Forbes Predicts Cardiac Arrest for Today as the Market S0ars. [?!!]

“Forbes says the economy is already in a recession, and predicted that financial markets will take “a huge hit” on Tuesday in addition to a nearly 778 point drop the Dow Jones Industrial Average experienced on Monday. It was the largest single-day drop in history, and effectively erased $1.2 trillion dollars in market equity.”[1]

Then, why is the market up nearly 400 points?

“Forbes also voiced strong reservations over the economic policies of Democratic presidential nominee Sen. Barack Obama, D-Ill. “Small businesses would be hurt by his big Social Security tax increase and raising taxes on capital, which businesses need to grow and create new jobs,” Forbes said. “So yes, he would make the situation worse, and he’s already proposed about $800 billion dollars in new spending programs. He says he’ll get the money by closing loopholes, which means he’s going to print it.”

The problem here is that we must NOT subsidize economic failure and bad debts as they do in Europe or we  will look just like that sewer.

H mmm ??

The Stupid Europeans Bawl and Moan for US Help with their Phony Socialism. Let us Rescue them with our Tax Money!

The Europeans and their doilies in other parts of the world are just plain stupid as explained here. [1] Nancy Pelosi just gave us 98 reasons[2] not to vote for the US taxpayer rescue of bad debt and now the drooling socialists are mired in their own financial offal.

Briefly stated, the sticky cluster of socialists and their victims in Europe are the simpering remnants of 100,000,000 dead from two world wars and a few dozen other scraps since 1900. What they have left is a few crumbs from the US, some propaganda lessons from the shrunken USSR and the gentle guidance of Sharia Law where the Islamo-Fascists will burn down their cities in pursuit of murdering the infidels.

They whimper thusly:

“"The US must take its responsibilities in this situation, must show statesmanship for the sake of their own companies and for the sake of the world," European Commission spokesman Johannes Laitenberger said.”[3]— World leaders look to US for salvation as economies near abyss.

“"Markets around the world are under stress," said Paulson, architect of the proposal to buy up the mountains of bad mortgage-related debt behind a wave of home foreclosures and spectacular bank failures.

"We need to get something done," he added. "This is much too important to simply let fail."—Paulson, Sec of Treasury in the US.

This is just ducky. Here we have idiot socialists who waste money on all sorts of phony programs and then wonder why they are going broke like California.[4]

The Root of the Problem in Europe [from a previous blog of mine]:

Rescued several times by the United States, with money and soldiers as appropriate, whose citizens assumed the various roles of  wet nurses, mop brigade captains and official lice dusting regulators, the remaining demoralized Europeans formed some kind of communal economic cluster and traded all they had for ‘peace and security.’ Socialism gripped the continent and England and its satellites as Bernard Shaw had hoped for with his Fabianism.[5] Besides being a generation of cowards, since their brave soldiers and best leaders were killed in numerous wars or exterminated by the Bolsheviks, the current examples of European leadership are a curious product of 300 years of inbreeding, sloth, leftist political indoctrination and nonsense as embodied in the clownish caricature of the Princeling  of Wails.

The have-nots have discovered many new ways to circumvent the tax prohibitions[6] of the Magna Charta.[7] Socialism has succeeded in putting bread on the tables of the masses with little or no casualties from wars while leaving the United States and Australia to fight the necessary wars as the Europeans hid in the shadows. The Western Europeans who were cowered and demoralized by the shadow of Communism and the nuclear threats of the USSR, retreated into their little cocoons and pretended to live their safe little lives with continual meddling and prodding by the Swedes, of Nobel War Prize Fame and who had manufactured and sold guns and arms to any European belligerent who could pay for the stuff.

Later on, after the 1989 collapse of the USSR, the Greens got control of many governments and decided that ecology and Marxism were more important than society. Next, the Islamo-Fascisti moved in to mooch, preach hate and proclaim the impending general burden of Sharia law [8]to all who would listen. To get the attention of Parisians, for instance, they routinely bombed the city restaurants, synagogues and other structures in 1995 and on [9] and forced the French to grovel and moan, appear to simulate head-banging droolers, and formed the sickly appearance which they certainly display today. As this is written, the French and their less sophisticated socialist associates in adjoining territories are struggling with their self-assessed  failure to properly ‘assimilate’ the barbarian Arabs, selected former members of French Colonies from North Africa and Persians into their society. The Moslem population now ranges from 1 to 10% or more in much of Western Europe and the fraction is much higher in Eastern Europe and Russia.[10] Their presence now commands more political power than their population ratios would suggest. This is all made possible by the numerous splinter parties that have plagued the Europeans since 1789 and many will sell out their country for a few Muslim votes. The rise of militant Islam is now at hand and the Europeans are not addressing this issue as the US also failed to do since the Carter Era.[11] The psychotic Islamo-Fascisti are not to be compared with Mexican illegal aliens in the US as their goals are very different. Torching automobiles and hospitals are the customary modern political procedures in Europe and they are very effective. The French and Germans cower, mumble and appease all burnings and threats. They are now well below the accepted standards of the average coward. A broad yellow stripe painted boldly down their backs is not enough to signal danger to strangers even if they were phosphorescent and glowed in the dark.[12]

So, now that their system has crashed and socialism has dented our economy the whining  parasites in Europe want some more freebees. They act like ACORN in their maudlin whines and glubbering.

