Stacy Summary: What’s the proper word for it? Debt slavery? Indentured servitude? So many schemes so few words. We need a new Shakespeare.
“This vividly shows the risk of entering into interest- rate swap agreements,” said Christopher Taylor, former executive director of the Municipal Securities Rulemaking Board in Alexandria, Virginia. “The world’s got to see what stupidity even the sophisticated investors like the transportation fund can get into.”
While New Jersey replaced the debt with fixed-rate securities in 2008 after the $330 billion auction-rate bond market froze, the swap, in which two parties typically exchange fixed payments for ones based on floating interest rates, isn’t scheduled to expire until 2019.
Tags: goldman sachs · new jersey · swaps85 Comments
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Pension Funds to Buy Gold as Insurance, McGuire Says (Update2)
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aiQIC3LYFdvc
It is fundamentally unfair to give benefits to anyone who has not paid into the system.
@Phil:
This is useless rhetoric since the whole point of taxation is forced redistribution of wealth. Paying into the system just means one is a sucker.
Phil:
You are aware that the IRS is an independent corporate body?
Jackie Mason
‘Morons on Capitol Hill’
Oct 22 (3min10)
http://www.youtube.com/watch?v=oFGQwAlRfdA
@Dedo … The N*zi’s were no worse than Governments
Yes .. they were in some ways cleverer …
e.g. they introduced the Italian Double-Book-keeping to gain a 100% insight into the German industry’s doings !
@frances snoot … You are aware that the IRS is an independent corporate body?
Yes … and Ron Paul knows this as well … says ( and I agree ), one could do away with them completely .. and they are according to the Constitution … outside the law !
@Phil:
Impressive!
But why doesn’t he do something that will matter?
Timothy Geithner absolutely aware bankers robbed the U S taxpayers 2009
… Timothy Geithner, was absolutely aware, that the Wall St criminals, who helped create the current Economic Destruction, were giving themselves bonuses. Binyamin Appelbaum being interviewed on C-Span.
…
http://www.youtube.com/watch?v=eVxGyiGgNQk&feature=rec-HM-fresh+div
FWIW
@frances snoot … But why doesn’t he do something that will matter?
Make him President … and give him the power !
BTW … RP had a massive Internet following before MSM took over and drowned him out !
Sure … the Americans were given a Choice … of the chosen 2 candidates !
Just a joke.
BTW …RP wants to change the electoral system as well .. to ensure that more than just 2 parties run the place.
The US Elections are like a bad Hollywood film … just amazing that the Americans put up with this ! I suppose if they ( the masses ) weren’t such brainwashed flag-waving “patriots” , they might have time to actually think about how they’re being duped !
@doomandbloom – I think we warned of that problem that the guy is having with HSBC; they have been extricating themselves from any exposure to the US consumer . . . they suffered massive losses when an American banker they assigned to run US bought Household as his brilliant idea; they lost more than 100% on their investment; since then they have been exiting and it seems their aim is to get out entirely;
@harry_w – I like Harry Liu’s stuff . . . he’s hard to track down; otherwise I would try to get him on to one of our shows
Make him President … and give him the power !
*Poof*
Done. And for my next trick….
shucks, Phil…we forgot that power corrupts…and the president doesn’t wield power outside the UN Security Council anymore… and then only for those who put him there…
He’s like the figurehead on the old wooden sailing vessels:
http://wilhelm-aerospace.org/Photos/summer-2005/roll-09/3638-surprise-figurehead.jpg
Phil:
Can anything good come out of Texas?
Wisdom of Henry Hazlitt
…”The supply of gold is governed by nature; it is not, like the supply of paper money, subject merely to the schemes of demagogues or the whims of politicians. Nobody ever thinks he has quite enough money. Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation. Gold may not be a theoretically perfect basis for money; but it has the merit of making the money supply, and therefore the value of the monetary unit, independent of governmental manipulation and political pressure. “And this is a tremendous merit. When a country is not on a gold standard, when its citizens are not even permitted to own gold, when they are told that irredeemable paper money is just as good, when they are compelled to accept payment in such paper of debts or pensions that are owed to them, when what they have put aside, for retirement or old age, in savings banks or insurance policies, consists of this irredeemable paper money, then they are left without protection as the issue of this paper money is increased and the purchasing power of each unit falls; then they can be completely impoverished by the political decisions of the ‘monetary managers.’ “The tremendous merit of gold is, if we want to put it that way, a negative one: It is not a managed paper money that can ruin everyone who is legally forced to accept it or who puts his confidence in it. The technical criticism of the gold standard become utterly trivial when compared with this single merit.
…
http://www.investmentrarities.com/wisdom_of_hhazlitt.shtml
FWIW
@frances snoot … Can anything good come out of Texas?
Thinking .. and Thinking .. and Thinking …
Ah … a return to Mexico ?
Phil:
LOL!
@Phil:
Henry Hazlitt sure does chew for a long time on the same piece of gum! Tell him to spit it out already. The taste is long since gone!
This is truly sad. Lot of decent people being consumed by system.
There used to be a restaurant in Rumson, NJ called Hook, Line, & Sinker…where all the Wall Street Big Shots lived…I did not realize it applied to the whole state being snookered.
