gave the Wall Street-Federal Reserve looting syndicate a license to steal, see their savings and 401(k)s get decimated by the hyperinflation unleased as The Bernanke prints away government and bankster debts and liabilities.
I think I have an answer for you on that one. I made comment sometime back about “ObamaCare” and it’s impact on the elderly.
There was a discussion on a radio program with a neurosurgeon.
To boil it down in a nutshell, no more brain surgery if you are past about 70 or 75. The College of Surgeons is already being dictated to by a “panel” about appropriate care.
The “appropriate care” for old people is an analgesic. Yes, that’s right, those folks who are costing us some much in eldercare will be given a pain pill. No ‘lifesaving’ surgery.
Sooooooo………..there’s no need to worry about old age retirement funds. Old folks will be winnowed out of the population pool via “healthcare”. Yes, there are “deathpanels”. That should be a windfall for the Democrats, too, because I believe most older folks tend to vote more conservatively, i.e. Republican. It’s all good.
All Hail Obama.
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Comment by oxide
2011-12-17 11:08:23
Old folks will be winnowed out of the population pool via “healthcare”.
Which is precisely why Medicare was instituted in the first place. Seniors couldn’t buy insurance at any price.
If you want to complain, direct your anger at the insurance companies who eagerly take money from the young and healthy and pass the old and sick off onto the tax payer, profiting off this separation of risk pools.
Comment by X-GSfixr
2011-12-17 13:25:52
We already have “death panels”. Depending on how many zeros you have in your checkbook.
Comment by Diogenes (Tampa, Fl)
2011-12-17 14:11:08
If you want to complain, direct your anger at the insurance companies who eagerly take money from the young and healthy and pass the old and sick off onto the tax payer, profiting off this separation of risk pools………
A ridiculous argument. Completely false and misleading.
You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.
What you can’t do is NOT buy health insurance when you are young, wait until you are OLD and sick and then expect to jump into the pool. That is what all you leftists want.
Whatever group you wish to provide “services” for, you want them to be able to skim off the greater society without the contingency of being paid in.
Your concept of passing them off onto the taxpayer is only so because we have government imposed “laws” about providing medical care for people who don’t have enough money or any insurance. It’s a tough life.
If you were selling insurance, I can be most assured you would NOT be recruiting retirees into your pool, unless they paid a SUBSTANTIALLY higher premium for the added risk.
If they are over 80, you could just about forget about it.
I have no problem with insurance companies. I have a real problem with lack of competition and way too much in the way of Mandates from the various States about what they must cover, if they cover one thing, then something else is mandatory. I would prefer to have my “level” of coverage customized for me, not by some bureAucratic moron.
Comment by Carl Morris
2011-12-17 14:20:23
You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.
That makes sense except for how we get it from our employers and our employers regularly force us to find other employers. If the gaps between employment go on for very long we have to choose between food and insurance even though Cobra may be available.
I’ve never been uninsured. Yet. But I can clearly see how easily it could happen.
Comment by alpha-sloth
2011-12-17 14:45:48
“There was a discussion on a radio program”
Weak.
“You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.”
LOL. As long as you can afford it as it gets more and more expensive every year, then yeah, no problem.
Oh, and you know why the insurance companies can’t drop you just for getting old or sick? Because of those darn meddling liberals and their regulations. Kind of funny that you point to those protections as evidence for the viability of our system, since you attack those same liberals all the time. Kind of like complaining about mommy and daddy trying to run your life, then going to them for money. If we followed your advice, those protections surely would not be there.
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smartmoneydotcom
“Expect Rate Increases. In most states, private health-insurance plans are what the industry calls “rated,” says Georgetown’s Pollitz. This means premiums rise with age. So a person who buys coverage at age 50 might find it prohibitively expensive by, say, 55. Some people get around this by changing plans from time to time, since new rates tend to be lower than renewals. But as people age, it becomes more difficult to jump around and individual policies get pricier.”
Comment by Diogenes (Tampa, Fl)
2011-12-17 15:58:36
I like that. You’ll take anything as “authoritative”, no matter how illogical, so long as you find it in print somewhere, other than here. Any source will do.
Comment by alpha-sloth
2011-12-17 18:35:05
Beats saying ‘I heard it on (talk) radio’. The bastion of right-wing propaganda for the oafs.
Ever find a link for your assertion? Didn’t think so.
Comment by alpha-sloth
2011-12-17 20:10:40
And do you think that private health insurance doesn’t get more expensive as you get older? I have it. It does.
Comment by Rental Watch
2011-12-18 19:33:36
If we want to have healthcare as cheap as other countries, then decisions for major procedures for those older will be in the hands of the doctors, not the patients or their families.
Meanwhile, it looks like Eurozone banks are experiencing a back-door bank run. If this is the case, how long can the MSM and financial media pretend this isn’t going on? And what is the effect on banking system liquidity requirements? And where are the deposits going? Gold? Mattresses?
Gingrich of Freddie Mac The Speaker’s defense is hurting him as much as his $1.6 million payday.
Newt Gingrich’s opponents aren’t letting up in their criticism of his lucrative ties to the failed mortgage giant Freddie Mac after he resigned as House Speaker in the late 1990s. More damaging to his Presidential candidacy is that Mr. Gingrich doesn’t seem to understand why anyone is offended.
In his first response after news broke that he’d made $300,000 working for Freddie, Mr. Gingrich claimed he had “offered them advice on precisely what they didn’t do.” As a “historian,” he said during a November 9 debate, he had concluded last decade that “this is a bubble,” and that Freddie and its sister Fannie Mae should stop making loans to people who have no credit history. He added that now they should be broken up.
… US charges ex-Fannie, Freddie CEOs with fraud By DEREK KRAVITZ, AP Business Writer – 2 hours ago
WASHINGTON (AP) — Two former CEOs at mortgage giants Fannie Mae and Freddie Mac on Friday became the highest-profile individuals to be charged in connection with the 2008 financial crisis.
In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.
The executives were accused of understating the level of high-risk subprime mortgages that Fannie and Freddie held just before the housing bubble burst.
“Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” said Robert Khuzami, SEC’s enforcement director.
…
‘As a ‘historian,’ he said during a November 9 debate, he had concluded last decade that ‘this is a bubble’
‘The original Newton discovered the Law of Gravity. Newton Leroy Gingrich has discovered something no less earth-shaking: there is an “invented” people around, referring to the Palestinians. To which a humble Israeli like me might answer, in the best Hebrew slang: “Good morning, Eliyahu!” Thus we honor people who have made a great discovery which, unfortunately, has been discovered by others long before.’
—Anyone claiming to be a “friend” of the thuggish Israeli Govt is no friend of the US.—-
I’m a friend to the Western USA-style country in a sea of mideast despots, a country called Israel. I’m also a friend to the USA.
Nice try dismissing me, ‘RAI”
Thus we see the very worst blog boards offer. Those who cry “anti-american” to anyone who happens to disagree with him. Weak debate tactic. How about instead, we look at strengths and weaknesses of various countries, and do some comparisons.
So who gets direct US “aid” for decades, and uses it keep their population underfoot? Eqypt did as did Tunisia. Jordan,Yemen, etc still do. Several that have enough oil/money of their own are given cover by the US (in the UN and elsewhere) to continue to suppress their people; Saudi Arabia, Bahrain, for example.
Who freaked out the most about Egypt getting rid of the dictator? Neocons and the like. Who drew up the borders in Iraq? Here’s a hint; it wasn’t the people that lived there. And we wonder why all these people won’t get along.
From the article:
‘There was no formal distinction between Syrians, Lebanese, Palestinians and Jordanians. But when, after the collapse of the Ottoman Empire, the European powers divided the Arab world between them, a state called Palestine became a fact under the British Mandate, and the Arab Palestinian people established themselves as a separate nation with a national flag of their own. Many peoples in Europe, Asia, Africa and Latin America did the same, even without asking Gingrich for confirmation.’
Comment by Blue Skye
2011-12-17 08:04:46
The present troubles of former subjects of the Ottoman Empire are the consequences of a huge credit bubble and its subsequent collapse.
We should get a clue and stop trying to keep our own debt fueled empire expanding.
Comment by evildocs
2011-12-17 08:15:02
Hi Ben,
Just as you once were a voice in the wilderness, talking about the delusions of American housing prices at a time (as still was quoted yesterday) when nearly everyone who was confronted that housing would be a disaster “reacted with anger or condescension”, making you and others of our like Cassandra, making us shake our heads with sadness that so much ignorance and assumption would not be rational, so too I am saddened when snippets and observations are taken out of context for agendas that don’t reflect what I see as painful reality.
I will offer a few snippets of idea. I could give you a book’s worth of cut-paste history, but I’d prefer a good back-and-forth, not a flood, so I will start by tossing out just a few notions…
Do clarify, “So who gets direct US “aid” for decades, and uses it keep their population underfoot?”
I see “Their population” as an odd choice of words.
Israel’s arab citizens are members of parliament, vote freely, are not forced to wear burkhas, do not have honor-killings embraced by their government, win supreme court cases and more. Their women are allowed to drive, attend University, worship in non-Jewish houses of worship, and be free of religious civil wars that kill tens of thousands. Rather like the USA. Name a surrounding Arab country that treats its Arabs so well or which treats its Jews in the manner Israel treats Arab citizens. Seriously.
Perfect? No. Exceptions? Sure.
But, then, the USA pepper sprays students sitting and smiling. Lebanon killed 100,000 people in a religious civil war. Syria’s non-elected leader has slaughterd 5000 of his “99 percenters” (that phrase being popular today) during the last few months. Show me a Jewish woman member of the elected Saudi Parliament who can wear a bikini to the Saudi beach
The issue of the captured territories of course is the hot-button issue, and the population there is not “their population”, no doubt a sticking point. The would-be-Palestinians are not Israelis and are not part of Israel’s “population”. They are an anomaly to some degree, the only refugee population that was not absorbed into host countries after there were population shifts during a war.
The arab “brothers” of the would-be-Palestinians have done nothing altruistic to help them, keeping them as pawns against Israel. I will add some posts (to keep each post relatively short) with some history about this.
—Who freaked out the most about Egypt getting rid of the dictator? Neocons and the like. Who drew up the borders in Iraq? Here’s a hint; it wasn’t the people that lived there. And we wonder why all these people won’t get along.—-
This has merit, but I find it a sidebar to the issue about Israel and Palestine. I have found flaws in general in both hard right and hard left political thought.
I often post with a bit of a light-hearted even facetious tone, tweaking the random hostile quotes I see from various writers. I will eschew that in this thread, and give you the courtesy you have well earned, that of serious answers to serious notions, even ones with which I disagree.
I will end this post with a single food-for-thought serious question. Other related topics will be in other posts.
Israel “won the war” in 1948 when multiple arab countries attacked it after Israel (but not “palestine”) accepted the UN partition plan, a plan which really left such odd geography that one could argue that neither created country (had “Palestine” also accepted) had viable borders. Israel during the 1948 war was meant, publicly, to be “driven into the sea” by the invading arabs, per the Arabs’ own propaganda. Extra Genocide to WWII.
Still, Israel won.
But, today all the hard core anti-Israel negotiators (at least those who don’t call for Israel to disappear altogether) demand return NOT to pre-1948 borders but rather to pre-1967 Borders.
So here is the question. If pre-1967 borders (before Israel captured Arab land in the 1967 war) were/are acceptable, who had that “Palestinian” land after 1948 but before 1967? Who didn’t make it “Palestine” when Israel didn’t have it for 20 years?
More later.
Thanks, Ben, for this board and for the chance to have some intense chat.
Comment by evildocs
2011-12-17 08:36:48
Humans have very short memories. It is no surprise that the saying “those who forget history are doomed to repeat it” is a popular bromide.
One reason the Near East (what casual players tend to call the Middle East) has turmoil is that the whole zone is new to nationalism. 100 years ago there essentially were no polities in the region, rather just the Ottoman Empire. Most of what today we call regional countries were carved out of the Ottoman Empire, often for reasons serving the superficial needs of the subsequent British rulers in the area, as is often the case in colonial situations. The random markings of borders that the Powers put in place (why is “Saudi” Arabia not just “Arabia”), the lack of respect or understanding or caring then about regional ethnic differences within brand new countries that were new to the idea of being countries (it seems Sunni and Shia didn’t mix so well), have created a century of strife. There is not a history of strong national borders in this area, not like Europe and the Americas.
Fine.
As I’ve noted, Palestine was a region, not unlike the notion of a midwest in the USA. Midwestern Americans and nearby non-midwestern Americans are still just… Americans. The same model largely has been true in the Near East, though some today would forget that.
There were Christian and Muslim arabs throughout the Ottoman zone (though many of the Christian arabs have been purged by the intolerance of their majority Muslim neighbors), but they were Arabs. There were not countries of “Jordan”, “Saudi Arabia”, “Kuwait” and so forth.
By 1947 there indeed were big Jewish and Arab-Muslim populations in the “pan Arab Midwest”, or… “Palestine”. Most of the Muslim population there had followed in the Jewish population when Jews bought land from the Ottoman Empire and build up the desolate zone (food for another thread).
There was not an indigenous unique-to-region “Palestinian Arab” culture. There were rather Arab Muslims residing in Ottoman Palestine.
Relatively recently, as a hammer to whack Israel, has the issue of a need for a gazillionth Arab country to be created been an issue.
Here are some Arab views of the situation, before the notion of an actual Polity called “Palestine” came into vogue, indeed partially the Israelis fault (for reverse reasons) as Israel, leading to independence, also accepted the notion of “Palestine” as in, “fine… some land for them, some land for us”
—”There is no such country (as Palestine)! Palestine is a term the Zionists invented! There is no Palestine in the Bible. Our country was for centuries part of Syria.” - told to the peel Commission in 1937 by Auni Bey Abdul-Hadi, a local Arab leader.—–
—”The Palestinian people does not exist. The creation of a Palestinian state is only a means for continuing our struggle against the state of Israel for our Arab unity. In reality today there is no difference between Jordanians, Palestinians, Syrians and Lebanese. Only for political and tactical reasons do we speak today about the existence of a Palestinian people, since Arab national interests demand that we posit the existence of a distinct ‘Palestinian people’ to oppose Zionism…
For tactical reasons, Jordan, which is a sovereign state with defined borders, cannot raise claims to Haifa and Jaffa. While as a Palestinian, I can undoubtedly demand Haifa, Jaffa, Beer-Sheva and Jerusalem. However, the moment we reclaim our right to all of Palestine, we will not wait even a minute to unite Palestine and Jordan.” - PLO executive committee member Zahir Muhsein, March 31, 1977, interview with the Dutch newspaper Trouw.—-
And Native Americans won at Little Big Horn. That didn’t keep the govt from putting them on reservations. Here in N AZ, most of the land is reservations, some of the worst land you’ll ever see. How would it work if I went around Flagstaff and said the Navajo, Zuni, etc were “invented people”? I could say it, but what would it accomplish or help?
The argument that might makes right, but only once and when the winner decides is curious. Now non-western might is forbidden and those exercising it are terrorists as it might upset the “winner”.
You don’t have to make any special case for my posts, I’m just another person in the room with an opinion. Anyway, this isn’t my fight, or it shouldn’t be made my fight by people like Gingrich.
Comment by evildocs
2011-12-17 09:04:25
Hi Ben,
—‘Still, Israel won.’ And Native Americans won at Little Big Horn. That didn’t keep the govt from putting them on reservations.—-
Again, I sense a bit of Apples and Oranges.
First, England is not Kelt because Bill the Conquerer “won” in 1066. This is how history… becomes history. People do win. However, this is a distraction, not an argument for or against, the point I raised.
Note, please, that when I wrote, “Still, Israel won”, I reference 1948, in a war initiated by drastically larger numbers of Arabs who promised to drive the Jews into the Sea. Israel ended up with the land largely as per the UN Partition plan. I do not reference the 2nd next war Israel didn’t want, in 1967 when Israel indeed bumped its borders of control
In 1948 when Israel won, no “palestinians” were placed in reservations by Israel. Indeed, ALL Arabs in Israel (once Israel “won the war” thus allowing it to survive and its people not to have to suffer completion of genocide as promised by the invading armies) became… Israelis.
