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Back in the Goode Olde Days, people spent uncounted hours trying to forecast the future. If they had a cat, they could try felidomancy, which is the art of using cats to predict the future. If they had feet, they could try pedomancy. Nowadays, people indulge in fedomancy, which is the art of predicting interest rates by observing the Federal Reserve Board. It's a difficult practice. John Wagooner, God, grant me the capital to accept the things I cannot change; the reserves to change the things I can; and the Fed Auction when all that blows up. Amen. |
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If Her Majesty the Queen
wishes to be truly illuminated why most economists failed to see the Crash
coming, it's very simple: you get what you pay for. |
Due to the size financial skeptic dictionary is now converted to a separate page
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| Note: If you got
to this page without visiting
Naked Capitalism
(and clicking on some advertisement in appreciation of the intellect of
Yves Smith), please do it right now... Yves Smith' s blog is really
a crown jewel of economic blogosphere !!!
If you are an Amazon customer, please, please buy your Amazon items using links from Yves Smith's blog... |
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
| "... anyone who has ever read Larry
Kudlow wonders how he's able to manage a folding chair without assistance,
much less other people's money"
“Never before in the field of global finance was so much damage done to so many by so few.” Reflection on Winston Churchill’s tribute to the RAF “I’ve abandoned free-market principles to save the free-market system” George W Bush Wall Street is about to become the new Catholic Church -- the most distrusted and vilified institution in America. It's hard to top priestly pedophilia (and bishops covering up for them) for sheer despicability, but Bernie Madoff and his fellow hucksters are giving the men of clod a close run for their -- and our -- money. Dan Gerstein, Forbes |
A Reader Asks "How Did 558,000 People Lose Their Jobs When Only 190,000 Jobs Were Lost-"
....."the Phony Mae & Fraudie Mac pain wasn´t enough......."
naked capitalism“The injunction of Jesus to love others as ourselves is an endorsement of self-interest…”
Classic. If this wasn’t offered in self-parody, they’re not half as clever as they think. If there’s any justice in this life — and I believe there is — something important out there understands just how funny this statement really is.
craazyman:
I hath appointed Goldman Sachs as master of my dominion, and ye have been appointed as slaves and servants, to be trodden under the heal and destroyed utterly, unto your last days. Hear, children, the voices of your masters and obey, for my wrath is fierce and my judgment is swift, and there be no mercy for those with hearts hardened against the will of the Lord.
-Bloviations, Book 5, verses 8-9fresn dan:
“Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.””
I want the bankers burned at the stake not because of “obscene” or “satanic” or “greedy” profits, but because there are NO PROFITS. I might settle for them spending the rest of their lives in poverty, if it were not for the fact that I am bailing them out.i on the ball patriot
...For GS god is just another derivative product. Take anything of considered value — in this case man’s legitimate search for understanding and meaning — co-opt it, slice it, dice it, pervert it, and resell it it to scam the masses.
Obama presidency giving the word underachieving new meaning... BHO, a Party Animal if every there was one given his non-resume
The Big Money is a whore with two naked tits and the Republicons suck on one, the Demagogues on the other.
Fred:
So, the “We” look to Elliott Spitzer for guidance? Maybe he has some dating advice for you, too.
Observer:
If it is as good as the political advice he is giving here, we should take it!
bj:
“The GOP/Tea Party movement will very likely pick up the ball (breaking up the big banks) and run with it.”
Maybe, but I doubt it. The right is working on its purity, so expect tax cuts as their solution (again).Doug Terpstra:
The Obama administration’s continuing fumble of this crisis and healthcare refrom is baffling and maddening. And yes, the Democrats would surely be toast in 2010 and 2012, except for one thing: Republicans have gone certifiably insane, cuckoo, looney….
It’s all just too strange. It may well be a brilliant bit of collusive theater in the end, to keep us all confused and conflicted.
