Bailout capitalism and an irresponsible lending bazooka

Posted on January 1, 2010 by stacyherbert| 24 Comments

Stacy Summary: Good morning, afternoon or evening wherever you are.  And Happy New Year.  Here are a mishmash of politics, technology and economy stories I am reading today  . . .

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24 Responses to Bailout capitalism and an irresponsible lending bazooka

  1. Marc Authier | January 2, 2010 at 8:35 am |

    A new cold war would be just fine. Somehow when the USSR existed they were less arrogant and corrupt. The fall of the Berlin Wall left a hole. Today the looting goes on unabated. They are not even scared. Mutually assured destruction really works. We have to find a way to mutually destroy these crooks. They can destroy us but in return we must assure them that we will also destroy them. We need a type of social contrat that insure people like Goldman Sachs, that if the continue their ways, we will take to eradicate from the face of the earth. We need in a our nations and our societies an equilibrium of terror against these types of psychopaths.

  2. California Doctor | January 2, 2010 at 5:21 am |

    @Marc and @Alistair-

    There is nothing new in the socio-political behavior which creates crony capitalism. Isn’t “crony capitalism” just a fancy way of saying “bribe”.

    This behavior pattern of “I’ll-bribe-you-You-bribe-me” has been going on since the beginning of government and money.

    Right now Greece is in financial trouble.

    If there were a political solution which worked, either the Italians (Rome) or the Greeks (Athens/Sparta) should have had an answer. They do not.

    Even if you look at the other major world empires (China, Persia, India), the ability for the people to build a separation between politics and money does not exist.

    What exactly is the solution you are looking for?

    The courts in the United States are not able to look out for the common people. If they could, then white collar crime would not be unpunished. Unfortunately, TPTB permit these crimes to be unpunished because TPTB do not want to bite the hand that feeds them (Bush and Enron appear to be an exception).

  3. Chalcedonite | January 2, 2010 at 2:17 am |

    Thanks Phil for those German videos! I have many German friends I will pass them onto.

  4. Alister | January 1, 2010 at 8:06 pm |

    yes marc, i agree

  5. Marc Authier | January 1, 2010 at 4:55 pm |

    Bailout capitalism leads to crony capitalism, Crony capitalism leads to fascism. And fascism leads to war and imperialism.

  6. Max Power | January 1, 2010 at 4:44 pm |

    Australia and NZ have had reviews of their entire tax systems, about once every 10 years since the 1980s.

    Australia has about 126 taxes (down from ~250), NZ less but there has not been a review in a while.

    Canada — I have no idea, but it can’t be any worse than Australia I would hope.

    Point is, this kind of overall taxation system review is unknown in the US as the US has a failed governmental system. The US has to have more taxes, and taxes created and modified for special interest groups — a phenom when taken too far can ruin an economy to its core.

    A long overdue hyperinflation implosion of the economy is about the only hope the US has of making its taxation system workable again. Even still it may take 20 to 40 years of continuous economic collapse to rid out the endemic nepotism and favouritism that has strangled the US economy as much as incoherently coordinated taxes.

  7. Marc Authier | January 1, 2010 at 2:15 pm |

    @Alister

    Communistic ? You can also lump in nazi when it comes with this obsession with biometrics. I know that these people are in reality mean and demonic eugenists like Darwin and Galton. Mix in Mathus and you are much closer to “good old” narty british and german social darwinisn. A lot of these biotemetrics freaks stink indeed nazism and concentration camp. The prison planet ain’t just an Alex Jones fantasy.

  8. sam | January 1, 2010 at 10:44 am |

    Happy New Year guys.

    an oldie but goodie, with the property and stock crashes, few still note that some tech stocks are still over valued.

    http://www.youtube.com/watch?v=I6IQ_FOCE6I

  9. TJ | January 1, 2010 at 10:29 am |

    Happy New Hangover, ouch

  10. Brandon Sanks | January 1, 2010 at 10:19 am |

    Plus Obama wants to give the FED expanded powers. This is the biggest pozni scheme in world history. American’s founders warned them about the money power and central bankers. Jefferson’s words are so true today. Americas easily the most naive people in the world.

  11. Daniel S | January 1, 2010 at 10:10 am |

    Obama is a preacher to a crowd that sees Freedom and Responsibility as separate from each other, and feelings as more important than reality. They are a congregation of adults determined to be infants. All he does is say things through the conditioned “authority knows best” channel and his soother-sucking flock uses his words to create reassuring illusions that allow them to maintain their infancy addiction. It’s a modern twist on the psychology of leadership in Fascism. It’s different today because actual adults are in such low supply.

  12. AM | January 1, 2010 at 9:56 am |

    And in the twilight zone where bernanke is man of the year of time magazine: http://www.huffingtonpost.com/2009/12/25/goldman-sachs-ceo-lloyd-b_n_403689.html Goldman Sachs CEO Lloyd Blankfein has been named Person of the Year by the Financial Times.