I repeat… in 1948 the Arab Muslims in the newly “won”, “conquered”, what have you, land of Israel became… Israelis. And, I’ve already posted on the rights of Arab Israelis vs Arab other-country citizens and on the ‘rights’ of jewish Saudis and the like.
Again, I might be wrong, but I believe you are a bit tentative here on the 1948 vs 1967 history, which is… huge.
After 1948, the only regional Arabs who were put into reservations were put there, no joke, no game, by Arabs. This perhaps is the money point of the current branch of this discussion. Think on it. If it remains unclear I will expand on it.
I ask again, if today the “aggressive” (but non genocidal agains Jews like Hamas is) Arab negotiators with Israel want Israel to return to “Pre 1967 Borders” and if Israel in 1948 WAS at pre-1967 Borders, then who prevented there from being a Palestine from 1948-1967? Seriously.
—The argument that might makes right, but only once and when the winner decides is curious. Now non-western might is forbidden and those exercising it are terrorists as it might upset the “winner”.—
Ben, either I was unclear in my prior post or you missed my point, but this is a straw man.
Putting aside that the history of the USA is “might makes right” and I’m not sure what sort of map you’d have for the world if we did not buy into it, I have taken us back to the 1948 Arab-Israeli War. “Might makes Right” has nothing to do with the 1948 bounderies. Indeed, this was one of the great world experiments in not requiring might in order to make right. Borders for Israel and “Palestine” were created by the UN. No “Might” involved. Rather negotiation in a world forum designed to prevent the need for “might”.
Israel indeed accepted this. Let’s praise Israel for that, shall we? “Palestine” did not accept and with 6 Arab countries waged genocidal war in fact trying to use “let’s have Might make Right”. They lost. Israel won. Israel thus stopped Arabs from what you don’t like “might making right” and implemented what the negotiated process at the UN had proposed.
Seriously- no snark- if you don’t like “might makes right”, you should compliment Israel for accepting a NON “Might makes Right” proposal, and then for resisting “might makes right” that the arabs tried to impose.
Again, Israel won in 1948. Israel resisted “Might makes right”. But, you and I both realize that without might, the monsters often will win, right?
But, again, all Arabs in Israel became citizens. Israel had none of the “post 1967″ land. Again, why then did the remaining land, that which the UN intended to become Muslim Palestine, that to which the Arab countries today want Israel to give up (Israel having gained it in 1967, not 1948) NOT become Palestine when the armistice was signed in 1949?
Comment by X-GSfixr
2011-12-17 14:26:41
“Israel indeed accepted this”
Why wouldn’t they? They gained a country, courtesy of the current residents, whether the current residents liked it or not.
But lets forget the history, let’s talk about the present. Which is the fact that Israel has way more influence into the conduct of US policy than their size and importance rates.
Say a bunch of Mormons/Christian Fundamentalists staked out a claim/bought land smack in the middle of Pakistan, and announced their Independence. Then started their own version of “Lebensraum” with the locals. And demanded that the US back up their actions, and protect them from the hostile natives.
We’ve seen this around here before. White, God fearing people intruding/taking over the land/reservations the “savages” are on, and when the natives try to run out the interlopers, the whites demand US Government protection from the “savages”. Manifest Destiny on a worldwide scale.
Some stuff never changes, I guess. Too bad the Sioux and Cheyenne didn’t have nukes.
Comment by Diogenes (Tampa, Fl)
2011-12-17 14:28:47
Gee. Everytime I write anything that brings Jews into the conversation, my posts get deleted. I usually just say they are controlling our banks and money on a world-wide basis. via the IMF, world Bank and FED. YOu’ve said a whole bunch more and got to fill up half the blog. What’s the deal?
When will we get to vote for a candidate who makes it their business to be a friend to Americans, and stops campaigning for votes in Bethlehem, Beijing, Berlin, and other b-level (i.e., outside America) towns?
—Thus we honor people who have made a great discovery which, unfortunately, has been discovered by others long before.’—
Others have discovered before newt that “Palestinians” are an invented people?
This does not surprise, though I don’t believe Newt took *credit* for the discovery.
Seriously, we get that part of the diffuse arab population that lived in the non-polity of Palestine under the Ottoman empire. a people who by their own leaders were not considered potential “Palestinians” in a nationalistic sense, before it became… well.. advantageous for them to do so fairly recently, now want to be a country. Easy to want.
This is a loaded and complex issue. One should be cautious making assumptions.
One even can debate whether there is merit in their… desire.
But, key to any mature and rational and decent negotiation is not to grant all claims prior to that negotiation.
Too, the USA has a midwest. I would not favor considering the people there Midwestinians.
Nice try at detracting from the organized violence of the IDF and corruption of the Israeli Govt they work for.
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Comment by palmetto
2011-12-17 08:32:56
I asked this before, don’t know if the post ever showed up, but if Palestinians are an “invented” people, what are “Americans”? And is Israel not an “invented” country? Are not most countries “invented”, so to speak? Why dump on Palestinians for being “invented”, shouldn’t they have the same right to be “invented” that others do?
I’m not up on my bible, but aren’t both Israel and Palestine mentioned there?
Comment by evildocs
2011-12-17 08:39:31
—-Nice try at detracting from the organized violence of the IDF and corruption of the Israeli Govt they work for.—-
It has no issue-oriented material to offer, so it complains about misdirection and offers simply rant.
Comment by evildocs
2011-12-17 08:44:20
—-but if Palestinians are an “invented” people, what are “Americans”? And is Israel not an “invented” country? Are not most countries “invented”, so to speak? —-
A fair question, though you might not like the answer.
As has been said, “history is written by the winners”.
Depending how one parses language, yes, indeed, all people all countries can be parsed nigh unto “invented” status. Still, some are more “invented” than others.
it is one thing when a dominant population with unique regional characteristics and a functioning ability to run itself creates a polity.
It is another thing when a regional population consistent with a diffuse larger group (Midwestern citizens of the USA not really having claim to a unique country of Midwesternia), want to have yet another polity, when they previously turned one down, when their own leaders have declared (until recently) that they are part of larger regions (Jordan, Syria, etc, in case of the “Palestinians”.
See my posts today discussing with Ben the actual history of the middle east.
Comment by combotechie
2011-12-17 08:49:06
“My ancestors didn’t come over on the Mayflower, but they met the boat.” - Will Rogers
RAL — if you don’t knock it off, evildocs will force Ben to rename this web site the proIsraeliTalkingPointsblog dot com.
Comment by evildocs
2011-12-17 09:22:06
Get Stucco wrote, “Is evildocs trying to convert the HBB into the pro-Israeli propaganda blog?”
How mean of you. You didn’t ask Ben if he is trying to make HBB into an anti-Israeli propaganda blog.
Issues were raised. Ben raised some of them. I respond. Responding to issues raised on a blog is why there is a blog
And, that’s sort of the point.
You just snark. No issues. That’s why you invoke that famous saying,
As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges”
Comment by evildocs
2011-12-17 09:25:24
—Why is a nuclear armed state allowed to continue it’s genocide on a minority population?—
Strange. The USA is not committing any genocide. Why would you assert that?
Perhaps you should review the meaning of “genocide”
Comment by evildocs
2011-12-17 09:26:35
Per Stucco: “RAL — if you don’t knock it off, evildocs will force Ben to rename this web site the proIsraeliTalkingPointsblog dot com.”
As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges”
Comment by palmetto
2011-12-17 09:34:19
“history is written by the winners”.
True. so then, history of the middle/near east which you’ve laid out is not necessarily factual, but based on the viewpoint of the winner?
“Facts” can be “invented”, too, right?
Comment by evildocs
2011-12-17 09:42:31
—-“history is written by the winners”. True. so then, history of the middle/near east which you’ve laid out is not necessarily factual, but based on the viewpoint of the winner?
“Facts” can be “invented”, too, right?—–
I don’t consider Facts inventable. Claims can be invented no doubt.
I have made an issues oriented case in my posts to Ben. You are welcome to disagree with my points and present reasons why you disagree.
Or, you can post thesis that “nothing matters and nothing is real” and we can philosophize over beer and pizza.
For the “Facts” though, for example, if you believe that I am adopting the “winner position, Israel’s” and creating facts, such as my claim that the 1947 Partition plan was a NON “might makes right” notion, a grand non-violent experiment in the negatiated setting of the UN and that Israel accepted this while the invading Arab armies in fact embraced “might makes right” (only to lose, of course), then please… present evidence that my claim is non factual.
And so forth.
I can do the “klingon” thing all day to the irrelevant people who just want to snipe, but if you wish to explore issues or just to claim “there can be no issues because everything everywhere is arbitrary”, then please have at it. Maybe we can do it constructively
Comment by Muggy
2011-12-17 10:07:09
I only have this to say: you have to admire Mossad. I figure if you have to have war, capping a nuclear scientist with one shot from a motorcycle is way better than dropping bombs on entire cities.
‘As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges””
Endless repetition is the hobgoblin of little minds.
Comment by Carl Morris
2011-12-17 14:25:03
Endless repetition is the hobgoblin of little minds.
I kinda like it.
Comment by Realtors Are Liars®
2011-12-17 15:16:16
Trolls are fun indeed.
Comment by ecofeco
2011-12-17 16:09:53
I actually appreciate evildocs’s willingness to write on this subject. (seriously)
I once read a book called “O Jerusalem” about the founding of modern Israel. It was probably the most evenhanded book I have ever read regarding the Middle East and that era.
It presented ALL the characters and actors who had a hand in creating or opposing the founding and actually treated everyone with respect.
In fact, if there were a group one would have to label as acting with the most ill intent, it was one of the factions within the founders group, who were intent upon assassination and near civil war.
Perhaps it was just the view of the author, but the fairness and respect with he wrote about all the other groups involved, INCLUDING the Palestinians, Arabs and the other counties/kingdoms in that region that actively and militarily opposed the founding, is convincing enough for me.
A VERY eye opening book. Not easy to find as well.
I see in evildoc’s post, many references, some oblique, but some direct, that I saw in that book. So I appreciate the lengthy posts because I see facts, even though I really don’t know every facet of the situation.
Oh, and evildoc, don’t think means we’re dating or anything.
“I would not favor considering the people there Midwestinians.”
But it yet might come to be. Cascadians, too. And then we have the Aztlanians who want THEIR so-called homeland back as well and seem to be doing a pretty good job of establishing it in the Southwest.
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Comment by evildocs
2011-12-17 12:57:16
—-“I would not favor considering the people there Midwestinians.”
But it yet might come to be. Cascadians, too. ——-
I agree, Palmy.
What might happen is ill defined. Claims happen. Powers rise. Powers fall. “Should there be another Arab country founded, this one called ‘Palestine’” is a challenging issue- no joke- but should be engaged without embracing dishonest history. That’s been my point. Newt nailed it to fair degree too, even if it is not politically correct.
regards
me
Comment by ecofeco
2011-12-17 16:12:33
“…and seem to be doing a pretty good job of establishing it in the Southwest.”
I am already a minority in the 4th largest city in the nation. The numbers say not, but the reality says otherwise.
It wasn’t supposed to happen for another 20 years.
HIstory is not on your side, evil; nor is (or has been,) the rest of the planet. You might want to consider this fact and gauge your arguments accordingly. (Vehemence being no substitute for moral authority, and all that….)
From the Gingrich Palestinian article: “My God, what a bizarre lot these Republican aspirants for the US presidency are! What a sorry bunch of ignoramuses and downright crazies….Is this the best a great and proud nation can produce? How frightening the thought that one of them may actually become the most powerful person in the world,”
I think it’s possible, that if one reads this carefully and between the lines, it could be implying a borderline insult to the Republicans.
I don’t see it as an insult, I see it as the truth.
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Comment by combotechie
2011-12-17 07:13:14
There is something wrong with the selection process - not the election process, the selection process.
The wrong type of people are being selected as candidates for the elections.
Not saying that I know how to fix it, just saying that this, to me, seems to be the main problem
Comment by Bill in Carolina
2011-12-17 08:16:37
None, not a single one of them, can be any worse than The One. A very bright guy, he still tops the charts for cluelessness. Then you add in his aloofness and arrogance (e.g., “guns and religion”).
“None, not a single one of them, can be any worse than The One. A very bright guy, he still tops the charts for cluelessness.”
I find these Rush Limbaugh-style talking points rather confusing. Let’s review the record, then tell me what a Republican president would have done differently:
- Got Osama.
- Got Muammar.
- Got us out of Iraq.
- Cultivated close ties to Wall Street, resulting in a dearth of prosecutions for crimes connected to the Fall 2008 financial collapse.
- Kept the country running in the wake of the worst recession since the 1930s, which was already going for the last full year of GWB’s second term before Obama came in to office.
- Obama seems a lot less clueless than some of the finest the RNC can serve up, including Rick Perry, who couldn’t remember the names of the government agencies he wants to eliminate, or Herman Cain, who inspired an army of women to make up scurrilous stories to keep him out of the White House, or Newt Gingrich, who was having an affair with his own intern at the very time he was trying hard to get Bill Clinton impeached over an intern affair, and who recently enjoyed a lucrative consulting contract with the infamous Freddie Mac. And then there is poor Romney, who seems the most electable among the Republican candidates, but who can’t win over the Republican party’s evangelical Christian fringe.
Conclusion: The Republicans don’t seem to have the ability to field an electable presidential candidate.
I apologize for the oversight in the above post; like Mitt, RP is on the RNC’s “qualified but not wanted” list. They would rather put some brain-dead puppet in the WH than have a president who thinks and acts for himself.
“…then tell me what a Republican president would have done differently…”
Chirp…chirp…chirp…
– Crickets
Comment by Diogenes (Tampa, Fl)
2011-12-17 10:23:28
Newt Gingrich, who was having an affair with his own intern at the very time he was trying hard to get Bill Clinton impeached over an intern affair……… Oh, PLEASE.
I could refute most of your post, but i thought i stick with the more stimulating topic……illicit affairs.
Let’s just get the facts straight.
Bill Clinton was not being impeached for Sex. Bill Clinton was put through this process for committing a crime…..Lying to Congress. Period. End of story.
Bill Clinton was under investigation for alleged criminal activity against other women. It was Bill Clinton and Hillary that helped support the spurious legal investigative techniques(to curry favor with women’s groups) that ANY and ALL suspected, reported, rumored, or undiscovered sexual activity that any person has OR MAY HAVE committed during their lifetime, when under investigation for sexual harassment, or rape or any other crime is OKAY to use as part of the prosecution….. (A pattern of conduct).
Unlike most other crimes, when “past behavior” is NOT ALLOWED and is considered prejudicial, the past behavior of people accused of SEX Crimes is allowed into evidence as being a “pattern” of sexual misconduct, i.e, you are a “predator”.
Bill Clinton was being investigated for Sex Crimes. Under his own standard of legal interpretation, a report on a 6th grade school card that Little Johnny had “touched” little Janie, could be used a “proof” of a pattern of conduct.
Consequently, having a “affair” with an intern, only added to the many “affairs” which this man is alleged to have had during his time at various government positions. Questioning him about her was part of an ongoing “investigation” about “patterns” of sexual misconduct. HE LIED ABOUT IT.
He was found out. He committed a crime.
The CRIME was not about SEX, is was about LYING to Congress when you are under investigation.
The Coverup is usually worse than the Crime. So There!
Let’s stop the “on trial for an affair” lie. It was LYING, or the more legal term: PERJURY. A Criminal offense.
Republican presidential candidate Rep. Ron Paul speaks during the presidential debate sponsored by CNN and The Tea Party Express at the Florida State fairgrounds on September 12, 2011 in Tampa, Florida (Win McNamee / Getty Images / AFP)
Despite what the mainstream media reports, congressman and presidential candidate Ron Paul is closing in on the Republican frontrunners as his odds of coming out on top for the GOP nomination becomes more and more likely.
In a new poll conducted by CNN, the congressman from Texas placed only six percentage points behind second place candidate Mitt Romney, with 12 percent of over 1,000 American adults surveyed saying they are most likely to vote for Rep. Paul. In that study, pollsters asked Americans to consider a race where former vice presidential candidate Sarah Palin would be included in the race. While Palin remains a favorite among Tea Partiers, she has not formally announced her candidacy.
