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March 25th, 2009
After just 64 days in office attempting to orchestrate some way out of the unholy mess those nutty Neocons left in their disastrous 8-year wake, President Barack Obama (oooh, I love saying that!) held his second hour long in-depth press conference on Tuesday night. Imagine a POTUS who actually makes himself available on occasion to the press to answer real questions! A POTUS who can speak proper English without inventing nonsense words out of whole cloth and lapsing into feigned ‘folksiness’ or juvenile frat-boy antics! This is all quite foreign to a populace that votes not for intelligence and ability, but on who they’d most like to get drunk with down at the bowling alley. Wow. It’s beginning to like like America just might have decided to join the 21st century at long last, doesn’t it?
In this second presser Obama chose not to call on ‘the usual suspects’ among the WH Press Corps’ denizens (who got their chance at the spotlight last month). He didn’t call upon reporters from the Washington Post, the New York Times, the Wall Street Journal, the Los Angeles Times, the Chicago Tribune or even USA Today. Instead, he gave the backup bench a bit of a workout. This predictably led the stars to whine loudly that they weren’t getting their due amount of attention from their host.
But the true highlight of the evening was when Obama went ahead and DID call on one of those usual suspects – Ed Henry of CNN, who tried really hard for a “gotcha” question Obama would trip and fall over. Henry had already asked the question, but didn’t like the answer. So thought he’d have another go at wasting valuable air time with his oversized ego.
Henry wanted to know – and know right now – why it took Obama two days to come out publicly with outrage about the AIG bonuses. Especially since other people were expressing outrage right away. Visibly annoyed, Obama delivered a bitch-slap right to Henry’s cheek…
“It took us a couple of days because I like to know what I’m talking about before I speak.”
Oh, OUCH!!!!! That’s gotta hurt.Filed under Barack Obama, COM, Economics, Humor, Market Crash, Policy | Comment (0)
October 31st, 2008
Janis Joplin once sang someone else’s song very poignantly – “Freedom’s just another word for nothin’ left to lose…” – and that’s semi-true in my experience. We all make choices about what’s important in our lives, and usually become enslaved to that which we choose. At the low end of the scale there’s never enough, just paying the bills is a constant struggle. At the high end of the scale there is also never enough. The thirst for more and more and more rules lives and ruins them too.
As Wall Street melts down we’re suddenly informed we must Spend, Spend, Spend!!! They can never make up their minds. Either we’re not saving enough or we’re not spending enough, it’s always our fault. I call bullshit. Slave wages have not even kept up with the cost of living, they can’t have it both ways.
I read about a 50-something day care worker yesterday who a coworker noticed sitting in the corner crying. When asked what’s wrong, she finally said she couldn’t feel her face. The coworker was alarmed, saw one side of her face drooping as they were talking, speech slurring. She drove her friend to the hospital, but the woman just cried harder and wouldn’t get out of the car. Said yes, she must be having a stroke, but if she walked in the door she’d lose everything – house, car, meager income (job)… she was terrified. Her friend finally talked her into going, she is still in the hospital and her coworkers are trying very hard to raise the tens of thousands she’ll need to pay for the care. There is no insurance at that end of the scale.Barack Obama, Class War, Corruption, Depression, Economics, Eugenics, Foreign Policy, Gay Rights, Hate Speech, History, Hypocrisy, Market Crash, Osama bin Laden, Outrage, Politics of Hate, Propaganda, Religion, Sarah Palin, Universal Care, Voting Rights, War | Comment (0)
October 1st, 2008
Okay, I have to make a couple of observations about this whole economic meltdown thing. Before they vote to bail out the system – and they will – just not on Paulson’s terms.
First, despite the desperation that brought Paulson to beg for money right now or the sky will fall tomorrow, the sky didn’t fall tomorrow. Or the next day. Or the next week. Sure the markets are “adjusting” with big swings up and down (obviously someone still has money), banks are continuing to fail, and now the credit market is frozen. But the world is still turning, the billionaires are buying up bargains on their own (infusing ready cash here and there), and the dollar still remains stronger than it will be after we print another trillion of them.
Second, it’s beginning to look like it really was an end game scam, one last big robbery before their power runs out. Paulson isn’t going to get the absolute power he tried to grab, nor is he going to get any waivers on oversight or blanket immunity from judicial review. Which means he can’t just pass out billions to his cronies and benefactors. The robbery didn’t go off as planned.
