As the author states, the ones who have done well under Barack Obama are government workers, public-sector union members, and the crony capitalists. For the rest of us – tough luck! I will say this about Obama – he never prevaricated in stating where he wants to lead this country and he has never compromised on his left-wing world vision. All this nonsensical talk about not voting for the Republican candidate (excluding Ron Paul) is suicide.
by William L. Gensert
Hanlon’s Razor states that one should “never attribute to malice that which is adequately explained by stupidity.” It’s a fitting adage for Barack Obama.
It’s easy enough to demonstrate Obama’s incompetence as president. You would think he would get something right for America every once in a while, if only accidentally. Yet that seems to not be the case.
During this year’s State of the Union address, our president touted his success in energy production and job-creation, among other things. A week earlier, after canceling the Keystone XL pipeline, Barack Obama traveled to Disney World and, firmly ensconced in fantasy-land, said much the same thing.
The saddest thing about all this — despite the misery he is bequeathing to the nation in the years to come — is that Barack Obama sincerely believes he is doing a great job.
Indeed, under Obama, many have prospered. U.S. government employees — all 2 million of them, with an average salary of $74, 403 — are doing great. Public-sector union members are also doing fine. Crony capitalists, who fund the Obama machine, are doing spectacularly — there’s always an extra stimulus dollar for a backer of Barack.
In fact, most of this president’s supporters of are doing swimmingly — except, of course, the poor, who have gotten poorer. Then there are minorities, who have gotten substantially poorer, and the legacy media, which, despite having sold its soul in support of Barack Obama, is shedding viewers and readers by the millions.
[.....]
A reelected Obama will be Barack unbound — unbound by the Constitution, respect for the opinions of others, moral convention, or fair play. His benevolence in doing for us what he knows is best will have no restraint or restriction. He will fix this nation even if it kills us.
Michelle Obama said in 2011, “I always told the voters, the question isn’t whether Barack Obama is ready to be president. The question is whether we’re ready.”
The official measure of unemployment, U3, which includes only those unemployed and actively seeking employment, is 8.5%. The rate would be 11% if as many people looking for work before Barack Obama became president were still looking today.
For African-Americans, the U3 is almost 16%; among black teenagers, it is approaching 45%. For Hispanics, the rate is over 11%; for Hispanic teenagers, it’s 25%.
The U6 unemployment rate, which adds in the underemployed and the discouraged and no longer looking (but still wanting to work), is at 15.2%. If you include those who have left the workforce altogether, the rate is closer to 23%.
[......]
While he has no problem, three years into his presidency, whining about the “mess” he inherited from George W. Bush, he also shows no shame in taking credit for the accomplishments of GWB’s energy policy.
The administration’s decision to reject the Keystone XL pipeline is the latest acknowledgement by Barack Obama that jobs are unimportant, but it is only one of many. The administration has turned the Gulf of Mexico into a “no drill” zone, ignoring court orders and using the permit process to halt development.
Recent regulations from the EPA are a naked attempt to shut down coal-fired electrical generation, responsible for 50% of America’s electricity.
Shell Oil, having spent $4 billion trying to develop tracts, already leased and paid for, north of Alaska, gave up when the EPA denied permits to begin exploratory drilling.
At every available opportunity, Barack Obama has waged war on energy, shutting down future drilling off our coasts and in the interior. Production is up, but this is despite Barack Obama, not because of him.
The president has now announced an auction of 38 million acres of oil and gas leases in the Gulf of Mexico. Yet any company willing to pay for a lease under this president would have to be either stupid or confident that 01/20/13 will be the end of an error.
The president had little interest in the 20,000 construction jobs that the Keystone XL pipeline would have created, or the 20,000 jobs lost due to his moratorium in the gulf, or the tens of thousands of jobs that will be sacrificed eliminating coal-powered electricity.
[......]
A job is a job only when Obama says it is a job. And, if that job is in the fossil fuel industry, it can’t be saved or created — only destroyed. And the only job Barack Obama has ever sought to save or create is his own.
Raising the price of all energy is Barack Obama’s master plan, and he won’t change it despite its effect on employment. Instead, he wants to change America. The simple solution of working to make green energy more affordable is beyond his brilliance, so better to make all other energy more expensive in order to make green energy seem cheap by comparison.
The president’s own Council on Jobs and Competitiveness recently advocated for an “all-in approach” to fossil fuel development and production, calling “timely development of pipeline, transmission and distribution projects” vital for employment and the nation’s energy system. Unlike Mr. Obama, these people worry about jobs.