Mish's Global Economic Trend Analysis
Collateralized Debt Obligations (CDOs) were overrated and overpriced the minute they came to market. If that wasn’t enough, investment banks were creating these things in their financial meth labs , knowingly selling things they knew or should have known were overrated and overpriced.
zero hedge
DaddyWarbucks:
I'm thinking RICO where you just round up the whole group and don't worry about individual details. I heard GITMO is available.
The Big Picture
A year ago it was revealed to the American people that our banking system was a legalized Ponzi scheme in which bank and insurance CEOs paid themselves billions of dollars in personal compensation to lend and insure assets with money they didn’t have to customers who couldn’t pay back the loans.
The Top 12 Signs the Economy Is Bad12. CEO's are now playing miniature golf.
11. I got a pre-declined credit card in the mail.
10. I went to buy a toaster oven and they gave me a bank.
9. Hotwheels and Matchbox car companies are now trading higher than GM in the stock market.
8. Obama met with small businesses GE, Pfizer, Chrysler, Citigroup, and GM to discuss the Stimulus Package.
7. McDonald's is selling the 1/4 ouncer.
6. People in Beverly Hills fired their nannies and are learning their children's names.
5. The most highly-paid job is now jury duty.
4. People in Africa are donating money to Americans. Mothers in Ethiopia are telling their kids, "finish your plate; do you know how many kids are starving in America?"
3. Motel Six won't leave the lights on.
2. The mafia is laying off judges.
1. If the bank returns your check marked as "insufficient funds," you have to call them and ask if they meant you or them.
September 22, 2008 | The Market Guy
When I was a child, one of my favourite books was “Alexander’s Terrible, Horrible, No Good, Very Bad Day” by Judith Viorst. Originally published in 1972, the story involves a young boy named Alexander, who is experiencing a heavy dose of Murphy’s Law. Simply, he survives a day in which absolutely everything goes wrong. For example, he wakes up with gum in his hair, trips on his skateboard, and drops his sweater in the sink. His brothers find cool toys in their breakfast cereal, while he finds only breakfast cereal. At school during a counting exercise, he leaves out 16. At lunch, he discovers that his mother has neglected to pack dessert. Shortly thereafter, he has a dental appointment and learns that he has a cavity; then he falls in some mud. Alexander proceeds to spill ink all over the place, miss out on the shoes he wants, and start a fight. As if these weren’t enough, Alexander’s bath was too hot and he loses his marbles down the drain. To cap off the day, he’s forced to wear the dreaded railroad-train pajamas, his pillow is missing, and his night-light burns out. With each indignity, Alexander wondered if life would be better in Australia. However, while lying in his bed, Alexander notes the following: “It has been a terrible, horrible, no good, very bad day. My mom says some days are like that. Even in Australia.”
Over the past several weeks, most investors have experienced these terrible, horrible, no good, very bad days, as market indices have plunged and commodity prices have collapsed. I have to admit that I find such days to be quite exciting. I’ve always been interested in crisis and my career is littered with attempts to understand how people react when the shit hits the fan. For example, my first conference presentation involved examining media accounts of the 1987 stock market crash. In another project, I looked at the influence of personality and cognitive variables in explaining how people respond to declines in their portfolios. Before becoming a faculty member, I worked at a 24-hour crisis hotline and trained their counselors how to respond to those who were suicidal and in crisis. You get the idea. I’m endlessly fascinated by terrible, horrible, no good, very bad days.
In terms of the market, I believe such corrections are healthy and necessary. They present an opportunity to remove speculative excess, bring valuations down to more reasonable levels, and often present a wonderful buying opportunity. I try to make the best of such days, even if my portfolio takes a bit of a hit. So as a public service (coupled with my need to drive this into the ground), I now present the top ten signs that you’re in the middle of a terrible, horrible, no good, very bad market day. Remember, I’m not just talking about bad markets days; they also have to be terrible, horrible, and no good…just trying to be clear. Now, on to the signs:
1. Central bank officials and politicians can be heard to utter the meaningless phrase, “the fundamentals of the economy are sound.” The judges will also accept “the economy is fundamentally sound.” I also really enjoy, “we’re monitoring the situation closely.” In other words, “this is bad, we have no idea what’s happening, and we have no idea what to do. When we decide how to proceed, we’ll probably overreact. Please don’t ask any more questions. Thank you.”
