Liberalscum Buster

January 22, 2009

THE US ECONOMY IS GOING INTO SHOCK… HERE IS WHY

Filed under: BARACK OBAMA, ECONOMY, life, medicine, news — gasdocpol @ 12:33 am

THE MEDICAL CONDITION KNOWN AS SHOCK IS THE CONDITION WHEREBY THE CARDIOVASCULAR SYSTEM IS NOT PERFUSING THE ORGANS OF THE BODY AT A SUFFICIENT PRESSURE WITH THE RESULT THAT THE ORGANS ARE NO LONGER FUNCTIONING PROPERLY.

There are several kinds of shock(Cardiogenic, septic, anaphylactic, hypovolemic, etc)The treatment is different for each of them.

Economics is analogous to animal physiology. The cardiovascular system furnishes blood to muscles (analogous to our manufacturing sector which produces goods) and our brain (analogous to our service sector) Our financial institutions furnish money in the same way the cardiovascular system furnishes blood.

Basically the bailout package is trying to treat cardiogenic shock with the treatment for hypovolemic shock. Instead of attending to cardiac function, they are assuming the patient lost blood and are transfusing the patient.

When you do that , you get congestive heart failure.

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December 2, 2008

WHAT WENT WRONG IN THE US ECONOMY?

Filed under: BARACK OBAMA, Bush, John McCain, life, mideast, news, politics, war — Tags: , — gasdocpol @ 1:00 pm

1. “Deep Throat” of Watergate fame said it best. FOLLOW THE MONEY ! Some people have gotten much richer lately. Look there for what went wrong.

2. Former Senator and present lobbyist Phil Gramm , a PhD in economics, could talk about economics in simple terms and in an interesting way. If he had stayed at Texas A&M teaching Economics 101, he would have made a positive contribution to society.

3. In Congress and as a lobbyist, he used his didactic gifts to push deregulation resulting in the S&L failures in the ’80s and ’90s, ENRON (his wife was a Director), harmful oil futures trading and the subprime mortgage meltdown.

4. This is the same Phil Gramm who said Americans were a nation of whinners.

December 1, 2008

Bush’s Recession, Rooted in Self-Interest

Filed under: BARACK OBAMA, Bush, hillary clinton, John McCain, life, mideast, news, politics, war — Tags: , — gasdocpol @ 10:57 am

HUFFINGTONPOST BOB BURNETT NOV. 28,2008
Bush’s Recession, Rooted in Self-Interest

While George Bush ran for President as a born-again Christian and “compassionate conservative,” his behavior indicated he was guided not by the principles of Jesus but rather by a narcissistic morality of personal advantage. While making a revealing documentary about the 2000 Bush campaign, filmmaker Alexandra Pelosi asked the candidate why she should vote for him; Bush replied. “It’s in your interests.” Pelosi observed, “He didn’t push my country’s interest – but rather, my own.” Bush’s primary consideration was what’s in it for me?

As President, Bush conflated his personal interests – strengthening his power – with those of the United States and political considerations governed all White House decisions. In late 2001, after leaving his appointment as head of the White House Office of Faith-Based and Community Initiatives, John DiLulio observed: “There is no precedent in any modern White House for what is going on in this one: a complete lack of a policy apparatus. What you’ve got is everything, and I mean everything, being run by the political arm.”

Presidential decisions were determined by the toxic alchemy of power and greed. Major legislative initiatives – energy and healthcare – were written by corporate lobbyists to benefit their interests at the expense of average Americans. And the President’s self-centered attitude influenced both Main Street and Wall Street.

Bush promoted a national culture of profligacy. After 9/11, when asked how Americans should respond, he advised us to “go shopping.” Rather than call on our patriotism, the President appealed to consumerism; citizens responded by running up huge credit card debts and dipping deeply into their home equity. During the Bush Administration, Americans borrowed $6.2 trillion, doubling their debts and causing the U.S. to have a negative savings rate.

At the same time, the President expressed absolute confidence in the wisdom of the free market and expanded the dangerous deregulation begun during the Clinton era. Among the consequences of Bush’s extreme laissez-faire ideology were the accelerated flight of decent-paying jobs from the U.S. and pillaging of the environment. As Americans shopped until they dropped, financial-sector profits surged: by 2007 the finance industry represented a record 25 percent of US stock-market capitalization.