Gasoline at $4 a gallon may seem expensive, but it is too cheap for our transformational, anti-energy, anti-jobs president. At over $10 a gallon, Obama’s clean energy idiocy and the billions of taxpayer dollars flushed down the green energy toilet will finally make sense.
[.....]
The TransCanada Corp. pipeline would have cost taxpayers nothing, unlike Solyndra and all the other crony-capitalist Obama delusions. Since 2008, the company spent $2 billion in its quest for approval, and it would have picked up the entire cost of construction, estimated at $7 billion.
Canada will still build a pipeline, except it will be to their Pacific coast. China, the world’s largest polluter, will use the oil just as we would have — except, perhaps, not as ecologically or efficiently.
With risks and costs inherent in transporting oil across an ocean, it is not unreasonable to make the assertion that building the Keystone XL pipeline is actually better for the environment.
Environmentalists like the president are the true 1%. They already have big houses and nice cars. Polluters are those who want big houses and nice cars.
Environmentalists, always willing to sacrifice the jobs and well-being of others, will not be satisfied until most Americans are unemployed and forced to give up their cars and shiver at home in the dark because they cannot afford gasoline and heating costs, not to mention electricity and light bulbs.
To our president, the most important thing is that Americans realize no benefit, accrue no advantage, and have life no easier by responsibly utilizing resources. To him, we need to be punished for our previous prosperity, and we therefore shouldn’t be using resources at all. With his decisions on energy, our president has chosen misery, poverty, and decline for America. The nation doesn’t need jobs; we have him.
Before he was elected, Barack Obama promised that his policies would make the price of energy “skyrocket.” If you think about it, it’s really the only promise he has kept.
Americans are just too simple to understand how good this is. Perhaps Barack’s bitter half, Michelle, was right — we aren’t ready for him.
Read the rest – Obama’s Abysmal Job Performance
Tags: William L. Gensert
Stupid or malicious – another four years of this regime will be disastrous. Most second terms suck and I cannot think of anything being worse then what we already have.
I’ll vote for Mitt Romney, but I’ll never “get behind” him.
And I’ll do my best beyond election day to highlight everything that is wrong with the GOP IMHO.
It can either collapse under it’s own arrogance or it can acknowledge that it’s ignored it’s base and move right.
@ Speranza:
America will be another $6 trillion in debt if Obama is re-elected, but I don’t forsee him being defeated. Mitt Romney will go scorched-earth on Newt, but he’ll never fight so hard against Obama.
@ Speranza:
Stupid Or Evil has been the argument since day 1.
A bit of both, I suspect.
The buck stops at George Bush, but he is no longer taking calls.
What kills me is the people who claim that Obama’s ‘ middle of the road’. Dear God Almighty, what would it take for someone to be considered a ‘liberal’?!
@ Bumr50: In some sense evil = stupid. Though some things we think smart are evil. the new android handheld personality evi for example. Just one letter away from evil. It is just stupi.
Primarily evil. I don’t remember where I read it, but a White House insider allegedly said that there are over a hundred executive orders sitting on O’s desk, just waiting his signature. If he is re-elected he will rule be decree.
Is Joe Soros part of the 99 percent? Joe Soros can get his mortgage refid, Joe the plumber and Joe Cool are not eligible. Courtesy of Obama take over of Freddie Mac. OBama is plain stupi.
mfhorn wrote:
If he is middle of the road I would hate to see a hard core ideologue.
@ Speranza:
@ mfhorn:
All part of the communist agenda.
Make THEIR views seem mainstream, and paint others as “extremist.”
Dr. Alan Keyes – “Obama is a Radical Communist – Will Destroy America!”
@ Speranza:
Obama is MIddle of the road compared to OWS!
@ Rodan:
Not really. He is still the radical community organizer under the hood. He has just learned to keep it somewhat hidden, and a prostrate press helps him carry it off.
Rodan wrote:
Compared to Kim Jong-Il. Juche!
darkwords wrote:
Joe Soros or George Soros?
@ 12 Bumr50: Keyes problem is that he explains his logic like a Martian on laughing gas.
@ Speranza: There is only one soros.
darkwords wrote:
In Yiddish “tsuris” means trouble. Very apt.
darkwords wrote:
He is one weird guy. I recall his acting like a jerk during the 2008 GOP debates.
As the author has made manifest that Obama is not stupid, there is only one conclusion available.
Well done.
@ Speranza:
Soros has probably spent close to a billion bucks trying to buy himself a President over the last 15 years. In Obama he finally got one. He’s heavily invested in Brazil, and lookey look where the U.S. is sending lots of $$$ and giving goodies away to.