I think they should increase their Carbon Taxes and save the world first. They can bring prosperity to the EU, like California does, by merely raises taxes again and again and again.

So, let us raise taxes and bring prosperity to Europe who hover in the shadows of Fascism, again, and give them one more change to bungle the job.

Why don’t we let you barrow our financial giants to show you how to bring prosperity. They can be selected from this group:

Top Recipients of Fannie Mae/Freddie Mac Campaign Contributions, 1989-2008

Name                                   Office                   State    Party    Grand Total
Dodd, Christopher        S                             CT          D     $165,400
Obama, Barack               S                             IL            D     $126,349
Kerry, John                      S                             MA         D     $111,000

These people are in the know and grand socialists and can solve your problem.

rycK

Comments: ryckki@gmail.com

98 Reasons Why Nancy Pelosi Should Not Blame Republicans for Failure to Socialize Bad Debt

Nancy Pelosi has a caustic and reptilian personal manner and ought to have sought a career in shrinking heads or perhaps  checking for disease in one of  her Asian Massage Parlors. Yesterday, the steaming sputum drenched the floor of Congress as she let loose with a speech[1] that would make Mussolini blush. She threatened the Republicans with the cause of here failure and then 95 of her own Democrats voted against her. That accounts for 95 of the good reasons.

Could we hear from Nancy as to why 95 of her own voted against her? Is it true that more Dems voted against the bill than Republicans?

The other three are the criminal bribe-takers Chris Dodd, Barney Frank and Socialism.

Chris Dodd and Backside Barney prevented reform of Fannie Mae so they could take bribes and make neighborhood heroes out of Jim Johnson and Franklin Raines, two plundering socialist parasites who sucked big salaries and bonuses out of the system while they piled up several trillion dollars worth of bad mortgages. The scheme here is simple: You just give away houses to illegal aliens, people no credit, drug addicts, criminals, felons and others in trade for their votes and left the government with the bad debt. Now, they want the taxpayers to cover this scheme and what will they continue to do:

MAKE MORE BAD LOANS AND SUBZIDIZE THE LOSSES WITH MORE TAXES??

YES, THAT IS THEIR PLAN.

All this is made possible by the phony and socialist CRA Act.  John McCain warns us of the Fannie Mae three-card Monte Scam:[2]

“For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. ..  GSEs need to be reformed without delay.

… the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”—see full paragraphs below.

Now, who blocked this legislation? Well here is the list of the bribees who did:

Top Recipients of Fannie Mae/Freddie Mac Campaign Contributions, 1989-2008
Name                                  Office                  State    Party   Grand Total
Dodd, Christopher          S                             CT         D     $165,400
Obama, Barack                 S                             IL          D     $126,349
Kerry, John                       S                             MA        D     $111,000

The CRA [Community Reinvestment Act]is the barnyard engine that runs the phony Marxist Mortgage Scheme.[3] It says that you MUST give mortgages to minorities and others, period. There is no responsibility here for them to make payments on the loans if they fail. Now, Nancy Pelosi and the bribees from the Senate want the US taxpayer  to cove the bad debt and allow the courts to fix up the loans by reducing the principal, interest rates and such and let the tax payer pay t he difference.

Here is the criminal bribee Chris Dodd’s assessment of Fannie Mae:

“To suggest somehow that [Fannie Mae and Freddie Mac] are in trouble is simply not accurate,” Dodd replied.

“The facts are that Fannie and Freddie are in sound situations,” Dodd said. “They have more that adequate capital, in fact more than the law requires.”

When pressed about the recent IndyMac Bank federal takeover, Dodd said that could have been avoided if there had been proper regulations in place to monitor the sub-prime mortgage market.

IndyMac closed on Friday after federal regulators realized that the bank was no longer capable of guaranteeing deposits. The bank was also a large issuer of sub-prime mortgages.”[4]—Chris Dodd

How does that speech work for you?

How about a lisping message from one of the Queens of the House about how secure Fannie Mae is:

“"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[5]—Backside Barney Frank

The price is right Barney—free housing!

Well, that adds up to 95 or more.

These leftist parasites defended the disaster before it happened and now blame Bush for the disaster even though Bush and his people warned us of this in 2003.[6]

This is all Marxist politics at its best. Whatever happens the wealth of the honest people in this country must be handed over to losers, drug addicts , illegal aliens and others who vote to keep Pelosi, Dodd and Frank in office.

Tell your elected officials how happy you are with this arrangement.

rycK

Comments: ryckki@gmail.com

Good Riddance to Socialism. The House Voted down the Phony Bailout

Potential Loopholes In The Phony Bailout: ACORN May Be Out, But May Still Burden our Society with “Reasonable Loan Modification Requests.”

 This bailout ‘bill,’ a slimy attack on the taxpayer by both losers on Wall Street and the Parasitic Marxist Left who want to redistribute your wealth by giving mortgages to criminals, druggies, felons, illegal aliens and such is in some formulative state as of this morning. This is part of the 102 page version. [1] There is danger here and there is also danger that if some ‘deal’ is reached the language will change as or during submission to the White House for rubber stamping.