Aided by the loosening of regulations, banks such as Citgroup, broadened their scope of business and began to engage in a wide variety of financial activities. With this expansion came problems of control and oversight. The increased size of financial institutions made them more difficult to manage as executives were pressed to make profits beyond the range historically associated with banks.

At Citigroup, earning pressure caused bond traders to increase their participation in risky markets, particularly collateralized debt obligations (CDO’s), which repackaged mortgages – notoriously sub-prime mortgages – for resale to investors. The expansion of this niche business was fueled by its profitability – fees were unusually high and, therefore, traders made million in bonuses – and the lack of oversight. Because of deregulation, there was no Federal oversight of the CDO marketplace. Financial industry supervision supposedly came from rating agencies, such as Moody’s and Standard and Poor’s, but they failed to exercise the required due diligence. So did internal auditors, such as Citigroup “risk managers;” who were impeded both by the Byzantine nature of CDO’s and their perceived value as major earnings generators.

As the credit bubble grew, two pernicious moral propositions blinded top managers at Citigroup and other greedy banks to the ever-increasing probability of calamity: everyone else is doing it, so it must be okay and the ends justify the means . Over the course of the Bush Administration, the worldwide CDO market grew to near $500 Billion, resulting in gigantic executive bonuses and corporate earnings. Understandably, none of the participants was eager to jump off the gravy train.

Lurking behind this frenzied momentum was a naïve faith in the wisdom of the marketplace: the belief that whenever excesses occurred, the market would gracefully adjust. Recently, financier George Soros criticized “the prevailing theory of financial markets, which… holds that financial markets tend toward equilibrium and that deviations are random and can be attributed to external causes.” He observed: “This theory has been used to justify the belief that the pursuit of self-interest should be given free rein.”

The President of the United States has a dual responsibility to make key decisions and set a moral tone. By promoting a climate of unfettered self-interest, George Bush precipitated the current economic meltdown. American’s eagerness for the onset of the Obama presidency indicates our need for a leader who will establish a public morality that emphasizes the common good.

THE USA HAS REINSTATED ITSELF IN THE EYES OF THE WORLD

Filed under: BARACK OBAMA, Bush, hillary clinton, John McCain, life, mideast, news, politics, war — gasdocpol @ 10:23 am

IN 2000 AMERICANS TORE OFF ALL OF THEIR MERIT BADGES AND ELECTED THE NEER-DO-WELL SON OF A FORMER PRESIDENT. THEN THEY CHEERED FOR A BLATANTLY IMPERIALISTIC INVASION OF AN OIL RICH ARAB COUNTRY THAT HAD NOT ATTACKED THEM AND WAS NO DANGER TO THEM . THEN THEY SCREWED UP THE WAR.

BUT THEN IN 2008,THEY GOT IT RIGHT.

Sitting on Top of the World
Garrison Keillor
November 12, 2008

Be happy, dear hearts, and allow yourselves a few more weeks of quiet exultation.
It isn’t gloating, it’s satisfaction at a job well done. He was a superb candidate, serious, professorial but with a flashing grin and a buoyancy that comes from working out in the gym every morning. He spoke
in a genuine voice, not senatorial at all. He relished campaigning. He accepted adulation gracefully. He brandished his sword against his opponents without mocking or belittling them. He was elegant, unaffected, utterly American, and now (Wow) suddenly America is cool. Chicago is cool. Chicago!!!
We threw the dice and we won the jackpot and elected a black guy with a Harvard degree, the middle name Hussein and a sense of humor-he said, “I’ve got relatives who look like Bernie Mac, and I’ve got relatives who look like Margaret Thatcher.” The French junior minister for human rights said, “On this morning, we all want to be American so we can take a bite of this dream unfolding before our eyes.” When was the last time you heard someone from France say they wanted to be American and take a bite of something of
ours? Ponder that for a moment.
The world expects us to elect pompous yahoos, and instead we have us a 47-year-old prince from the prairie who cheerfully ran the race, and when his opponents threw sand at him, he just smiled back.
He’ll be the first president in history to look really good making a jump shot. He loves his classy wife and
his sweet little daughters. At the same time, he knows pop music, American lit and constitutional law. I just can’t imagine anybody cooler.
It feels good to be cool, and all of us can share in that, even sour old right-wingers and embittered blottoheads. Next time you fly to Heathrow and hand your passport to the man with the badge, he’s going to see ” United States of America” and look up and grin. Even if you worship in the church of Fox,
everyone you meet overseas is going to ask you about Obama, and you may as well say you voted for him because, my friends, he is your line of credit over there. No need anymore to try to look Canadian.

