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Monday
Jul112011

A Message To The Wall Street Captured, Bailout Loving, Military Industrial Political Class Regarding Cuts To Social Security - Take Your Austerity And Shove It Up Your Ass!

Dear Esteemed Chairmen:

No huge surprise here.  What's unfortunate for you is that for years, even decades - going back to Ross Perot - the American people have been prepared for and willing to accept changes (means testing the wealthy) to entitlements.  You, the politicians never gained the courage to ask, but I think for the most part the general public has been ready.  And since I've been screaming about these issues my entire adult life, and have always pushed the concept of shared sacrifice as a means to budget sanity and limited government, I'm not comfortable with what I'm about to write, but it's inescapable after watching and recording a 32-month orgy of fiscal mayhem dominated by trillion-dollar bailouts, trillions in wasted stimulus, and trillions gifted to the military-industrial killing machine.

Fast forward from the Perot deficit awakening 20 years ago, and finally, you, the generationally-irresponsible political class seem to be facing up to the unfunded entitlement budget nightmare of your own creation - or at least you're in the discussion phase of 'facing it' - and what is the societal backdrop?  Seething anger over the recession, the wars, multiple failed stimulus, dollar destruction, QE, and the government bailouts of favored industries.

So against this backdrop, your Commission now recommends cuts to Social Security and a hike in the retirement age to help us on our merry way to a fiscally sane future. 

Here's my recommendation for you.

The American people are willing to sacrifice as part of a shared effort at righting our budgetary path, but they are not prepared to be sacrificial lambs led to the 'benefits and promises slaughterhouse' while the Wall Street Banker Pigs gorge on trillions in stealth FED and FDIC bailouts, ZIRP giveaways and a record $144 billion in bonuses - an amount equivalent to the 49th largest GDP in the world -  $144 billion in bonuses being paid by criminally insolvent banks that are only still operating due to a Wall Street financed K-Street lobbying tsunami that forced FASB to change the accounting rules that now allow these same insolvent institutions of usury and arrogance to apply Faustian valuations to complete shit assets all over their lying, godforsaken, Enron resembling, off-balanced, imbalanced, bs-balanced, sheets. 

Banks exist in the lala land of leveraged deferred tax assets representing most of tier-1 capital at Citigroup, of hundreds of billions of helocs at Wells Fargo worth pennies, but marked at dollars, of hundreds of billions of fraudulent MBS pumped out by Countrywide, whose liability now sits with Bank of America.  This is a mere glimpse of the great banking lie that provides cover for the $144 billion insolvent bonus river that bathes the Street, all supported and paid for by taxpayers, Treasury and the Federal Reserve.  Therefore, ultimately, taxpayers.

In this environment, selling 'cuts to social security' is not going to work, and considering the role you both played in creating the irresponsible federal spending machine that now controls Washington and has bankrupted future unborn generations, fuck you for even bringing it up.

Signed,

The Daily Bail

###

 

 

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Reader Comments (44)

Dec 1, 2010 at 1:12 PM | Unregistered Commenterjohn
Dec 1, 2010 at 1:13 PM | Registered CommenterDailyBail
Bernanke: Long-Term Unemployment Has SEVERE 'Social Consequences'

http://www.activistpost.com/2010/12/bernanke-long-term-unemployment-has.html
Dec 1, 2010 at 1:14 PM | Registered CommenterDailyBail
nice link john...denninger must be a lawyer..

First Blatantly Unlawful Fed Act: AIG Stock

http://market-ticker.org/akcs-www?post=173675
Dec 1, 2010 at 1:15 PM | Registered CommenterDailyBail
Disappearing Bank Accounts
If you don't have money outside the computerized banking system, you should do so now. You just never know when the system is going to go down. At such a time, the person, who does have cash, will be calling the tune. Remember, "He who has the gold makes the rules." Below, Simon Black reports on the major malfunction at one of Australia's largest banks-RW

By Simon Black

It all started a week ago. National Australia Bank, one of the largest in the country, had a technical malfunction in its core system. Within hours, a simple problem had practically brought a large part of Australia's banking system to its knees. It was a crazy turn of events.