Quote of the week #1, from The Comedy Network’s Stephen Colbert: “The fundamentals of our economy are strong. We still exchange currency. We haven’t reverted to a barter system. Although I believe Bank of America bought Merrill Lynch for 2 goats and a bushel of oranges.”
Quote of the week #2, courtesy of PM Stephen Harper: “If a crash were coming, it would have already happened.” This logic would have caused Mr. Spock to cry like an infant before experiencing an aneurysm. Harper is the same man who recently promised tax incentives for new homebuyers. So the financial crisis began by making it too easy for people to obtain houses. How do we solve the problem? By making it easier for people to obtain houses. Got it. As Mark Twain suggested, “If stupidity got us into this mess, then why can’t it get us out?”
2. Everything is going down and I mean everything. The stock screens are a sea of red and have me thinking of that scene in The Shining when the elevators at the Overlook Hotel are spewing blood. Did I just write that? Let’s move on. The most fascinating days involve complete, total, unreserved capitulation. Stocks are blowing through their 52-week lows and are doing so with extreme vigor. It’s like the Terminator: It can’t be reasoned with, it can’t be bargained with, and it absolutely will not stop. Even the most bullish of analysts and market watchers are suddenly recommending that everyone stay on the sidelines until the dust settles. With apologies to Norm Peterson of Cheers, it’s a dog-eat-dog market and you’re wearing Milk Bone underwear. If you’re keeping score, this makes three 80s references in one paragraph. As an investor, the day will see you exhibiting a variety of bizarre behaviours, which include but are not limited to the following:
- staring at the computer with your mouth open
- refreshing your stock page like a hungry rat pressing the lever in a Skinner box
- trying to comment on the day and the best you can come up with is, “Holy shit.” Yup…it’s a holy shit market.
3. High trading volumes. It has to be difficult to get on to your brokers website or achieve access by phone. We may even hear about technical glitches and that some systems are having trouble keeping up with the activity. And since I have nothing else to add, did I mention that we’re headed to New York and will be touring the Federal Reserve Bank? Market Gal is thrilled (he noted sarcastically). Thankfully we also have tickets to a Broadway show and Letterman, so that should keep the peace.
4. People you know who usually aren’t interested in the markets start talking with you about the markets. This happens with people at work, buddies on MSN, in emails, etc. For example, the other day, my buddy Ozner in Nepean mentioned the failing of Lehman Brothers. Twenty-four hours before, he wouldn’t have known a Lehman from a Lohan. Friends and family who are interested in the markets call as well, only they call earlier in the day. For me, it’s Bouch in Embrun, Lloyd and Pat in Ottawa, and of course, Market Dad. The phone call usually begins with “geez” or “wow” or something to that effect. Next up is an accounting of how the portfolio is doing and an identification of which stocks are faring the worst. Misery loves company.
5. The newspapers and business web pages are littered with photos of exhausted traders, concerned investors, and gawkers congregating outside the offices of failing firms. The Friday edition of BNNs Squeeze Play included Andrew Bell and Kim Parlee interviewing traders at a downtown Toronto watering hole. The patrons looked as though they’d just finished a 5-day enema.
6. The story of the markets migrates from the business pages to the front pages. It’s the lead story and we are treated to headlines such as “Markets Collapse,” which the editors present in a really big font. You know it’s a really big deal when they bring out the really big fonts. I also appreciate the words “contagion” and “panic” making their inevitable appearance. The Globe and Mail recently offered, “A Day of Reckoning,” which I thought was a nice touch.