The latest poll from CNN, conducted in the few days leading up to September 11, 2011, shows that Paul has managed to double his support since the last survey conducted by the cables news network only two weeks earlier. His success still puts him behind frontrunner and Texas Governor Rick Perry, but comes as a surprise to the many in the mainstream that have played Rep. Paul off as a fringe candidate seemingly unlikely to secure the Republican nomination.
…
“Let’s just get the facts straight.
Bill Clinton was not being impeached for Sex. Bill Clinton was put through this process for committing a crime…..Lying to Congress. Period. End of story.”
I don’t buy it. The Republican special prosecutor went after Clinton’s sex life in a diversion of the purpose for which he was appointed, and the likes of Newt piled on. Now the RNC is getting its come-uppance, as they are having a hard time finding a candidate they like who lacks a sordid history of marital infidelity.
Comment by ecofeco
2011-12-17 16:19:36
A person’s sex life is nobody’s damn business unless it involves crimes.
Infidelity is still not a crime. It’s stupid, but not a crime.
Comment by ecofeco
2011-12-17 16:23:25
“…as they are having a hard time finding a candidate they like who lacks a sordid history of marital infidelity.”
Bachman may be a deeply flawed candidate, but she performed a huge public service by calling out Newt on his whoring for Freddie Mac/Fannie Mae during the most recent GOP debate.
The American people owe a collective debt of gratitude to the SEC for getting serious about cracking down on GSE fraud shortly after the news broke about Newt’s lucrative Freddie Mac consulting activities.
On Dec. 9, 2008, former Freddie Mac CEO Richard Syron (left) and former Fannie Mae CEO Daniel Mudd wait to testify on Capitol Hill in Washington. The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, including Syron and Mudd.
Enlarge Susan Walsh/AP
December 16, 2011
The Securities and Exchange Commission is going after former top executives at Fannie Mae and Freddie Mac for allegedly committing securities fraud.
The mortgage giants had to be taken over by the government in 2008 and then propped up by taxpayers. The SEC says the officials misled investors about the firm’s exposure to subprime mortgages.
Critics have accused the SEC of taking a perpetrator-free approach to the financial crisis, targeting corporate entities for wrongdoing instead of CEOs. But on Friday the SEC went to court and charged six former top executives, including former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron.
The charges allege that Mudd, Syron and the others misled investors by claiming that their companies had minimal holdings of subprime and other high-risk mortgages. Robert Khuzami, director of the SEC’s Enforcement Division, said Freddie Mac made that claim in its annual report for 2006 when Syron was its CEO.
“In fact, the company had $141 billion of subprime exposure, representing 10 percent of its single-family portfolio as of Dec. 31, 2006,” Khuzami said. By June 2008, Freddie’s subprime exposure had grown to $244 billion.
…
The American people owe a collective debt of gratitude to the SEC for getting serious about cracking down on GSE fraud shortly after the news broke about Newt’s lucrative Freddie Mac consulting activities.
Um, yeah. Just remember this is the same SEC that was repeatedly warned about Bernie Madoff but turned a blind eye. That let Bear Stearns hedge funds print blatant lies when peddling toxic-waste MBS to “investers” but never held anyone accountable for a fraud, orchestrated by JP Morgan, Hank Paulson of The Fed, and Timmay of the NY Fed, that saw $29 billion in subprime toxic waste crap moved from Bear Stearn’s books to the taxpaying public’s. The same SEC that has been either looking the other way in the face of the massive Ponzi scheme perpetrated by Wall Street, especially in derivatives and off-balance-sheet liabilities, or are criminally negligent if not actively complicit.
Yeah, we all owe the SEC at debt of gratitude, all right.
SEC, per standard SOP, will settle for slap-on-the-wrist fines with no admission of guilt and no criminal sanctions, while absolving the mega-fraudsters for any future criminal or civil liability for their actions.
If you’re happy with the status quo, i.e. crony capitalism, then by all means vote for Obama or whatever statist, corporatist Wall Street marionette the MSM and Establishment deems “electable.” But if you are fed up with the status quo, Ron Paul could use an assist.
Comment by Bad Chile
2011-12-16 12:04:29
The Boston Globe in 2007-2008 used to regularly feature sob stores; I became a frequent letter writer to the author of the stories, including the property records, the number of refinances, etc. I don’t read the Globe as much as I used to, but by 2009 the stories were mostly dropped because every single one featured multiple cash-out-refinances.
I had the intro to the letter saved as it was the same every time. It was along the lines of “where did the money go?”
——————————————————————————————–
I know a little about Chile and the way he thinks as we’re in the same business. I bold his words to make a point.
Have you all ever noticed how these simple, fundamental questions never get answered? Why is that? And how is it that nobody seems to observe, or even care that the people that need to answer this are able to detract from the question? Why aren’t these simple questions asked again and again until they’re answered?
When I first started going to sheriff sales, I had access to the loan information online as well. It was rare that a foreclosure hadn’t been refinanced several times; maybe even 6 or 7 times. I’ve tried over the years to point out how prevalent this is and why we should be so worried about “keeping people in their homes” who were pulling $50-100k a year out of their house.
These people were guessing the price would never stop going up, or just dumb/didn’t care.
I was driving around shopping today, and at a corner was a man with a cardboard sign “Bank of American stole $500,000 from me.” (that corner had a BoA branch). If I hadn’t had a deadline and the traffic had been lighter, I would have stopped to have a little chat with him.
I’m amazed by the number of For Sale signs despite winter’s economic grip on our largely agriculture based region. FWIW, winter weather in Washington state starts about the third week of October.
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 9:08 p.m. Thursday, Dec. 15, 2011
WEST PALM BEACH — Homeowners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.
The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.
41 COMMENTS (I am not MJ or Stan) But I am jeff saturday
Hey MJ, I have read through all my documents that I signed with the bank, NO WHERE DOES IT SAY I HAVE TO MOVE IF I DO NOT MAKE MY PAYMENT, It simply states that the bank can foreclose and seek legal relief. I have lived in my home since 2003, I stopped making payments August 2008. I have been here for 41 months without making a payment. When it is time for me to move, I will move. Not for you, Not for the bank but when the time is right for me.
Diver4life
9:20 AM, 12/16/2011
Call me deadbeat, scumbag, everything else you can think of. That is all you can do, sit on this blog and spew venom. You are mindless sheep that follow, nothing more and Stan, I bet your from New York or New Jersey. Just a hunch…… To all of you holier than thou, mindless, I do what I am told and I am proud of that, Obama hating, fox news watching chumps, You can KMA.
diver4life
9:29 AM, 12/16/2011
jeff saturday Says:
December 17th, 2011 at 8:34 am
Merry Christmas Diver4life
Grandma got run over by a Deadbeat
Walking home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
He’d been drinkin’ too much egg nog
Where`d my refi money go?
I`ll go see my mortgage broker
So he staggered out the door into the snow
When they found her Christmas mornin’
At the scene of the attack
A foreclosure notice on her forehead
Thirty-six late payment letters on her back
Grandma got run over by a Deadbeat
Walkin’ home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
Now were all so proud of Grandpa
He’s been takin’ this so well
See him in there watchin’ football
Drinkin’ root beer and playin’ cards with cousin Belle
It’s not Christmas without Grandma
All the family’s dressed in black
We`re all talking bout the Deadbeat
How is it that he`s still living in his shack?
Grandma got run over by a Deadbeat
Walkin’ home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
Now the goose is on the table
And the pudding’s made of fig
Maybe we should blame the banker
Who refied his house so he could buy that rig
I’ve warned all my friends and neighbors
Better watch out for your own
They should never give a license
To a man who drinks and doesn`t pay back loans
Grandma got run over by a Deadbeat
Walkin’ home from our house, Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe!
I guess with Jerry Sandusky and all they didn`t have time for this on the nightly news.
Navy Buys Biofuels for $15 Per Gallon From Stimulus-Linked Firm
Lachlan Markay
December 13, 2011 at 11:00 am
A California company has been hired to provide 450,000 gallons of advanced biofuels to the U.S. Navy – the “single largest purchase of biofuel in government history,” according to the Navy – at $15 per gallon, or about four times the market price of conventional jet fuel.
The Institute for Energy Research unearthed the purchase in a recent post on its website:
Last week, the Navy signed a contract with two biofuel companies to purchase 450,000 gallons of advanced biofuels at $12 million to assist in President Obama’s goal to establish a domestic biofuels industry and to advance it in ways that do not require Congressional approval. Of course, given the Navy’s mission, they claim to be pursuing biofuels to ensure adequate fuel in the future without relying on crude from the Middle East or other overseas sources that may be a threat to our national security. While this purchase is only a drop in the bucket compared to the Navy’s annual usage of more than 670 million gallons, their goal is to fuel a normal Navy mission with a 50-percent blend of biofuels and gasoline by 2016.
The company selling the fuel to the Navy is called Solazyme. The company’s corporate board includes “strategic advisor” T.J. Glauthier, who “advises companies dealing with the complex competitive and regulatory challenges in the energy sector today.”
Glauthier was the Deputy Secretary and Chief Operations Officer of the Department of Energy from 1999 to 2001, meaning he has experience dealing with energy issues on both sides of the regulatory equation.
Also of note: Glauthier served (pro bono) on President Obama’s White House Transition Team, where he specifically worked on the energy provisions of the stimulus package, according to Solazyme’s website. Solazyme itself landed a $21.8 million stimulus grant to build a biofuel refinery.
Now the company looks to have scored big once again. But the benefits extend beyond the immediate profit to be made from the sale. As Wired Magazine noted, “the often-struggling biofuels industry will be a lot closer to proving its viability” with Solazyme’s massive Navy contract.
Government efforts to prop up favored industries also tend to benefit the politically connected. Solazyme certainly fits the bill.
This has been going on for a long time. When the first digital stored program computers were built out of thousands of vacuum tubes and relays in the late 1940s, they were so expensive that the government was the main customer. Specifically, it was the Pentagon who purchased moany of the first computers. In addition to being an important customer, the Pentagon also directly funded research.
Similarly, since the days of the Wright brothers the Defense Dept. funded a large portion of all research related to aerospace. Yet there isn’t much anger directed towards the Boeing Corporation for all of the corporate welfare that it has received and which has enriched its executives and shareholders.
Interestingly, these two American industries actually produce things that the rest of the world wants - jet aircraft, computers, cellphones, iPads, etc. There are hardly any other industries in this country that can make that claim.
Does heritage.org write any articles about this history? I doubt it. Maybe someday the alternative fuels industry will be large enough to fund organizations like Heritage to bury the history of its government funding.
Knowing a little bit more than you probably do about this great “defense industry”, I can tell you how it works in the ‘real world’.
You know all those bids for aircraft, ships, and artillary that are ALWAYS over budget, there’s a reason for that. It’s all planned on the part of the companies (which are virtual monopolies) doing the development.
Here’s the deal: Anytime you can save time or money on the project and bring it in under budget, like in the real world, don’t.
You go to the agency that is funding your project and ask for more money constantly based on this or that excuse. They know they will get it. Always. This is part of the fleecing of the taxpayer by defense contractors.
If you are one of the ignorant employees that come up with a way to make a few chances that will save millions of dollars, you will be shipped out the door. Management doesn’t want you saving millions of dollars because they couldn’t go to Uncle Sugar with a request for more funding so they can complete your project…….it’s like 80% done….we just need a couple hundred million more. Then it’s 90% done. We can’t throw all this “investment” in the can for a measly 10%. You can come up with that can’t you??
That’s how government bidding and contracts work. It’s called a non-competitive environment. And yes, they can develop a lot of new technologies, it’s just they don’t come in at the $99 price you find a Walmart. They come in at $8,999.82. for the same device.
It all goes to pay management and their shareholders.
Craig Bergman joined Newt Gingrich’s team last Thursday as the Iowa political director for the Republican frontrunner. He resigned Wednesday after he appeared to call Mormonism a “cult.”
But today, the website that quoted Bergman said it didn’t agree that the comment should be characterized that way.
The comment actually was made a week ago, on Dec. 7, the day before Gingrich hired Bergman. Bergman was part of a focus group put together by McClatchy newspapers and TheIowaRepublican.com. The Iowa Republican’s editor, Craig Robinson, told The Des Moines Register that Bergman was speaking as an undecided voter and a tea party representative.
“There is a national pastor who is very much on the anti-Mitt Romney bandwagon,” Bergman said in the story on the focus group meeting posted at TheIowaRepublican.com. “A lot of the evangelicals believe God would give us four more years of Obama just for the opportunity to expose the cult of Mormon. …There’s a thousand pastors ready to do that.”
…
He resigned Wednesday after he appeared to call Mormonism a “cult.”
Nevertheless, that’s how the GOP’s base (Protestant Fundamentalists) view Mormons.
For those who are puzzled by the vehemence the Fundies scorn the LDS with, you have to understand why they feel that way.
Fundies make a big fuss over “Sola Scriptura”, taking far beyond the boundaries that Martin Luther intended. Some might even say that the Fundies are “biblo-idolators”.
Now enter the LDS from stage right. And Joseph Smith has new scripture he wishes to add to holy writ. This is why the Fundies consider them to be a “cult”. The LDS have violated what the Fundies consider to be the most holy thing they possess: The canon of NT scripture Protestantism inherited from Catholicism and Eastern Orthodoxy.
I find your take a bit puzzling. If you have a Canon of Doctrine and someone else comes along and says, yea they buy that, but add this, then you don’t have a fundamental doctrine. It’s whatever you want it to be. What is the problem with this.
I don’t accept LDS as “christian” because they don’t have a basis for it, other than they would include the Basic Canon, too, except where it conflicts with the “new stuff”.
It is like me saying I want to incorporate the new book of Diogenes into the “Old Testament” and proclaiming I am Jewish. Yea, I buy into the Old Book stuff, but this new stuff was told to me by god, and now is part of the Canon of the Synagogue of the Jewish Temple of Diogenes.
Do you think ANY Jew, reformed, orthodox, or otherwise would accept my new “synagogue” and “holy writings” as anything but a cult??
Why the problem with Fundamentalism? They have their Canon, just as the Jews have their old one.
Oh, and by the way, the part that the Christian Church added to the Old book…..that’s why they say they are Christians and not Jews. The Jews don’t take the “added Part” as Doctrine.
I guess they are fundamentalist whackos, too.
Except that modern Christians don’t pretend to be Jews, while the LDS not only claim to be Christians, they claim to be the only true Christians.
As for the distinction with Fundies, neither the Catholics nor the Eastern Orthodox are perturbed by the LDS the way the Protestant Fundamentalists are. The reason for this, I believe, is that neither is built upon the doctrine of Sola Scriptura. And for that matter, neither are the Jews. So if the LDS introduce new scripture, the RCC and the Orthodox simply shrug their shoulders and say “knock yourselves out.”
Fair disclosure: I was born into and raised in a religious sect that views the world exactly as Republican evangelistas view it. Hence I consider myself highly qualified to point out the folly of their blindered perspective.
“I was born into and raised in a religious sect that views the world exactly as Republican evangelistas view it.”
“you are projecting on the rest of us, who do not share your abusive experience.”
So a Republican evangelist-type upbringing is abusive? I wouldn’t deny it, but I’m surprised to hear you say so.
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Comment by Blue Skye
2011-12-17 20:02:24
I have no idea what worm has crawled up your posterior Sloth. I am not the Knight of Republicans, nor the Front Runner of Evangelists. Yet I oppose your condemnation of them outright. I’ve known my share of the corrupt and the sincere, and I’ll defend them all for the sake of one.
I am the Liberal that you pretend to be.
Comment by alpha-sloth
2011-12-17 20:19:30
“I have no idea what worm has crawled up your posterior Sloth…I’ll defend them all for the sake of one”
You’re the one who called such an upbringing ‘abusive’. Don’t get all defensive and attack me for pointing out your own words.
Maybe you need to get in touch with your ‘inner you’. You seem to be experiencing some internal contradictions.
I certainly wouldn’t characterize my upbringing as “abusive.” Most interestingly, my father was strongly opposed to the extreme form of religion in which he and I were raised. Over the course of time, my entire nuclear family escaped. It was a blessed epiphany to learn that we owned the key to personal deliverance from religious extremism.
P.S. At current thirty-year mortgage rates of around 3.6 percent APR, that would translate into a present value of $275/sq ft, or for a 2000 sq ft home, $550,000.