 [1] The ACORN PLUNDER SECTION:

 SEC. 109. FORECLOSURE MITIGATION EFFORTS.

 (a) RESIDENTIAL MORTGAGE LOAN SERVICING

STANDARDS.—To the extent that the Secretary acquires

mortgages, mortgage backed securities, and other assets

secured by residential real estate, including multifamily

housing, the Secretary shall implement a plan that seeks

to maximize assistance for homeowners and use the authority

of the Secretary to encourage the servicers of the

underlying mortgages, considering net present value to the

taxpayer, to take advantage of the HOPE for Homeowners

Program under section 257 of the National Housing

Act or other available programs to minimize foreclosures. [2]

In addition, the Secretary may use loan guarantees

and credit enhancements to facilitate loan modifications

to prevent avoidable foreclosures.

This must be vacated. The ‘or’ is a disgusting loophole for the ACORN activists.

[2] (c) CONSENT TO REASONABLE LOAN MODIFICATION

REQUESTS.—Upon any request arising under existing investment

contracts, the Secretary shall consent, where appropriate,

and considering net present value to the taxpayer,

to reasonable requests for loss mitigation measures,

including term extensions, rate reductions, principal write

downs, increases in the proportion of loans within a trust

or other structure allowed to be modified, or removal of

other limitation on modifications.

 This is very unclear.

 The rubber language in this social pronouncement allows special interest groups to have their mortgages essentially excused and offered as a gift. Part of  rubber is the NPV, which is probably impossible to determine in many cases. Of course everybody with a mortgage will ‘request’ a modification.

 The courts are cut out of this for the most part, which is good:

 SEC. 119. JUDICIAL REVIEW AND RELATED MATTERS.

 (a) JUDICIAL REVIEW.—

 (1) STANDARD.—Actions by the Secretary pursuant

to the authority of this Act shall be subject to

chapter 7 of title 5, United States Code, including

that such final actions shall be held unlawful and set

aside if found to be arbitrary, capricious, an abuse

of discretion, or not in accordance with law.

(2) LIMITATIONS ON EQUITABLE RELIEF.—

(A) INJUNCTION.—No injunction or other

form of equitable relief shall be issued against

the Secretary for actions pursuant to section

101, 102, 106, and 109, other than to remedy

a violation of the Constitution.

(B) TEMPORARY RESTRAINING ORDER.—

Any request for a temporary restraining order

against the Secretary for actions pursuant to

this Act shall be considered and granted or denied by the court within 3 days of the date of the request.

This wreckage must survive the idiots in the Senate and will, doubtless, acquire some more leprosy and sores before it goes back to the House in a joint committee.

 These parasites in Washington can wipe out just about everything we have earned and many vultures in Europe and South American and on the far left are hoping for such an opportunity to denounce capitalism and replace it with race-based socialism.

 rycK

 Comments: ryckki@gmail.com

The Queen of the Tax Whores Calls for [What?] Another Tax! Taxation = Prosperity!

“WASHINGTON, Sept 27 (Reuters) - Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi[1], speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

"If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions," Pelosi said, adding that she hoped the provision could be part of a final bailout deal.”[2]--- U.S. Democrats seek Wall Street tax in bailout plan Sat Sep 27, 2008 6:40pm EDT

I think we ought to raise oil prices as well![3] Then, a good hefty CarbonTax[4] levied by the  UN and Al Gore[5] and his EcoNazis[6] ought to help out  with the debt. While we are being generous why not bail our California too![7]

 rycK

 Comments: ryckki@gmail.com

The Liberals Got Away with your Taxes, Wasted them on Phony Mortgages and Will Do it Again!

We do not have a clue what they are going to do. But, we do know that Nancy Pelosi [a Marxist and Queen of the Asian massage parlors in San Francisco] and her Fellow Travelers along with known criminals in Congress like Chris Dodd [a criminal like his father] will divert much of this away from a mere ‘rescue’ and ensure that their political constituents, [druggies, illegal aliens and others more deserving of assistance but with poor credit] will get a windfall off of your money.  They will still, apparently, keep the socialist revenue-destroying and tax-wasting legislation known as the Community Reinvestment Act [1]intact so they force more lenders to make worthless mortgage loans. Maybe Fannie Mae will be back with another leftist stooge from the Democratic Party to buy up the crap and hold it for the next bailout.

“Pelosi[2] also apparently found middle ground on a plan to allow the federal government to recoup money for taxpayers if the asset-purchase program isn't making money after a certain amount of time. A House leadership aide said early Sunday morning that details were not immediately available. But the general concept was to provide Congress with a mechanism that would be triggered perhaps within five years to allow lawmakers to offset some, if not all, of the bailout costs.”[3]--Lawmakers Reach Tentative Bailout Deal By Michael R. Crittenden And Siobhan Hughes 9.28.08

This comment is fine as far as it extends into the problem.  The main problem is the phony and Marxist  Community Reinvestment Act that forces lenders to just give away money for no return except the hope that they will vote for Democrats whether they are registered or not.

I cannot understand why the taxpayers do not get all they can back from the bailout!

