Posted by
rycK on Tuesday, September 29, 2009 1:21:36 PM
The Lefties Lament
the Fall of Socialism and Search for Opportunities to Regain Power. Capitalism
Must Fail Sometime!
Left-liberals,
awash in self pity, debauchery and other forms of churlishness, now lament in despondency
over their new loses in socialist power in Europe. The socialist message failed
to persuade the voters. How ignorant of the ignoranti to ignore the glitterati
and their best plans. This sad song seems to be the only platter they can spin
on their little Victrola. It seems the Germans have wandered out into the
social wilderness and abandoned their only chance for an equitable and peaceful
future. They voted back the hated right and sacked loyal politicians this week
as they have done for the European Parliament elections, the French Socialists
a couple of years ago, recently in Italy and just now in Germany. The residual leftist power bases in Spain,
soon to crash in their own little depression and Britain are not expected to
survive the next elections. Who would vote for Gordon Brown except the mentally
incapacitated or the unions?
The lament begins with the
mandatory reference to the Communist Manifesto:
“PARIS — A specter is
haunting Europe — the specter of
Socialism’s slow collapse.”-- Europe’s Socialists Suffering Even in
Downturn By Steven Erlanger Published: September 28, 2009
[Emphasis is mine in all quotes.]
“Even in the midst of one of the greatest
challenges to capitalism in 75 years, involving a breakdown of the
financial system due to “irrational exuberance,” greed and the weakness of
regulatory systems, European Socialist parties and their left-wing cousins have
not found a compelling response, let alone taken advantage of the right’s
failures.
German voters clobbered the Social
Democratic Party on Sunday, giving it only 23 percent of the vote, its worst
performance since World War II.”-- Europe’s Socialists Suffering Even in Downturn
It is
astonishing to believe, after offering up the improbable notion that Europe has learned any tangible lessons
from the 100,000,000 dead bodies left rotting about by the far left in the last
century as they adored and practiced the tenets of communism, as a talking
point, that capitalism doesn’t work. This curious indicator of a serious mental
problem apparently indicates that the financial system’s debt-driven crash into
deflation was based on bourgeois greed. The ignorance in this lament challenges
the very existence of even protosimian-level cognitive skills in the lever
pushers in certain political circles. What happened in this debt-driven
deflationary spiral is
exactly what capitalism predicted! Those who pretend at government seem to
think that mere spending and ignoring the concomitant debt that results can
produce some kind of utopia. They expect that such exorbitances can produce ‘affordable
housing’ and other wonderful gifts to the inept, lazy and criminal elements and
are essential for a great society. The nostrum here is that the ‘evil rich’
have sequestered the wealth of the loyal and innocent citizens and that only
socialism can reclaim those ill-begotten gains and redistribute them, fairly,
to the hungry masses. Raise taxes and all will be well!
The two
ugly wanton sisters, Fannie Mae and Freddie Mac, poorly run historically by
government people and their friends, hold half the nation’s mortgages for a sum
of about$ 3.19
trillion dollars, much of that in worthless toxic assets and defaults
rose from %1.3
to % 3.68.
They will need yet another bailout.
The ABX index of AAA rated 2007 subprime
mortgage bundles are now worth only 28 cents on the dollar.
The phony the CRA [Community
Communist Reinvestment Act] mandated that banks must loan
money to deadbeats, criminals and illegal aliens and Fannie Mae was the latrine
where this offal was shoveled. Only a socialist, or worse, could have conjured
this apparition from their crack fumes and expect it to be financially viable.
This
current economic and financial downturn is capitalism in action and market forces acting as they should.
When you spend money you don’t have and create phony credit bubbles they will
pop and prices will certainly fall and those effects are what is sinking the
world now. Apparently the lefties failed
to study Tokyo and their eye-popping real estate bubble and the
deflationary consequences now stretching out about two decades. Japan has now had 6 months of monotonic
falling prices as this is written and they are formally anchored in
deflation. Spain is bankrupt and Greece and other leftist towers of glory
are also collapsing. When Ireland and Spain go on some wild building spree
that constitutes 1/5 of their economies and then home prices plummet the left
are left staring into the lagoon for an answer as to where the wealth went and
why we have unemployment. Those two states are heading for depression or worse.
We search in vain for a socialist who can read a bank balance sheet and explain
the concept of solvency.
The
socialists cannot even comprehend the salient and guiding point that as
government grows it costs more in burdens to society and becomes more
inefficient and unable to govern. We would have presumed that some lessons were
gained from the USSR experiments in Europe, but, unlike China, they wander oblivious in the fog
in search of other people’s money to spend. I have always maintained the notion
that we should find any opportunity
to hug a commie. When our enemies make brutal
and terminal mistakes we should not complain. When they monotonously repeat
their mistakes with sausage-machine boredom we should even celebrate.
Dropping
their sans-culottes, we read this futile advice:
“Mr. Winock, the historian, said, “I think
the left and Socialism in Europe still have work to do; they have a raison d’être, and they will have
to rely more on
environment issues.” Combined with continuing efforts to reduce
income disparity, he said, “going green” may give the left more life.”-- Europe’s Socialists Suffering Even in
Downturn
As the
dog returns to its vomit the left returns to lies, maudlin slogans and new tax
schemes. Their ‘science’ is as poor as their economics
although they are trying out some new Fascist techniques as they pursue what I
call EcoNazism. They
are going to get to power by more taxation and spending! What a novel idea! Cap
and Trade will buggerize Europe and even so they will follow the hollow moanings of the Princeling of Wails who
now embraces advanced
EcoNazism.
Somehow we can all benefit from higher energy costs everywhere. Are we saving the planet or are we saving
socialism here?
But, this
is an opportunity for capitalism. We need only step back and watch these fools
charge headlong into the economic latrines where their songs and theories will
be muffled for a time. Let’s all go out
and find a European socialist to hug. Then, cut taxes and we are on our merry
way again.
rycK
Comments
to: ryckki@gmail.com
and Tsar,
Metternich and Guizot, French Radicals and German police-spies. Karl Marx and
Frederick Engels Manifesto of the
Communist Party 1848
“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.