@ Speranza:
Juche!!!!!!!!!!!!
@ Speranza:
In this case, he’s very right.
@ eaglesoars:
I’ll continue to think Obama’s not too bright until I see the transcripts. He’s not doing a damn thing – those 44 czars are running the country – those 44 unaccountable to anyone, including Congress, Czars. Well, they’re accountable to Jarrett. The same Jarrett who told Obama not to give the go ahead to get bin Laden.
Our brilliant Lightworker president appears to have
made a serious mistake by picking a fight with the
Catholic Church.
From pulpits all over the country letters were read
by Bishops & Cardinals at Sunday mass, saying that they refuse to
comply with HHS mandates that among other things make
it compulsory to cover abortion inducing drugs in Catholic
Hospital and University health plans.
Did the wicked smart crew over there forget that Hispanics
are Catholics & many are very devout?
@ Iron Fist:
Good point!
eaglesoars wrote:
Obama doesn’t sit in a corner with a drool cup, but
he does not seem all that bright to me.
If you honestly think that then you might as well just bend over and kiss your ass goodbye. If Romney gets the nomination then 25 to 35% of the Republican base is going to tell the GOP leadership to go fuck themselves. Time you you to suck it up and accept reality like a man, because that is what is 100 percent going to happen.
@ RIX:
bishop dave zubik of pittsburgh is leading the charge as there are many catholic hospitals and education centers here.
this cat has had all of the right jobs and excelled at eash, he will be cardinal one day.
darkwords wrote:
Obam, is dat you?
@ RIX:
The Obama Regime wants to win the votes of Catholic haters.
@ RIX:
Someone should tell 0bama it’s never a good idea to pick a fight with a church created by God and headed by a former anti aircraft gunner!
@ doriangrey:
Or even after the election. I suspect, the GOP will splinter after November.
@ doriangrey:
Hope that 25-35% enjoys the next four of UNTETHERED O.
doriangrey wrote:
While I agree with your sentiment, I believe your percentages are a little suspect. Maybe 5%, which is more than enough to be a game changer.
I myself am getting real tired of being told by the Republican Apparatchiks that while they very much want my vote, there is no room in their party for my voice. I am starting to agree with those who are calling for a third party. Fixing the GOP is clearly not working. Their big thank you to the Tea Parties for those massive victories in 2010 was to immediately try to destroy the political career of Lt. Col. Allen West.
@ coldwarrior:
Catholics are pretty split politically, but these
moves against the Church by the BHO Administration
can unite them.
When I heard the letter by the Bishop at our church
on Sunday, it seemed sureal.
It is an attack on Catholics pure & simple & if they
get away with it, it will spread.
Marco Rubio introduced legislation today to stop it.
@ RIX:
keep an eye out for zubik on this one.
m wrote:
Don’t blame them, blame the Marxist assholes running the GOP. All I can say to you is pay attention, the Republican base is pissed off as hell and they are not going to allow the GOP elite to cram their anointed candidate down their throats again. Listen to what Rodan has been saying all year, if Romney is the nominee, the Republican Party is done, through, finished. There really is no other way to put it.
Carolina Girl wrote:
And you think that’s a stupid organizational tactic how?
RIX wrote:
In the sense that he has probably underestimated the American people, I agree. In the sense that he set out to ‘cut us down to size’, he’s been brilliant.
darkwords wrote:
Good, one is too many
Speranza wrote:
I like that! My I use it? george tsuris sings as a mocking appellation.
Flyovercountry wrote:
33% of the Republican base are making that call.
mtc wrote:
In this case, Obama got too cute by half.
Twenty five percent of the US population are
Catholic to one degree or another.
Nothing closes ranks better than people feeling under
siege.
The FNC correspondent asked Carney about it today.
He actually said that the Administration compromised
by giving them some time to prepare.
coldwarrior wrote:
Is that the priest you posted about here who taught you comparative religions? The one who said in private about Muslims ‘treat them like roaches?’
One of the papers I read – probably washington times – had a piece on this bishop. I thought about you.
Read, this. This is a warning to the GOP establishment.
@ eaglesoars:
i wouldn’t want to ‘tarnish’ his reputation.
@ eaglesoars:
He is our first post American President.
In the ‘Roots of Obamas Rage” Denish D’Sousa
opines that Obama is a Third World Liberation figure,
inherting his fathers disdain for the U.S & Britain.
doriangrey wrote:
Count me in.
I will never vote for McRomney. Ever!!