How stupid are these bozos in Congress? Do they think we are not watching this? And the drafting will happen in Nancy Pelosi’s office with ACORN and other parasitic organizations clinging to the walls wailing for some more free money from the taxpayers.

We need to read the DETAILS of this wreckage before it goes to a vote.

rycK

Comments to: ryckki@gmail.com

The NYT Guest Economist Advises Us on the Mortgage Crisis. More Socialism is the Solution, as Usual.

The New York Times—aka the Walter Duranty Papers [1]  has a 90+ year history of apologizing for Communism, fostering any form of anti-anticommunism, defending despots like Fidel Castro, World Wars started by leftists, the USSR, Cuba and their interminable endorsement of far left political types who would run for high office in the United States.  They also sit as constant watch dogs and barnyard squealers as the capitalist economies parade past their faces and lament that so much wealth goes untaxed or unregulated.[2] Their famous non-economist frequently blesses us with his political acumen from time to time just to spice up the caldrons.[3]

Today, we read of a grand rescue plan for the mortgage crisis by a business school maven:

“At the heart of the financial crisis is an unprecedented decline in house prices. Yet the government response so far has been to try to prop up insolvent financial institutions while doing nothing about the underlying housing problem. The proposed Wall Street bailout would not stop the next wave of defaults, which are coming from the rapidly rising delinquencies in near-prime mortgages.”[4] -- Help Housing by Chris Mayer Op-Ed Contributor [Emphasis is mine in all quotes.]

This comment is fine as far as it extends into the problem. The underlying housing problem was actually caused by the phony socialist Community Reinvestment Act [CRA]. Lenders were forced to offer shaky business loans to people with lousy credit. Here, the government essentially offered free housing to the ‘poor’ or minorities in a sleazy exchange for their votes.  The politics of this was based on anti-redlining and pro-greenlining.  [See Greenlining.org[5], the opposite of Redlining.[6]] What we are apparently offered in this op-ed article is the use of government tax proceeds to rescue real estate-based debt, much of it held by the government, that was put in jeopardy by the government. If that sounds like a circular argument then you are correct. The original erroneous government action created an artificial demand for housing because the price was subsidized by law so the Law of Supply and Demand worked, as it should, and the number of houses soared with new construction. When the oversupply worked in the opposite direction and prices fell then the mortgage liability was valued greater than the house market price and loses abruptly became apparent. As a cofactor those people who took out equity loans on their houses and bought other items merely added to their inability to make mortgage payments and also loosened what ever holds up the credit market. The rise encouraged investment people who hoped for a fast flip and a high return. We all know that 9 of every 10 millionaires were made in the real estate market and the sidewalks were littered with schemes of how to buy houses with mo money down.

Here is the Mayer Plan

[1] “The first step should be to reduce mortgage interest rates. “

[2] “Along with lower rates, the government should provide temporary down-payment assistance for buyers.”

[3] “The credit crisis will not be over until house prices stop falling. Direct assistance for home buyers and homeowners is the best, and the fairest, way to make that happen.”

I cannot tell if he means old or new interest rates. It really doesn’t matter as any rate adjustment means an alteration of a contract by the government, a direct violation of the privilege of any state within the Constitution. Here, if you attempt to ‘fix’ the price, or in this case the rates, then the risk is that the new level chosen [by guessing] will induce either a surplus or a scarcity. Low interest rates would boost the demand for houses, but this might just prop up a synthetic market and pave the way for another bubble. 

This does NOTHING to alter the problem. CRA needs to be repealed, a minimum down payment and strict credit credentials must be established and a way to finance mortgages that does not involve Fanny Mae must be found. The home buyer must put up a buy-in in this deal so that he or she is a player in this game and some ‘temporary’ down payment, whatever that means, is a joke

If you let incompetent political hacks hack up your mortgage market they will do so gleefully and debase our capitalist system with socialism.

We thank the New York Times, again, for giving us the choices that we DO NOT WANT to pursue. They are famous for their faulty advice disguised as the outcome of some thoughtful analysis and their lofty acclaim of Communists, perverts and losers shows their true intent.

We should just say NO to anything the Times offers. They are a form of social leprosy on our society.

rycK

Comments to: ryckki@gmail.com

The Financial Leftist Parasite Warren Buffet Needs your Tax Money to Secure His Sweetheart Deal With Goldman.

 Here is the sucker punch. If you are at taxpayer then you are the sucker:

 “We’re getting ahead of ourselves. Tonight news broke that…  Berkshire to invest at least $5 billion in Goldman Sachs. Berkshire is buying shares of preferred stock with a dividend of 10% that are callable at any time at a 10% premium. Berkshire is also getting warrants to purchase up to $5 billion of Goldman common stock with a $115 strike price. Goldman also plans to raise an additional $2.5 billion by selling common stock in a public offering.” [1][Emphasis is mine in all quotes.]

 Now, here is The Plea of the Parasite:

“Billionaire Warren Buffett is getting anxious. Congress has to get a serious bailout decision on the table, and fast, or "heaven help us,"” he says.

"We are looking over a precipice in terms of the economic condition of the country for the next few years," Buffett said during an interview on the Fox Business Channel. "If Congress doesn't help us on this, heaven help us."