Meanwhile, at General Motors’ Orion Township, Mich., plant about 45 minutes away from where Rattner spoke, there are three tiers of hourly workers. Roughly 900 workers at the top tier, the most senior UAW workers, make $29 an hour, a rate unchanged since 2008. Another 500 or so UAW workers are paid about $16 an hour — a rate, adjusted for inflation, equal to the famed $5 a day Henry Ford started paying his workers in 1914.
And at the bottom scale are 200-odd workers technically employed by an outside supplier but who work in the plant moving parts to the assembly line, jobs once done by GM workers paid $29 an hour. The contractors’ pay: $9 an hour with no health care, a rate which over a year’s work would leave them below the poverty level for a family of four.
Expect to see more in the 9 dollar camp wiht no benefits going forward.
Now how many will be able to buy a new car??
How many of these people will stimulate local businesses??
How many of these will go out of business and not be able to buy a car
Round and round down the deflation toilet we go, how poor the formerly middle class get no body knows.
The UAW local has been running ads, noting that if UAW members built trucks for FREE, it would only mean a $2000 reduction in MSRP.
Which once again points out why giving overseas manufacturers access to are “free market” is such a joke/tragedy. Final assembly is just a small part of building a car. The real job/income generator is the design, engineering and testing of the car itself, and of it’s components (engines and engine management, transmissions, systems). With the exception of a few design studios, almost all of these jobs are being sent, or are kept, in the home country.
The UAW local has been running ads, noting that if UAW members built trucks for FREE, it would only mean a $2000 reduction in MSRP.
Very interesting number. But I’m curious, what does “works for free” include? Does it assume a salary of $0 per hour but still include benefits? Does it still include retirement pensions? Retirement benefits?
Note that despite MASSIVE gains in productivity the average worker has seen little benefit since the days of Henry Ford, and many are now are paid even less.
Not to start an argument, I am genuinely curious. Frankly, I doubt the American worker is the most productive worker in the world. Its probably the German worker or the Japanese worker. What figures/source says the U.S. worker is the most productive?
(AP) American workers stay longer in the office, at the factory or on the farm than their counterparts in Europe and most other rich nations, and they produce more per person over the year.
They also get more done per hour than everyone but the Norwegians, according to a U.N. report released Monday, which said the United States “leads the world in labor productivity.”
Spending more time doing something does not mean one is more productive, so the entire first paragraph of the AP story is irrelevant. Productivity is defined as:
Amount produced
Productivity rate = ————————–
Time (or energy) expended
So, it looks like the Norwegians, who get more done per hour than anyone else, is the most productive.
So what? You choose one definition- hourly- the UN study looked at that, in which we are number two; and they looked at yearly productivity- in which we are number one.
So we’re either one or two, depending on how you define it. You were clearly guessing we weren’t in either position,
“Frankly, I doubt the American worker is the most productive worker in the world. Its probably the German worker or the Japanese worker. ”
Not quite. I was right we are not number #1. And, if you’re an American you know the drill — if you aren’t first, you’re last. BWWWAAAAAHAHAHAHA.
Seriously, thought, the point is the first paragraph is totally wrong. If you work 1 hour a day and produce 100 “products,” and I work 10 hours a day and produce 101 “products,” yes I am producing more per person but you are almost ten times more productive. In other words, production per person is a . . . stupid measure of productivity, and its use suggests a desperate effort to avoid being second, which, of course, would mean one is really last. BWWWAAAAAHAHAHAHA.
17 pages / 222 kb
Authors: Jonathan McCarthy and Richard W. Peach
Disclaimer
Index of executive summaries
Home prices have been rising rapidly since the mid-1990s. Many analysts view the increase as symptomatic of a bubble that will burst, thus erasing a significant portion of household wealth. This decline in wealth could have a negative effect on the broader economy as consumers reduce spending to increase saving and protect their vulnerable financial condition.
Authors McCarthy and Peach argue that no bubble exists and present evidence that the marked rise in home prices is largely attributable to strong market fundamentals: Home prices have essentially moved in line with increases in family income and declines in nominal mortgage interest rates.
The authors begin their analysis by pointing out flaws in the two measures often cited to support the theory that a bubble exists—the rising price-to-income ratio and the declining rent-to-price ratio. Specifically, the measures do not account for the effects of declining nominal mortgage interest rates and fail to use appropriate home price indexes that control for location and changes in quality.
McCarthy and Peach contend that a weakening of economic conditions is unlikely to trigger a severe drop in home prices. In fact, aggregate real home prices historically have fallen only moderately in periods of recession and high nominal interest rates.
Nevertheless, weakening fundamentals could pressure prices along the east and west coasts, where an inelastic housing supply has made prices more volatile than elsewhere in the United States. However, previous home price declines in these regions have not had devastating effects on the national economy.
“If The Mayor was a betting man - and he is – he’d feel pretty confident laying down odds of 5/1 that the @ss in the picture is easily going to rip that pole from the ground”
There is no map to guide you to this graveyard, and no signs showing the way. On the outskirts of a dusty town deep in the Tunisian interior, the rows of tombs raised above the sandy plain attract neither tourists nor treasure seekers.
But for all its seeming insignificance, in this remote corner lies the birthplace of the Arab Spring.
Today the family of Mohammed Bouazizi – his six siblings, mother and step-father – gathered at his grave to pay their respects.
“He shook the Arab world,” said his mother Mannoubia. “He changed things in a radical way.”
Mr Bouazizi had never intended such a dramatic outcome. The 26-year-old Tunisian fruit vendor only wanted to make a living. But when his fruit cart and produce was confiscated by a local policewoman because he did reportedly not have the right licence, his frustrations boiled over.
By: Antonya Allen
Assistant Editor, CNBC
Published: Wednesday, 30 Nov 2011
7:38 AM ET
The Western world has run out of ideas and is “finished financially” while emerging economies across the world will continue to grow, David Murrin, CIO at Emergent Asset Management told CNBC on the tenth anniversary of coining of the so-called BRIC nations of Brazil, Russia, India and China, by Goldman Sachs’ Jim O’Neill.
“I still subscribe and I’ve spoken about it regularly on this show that this is the moment when the Western world realizes it is finished financially and the implications are huge, whereas the emerging BRIC countries are at the beginning of their continuation cycle,” Murrin told CNBC.
Murrin added he believes the power shift from the West to emerging economies beyond Europe and the United States was “unstoppable” and he blamed a lack of ideas from Western leaders on how to stimulate growth together with contracted demographics and rising inflation as catalysts for Western decline.
“We suffer from no growth and we suffer from imported inflation… that means we have negative real growth and societies fracture when you have negative real growth and quite simply our society faces fractures for trying to stick Europe back together again is not going to work with that underlying paradigm, unless you can create five percent growth to overcome that imported inflation,” Murrin explained.
Murrin said that the East was depending less on the West and the rise of a consumer society was the first step in the expansion of an economic empire.
“If you look at the cycle of an empire system from regionalization to expansion to empire, the first phases of that catalyst are when you have a self fuelled consumer society and so actually that process of building your consumer base which is really what’s going on in China, day by day their consumer base increases and the dependence on the West decreases,” he said.
Nassim Taleb, writing in Foreign Affairs, describes why a Black Swan came to Cairo without anybody noticing and in general why opinion leaders keep getting caught on the wrong foot by the arrival of “large-scale events that lie far from the statistical norm and were largely unpredictable to a given set of observers.” The fall of the Berlin Wall was a surprise. The 2008 meltdown was a surprise. The Arab Spring was a surprise. “Why is surprise the permanent condition of the U.S. political and economic elite?”
The answer, he argues, is that the elites won’t see them coming rather than that they can’t. Part of the problem is the consequence of their own damping. By attempting to centrally manage systems according to some predetermined scheme they actually store up volatility rather than dispersing it. By kicking the can down the road they eventually condemn themselves to bumping into a giant pile of cans when they run out of road.
Complex systems that have artificially suppressed volatility tend to become extremely fragile, while at the same time exhibiting no visible risks. In fact, they tend to be too calm and exhibit minimal variability as silent risks accumulate beneath the surface. Although the stated intention of political leaders and economic policymakers is to stabilize the system by inhibiting fluctuations, the result tends to be the opposite.
Thus every bailout and rescue made in the name of preventing the demise of something deemed “too big to fail” builds up a head of steam until the point is reached when the system can no longer contain the pressure. Then the volatility goes from a seeming zero to an extremely high number. The Black Swan will have arrived. And it always will for as long as fiction is substituted for fact, failure is relentlessly reinforced and false assurances are given all around. In Auden’s words “The lights must never go out, the music must always play … lest we should see where we are, lost in a haunted wood, children afraid of the night who have never been happy or good.” The antidote, Taleb argues, is information. To price risk into the present rather than hide it to fester unseen beneath the surface.
But the elites cannot admit to surprise; nor can they admit to bad things starting on their watch. Therefore they keep sweeping things under the carpet until, as in some horror movie, it spawns a zombie. To make systems robust, says Taleb, you’ve got to admit that you can make mistakes and pay the price. You will have to in the end anyway.
The policy implications are identical: to make systems robust, all risks must be visible and out in the open — fluctuat nec mergitur (it fluctuates but does not sink) goes the Latin saying. …
In the United States, promoting these bad policies has been a bipartisan effort throughout. Republicans have been good at fragilizing large corporations through bailouts, and Democrats have been good at fragilizing the government. At the same time, the financial system as a whole exhibited little volatility; it kept getting weaker while providing policymakers with the illusion of stability, illustrated most notably when Ben Bernanke, who was then a member of the Board of Governors of the U.S. Federal Reserve, declared the era of “the great moderation” in 2004.
This is a daunting task. Given the fact that politicians and economic managers are elected or promoted for their skill at “controlling events,” they can hardly admit that they cannot. It will take an intellectual revolution to make everyone realize that human control over the real world is really limited. And yet accepting that volatility must be faced rather than hidden is the key to preventing the arrival of even more Black Swans.
Name:Ben Jones Location:Northern Arizona, United States To donate by mail, or to otherwise contact this blogger, please send emails to: thehousingbubble@gmail.com
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How much of a dent will the unresolved eurozone debt crisis put in the U.S. economic recovery?
TODAY’S MARKETS
DECEMBER 16, 2011, 11:10 P.M. ET
Europe Clouds U.S. Stocks
Positive Indicators on U.S. Economy Aren’t a Match for Sovereign-Debt Crisis
by STEVEN RUSSOLILLO
Stocks ended the week with a whimper, as continued jitters surrounding Europe’s debt crisis weighed on investor sentiment. Meanwhile Zynga shares lost 5% on its first day of trading. Paul Vigna has details on The News Hub. Photo: AP
A week that opened with a bearish bang ended with a whimper.
Investors sold stocks in earnest early in the week amid disappointment in Europe’s efforts to reign in its debt crisis. Tentative indications of a strengthening U.S. economy slowed the slide but weren’t enough to pierce the gloom, and by Friday any signs of optimism among investors had washed out.
The Dow Jones Industrial Average edged down 2.42 points to 11866.24 on Friday and finished the week down 2.6%. Last week, stocks at one point were propelled to a six-week high on hopes for a decisive European Union summit, but those were dashed early on this week after credit-ratings firms gave the thumbs down to efforts to resolve the debt crisis.
Investors resigned themselves to the prospect of continued uncertainty over how—or even whether—the euro zone would manage the debt loads of its most heavily indebted countries.
“There’s only so much we can rally given everything going on in Europe and the interdependent global market place,” said Rick Bensignor, chief market strategist at Merlin Securities, noting that investors had turned away from riskier assets, like stocks and commodities.
…
How much of a dent?
A lot of our exports go to Europe. The dent could be huge if the cutback of exports is huge.
The Euro’s decline against the U.S. dollar will hurt as well, making our goods more expensive for them.
The Euro problems are leading to a drop in the value of the Euro. This will lead to Euro Zone exports becoming cheaper and Euro Zone imports becoming more expensive. Neither out come is helpful to countries trading in Dollars or currencies tied to the Dollar, and I’d say it’s much less helpful to China than to the USA.
The out come for the majority of Europeans, is a decline in living standards with inflation out striping pay rises. For example this year I received a 3% pay rise (most people received much less), unfortunately official inflation was 5.5% (the real rate, who knows but I’d take a small gamble it isn’t less). So like the majority of people my standard of living declined, but I’m seen as being in a fortunate position by most of the people I know. I’m just going backwards more slowly than the rest.
“I’m just going backwards more slowly than the rest.”
That is an apt description of the plight of at least 99% of Americans.
What’s really screwy is the micro-economic incentive, the incentive to the individual, to want to have a strong currency so his buying power will be maxed being contrary to the macro-economic incentive of his country wanting to have a weak currency so it will have strong exports.
This is why we get to hear pronouncements such as “America has a strong dollar policy” when in truth we have just the opposite.
That’s a pretty good summation of the problem. We have a “democracy” where “we the people” are in charge. Right?
And “we the people” want our government to be accountable.
We DIDN’t want “bailouts” by a large majority, and we got them anyway because a group of 535 people were bamboozled into believing the world would implode without them.
“We the people” have a economic policy instituted by the “independent” Federal Reserve banking cartel, who have destroyed investment incentives and propped up their buddy banksters, of, by and for the benefit of an elite cartel of Banksters and Wallstreet trading firms.
Quite simply, ”we the people” don’t have any control over our government and the OWS people are targeting the wrong group. They should all be parked out in front of the FEDERAL RESERVE Banking Houses and on the White House Lawn.
So, i guess in spite of all the rhetoric to the contrary, the Obama administration really does believe in “trickle down” economics…..So long as the Banksters are being fed Trillions of dollars of money, then the belief that all will be okay is predominant. All Hail Goldman-Sachs!!
“…contrary to the macro-economic incentive of his country wanting to have a weak currency…”
Therein lies the Achilles’ heel for the ephemeral ‘cash is king’ episode we are currently experiencing. Any major trading power which does not continually weaken its own currency risks pricing itself out of the export market.
The real question is, how many more trillions of bankster gambling losses will be added to the accounts of unborn US taxpayers, either through the Fed’s deranged money-printing to provide liquidity for the global banking system (while transfering their toxic waste liabilities onto the public books) or profligate borrowing from countries like China.
Another real question is that of at what point the Fed will use its printing press to create enough inflation to transfer Wall Street’s gambling losses on to the backs of retirees who depend on fixed-income pensions for subsistence income in their waning years. So far the retirees have merely been gouged out of any kind of positive return on their fixed-income investments, thanks to all those zero-interest loans to Megabank, Inc, which can either be socked away under the mattress in anticipation of an eventual asset price fire sale, or loaned back to the masses at “market rates” in order to pocket the spread.
Bush’s War on Savers has already morphed into a much wider War on the Responsible. There will be poetic justice as Boomers who with their votes for Bush, Obama, and McCain gave the Wall Street-Federal Reserve looting syndicate a license to steal, see their savings and 401(k)s get decimated by the hyperinflation unleased as The Bernanke prints away government and bankster debts and liabilities.
“The Bernanke”
You reminded me of a favorite Great Recession era youtube cartoon:
Quantitative Easing Explained
QE cartoon
great repost
i love the “the ben bernanck”- “the goldman sachs”
I think I have an answer for you on that one. I made comment sometime back about “ObamaCare” and it’s impact on the elderly.
There was a discussion on a radio program with a neurosurgeon.
To boil it down in a nutshell, no more brain surgery if you are past about 70 or 75. The College of Surgeons is already being dictated to by a “panel” about appropriate care.
The “appropriate care” for old people is an analgesic. Yes, that’s right, those folks who are costing us some much in eldercare will be given a pain pill. No ‘lifesaving’ surgery.
Sooooooo………..there’s no need to worry about old age retirement funds. Old folks will be winnowed out of the population pool via “healthcare”. Yes, there are “deathpanels”. That should be a windfall for the Democrats, too, because I believe most older folks tend to vote more conservatively, i.e. Republican. It’s all good.
All Hail Obama.
Old folks will be winnowed out of the population pool via “healthcare”.
Which is precisely why Medicare was instituted in the first place. Seniors couldn’t buy insurance at any price.
If you want to complain, direct your anger at the insurance companies who eagerly take money from the young and healthy and pass the old and sick off onto the tax payer, profiting off this separation of risk pools.
