Ooh Nice Rant

June 30, 2007

Nobody does doom and gloom like this guy:

In this Fascist Business Model, the ruling elite have all the marbles, make all the rules, enforce those rules, protect their friends, collude with fellow agencies, abuse the power of government posts to further their cause of accumulation for wealth and power. For evidence, check the court decisions, the regulator actions (see SEC and CFTC), the lack of convictions inside Wall Street firms (see Enron, WorldCom, Tyco), the overturned convictions of minor Wall Street players (see Quattrone), the debt rating agencies sitting on their hands (see Fitch), the outsized short positions of gold & silver and other commodities like natural gas, the initial public auctions of Chinese banks (see ICBC). The gradually realized outcome of the Fascist Business Model, and why the elite love it, is that the Middle Class is drained, and the poor remain ever poorer. It is not a coincidence that the merger of the USGovt and big industry has occurred while the US Middle Class has suffered a tragic income reduction since the 1970’s. Pay no attention to official income statistics, which are a woefully concocted spew. They reduce nominal income by a grossly inadequate degree, greatly distorting any reduction from price inflation. A constant income over the past six years would have declined in real terms by 7% to 11% each year. That is roughly a 50% decline in real terms!!!

This actually sounds… accurate. I have to say the picture painted isn’t too far removed from the reality I inhabit, where most of US are pushed around, bullied, deceived, and pummeled into submission by the seven headed hydra I like to call big gummint, corporations with deeply ingrained fraudulent practices (ever have to have your grandparents phone service cancelled because of all the boiler rooms operated by Wall Street firms? I did) who have the appearance (pretense) claim legitimacy- but you and I know we’re undergoing a full frontal and dorsal assult (yes, they get us coming and going) and if you ever shake hands with one of these greasy ‘turds you know instinctively to count your fingers.

If you ever read any history about the “market,” you start to get a sense what shady slimeball characters Mellon, Carnegie, Morgan, Rockelfeller, Harriman et al were.

The fact that we had not one but two (2!) unqualified Bushes in the head office just goes to show you who is really running things.

In case there was ever doubt.

The sword cuts both ways, y’know
For fascicsts “conservatives” who have long awaited the edge in the Supreme Court that they now enjoy, take a moment and breathe it all in.

You shall reap your just desserts.


Similarities

June 29, 2007

Does anyone else notice the similarity between this blooming CDO crisis and the recent spate of Chinese manufacturers shipping contaminated product?

  • Product was sold with known, but hidden, defects
  • Both are in a sense victims of their own success
  • “Investors” would prefer we look away and hold our nose
  • Customers will ultimately be stuck with the bill
  • Reaction by “authority” has been weak or perfunctory
  • The root cause isn’t being addressed (perhaps being ignored)

Maybe it won’t get to the point of people dying. (Too late for at least one of us.)

It’s only money, so they say. Market players see the rest of us as suckers, that they have defined their particular role as being at the top of the pyramid/food chain, and therefore they get to be the “deciders.”

So we should just better learn to suck it up.

Realty Fealty

Well, up to a point, and that point would have been tipped earlier this year.

Angelo Mozilo (Tangelo Bronzilla to his frienemies) , the CEO of Those Cunts at Cuntry-wide ™ has, according to this, been a huge “seller” of company stock- 120 times since January 2007.

Along with other officers of the firm.

A quick spreadsheet calc put the grand total YTD at $318,469,436.

Are the rats deserting a sinking ship? Everything’s fine, is it not, Angelo?

(Oh well, can you blame him? It is better to dump it before the share price drops like Lennar.)

Read the rest of this entry »


Historical Perspective

June 28, 2007

A sane man comments on a Forbes article titled Don’t Buy That House.

The NAR doesn’t care a bit about how indebted we might become in our chase of the “American Dream”. There job is to sell homes so they can line their pockets with your hard earned cash. So they lull you to sleepwalk into buying a home which you really cannot afford . . . unless you become their girly man or dumb blonde who never questions their authority.