Let the Fools have their Prince…
RIX wrote:
I find it amusing that that the current obama spokes-liar last name is a homonym for a carnival worker.
@ doriangrey:
Oh no, I can and will still blame them. An election is between the two survivors (and ron paul).
This one
or
that one.If we don’t like “this one” to the point that we stay home —we best not mind the other one! Just like 08 with mccain… “oh fuck mccain, i’m staying home ~ that’ll show’em!!!”
Where did that get us?
(I say that as a pissed off republican that would have to get drunk off my ass to vote for romney)
Hopefully, they’ll wait until after the election to go NU-CLEAR on the GOP.
The last 2 Republican Presidents were failures. That’s why Conservatives are in uproar. If Romney gets elected, he will start a war to get Conservative support.
m wrote:
I agree, but we’ll need a coordinated effort to make that happen.
We have no REAL POWER after the election.
I’ll probably vote for Mittens, but we can’t be deterred by those that say attacking Romney IF he’s POTUS is wrongheaded and “bad for conservatism.”
And you KNOW that’s what they’ll say.
Take this primary. EVERYONE is unhappy with the primary process. But who among the GOP leadership and elected officials is going to change a system that either put them in power or worked to achieve their desired results?
We need a new party.
Ron Paul wins Snoop Dog stamp of approval!
h/t Weasel Zippers
RIX wrote:
Hubby brought that book home and he liked it. I didn’t read it because I don’t give D’Sousa much credibility. However, I agree that there is much 3rd world liberation crap in his world view – but he got it from his mother and step father (who apparently treated him very well and for whom Obama had sincere affection). His father simply wasn’t around. His mom, however, was headed in that direction before she ever met his dad, and she continued on it for the rest of her life.
@ citizen_q:
Carney is married to Claire Shipman.
I caught them both on a news talk show,
before Carney became the spokesflak.
Really a couple of nasty Libs.
@ m:
After the election I’m done with the GOP. This is my last time voting for them, until they get a Fiscal Conservative.
Dorian- what do you tell the Romney fans that say — if Newt’s the nominee I’m staying home!
Good for you?
No, you say get off your ass and vote to get Obama out!!!!!!!!
~:)
@ Bumr50:
We tell them to kiss our collective asses!
@ eaglesoars:
For five chapters I dismissed the assertions in the book,
but then a light went on.
It doesn’t matter that BHO SR deserted him at age two,
he worships his father & wants his dreams to become actual.
Notice Dreams “From” My Father, not of.
There is actually a picture of BHO laying on his fathers
grave when visiting the family in Kenya
m wrote:
Fine, then you can start by blaming me right now. Because I will not vote for Romney, period. The GOP elitist leadership can go right straight to hell.
m wrote:
No, actually I tell them to fuck off and die.
RIX wrote:
The question then is ‘how were those dreams conveyed from his father to Obama?’
AKIK, the man didn’t leave behind an opus of any kind.
@ eaglesoars:
BHO Sr was an economist & he did have written documents.
But beyond that, his mother shared his dads ideas & taught
young Barack to worship his good for nothing father.
IMO, Obama has some serious head issues.
@ RIX:
Not surprising. When I can stomach watching him, listening to his outright lies and deceptive answers defending his indefensible master, I find myself wondering if it hurt when he sold his soul.
@ RIX:
i believe our blog did beat d’souza to the punch.
More on the CBO report
Panic in the White House
@ coldwarrior:
That strikes me as exactly right.
He refers to his father in one of his books as
“A son of Africa”
He has the man romanticised
Amazing how people want Newt to hang it up, Romney is not exactly walking away with it
Prebanned wrote:
no reason for newt to quit. long road to go yet
My wifes birthday & we are heading to Greek
Town for dinner. Opaah!
Prebanned wrote:
I know I’ve badmouthed Santorum and I take none of it back.
But he’s looking better and better.
Still want Gingrich tho
RIX wrote:
happy birthday RIX wife!
RIX wrote:
galaktoboureko and ouzo all round!
coldwarrior wrote:
Be careful with the ouzo thought, that shit will fuck you up…
doriangrey wrote:
retsina. when did fermented turpentine become legal?
doriangrey wrote:
flaming ouzo with a couple coffee beans in it to chew up afterwards…yum!
coldwarrior wrote:
ROTFLMAO… I’ve had that, it kicks like a pissed off mule…
@ eaglesoars:
The math on the debt is far worse than these reports. The US is, like the European nations, just plain insolvent. The money printing exercise known as Quantitative Easing is keeping the Euro afloat.
