Category Archives: Dept of UFO’s Over NY

Now On To The Next Trumped Up Accusation

I must be living in the stupidest country on Earth. If only Bill had showed us his Clenis…

Or Newt, who hasn’t released his I am a white male from Georgia certificate. Or his pecker either, for that matter. I think that should be the next criteria for Presidential aspirants, show us your papers and your peckers.


Of course, once the birth certificate issue is dispatched, will he release his college transcripts? That’s the issue for me.

Yeah, I bet it is Erik.

From the Brainiac of TIME who has also not shown us his papers or pecker.

This is an extraordinary moment in the history of the Obama presidency and of the nation.

Yeah, right up there with the Emancipation Proclamation and the invention of the Yo-Yo.

The Craven Crayola

Master of the twenty twenty head up his hindsight, flathead Fred extolls his superior crystal balls gazing abilities.

I remember all the Villagers tweeting and walling about this last year. Not.

Redistribution Of Wealth Is Good!

Government of Thieves

Just as the Bush regime’s wars have been used to pour billions of dollars into the pockets of its military-security donor base, the Paulson bailout looks like a Bush regime scheme to incur $700 billion in new public debt in order to transfer the money into the coffers of its financial donor base. The US taxpayers will be left with the interest payments in perpetuity (or inflation if the Fed monetizes the debt), and the number of Wall Street billionaires will grow. As for the US and European governments’ purchases of bank shares, that is just a cover for funneling public money into private hands.

Pesky Reaganites.

It is being reported that there are signs of a credit thaw.

Andrew Jackson Rolls In His Grave

Car-Finance Firms Want Access to Fed’s Commercial Paper Program

Automobile-finance companies pushed hard to get in on the government’s $700 billion financial rescue plan. Now, with the industry’s troubles expected to deepen, they are exploring further moves, including help from the Federal Reserve.

The plan outlined by the U.S. central bank Tuesday to effectively lend to companies to fund day-to-day operations will likely not include most auto lenders. That’s because the plan, which would involve Fed purchases of short-term debt known as commercial paper, calls for lending to companies with higher credit ratings.

Yes, we must have limits.

Tighter credit equals fewer sales. This remains me of the old saying (that is true during a credit crunch): Bankers only lend money to people who don’t need it.

..and governments to those who don’t want it

To make the point more clearly: the public at large was taken not just once, but twice, It was hosed in the unduly generous terms given to nine banks (the lack of writedown of assets to realistic values, the failure to wipe out current equity holders and subject debt holders to a haircut, the merely symbolic limits on executive pay). But it also got a less obvious shellacking in the way legal and regulatory processes were trampled. Given the Treasury and Fed’s combined banking authority, and the dubious valuations of many types of assets on these firms’ books, the powers that be could easily have compelled any bank to accept a much less favorable deal, or frankly any deal they wanted them to take. And it would not have taken all that much additional effort (although it might have taken some planning, which is a persistent shortcoming of this Administration).

But Paulson instead went through a bizarre, public exercise in sham corecion (and real sidestepping of even minimal normal forms) so as to avoid a candid discussion of how lousy the banks’ balance sheets really were. And the ruse, like the TARP itself, was another demonstration that the Treasury considers itself to be outside the law.

Crime in a socialist economy already?

So preferred ‘shares’ pay 5%. Banks can buy back the stocks at par value, which means the price the Treasury is paying for them now. That means if the stock goes up we get no upside, but if it goes down we’re behind the lenders and lawyers for money. It’s a loan, and a junior loan at that.

Well, whadda ya know?

Now that’s a crisis!