You Gotta See This - TARP Republican Gresham Barrett Booed Off The Stage At Tea Party Rally
Video: Republican Gresham Barrett (R-SC) is booed mercilessly for 5 minutes.
The crowd goes nuts from the moment he's introduced.
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By Dr. Pitchfork
I don't know how we missed this one before now, but here's another TARP Republican (from 2009) getting his comeuppance. This one is a beauty, because the truth hurts. These South Carolina Tea Partiers boo Gresham Barrett from the time he takes the mic until he finally gives up and walks off the stage. One guy keeps shouting, "Go home! Go home!"
It's a train wreck. A disaster. I can't wait until John Boehner gets his.
Earlier this year, Barrett lost a gubernatorial bid, largely because of his toxic Yes vote on TARP. Chris Cillizza of the Washington Post has a solid write-up providing more context. See here.
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For more TARP vote pain, watch this TV ad where Barrett tries to explain his vote on the bailout. Another disaster for Barrett. He looks really sad. Defeated, even. I enjoyed it immensely.
Related story from earlier today:
BUSTED: TARP-Loving, Wall Street Puppets - New GOP Leadership Caught On Tape
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Added by DB
5 links I've been reading:
Failed Al Qaeda plot involved sewing bombs inside dogs
Even Greenspan Admits that Moral Hazard & Fraud are the Problems
Bernanke Invokes Friedman's Inflation-Fighting Legacy to Defend Stimulus
Maiden Lane Transactions - New York Fed
Nov 8, 2010 at 4:09 AM
Reader Comments (11)
http://www.nypost.com/p/news/international/man_worst_fiends_in_dog_plot_1h93g9Om3R6t0AGAR7XOtI#ixzz14fMhCprE
Read this one...set to take advantage of our adopt a puppy program...
http://www.latimes.com/business/la-fi-perfin-20101107,0,921835.column
http://www.american.com/archive/2010/november/is-economics-a-science?source=patrick.net#page-tools
http://robertreich.org/post/1488766304
1. a light, humorous play in which the plot depends upon a skillfully exploited situation rather than upon the development of character.
2. humor of the type displayed in such works.
3. foolish show; mockery; a ridiculous sham.
SHAM–noun
1. something that is not what it purports to be; a spurious imitation; fraud or hoax.
2. a person who shams; shammer.
3. a cover or the like for giving a thing a different outward appearance: a pillow sham.
–adjective
4. pretended; counterfeit; feigned: sham attacks; a sham Gothic façade.
5. designed, made, or used as a sham.
–verb (used with an object)
6. to produce an imitation of.
7. to assume the appearance of; pretend to have: to sham illness.
–verb (used without an object)
8. to make a false show of something; pretend.
Radical Difference Between Monetization 1 and QE2
By Daniel R. Amerman, CFA / DanielAmerman.com
http://danielamerman.com/articles/Monetize1.htm
What the Federal Reserve is doing is directly creating money equal to 9% of the economy, to artificially increase the government's share of the economy by 9%. It is artificial money for an artificial economy to avert collapse. With again, the night and day difference between this monetization and previous "quantitative easing" being that this new money is going directly into the economy, and competing with your money and your savings.
The only way out, as the government may be belatedly realizing, is to grow the real US economy. But you can't grow the real economy when the dollar is too high, because of currency manipulations by other countries. US goods become too expensive to export, even as domestic US industries are destroyed by subsidized foreign competition.
To grow the real economy - the value of the dollar must be slashed. Which, very conveniently, can be done through open monetization. So, you create vast sums of money out of thin air to artificially fund the economy, hoping to string things out as long as possible. Simultaneously, this very public monetization slashes the value of your currency, thereby stimulating real economic growth, which if you get really, really lucky, might grow the real economy fast enough to recover to a healthy level, and allow you to find an exit strategy from the insanely dangerous monetization policy before the value of the currency is annihilated.
What this means – for so long as this farce can hold together – is that there are no checks and balances on government spending, or on the share of the US economy that is controlled by the US government.
Even over the medium term this is a disaster scenario. But over the short term, it holds the game together for an increasingly desperate Federal Reserve and US government. Treasury yields ripple throughout all borrowings, and it is this absolute control of treasury yields that allows the Federal Reserve to keep interest rates low regardless of real inflation levels, even as stimulus funds continue to flow in unlimited volume, and regardless of what is happening with real wealth in the real US economy.
If you are a native-born US citizen – there's nothing "2" about this.
We've never seen anything like this in our lifetimes.
Similar things have happened in the world enough times before, however, even if the words "quantitative easing" were never used.
Many nations have been here before – and watched the value of their currencies collapse. The creation of "free" money that is so attractive to politicians for a brief period of time, becomes the most expensive possible way of funding government expenditures. Particularly for the savers, and especially the older savers, who see their life savings wiped out as a result of these grossly irresponsible actions.
Finding Refuge
We have a good idea of the path ahead - which is the destruction of the value of the currency, as well as the impoverishment of a good part of the population. By far, the heaviest punishment will fall on the older members of the population whose savings are destroyed, and who do not have the remaining years to recapture what they have lost.
The American people made a Faustian bargain with the rich and got screwed by the rich.
This is their healthy response.
I would tell them to return to the Democrat Party if there was one.
But there is just another party of the rich who call themselves (sic) Democrats.
Numerous sources are telling FITS that soon-to-be former U.S. Rep. Gresham Barrett is being considered for the position of chief of staff to Republican Leader John Boehner, who will replace Nancy Pelosi as Speaker of the House in January.
Barrett, who finished a distant second to Nikki Haley in South Carolina’s contentious 2010 GOP gubernatorial primary, has been a frequent target of fiscal conservatives after flip-flopping and voting in support of the TARP bailout two years ago.
How fitting, I am sure some have been worrying about him. None on the gravy train will be forgotten by their masters...