My favourite part of the coverage involves placing the day in historical context. For example, “this represents the largest decline in index A since date B.” In order to qualify as a terrible, horrible, no good very bad day, it has to be the worst day in several years. Saying it’s the worst trading day since March doesn’t cut it (unless that day was terrible and horrible)….we have to be making history. We’ve been hearing a lot about American stocks being wiped out. However, did you know that Nortel recently had its worst trading day in 28 years? That’s what I’m talking about. Incidentally, Nortel is trading under $3 and this includes a fairly recent 10-for1 stock consolidation. In other words, if they hadn’t consolidated the stock, it would be trading under 30 cents. Let us mourn the money that has been destroyed.
7. Business television behaves like a dog with a bone. There’s one story and one story only: The market collapse. Networks often dispense with goofy programming features because the day is all about chronicling the crisis. Each guest is there to talk about the market action and each moment brings us wonderful quotes such as this offering from BNN anchor Pat Bolland: “This is a sick market.” Regular programming seems more important than usual and the day is littered with “special editions.” For example, “today on BNN, it’s a special edition of Squeeze Play.” This reminds me of watching TV during my childhood…”this week, on a very special edition of Family Ties, Steven, Elise and the kids rally around Uncle Ned who is coming to terms with alcoholism. Tom Hanks guest stars.”
8. At some point during the day, we are reminded of the losses that could trigger a halt in trading or a, gulp, market close. This is a tough nut to crack, as it takes a 10% decline in the Dow Jones Industrials to initiate a 30-minute to one-hour halt at the NYSE. A 20% decline prompts a 1-2 hour halt, but if the decline is witnessed after 2pm, the whole place shuts down. A 30% decline closes the market for the day, irrespective of timing. Incidentally, the Russians shut down their exchange three times in the past week (twice for going too low, and once for going too high…perhaps one day it will be just right).
9. The business press starts interviewing the older brokers. Specifically, they are looking for brokers and analysts who traded through the ’87 crash. These archetypal wise old men are simply the best. They’ve seen it all, lived through some rough times, and always have great stories. Such figures provide a calming presence, and their reassuring voices remind us that, given time, the markets rebound. You can’t get this from a 22-year old just out of business school.
10. The attributional search runs into overdrive. When positive things happen in life, we tend not to reflect on what might have led to the good times. However, during bad times, we typically initiate what’s called the attributional search. That is, we attempt to determine the causal factors that led to the event. Basically, we’re asking “why did this happen?” The process is intensified if the event is unexpected. During a terrible, horrible, no good, very bad market day, we often hear that retail investors are driving the panic and that the smart money is staying put or being put in play. The last few days have elevated corporate greed, ignorance, and a lack of regulation to the top of the list of suggested causal factors (John McCain mentioned all three the other day). Given that we’re in the middle of a North American election bonanza, expect the list to grow. I’m still waiting for the religious right to somehow blame lesbianism.
In a related vein, it never ceases to amaze how many market participants claim they saw it coming and took measures to protect their assets. Sure, their top picks on BNN’s Market Call are down 72%, but they claim to have made it out just fine. Sure thing, guys.
So how am I positioning myself to deal with these volatile times? To be honest, I’m doing very little. Sure, my financial and international plays have been on a wild ride. But with a focus on high-quality, dividend-growing value stocks, my portfolio has been less volatile than the indices. So far I’m down 4% on the year and this compares very favourably to the TSX, S&P 500 and the Dow. Let’s just say I’m certainly not losing any sleep over it. Besides, it’s the down markets when my approach really earns its keep. I’m less interested in selecting big winners and more interested in avoiding big losers. There’s a huge difference. Meanwhile, my watch list is long and although the names are getting cheaper by the day I’m still not inclined to put a significant amount of money to work. And for the record, Friday’s 7% advance on the TSX feels about as shaky as Stephane Dion.
