Archive for category How and Why We Get Screwed
Republican Mitch McConnell’s Twisted Logic on Taxes, Economics and Deficits
Posted by Lance Haley in 2010 Election, Budget, Budget & Deficit, Budget Deficit, Conservatives, Economics, Financial Crisis, Government, How and Why We Get Screwed, Logic & Reasoning, Politics, Republicans, Senate, economy on July 24th, 2010
PARALLEL UNIVERSE by Steve Hester
Remember how “vibrant” the economy was at the end of the Bush Era?
Recall that when Bush left office in January of 2009, the U.S. budget deficit was at an historical all-time high, roughly $1.3 Trillion .
So now Republican Senate Minority Leader Mitch McConnell claims that the Bush Tax Cuts “increased revenue, because of the vibrancy of these tax cuts in the economy.”
What an inexplicable disconnect between his statement and the foregoing facts regarding the economic collapse brought on by the Global Financial Crisis in 2008, and the deficits a majority of Americans agree that Bush hung around Obama’s neck; deficits that were unprecedented in relation to previous Administrations. It’s patently obvious that McConnell operates from a parallel universe where the laws of basic math and logic don’t apply.
As Ezra Klein of the Washington Post so kindly put it, “it’s enough to make you very, very sad.”
What’s even more unbelievable is how McConnell and the Republicans attempt to blister Obama and the Democrats on taxes, spending and deficits, all while ignoring the most blatant evidence of what the Republicans did after inheriting Clinton’s budget surplus. To describe this behavior in terms of an hypocrisy is an understatement.
So now the country seems inclined to put these guys back in power?
That is utterly terrifying.
NOTE: the sublime painting by Steve Hester is an original watercolor for sale at this link.
Wall Street’s Likely Strategy for Financial Reform
Posted by Lance Haley in Bailouts, Banking, Business and Money, Capitalism, Congress, Economics, Financial Crisis, Financial Terrorists, How and Why We Get Screwed, Wall Street, financial industry on June 21st, 2010
Citigroup – another Wall Street financial behemoth – has just released estimates regarding how hard financial reform might negatively effect Wall Street banks’ earnings.
I have news for Citigroup. One of your own – a Wall Street investment banker – seems to think differently.
If you recall back in January of this year, Goldman Sachs CEO, Lloyd Blankfein, and several of his fellow Wall Street CEO’s testified before the Financial Crisis Inquiry Commission regarding their complicity in the global financial crisis. First, Lloyd “Doing God’s Work” Blankfein had the audacity to claim that these events “will not happen again in my lifetime.”
So Lloyd, we can disregard the Long Term Capital Management hedge fund financial collapse in 1998 that almost resulted in a global economic meltdown – click here, here, here, or here. Or how about the dot.com bubble of 2000 – click here or here. And now this more recent Global Financial Crisis? Even though they all three occurred over the course of a mere 10 years?
Lloyd, are you saying you only have a couple of years to live? Has Hell been put on notice to reserve a room?
After that self-serving testimony, the closest any one of them came to admitting that they completely screwed-up the financial system was the statement of Morgan Stanley CEO, John Mack: “We did our own cooking and we choked on it.” Well not exactly John; you did your own cooking, the American public choked on it, all while you and Blankfein continue to dine on caviar, Oysters Rockefeller, Fillet Mignon and lobster.
So while doing the usual “deep research” into that day’s Congressional hearing, I stumbled upon an investment banker’s blog, and referenced some of his brash and flippant statements in this post - Inside the Mind of an Unapologetic Wall Street Investment Banker. Let’s revisit some of his comments:
Investment bankers “have absolutely no interest whatsoever in the whys and wherefores of the financial crisis, the proper size and role of banks and investment banks in the domestic economy, or the moral imperatives inherent in stewarding the financial plumbing under-girding the daily lives and livelihoods of six billion people . . . [i]nvestment bankers have almost no interest in why things are the way they are. Rather, they spend all their considerable intellectual and psychological resources on understanding how they can take advantage of the way things are.”
Moreover, “their obvious lack of intellectual curiosity about the sources of the crisis . . . [explains] their resistance to any major change in the way the industry or the markets are regulated . . . changing regulations will [not]necessarily make the industry less profitable . . . [since they] have well-justified confidence in their ability to turn new regulations to their advantage.”
He goes on to conclude, “Don’t look to investment bankers for answers on how we got here. We don’t know and we don’t care [emphasis added]. We take the world as we find it and try to make money.”