    War is peace, heroes are criminals etc.

  13. Daniel S | January 1, 2010 at 9:48 am |

    It’s pathetic when the government that propagandists are trying to paint as boogeymen ends up seeming more straightforward, honest and rational than the government in control of the message. Reminds me a little of the clumsy propaganda that comes out of China. It would have been a lot easier to paint Ahmadinejad with the religious nut brush had the US not gone to war under the mandate of God through Bush who played to the religiously fanatic emotional reasoning crowd. There is a desperate tone to the anti-Iran propaganda the Guardian published imo. Someone with no direct knowledge is 90% sure? Lol.

    A problem with the Whitehouse dividing Americans into two camps and relying on the strength of the idiot camp for their support is that the rest of the world tends to lay outside that camp. This forces isolationism. The Whitehouse then becomes guilty of what they so pointedly accused centralized state communism of. A fear of ideas.

  14. JT | January 1, 2010 at 9:48 am |

    Happy New Year folks and thanks for the links Stacy…time to get my reading cap on.

    P.S Economic Forecast: 2010

    There are some great guests on Coast to Coast tomorrow that I think you guys will be interested in:

    http://www.coasttocoastam.com/show/2010/01/02

    Joe Meyer should be a great listen too.

  15. frances snoot | January 1, 2010 at 9:21 am |

    http://docs.google.com/viewer?a=v&q=cache:WvzXKI7pyJcJ:https://www.imf.org/external/np/omd/2009/govref/032409.pdf+%22imf+council%22&hl=en&gl=us&pid=bl&srcid=ADGEESj7MgO93CPgeSwxv4fYq3ufbx_OQxR1RElZuxpa764lAGHaeVUOVciiYUMjt2aVadRjpzb5JjOXT4YPlOE6VYGfs5SkKCixyM437fwrLk5FYr-7-nWfHglo0IIp40EBf-wJgwym&sig=AHIEtbQoLHlH9nGIPJ5rlpeXaxgce5gKBg

    IMFC to become IMF Council: increased authority decreased accountabiliy=global governance by the IMF banking elite.

    http://www.imf.org/external/np/exr/facts/groups.htm#IC

    “Once the PPIP and other country approaches are well advanced, and as stress testing of banks is completed, it will become clearer how much capital banks will need to raise. In the main, this will be a matter for the private sector. There will, however, be a residual quantity of non-conforming legacy securities that cannot be dealt with through the PPIP and other mechanisms. This may leave some institutions still in a difficult position. Advance planning for this possibility would prevent any potentially disruptive effects.”

    http://www.oecd.org/document/58/0,3343,en_2649_201185_42671354_1_1_1_1,00.html

  16. Alister | January 1, 2010 at 9:20 am |

    mike…watch the video…believe your own eyes and ears not merely just my words ..

  17. Mike/Liverpool | January 1, 2010 at 9:02 am |

    My God
    Gold has flat lined again!

    Alister
    You bring that crappy neo commie crap up again & i make you listern to Max sing!

    Mike

  18. Phil /Germany | January 1, 2010 at 9:01 am |

    PS@Freedom through Gold …

    This Swiss guy’s lecture ( Professor Dr. Hans J. Bocker ) needs to go on US MSM … it would wake up the Americans with a Big Bang !

    Excellent bringing together of everything that we find ridiculous .. Hanky Banky … LOL !

  19. Sam53 | January 1, 2010 at 8:55 am |

    A blessed New Year to all!
    Here’s what’s happening in my neck of the woods:

    Our local Government Employee Retirement System has initiated a lawsuit against Morgan Stanley alleging investment fraud involving risky residential mortgage based securities. David takes on Goliath! The total population tof the US Virgin Islands is around 100,000.

    http://stcroixsource.com/content/news/local-news/2009/12/29/gers-sues-morgan-stanley-over-risky-investment

  21. Brandon Sanks | January 1, 2010 at 8:53 am |

    Larry Summers was a huge Glass-Steagall hater. He was a huge cheerleader for the 1999 repeal. My liberal friends are still fooled by Obama. He is just another Wall Street puppet.

  23. Alister | January 1, 2010 at 8:17 am |

    This short “peakmoment” video exemplifies the quite bizarre communistic environmentalism which is, currently, being fanned amongst and within certain particular Western countries.

    http://www.youtube.com/watch?v=ZNkugyv2Mkk&feature=sub

    Again, these types of people should read Bionomics by Michael Rothschild ..

  24. Jim ODonnell | January 1, 2010 at 8:04 am |

    Thanks to good picture selection by another boad member, John Galt, he inspired me to use them in a decade long [2000-2009] YouTube video with some appropiate music:

    http://www.youtube.com/watch?v=dOLNx0KHp0g