The past few days have been adventurous, but I can’t help but think we have more terrible, horrible, no good, very bad days in the near future. And as these days continue to come along, I expect to be a buyer. As Warren Buffett noted, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
The Market Guy is an Instructor with the Department of Psychology at Carleton University. He’s not a professional advisor. He’s just a guy who loves investing and talking about the markets…so do your homework before making any investment decisions. Basing any financial decision on his column would be really, really stupid and would demonstrate that you need therapy (he teaches psych, so he’d know). In addition to the Federal Reserve Bank of New York, Spamalot at the Shubert, and Letterman, he’ll also be holding a pilgrimage to Wall Street. He may need to be sedated. Get high on life over at mail@marketguy.ca
i on the ball patriot:
The Bubble Clowns
Forgive them father,
For they know not what they do,
The fed and the policy makers,
Are such an ignorant crew,They have no knowledge,
Of how to blow bubbles,
To intentionally create,
Geopolitical troubles,They are unaware,
Of global consumption,
And could not control it,
At least that’s the assumption,But bubbles can take you up,
And bubbles can take you down,
They can fund sustainable growth,
Or they can make consumption drown,And the bubble machine is never blind,
Especially when controlled by deception,
The monster bubbles will only end,
When the marks increase their perception …
anne:http://etext.library.adelaide.edu.au/c/carroll/lewis/looking/chapter6.html
1872
Through the Looking-Glass, and What Alice Found There
By Lewis CarrollHumpty Dumpty
Humpty Dumpty took the book, and looked at it carefully. 'That seems to be done right—' he began.
'You're holding it upside down!' Alice interrupted.
'To be sure I was!' Humpty Dumpty said gaily, as she turned it round for him. 'I thought it looked a little queer. As I was saying, that seems to be done right—though I haven't time to look it over thoroughly just now—and that shows that there are three hundred and sixty-four days when you might get un-birthday presents—'
'Certainly,' said Alice.
'And only one for birthday presents, you know. There's glory for you!'
'I don't know what you mean by "glory,"' Alice said.
Humpty Dumpty smiled contemptuously. 'Of course you don't— till I tell you. I meant "there's a nice knock-down argument for you!"'
'But "glory" doesn't mean "a nice knock-down argument,"' Alice objected.
'When I use a word,' Humpty Dumpty said in rather a scornful tone, 'it means just what I choose it to mean—neither more nor less.'
'The question is,' said Alice, 'whether you can make words mean so many different things.'
'The question is,' said Humpty Dumpty, 'which is to be master— that's all.'
Alice was too much puzzled to say anything, so after a minute Humpty Dumpty began again. 'They've a temper, some of them— particularly verbs, they're the proudest—adjectives you can do anything with, but not verbs—however, I can manage the whole lot of them! Impenetrability! That's what I say!'
'Would you tell me, please,' said Alice 'what that means?'
'Now you talk like a reasonable child,' said Humpty Dumpty, looking very much pleased. 'I meant by "impenetrability" that we've had enough of that subject, and it would be just as well if you'd mention what you mean to do next, as I suppose you don't mean to stop here all the rest of your life.'
'That's a great deal to make one word mean,' Alice said in a thoughtful tone.
'When I make a word do a lot of work like that,' said Humpty Dumpty, 'I always pay it extra.'
'Oh!' said Alice....
March 16, 2007 | newyorkscot
Goldman Sachs, Merrill Lynch and Morgan Stanley were only two levels above “junk” based on the Credit Default Swap (CDS) market. Specifically, prices for credit-default swaps linked to the bonds of Goldman Sachs, Merrill and Morgan Stanley last week traded at levels that equate to debt ratings of Baa2.
This could be because CDS traders are more bearish than bond traders and have been more concerned about the slowdown in the housing (see blog posting) and global equity markets, and therefore Goldman & Co’s exposure to these markets through their massivley successful mortgage securitization businesses (which includes significant exposure to subprime mortgages).
The size of the CDS market is now an enormous $26 trillion (twice the annual economic output of the U.S.)!! According to Bloomberg, Goldman and Morgan Stanley have $171.6 billion and $168.5 billion respectively in bonds outstanding.
Cynthia:Bruce Wilder writes,
"Gorbachev delivered Russia into the hands of a kleptocracy. Now, the U.S. is in the hands of a kleptocracy, as well."
