Thursday, November 6. 2008
Posted by Karl Denninger at 08:36
Last night I got 30 seconds on Donny’s “Big Idea” and handed out the 30-second version of The Ticker from yesterday – that is, lock up all the fraudsters and rescind the TARP.
Cramer had his usual retort that “ATM machines would stop working” if we had done that (or do it now.)
That’s a lie.
How do we know its a lie?
Because the TARP was sold as a plan to buy distressed mortgages, and in fact not one distressed mortgage has been purchased, but the ATM machines are still working!
14 SEPTEMBER 2009 BY TPC
We’re at a truly fascinating crossroads in modern economic times. Financial theory as we have come to know it will be changed forever based on the recent actions of Ben Bernanke and global central bankers. Millions of textbooks will be rewritten in the coming 10 years and careers will either flourish or die on the back of the actions of these bankers. Those in favor of Bernanke’s legendary helicopter drop are celebrating a 6 month rally in equities, but a vital piece of the recovery puzzle remains missing. While Bernanke and Co. fire up the printing presses, and the banks sell the recovery hook line and sinker to the investing public, we continue to see very weak consumer trends.
Posted on 2009 09, 15 by duo
By Vincent Gioia
Many people believe Obama is not the architect of the new socialism driving government policy these days but there is speculation about who is behind the smooth character behind the teleprompter. I don’t know the answer but at the very least it is clear that Obama’s Senior Advisor, David Axelrod, shares mouthpiece honors.
We frequently hear Robert Gibbs in his role as Obama press agent explain to the news media what the president means during his speech marathon but comments by Axelrod actually sound like the president speaking.
For example:
“We’re entering a new season,” senior adviser David Axelrod said in a telephone interview. “It’s time to synthesize and harmonize these strands and get this done. We’re confident that we can do that. But obviously it is a different phase. We’re going to approach it in a different way. The president is going to be very active.”
And on health care Axelrod announced in advance of the September 9th speech by Obama that Obama is (falsely) willing to forgo the public option
“We have been saying all along that the most important part of this debate is not the public option, but rather ensuring choice and competition,” an aide said. “There are lots of different ways to get there.”
“I’m not going to put a date on any of this,” Axelrod said. “But I think it’s fairly obvious that we’re not in the second inning. We’re not in the fourth inning. We’re in the eighth or ninth inning here, and so there’s not a lot of time to waste.”
Aren’t these things what one might expect the president himself to say?
By SIMON PARRY
The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination - and is why your Christmas stocking may be on the light side this year
The ‘ghost fleet’ near Singapore. The world’s ship owners and government economists would prefer you not to see this symbol of the depths of the plague still crippling the world’s economies.
By David Burke
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Friends:
On September 12, 2009 we all came together in a feeling of solidarity. We weren’t Conservatives or Liberals, Repubicans or Americans, Black or White, Christian or Jewish. We were Americans. We embraced neighbors and colleagues whom we normally didn’t speak with. We shed tears when friends called or visited. We should never forget that powerful feeling.
This past Saturday, September 12, 2009, I had the distinct joy of sharing similar feelings with 10′s of thousands of fellow Americans from all 50 states who drove, flew or came by bus, as I did, with my son to the National Taxpayer March on Washington. We came from all backgrounds, ages, races and political affiliations to celebrate what is great about America and to ensure that the blessings of liberty are secured by dligence and holding our elected representatives accountable. We made our voices loud and clear that we will not allow taxation without representation… that before our elected officials turn this vibrant economy into a second rate European-like stagnant socialist state with permanent high unemployment, crushing debt & taxes, a devalued currency, and little entrepreneurship or innovation… that we will have a say in the matter… that our elected officials work for us, not the other way around.
By the way, for those who dismiss the size of the crowd… there were 450 buses (confirmed, but many more may have come on their own) x’s between 60 to 80 persons per bus. But the vast majority of people I spoke with drove (many I spoke with drove from Michigan or further). Many flew. They would have liked to come by bus, but the seats were sold out early. It took several hours for people to march down the 10 blocks down Pennsylvania Avenue (a very wide Avenue – figure 25 to 30 people across). The crowd surrounding the Capital West Lawn and around the pool stretched in all directions for 1/4 mile or more. So you do the math. Some say 75,000. My personal estimate is 100,000 to 125,000, possibly more. Regardless, considering that the event was barely advertised, this is quite amazing. 2010 should dwarf this.
After the rally, as I had the distinct honor (my third time, and it never gets old) to view the US Consitution, Bill of Rights and Declaration of Indepdendence at the National Archives, I was struck by the fact that the US Consitution, that provides the framework for our entire system of government, is only 6 pages long, including the Bill of Rights, perhaps a few pages longer when printed on modern stationery, but brief nonetheless. And then I thought about the current throusand-page bills being written by special interest groups, behind closed doors, with endless earmark and hidden agendas, that no one has the time to read and discuss. Makes you pause and wonder about what happened to our democracy.
Perhaps the best speech on Saturday was by Rev. CL Bryant of Lousiana. His eloquent speech is not available yet on YouTube. However, this powerful message on July 4th conveys much of the emotion and patriotism that was expressed on 09-12. Rev Bryant makes no apologies about his love for America. We should not either.
Posted on 2009 09, 14 by duo
By Bruce McQuain
A lot is happening, not that you’d know it unless you’re paying attention.
The North Koreans are happily enriching uranium again, as are the Iranians. We’re in the middle of completely screwing over Honduras while ignoring what Venezuela is in the middle of doing.
But Mr. Chavez has clearly forged a bond with one leader who is as reckless and ambitious as he is: Iran’s Mahmoud Ahmadinejad. The growing fruits of this relationship, and its potential consequences for U.S. security, have not gotten as much attention as they deserve.
Mr. Chávez was in Tehran again this week and offered his full support for Mr. Ahmadinejad’s hard-line faction. As usual, the caudillo made clear that he shares Iran’s view of Israel, which he called “a genocidal state.” He endorsed Iran’s nuclear program and declared that Venezuela would seek Iran’s assistance to construct a nuclear complex of its own. He also announced that his government would begin supplying Iran with 20,000 barrels of gasoline a day — a deal that could directly undercut a possible U.S. effort to curtail Iran’s gasoline imports.
But remember, it is much more important that we punish Honduras for living by their Constitution.
By Geoff Dyer in Shanghai and Tom Braithwaite in Washington
Published: September 13 2009 06:53
A full-blown trade row erupted on Sunday night between the US and China after Beijing accused Washington of “rampant protectionism” for imposing heavy duties on imported Chinese tyres and threatened action against imports of US poultry and vehicles.
Trade relations between two of the world’s biggest economies deteriorated after Barack Obama, US president, signed an order late on Friday to impose a new duty of 35 per cent on Chinese tyre imports on top of an existing 4 per cent tariff.
In his first big test on world trade since taking office in January, Mr Obama sided with America’s trade unions, which have complained that a “surge” in imports of Chinese-made tyres had caused 7,000 job losses among US factory workers.
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