Hey Paul Krugman, where the hell are you man?

by twit

Krugman recently wrote for the New York Times that “the zombie ideas have won,” which is unsettling, to say the least, considering he is talking about the Obama Administration’s plan to stabilize our economy.

Which brings us to the delightful way that our internets can manage to push the issue:

currently at #16 on the viral video chart

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The page finally starts to turn

by lestro

from a Fox News poll:

fox poll q14 3.4.09

Reagan, as a reminder, is the Republican Godhead of the Trickle Down Theory, which stated that cutting taxes on the rich would then trickle down to create more jobs for the not-as-rich.

It didn’t work.  At all.

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a last hurrah for the cowboy mafia

by twit

as if we didn’t see it coming

Who wanted to hear from dismal economists warning that the whole thing was, in effect, a giant Ponzi scheme?

so do we really have to give away $100 billion to the folks sitting at the top of the pyramid?

The federal government theoretically will be repaid what it’s loaned except for $100 billion in losses incurred from buying some assets above market value.

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Alan Greenspan admits a “mistake”

by lestro

I am just completely taken aback by this admission

Facing a firing line of questions from Washington lawmakers, Alan Greenspan, the former Federal Reserve chairman once considered the infallible maestro of the financial system, admitted on Thursday that he “made a mistake” in trusting that free markets could regulate themselves without government oversight.

Wow.  Shit must be worse than we thought.

Greenspan was all about deregulation and all about the market being the answer to the ills of the world.

But what he failed to count on was the overwhelming greed.

Which seems odd, because no one gets into the market because it is fulfilling, they get in to make MONEY. Usually at any cost.  Didn’t he see Bonfire of the Vanities or Wall Street?

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“the incredible shrinking man”

by twit

Zing.  From Editor & Publisher on October 12, 2008:

Barack Obama picked up at least 16 newspaper endorsements this weekend, including six in swing states Wisconsin, Pennsylvania, Ohio, North Carolina and Missouri. John McCain, as far as we know, gained just two.

The Wisconsin State Journal and The Sun of San Bernardino had backed Bush in 2004. The St. Louis Post-Dispatch called Obama’s opponent, John McCain, “the incredible shrinking man” who had made a horrific pick for his running mate.

Could the economy have something to do with it?

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Through the looking glass

by lestro

Nothing makes sense.

See if you can find anything in this pile of crap that makes any logical sense at all (aside, of course, from Johnny Mac not talking to the press. That actually makes perfect sense):

Later, his campaign’s senior policy adviser Doug Holtz-Eakin issued a statement blaming Democrats and presidential rival Sen. Barack Obama (D-Ill.) for the bill’s defeat.

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others,” Holtz-Eakin said. “Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.”

The adviser also blamed remarks delivered by House Speaker Nancy Pelosi, chastising President Bush’s free market economic policies, for pushing Republicans away from the bill.

Actually, it was President Bush’s free market economic policies that got us into it and it was the bailout itself and the total lack oversight that drove the Republicans away from it.  It is the continuing adherence to free market policies that prevented the Republicans from voting for it…

“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill,” Holtz-Eakin said. “Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome. This bill failed because Barack Obama and the Democrats put politics ahead of country.”

So they had a deal until Mac showed up, then it fell apart. And on Saturday, he literally phoned it in, which his advisers told the press was the right move.

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Is hell freezing over?

by lestro

It appears at least one ideologue is beginning to realize the role he played in the current financial crisis:

Christopher Cox, the chairman of the Securities and Exchange Commission and a longtime proponent of deregulation, acknowledged on Friday that the voluntary supervisory program of Wall Street’s largest investment banks had contributed to the global financial crisis and abruptly shut the program down.

wow.

“The last six months have made it abundantly clear that voluntary regulation does not work,” Mr. Cox said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily,” he added.

“The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate” of the program, and “weakened its effectiveness.”

wow again.

Unfortunately, Cox is also the guy that John McCain, champion de-regulator, wants fired.

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