We already have “death panels”. Depending on how many zeros you have in your checkbook.
If you want to complain, direct your anger at the insurance companies who eagerly take money from the young and healthy and pass the old and sick off onto the tax payer, profiting off this separation of risk pools………
A ridiculous argument. Completely false and misleading.
You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.
What you can’t do is NOT buy health insurance when you are young, wait until you are OLD and sick and then expect to jump into the pool. That is what all you leftists want.
Whatever group you wish to provide “services” for, you want them to be able to skim off the greater society without the contingency of being paid in.
Your concept of passing them off onto the taxpayer is only so because we have government imposed “laws” about providing medical care for people who don’t have enough money or any insurance. It’s a tough life.
If you were selling insurance, I can be most assured you would NOT be recruiting retirees into your pool, unless they paid a SUBSTANTIALLY higher premium for the added risk.
If they are over 80, you could just about forget about it.
I have no problem with insurance companies. I have a real problem with lack of competition and way too much in the way of Mandates from the various States about what they must cover, if they cover one thing, then something else is mandatory. I would prefer to have my “level” of coverage customized for me, not by some bureAucratic moron.
You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.
That makes sense except for how we get it from our employers and our employers regularly force us to find other employers. If the gaps between employment go on for very long we have to choose between food and insurance even though Cobra may be available.
I’ve never been uninsured. Yet. But I can clearly see how easily it could happen.
“There was a discussion on a radio program”
Weak.
“You can buy insurance when you are young and healthy. And if you keep paying for it into old age, you have insurance.”
LOL. As long as you can afford it as it gets more and more expensive every year, then yeah, no problem.
Oh, and you know why the insurance companies can’t drop you just for getting old or sick? Because of those darn meddling liberals and their regulations. Kind of funny that you point to those protections as evidence for the viability of our system, since you attack those same liberals all the time. Kind of like complaining about mommy and daddy trying to run your life, then going to them for money. If we followed your advice, those protections surely would not be there.
___
smartmoneydotcom
“Expect Rate Increases. In most states, private health-insurance plans are what the industry calls “rated,” says Georgetown’s Pollitz. This means premiums rise with age. So a person who buys coverage at age 50 might find it prohibitively expensive by, say, 55. Some people get around this by changing plans from time to time, since new rates tend to be lower than renewals. But as people age, it becomes more difficult to jump around and individual policies get pricier.”
I like that. You’ll take anything as “authoritative”, no matter how illogical, so long as you find it in print somewhere, other than here. Any source will do.
Beats saying ‘I heard it on (talk) radio’. The bastion of right-wing propaganda for the oafs.
Ever find a link for your assertion? Didn’t think so.
And do you think that private health insurance doesn’t get more expensive as you get older? I have it. It does.
If we want to have healthcare as cheap as other countries, then decisions for major procedures for those older will be in the hands of the doctors, not the patients or their families.
Welcome to more affordable healthcare.
http://moneymorning.com/2011/12/16/should-you-worry-about-europes-back-door-bank-run/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+USMoneyMorning+%28Money+Morning%29&utm_content=Google+Reader
Meanwhile, it looks like Eurozone banks are experiencing a back-door bank run. If this is the case, how long can the MSM and financial media pretend this isn’t going on? And what is the effect on banking system liquidity requirements? And where are the deposits going? Gold? Mattresses?
REVIEW & OUTLOOK
DECEMBER 17, 2011
Gingrich of Freddie Mac
The Speaker’s defense is hurting him as much as his $1.6 million payday.
Newt Gingrich’s opponents aren’t letting up in their criticism of his lucrative ties to the failed mortgage giant Freddie Mac after he resigned as House Speaker in the late 1990s. More damaging to his Presidential candidacy is that Mr. Gingrich doesn’t seem to understand why anyone is offended.
In his first response after news broke that he’d made $300,000 working for Freddie, Mr. Gingrich claimed he had “offered them advice on precisely what they didn’t do.” As a “historian,” he said during a November 9 debate, he had concluded last decade that “this is a bubble,” and that Freddie and its sister Fannie Mae should stop making loans to people who have no credit history. He added that now they should be broken up.
…
US charges ex-Fannie, Freddie CEOs with fraud
By DEREK KRAVITZ, AP Business Writer – 2 hours ago
WASHINGTON (AP) — Two former CEOs at mortgage giants Fannie Mae and Freddie Mac on Friday became the highest-profile individuals to be charged in connection with the 2008 financial crisis.
In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.
The executives were accused of understating the level of high-risk subprime mortgages that Fannie and Freddie held just before the housing bubble burst.
“Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” said Robert Khuzami, SEC’s enforcement director.
…
‘As a ‘historian,’ he said during a November 9 debate, he had concluded last decade that ‘this is a bubble’
‘The original Newton discovered the Law of Gravity. Newton Leroy Gingrich has discovered something no less earth-shaking: there is an “invented” people around, referring to the Palestinians. To which a humble Israeli like me might answer, in the best Hebrew slang: “Good morning, Eliyahu!” Thus we honor people who have made a great discovery which, unfortunately, has been discovered by others long before.’
http://original.antiwar.com/avnery/2011/12/16/with-friends-like-gingrich-does-israel-need-enemies/
Anyone claiming to be a “friend” of the thuggish Israeli Govt is no friend of the US.
—Anyone claiming to be a “friend” of the thuggish Israeli Govt is no friend of the US.—-
I’m a friend to the Western USA-style country in a sea of mideast despots, a country called Israel. I’m also a friend to the USA.
Nice try dismissing me, ‘RAI”
Thus we see the very worst blog boards offer. Those who cry “anti-american” to anyone who happens to disagree with him. Weak debate tactic. How about instead, we look at strengths and weaknesses of various countries, and do some comparisons.
cheers.
’sea of mideast despots’
So who gets direct US “aid” for decades, and uses it keep their population underfoot? Eqypt did as did Tunisia. Jordan,Yemen, etc still do. Several that have enough oil/money of their own are given cover by the US (in the UN and elsewhere) to continue to suppress their people; Saudi Arabia, Bahrain, for example.
Who freaked out the most about Egypt getting rid of the dictator? Neocons and the like. Who drew up the borders in Iraq? Here’s a hint; it wasn’t the people that lived there. And we wonder why all these people won’t get along.
From the article:
‘There was no formal distinction between Syrians, Lebanese, Palestinians and Jordanians. But when, after the collapse of the Ottoman Empire, the European powers divided the Arab world between them, a state called Palestine became a fact under the British Mandate, and the Arab Palestinian people established themselves as a separate nation with a national flag of their own. Many peoples in Europe, Asia, Africa and Latin America did the same, even without asking Gingrich for confirmation.’
The present troubles of former subjects of the Ottoman Empire are the consequences of a huge credit bubble and its subsequent collapse.
We should get a clue and stop trying to keep our own debt fueled empire expanding.
Hi Ben,
Just as you once were a voice in the wilderness, talking about the delusions of American housing prices at a time (as still was quoted yesterday) when nearly everyone who was confronted that housing would be a disaster “reacted with anger or condescension”, making you and others of our like Cassandra, making us shake our heads with sadness that so much ignorance and assumption would not be rational, so too I am saddened when snippets and observations are taken out of context for agendas that don’t reflect what I see as painful reality.
I will offer a few snippets of idea. I could give you a book’s worth of cut-paste history, but I’d prefer a good back-and-forth, not a flood, so I will start by tossing out just a few notions…
Do clarify, “So who gets direct US “aid” for decades, and uses it keep their population underfoot?”
I see “Their population” as an odd choice of words.
Israel’s arab citizens are members of parliament, vote freely, are not forced to wear burkhas, do not have honor-killings embraced by their government, win supreme court cases and more. Their women are allowed to drive, attend University, worship in non-Jewish houses of worship, and be free of religious civil wars that kill tens of thousands. Rather like the USA. Name a surrounding Arab country that treats its Arabs so well or which treats its Jews in the manner Israel treats Arab citizens. Seriously.
Perfect? No. Exceptions? Sure.
But, then, the USA pepper sprays students sitting and smiling. Lebanon killed 100,000 people in a religious civil war. Syria’s non-elected leader has slaughterd 5000 of his “99 percenters” (that phrase being popular today) during the last few months. Show me a Jewish woman member of the elected Saudi Parliament who can wear a bikini to the Saudi beach
The issue of the captured territories of course is the hot-button issue, and the population there is not “their population”, no doubt a sticking point. The would-be-Palestinians are not Israelis and are not part of Israel’s “population”. They are an anomaly to some degree, the only refugee population that was not absorbed into host countries after there were population shifts during a war.
The arab “brothers” of the would-be-Palestinians have done nothing altruistic to help them, keeping them as pawns against Israel. I will add some posts (to keep each post relatively short) with some history about this.
—Who freaked out the most about Egypt getting rid of the dictator? Neocons and the like. Who drew up the borders in Iraq? Here’s a hint; it wasn’t the people that lived there. And we wonder why all these people won’t get along.—-
This has merit, but I find it a sidebar to the issue about Israel and Palestine. I have found flaws in general in both hard right and hard left political thought.
I often post with a bit of a light-hearted even facetious tone, tweaking the random hostile quotes I see from various writers. I will eschew that in this thread, and give you the courtesy you have well earned, that of serious answers to serious notions, even ones with which I disagree.
I will end this post with a single food-for-thought serious question. Other related topics will be in other posts.
Israel “won the war” in 1948 when multiple arab countries attacked it after Israel (but not “palestine”) accepted the UN partition plan, a plan which really left such odd geography that one could argue that neither created country (had “Palestine” also accepted) had viable borders. Israel during the 1948 war was meant, publicly, to be “driven into the sea” by the invading arabs, per the Arabs’ own propaganda. Extra Genocide to WWII.
Still, Israel won.
But, today all the hard core anti-Israel negotiators (at least those who don’t call for Israel to disappear altogether) demand return NOT to pre-1948 borders but rather to pre-1967 Borders.
So here is the question. If pre-1967 borders (before Israel captured Arab land in the 1967 war) were/are acceptable, who had that “Palestinian” land after 1948 but before 1967? Who didn’t make it “Palestine” when Israel didn’t have it for 20 years?
More later.
Thanks, Ben, for this board and for the chance to have some intense chat.
Humans have very short memories. It is no surprise that the saying “those who forget history are doomed to repeat it” is a popular bromide.
One reason the Near East (what casual players tend to call the Middle East) has turmoil is that the whole zone is new to nationalism. 100 years ago there essentially were no polities in the region, rather just the Ottoman Empire. Most of what today we call regional countries were carved out of the Ottoman Empire, often for reasons serving the superficial needs of the subsequent British rulers in the area, as is often the case in colonial situations. The random markings of borders that the Powers put in place (why is “Saudi” Arabia not just “Arabia”), the lack of respect or understanding or caring then about regional ethnic differences within brand new countries that were new to the idea of being countries (it seems Sunni and Shia didn’t mix so well), have created a century of strife. There is not a history of strong national borders in this area, not like Europe and the Americas.
Fine.
As I’ve noted, Palestine was a region, not unlike the notion of a midwest in the USA. Midwestern Americans and nearby non-midwestern Americans are still just… Americans. The same model largely has been true in the Near East, though some today would forget that.
There were Christian and Muslim arabs throughout the Ottoman zone (though many of the Christian arabs have been purged by the intolerance of their majority Muslim neighbors), but they were Arabs. There were not countries of “Jordan”, “Saudi Arabia”, “Kuwait” and so forth.
By 1947 there indeed were big Jewish and Arab-Muslim populations in the “pan Arab Midwest”, or… “Palestine”. Most of the Muslim population there had followed in the Jewish population when Jews bought land from the Ottoman Empire and build up the desolate zone (food for another thread).
There was not an indigenous unique-to-region “Palestinian Arab” culture. There were rather Arab Muslims residing in Ottoman Palestine.
Relatively recently, as a hammer to whack Israel, has the issue of a need for a gazillionth Arab country to be created been an issue.
Here are some Arab views of the situation, before the notion of an actual Polity called “Palestine” came into vogue, indeed partially the Israelis fault (for reverse reasons) as Israel, leading to independence, also accepted the notion of “Palestine” as in, “fine… some land for them, some land for us”
—”There is no such country (as Palestine)! Palestine is a term the Zionists invented! There is no Palestine in the Bible. Our country was for centuries part of Syria.” - told to the peel Commission in 1937 by Auni Bey Abdul-Hadi, a local Arab leader.—–
—”The Palestinian people does not exist. The creation of a Palestinian state is only a means for continuing our struggle against the state of Israel for our Arab unity. In reality today there is no difference between Jordanians, Palestinians, Syrians and Lebanese. Only for political and tactical reasons do we speak today about the existence of a Palestinian people, since Arab national interests demand that we posit the existence of a distinct ‘Palestinian people’ to oppose Zionism…
For tactical reasons, Jordan, which is a sovereign state with defined borders, cannot raise claims to Haifa and Jaffa. While as a Palestinian, I can undoubtedly demand Haifa, Jaffa, Beer-Sheva and Jerusalem. However, the moment we reclaim our right to all of Palestine, we will not wait even a minute to unite Palestine and Jordan.” - PLO executive committee member Zahir Muhsein, March 31, 1977, interview with the Dutch newspaper Trouw.—-
‘Still, Israel won.’
And Native Americans won at Little Big Horn. That didn’t keep the govt from putting them on reservations. Here in N AZ, most of the land is reservations, some of the worst land you’ll ever see. How would it work if I went around Flagstaff and said the Navajo, Zuni, etc were “invented people”? I could say it, but what would it accomplish or help?
The argument that might makes right, but only once and when the winner decides is curious. Now non-western might is forbidden and those exercising it are terrorists as it might upset the “winner”.
You don’t have to make any special case for my posts, I’m just another person in the room with an opinion. Anyway, this isn’t my fight, or it shouldn’t be made my fight by people like Gingrich.
Hi Ben,
—‘Still, Israel won.’ And Native Americans won at Little Big Horn. That didn’t keep the govt from putting them on reservations.—-
Again, I sense a bit of Apples and Oranges.
First, England is not Kelt because Bill the Conquerer “won” in 1066. This is how history… becomes history. People do win. However, this is a distraction, not an argument for or against, the point I raised.
Note, please, that when I wrote, “Still, Israel won”, I reference 1948, in a war initiated by drastically larger numbers of Arabs who promised to drive the Jews into the Sea. Israel ended up with the land largely as per the UN Partition plan. I do not reference the 2nd next war Israel didn’t want, in 1967 when Israel indeed bumped its borders of control
In 1948 when Israel won, no “palestinians” were placed in reservations by Israel. Indeed, ALL Arabs in Israel (once Israel “won the war” thus allowing it to survive and its people not to have to suffer completion of genocide as promised by the invading armies) became… Israelis.
I repeat… in 1948 the Arab Muslims in the newly “won”, “conquered”, what have you, land of Israel became… Israelis. And, I’ve already posted on the rights of Arab Israelis vs Arab other-country citizens and on the ‘rights’ of jewish Saudis and the like.
Again, I might be wrong, but I believe you are a bit tentative here on the 1948 vs 1967 history, which is… huge.
After 1948, the only regional Arabs who were put into reservations were put there, no joke, no game, by Arabs. This perhaps is the money point of the current branch of this discussion. Think on it. If it remains unclear I will expand on it.
I ask again, if today the “aggressive” (but non genocidal agains Jews like Hamas is) Arab negotiators with Israel want Israel to return to “Pre 1967 Borders” and if Israel in 1948 WAS at pre-1967 Borders, then who prevented there from being a Palestine from 1948-1967? Seriously.
—The argument that might makes right, but only once and when the winner decides is curious. Now non-western might is forbidden and those exercising it are terrorists as it might upset the “winner”.—
Ben, either I was unclear in my prior post or you missed my point, but this is a straw man.
Putting aside that the history of the USA is “might makes right” and I’m not sure what sort of map you’d have for the world if we did not buy into it, I have taken us back to the 1948 Arab-Israeli War. “Might makes Right” has nothing to do with the 1948 bounderies. Indeed, this was one of the great world experiments in not requiring might in order to make right. Borders for Israel and “Palestine” were created by the UN. No “Might” involved. Rather negotiation in a world forum designed to prevent the need for “might”.