Buffett says there's no engineering the past. What's done is done, and there will be plenty of time to lay blame after a deal is passed. Congress must act, and act quickly, he says.

"I understand where they're very mad about what's happened in the past, but this isn't the time to vent your spleen about that," Buffett told CNBC.”[2] [Emphasis is mine in all quotes.]

Well, gee whiz Mr Buffy. Can I but some BH shares from your tent with a guaranteed 10% return? I would think that is a great investment! Just name your price.  Can I slay some financial vampires with your license?

I don’t believe in liberalism, socialism, ACORN or this phony bailout, but I do believe in your ability to get your slimy and disgusting hooks into a near-warm corpse like Goldman, the place what done hatched the turkey Paulson and others financial wizards who have managed to plunged our financial system into the toilet. Is this like robbing graves while the meat is still warm?

Please send me an instant buy order, but skip the prospectus. And, to save time, and in the spirit of a fast deal, just send me a quickie wire to my bank for 10% on the stocks I would have bought as I will exercise the options in less than a microsecond after the deal is done. Email me for a quickie wire transfer. The taxpayer can pick up your loses if this goes south.

Like Quickies Warren? So do I.

p.s. I also wonder if you would sell me some warrants on your Berkshire stocks with a strike price, of say, $50,000? That is a good deal and look at the cash flow!

It is too late to short Goldman and grab your money. Too bad.

 rycK

Comments: ryckki@gmail.com

Krugman Of The NYT Wants Grownups To Bail Out Wall Street. Watch Your Pocket Books

 The New York Times—aka the Walter Duranty Papers [1]  has a 90+ year history of apologizing for Communism, fostering any form of anti-anticommunism, defending despots like Fidel Castro, World Wars started by leftists, the USSR, Cuba and their interminable endorsement of far left political types who would run for high office in the United States.  They also sit as  constant watch dogs and barnyard squealers  as the capitalist economies parade past their faces and lament that so much wealth goes untaxed or unregulated.[2] Their famous non-economist frequently blesses us with his political acumen from time to time just to spice up the caldrons.[3][4]

 The leftist-socialist-Marxist topic of the day is Henry Paulson’s $700 billion rescue plan for the U.S. financial system.  Krugman uses recess mentality to attempt to goad the idiots in Congress to increase the size of government:

“Many people on both the right and the left are outraged at the idea of using taxpayer money to bail out America’s financial system. They’re right to be outraged, but doing nothing isn’t a serious option. Right now, players throughout the system are refusing to lend and hoarding cash — and this collapse of credit reminds many economists of the run on the banks that brought on the Great Depression.”[5]-- Where Are the Grown-Ups? By Paul Krugman Op-Ed Columnist Published: September 25, 2008 [Emphasis is mine in all quotes.] This link references all quotes in this essay unless indicated otherwise.

 Crude scare tactics, as usual. But, that was a grand day for the left and FDR.

 Here are more pleas to soak the taxpayers and rescue the leftist losers in Congress:

 “Tt’s true that we don’t know for sure that the parallel is a fair one. Maybe we can let Wall Street implode and Main Street would escape largely unscathed. But that’s not a chance we want to take”

 A caveat: we don’t know how punishing losers for mistakes in the financial community will turn out but let us risk your money as a hedge. Let us bet your money on this scheme. OF course, your taxes might soar and you debt might increase and the economy might just go down anyway but, in case, let us risk your money.

 Big government needs your help.

 In a rare flight to apparent reason, Krugman writes this:

 “Mr. Paulson argued that he could solve this problem through “price discovery” — that once taxpayer funds had created a market for mortgage-related toxic waste, everyone would realize that the toxic waste is actually worth much more than it currently sells for, solving the capital problem. Never say never, I guess — but you don’t want to bet $700 billion on wishful thinking.”

 This kind of thinking might defeat our krugmaniacal economist from the New York Time’s argument for big government, but let us look for a ringer here:

 “The Congressional plan, then, looks a lot better — a lot more adult — than the Paulson plan did. That said, it’s very short on detail, and the details are crucial. What prices will taxpayers pay to take over some of that toxic waste? How much equity will they get in return? Those numbers will make all the difference.”

 There is NO Congressional plan—that is the point ringer.

 “The bottom line, then, is that there do seem to be some adults in Congress, ready to do something to help us get through this crisis. But the adults are not yet in charge.”

 Name some. Barney Frank? Chris Dodd? Joe Biden? Nancy Pelosi?

 Krugman doesn’t know what to do but he predicts some grownups [leftist parasites?] will structure a plan to get your tax money and waste it on more phony ‘redistribution of wealth schemes” like this:

 Here is the reason we have so many trash-grade mortgages:

“The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses. It has been subjected to important regulatory revisions”.[6]

These are liberal plans and schemes. Watch this video: [7]

 Vote these parasites out of office or they will squander all you worked and saved.

 rycK

 Comments: ryckki@gmail.com

The Investment Bank Mentality that Trashed Wall Street: Morgan Stanley and the Big Mack Attack.

