A New Day?

November 5, 2008

Or just more bullshit?

We’re gonna find out. Hope you enjoy the ride.


Robert Oak, an online friend of mine, has a post up….

October 31, 2008

‘Politics is distasteful…..’

Check it out. It might change your view of a few things….


Anothere take on ‘Outsourcing’…heh…

October 30, 2008

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.


Progressives in Congress show the right way to ‘right the market’.

October 1, 2008

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.

Alternatives

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.

Sincerely

Peter DeFazio

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!


Do You Ever Wonder Why the Roads in Your Town are Turning into Gravel?

August 17, 2008

Wonder no more. It’s because ‘some people’ are not paying their fair share of the cost of government. Otherwise known as taxes. I know this story has been in the corporatist press but I thought this post:

Based on IRS records, a recent GAO report indicates that many corporations claimed to owe $0 in U.S. taxes from 1998 – 2005: roughly 28%-53% of large foreign-controlled and 23%-38% of large U.S.-controlled corporations. [The GAO considers a "large" corporation one with at least $250 million in assets or $50 million in gross receipts.

From NoQuarter had a lot more detail and so link to it.

There is a growing opportunity for those of us who are economically literate, a tiny minority, to take back the high ground in the never ending debate about taxes, government and what should be done by same. The ‘conservative’ shills who’ve been preaching the Friedman Lunacy for decades are gob-smacked that the ‘trickle down’ theory has at last been proved to be the utter bullshit that it is. There is a desperate air of ‘now what do we do…’  as the third artificial bubble of ‘asset building’, housing, pops following  the dot.com bubble and ‘financialization’ coming from the morons such as Greenspan who’ve been ‘supervising ‘ our economy. As Ol’ Shakespeare opined, ‘The truth will out…’ and now folks are waking up to the realization that while their real income has declined every year since Nixon under the Republican fantasy machine corporations and very wealthy individuals merely extract whatever amounts of cash they need from the U.S. Treasury, that’s us Homer, in the form of  taxes not paid.

This report points a finger at why you, yeah you Homer, ‘can’t’ have healthcare, good schools, well-maintained roads, safe food and on and on…. The next time some low-info fool tells you, ‘Oh, we can’t afford that…’ about some needed social program tell them the following:

‘Of course we can afford that. If corporations and the uber-rich would pay their fair share of taxes instead of bribing Congress to give them a free pass we’d’ have plenty of money to take care of the real, immediate needs of our society.’

And if they start bloviating tell them this:

‘Surely you are not advocating that some, particularly those best able to pay, should be excused from their social obligation to pay their fair share of the costs they helped create are you?’

More on how your are being screwed solely because you are NOT rich in future posts.


HiJack….

August 11, 2008

steal…

commandeer…

pirate…

seized…

hijack…

assume…

usurp…

seize…

take over…

arrogate…

Hmmmm…. I don’t see fair, just, proper…. Above all, the one word I don’t see because what was done, in secret, is not…is not unless you are in the grip of a dangerous delusion….

Democratic!

….no matter what Howie or Donna or Kos or Bowers or Kid Oakland or anybody else says or does what was done in that meeting was as un-American as antithetical to my value system, to the values this nation was built on as anything the Communists, the Nazis or any of the other heinous scum we had smash to survive ever asserted.

600,000 voters not just disenfranchised!

Fuck no, their votes, votes they cast for Clinton, were stolen.

As I’ve said many a time Sinclair Lewis made no assertion about which side that figure, ‘….wrapped in a flag and carrying a cross…’ was coming from. At this moment  it would be hard to argue that it’s coming from anywhere but the left.

Fortunately, no matter what Obama, Howie, Miss Nancy, Donna and the rest of the corrupt knot of toads which squats in our Party can treat the GE like they have the primary. Such utter contempt would not go down with the ‘bitter, clinging masses…’

Frankly, I’ve never been so ashamed of my fellow citizens in my life. Not even during the Vietnam occupation did I feel like this. One million Iraqi dead….

And Democrats cannot find a better candidate than ‘The One’ Miss Nancy and the Knot of Toads on the Hill have in ‘selecting not electing’ Senator Obama, who, to remark on just one of the truly stupid things he’s done lately, feels it more important to play golf than address the nation about Russia’s rending of Georgia.

A faithful ally being dismembered and the man has to make his tee time.

Disgusting.

And to anyone I’ve called out by name here or who disagrees with my assertion here I’ve only got one question for ya?

Just one….

What if that was your vote Howie and Donna stole?

What then fellow ‘progressives’?

What then?


Essential Reading for all Democrats….

August 10, 2008

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.