November 20, 2008

IT WAS BAD ENOUGH WHEN WALL STREET BECAME A CASINO

Filed under: BARACK OBAMA, life, news, politics — Tags: , — gasdocpol @ 12:53 pm

NOW IT HAS BECOME A CASINO WHERE GAMBLERS CAN NOT ONLY KEEP THEIR WINNINGS BUT THEY CAN ALSO HAVE A “RICH?” BENEFACTOR PAYING OFF THEIR GAMBLING DEBTS.

Individuals in lending institutions got rich building houses of cards with mortgages are now holding the US economy hostage as they show up in Washington holding tin cups.

Money and capital markets have a necessary function in an economy but I have always questioned the fact that they have taken on lives of their own.

Maybe government IS the problem. A goverment that allows unrestained mischief and greed and profiteering to take place is problematical.

If the justification for financial types making huge profits is because they take great risks in order for free enterprise to take place, then the risk must be real.

What I am seeing here is a perversion of Capitalism, which is just as unworkable as Communism.

Some part of Wall Street needs to die a natural death. We have forgotten the lessons learned from The Great Depression. Maybe we have learned from the experience from our fathers but not from our grandfathers.

I have some big problems with a Washington bailout of financial institutions and the automobile industry. Bankrupcy is a time tested remedy. Maybe we need to create a chapter 15.

November 17, 2008

I tend to agree with Ted Turner about the bailouts.

Filed under: BARACK OBAMA, hillary clinton, life, news, politics — Tags: , — gasdocpol @ 12:53 pm

The banks made dumb loans and the auto companies made dumb cars and we want to give them money so they can keep on producing dumb goods and services. Turner said they should be making blades for wind farms and solar panels. I say that if we are keeping those enterprises open just to prevent massive unemployment. Would’nt it be cheaper and more meaningful to send them unemployment checks while they are retraining to do something else. I think that the financial function has taken on a life of its own and some of it should be allowed to die a natural death.

November 16, 2008

FINANCIAL INSTITUTIONS SCREWED UP MAKING BAD LOANS SO WE GIVE THEM MORE MONEY TO MAKE MORE LOANS?

Filed under: BARACK OBAMA, hillary clinton, John McCain, life, mideast, news, politics — Tags: , — gasdocpol @ 4:34 pm

AUTOMOBILE INDUSTRY SCREWED UP MAKING THE WRONG CARS SO WE GIVE THEM MORE MONEY TO MAKE CARS.

If Detroit does not know how to make cars ,maybe they should be making windmill blades and solar panels.

If we are worried about unemployment, would it not make more sense to give them unemployment payment rather than to support a system that only knows how to make junk.

Some of the he finanncial sector needs to die a natural death. too much of out effort and talent goes to pushing money around.

November 15, 2008

WHY DID WE HAVE TO BAIL OUT LEHMAN BROS. AND AIG?

Filed under: BARACK OBAMA, hillary clinton, John McCain, life, news, politics — gasdocpol @ 3:04 am

THE LENDER SHOULD KNOW THE BORROWER. THE LENDER SHOULD DETERMINE IF A PROSPECTIVE BORROWER WILL BE ABLE TO PAY BACK THE LOAN. (EVERYONE WITH ME SO FAR?)

Risk is involved. The lender is entitled to charge interest in proportion to that risk. Some of those loans will default. If the lender has done his job properly, he (she) will have the principle repaid with interest. If the lender has been astute, relatively few loans will default and he has set the interst rate optimally, he will make a fine profit.

Now that lender is in competition with other lenders. Whichever lender has more skillfully lent money, that lender would be rewarded proportionally. CAPITALISM AND FREE ENTERPRISE AT ITS FINEST!

In 1938, Fannie Mae (FNMA) was established to create a secondary market for mortgages so that banks could sell those morgages to other financial institutions.

The good news was the risk could be spread around. The bad news is that the lender would no longer know the borrower.

Bankers are no different from a barber who is aked “Do I need a haircut?”. If banks can lend money for a mortgage and then sell that mortgage to some other financial institution, that bank can start “selling pigs in a poke” and no longer is kept from making bad loans.