This may explain why Hank Paulson flew to Moscow to dine with Mihail Gorbachev just a few months before the meltdown. Paulie was probably trying to learn a thing or two from Gorby on how to pull off an even bigger heist than his Russian counterparts did several decades back.
http://blogs.chron.com/lorensteffy/2009/10/paulie_and_gorb_1.html
Assuming this is so, Goldman Sachs has truly lived up to the name of Government Sachs. And there's certainly no need for fiction when there's reality like this!
Goldman "had no obligation to disclose how it was managing its risk, nor would investors have expected us to do so ... other market participants had access to the same information we did."
We'll put that on their tombstone. Hey, I've got an idea. Let's let aircraft mechanics take out life insurance policies on their passengers.
SNAFU, your comment above that "GS folks are financial 'terrorists' , with their education, brains, gall and connections in the WH, they can extract any and all ransoms" is a useful way of looking at it. Financial Terrorists. It allows me to ask the question as to whether GS has done as much damage to the citizens of the US as a terrorist attack would have done. Their actions are undermining our country's security.
Jesse's Café Américain
The current state of economics is most remarkable for its arrogant complacency in the face of two failed bubbles, a near systemic failure, a pseudo-scientific perversion of mathematics exposed, and an incredible capacity for spin and self-delusion. The people wish to believe, and Wall Street and the government economists are all too willing to tell them whatever they wish to hear, for a variety of motives. And there is an army of salesmen and lobbyists and econo-whores touting this fraud around the clock.
October 31, 2009 CalculatedRiskThe whole video is here: Banking with Bird & Fortune at the Financial Times. An excerpt ...
naked capitalism
Many people have called politicians prostitutes.
True, Obama has received more donations from Goldman Sachs and the rest of the financial industry than almost anyone else.
And Summers and the rest of Obama’s economic team have made many millions – even recently – from the financial industry.
And Congress has largely been bought and paid for, and two powerful congressmen have said that banks run Congress.
So yes, they have certainly sold their goods to the highest bidders.
Indeed, at least some people trust prostitutes more than elected officials.
But the prostitution analogy is inaccurate.
Specifically, as the chairman of the Department of Economics at George Mason University (Donald J. Boudreaux) points out:
Real whores, after all, personally supply the services their customers seek. Prostitutes do not steal; their customers pay them voluntarily. And their customers pay only with money belonging to these customers.
In contrast, members of Congress routinely truck and barter with other people’s property…
Members of Congress are less like whores than they are like pimps for persons unwillingly conscripted to perform unpleasant services.
Consider, for example, agricultural subsidies. Each year a handful of farmers and agribusinesses receive billions of taxpayer dollars. These are dollars that government forcibly takes from the pockets of taxpayers and then transfers to farmers.
The customers, in this case, are the farmers and agribusinesses. The suppliers of the services performed for these customers are taxpayers, for it’s the taxpayers who possess the ultimate asset — money — that farmers and agribusinesses lust after. And the intermediaries who oblige the suppliers to satisfy the base lusts of the customers are politicians. Just as pimps facilitate their customers’ access to prostitutes’ assets, politicians facilitate their customers’ access to taxpayers’ assets.
We taxpayers have less say in the matter than we like to think. Sure, we can vote. But if even just 50.00001 percent of voters cast their ballots for the candidate proposing higher taxes, the assets of not only our pro-tax citizens, but also those of the remaining 49.00009 percent of us anti-tax citizens are put at the disposal of our pimps’ customers. (And note that many of those who vote for higher taxes are not among those persons actually subject to higher taxation)…
Politicians force taxpayers to pony it up — just as the services rendered for a pimp’s customers are rendered not by that pimp personally, but by the ladies under his charge. The pimp pockets the bulk of each payment; he’s pleased with the transaction. His customer gets serviced well in return; he’s pleased with the transaction. The only loser is the prostitute forced to share her precious assets with strangers whom she doesn’t particularly care for and who care nothing for her.Also like the ladies under pimps’ power, taxpayers who resist being exploited risk serious consequences to their persons and pocketbooks. Uncle Sam doesn’t treat kindly taxpayers who try to avoid the obligations that he assigns to them. Government is a great deal more powerful, and often nastier, than is the typical taxpayer. Practically speaking, the taxpayer has little choice but to perform as government demands.
