Check it out. It might change your view of a few things….
Yep, I was on the phone to India while getting ‘support’ for my installation of MS Small Business 2007 and you will never, never, believe how I finally got it ‘installed’.
Don’t forget to vote and don’t forget to stay tuned afterwards to track what is being done…
In your name.
The translation of this song, interestingly it’s about separation, is here.
Expect some action here soon…..
Meanwhile watch Charlie Rose interview Paul Krugman about the ‘BailOut Bullshit’. Quite informative I thought. Krugman uses the ‘R’ word. Regulation, regulation, regulation….
Rulz for the greedy fools who think they deserve obscene rewards they’ve stolen.
‘Anything that has to be rescued like a bank needs to be regulated like a bank.’
Something we knew in 1936 but under the ‘tutelage’ of the assclown majorus Greenspan and his ‘Chicago School’ posse of morans the country ‘forgot’.
Krugman ends with a good challenge to Obama. I surely hope that Obama is listening.
Dear Democratic Colleague:
The House of Representatives rejected the $700 bailout yesterday. Distinguished economists across the world have stated it would not have solved the problem at hand. However, we can potentially solve this liquidity problem at little cost to the taxpayer. I am proposing that Congress drop the Paulson Plan, and instead pass the No BAILOUTS Act. The No BAILOUTS Act provides an alternative to the Paulson Proposal to address the current credit crunch. Once Congress addresses the liquidity shortfalls in our financial markets, a Democratic Congress can turn to Democratic solutions to address the broader economic crises we face today. Specifically, Congress can work to resolve the housing crisis across the country and pass effective job stimulus, which is the response Main Street America expects and deserves.
While Democrats and Republicans may disagree on the underlying solutions to solve the economic crises we face, the No BAILOUTS Act – a regulatory based proposal – has the potential for significant bipartisan support.
The Paulson Premise Flawed
Simon Johnson, a former chief economist as the International Monetary Fund, stated today in the New York Times of Paulson’s plan, “It’s our view that this package, in a fundamental sense, will not solve the problem.” Other economic analysts noted yesterday that the credit markets around the world were almost entirely dysfunctional even when political leaders and investors assumed that Congress had reached a deal and would easily approve the bailout. There is no reason to believe Paulson’s plan will work.
We have credible alternatives to the Paulson/Bush $700 billion gamble. William Isaac, the chairman of the FDIC during the previous worst financial crisis in the United States during the 1980s, believes Congress can address the current crisis with simple changes to Securities and Exchange Commission (SEC) rules. Mr. Isaac points out that while we face serious financial challenges today, many banks are still in good shape. This allows Congress to take swift, uncomplicated steps to ensure the financial markets return to working order. After that, we can work to resolve the housing crisis and pass effective job stimulus.
Today I am offering an alternative to the Wall Street bailout that will correct the capital shortfalls experienced by many financial institutions and help protect the integrity and quality of the securities market. My plan could be implemented promptly meeting the demands of the Bush Administration to act immediately without putting the American taxpayer on the hook for billions of dollars.
No BAILOUTS Act
Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security
1) Require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the capital of financial institutions.
This bill will require SEC to implement a rule to suspend the application of fair value accounting standards to financial institutions, which marks assets to the market value, no matter the conditions of the market. When no meaningful market exists, as is the current market for mortgage backed securities, this standard requires institutions to value assets at fire-sale prices. This creates a capital shortfall on paper. Using the economic value standard as bank examines have traditionally done will immediately correct the capital shortfalls experienced by many institutions.
2) Require the Securities and Exchange Commission to restricting naked short sells permanently
This bill will require SEC to implement a rule that blocks naked selling, selling a stock short without first borrowing the shares or ensuring the shares can be borrowed. Such practices many times harm the companies represented in the sales and hurt their efforts to raise capital. There is no economic value produced by naked short sales, but significant negative effects.
3) Require the Securities and Exchange Commission to restore the up-tick rule permanently.
This bill will require SEC to implement a rule that blocks short sales without an up-tick in the market. On September 19, 2008, the SEC approved a temporary pause of short selling in financial companies “to protect the integrity and quality of the securities market and strengthen investor confidence.” This rule prevents market crashes brought on by irrational short term market behavior.
4) “Net Worth Certificate Program”
This bill will require FDIC to implement a net worth certificate program. The FDIC would determine banks with short-term capital needs and the ability to financially recover in the foreseeable future. For those entities that qualify, the FDIC should purchase net worth certificates in these institutions. In exchange, these institutions issue promissory notes to repay the FDIC, counting the amount “borrowed” as capital on their balance sheets. This exchange provides short term capital, with not cash outlay. Interest rates on the certificates and the FDIC notes should be identical so no subsidy is necessary.