The “assets” we have already bought – Fannie Mae and Freddie Mac – are riddled with evidence of felonious behavior and the FBI is hot on the case. AIG’s books don’t look to be any less felonious, they’re being investigated as well. People will likely go to jail.
Now, don’t get me wrong. There will be a bailout because the economy must keep going. The rich will get way more than they deserve, the rest of us get stiffed as usual. So don’t believe any of them when they claim to care about We the People. They don’t. One of these days wwe might decide to inform them in no uncertain terms that we don’t care about them either. Until then, best of luck to us!Filed under Class War, Corruption, Economics, Federal Reserve, Market Crash | Comment (0)
September 23rd, 2008
What happened today on Capitol Hill:
Secretary of the Treasury and ex-CEO of Goldman-Sachs Henry Paulson called Congressional leadership for a get-together. He tells them something – no doubt using charts and graphs – so horrifying, so absolutely terrifying that they all come out looking like Moses (er… Charlton Heston) after meeting the burning bush. Hair’s grown a foot and is stark white, their beards fall to their bellies, they’ve all got that far-away look in their red-rimmed eyes, and their hands are shaking. None dare breathe the edict: Set My People Free!
So. What was it, exactly, that Paulson told them? Gee, we dunno. Nor are we allowed to know. Just as if this were top secret intelligence pinpointing WMDs that don’t exist right in Saddam’s palace, we don’t get to find out. Even though it’s supposedly OUR trillion or three or four they MUST have right now to bail themselves out. With a laughable “emergency” plan that, Deputy Admin press secretary Tony Fratto said just today, was drawn up over the course of months.
Months. Not days or even weeks. They sure as shit knew it was coming, and simply waited for just the right moment of panic to spring it on us as if the end of the world is mere hours away. Ah, the lively tune reverberates in my mind…
“It’s the end of the world as we know it, and I feel fine!”Analysis, Appointees, Class War, Corruption, Economics, Federal Reserve, Humor, Market Crash, Outrage | Comment (0)
September 18th, 2008
Financial news of Wall Street meltdowns, Fed takeovers of big insurers and mortgage giants, and some serious death and destruction on the Texas coast from Hurricane Ike (which we’re finding out about piecemeal after 6 days of “Heckuva Job, Skeletor”), it has become more and more obvious that the country is in such terrible trouble that this will be one of the most important Presidential elections of our lifetimes.
So perhaps it’s not so surprising that both friends and enemies of Republican candidate John McCain are beginning to become alarmed at what appears to be some sort of serious mental decline that has taken hold and accelerating rapidly. What’s going on?Campaigns, Diplomacy, Federal Reserve, Foreign Policy, John McCain, Market Crash, Presidential Candidates | Comment (0)
July 15th, 2008
George Bush lifted bans on offshore drilling, explaining that this will not only increase our domestic supplies, but will also remedy recent drastic increases in the price of imported oil. Now, oil companies already have more than 2,000 leases on offshore oil that they haven’t even begun to drill, and then there’s all the producing oil wells in Texas and Oklahoma that Ronald Reagan’s administration ordered capped (and labeled ‘reserve’) after taking office in 1981 (and which caused a rather drastic immediate recession in those states as well as contributing to the infamous S&L collapse. The very first bank to collapse – Penn Square Bank in 1982, was heavily invested in those producing wells when they were ordered shut down. That cost We the People $150 million. The current and ongoing bank failures will cost us a lot more.
Meanwhile, the New York Times reports a Possible Industry Role in Energy Shortage, as Big Oil companies sought as long as five years ago to cut refinery output to increase profits. And cut back on new refineries is just what they’ve done.
But fear not! Bloomberg reports that Kuwait may build a refinery in Louisiana to help the US boost its capacity for refined petroleum products. As we fall further and further into deep recession/depression due to $5 a gallon diesel, $4 a gallon gasoline, and the fast-rising price of food, shelter and clothing based on that.