 Here is a flash-back to the investment banking ‘thinking’ and business acumen from June 2006. It gives us a hint of what kind of players the Wall Street Mavens were employing and rooting for to get more business and profits. Watch this video: 

http://jevica2003.blogtownhall.com/2008/09/26/video_financial_crisis_in_10_minutes_or_less_[enough_blame_to_go_around].thtml

 “Amid the endless applause from hundreds of traders, bankers, and research analysts, one of Wall Street's fiercest warriors was becoming teary-eyed. The day was June 30, 2005. The place was Morgan Stanley's Manhattan headquarters, where John J. Mack had abruptly said goodbye to his colleagues four years earlier. The occasion was Mack's return to become CEO, replacing Philip J. Purcell, who had resigned weeks earlier after mounting criticism that he was mismanaging the famed investment bank, which once rivaled Goldman Sachs & Co. for supremacy on Wall Street.”[1] Morgan Stanley's Mack Attack--New Morgan Stanley CEO John J. Mack is winning over critics—and now, shareholders JUNE 21, 2006 . [Emphasis is mine in all quotes.] This link references all quotes in this essay unless indicated otherwise.

 Oh! Didn’t MSDW almost go broke? Maybe they are.

 “As one executive recently put it, the bank had become so risk-averse and mired in second-guessing that every time someone brought up a new idea for a business it was shot down by a "culture of no." While rivals such as Goldman, Merrill Lynch, and Lehman Brothers were making acquisitions and diving into risky but profitable endeavors, senior managers at Morgan Stanley were sending people with bold notions back to the drawing board. The cautiousness cascaded down from the top. Purcell was so worried about potential liability, says someone who worked with him, that he didn't even use e-mail. (Purcell declined to comment for this story.)”

 I thought Lehman Brothers went down? Goldman is barely alive. 

“He's doing much more than glad-handing, though: He's building out new businesses and putting vast sums of money at risk, both for the bank and on behalf of its clients, in an effort to catch up with Goldman in the ever-more-important trading business. “

 This is so wonderful. Aren’t the stockholders and clients proud of Mack??

 “ "If you go back to the mid-'90s, there was no question that we were the No.1 firm," says Mack, who has promised investors that he will double the company's pretax earnings, to at least $14 billion, by 2010. "This is not rocket science."

 How did that work out? Or, did you mean to double the debt or double the loses from stupid investments? Buying lottery tickets has more science in it that this nostrum.

 Some criticism from the competition:

 “Some analysts, meanwhile, wonder whether Morgan Stanley is equipped to ramp up the risky trading business so aggressively. "You can't just throw a switch and make it happen," says Merrill Lynch financial-services analyst Guy Moszkowski. And there are worries that Mack's embrace of risk might drive clients away.”

 I thought Merrill Lynch went down?

 “A lot is riding on Mack's turnaround strategy. If he fails to boost the stock, Morgan Stanley could end up as one of the hunted instead of being a hunter. Some speculate that JPMorgan Chase & Co. could try to reunite the House of Morgan by buying Morgan Stanley.”

 No, they picked over another carcass.

 This is a glimpse of the kind of ignorance and cavalier stewardship of investor’s money that gave us the current depression on Wall Street. Now some guys from the same club  are on their knees at the White House in front of the Marxist Nancy Pelosi asking the taxpayers to bail them out.

 Money for Mack! Go Go Go!! Let us get into more risk! Profits will be enormous!

 What do we think now?

 These guys deserve to have their businesses chopped up and restructured.

 rycK

 Comments to: ryckki@gmail.com

No Details Emerge from the Wall Street Crisis. That is What We Expect from these Parasites in Washington.

 All that oozed from the Circus of Hate and Discontent at the White House last night was anger and frustration. Here is a golden opportunity for the far left, driven by The Marxist Reptile [1] Nancy Pelosi, abetted by the drooling propagandists at the New York Times [2] and her buddies Chris Dodd[3]  [a bribe-trolling mealy-mouthed crook like his worthless father who took big bribes from Fanny Mae] and Backside Barney Frank [4][whose utterances from either his mouth or his backside feature the same  curious lisp] to forgive mortgages and other phony instrument to minorities, illegal aliens, crooks using mortgage rings[5][6][7] and others whose credit rating is a as low as President’ Bush’s approval rate.[8]  We can all understand why the approval rating of Congress is even lower than Bush’s dismal level.

 What is at stake here, and it is the taxpayers who will be burned at that stake, is the standard left-liberal giveaway of our tax monies to the ‘poor’ [9] in a grand trade for their votes.[10] As an aside, those jerks on Wall Street who are CEOs of junk shops like Morgan Stanley, Goldman, WaMu, Indy Mac [who stupidly offered loans without checking the income of clients] need some fresh chum to fish for more suckers in the Swamp of Debt. The taxpayers are the suckers here.

 The Republicans correctly stand at the door to the Treasure Chest with a NoBozo sign and are content to see the losers on Wall Street lose some more. They have earned this position in financial infamy and should pay for their stupid business plans. The notion that you could sell mortgages to losers, repackage the wreckages as some kind of ‘investments’, peddle them off to the Official Latrine for Bad Debt [Fanny Mae and her retarded brother] and then resell them feigned as ‘backed by the government’ is a criminal act. Standing in the shadows are two slimly parasites: Franklin Raines and Jim Anderson who made millions off the deal with lofty bonuses.