Therefore goverment oversight became necessary to compensate for the effect of the creation of that secondary market.

Under banners of :”The government is the problem”, “Let the market work”, “Get the government off our backs” , “Free Enterpise”, etc, lobbyists descended upon Congress. Most Congressmen and Senators are not PhDs in economics and some of those who are, like Phil Gramm have their own agenda.

If banks that set up mortgages had to assume the risk of that morgage, goverment oversight would not have been necessary.

Imagine if you could lend money to people around town collecting I.O.U.s and then then split them up, rebundling them and selling them to others who in turn would resell them, you would be less concientious of risk assessment.

Does any of this make sense?

November 14, 2008

HOW THE US GOVERNMENT CAUSED PROBLEMS IN THE CAPITAL AND MONEY MARKETS

Filed under: BARACK OBAMA, Bush, ECONOMY, hillary clinton, John McCain, life, news, politics — gasdocpol @ 6:18 pm

THE LENDER SHOULD KNOW THE BORROWER. THE LENDER SHOULD DETERMINE IF A PROSPECTIVE BORROWER WILL BE ABLE TO PAY BACK THE LOAN. (EVERYONE WITH ME SO FAR?)

Risk is involved. The lender is entitled to charge interest in proportion to that risk. Some of those loans will default. If the lender has done his job properly, he (she) will have the principle repaid with interest. If the lender has been astute, relatively few loans will default and he has set the interst rate optimally, he will make a fine profit.

Now that lender is in competition with other lenders. Whichever lender has more skillfully lent money, that lender would be rewarded proportionally. CAPITALISM AND FREE ENTERPRISE AT ITS FINEST!

In 1938, Fannie Mae (FNMA) was established to create a secondary market for mortgages so that banks could sell those morgages to other financial institutions.

The good news was the risk could be spread around. The bad news is that the lender would no longer know the borrower.

Bankers are no different from a barber who is aked “Do I need a haircut?”. If banks can lend money for a mortgage and then sell that mortgage to some other financial institution, that bank can start “selling pigs in a poke” and no longer is kept from making bad loans.

Therefore goverment oversight became necessary to compensate for the effect of the creation of that secondary market.

Under banners of :”The government is the problem”, “Let the market work”, “Get the government off our backs” , “Free Enterpise”, etc, lobbyists descended upon Congress. Most Congressmen and Senators are not PhDs in economics and some of those who are, like Phil Gramm have their own agenda.

If banks that set up mortgages had to assume the risk of that morgage, goverment oversight would not have been necessary.

Imagine if you could lend money to people around town collecting I.O.U.s and then then split them up, rebundling them and selling them to others who in turn would resell them, you would be less concientious of risk assessment.

Does any of this make sense?

What Doesn’t Kill The Far-Right Only Makes Them Crazier

Filed under: BARACK OBAMA, Bush, hillary clinton, John McCain, life, mideast, news, politics, war — Tags: , — gasdocpol @ 4:54 pm

For the last eight years, we’ve observed Karl Rove’s non-reality based universe in which logic was entirely abandoned in lieu of whatever reality the administration invented in order to serve its ridiculous policies and to mask its glaring nincompoopery. Intellectually dishonest at best — destructive and criminal at worst.

This didn’t end on Election Day.

Since their thumpin’ last week, the far-right has pushed the crazy to eleven and snapped the knob clean off — an opening salvo of twisted hackery portending an insane four-to-eight years of attacks on the Obama administration. If the last seven days have been any indication, the far-right is shaping up to make the 1990s seem quaint — even erudite by comparison. That which used to be your basic, off-the-shelf intellectual dishonesty has grown into, as Digby pointed out recently, full-on intellectual violence.

Intellectual violence. While not a new term, it perfectly defines what we’re seeing now: accusations and smears that so severely confound logic they literally attack — violate — reality and the human intellect. It’s like a berzerker dervish of argumentative elbows and fists indiscriminately flailing around, thwacking anything in its orbit, so much so that constructing a counterpoint is literally painful, “Why the hell am I trying to debunk this?! Ow! My head. Aw hell, I need a drink.”

