Entries by DailyBail (6219)
Sep 24, 2009 at 8:41 PM
Mid-Day Break: Jump You F**kers (Song By Gene Burnett)
Do not hesitate for a moment. Click now and deal with the emotional scarring later.
Why Democrats Must Restrain Spending By Senator Evan Bayh
Progressive Government Can't Be Built On A Foundation Of Debt
America is on an unsustainable fiscal path that threatens our future. Changing course is imperative, and Democrats should lead the way.
Last month the Office of Management and Budget predicted that the national debt will increase by $9 trillion over the next decade—$2 trillion more than forecast just four months earlier. Government net interest payments exceed $1 trillion in 2019, up from $382 billion this year. Because projected deficits exceed projected economic growth, the gap will be self-perpetuating.
The consequences of all this will not be benign. A world saturated with U.S. currency will eventually look elsewhere to invest, causing the dollar's value to drop; foreign creditors, their confidence shaken by our fiscal profligacy, will demand higher payments to keep holding our debt. The net effect will be "stagflation," that pernicious combination of slower growth, higher inflation and interest rates, and lower living standards Americans suffered through in the 1970s.
Ron Paul: The Federal Reserve Is The Culprit, They Are A Conspiracy
Excellent 6-minute interview with Congressman Dr. Ron Paul conducted by Time Magazine and released last Thursday to coincide with the release of his newest book, End The Fed. Topics discussed include:
- HR 1207 to audit the Federal Reserve, marijuana, the war on drugs, the federal income tax, Iraq & Afghanistan (great comments), Iran, Obama, Bush, liberty, and the Constitution.
Some of his more memorable statements:
- The Federal Reserve is the key element in the formation of financial bubbles. The Federal Reserve is the culprit. They're a government unto themselves. They are a conspiracy.
- If we could get an audit we could reveal exactly what they do. They deal in trillions of dollars of secret agreements with foreign central banks that none of us know anything about.
The Daily Show Examines The Acorn Seed
I've been waiting for an angle to cover the ACORN scandal, and Jon Stewart provides the vehicle. Yeah, these are serious issues, but how can you deny the humor. From the insanely white protagonists posing as pimp and prostitute, yet not even remotely trying to disguise their educated elocution, to the sheer ridiculousness of their plan:
- We will have 13 under-age El Salvadoran girls smuggled illegally into the country who will then work as prostitutes from our home (we need a lot of bedrooms). Then I want to launder the illegal profits from said operation into a future run for Congress, but not right away because I'm still in law school. And yes of course, I'm a pimp.
The comedy ratchets up a notch with each successive release. In San Bernardino, an ACORN employee confesses to shooting her husband. In San Diego, the employee plots to help the down-on-their luck duo achieve child-smuggling logisitcal success, while also requesting the fee of the posing prostitute. He's just curious.
And all the way along we've been treated to the beautiful mess that is Bertha Lewis, the corrupt-CEO of embattled ACORN as she spews nonsense to anyone who will listen. Jon Stewart took a look at the sordid nut that is also the ACORN seed.
Revoke Rating Agencies' NRSRO Designation For Structered Products
The IMF invited me to present my views on the global financial crisis as detailed in my book, Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street on Monday, September 21. Among other recommendations, I will suggest Congress approve more funding for investigations that should lead to felony indictments of financial professionals involved in the largest Ponzi scheme in the history of the capital markets. Predatory securitizations of fraudulent loans, the credit derivatives that referenced them, and fraudulent accounting enabled former investment banks and some legacy banks to raise money from new investors to pay back old investors (themselves and mortgage lenders) in what was known to be an unsustainable and fraud riddled business model.
Morgan Stanley CEO John Mack Breaks Bread With Gasparino (Clip)
Excellent interview with outgoing Morgan Stanley CEO John Mack from September 11, as he sits down with Gasparino and the CNBC Power Lunch crew. Caruso-Cabrera and Bill Griffeth also participate. Leverage on Wall Street and the financial crisis dominate the discussion, and Charlie doesn't disappoint as he takes a few shots at Bernanke, Geithner and the other failed regulators.
Can't say the same for Mack, as he offers the golden excuse that "no one saw it coming." What a load of bullshite, as he dutifully joins the long list of regulatory apologists. The Gasparino shot at Hillary Clinton was entertaining as well. The clip improves after the 5 minute mark.
Meredith Whitney: At Least 300 More Banks To Fail
I stumbled across this clip from Friday's Good Morning America with Diane Sawyer and Meredith Whitney. It's a good opportunity to talk about Sawyer's intelligence. She has none. (Editor's Note: I got stories but I'm not talking.) Whitney reiterates her thesis that home prices have 25% further to fall and that consumer credit contraction will keep the recovery weak. Sawyer seems almost shocked by the pessimism, as though her assistant never explained to Meredith that you're not supposed to tell the truth on morning TV. She recovers in time to ask MW for one piece of 'advise' for everyone out there.
Meredith Whitney doesn't give advice (Damnit Sawyer, 'advice') to coffee drinking, marmalade slapping, stay-at-home cellulite packers for crying out loud. She was just with Warren Buffett last week (and he was so sweet!) and tomorrow she's gonna tell Blankfein to give us back our AIG-pass through $12.9 billion. The fluff tour is over and GMA will never see the likes of Whitney again.