 We cannot afford to subsidize failure so let us take our lumps in the market today and maybe we can sort out the losers and winners. If we encourage Wall Street miscues to go merrily along with out penalties or to allow the sordid left to shovel our wealth into the hands of those with no credit then we are truly lost. Our investments will sour and nobody will buy our stocks and our 401(k)s will look like so much toilet paper. The world will not want to invest here any m0re if we lose our self respect and trash our morality in the market place.

 Only Bonior and the Republicans stand for acceptable business conduct here. They should stand as a group and let whatever must be ‘passed’ be so without their consent. Bush has boogered another big job and his rating might just descend to 2% or less where it belongs. We might as well let the entire country of Mexico vote in our elections and send absentee ballots to Europe so they can get into the party and scrounge for sugar plums.

 There is no future in this bailout for the taxpayers. There is no future for American citizens in the kind of socialism that we see wrecking California[11] [12], New Jersey and Washington. These states, along with New York, New Jersey and probably Michigan will disintegrate in a morass of debt from socialism and  phony jobs for socialist activists and we must not subsidize this activity.

 Let Wall Street sort out the mess for Main Street. We cannot trust our ‘elected officials’ to do anything other than drool and scurry away from blame.

 rycK

 Comments to: ryckki@gmail.com

Clintoonery Will Win the ‘Cracker Vote’  in Florida for O’Bozo.

When things get dull on Wall Street and when we grow to be bored with wondering where and when the Islamo-Fascisti will ignite a nuclear weapon we are given an opportunity to view leftist politics in action. It is difficult to believe that our republic has survived these fruitcakes. Given another week they may bring that down too if we give Prince Paulson and his lackeys at the White House  his blank check for a trillion dollars.

From the Furst Black President we hear:

“You know, they think that because of who I am[sic] and where my politic[al] base has traditionally been, they may want me to go sort of hustle up[sic] what Lawton Chiles[1] used to call the ‘cracker vote’ there.”[2]—Bill Clinton Sep 24, 2008.

We can wonder if they are as stupid and unwashed in Florida as are the rednecks in Pennsylvania and West Virginia where they ‘cling to guns or religion or antipathy to people who aren't like them.’[3]

With Hotdog Biden[4], Colonel Klebb[5], some Afro-Leninist with radical intimates and comments like fro  Billy the Bimbo Banger, this election is a circus.

The ranks of the rank Democrats are rotting in place and we have McCain[6] as the prize?

We live in a sewer………

Vote NoBozo.

rycK

Comments to: ryckki@gmail.com

The Great Tax Rip-off: The Pigs Shovel Your Tax Money into the Great Liberal Latrine. Socialism Wins Another Round.

The ultimate goal of liberalism is to gnaw away at the wealth of others[1] using the tactical mechanisms of rodents and certain diseases like leprosy or cancer and ‘redistribute the wealth’ so as to achieve ‘equality.’ But, as the author George Orwell of Animal Farm[2] wrote: “All pigs are equal but some pigs are more equal than others…”  The Liberal Pigs now define who is equal and just how they are more equal. They now sit in judgment of how your wealth must be spent.

 In the book Animal Farm, a harbinger of the corruption of the Stalin era, the pigs are led by Old Major [Lenin and now the Afro-Leninist Barack Obama], a hero of the revolution. He is assisted by several other pigs such as Napoleon [Stalin but now Hillary Clinton], Snowball [Trotsky and played convincingly by Nancy Pelosi] and Squealer [“Truth” or Pravda now the New York Times, and their Pinch Pustules [3] like Paul Krugman [4]and sometimes the Queen of the Huffington Post[5]]. Working the levers of the Marxist system the pigs managed to slither around the wording and intent of their original Seven Commandments[6] of egalitarianism and emulated those who they ideologically condemn. Misdirecting the levers of the democratic capitalist system, the new pigs [New Left leaders like Franklin Raines[7], Al Gore and his EcoNazis[8], Ted Kennedy, Chuckles Schumer, the Clintons, etc.] have managed to rip off about 3 trillion dollars to transfer to the ‘poor’ in free mortgages  to trade for their votes. This is not enough, obviously, so the Opportunity to Feed at the Public Trough [The Budget] must be expanded and celebrated. This is a sugarplum tree and needs to shaken several more times until the economy is busted and we can all experience the quietude and charm of socialism.

 The New [Progressive] Seven Commandments

 Whatever goes upon two legs tax cuts is an enemy.

Whatever goes upon four legs government largess, or has wings welfare rights, is a friend.

No animal shall wear clothes drive SUVs.

No animal shall sleep in a bed in suburbia while the poor are starving in the inner cities.

No animal shall drink alcohol waste energy or eat red meat.

No animal shall kill any other animal in the War on Terrorism or employ capital punishment.

All animals are not equal. Liberals, minorities and illegal aliens are more equal.