So to call politicians “whores” is to unduly insult women who either choose or who are forced into the profession of prostitution. These women aggress against no one; like all other respectable human beings, they do their best to get by as well as they can without violating other people’s rights.
The real villains in the prostitution arena are those pimps who coerce women into satisfying the lusts of strangers. Such pimps pocket most of the gains earned by the toil and risks involuntarily imposed upon the prostitutes they control. No one thinks this arrangement is fair or justified. No one gives pimps the title of “Honorable.” Decent people don’t care what pimps think or suppose that pimps have any special insights into what is good or bad for the women under their command. Decent people don’t pretend that pimps act chiefly for the benefit of their prostitutes. Decent people believe that pimps should be in prison.
Yet Americans continue to imagine that the typical representative or senator is an upstanding citizen, a human being worthy of being feted and listened to as if he or she possesses some unusually high moral or intellectual stature.
It’s closer to the truth to see politicians as pimps who force ordinary men and women to pony up freedoms and assets for the benefit of clients we call “special-interest groups.”
Note: There are a handful of honest politicians, fighting for the American people. But the exception proves the rule.
Advocatus Diaboli:
I always thought the prostitute analogy was not right, because most prostitutes are honest and give what they exchange money for.
koshem:
Kevin de Bruxelles:The distinction between a whore and a pimp is silly in the context the fact that the poor and the middle class of this country are screwed.
If you want to make this john-pimp-whore analogy for wealthy elite-politician-common taxpayer to work, you have to follow through and be clear who is playing which role. The wealthy elite would be the johns since they are the ones who are looking to exploit someone and are willing to pay a little to get what they want; the politicians would be the pimps (as your post stated) since they are getting paid to make the connection; but of course that leaves the taxpayers to play the role of the whores since they are the weakest link who are getting their rear ends reamed with force while at the same time being so doped up on media bread and circuses that they are unable to do resist their pimp’s demands to service their johns.
I don’t know though; the analogy seems a little forced. The wealthy elite are stealing the taxpayers money with the help of the politicians so the whole sex industry comparison has some weaknesses.
Personally, I think a simpler analogy is that in democracies, politicians play the role the clergy used to play in the Middle Ages; their job is to add legitimacy to sacrifices demanded by the aristocracy in order to convince the serfs to willingly submit to their overlords so that outright violent coercion can be kept to a minimum.
As for the few honest politicians, they play the same diversionary role that the Jon Stewart show does for television: they shine just enough light of integrity that many people are convinced to reist throwing their political system/televisions into the pit of oblivion.
Bill:
If this guy is the Chair of the econ department at George Mason, you have to wonder what type of indoctrination the students are getting. Sounds like a wingnut.
Hugh:
Boudreaux misses the point. Both parties compete to do the bidding of corporations and Wall Street. So in most of the time, we have no real choice. And sure we are getting stiffed on some farm subsidies, but it is a vanishingly small amount compared to what the banksters have looted. A very strange post.
timbo:
I love me some bank-hatin – but this analogy not up to par.
Pimps do provide a service(protection), and while some do expropriate resources via force, this is not the preferred business model of s successful pimp.
In short, pimps that underprovide services on the dollar are quickly weeded out, and lose earning power from their hoes.
In the ultimate unregulated labor/management dispute, those that don’t meet market demand (pimps or hoes) suffer the economic consequences.
Stangely, Congress does have, in theory a mechanism whereby those that don’t meet market demands suffer. This historic mechanism used to be called the voter.
So why haven’t we acted? Good question. The only answer is that we as a people don’t get how badly we are being screwed.
I’ll leave you with two quotes from MY favorite pres. Andrew Jackson
“One man with courage makes a majority.”
“Gentleman, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in thebreadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families and that will be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out. ”
Keep fighting
Corporate Scandal Jokes - Corporate Fraud Late-Night Jokes
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Last modified: November 06, 2009
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