After reading that, you should know beyond a shadow of a doubt that nothing will change after financial reform. Absolutely nothing. Except Wall Street investment bankers will become even richer, while they unapologetically watch the rest of us slowly go to Hell in a hand-basket.
If that is ”doing God’s work”, Hell is fine with me.
A Tragedy of the First Proportion?
Posted by Lance Haley in 2010 Election, BP oil spill, Business and Money, Campaigns, Capitalism, Energy, Environment, Government, House of Representatives, How and Why We Get Screwed, Oil, Politics, Republicans, Show Them the $$$, White House on June 17th, 2010
No, the heading of this post is not a reference to the tragic deaths of the eleven men killed from the horrific explosion and fire on that Gulf oil rig. Nor is that heading alluding to the environmental devastation being wrought upon Gulf coast region by the oil spill. And it is not even a commentary on the hardships the people of the Gulf coast are experiencing.
Quite to the contrary.
That statement was Texas Republican Representative Joe Barton’s characterization of the outcome of the meeting between BP executives and President Obama in the Oval Office on Wednesday – where BP voluntarily agreed to pay $20 Billion into a fund to cover legal claims for the oil spill. Barton seems to think that BP had no choice in the matter – describing it as a political “shakedown” – and then openly apologized to BP’s embattled CEO, Tony Hayward, as more Congressional hearings got underway this morning. Here is what Barton had to say:
“I’m ashamed of what happened in the White House yesterday . . . [it's] a tragedy of the first proportion, that a private corporation can be subjected to what I would characterize as a shakedown, a $20 billion shakedown.”
Furthermore, Barton attempted to insinuate that BP was denied it’s right to utilize the legal system by invoking the constitutional doctrine of “due process and fairness” - thereby concluding that BP entered the agreement under duress, thus ostensibly elevating it to the level of “a tragedy of first proportion”; at least in Barton’s obviously warped world-view.
If anything, Barton’s response is so remarkably disproportionate, it begs the question as to how he could reach such an extraordinarily nonsensical conclusion? Want a not so little clue?
M-$-O-$-N-$-E-$-Y!
Barton – who is the top Congressional recipient of almost $1.5 million in political campaign contributions from the oil industry over the past 20 years – is just another shameless Big Oil shill in Washington, who is willing to do the bidding for their interests; all while placing the interests of average Americans at the bottom of the barrel.
Barton may be the only Republican brazen enough, or outright stupid enough, to say what he really thinks. I guess money and power will do that to you. Other Republicans simply insinuated that it was another Obama-style government takeover, of sorts. Their “measured responses” are just a veil for the same manner of thinking.
Meanwhile, as I am just finishing writing this post, Barton has suddenly issued a retraction of his earlier apology to BP CEO Tony Hayward – not so ironically, under duress from Republican leadership. In Barton’s mind, that is probably compounding the “tragedy of first proportion”? But even soul-less politicians have to compromise from time-to-time.
Nevertheless, don’t be fooled. After all, defending Corporate America is the primary business of the Republicans. Meanwhile, the small business owners of the Gulf Coast are cast afloat on a proverbial sea of oil, all going to Hell in a hand-basket together.
Let’s just hope the voters remember that come November.
Massive Document Spill in Washington by Goldman Sachs
Posted by Lance Haley in Bailouts, Banking, Business and Money, Capitalism, Congress, Financial Crisis, Financial Terrorists, Government, House of Representatives, How and Why We Get Screwed, Show Them the $$$, Wall Street, financial industry on June 17th, 2010
WHERE’S WALDO?
Lost in the news cycle that has been inundated with stories regarding the Gulf oil spill, there was another giant “spill” that is overwhelming Congressional and SEC watchdogs.
Goldman Sachs is playing a classic legal game of “Where’s Waldo” with the Congressional Financial Crisis Inquiry Commission by first refusing requests for documents related to the commission’s inquiry, and then suddenly dumping (delivering) hundreds of millions of documents all at one time - a legal maneuver intended to obfuscate and hide the proverbial “smoking gun” documents that may be lurking beneath that mountain of paper.
You can be certain most of those documents that were delivered have nothing to do with the Congressional inquiry. Moreover, it will take years to scour through them to find the one’s that really matter - assuming they haven’t already been quietly deleted and/or shredded. By the time this thing is over – years from now - Goldman Sachs will have likely have made enough money to pay a “small fine”, and then buy the remaining portion of Congress that they and the rest of Corporate America don’t already own.