http://www.economicpolicyjournal.com/2010/12/disappearing-bank-accounts.html
Dec 1, 2010 at 1:16 PM | Registered CommenterDailyBail
" A Message To The Wall Street Captured, Bailout Loving, Military Industrial Political Class - Take Your Austerity And Shove It Up Your Arse! "

Right on DB! And while they're at it, they are big enough assholes so they should be able to fit their rip off healthcare plan, their powerless Consumer Financial Protection Bureau, and the corrupt Federal Reserve in with their bulls**t Austerity crap.
Dec 1, 2010 at 2:04 PM | Unregistered CommenterSagebrush
You're full of sh*t. Social Security has nothing to do with this crisis, and the American people say 'Hands off!' (Check any poll) Social Security is an investment, payed for out of every paycheck a citizen earns. The government needs to stop robbing out of these funds and start balancing their budget- maybe by stopping these illegal insane wars. If they simply raised the cap from which SS is deducted (It stops after $106,000. All earnings beyond that pay no SS. How nice for the wealthy!) the fund would be more than solvent. Now that I know 'The Daily Bail's agenda, I will consider dropping it from my media check-ins.
Dec 1, 2010 at 2:43 PM | Unregistered CommenterBrian Mallon
Seems like Brian has the answer to S.S. Eliminate the cap on earnings period. That includes bonuses too. Then perhaps we can move to the Wars, costing 1 1/2 Billion a week, cut the DoD Budget to less than 10% of GDP, Close all Military bases, citadels, out of Country, let Israel float on its own, quit propping up the corrupt dictators, backing the Business people with welfare, break up the TBTF Banks, rebuild the infrastructure in the U.S.A., eliminate foreign aid, then when the country is whole again & running smoothly, oh yes, ban Lobbyists, throw all the crooks in jail. One other thing, all those Government types, both elected & appointed, they can also go to jail for treason due to backing foreign governments/lobbying for them, etc. If for what ever reason this seems too much for the Congress & POTUS to do, then they can either get the hell out of the kitchen or face the wrath of the over 300 million plus citizens who will be knocking at the gates.
Dec 1, 2010 at 3:28 PM | Unregistered CommenterNorman
@brian...what are you talking about...i have no agenda regarding ss...it should not be touched...where do you get any other impression...
Dec 1, 2010 at 3:41 PM | Registered CommenterDailyBail
Social Security has NOTHING to do with the Federal Deficit! This is a smokescreen, Erskine Bowles and Alan "Saddam whore" Simpson are crooks and stooges of Wall St. It is long overdue for this country to have a revolution and Alan Simpson ought to be first on the chopping block.
All of this deficit hawk stuff is nonsense, the problem with America, with tax revenues is that there are fewer people working, the austerity measures these madmen are promoting will only make the Depression worse as government workers will soon have to join the masses of the unemployed!
Dec 1, 2010 at 4:13 PM | Unregistered CommenterDoug Diggler
Mr. Diggler and Mr. Mallon, I beg to differ but that is how Bill Clinton "balanced" his budget. It did play an important part of where we are now. DO NOT FORGET that it was the Clinton administration that repealed Glass Stegall. That is ground Zero of our current situation.
Dec 1, 2010 at 4:31 PM | Unregistered CommenterJohn
@doug...i don't have much sympathy for gov't workers in this recession...
Dec 1, 2010 at 4:54 PM | Registered CommenterDailyBail
@john...