The complex monsters known as derivatives will magnify any future financial crisis. I read someone named Jim Sinclair at jsmineset.com. He is extremely sophisticated about markets and owns gold mine in Tanzania.
This week he has been warning his readers about the ISDA which is something like “International Swaps and Derivatives Association” He says it is more powerful than any nation on earth. These are the banks that hold 97% of those insurance products called Credit Default Swaps. Swaps were bought to hedge against Sovereign Debt risk. They are meaningless pieces of paper that will not be made good. The Banks who hold this risk instruments are the very ones who DECIDE on whether or not to call a default on debts. They will not call a default because they would have to make good on the insurance risks. It’s complex and astounding that this was allowed to happen. No regulation, no consequences. It is an underlying instability to the entire financial system. What this means in practical terms is that QE3 will go to infinity and hyperinflation. I believe you read ‘When Money Dies’ so you are probably already aware of the debasement of currencies and currency wars. They are just holding all the balls in the air until the election is over and then they will yell FIRE.
doriangrey wrote:
been years since i did that last!
eaglesoars wrote:
Really. *eyeroll*
@ yenta-fada:
response deserves more time than I have for the next 30 minutes. Please bear with me.
coldwarrior wrote:
ROTFLMAO… No doubt because of the way it wrecked you…
doriangrey wrote:
its evil
eaglesoars wrote:
I’m interested in what you have to say!
coldwarrior wrote:
Especially with coffee beans in it, the coffee beans give you a caffeine kick which makes the ouzo’s very slow absorption rate even harder to notice until it is way way to late.
Sultan Knish has a great article today called “American Tyrants” which explains the Liberal elite who sees itself as class warriors using Government as the Enforcer.
http://sultanknish.blogspot.com/
Zambucca is the Italian version of ouzo. It will give you the golden glow.
RIX wrote:
You’re eating with Opraah?
Religious joke warning.
A new priest, born and raised in Oklahoma, comes to Louisville, KY, to serve and is nervous about hearing confessions, so he asks the older priest to sit in on his sessions.
The new priest hears a couple of confessions, then the old priest asks him to step out of the confessional for a few suggestions.
The old priest suggests, “Cross your arms over your chest, and rub your chin with one hand and try saying things like, “yes, I see,” and, “yes, go on,” and “I understand.” The new priest crosses his arms, rubs his chin with one hand and repeats all the suggested remarks to the old priest.
The old priest says, “Now, don’t you think that’s a little better than slapping your knee and saying, “No shit… what happened next?”
@ yenta-fada:
Heh.
Gingrich: School prayer would have prevented Columbine
Also
He is a creep.
Carolina Girl wrote:
He is a dangerous man – sort of a James Bond movie villain (I always said).
On Soros,
Clop, Clop, Clop comes father time,
time, time, time sees him just like,
any illegal immigrant crossing the AZ
border, when his time comes, the coyote
will be there with his hand out for pay day.
Soros owes a lot to his evil coyote’ie.
Abbott & Costello on unemployment:
COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It’s 9%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 16%.
COSTELLO: You just said 9%.
ABBOTT: 9% Unemployed.
COSTELLO: Right 9% out of work.
ABBOTT: No, that’s 16%.
COSTELLO: Okay, so it’s 16% unemployed.
ABBOTT: No, that’s 9%…
COSTELLO: WAIT A MINUTE. Is it 9% or 16%?
ABBOTT: 9% are unemployed. 16% are out of work.
COSTELLO: IF you are out of work you are unemployed.
ABBOTT: No, you can’t count the “Out of Work” as the unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss my point.
COSTELLO: What point?
ABBOTT: Someone who doesn’t look for work, can’t be counted with
those who look for work. It wouldn’t be fair.
COSTELLO: To who?
ABBOTT: The unemployed.
COSTELLO: But they are ALL out of work.
ABBOTT: No, the unemployed are actively looking for work…
Those who are out of work stopped looking.
They gave up.
And, if you give up, you are no longer in the ranks of the unemployed.
> COSTELLO: So if you’re off the unemployment roles, that would count
as less unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO: The unemployment just goes down because you don’t look for
work?
ABBOTT: Absolutely it goes down. That’s how you get to 9%. Otherwise
it would be 16%. You don’t want to read about 16% unemployment do ya?
> COSTELLO: That would be frightening.
> ABBOTT: Absolutely.
COSTELLO: Wait, I got a question for you. That means they’re two ways
to bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
ABBOTT: Correct.
COSTELLO: And unemployment can also go down if you stop looking for a job?
ABBOTT: Bingo.