The message from Goldman Sachs: we worked diligently at providing the documentation that you have requested, and we can ensure you that we left nothing out (except maybe the sh!t that really matters). Oh, and good luck finding what you are looking for,
If this was the Pecora Commission, you could bet that Lloyd Blankfein and Company – you know, those guys on Wall Street that are doing “God’s work”- would be a lot more cooperative. Yet, Lloyd’s betting this dog ain’t got no teeth. I hate to admit it, but Blankfein is probably right.
So the question should not be ”Where’s Waldo”?
Americans should all be asking “Where’s Percora“?
JP Morgan Apologizes for Saying What They Think, So You Don’t Think About What They Said
Posted by Lance Haley in Bailouts, Banking, Business and Money, Capitalism, Economics, Financial Crisis, Financial Terrorists, Government, How and Why We Get Screwed, Senate, Show Them the $$$, Wall Street, economy, financial industry on May 5th, 2010
YOU CAN’T UNRING THE BELL . . .
A top executive and economic analyst at mega-bank JP Morgan Chase trashed U.S. senators in a company memo to the bank’s clients - stating that they showed “an unnerving ignorance of fundamental principles of market economics” regarding the Goldman Sachs hearings, and said “it’s time for the grownups to step in” regarding financial reform.
Interesting . . .
These same banks showed an unnerving ignorance of fundamental principles of market economics when coming to the taxpayers for bailouts; which suggests that it’s time for the grownups to step in, and teach them a lesson about what happens when you demonstrate an unnerving ignorance of fundamental principles of market economics – you lose the privilege to have such a powerful influence over OUR economy.
The grownups need to make TBTF (Too Big To Fail) = TSTM (Too Small To Matter) – break up these childish Big Banks.
P.S. After a spokesperson for JP Morgan Chase issued an apology for the memorandum – stating that it “does not reflect the views of our firm” – you could here the collective chant from JP Morgan headquarters as they covered their ears . . . “THE BELLS, THE BELLS, THE BELLS.”
Republicans Suddenly “Get Religion” On Financial Reform?
Posted by Lance Haley in 2010 Election, Bailouts, Banking, Business and Money, Campaign Finance Reform, Campaigns, Capitalism, Congress, Financial Crisis, Financial Terrorists, Government, How and Why We Get Screwed, Politics, Republicans, Senate, Show Them the $$$, Wall Street, White House, financial industry on April 26th, 2010
Several weeks ago Senate Minority leader Mitch McConnell and Senator John Cornyn, leader of the National Republican Senatorial Committee – a principle Republican campaign fund-raising organization – flew to New York City to meet with Wall Street. Looming on the “dark horizon” was another long and bitter battle with President Obama and the Democrats over the proposed financial reform bill. It was safe to assume that Republicans would drag this one out like they did health care reform so as to impact the coming Fall mid-term elections.
True to form, McConnell and Cornyn made their pitch to the money-changers sitting in the temple – which was 25 Wall Street executives and hedge fund managers. The two powerful Senators made it very clear that in order for the Republicans to have any chance to take back control of the Senate and the House, they would need Wall Street’s assistance. As one anonymous Wall Street executive in attendance so eloquently put it, “There was no arm twisting, but they did say that we should feel uncomfortable living in any country where one party has unfettered ability to pass anything [legislation] . . . President Obama dreams up.”
I hope I don’t have to spell out what the Republicans quid pro quo was? $$$$$$$$$$$$$$$$$ . . . and lots of it.
So upon the Senator’s return to Washington, McConnell immediately announces that the Republicans are united in their oppostion to the Democrats’ financial reform bill, and they will utilize every procedural move to block the proposed regulatory-laden legislation because it will risk future tax-payer bailouts. That was just two weeks ago.
Fast forward one week, with one big freakin’ revelation about Goldman Sachs’ “gaming the system” to the $1 Billion detriment of several of their institutional clients, as well as proposals for much stronger derivatives regulation coming out of another Senate committee – and the Republicans are caught in a trap that they set for themselves.
Yet, in spite of the fact that the Republicans suddenly reversed course and were quickly backing away from supporting their Wall Street financiers, appearing more conciliatory towards President Obama and the Democrats than they have in more than 14 months, Mitch McConnell would have you believe that he has the Democrats on the ropes.
McConnell seems to think he should get credit for forcing the Democrats to negotiate. Senator Chris Dodd, Chairman of the Senate Banking Committee and author of the pending legislation, responded to McConnell’s baseless bragging, saying this:
“That is like a rooster taking credit for the sunrise.”
YEP!