Israel indeed accepted this. Let’s praise Israel for that, shall we? “Palestine” did not accept and with 6 Arab countries waged genocidal war in fact trying to use “let’s have Might make Right”. They lost. Israel won. Israel thus stopped Arabs from what you don’t like “might making right” and implemented what the negotiated process at the UN had proposed.
Seriously- no snark- if you don’t like “might makes right”, you should compliment Israel for accepting a NON “Might makes Right” proposal, and then for resisting “might makes right” that the arabs tried to impose.
Again, Israel won in 1948. Israel resisted “Might makes right”. But, you and I both realize that without might, the monsters often will win, right?
But, again, all Arabs in Israel became citizens. Israel had none of the “post 1967″ land. Again, why then did the remaining land, that which the UN intended to become Muslim Palestine, that to which the Arab countries today want Israel to give up (Israel having gained it in 1967, not 1948) NOT become Palestine when the armistice was signed in 1949?
“Israel indeed accepted this”
Why wouldn’t they? They gained a country, courtesy of the current residents, whether the current residents liked it or not.
But lets forget the history, let’s talk about the present. Which is the fact that Israel has way more influence into the conduct of US policy than their size and importance rates.
Say a bunch of Mormons/Christian Fundamentalists staked out a claim/bought land smack in the middle of Pakistan, and announced their Independence. Then started their own version of “Lebensraum” with the locals. And demanded that the US back up their actions, and protect them from the hostile natives.
We’ve seen this around here before. White, God fearing people intruding/taking over the land/reservations the “savages” are on, and when the natives try to run out the interlopers, the whites demand US Government protection from the “savages”. Manifest Destiny on a worldwide scale.
Some stuff never changes, I guess. Too bad the Sioux and Cheyenne didn’t have nukes.
Gee. Everytime I write anything that brings Jews into the conversation, my posts get deleted. I usually just say they are controlling our banks and money on a world-wide basis. via the IMF, world Bank and FED. YOu’ve said a whole bunch more and got to fill up half the blog. What’s the deal?
When will we get to vote for a candidate who makes it their business to be a friend to Americans, and stops campaigning for votes in Bethlehem, Beijing, Berlin, and other b-level (i.e., outside America) towns?
IAT
—Thus we honor people who have made a great discovery which, unfortunately, has been discovered by others long before.’—
Others have discovered before newt that “Palestinians” are an invented people?
This does not surprise, though I don’t believe Newt took *credit* for the discovery.
Seriously, we get that part of the diffuse arab population that lived in the non-polity of Palestine under the Ottoman empire. a people who by their own leaders were not considered potential “Palestinians” in a nationalistic sense, before it became… well.. advantageous for them to do so fairly recently, now want to be a country. Easy to want.
This is a loaded and complex issue. One should be cautious making assumptions.
One even can debate whether there is merit in their… desire.
But, key to any mature and rational and decent negotiation is not to grant all claims prior to that negotiation.
Too, the USA has a midwest. I would not favor considering the people there Midwestinians.
Nice try at detracting from the organized violence of the IDF and corruption of the Israeli Govt they work for.
I asked this before, don’t know if the post ever showed up, but if Palestinians are an “invented” people, what are “Americans”? And is Israel not an “invented” country? Are not most countries “invented”, so to speak? Why dump on Palestinians for being “invented”, shouldn’t they have the same right to be “invented” that others do?
I’m not up on my bible, but aren’t both Israel and Palestine mentioned there?
—-Nice try at detracting from the organized violence of the IDF and corruption of the Israeli Govt they work for.—-
It has no issue-oriented material to offer, so it complains about misdirection and offers simply rant.
—-but if Palestinians are an “invented” people, what are “Americans”? And is Israel not an “invented” country? Are not most countries “invented”, so to speak? —-
A fair question, though you might not like the answer.
As has been said, “history is written by the winners”.
Depending how one parses language, yes, indeed, all people all countries can be parsed nigh unto “invented” status. Still, some are more “invented” than others.
it is one thing when a dominant population with unique regional characteristics and a functioning ability to run itself creates a polity.
It is another thing when a regional population consistent with a diffuse larger group (Midwestern citizens of the USA not really having claim to a unique country of Midwesternia), want to have yet another polity, when they previously turned one down, when their own leaders have declared (until recently) that they are part of larger regions (Jordan, Syria, etc, in case of the “Palestinians”.
See my posts today discussing with Ben the actual history of the middle east.
“My ancestors didn’t come over on the Mayflower, but they met the boat.” - Will Rogers
Is evildocs trying to convert the HBB into the pro-Israeli propaganda blog?
Why is a nuclear armed state allowed to continue it’s genocide on a minority population?
RAL — if you don’t knock it off, evildocs will force Ben to rename this web site the proIsraeliTalkingPointsblog dot com.
Get Stucco wrote, “Is evildocs trying to convert the HBB into the pro-Israeli propaganda blog?”
How mean of you. You didn’t ask Ben if he is trying to make HBB into an anti-Israeli propaganda blog.
Issues were raised. Ben raised some of them. I respond. Responding to issues raised on a blog is why there is a blog
And, that’s sort of the point.
You just snark. No issues. That’s why you invoke that famous saying,
As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges”
—Why is a nuclear armed state allowed to continue it’s genocide on a minority population?—
Strange. The USA is not committing any genocide. Why would you assert that?
Perhaps you should review the meaning of “genocide”
Per Stucco: “RAL — if you don’t knock it off, evildocs will force Ben to rename this web site the proIsraeliTalkingPointsblog dot com.”
As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges”
“history is written by the winners”.
True. so then, history of the middle/near east which you’ve laid out is not necessarily factual, but based on the viewpoint of the winner?
“Facts” can be “invented”, too, right?
—-“history is written by the winners”. True. so then, history of the middle/near east which you’ve laid out is not necessarily factual, but based on the viewpoint of the winner?
“Facts” can be “invented”, too, right?—–
I don’t consider Facts inventable. Claims can be invented no doubt.
I have made an issues oriented case in my posts to Ben. You are welcome to disagree with my points and present reasons why you disagree.
Or, you can post thesis that “nothing matters and nothing is real” and we can philosophize over beer and pizza.
For the “Facts” though, for example, if you believe that I am adopting the “winner position, Israel’s” and creating facts, such as my claim that the 1947 Partition plan was a NON “might makes right” notion, a grand non-violent experiment in the negatiated setting of the UN and that Israel accepted this while the invading Arab armies in fact embraced “might makes right” (only to lose, of course), then please… present evidence that my claim is non factual.
And so forth.
I can do the “klingon” thing all day to the irrelevant people who just want to snipe, but if you wish to explore issues or just to claim “there can be no issues because everything everywhere is arbitrary”, then please have at it. Maybe we can do it constructively
I only have this to say: you have to admire Mossad. I figure if you have to have war, capping a nuclear scientist with one shot from a motorcycle is way better than dropping bombs on entire cities.
They’re really good at that stuff.
‘“Facts” can be “invented”, too, right?’
Yep. Case in point:
People who insist The Holocaust never happened.
The Holocaust
Sorry — guess my link above was too long.
I find the cross-pollination between Israel and the USA very disturbing.
“I find the cross-pollination between Israel and the USA very disturbing.”
Don’t encourage the pro-Israel troll.
Let’s be clear. pro-death and organized violence troll.
—Let’s be clear. pro-death and organized violence troll.
As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges”
—–“Facts” can be “invented”, too, right?’
Yep. Case in point:
People who insist The Holocaust never happened.——–
Staw Man. This is claim, not fact. Claims are easy.
‘As a great physician one day will say, “I see the Klingon’s lips move, but no sound emerges””
Endless repetition is the hobgoblin of little minds.
Endless repetition is the hobgoblin of little minds.
I kinda like it.
Trolls are fun indeed.
I actually appreciate evildocs’s willingness to write on this subject. (seriously)
I once read a book called “O Jerusalem” about the founding of modern Israel. It was probably the most evenhanded book I have ever read regarding the Middle East and that era.
It presented ALL the characters and actors who had a hand in creating or opposing the founding and actually treated everyone with respect.
In fact, if there were a group one would have to label as acting with the most ill intent, it was one of the factions within the founders group, who were intent upon assassination and near civil war.
Perhaps it was just the view of the author, but the fairness and respect with he wrote about all the other groups involved, INCLUDING the Palestinians, Arabs and the other counties/kingdoms in that region that actively and militarily opposed the founding, is convincing enough for me.
A VERY eye opening book. Not easy to find as well.
I see in evildoc’s post, many references, some oblique, but some direct, that I saw in that book. So I appreciate the lengthy posts because I see facts, even though I really don’t know every facet of the situation.
Oh, and evildoc, don’t think means we’re dating or anything.
“I would not favor considering the people there Midwestinians.”
But it yet might come to be. Cascadians, too. And then we have the Aztlanians who want THEIR so-called homeland back as well and seem to be doing a pretty good job of establishing it in the Southwest.
—-“I would not favor considering the people there Midwestinians.”
But it yet might come to be. Cascadians, too. ——-
I agree, Palmy.
What might happen is ill defined. Claims happen. Powers rise. Powers fall. “Should there be another Arab country founded, this one called ‘Palestine’” is a challenging issue- no joke- but should be engaged without embracing dishonest history. That’s been my point. Newt nailed it to fair degree too, even if it is not politically correct.
regards
me
“…and seem to be doing a pretty good job of establishing it in the Southwest.”
I am already a minority in the 4th largest city in the nation. The numbers say not, but the reality says otherwise.
It wasn’t supposed to happen for another 20 years.
He doth protest too much, methinks.
HIstory is not on your side, evil; nor is (or has been,) the rest of the planet. You might want to consider this fact and gauge your arguments accordingly. (Vehemence being no substitute for moral authority, and all that….)
From the Gingrich Palestinian article:
“My God, what a bizarre lot these Republican aspirants for the US presidency are! What a sorry bunch of ignoramuses and downright crazies….Is this the best a great and proud nation can produce? How frightening the thought that one of them may actually become the most powerful person in the world,”
I think it’s possible, that if one reads this carefully and between the lines, it could be implying a borderline insult to the Republicans.
I don’t see it as an insult, I see it as the truth.
There is something wrong with the selection process - not the election process, the selection process.
The wrong type of people are being selected as candidates for the elections.
Not saying that I know how to fix it, just saying that this, to me, seems to be the main problem
None, not a single one of them, can be any worse than The One. A very bright guy, he still tops the charts for cluelessness. Then you add in his aloofness and arrogance (e.g., “guns and religion”).
I’m still holding out for Hillary.
Partisan Potatohead® is that you?
GOP Uber Alles!
“None, not a single one of them, can be any worse than The One. A very bright guy, he still tops the charts for cluelessness.”
I find these Rush Limbaugh-style talking points rather confusing. Let’s review the record, then tell me what a Republican president would have done differently:
- Got Osama.
- Got Muammar.
- Got us out of Iraq.
- Cultivated close ties to Wall Street, resulting in a dearth of prosecutions for crimes connected to the Fall 2008 financial collapse.
- Kept the country running in the wake of the worst recession since the 1930s, which was already going for the last full year of GWB’s second term before Obama came in to office.
- Obama seems a lot less clueless than some of the finest the RNC can serve up, including Rick Perry, who couldn’t remember the names of the government agencies he wants to eliminate, or Herman Cain, who inspired an army of women to make up scurrilous stories to keep him out of the White House, or Newt Gingrich, who was having an affair with his own intern at the very time he was trying hard to get Bill Clinton impeached over an intern affair, and who recently enjoyed a lucrative consulting contract with the infamous Freddie Mac. And then there is poor Romney, who seems the most electable among the Republican candidates, but who can’t win over the Republican party’s evangelical Christian fringe.
Conclusion: The Republicans don’t seem to have the ability to field an electable presidential candidate.
“I’m still holding out for Hillary.”
Maybe after four more years with Obama, your wish will be granted.
I apologize for the oversight in the above post; like Mitt, RP is on the RNC’s “qualified but not wanted” list. They would rather put some brain-dead puppet in the WH than have a president who thinks and acts for himself.
“…then tell me what a Republican president would have done differently…”
Newt Gingrich, who was having an affair with his own intern at the very time he was trying hard to get Bill Clinton impeached over an intern affair……… Oh, PLEASE.
I could refute most of your post, but i thought i stick with the more stimulating topic……illicit affairs.
Let’s just get the facts straight.
Bill Clinton was not being impeached for Sex. Bill Clinton was put through this process for committing a crime…..Lying to Congress. Period. End of story.
Bill Clinton was under investigation for alleged criminal activity against other women. It was Bill Clinton and Hillary that helped support the spurious legal investigative techniques(to curry favor with women’s groups) that ANY and ALL suspected, reported, rumored, or undiscovered sexual activity that any person has OR MAY HAVE committed during their lifetime, when under investigation for sexual harassment, or rape or any other crime is OKAY to use as part of the prosecution….. (A pattern of conduct).
Unlike most other crimes, when “past behavior” is NOT ALLOWED and is considered prejudicial, the past behavior of people accused of SEX Crimes is allowed into evidence as being a “pattern” of sexual misconduct, i.e, you are a “predator”.
Bill Clinton was being investigated for Sex Crimes. Under his own standard of legal interpretation, a report on a 6th grade school card that Little Johnny had “touched” little Janie, could be used a “proof” of a pattern of conduct.
Consequently, having a “affair” with an intern, only added to the many “affairs” which this man is alleged to have had during his time at various government positions. Questioning him about her was part of an ongoing “investigation” about “patterns” of sexual misconduct. HE LIED ABOUT IT.
He was found out. He committed a crime.
The CRIME was not about SEX, is was about LYING to Congress when you are under investigation.
The Coverup is usually worse than the Crime. So There!
Let’s stop the “on trial for an affair” lie. It was LYING, or the more legal term: PERJURY. A Criminal offense.
Ron Paul stands tall at GOP debate
Published: 14 September, 2011, 00:33
Republican presidential candidate Rep. Ron Paul speaks during the presidential debate sponsored by CNN and The Tea Party Express at the Florida State fairgrounds on September 12, 2011 in Tampa, Florida (Win McNamee / Getty Images / AFP)
Despite what the mainstream media reports, congressman and presidential candidate Ron Paul is closing in on the Republican frontrunners as his odds of coming out on top for the GOP nomination becomes more and more likely.
In a new poll conducted by CNN, the congressman from Texas placed only six percentage points behind second place candidate Mitt Romney, with 12 percent of over 1,000 American adults surveyed saying they are most likely to vote for Rep. Paul. In that study, pollsters asked Americans to consider a race where former vice presidential candidate Sarah Palin would be included in the race. While Palin remains a favorite among Tea Partiers, she has not formally announced her candidacy.
The latest poll from CNN, conducted in the few days leading up to September 11, 2011, shows that Paul has managed to double his support since the last survey conducted by the cables news network only two weeks earlier. His success still puts him behind frontrunner and Texas Governor Rick Perry, but comes as a surprise to the many in the mainstream that have played Rep. Paul off as a fringe candidate seemingly unlikely to secure the Republican nomination.
…
“Let’s just get the facts straight.
Bill Clinton was not being impeached for Sex. Bill Clinton was put through this process for committing a crime…..Lying to Congress. Period. End of story.”
I don’t buy it. The Republican special prosecutor went after Clinton’s sex life in a diversion of the purpose for which he was appointed, and the likes of Newt piled on. Now the RNC is getting its come-uppance, as they are having a hard time finding a candidate they like who lacks a sordid history of marital infidelity.
A person’s sex life is nobody’s damn business unless it involves crimes.
Infidelity is still not a crime. It’s stupid, but not a crime.
“…as they are having a hard time finding a candidate they like who lacks a sordid history of marital infidelity.”
Gee, I wonder why? Among other things.
http://www.republicanoffenders.com/
Pick any 4 at random.
Until you curb stomp the Fed it’s just a circle jerk.
Nah.
You’re just saying you disagree with me.
Too, most of “history” once was on the side of the world being flat. I’ll take my chances not simply deferring to the masses.
regards
me
http://www.youtube.com/watch?v=nexTB_Rmv7o
Bachman may be a deeply flawed candidate, but she performed a huge public service by calling out Newt on his whoring for Freddie Mac/Fannie Mae during the most recent GOP debate.