and don't forget that the only reason clinton was able to balance the budget was b/c tax receipts skyrocketed from 1995-2000...tech bubble, internet bubble and MASSIVE y2k build out...
Dec 1, 2010 at 4:55 PM | Registered CommenterDailyBail
All that plus loot Social Security? WOW!
Dec 1, 2010 at 5:01 PM | Unregistered Commenterjohn
Dear Daily, You wrote, "For years, even decades - going back to Ross Perot - the American people have been prepared for and willing to accept changes (cuts) to Social Security. You, the politicians never gained the courage to ask" This sounds to me like an endorsement (to say the least) of cutting Social Security. The whistful note at the end that "In this environment, selling 'cuts to social security' is not going to work" just sounds disappointed. If I took you up wrong, you must be clearer,because that does not even sound ambiguous to me. As for John, I said nothing about Bill Clinton, whom I would never defend (except for the ridiculous sex inquisition.) However- It is a chief irony of this fiasco, that Bush's 'TaxCuts for the Rich' were enacted under the pretext of Clinton's Budget Surplus, which was stolen from Social Security, and now they want to keep the cuts, and cut Social Security to pay for them! Nice work... Mr. Bail, I'm very glad to hear that you don't advocate cutting Social Security.
Dec 1, 2010 at 5:37 PM | Unregistered CommenterBrian Mallon
brian...my bad for not explaining further...i did make a clarification with the original printing of this article....here it is...

When I said that most Americans were prepared for cuts to SS, I was speaking of those who would be means tested and then asked to give up a certain % of benefits. So I was speaking of the more well-off when I wrote that sentence in the story. I WAS NOT implying that most people had accepted the idea of hiking the retirement age. The assumption I have always held is that cuts to SS would come in the form of income testing for the well to do recipients, who would then receive an annual tax credit in exchange for “giving up” benefits they were promised.

In other words, if you make more than 200k (random number) in retirement, then the gov’t withholds, let’s say, $10k of your SS benefits, then you would receive a $10k tax credit in exchange (thereby saving you roughly $3300 on your taxes)…

I likely butchered the numbers, but you get my point. But, EMPHATICALLY, I was not saying that most Americans had accepted the idea of hiking the retirement age for everyone, or targeting ALL income levels for savings.

you can find this addendum here...in comments...

http://www.dylanratigan.com/2010/11/11/open-letter-to-alan-simpson-erskine-bowles-from-the-daily-bail/

and here...

http://www.nakedcapitalism.com/2010/11/guest-post-open-letter-to-alan-simpson-erskine-bowles-chairmen-of-the-u-s-deficit-commission-regarding-proposed-changes-to-social-security-%C2%BB.html
Dec 1, 2010 at 6:02 PM | Registered CommenterDailyBail
@brian...but thanks for jumping all over me without bothering to ask what i meant in that first paragraph...

my views are pretty straight forward...cut the defense budget by 50% and then come talk to me about cuts elsewhere...until then there's no need to have a conversation...
Dec 1, 2010 at 6:04 PM | Registered CommenterDailyBail
@brian..here is the original publication of this article from 2 weeks ago...

you can find a lot of my comments in there...

http://dailybail.com/home/open-letter-to-alan-simpson-erskine-bowles-chairmen-of-the-u.html
Dec 1, 2010 at 6:08 PM | Registered CommenterDailyBail
One thing that is rarely ever mentioned in the SS discussion is that the surplus revenue (FICA tax receipts minus benefits) generated by the Greenspan commission for over 25 years was invested in treasury bonds. The idea is that SS will cash in the bonds when the FICA tax receipts are not enough to meet current benefit demands. By law, these bonds are legal debts owed by the government to its own citizens (and those who worked here legally). Most of us are not aware that these bonds - legal debts -exist. The "reform" plans are all trying to get the government out from under having to make good on the bonds it issued. This was presented to us in 1983 like a person saving for his/her own retirement or a child's college education by buying bonds now, earning interest, and cashing them in when needed. These bonds are a legal obligation that the government does not want to honor, no different than refusing to cash in a bond you hold with your name on it. And where did the money (surplus SS) go? To the general revenue ledger to be spent. So the government (i.e., the general revenue side) should make good on the bonds until they are all cashed in, just as it would have to if you walked in to a bank to cash in your bonds. If they do not, they are stiffing their own citizens. SS is not in financial trouble, at least not as long as the bonds are considered actual savings in the trust fund. Remind anyone who tells you SS is broke of these bonds. The US? Yeah, we are broke, but that is not the fault of SS, which surplus revenue masked the extent of our problem. But all the talk now is of cutting SS as though that is the only choice we have. The empire? Gotta keep that, its where our betters (bettors?) hope to make a killing.
Dec 1, 2010 at 7:53 PM | Unregistered Commenterlg
Dear Daily, I'm sorry for jumping all over you like that. (and so rudely) It's just that we keep getting this message everywhere that it's irresponsible not to cut 'entitlements' and SS. -And that there is some sort of concensus to this effect. When I saw what I certainly took to be an endorsement of that notion in this progressive website, I guess I saw red (so to speak.) I'll be happy to read those links above. Keep fighting the good fight. Best regards- Brian
Dec 1, 2010 at 9:36 PM | Unregistered CommenterBrian Mallon
@brian...no worries...
Dec 1, 2010 at 11:48 PM | Registered CommenterDailyBail
@lg...well said...