COSTELLO: So there are two ways to bring unemployment down, and the
easier of the two is to just stop looking for work.
ABBOTT: Now you’re thinking like an economist.
COSTELLO: I don’t even know what the hell I just said!
And now you know why Obama’s unemployment figures are improving!
I’m on a lap top in the cattle sale barn just now,
man o man the price of 400 lb calves is out of sight.
No news here other than cattle prices and happy people over the rains we have been getting.
Any one seen any thing on the DOJ guy Cunningham, did he take the 5th today before Issa, I think today is his day.
Newton P.Gingrich is an angry little attack muffin.
Speranza wrote:
So are you, so what’s your point?
@ taxfreekiller:
Cunningham indeed took the Fifth, although it was a day or two ago, IIRC.
And Issa is jumping froggy with Holder today, I see.
Mike C. wrote:
‘The Ulsterman’ reports may be just bs or they may have a grain of truth in them. He talks about Issa.
@ yenta-fada:
http://www.foxnews.com/politics/2012/01/31/issa-threatens-contempt-charge-against-holder-if-justice-fails-to-comply-with/
Flyovercountry wrote:
For me, it is as important to defeat Mitt Romney as it is to defeat Barack Obama. Other than physical appearance, I see nothing of any significance to distinguish the two.
yenta-fada wrote:
Let’s take this bit by bit.
This week he has been warning his readers about the ISDA which is something like “International Swaps and Derivatives Association” He says it is more powerful than any nation on earth. These are the banks that hold 97% of those insurance products called Credit Default Swaps. Swaps were bought to hedge against Sovereign Debt risk. They are meaningless pieces of paper that will not be made good. The Banks who hold this risk instruments are the very ones who DECIDE on whether or not to call a default on debts
This is the hole in the MF Global story. Where is the insurance? Mf Global was not a bank. It was a hedge fund parking garage that went long on sovreign debt with complete confidence that the central banks would print money if trouble arose. When Germany and France got into a pissing match, the margin calls came in – from the banks – and that’s where the never-to-be-found customer monies went. The banks don’t need to call default. They need only to make the margin calls.
It’s complex and astounding that this was allowed to happen. No regulation, no consequences.
There are tons of regulations. The problem is that they aren’t the same across borders. If you read closely about MF Global and Lehman’s the financial pressure did not come w/in the U.S. It came w/in their London branches. There is something called hypthetical recapitalization. I learned about over at zerohedge. (Don’t ask me to find a link). Basically, it sets rules for how much debt a financial institution can acquire relative to assets. In London, the regs are much loser. It was the UK branches of Lehman’s and MF Global that could not cover their debts. It cascaded to the US.
The lack of regulation is not the underlying problem. The lack of value is. If all your assets are worth shit, regulations defining them as foodstuffs won’t make any difference. The price signal on debt yield has been completely corrupted.
Debased currency MAY be – I haven’t thought this thru – the best thing that could happen to the dollar. I think it really depends on what happens in the eurozone. If they can’t devalue – and they can’t – a devaluation of the dollar may not be so shattering.
One thing I keep bringing up here – as gently as I can – is that economic realities are always a manifestation of politics. There is a feedback loop. It is inexorable. The youth unemployment in spain is over 54%. Economists have a term. Cost of opportunity. If I take this opportunity what are my possible costs, i.e., risks? Well, if there is no hope, what is the cost of doing something desperate? Somewhere between 0 and 100. Once again, the price signal has been lost. So, people, who always want to be autonomous, will do the desperate thing.
One of the earliest books I read was titled at the time The Trillion Dollar Meltdown. It has since been updated to the Two Trillion Dollar Meltdown. What an optimist.
doriangrey wrote:
Blow me.
Speranza wrote:
And you prove my point…
@ doriangrey:
You’re still on the nasty pills. I was hoping the Doc would cut back on them.
1389AD wrote:
Ditto.
eaglesoars wrote:
BUT I DID!!
Reposting by popular demand, and because everyone has to understand the embedded risks in this market, courtesy of the shadow banking system.
Speranza wrote:
Well tell ya what, send me some of those stupid pills you’re taking and then I can be stupid and nasty just like you.
Speranza wrote:
Ok, let’s chill here a bit please.
Just MHO, but I think the key is to get Obozo out of office. Newt’s far from perfect. So’s Romeny. As imperfect as they both are, I’ll take them over the current occupant of the White House. Hell, my candidate, Herman Cain, dropped out a long time ago, but I’m willing to support whoever we put up that can get even a modicum of ethics & competence into the Oval Office.