I really enjoyed someone writing what I’ve been thinking almost my entire adult life: homeownership is a ball and chain around your neck. Do you own the damn house (no, not really, the bank does and you pay rent to them) or does the damn house (represented by the bank, the Real Estate Industrial Complex, and the state) own you?

Contained within this fine essay is a nice historical perspective about how it all began… and how it all ended in tears and with the 1929 stock market crash.

Which was presaged by the 1928 Florida real estate crash.

You know, kind of like the conditions we are seeing today. Not that this exact same thing is going to happen all over again (gulp). But isn’t it interesting how this bubble was created, just like that bubble in the 1920’s, with access to easy credit, and subsequently blown margins?

The more things change…

Read the rest of this entry »


Honestly

June 27, 2007

… it took six months to get here?

Criminy, what a bunch of wusses!

Can you hear me now!?!

Bush Leaguers
It’s official: the man who is really in charge is not the one elected.

It is well known that Cheney is usually the last to speak to the president before Bush makes a decision.

He “helps” him to “decide.”

!

Ariel Bender
“You can bend but never break me, I’m flexible.”

(with a nod and a wink in the general direction of Martin Mull)

Breaking it isn’t necessary for certification, but Bair says the wing is so strong and flexible that there’s been talk that maybe it could be bend far enough for the wingtips to touch above the fuselage—or come quite close.

Read the rest of this entry »


If you Were Not Aware…

June 27, 2007

Flip This House on A&E has probably fueled a thousand sub-prime mortgages. There’s even another program on TLC entitled Flip That House.

Which is a funny co-inky-dink.

I’ve commented on the scam that is Flip That House before but now that there is a snip on Youtube, so enjoy.

I’ve found a humorous parody of these shows over on Youtube- enjoy.


I Think the Message is Clear

June 27, 2007

The Stern Bear

June 25, 2007

He is looking a bit glum.

It’s Monday morning, and inquiring minds are all wondering what’s the haps with Bear Stearns $3.2 billion bailout.

Jim of San Marcos makes an interesting observation about this slow motion debacle in the making at his The Great Depression of 2006 blog The Monday Morning Run. Will they or won’t they? Is it a ploy?

I began to comment over there, but as usual with me my view grew, so rather than take up his bandwidth, I thought I’d expand on it here.

ISTR a POV developing when Ronny Raygun took office. A “conservative” who ran on cutting taxes began an unprecedented expansion of the federal government (subsequently the current “Republican” administration evidentially considers deficit spending the one true way).

You know we’re in a topsy-turvy world when Democrats have become the fiscally conservative party (well, in comparison to the Reps).

Way back then an attitude developed as the federal deficit expanded. Eyes widened, but nothing broke. Folks began to rethink the whole idea of deficit spending, and whether there was even a theoretical limit to check kiting when you have the keys to the vault (empty or not). Morally, persuasion molded the CW that anything wrong with it.

Sure, if you and I wrote checks on a bank account that couldn’t be covered, we’d be in jail.

But somehow the very idea that there was no limit to spending- that because this nation was the biggest debtor- the big fish in the pond, the 500 lb gorilla- gave US a position of strength and vitality that nobody could match. We were at that time, the greatest, and nobody could FUCK with us, or they’d pay.

We were smitten with this new position we found ourselves in. Anyone attempted to reign in our expansive waist line would be ridiculed, marginalized, targeted in the media.

Some of us were big and bad with ‘tude to match.

Which for me explains the “what, me worry?” attitude of the street and the pols that cranky mentions.

This contrarian “view” dismisses the obvious signs of irresponsibility with “you aren’t capable of seeing the big picture,” and blithely pretends they do.

The scary part is, they are the ones driving this bus.

I’m not sure if I am bold enough to reach for the cord so I can step off at the next exit. Part of me wonders if I should stick to my guns and belief system that says you shouldn’t get something for nothing, even if you can. Another part of me wants to see the end of the line.

FWIW, I’ve rarely walked out on a movie- even a terrible one.

Sidenote:
It is interesting to me that Bear Stearns has “Bear” in the name, yet this is the first fund we know of that has started to tip in this long long bull market which appears to be coming to a screeching halt (or not, what do I know).

What’s in a name?
Read the rest of this entry »