The American people owe a collective debt of gratitude to the SEC for getting serious about cracking down on GSE fraud shortly after the news broke about Newt’s lucrative Freddie Mac consulting activities.
National Public Radio
SEC Charges Ex-Fannie Mae, Freddie Mac CEOs
by John Ydstie
All Things Considered
On Dec. 9, 2008, former Freddie Mac CEO Richard Syron (left) and former Fannie Mae CEO Daniel Mudd wait to testify on Capitol Hill in Washington. The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, including Syron and Mudd.
Enlarge Susan Walsh/AP
December 16, 2011
The Securities and Exchange Commission is going after former top executives at Fannie Mae and Freddie Mac for allegedly committing securities fraud.
The mortgage giants had to be taken over by the government in 2008 and then propped up by taxpayers. The SEC says the officials misled investors about the firm’s exposure to subprime mortgages.
Critics have accused the SEC of taking a perpetrator-free approach to the financial crisis, targeting corporate entities for wrongdoing instead of CEOs. But on Friday the SEC went to court and charged six former top executives, including former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron.
The charges allege that Mudd, Syron and the others misled investors by claiming that their companies had minimal holdings of subprime and other high-risk mortgages. Robert Khuzami, director of the SEC’s Enforcement Division, said Freddie Mac made that claim in its annual report for 2006 when Syron was its CEO.
“In fact, the company had $141 billion of subprime exposure, representing 10 percent of its single-family portfolio as of Dec. 31, 2006,” Khuzami said. By June 2008, Freddie’s subprime exposure had grown to $244 billion.
…
The American people owe a collective debt of gratitude to the SEC for getting serious about cracking down on GSE fraud shortly after the news broke about Newt’s lucrative Freddie Mac consulting activities.
Um, yeah. Just remember this is the same SEC that was repeatedly warned about Bernie Madoff but turned a blind eye. That let Bear Stearns hedge funds print blatant lies when peddling toxic-waste MBS to “investers” but never held anyone accountable for a fraud, orchestrated by JP Morgan, Hank Paulson of The Fed, and Timmay of the NY Fed, that saw $29 billion in subprime toxic waste crap moved from Bear Stearn’s books to the taxpaying public’s. The same SEC that has been either looking the other way in the face of the massive Ponzi scheme perpetrated by Wall Street, especially in derivatives and off-balance-sheet liabilities, or are criminally negligent if not actively complicit.
Yeah, we all owe the SEC at debt of gratitude, all right.
The Lord works his wonders in strange ways.
SEC, per standard SOP, will settle for slap-on-the-wrist fines with no admission of guilt and no criminal sanctions, while absolving the mega-fraudsters for any future criminal or civil liability for their actions.
“Gingrich of Freddie Mac…US charges ex-Fannie, Freddie CEOs with fraud…Newt Gingrich: the man who saved porn”
It’s a perfect storm for the latest RNC Annointed One.
BwahahahahahahahahaahahahahaaaaaaaaaaaaAAAAAAAAAAAAAAA!!!!!!!!!!!!!!!!!
Another one bites the dust. Who’s the next Claudius?
If you’re happy with the status quo, i.e. crony capitalism, then by all means vote for Obama or whatever statist, corporatist Wall Street marionette the MSM and Establishment deems “electable.” But if you are fed up with the status quo, Ron Paul could use an assist.
http://www.dailypaul.com/192852/friday-ron-paul-tea-party-moneybomb-december-16-2011
Realtors Are Liars®
Comment by Bad Chile
2011-12-16 12:04:29
The Boston Globe in 2007-2008 used to regularly feature sob stores; I became a frequent letter writer to the author of the stories, including the property records, the number of refinances, etc. I don’t read the Globe as much as I used to, but by 2009 the stories were mostly dropped because every single one featured multiple cash-out-refinances.
I had the intro to the letter saved as it was the same every time. It was along the lines of “where did the money go?”
——————————————————————————————–
I know a little about Chile and the way he thinks as we’re in the same business. I bold his words to make a point.
Have you all ever noticed how these simple, fundamental questions never get answered? Why is that? And how is it that nobody seems to observe, or even care that the people that need to answer this are able to detract from the question? Why aren’t these simple questions asked again and again until they’re answered?
When I first started going to sheriff sales, I had access to the loan information online as well. It was rare that a foreclosure hadn’t been refinanced several times; maybe even 6 or 7 times. I’ve tried over the years to point out how prevalent this is and why we should be so worried about “keeping people in their homes” who were pulling $50-100k a year out of their house.
These people were guessing the price would never stop going up, or just dumb/didn’t care.
Why did they do it?
Because they could.
There’s an old saying in my state: “The big alligator is in your yard because you fed the baby one.”
I was driving around shopping today, and at a corner was a man with a cardboard sign “Bank of American stole $500,000 from me.” (that corner had a BoA branch). If I hadn’t had a deadline and the traffic had been lighter, I would have stopped to have a little chat with him.
I’m amazed by the number of For Sale signs despite winter’s economic grip on our largely agriculture based region. FWIW, winter weather in Washington state starts about the third week of October.
Struggling homeowners gain favor in key ruling
By Kimberly Miller Palm Beach Post Staff Writer
Posted: 9:08 p.m. Thursday, Dec. 15, 2011
WEST PALM BEACH — Homeowners in foreclosure may have a better chance of getting a true trial, instead of a quickie judgment, following a 4th District Court of Appeal decision that requires banks to prove ownership of the note at the time they file for repossession.
The ruling Wednesday in Palm Beach County was heralded by foreclosure defense attorneys who said it may even force banks to dismiss some cases and start over with new paperwork.
41 COMMENTS (I am not MJ or Stan) But I am jeff saturday
Hey MJ, I have read through all my documents that I signed with the bank, NO WHERE DOES IT SAY I HAVE TO MOVE IF I DO NOT MAKE MY PAYMENT, It simply states that the bank can foreclose and seek legal relief. I have lived in my home since 2003, I stopped making payments August 2008. I have been here for 41 months without making a payment. When it is time for me to move, I will move. Not for you, Not for the bank but when the time is right for me.
Diver4life
9:20 AM, 12/16/2011
Call me deadbeat, scumbag, everything else you can think of. That is all you can do, sit on this blog and spew venom. You are mindless sheep that follow, nothing more and Stan, I bet your from New York or New Jersey. Just a hunch…… To all of you holier than thou, mindless, I do what I am told and I am proud of that, Obama hating, fox news watching chumps, You can KMA.
diver4life
9:29 AM, 12/16/2011
jeff saturday Says:
December 17th, 2011 at 8:34 am
Merry Christmas Diver4life
Grandma got run over by a Deadbeat
Walking home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
He’d been drinkin’ too much egg nog
Where`d my refi money go?
I`ll go see my mortgage broker
So he staggered out the door into the snow
When they found her Christmas mornin’
At the scene of the attack
A foreclosure notice on her forehead
Thirty-six late payment letters on her back
Grandma got run over by a Deadbeat
Walkin’ home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
Now were all so proud of Grandpa
He’s been takin’ this so well
See him in there watchin’ football
Drinkin’ root beer and playin’ cards with cousin Belle
It’s not Christmas without Grandma
All the family’s dressed in black
We`re all talking bout the Deadbeat
How is it that he`s still living in his shack?
Grandma got run over by a Deadbeat
Walkin’ home from our house Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe
Now the goose is on the table
And the pudding’s made of fig
Maybe we should blame the banker
Who refied his house so he could buy that rig
I’ve warned all my friends and neighbors
Better watch out for your own
They should never give a license
To a man who drinks and doesn`t pay back loans
Grandma got run over by a Deadbeat
Walkin’ home from our house, Christmas eve
You can say there’s no such thing as Deadbeats
But as for me and Grandpa, we believe!
lol, perfect use in a real life application.
Quaddafi death might be a war crime
—http://www.dailymail.co.uk/news/article-2075030/Gaddafi-death-war-crime-says-chief-prosecutor-The-Hague.html——
Wonder if it will prosecuted.
Of course it will. They will arrest, try and execute the appropriate lower ranked scapegoats.
I guess with Jerry Sandusky and all they didn`t have time for this on the nightly news.
Navy Buys Biofuels for $15 Per Gallon From Stimulus-Linked Firm
Lachlan Markay
December 13, 2011 at 11:00 am
A California company has been hired to provide 450,000 gallons of advanced biofuels to the U.S. Navy – the “single largest purchase of biofuel in government history,” according to the Navy – at $15 per gallon, or about four times the market price of conventional jet fuel.
The Institute for Energy Research unearthed the purchase in a recent post on its website:
Last week, the Navy signed a contract with two biofuel companies to purchase 450,000 gallons of advanced biofuels at $12 million to assist in President Obama’s goal to establish a domestic biofuels industry and to advance it in ways that do not require Congressional approval. Of course, given the Navy’s mission, they claim to be pursuing biofuels to ensure adequate fuel in the future without relying on crude from the Middle East or other overseas sources that may be a threat to our national security. While this purchase is only a drop in the bucket compared to the Navy’s annual usage of more than 670 million gallons, their goal is to fuel a normal Navy mission with a 50-percent blend of biofuels and gasoline by 2016.
The company selling the fuel to the Navy is called Solazyme. The company’s corporate board includes “strategic advisor” T.J. Glauthier, who “advises companies dealing with the complex competitive and regulatory challenges in the energy sector today.”
Glauthier was the Deputy Secretary and Chief Operations Officer of the Department of Energy from 1999 to 2001, meaning he has experience dealing with energy issues on both sides of the regulatory equation.
Also of note: Glauthier served (pro bono) on President Obama’s White House Transition Team, where he specifically worked on the energy provisions of the stimulus package, according to Solazyme’s website. Solazyme itself landed a $21.8 million stimulus grant to build a biofuel refinery.
Now the company looks to have scored big once again. But the benefits extend beyond the immediate profit to be made from the sale. As Wired Magazine noted, “the often-struggling biofuels industry will be a lot closer to proving its viability” with Solazyme’s massive Navy contract.
Government efforts to prop up favored industries also tend to benefit the politically connected. Solazyme certainly fits the bill.
http://blog.heritage.org/2011/12/13/navy-buys-biofuels-for-15-per-gallon-from-stimulus-linked-firm/ - 70k
Ethanol scam x 10.
This has been going on for a long time. When the first digital stored program computers were built out of thousands of vacuum tubes and relays in the late 1940s, they were so expensive that the government was the main customer. Specifically, it was the Pentagon who purchased moany of the first computers. In addition to being an important customer, the Pentagon also directly funded research.
Similarly, since the days of the Wright brothers the Defense Dept. funded a large portion of all research related to aerospace. Yet there isn’t much anger directed towards the Boeing Corporation for all of the corporate welfare that it has received and which has enriched its executives and shareholders.
Interestingly, these two American industries actually produce things that the rest of the world wants - jet aircraft, computers, cellphones, iPads, etc. There are hardly any other industries in this country that can make that claim.
Does heritage.org write any articles about this history? I doubt it. Maybe someday the alternative fuels industry will be large enough to fund organizations like Heritage to bury the history of its government funding.
Knowing a little bit more than you probably do about this great “defense industry”, I can tell you how it works in the ‘real world’.
You know all those bids for aircraft, ships, and artillary that are ALWAYS over budget, there’s a reason for that. It’s all planned on the part of the companies (which are virtual monopolies) doing the development.
Here’s the deal: Anytime you can save time or money on the project and bring it in under budget, like in the real world, don’t.
You go to the agency that is funding your project and ask for more money constantly based on this or that excuse. They know they will get it. Always. This is part of the fleecing of the taxpayer by defense contractors.
If you are one of the ignorant employees that come up with a way to make a few chances that will save millions of dollars, you will be shipped out the door. Management doesn’t want you saving millions of dollars because they couldn’t go to Uncle Sugar with a request for more funding so they can complete your project…….it’s like 80% done….we just need a couple hundred million more. Then it’s 90% done. We can’t throw all this “investment” in the can for a measly 10%. You can come up with that can’t you??
That’s how government bidding and contracts work. It’s called a non-competitive environment. And yes, they can develop a lot of new technologies, it’s just they don’t come in at the $99 price you find a Walmart. They come in at $8,999.82. for the same device.
It all goes to pay management and their shareholders.
Ah, Heritage.org! I’ll have to convert this link to hard copy since I’m out of TP this morn.
Nothing to do with Obama and everything to do with the military’s version of K-Street.
Suppose there was an election and one party’s attempt to field a qualified candidate got hijacked by an argument over religious beliefs?
RNC stalwart credo:
- My belief system is the one true Christian religion.
- Any belief system that doesn’t closely resemble mine is a cult.
‘Cult of Mormon’ comment leads Newt Gingrich’s Iowa political director, Craig Bergman, to resign
Published: Wednesday, Dec. 14, 2011 11:56 p.m. MST
By Tad Walch, Deseret News
Craig Bergman joined Newt Gingrich’s team last Thursday as the Iowa political director for the Republican frontrunner. He resigned Wednesday after he appeared to call Mormonism a “cult.”
But today, the website that quoted Bergman said it didn’t agree that the comment should be characterized that way.
The comment actually was made a week ago, on Dec. 7, the day before Gingrich hired Bergman. Bergman was part of a focus group put together by McClatchy newspapers and TheIowaRepublican.com. The Iowa Republican’s editor, Craig Robinson, told The Des Moines Register that Bergman was speaking as an undecided voter and a tea party representative.
“There is a national pastor who is very much on the anti-Mitt Romney bandwagon,” Bergman said in the story on the focus group meeting posted at TheIowaRepublican.com. “A lot of the evangelicals believe God would give us four more years of Obama just for the opportunity to expose the cult of Mormon. …There’s a thousand pastors ready to do that.”
…
He resigned Wednesday after he appeared to call Mormonism a “cult.”
Nevertheless, that’s how the GOP’s base (Protestant Fundamentalists) view Mormons.
For those who are puzzled by the vehemence the Fundies scorn the LDS with, you have to understand why they feel that way.
Fundies make a big fuss over “Sola Scriptura”, taking far beyond the boundaries that Martin Luther intended. Some might even say that the Fundies are “biblo-idolators”.
Now enter the LDS from stage right. And Joseph Smith has new scripture he wishes to add to holy writ. This is why the Fundies consider them to be a “cult”. The LDS have violated what the Fundies consider to be the most holy thing they possess: The canon of NT scripture Protestantism inherited from Catholicism and Eastern Orthodoxy.
I find your take a bit puzzling. If you have a Canon of Doctrine and someone else comes along and says, yea they buy that, but add this, then you don’t have a fundamental doctrine. It’s whatever you want it to be. What is the problem with this.
I don’t accept LDS as “christian” because they don’t have a basis for it, other than they would include the Basic Canon, too, except where it conflicts with the “new stuff”.
It is like me saying I want to incorporate the new book of Diogenes into the “Old Testament” and proclaiming I am Jewish. Yea, I buy into the Old Book stuff, but this new stuff was told to me by god, and now is part of the Canon of the Synagogue of the Jewish Temple of Diogenes.
Do you think ANY Jew, reformed, orthodox, or otherwise would accept my new “synagogue” and “holy writings” as anything but a cult??
Why the problem with Fundamentalism? They have their Canon, just as the Jews have their old one.
Oh, and by the way, the part that the Christian Church added to the Old book…..that’s why they say they are Christians and not Jews. The Jews don’t take the “added Part” as Doctrine.
I guess they are fundamentalist whackos, too.
Yes all fundamentalists are whackos we agree.
christian, jew, muslim etc etc etc.
The fanatical belief in books written by men and the blind faith in the men who preach from these books is wacko!.
Except that modern Christians don’t pretend to be Jews, while the LDS not only claim to be Christians, they claim to be the only true Christians.
As for the distinction with Fundies, neither the Catholics nor the Eastern Orthodox are perturbed by the LDS the way the Protestant Fundamentalists are. The reason for this, I believe, is that neither is built upon the doctrine of Sola Scriptura. And for that matter, neither are the Jews. So if the LDS introduce new scripture, the RCC and the Orthodox simply shrug their shoulders and say “knock yourselves out.”