i haven't gotten into the details, but according to the proposal today, the chnge in the ss retirment age has been pushed back to 2075...so not for 65 years...i am not covering the commission recommendations yet b/c it's a waste of time at this point...congress will do as they please...this is all just a show...
Dec 1, 2010 at 11:50 PM | Registered CommenterDailyBail
I will gladly co-sign this!
Jul 8, 2011 at 11:58 AM | Unregistered Commenterjohn
thanks john ...i wish i had time more often to actually write...i enjoyed penning this one...
Jul 8, 2011 at 12:12 PM | Registered CommenterDailyBail
I have read that Republican wheeler/dealer Eric Cantor has placed a short bet against the Debt Limit being passed, so for him I would suggest he has a conflict of interest in being any part of so-called negotions. Is this not highly unethical?
Jul 8, 2011 at 12:29 PM | Unregistered Commenterj. mitchell
The fact that you refer to these cheesy crooks as "esteemed chairmen" makes me want to puke, much like Michael Rivero over at WRH constantly referring to the crooks in DC and the White House by respectful titles

The only thing these people deserve is to be dropped down a 500 foot-deep well..
Jul 8, 2011 at 1:20 PM | Unregistered CommenterBig M
80 million? smiling BABY BOOMERS
I guess there aren't any ANTI-SOCIALIST CONSERVATIVE REPUBLICAN or TEA PARTIERS in this number.

LOL!!
Jul 8, 2011 at 2:12 PM | Unregistered CommenterTR
We need to declare the Republican and Democrat parties both ongoing crime syndicates, use RICO to prosecute and ban both parties for ever.

Then outlaw all political parties, since their only purpose is to illegally influence government. People can vote for individuals, not the gang they belong to.

The founding fathers warned us about political parties. Once again, they were right.
Jul 8, 2011 at 2:19 PM | Unregistered Commenterj r
Looking at our economy and who is screwing it up............do you people understand hitler now...........
Jul 8, 2011 at 11:42 PM | Unregistered CommenterDavid Brickner
What tickles me is these sons of bitches putting their comfort and the accumulated bling and empire of the central bank before honest hard working people. As if their suckering people entitles them to a privileged existence. I was thinking 'labor therapy' but dropping them down a dry 500 ft. well is better.

Working another 5 years to pay for the violent bigotted self-indugence of congress and Pres. Dover. Time to clean house.
Jul 9, 2011 at 3:11 AM | Unregistered CommenterHoward T. Lewis III
I am travelling today so posting will be limited until later this evening. I've been taking a vacation of sorts all week, which is the reason for the many repeat posts. Things will get back to normal tomorrow and all next week. Thanks for everyone's patience.
Jul 9, 2011 at 11:06 AM | Registered CommenterDailyBail
Hoping your time off will be great. It's well deserved. As always, thanks!
Jul 11, 2011 at 1:04 AM | Unregistered CommenterDave
@Big M...my use of the phrase esteemed chairman was sarcasm...
Jul 11, 2011 at 1:37 AM | Registered CommenterDailyBail
You have got it right. We are being screwed, and it is no accident.
Jul 11, 2011 at 11:50 AM | Unregistered CommenterJim
Voting for war without ever being at the front of the charge is the height of cowardice. These chicken-hawk little pigs should be on chain gangs, seperated so they can't breed.
Jul 13, 2011 at 12:46 AM | Unregistered CommenterHoward T. Lewis III
Well listen up mister Greedy fucking politicians. If you take away ssi then fuck you I am not letting you take it out of my fucking check anymore.
Jul 16, 2011 at 8:24 PM | Unregistered CommenterRichard Oppelt
some good ideas here. And I would agree that balancing the budget should have nothing to do with SS/Medicare.