Participating banks must be subject to strict oversight by the FDIC including oversight of top executive compensation and if necessary the removal of poor management. Financial records and business plans should be subject to scrutiny while participating in the program.
In 1982, Congress approved a program, known as the Net Worth Certificate Program, that allowed banks and thrifts to apply for immediate capital assistance. From 1982 to 1993, banks with total assets of $40 billion participated in the program. The majority of these banks, 75%, required no further assistance beyond the certificate program.
5) Increase the FDIC Insurance limit from $100,000 to $250,000.
The bill will require the FDIC raise its limit to provide depositors confidence that their money is safe and help eliminate runs on banks which are destabilizing to the industry.
Member of Congress
Call your congress person and demand they support this instead of George The Robber and Nancy the Fluffer’s giveaway to the rich. It’s your’s and your grandchildren’s money they want.
Tell them NO!
I wonder…can I still do it. Many have said that I am divisive, harsh and overly judgmental. But hey! Nobody is perfect least of all as it now appear obvious to even folks like Kid Oakland, malcontent, ‘BoneHead’ Bowers, Jeralyn and that fat guy who thinks he is Josh Marshall that slick talkin’ Barry and his dead white dude pals in the ‘Democrat’ Party are headed for a big bring down. Such a bummer dudes. Convention who hah still bouncin’ but McSame and Miss Piggy, as the ‘Boyz in the Blogz’ are attempting to name Governor Palin are out front by 10 points in a recent Gallup, winger’s I know I know, tracking poll.
And that’s before folks find out about the entire story behind the ‘Bridge to NoWhere!’
I’ve said at least a hundred times but it still doesn’t sink in. Kid, Kos, Josh and you too Chris. Obamba is a perfectly lousy campaigner. If you are gonna try an pillory someone for something she didn’t even vote on you’d best be able to remember how YOU voted fool….
Barry the Clueless. How’s it feelin’ Howard, Donna, Miss Nancy. That’s your ‘boy’ out there and whoeeeeeee! Doan he look good.
Imagine this guy trying to run the country in the face of McConnel & Co. with HoJo stabbin’ him in the back every week jes for fun. While Miss Nancy and SellOut Reid are hangin’ on the telephone to George for further orders.
I’d be laughin’ if I wasn’t so sick to my gut over what the punk asses and morans of Web 1.0 have done to real progressive’s chanced to change things for the better in the near term.
In the long run folks like Heidi Li and riverdaughter and Angelachel, lotta ladies in that group, give promise that Web 2.0 won’t be knot of toads like we’ve got now. Squatting on their sites and proclaiming themselves all-knowing and all-seeing. Banning all and sundry who disagree with the LW, that’s Lefty Wisdom, never realizing that in the ‘sphere you cannot shut anyone up. They just move down the URL and let you have it when you ain’t lookin’.
As always anyone disagrees with me show up in the comments and have at it.
Be warned, I’m in no good mood and apt to play rough.
Progressives Fight Back!
They do not pick corporatist scum for their Veep.
Cowardice asks the question, ‘Is it safe?’
Expediency asks the question, ‘Is it politic?’
Vanity asks the question, ‘Is it popular?’
But conscience asks the question, ‘Is it right?
And there comes a point when one must take a position that is
but one must take it because one’s conscience tells one that
it is right. ~ Martin Luther King, Jr.
A sentiment I share with that great American. It’s one all Americans would do well to live by.
Is this site operated by The Denver Group. You will be hearing about them once the convention starts. Probably you will be hearing a lot.
Just keep in mind that according to it’s rules the Democratic Party despite what Obama and the corporatist press who so love him are acting like has not, in fact, elected a nominee. No voter by the delegates has been taken. None.
Latest reports have a haggard Howard Dean not looking very well and seeming to have lost quite a bit of weight. Obama was feeling good enough to play golf today as Russia invaded Georgia and McSame and The Hill were on the campaign trail. The HIll campaigning for Obama.
My personal opinion rendered without any satisfaction is that the wheels are going to come off the Convention ‘Unity Train’. There tension and actual hysteria are building. I’m not even going to report what some are saying the Obama campaign or it’s workers are doing. Not unless arrests are made…which is a possibility.
Old fashioned smash-mouth politics more akin to the 30s that ‘Yes we can!’ so hang on to yer TeeBee remote and stay tuned here also.
Flash Update: Here’s a little something I just tripped over…. So the next time I start ranting about what a lousy campaigner Barky is just think back to this little episode. Or you might find Tweety playing the tape and chortling about what a frikin’ Clown the Barkster is but that will not happen until he does become the nominee. If he does.