The “Impeach Obama” Facebook groups, for example. No, I’m not making that up. They’re real and there’s a constant variety of disgruntled far-right Republicans joining up every day. And, to our total lack of surprise, they’re not ashamed in the slightest to post comments like this one:

“Damn dems stole the election like they always do. GOD wanted McCain and Palin in the White House. That’s why it’s called THE WHITE HOUSE.”
Apart from being a racist, this “Impeach Obama” Facebook member is clearly the most awesome pollster in the world if he was able to sample God. I tried to submit a friend request just so I could ask him if he perchance enlisted a room of undecided cherubim for a Frank Luntz dial group.

Shortly after discovering this, I was talking with a colleague and found myself instinctively trying to form a rational argument about why the Facebook members were wrong. It began with the obvious: “He’s not even the president yet!” And then, after I segued into Article II and the constitutional grounds for impeachment, I stopped myself. What in name of Randall P. MacMurphy am I doing? Arguing against this crap is like explaining to a meth tweaker that the shadow people aren’t real. That’s when I decided that it’d be more fun to just infiltrate one of the groups and post comments like, “The moon landing was staged!” and, “Obama is a bionic — just like his half-aunt! I have proof!”

Then on Monday, Michelle Malkin posted an item in which she referred to the president-elect as the “overlord-elect.” And on Tuesday, Congressman Paul Broun told the AP, “You have to remember that Adolf Hitler was elected in a democratic Germany. I’m not comparing him to Adolf Hitler. What I’m saying is there is the potential.” Uh-huh. On the scale of probability, “Obama is a fascist dictator” is about as likely as “Broun is a Jedi Master.” But it doesn’t matter. Reality is irrelevant.

The obvious intention here is to cobble together an abuse of power meme against President-elect Obama, despite President Bush and Vice President Cheney having, you know, spent the last eight years consolidating executive power, authorizing torture, suspending habeas corpus, illegally invading sovereign nations, ignoring congressional subpoenas and eavesdropping on American citizens.

Whoops. There I go again, talking about facts and treating the crazy like it’s real.

But clearly the most egregious post-election trespass came to us from John Hinderaker of Powerline. Some back story: following the president-elect’s lighthearted Nancy Reagan séance remark, Michelle Malkin referred to Obama as a “classless jerk” (unlike President George W. “Those Weapons Have to Be Around Here Somewhere” Bush, of course). And she treated the séance comment as if it were part of an on-going pattern of ridiculous Obama gaffes and bloopers.

Picking up on Malkin’s lead, Hinderaker wrote this week:

Bush never gets sloppy when he is speaking publicly. He chooses his words with care and precision, which is why his style sometimes seems halting. In the eight years he has been President, it is remarkable how few gaffes or verbal blunders he has committed. If Obama doesn’t raise his standards, he will exceed Bush’s total before he is inaugurated.
No, seriously. I didn’t make that up. A popular member of the far-right intertubes actually wrote that. On a public website. That people go to and read. Every day.

Come on now. Fess up, Hinderaker, you can’t seriously believe all that. I mean, I didn’t think it was possible, but you succeeded in making Malkin’s “classless jerk” remarks appear respectable — even reasonable — by comparison. Fact: not only is the president-elect one of the finest orators in modern political history, but he far exceeds President Bush in terms of intellectualism and verbal discipline. In other words, a Bush gaffe reveals an inherent lack of intellectual curiosity and a general ineptitude when it comes to, well, talking. An Obama gaffe is an isolated incident, exclusive of his ability to speak, think and reason. Nothing more.

I can’t believe I even have to write that down. But that’s precisely what makes these arguments so violent. They literally crush logical reality, making it almost impossible to ignore.

In a perfect world, we probably shouldn’t react or to take these things too seriously, and yet we’d be making a huge mistake to ignore them altogether — or to underestimate their efficacy. After all, there’s Drudge who somehow remains a bridge between the far-right’s intellectual violence and the establishment press. As we’ve learned throughout the last ten years, it only takes some persistent badgering and a series of red “SHOCK!” headlines for the crazy to travel by osmosis into the mainstream.

So we’re in for many more years of insanity from the far-right. They’re not dead. They’re not as irrelevant as they deserve to be. And they certainly don’t suffer from writer’s block when it comes to outlandish and illogical attacks and smears.

Put it this way, if President-elect Obama so much as takes a long weekend off this August, you can bet that the far-right will crap their cages about Obama being lazy and shiftless.

Bob Cesca Huffington Post 11/12/08

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