Applicant Pool
* I.B.M. business analyst with 18 years experience.
* A former director of human resources.
* Someone with a master’s degree and 12 years at Deloitte & Touche, the accounting firm.
* A former bank branch manager.
* A woman who once owned a trucking company.
All of the above were immediately disqualified as being overqualified.
To land a job you have to be the perfect candidate, near the top of the stack of résumés, neither underqualified nor the slightest bit overqualified and you have to be willing to grab at a fly ball (show eagerness to jump at passing opportunities).
It does not get much harder than that, and there will be no feedback to applicants turned away. Indeed they may have received so many résumés they did not even get to yours.
How Being The Slightest Bit Overqualified Can Cost You A Job
http://globaleconomicanalysis.blogspot.com/2009/10/how-being-slightest-bit-overqualified.html
@phil
Nice gravatar
Of course nature can be assisted by lots of mining activity..
The unfair trade happens when you spend the paper you though was money, and the bank comes and takes your stuff in return..
Hay as long as the bonuses are real……everything else can be fiction. oooo except the fee too……..lol NUTT HOUSE ECO’s
QUOTE!!!
“New Jersey pays Goldman Sachs for swaps on non-existent bonds,
——–
Well it will help with he none existent debt and none existent interest and none existent money… hay as long as the bonuses are real lol
Brief History of IRS
Origin
The roots of IRS go back to the Civil War when President Lincoln and Congress, in 1862, created the position of commissioner of Internal Revenue and enacted an income tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the following year.
16th Amendment
In 1913, Wyoming ratified the 16th Amendment, providing the three-quarter majority of states necessary to amend the Constitution. The 16th Amendment gave Congress the authority to enact an income tax. That same year, the first Form 1040 appeared after Congress levied a 1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000.
Ah Wyoming…the state that Cheney owns. Nothing good but hot foul smelling gaseous water comes out of Wyoming.
Funny how the IRS and the Federal Reserve both came back in 1913. Geez, how I would have loved to be in the 3,001 to 499,999 bracket in 1913.
@stacy that whole Household Intl deal was a complete joke…they were going to get crushed by deteriorating loans…but out of nowhere deal to hide the losses overseas.
They actually got rid of 2 loser consumer loan companys at the time.
The questions are unlikely to end with Mr. Caspersen’s death. His family was associated with Beneficial, the consumer lending giant, for most of the 20th century. Mr. Caspersen ran the company for 20 years before selling it to Household International in 1998 for $8.6 billion.
Did you read this story?
Suicide Victim May Have Hidden Millions Abroad
http://tinyurl.com/ylfftep
1913 prices:
Average Income $1,296.00
Loaf of Bread $.06
Gallon of Gas $.12
Gallon of milk $.36
New Car $490.00
New House $3,395.00
Dow Jones Index 78
And you know what is disgusting and never changes…the guys with the best educations and the best connections produce the most horrific losses and maintain their wealth …boggles my mind.
@Dante .. so true !
The Germans call them “Nieten in Nadelstreifen”
= Idiots in Pinstripes !
@Phil – Nieten in Nadelstreifen; that’s an awesome sounding phrase; Sounds like something that Max might try to say on The Truth About Markets tomorrow . . .
@y’all
maybe I am being a bit severe, I am not trying to exclude any topics… but I am thinking a permanent thread or section for gold discussion… we could make it quite attractive and shiny, you could place your cursor on maybe a secret door and with a special knock… enter that section of the site… (fort knocks)… or maybe something like pirates treasure chest… or a ‘canyon del oro’!!!
PS. will someone please let us know if and when we can embed images… cheers!!!
@s.herbert
I thought all german words and phrases sound awesome… why I bet even their word for butterfly sounds like an invitation to start a war!!!
http://www.lewrockwell.com/paul/paul600.html
Ron Paul again on Fed opacity and transparency…
ROFL Phantom Economoy . Think the next big thing will be Sun Credit Defalt SWAPS trading at 10 $ a share PMSL
Hook, Line, & Sinker
Existing Home Sales FALL in September 2009
Existing Home Sales fell 5.4% last month, despite the nonsense you have read elsewhere.
NAR continues to bullshit America with their garbage data and spin, month after month, with few people calling them on it. Well, I’ve had it up to here with their garbage:.
http://www.ritholtz.com/blog/2009/10/existing-home-sales-fall-in-september-09/
Hey Phil maybe we can start a “Nieten in Nadelstreifen” of the week!
@Supergeek- der Schmetterling= butterfly
(that deg. minor in German comes in handy occasionally, I am listening to Deutsche Welle right now)
@Stacy,
I’m continually shocked by how relevant his essays from 2005-2007 are, and all ahead of the bubble bursting in July 2007.
I’d love to know what he looks like, does he look like a Chinese Denninger I wonder?!?!?
AsiaTimes Online is a very unusual web publication. A very strange mix of commentators, of widely contrasting views. I suppose it offers the reader a chance to take on board what makes sense to them.
New Jersey’s Governor is a Goldman Sachs man himself.
Phil with the Aleph just a note. Why don’t you check Ron Paul’s comments on Separation of Church and State. He doesn’t believe in it, that one of the reasons I soured on him not to mention what Barry Rithholtz has to say about the need for Central Bankers.