 The current meltdown of the financial markets is mirrored in Animal Farm’s allegorical Battle of the Windmill [WWII in the original novella] and now represents a great opportunity for the far left to grab more power. Some of the broken blades [sails] of the windmill are now seen as Indy Mac, Fanny Mae and Freddie Mac, The Ugly Sisters of the financial community. Watching the process like vultures are the Seven Wanton Tax Whores [California[9], New York[10], New Jersey, Massachusetts, Oregon and Illinois, among others] who pander for funds in this battle for power and money while the blades fell off and the machine fails to grind enough corn for the masses any more. Boxer the Horse [taxpayers], has been sentenced to the cat food plant for recycling to be spread around as free food and tinsel in the barnyard. The Puppies [liberal Democrats in the House] celebrate their potential new source of wealth. Muriel [moderates and independents who don’t know what is happening] stands by in awe in a cognitive stupor and tries to be ‘sensitive’ and work with all sides as a compliant supplicant. Moses the Raven [Jeremiah Wright[11]] provides the theological basis [anti-white and anti-capitalist agitprop] for the revolution. The Sheep [middle class workers] work their jobs and try to feed their families and will pay the enormous price for the destruction of the windmill for decades. The Rats [Europeans who exist only on the largess of mere remnants of their lost capitalism[12]] moan and beg for alms as their windmill has been broken for decades. Mollie [representing the celebutards[13] in Hollywood] feasts on her wealth derived  from sloth, sodomy and drug addiction and offers noisy political support, drops her clothes on command and sing praises and chants for the pigs. The opportunity for the confiscation of America’s wealth is unwittingly provided by Mr. Jones [President Bush] who is convinced that Impending Doom must be averted with massive tax legislation. The simpleton Jones is brainwashed by Mr. Pilkington [Bernanke and Paulson] who runs around in circles in a frantic attempt to preserve the profits and lifestyles of his investment banking friends, dupes of the system and (former) True Believers in the mortgage and bond markets. Financial mistakes are not mistakes if you can find a sucker to pay for them. Clover [John McCain] wanders the land in search of a compromise and offers to put Pigs and EcoNazis on his future staff as the probable New Mr. Jones.

 This grand theatre becomes the setting and background of the biggest tax rip-off and tax-whoring episode since Octavian grabbed all of Cleopatra’s loot. Old Major, Snowball and Squealer now drool from their yellow fangs as they dream of plundering capitalism at the witless behest of the incompetent and political ‘elected’ representatives of our republic. The cauldrons and sewers bubble in harmony mimicking a Barbie Streisand performance as the public dissection of The Sheep and Old Boxer begins. And all of this disease will be ‘healed’ if we commit a mere 0.7 trillion dollars [about 30,000 dollars per worker and business owner in the top 20% of tax payers] out of our 17 trillion dollar annual GDP. It seems the world’s financial future hangs in the balance [about 55 trillion  in GDP] when we put up a mere 1.2% of the planet’s yearly output to sanction and bless bad debt. This is phony in economic or financial terms, but it does make sense in far leftist politics. They think we should reward mistakes in the business community and phony quasi-government corporations. This is a big mistake.

 The 700 bln is just the key that opens the grand door of the American treasure chest to socialists, peoples in Africa, the puppets of Islamo-Fascism in the United Nations, the drooling remnants of what used to be Europe and more and the tax hungry EcoNazis. The gatekeepers now play at politics. Other players in this freak show like the Warm Barnyard Pies [Barney Frank[14], Good Time Charlie Rangel[15], Dingy Hairy Reid[16] and Chris Dodd[17]], who lurked in the shadows like skulking familiars but now appear on stage as major legislative players urging more public financing, insisted that there was formerly no hint of instability in the Freddie-Frumpie mortgage scam system; they now want more tax money burned at the Altar or Liberalism.

 So, the Liberal Tax Whores and their shadowy familiars gather to plunder the goodie box and enhance their propensity to repeat this process the next time some ‘problem’ arises anywhere in the world. The systematic dismantling of capitalism is now in progress. We are awash in parasites. We should have let AIG go down and the loss of Freddie Mae and her idiot brother would NOT have done much more than force bad debts to be recognized as such. Our economy can handle that; it cannot stand the willful public subsidizing of bad debt as a reward for social activism. When market forces force players to get out of town because of their mistakes or poor choices then we can celebrate the fact that the capitalistic system is self-healing. If you are so stupid as to chop up and bundle phony mortgages as default swaps and derivatives and other mechanisms of the Dark Arts you deserve to lose and eat the loses. There is no way to value the mortgages in this fruit salad. This is a hybrid intermezzo ranging somewhere between criminality and insanity. When we subsidize failure, we are encouraging more failure. Don’t offer mortgages to those who cannot pay as your rights to a foreclose process may be prevented by law. Don’t buy stock in idiot companies who are advocating phony business decisions. That is stupid. Let the government threaten to put you in jail for refusing to make a bad business decision. Cite the bailout fever and all the money liberal Democrats racked from the muck of Fannie Mae. Don’t play their game. Form groups and revolt.

 As Al Gore[18] wants to encourage civil disobedience and the criminal destruction of new coal plants by radical activists, maybe some of The Sheep might think about a tax revolt.  Why feed the Liberal Pigs? All they want is all you have.

 rycK

 Comments to: ryckki@gmail.com