BTW - Denninger is shill. He wants SS/Medicare eliminated. He's supporting his own agenda along with the banksters.

Nice write up Daily Bail. But they'll cut the "entitlements" anyway. Too many people still believing in the government and that the officials want to "help" us.

Its laughable. Just forget it.
Jul 17, 2011 at 2:13 AM | Unregistered Commenterdogismyth
Hi dogismyth, been awhile. As for this "KABUKI" taking place in the W.H., it's looking more & more like we will be left with one of two solutions, either follow Tunisia/Egypt or vote the bastards out. One method takes quite a bit of time & planning, while the other can be swift, peaceful or well, I think you understand.
Jul 17, 2011 at 2:43 AM | Unregistered CommenterNorman
Just so get an idea of whats the difference is, copeared to a Scandinavian country.
Ordinary sallary has aprc 33% tax.
You get a whrithoff on 28% on intress on your tax.
Free(almoust) medical cear, we pay just a symbolic price.
Scools are free all the way up to Master degree.
Kindergardens are not free, expet it depends on what you are, it could bee suported by the siscal system.

What ever you have heard about Scandinavia(comunistic, hhaha) country I would like to fill in the gaps.
Norway as a ex. national GDP is not even dependent on our fu.. oil, and still Norway runs on pluss.
We waist money on a lott of other things just like USA, but still we have a surpluss.
why.
The difference is chrystall clrear.
Wars and The Military Ind. compl.
Like ancient Rome, ouy will fall by the same reason.
Greed and violence, a empire untill you runn out of cash.
Then what.
Jul 17, 2011 at 6:16 AM | Unregistered Commentermikael
Obama is fucked for even considering this, along with the spastic fucking prostitutes in the house and senate that went along with it. Gone, POOF, next November...that is IF there are elections. Martial Law is always a solution to the seething masses calling for the heads of these fucking criminals.

Bye-Bye Obama, you piece of shit. You could have been one of the greatest presidents of all time, but you sold out, you stupid, criminal asswipe.

Robert S. Finnegan
Jakarta, Indonesia
rsfinnegan@gmail.com
Jul 17, 2011 at 7:04 AM | Unregistered CommenterRobert S. Finnegan
What galls me is they have been stealing with both hands these POS politicians, some for over 50 years and now have the balls to say that we are greedy and need to tighten our belts!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

STOP COMPLYING WITH TYRANNY!!!!!!!!!!!

WWW.PLACEOFREFUGE2012.COM
Jul 17, 2011 at 10:43 AM | Unregistered CommenterSheila
""For years, even decades - going back to Ross Perot - the American people have been prepared for and willing to accept changes (cuts) to Social Security. " What a crock of shit. Nobody I have ever spoken to would endorse that sentence.

I was ready to jump on you too Bail. A bullshit statement if there ever was one and don't ever apologize for correcting the record Brian. Now that we have jawed this bastard to death, what are we going to do about it?

Robert S. Finnegan
Jakarta, Indonesia
Jul 17, 2011 at 1:09 PM | Unregistered CommenterRobert S. Finnegan
""For years, even decades - going back to Ross Perot - the American people have been prepared for and willing to accept changes (cuts) to Social Security. " What a crock of shit. Nobody I have ever spoken to would endorse that sentence.

---

Means testing the wealthy...it's not very controversial...simply ask the wealthy retired populace to accept less in medicare and social security...
Jul 17, 2011 at 2:26 PM | Registered CommenterDailyBail
That's the winner mate. General strike, rotating boycotts of gas stations, tax avoidance, establishing local micro-bartering economies, trading in gold and silver, a robust black market, for starters. Belgium is doing quite nicely without a government. The U.S. can also.

Robert S. Finnegan
Jakarta, Indonesia
Jul 17, 2011 at 5:10 PM | Unregistered CommenterRobert S. Finnegan

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