Posted by
rycK on Sunday, November 23, 2008 12:45:56 PM
Friedman Calls Code Red and then Instructs Us in Confidence:
Depression is Here. Believe in O’Bozo
The New York Times—aka
the Walter
Duranty Papershas
an all-embracing and tortuous history of apologizing for Communism, propping up losers,
celebrating AIDS
along with the perverted practices that spread this horror, and its never
ending pursuit of higher and higher and higher taxes. The Times has never retreated from its pathological contempt for capitalism.
The Times
has also relentlessly praised any leftist parasite or pervert who will openly parade
their dishonor in our now degenerated society.
Today, as the economy starts to sag, the Times appears to wax a bit solemn on
certain economic matters but grinds on with their propaganda on the essence of
the Obama
Depression Politics.
We are encouraged to be confident. Obama is here!
Our
Resident EcoNazi,
now wrapped in his new scintillating economic gown steps up to the podium on Mt. Olympus to offer guidance to the unwashed
masses with a confession and a suggestion:
“So, I
have a confession and a suggestion. The confession: I go
into restaurants these days, look around at the tables often still crowded with
young people, and I have this urge to go from table to table and say: “You
don’t know me, but I have to tell you that you shouldn’t be here. You should be
saving your money. You should be home
eating tuna fish. This financial crisis is so far from over. We are just at the end of the beginning. Please, wrap up that
steak in a doggy bag and go home.” -- We Found the
W.M.D. By Thomas L. Friedman Op-Ed Columnist [Emphasis is mine in
all quotes.]This link references all quotes in this essay unless otherwise
stated.
Then,
from a banker:
“This is the real “Code Red.” As one banker remarked to me: “We finally found the W.M.D.”
They were buried in our own backyard — subprime mortgages and all the
derivatives attached to them.”-- Thomas L. Friedman
No blame here for Fannie Mae and her idiot
brother Freddy or the CRA [Community Communist Reinvestment Act]? Of
course not. Not even a mention. All that ‘affordable housing’ must have been a
good idea as a good liberal Democrat tells us:
“"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."—Backside Barney Frank
Just 5 trillion
dollars of toxic debt Barney. Reviewing a recent article by
Krugman from Nov. 14[gee not even two weeks ago] by the igNoble Leechette,
we get the following prediction:
“The economic news, in case you haven’t
noticed, keeps getting worse. Bad as it is,
however, I don’t expect another Great Depression. In fact, we probably won’t
see the unemployment rate match its post-Depression peak of 10.7 percent,
reached in 1982 (although I wish I was sure about that)”--
Depression Economics Returns By Paul
Krugman Op-Ed Columnist Published: November 14, 2008 [Emphasis is mine in
all quotes.]
Well, there are two predictions
that belong in the latrine. So, what does Friedman, our Hero of the Moment,
advise us to do except eat tuna?
“The last point is something only a new President Obama can inject. What ails us right now is as much a loss of
confidence — in our financial system and
our leadership — as anything else. I have no illusions that Obama’s arrival on
the scene will be a magic wand, but it would help.”
My confidence soared
after I learned O’Bozo listened to Jeremiah Wright for 20 years.
“Right now there is something deeply dysfunctional,
bordering on scandalously irresponsible, in the fractious way our political
elite are behaving — with business as usual in the most unusual economic moment
of our lifetimes. They don’t seem to understand: Our financial system is
imperiled.”-- Thomas L. Friedman
“Conventional
wisdom says it’s good for a new president to start at the bottom. The
only way to go is up. That’s true — unless the bottom falls out before he starts.”
So,
what is the message here? This is the Bush Depression and only some Messiah
like O’Bozo can
rescue us from this looming financial disaster? We all have loads of confidence
in O’Bozo.
One of Friedman’s errant comments is
placed here as the conclusion to this mess:
“The stock and
credit markets haven’t been fooled. They have started to price financial stocks
at Great Depression levels, not just recession levels. With $5, you can now buy
one share of Citigroup and have enough left over for a bite at McDonalds.”
Now, this is fact and a rare admission of the truth from the NYT. I wonder if Friedman passed this around and by Krugman before
his published this heresy. This group who could see through the odious leftist fog
is called the Smart Money Set and they can consider themselves as being somewhat beyond tuna [sans thon in French] sandwiches at this point. The dumb money is known by
its sticky attachment to the Party of Democrats or their theories of class
warfare and taxation.
We have smart money and the smart voters who have, at least in part, finessed this social and financial
disaster by avoiding the phony tax-whoring antics of Fanny Mae, the gurgling and
Elmer Fudd fluster bluster and flying spittle droplets of Barney Frank and have cleared their debts. The dumb voters are still mesmerized
by O’Bozo, the
Messiah, who will give us ‘confidence’ in the
future. Indeed, the smart money is already making business plans to make profits when the bottom
falls out of probably half of our businesses. The dumb money will follow the
Detroit Bailout, Green Weenieisms and other follies.
Sure.
Let us hype the confidence up and stimulate the masses with some
massive taxes on the middle class, the use of a big fat carbon taxe
on all energy forms and
maybe a neat environment-preserving gasoline tax of say $2 per gallon. We all
have confidence in O’Bozo.
rycK
Comments:
ryckki@gmail.com
“Bear
Stearns made the first public securitization of Community
Reinvestment Act (CRA) loans started in
1997.[6] Editorialists in some American
newspapers[7][8] and US Congressman Ron Paul[9] say the CRA loans were lent to
otherwise un-credit-worthy consumers in the name of ending discrimination,
although an analysis of actual lending patterns does not generally support this
conclusion.[10][11][12]
On June 22, 2007,
Bear Stearns pledged a collateralized loan of up to $3.2 billion to "bail
out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund,
while negotiating with other banks to loan money against collateral to another
fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund.[13] The funds were invested in thinly
traded collateralized
debt obligations (CDOs)
found to be worth less than their mark-to-market value. Merrill Lynch seized $850 million worth of the
underlying collateral but only was able to auction $100 million of them. The
incident sparked concern of contagion as Bear Stearns might be forced to
liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[14][15] Richard
A. Marin, a senior executive at Bear Stearns Asset Management
responsible for the two hedge funds, was replaced on June 29 by Jeffrey
B. Lane, a former Vice Chairman of rival investment bank, Lehman Brothers.[16]
During the
week of July 16, 2007,
Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of
their value amid a rapid decline in the market for subprime mortgages.