@ mfhorn:
Hey there, you handsome rogue! How goes the recovery?
mfhorn wrote:
That rules out Romney from the get-go. The man is truly evil.
eaglesoars wrote:
Ann Barnhardt (of koran burning fame) closed her commodities brokerage after the MF Global meltdown. She realized that if they could go into their customers’ segregated accounts and make the money disappear, then there was, indeed, no integrity left in the system. She is, interestingly enough for you, an agricultural commodities broker. Here is a link to her business blog:
http://barnhardt.biz/
Ann talks about what I am trying to get across, only she truly understands the actions and implications. In an earlier blog post, she does a great explanation of MFGlobal as well. The news she talks about today makes the point that every financial clearinghouse is no longer safe. I can’t even get close to her clarity. She also talks about this rehypothecation and simplifies it. Believe me, the arcane terms are purposefully obscure. They make the rules and if it pleases them, they change the rules. They do it with changing the percentages that futures traders must have on margin overnight. (for example)
Let me know what you think of her. She is trying to speak plainly because she wants people to protect themselves against this international band of rogues masquerading as respectable managers of money and markets.
A “money” quote about derivatives from Ann Barnhardt:
I will venture a guess as to who two of the largest writers of Eurotrash CDS might be. How about . . . oh, I dunno, Goldman Sachs and J.P. Morgan? Guys, what MF Global was doing with customer funds – “hypothecating” and leveraging the customer money into European bond positions “hedged” with credit default swaps – THEY’RE ALL DOING IT. All of the brokerage houses. All of the investment firms. All of the retirement account custodians. ALL OF THE BANKS. I can almost promise you that Goldman Sachs and J.P. Morgan have been sitting on a net short position in Europe, quietly betting against European paper, all the while pimping and selling long European positions (It will be fine! The bailouts will come!) AND happily selling TRILLIONS of dollars worth of CDS to their customers to “guarantee” the customers’ long-Europe positions against default, knowing full well that Europe WOULD collapse. (Duh. Anyone who can do 2nd grade math knows that.) When the collapse happened they knew from the beginning they WOULD NEVER HAVE TO PAY OUT ON THE CREDIT DEFAULT SWAPS THAT THEY WROTE because the ISDA was populated BY THEIR OWN PEOPLE, and the ISDA would therefore never declare a default. They would therefore pocket the premium received, but most importantly would then swoop in and BUY UP ALL OF THE BANKS AND BROKERAGES DESTROYED BY THEIR UNHEDGED NET LONG-EUROPE POSITIONS.
yenta-fada wrote:
YOU SAVED ME!!
I read her in hardcopy somewhere and lost it but it was in the attic of my mind. THANK YOU!! Bookmarked big time!
Would you mind exchanging email addys via the moderators? It seems we have much to talk about that may bore many here to tears. It’s ok if your answer is NO. I’m careful about that sort of thing myself.
And OT – I’ve got Fox on mute. Shep smith is on. I’ve asked this once before and no one responded – but this guy looks ill. I’ve seen people with AIDS, cancer, anorexia that look like this.
@ eaglesoars:
I keep plugging away, thanks!
I’m at the Cardiac Rehab unit 3x/week, tomorrow I do 15 min each on the treadmill & the exercise bike. Lost about 3.5 lb this last week, about 20 since I was admitted on 12/24. Won’t be long at that rate & I’ll weigh less than I have in nearly 20 years!
Changing eating habits has been the hardest part for me, but I’m managing. I figure every couple weeks a return to ‘good’ food for a meal or two isn’t too bad. Next Tues I have an appointment for blood work, so I’ll have new cholesterol numbers, and on Wed of next week I meet with my surgeon who’ll (hopefully) release me to drive & work again. Not like I want to work, but I NEED to! Then the following Tues I go in for a sleep study to see if I have apnea.
Thanks for asking.
I’ll keep things updated.
yenta-fada wrote:
EXACTAMUNDO! JP Morgan and Jamie Dimon are in the cat birds seat. THAT’s where the MF Globals customer $$ went. And make no mistake – when Jamie says he’s not happy w/Obama it’s not because he’s not happy with the economy.
Seriously, what did Corzine think ‘hedge’ means? JP Morgan is telling him to go long on EU sovereign debt and he didn’t think they would hedge/short? And call in the margins?
The humiliation as it dawned on him must have been sui generis.