I probably don’t need to say it, but this is really bullshit. Bush/Cheney aren’t done robbing us blind yet? We’ve something MORE for them to steal before escaping to Paraguay? We’ve been set up for a fall, and now that we’re actually falling (with no sign of bottom yet), they expect us to clean up their mess with wealth we simply don’t have anymore? They looted our retirement funds. They screwed us on our mortgages. They blew everybody big time on WMDs in Iraq. And now… NOW we’re told…
…that the US oil industry is exporting a record 1.6 billion barrels a day of refined petroleum products, up a full 1/3 over last year.
Now, I realize that I’m not that smart about this sort of capitalistic crap-shoot, but it occurs to me that if the US had those 1.6 billion barrels a day of gasoline and diesel fuel we might not be falling off the economic cliff at an accelerating pace. And it occurs to me that we’re being told that the BushCo oil wars (now threatening to ignite the entire ME) are all about ‘securing our supply’ – even though the truth is that our biggest foreign supplier is Canada, NOT Iraq, Iran, or even Saudi Arabia.
And with all this bruhaha about domestic supply – selling offshore and protected wilderness areas for drilling, capping producing wells, exporting a third of our domestic production – I’m wondering if the price of the oil they’re importing and charging us an arm and a leg for is LESS than what they receive on the world market for what they’re exporting.
I get the very strong feeling that they’ve screwed We the People yet again (that feeling just never goes away), seriously planning to turn us into just another Third World “Resource Region” for their total expoitation.
It’s their End Game. We have no choice but to play it.Filed under Analysis, Corruption, Depression, Economics, Energy, History, Market Crash, Recession | Comments (2)
March 31st, 2008
Treas. Sec. Henry Paulson
It seems the recent recognition by Wall street’s overzealous speculators that the nation is in deep recession (something they’ve ignored for years despite it being a regular big deal out amongst the real people who do real work when they can find it) has led to yet another opportunity for the Bush Administration to make an unprecedented power-grab. And predictably, they’ve leapt at the chance.
From the New York Times:
The Bush administration on Monday rolled out the broadest overhaul of Wall Street regulation since the Great Depression, presenting a series of proposals that would, for the first time, create a set of federal regulators with authority over all players in the financial system.
But the proposal will do almost nothing to regulate the alphabet soup of sophisticated financial products that have fueled the current financial crisis. And it will not rein in practices that have been linked to the mortgage crisis, like packaging risky loans into securities carrying the highest ratings.
[Emphasis mine] Well. There you have it. The overwhelming greed of the financial sector has led to serious financial troubles, so the Bushies want to claim more power while at the same time doing nothing at all about the greed that will by summer (if projections are correct) have millions of hard working Americans homeless in the streets.Appointees, Bush, Economics, Market Crash, Recession | Comment (0)
March 17th, 2008
Bear-Stearns Bailout: Billionaires 1, Taxpayers 0
Hat Tip to The Bonddad Blog
This video consists of clips of Treasury Secretary Henry Paulson lying his ass off on George Stephanopolis’ Sunday talk-fest (you can tell he’s lying because his lips are moving, but pay attention to his “tell” – how he blinks, stutters and shakes his head when he tells lies, negating what he’s saying. The man just cannot defend bailing out a speculative investment bank – the fifth largest in the country – while doing precisely zip to help the citizens who are losing their homes to this mess.
Which, unfortunately, is only going to get worse as more greedy billionaires who haven’t paid any taxes since Bush exempted them get the people they’ve screwed (US citizens) to bail them out of their bad decisions. If the US taxpayers have to bail out the billionaires, shouldn’t we also make them pay some taxes? How about refinancing their homes at a flat 4% for 30 years, as if they’d gotten those loans from a fed-guaranteed lender (since that’s now who owns the paper)? How about wiping out THEIR debts?
I like this “Hillbilly Report,” thought readers would find it refreshingly truthful too. Enjoy!Filed under Analysis, Appointees, Class War, Corruption, Depression, Economics, Federal Reserve, Market Crash, Policy, Recession | Comment (0)
August 16th, 2007
They called it “Trickle-Down” economics. It was a magical time of new capitalistic ideas and new collaboration between legislators, executive agencies and the Federal Reserve, a new way of managing the flow of money and the creation of wealth in a new and expanding ‘world order’.
It was brave, it was foresighted, it was designed to take America into uncharted territories as undisputed leader of an increasingly designed and aligned world… and it was doomed to fail.Economics, Federal Reserve, Market Crash | Comment (1)