Fair disclosure: I was born into and raised in a religious sect that views the world exactly as Republican evangelistas view it. Hence I consider myself highly qualified to point out the folly of their blindered perspective.
“I consider myself highly qualified to point out….”
OK, but you are projecting on the rest of us, who do not share your abusive experience.
“I was born into and raised in a religious sect that views the world exactly as Republican evangelistas view it.”
“you are projecting on the rest of us, who do not share your abusive experience.”
So a Republican evangelist-type upbringing is abusive? I wouldn’t deny it, but I’m surprised to hear you say so.
I have no idea what worm has crawled up your posterior Sloth. I am not the Knight of Republicans, nor the Front Runner of Evangelists. Yet I oppose your condemnation of them outright. I’ve known my share of the corrupt and the sincere, and I’ll defend them all for the sake of one.
I am the Liberal that you pretend to be.
“I have no idea what worm has crawled up your posterior Sloth…I’ll defend them all for the sake of one”
You’re the one who called such an upbringing ‘abusive’. Don’t get all defensive and attack me for pointing out your own words.
Maybe you need to get in touch with your ‘inner you’. You seem to be experiencing some internal contradictions.
I certainly wouldn’t characterize my upbringing as “abusive.” Most interestingly, my father was strongly opposed to the extreme form of religion in which he and I were raised. Over the course of time, my entire nuclear family escaped. It was a blessed epiphany to learn that we owned the key to personal deliverance from religious extremism.
The Iowa Electronic Markets data are showing a most interesting recent trend divergence in favor of Romney’s nomination at the 2012 Republican National Convention and against Gingrich’s nomination prospects. In stark contrast, the 2012 Iowa Republican Caucus Market Market data show RP in the lead, Gingrich in second and Romney in a distant third.
Got political chaos?
Ladbrokes Casino’s odds:
Mitt Romney 5/6
Newt Gingrich 9/4
Ron Paul 8/1
Rick Perry 16/1
Jon Huntsman 16/1
Michele Bachmann 33/1
Rick Santorum 50/1
European Crisis Explained
Uploaded by malekanoms on Nov 9, 2011
A breakdown of the European debt situation, starting with Greece and consuming the entire continent.
“Europeans love bad ideas that sound nice.”
“A policy based on illusion will crash on the shoals of reality.”
Blue, did you buy the house?
Anyone else buy?
Just renewed our lease at the same rental rate for the fourth year running…
“Just renewed our lease at the same rental rate for the fourth year…”
Inquisitive…at what rate per sqft per month?
$15/sq ft/year
P.S. At current thirty-year mortgage rates of around 3.6 percent APR, that would translate into a present value of $275/sq ft, or for a 2000 sq ft home, $550,000.
Your rental rates are roughly three times ours, and purchase price about five times for a modern spec house.
Muggy, I made the offer. The bank is all tangled up in their underwear, lost the file and such. I’ll let you know when something happens.
Gee, banks sure do lose a lot of files these days. Like X-GS, if I lost a file like that at my job I’d be a goner.
Wait a minute, are you expecting them to, “just give it away?”
iT’s all the unions fault
Meanwhile, at General Motors’ Orion Township, Mich., plant about 45 minutes away from where Rattner spoke, there are three tiers of hourly workers. Roughly 900 workers at the top tier, the most senior UAW workers, make $29 an hour, a rate unchanged since 2008. Another 500 or so UAW workers are paid about $16 an hour — a rate, adjusted for inflation, equal to the famed $5 a day Henry Ford started paying his workers in 1914.
And at the bottom scale are 200-odd workers technically employed by an outside supplier but who work in the plant moving parts to the assembly line, jobs once done by GM workers paid $29 an hour. The contractors’ pay: $9 an hour with no health care, a rate which over a year’s work would leave them below the poverty level for a family of four.
Expect to see more in the 9 dollar camp wiht no benefits going forward.
Now how many will be able to buy a new car??
How many of these people will stimulate local businesses??
How many of these will go out of business and not be able to buy a car
Round and round down the deflation toilet we go, how poor the formerly middle class get no body knows.
autos.yahoo.com/blogs/motoramic/why-millionaire-wants-autoworkers-pay-cut-160603932.html
The UAW local has been running ads, noting that if UAW members built trucks for FREE, it would only mean a $2000 reduction in MSRP.
Which once again points out why giving overseas manufacturers access to are “free market” is such a joke/tragedy. Final assembly is just a small part of building a car. The real job/income generator is the design, engineering and testing of the car itself, and of it’s components (engines and engine management, transmissions, systems). With the exception of a few design studios, almost all of these jobs are being sent, or are kept, in the home country.
The UAW local has been running ads, noting that if UAW members built trucks for FREE, it would only mean a $2000 reduction in MSRP.
Very interesting number. But I’m curious, what does “works for free” include? Does it assume a salary of $0 per hour but still include benefits? Does it still include retirement pensions? Retirement benefits?
As this is an old a very tired debate, you can google the definitions as there is a wealth of verified data.
I did, and while a rounded number, it’s close enough. Now ask yourself, “Where is the rest of that 20k+ is going?”
Note that despite MASSIVE gains in productivity the average worker has seen little benefit since the days of Henry Ford, and many are now are paid even less.
The American worker is the most productive in the world, yet has the least benefits and time off.
But because of being the least educated, this won’t change anytime soon.
Not to start an argument, I am genuinely curious. Frankly, I doubt the American worker is the most productive worker in the world. Its probably the German worker or the Japanese worker. What figures/source says the U.S. worker is the most productive?
IAT
U.S. Workers World’s Most Productive
(AP) American workers stay longer in the office, at the factory or on the farm than their counterparts in Europe and most other rich nations, and they produce more per person over the year.
They also get more done per hour than everyone but the Norwegians, according to a U.N. report released Monday, which said the United States “leads the world in labor productivity.”
Spending more time doing something does not mean one is more productive, so the entire first paragraph of the AP story is irrelevant. Productivity is defined as:
Amount produced
Productivity rate = ————————–
Time (or energy) expended
So, it looks like the Norwegians, who get more done per hour than anyone else, is the most productive.
IAT
Or, put another way, productivity is defined as:
Productivity Rate=(Amount Produced/Time Spent)
IAT
So what? You choose one definition- hourly- the UN study looked at that, in which we are number two; and they looked at yearly productivity- in which we are number one.
So we’re either one or two, depending on how you define it. You were clearly guessing we weren’t in either position,
“Frankly, I doubt the American worker is the most productive worker in the world. Its probably the German worker or the Japanese worker. ”
And you were wrong. QED, IAT.
Not quite. I was right we are not number #1. And, if you’re an American you know the drill — if you aren’t first, you’re last. BWWWAAAAAHAHAHAHA.
Seriously, thought, the point is the first paragraph is totally wrong. If you work 1 hour a day and produce 100 “products,” and I work 10 hours a day and produce 101 “products,” yes I am producing more per person but you are almost ten times more productive. In other words, production per person is a . . . stupid measure of productivity, and its use suggests a desperate effort to avoid being second, which, of course, would mean one is really last. BWWWAAAAAHAHAHAHA.
IAT
Funny, I went to read that paper that was posted recently from the Fed, in which some of their staff were bubble-deniers back in 2004.
The “View Full Article” went to an error-page!
Technical difficulties, or are they in the process of covering up their past mistakes?
http://www.ny.frb.org/research/epr/04v10n2/mccarthy/mccarthy.html
——————————
Are Home Prices the Next “Bubble”?
Recapping a forthcoming article Contact authors
from the Economic Policy Review
View full article
17 pages / 222 kb
Authors: Jonathan McCarthy and Richard W. Peach
Disclaimer
Index of executive summaries
Home prices have been rising rapidly since the mid-1990s. Many analysts view the increase as symptomatic of a bubble that will burst, thus erasing a significant portion of household wealth. This decline in wealth could have a negative effect on the broader economy as consumers reduce spending to increase saving and protect their vulnerable financial condition.
Authors McCarthy and Peach argue that no bubble exists and present evidence that the marked rise in home prices is largely attributable to strong market fundamentals: Home prices have essentially moved in line with increases in family income and declines in nominal mortgage interest rates.
The authors begin their analysis by pointing out flaws in the two measures often cited to support the theory that a bubble exists—the rising price-to-income ratio and the declining rent-to-price ratio. Specifically, the measures do not account for the effects of declining nominal mortgage interest rates and fail to use appropriate home price indexes that control for location and changes in quality.
McCarthy and Peach contend that a weakening of economic conditions is unlikely to trigger a severe drop in home prices. In fact, aggregate real home prices historically have fallen only moderately in periods of recession and high nominal interest rates.
Nevertheless, weakening fundamentals could pressure prices along the east and west coasts, where an inelastic housing supply has made prices more volatile than elsewhere in the United States. However, previous home price declines in these regions have not had devastating effects on the national economy.
Here ya go:
Are Home Prices the Next “Bubble”?
Thanks, PB!
Realtors are buttchops
(That’s the word my four year old uses to insult people.)
Buttchops
http://mitchieville.com/2011/12/14/buttchops-2/ - 26k -
From
Buttchops
“If The Mayor was a betting man - and he is – he’d feel pretty confident laying down odds of 5/1 that the @ss in the picture is easily going to rip that pole from the ground”
Whoa! Maybe I should ask my son if he’s been on daddy’s computer and visited mitchieville lately.
Status Change $199,000 6350 Ungerer St
3 Bedrooms, Status: Active. Residential
Price Reduced! $143,550 15348 N 80th Dr
3 Bedrooms, Status: Price_Chg. Residential
Status Change $110,000 2501 S Canterbury Dr
2 Bedrooms, Status: New. Residential
Status Change $92,500 6677 3rd St
3 Bedrooms, Status: Active. Residential
Status Change, Price Reduced! $189,000 10117 Oak Bark Lane
3 Bedrooms, Status: Price_Chg. Residential
Status Change $179,888 13076 SE Point O Woods Ct
3 Bedrooms, Status: Active. Residential
Please take a moment to remember Mohammed Bouazizi.
http://www.telegraph.co.uk/news/worldnews/africaandindianocean/tunisia/8963414/One-year-on-Tunisia-remembers-young-man-whose-death-began-the-Arab-Spring.html
There is no map to guide you to this graveyard, and no signs showing the way. On the outskirts of a dusty town deep in the Tunisian interior, the rows of tombs raised above the sandy plain attract neither tourists nor treasure seekers.
But for all its seeming insignificance, in this remote corner lies the birthplace of the Arab Spring.
Today the family of Mohammed Bouazizi – his six siblings, mother and step-father – gathered at his grave to pay their respects.
“He shook the Arab world,” said his mother Mannoubia. “He changed things in a radical way.”
Mr Bouazizi had never intended such a dramatic outcome. The 26-year-old Tunisian fruit vendor only wanted to make a living. But when his fruit cart and produce was confiscated by a local policewoman because he did reportedly not have the right licence, his frustrations boiled over.
The Western World Is ‘Finished Financially’: CIO
By: Antonya Allen
Assistant Editor, CNBC
Published: Wednesday, 30 Nov 2011
7:38 AM ET
The Western world has run out of ideas and is “finished financially” while emerging economies across the world will continue to grow, David Murrin, CIO at Emergent Asset Management told CNBC on the tenth anniversary of coining of the so-called BRIC nations of Brazil, Russia, India and China, by Goldman Sachs’ Jim O’Neill.
“I still subscribe and I’ve spoken about it regularly on this show that this is the moment when the Western world realizes it is finished financially and the implications are huge, whereas the emerging BRIC countries are at the beginning of their continuation cycle,” Murrin told CNBC.
Murrin added he believes the power shift from the West to emerging economies beyond Europe and the United States was “unstoppable” and he blamed a lack of ideas from Western leaders on how to stimulate growth together with contracted demographics and rising inflation as catalysts for Western decline.
“We suffer from no growth and we suffer from imported inflation… that means we have negative real growth and societies fracture when you have negative real growth and quite simply our society faces fractures for trying to stick Europe back together again is not going to work with that underlying paradigm, unless you can create five percent growth to overcome that imported inflation,” Murrin explained.
Murrin said that the East was depending less on the West and the rise of a consumer society was the first step in the expansion of an economic empire.
“If you look at the cycle of an empire system from regionalization to expansion to empire, the first phases of that catalyst are when you have a self fuelled consumer society and so actually that process of building your consumer base which is really what’s going on in China, day by day their consumer base increases and the dependence on the West decreases,” he said.
http://www.cnbc.com/id/45489820/The_Western_World_Is_Finished_Financially_CIO - 151k -
Why “too big to fail” means “wait
by Richard Fernandez
December 3, 2011 - 4:28 pm
Nassim Taleb, writing in Foreign Affairs, describes why a Black Swan came to Cairo without anybody noticing and in general why opinion leaders keep getting caught on the wrong foot by the arrival of “large-scale events that lie far from the statistical norm and were largely unpredictable to a given set of observers.” The fall of the Berlin Wall was a surprise. The 2008 meltdown was a surprise. The Arab Spring was a surprise. “Why is surprise the permanent condition of the U.S. political and economic elite?”
The answer, he argues, is that the elites won’t see them coming rather than that they can’t. Part of the problem is the consequence of their own damping. By attempting to centrally manage systems according to some predetermined scheme they actually store up volatility rather than dispersing it. By kicking the can down the road they eventually condemn themselves to bumping into a giant pile of cans when they run out of road.
Complex systems that have artificially suppressed volatility tend to become extremely fragile, while at the same time exhibiting no visible risks. In fact, they tend to be too calm and exhibit minimal variability as silent risks accumulate beneath the surface. Although the stated intention of political leaders and economic policymakers is to stabilize the system by inhibiting fluctuations, the result tends to be the opposite.
Thus every bailout and rescue made in the name of preventing the demise of something deemed “too big to fail” builds up a head of steam until the point is reached when the system can no longer contain the pressure. Then the volatility goes from a seeming zero to an extremely high number. The Black Swan will have arrived. And it always will for as long as fiction is substituted for fact, failure is relentlessly reinforced and false assurances are given all around. In Auden’s words “The lights must never go out, the music must always play … lest we should see where we are, lost in a haunted wood, children afraid of the night who have never been happy or good.” The antidote, Taleb argues, is information. To price risk into the present rather than hide it to fester unseen beneath the surface.
But the elites cannot admit to surprise; nor can they admit to bad things starting on their watch. Therefore they keep sweeping things under the carpet until, as in some horror movie, it spawns a zombie. To make systems robust, says Taleb, you’ve got to admit that you can make mistakes and pay the price. You will have to in the end anyway.
The policy implications are identical: to make systems robust, all risks must be visible and out in the open — fluctuat nec mergitur (it fluctuates but does not sink) goes the Latin saying. …
In the United States, promoting these bad policies has been a bipartisan effort throughout. Republicans have been good at fragilizing large corporations through bailouts, and Democrats have been good at fragilizing the government. At the same time, the financial system as a whole exhibited little volatility; it kept getting weaker while providing policymakers with the illusion of stability, illustrated most notably when Ben Bernanke, who was then a member of the Board of Governors of the U.S. Federal Reserve, declared the era of “the great moderation” in 2004.
This is a daunting task. Given the fact that politicians and economic managers are elected or promoted for their skill at “controlling events,” they can hardly admit that they cannot. It will take an intellectual revolution to make everyone realize that human control over the real world is really limited. And yet accepting that volatility must be faced rather than hidden is the key to preventing the arrival of even more Black Swans.
http://pjmedia.com/richardfernandez/2011/12/03/why-too-big-to-fail-means-wait-for-it/ - 358k -
“Democrats have been good at fragilizing the government.”
What has ‘fragilized’ the government more than Republican wars and tax cuts?
It’s a Wonderful Life
If you haven`t had to pay for a place to live in 3 or 4 years.
Every time a bell rings a Deadbeat misses another mortgage payment.
You know what this means?
There is an angel bubble.
Should mortgage payments be forgot,
and never brought to mind ?
Should all our payments be forgot,
and old lang syne ?
For auld lang syne, my dear,
for auld lang syne,
we live for free so we forget,
for auld lang syne.
And surely you’ll buy your pint cup !
and surely I’ll pay rent!
Many a year since payment sent,
for auld lang syne.
For auld lang syne, my dear,
for auld lang syne,
you live for free so you forget,
for auld lang syne.