@ eaglesoars:
Sure, get my e-mail from admin. I realize we share this interest in financial matters. It is, imho, what the political circus is trying to distract us from. I’m not a Paulian. I write about this stuff, not to be obscure, but to point out that things will change and it is possible to still do something about it. It’s no coincidence that I find myself on a Counterjihad blog. That is a great idea not to bore the blog.
@ eaglesoars:
Corzine is a ex Goldman Sachs guy. He knew exactly what he was doing, and why, imo.
mfhorn wrote:
Well first, your weight loss is amazing. One thing I hope for you. That you plateau. And then gain a little. That would be because you are replacing fat w/muscle which weighs more.
They’re doing the no fat/no salt/no sugar thing with you, aren’t they? If they had their way, they’d put you out to pasture to eat grass, yes?
Hubby’s docs did that with him once. diverticulitis or diverticulosis – I forget – but by the time I got done with all the dietary restrictions I figured the only thing I could feed him was wet cardboard with a side of tabasco sauce. Frustrating. But I’m a pretty good and inventive cook. If I can help come up with yummy substitutes for things you miss, let me know
yenta-fada wrote:
Ah, but that’s my point. He thought he was one of THEM. He had always been a predator. He never thought he’d be prey. Hence the humiliation.
FUCK
Tues nite is my NCIS nite. Once again pre-empted.
@ eaglesoars:
They actually gave me general guidelines instead of a specific diet. Low fat/salt/sugar for the most part. Beef 1-2x/week max. Lots of low fat cheese, lots & lots of chicken or turkey. I’d put fish on the menu, but my better half won’t touch the stuff, and she’s not real big on most pork, either. Fruit & veggies are big, too of course.
Muscle will probably come when I start doing more than just cardio work, but there might be some built up now, too.
@ mfhorn:
What do they tell you about eggs? Do you know how to make frittatas? They’re very versatile. also, how are you fixed for spices/herbs restrictions? And what do you like/not like?
Miracle of miracles – CBS has decided to give me my NCIS. ’bout freakin time.
@ eaglesoars:
Re: NCIS- we’ve had no TV for almost 2 months. We’d had one of the digital antenna, but it stopped working when I hooked the BluRay player up. We just found out that the tuner for the ant. fried out, so we’ve got another one on order.
Re: diet Nothing said either way on eggs. I don’t know anything about fritattas, but I’ve got enough cookbooks & websites I could look ‘em up easy enough! I’ll have to do that. No real restrictions on herbs/spices. I like things ‘kicked up’ more than my better half does, but I can always add more to whatever’s on my plate. We’ve got cheese manicotti for tonight. I like almost all meats, some veggies & fruits. Carrots, corn, beans, peas, and I’ve started eating some raw spinach, on sandwiches. Apples, bananas, most berries, cherries, & kiwi are my favorite fruit. Tried kumquats last week, they’re not bad.
@ mfhorn:
Ok, here is a butter substitute that your doctors will like. It uses nuts which are high in the good fat stuff. It helps if you have a mini – food processor but you can do it in a large one. this works with just about any nut. start with cashews or almonds, depending on what you like. If they aren’t already roasted, I like to roast them first (350 degree oven, 8 minutes)
Emeril Lagasse
Ingredients
• 2 cups unsalted roasted cashews
• 2 to 3 tablespoons vegetable oil
• 1/4 teaspoon salt
• 1 teaspoon sugar, optional
Directions
In a food processor or blender, combine the nuts, 2 tablespoons of the oil, the salt, and the sugar, if desired. Process on high speed for 30 seconds. Scrape down the sides with a rubber spatula and process to desired smoothness, adding more oil, 1 teaspoon at a time, if a smoother butter is desired. Adjust the seasoning, to taste.
Transfer to a bowl to use as a dip, spread, or in other recipes, or place in an airtight container and refrigerate until ready to use.
Cashew Butter:
Alton Brown
• 2 tablespoons honey
• 1/3 cup walnut oil
• 10 ounces (approximately 2 cups) roasted cashews
• 1/2 teaspoon salt
Place the honey in a microwave-safe container and heat in the microwave for 15 seconds. Remove from the microwave and add the oil to the container. Place the nuts and salt in the bowl of a food processor and pulse for 5 seconds. Then, while the processor is running, very slowly drizzle in the honey and oil. Process until an emulsion is formed and the mixture is smooth; this will take approximately 45 seconds to 1 minute. If the mixture is too thick and doesn’t spread easily, add a little more oil.
Yield: Approximately 1 to 1 1/2 cups
Before I give you anything about eggs, please check w/your docs and let me know. A lot of the bad stories have been debunked, I know, but that doesn’t mean I’m in the loop on what the current thinking is.