UPDATE: Now after two days of filbustering and holding up floor debate on financial reform, McConnell got those Democrats to negotiate again – or was it get the voters to forget about the GOP’s siding with Wall Street by November?
SEC Diddles While Rome Burns
Posted by Lance Haley in Banking, Business and Money, Capitalism, Financial Crisis, Financial Terrorists, Government, How and Why We Get Screwed, Legal & Justice, Politics, Republicans, Senate, Show Them the $$$, U.S. District Courts, Wall Street, financial industry on April 26th, 2010
DID WATCHING PORN CAUSE THE FINANCIAL CRISIS?
This author was highly critical of the Securities and Exchange Commission’s (SEC) limp-dicked response to the Bank of America bailout scandal – here, here, here, and especially HERE - which was finally settled several months ago.
Federal Judge Jed Rakoff was incensed at the SEC’s handling of that case – and he publicly admonished SEC lawyers and regulators in a series of blistering critiques at their apparently cozy relationship with BoA executives and lawyers in trying to reach a settlement in that matter. Click on the link above to read the judges comments.
At least Judge Rakoff demonstrated that he has balls, and he vicariously told the SEC in no uncertain terms that they need to grow some testicles. I guess they got the message, in light of their recent case filed against Goldman Sachs.
And speaking of SEC testicles . . .
While Bernie Madoff was screwing his investors out of $50 Billion, and Goldman Sachs was screwing the rest of the world out of whatever money remained, SEC lawyers and high-ranking officials were watching porn stars screw one another.
And then we all got screwed – up the A$$!
Responding to the scandal, SEC spokesman John Nester released a statement that said, “each of the offending employees has been disciplined or is in the process of being disciplined.”
WAIT A MINUTE!?!
Doesn’t SEC Chairman Mary Shapiro realize that is exactly what these naughty boys want - punishment? Wonder if she used her bare hand, or a whip?
“Oooh, Mary baby . . . I’m a such bad boy. Pleezzze, spank me real hard. Pleeezzze?!?”
What a bunch of jack-offs – both literally and figuratively speaking.
On a final note: one of the SEC porn-watchers was a female staff accountant . An chance someone from the SEC can send me her email address and phone number? :)
P.S. To Senator Chuck Grassley and all of you other Republicans trying to use this as political fodder for undermining financial reform - this porn scandal happened on former SEC Chairman Christopher Cox’s watch. He was a Bush Republican appointee, confirmed by a Republican-controlled Senate!
Bill O’Reilly Claims Fox News NEVER Said You Could Go To Jail For Failing to Purchase Health Insurance
Posted by Lance Haley in Bill O'Reilly, Conservatives, Fox News, Glenn Beck, Healthcare Reform, How and Why We Get Screwed, Media & Communication, Politics, Republicans on April 16th, 2010
REALLY, O’Reilly?
Several nights ago you decided to take Senator Tom Coburn to task on national television for his recent comments regarding Fox News’ common use of disinformation to confuse voters. So in the course of your interview, you challenged him specifically on the issue regarding whether Fox News ever disseminated the notion that anyone could go to jail for not buying health insurance under the Health Care Reform bill.
You stated, and I quote, ““We researched on Fox News if anybody had ever said you’re going to jail if you don’t buy health insurance. Nobody’s ever said it.”
Well Bill, I suggest you hire some competent researchers, because the one’s you have must be hittin’ the bong in the back room. There it is in black and white, lifted straight out of Fox News’ transcripts. Read it and weep . . . and weep . . . and weep . . .
Bill. Don’t you, Sean Hannity, Fox News, The Pope, The Vatican , and Dick Cheney just love this new digital age we are in?
I DO!
Going to War With Iraq Was “A Done Deal”
Posted by Lance Haley in 9/11, Congress, Conservatives, Dick Cheney, Government, How and Why We Get Screwed, National Security, Politics, War on Terror, al Qaida, foreign policy on March 17th, 2010
Former CIA (Central Intelligence Agency) agent John Kiriakou has just released his new book, “The Reluctant Spy“.
According to reviews, the book reveals the inner-workings of the U.S. intelligence agency, and regales it’s readers with stories from the front lines in the War on Terror. Kiriakou’s participation in the capture of Abu Zubaydah, one of Al Qaeda’s senior commanders, as well as his prior support of the use of water-boarding as a legitimate means for acquiring intelligence, are just two of the many highlights in the book.
However, the most poignant experience of his career may well be the day he was called into a top-secret meeting while working at CIA headquarters in Langley, Virginia in the summer of 2002. During that briefing, he was told that the Bush Administration had already made the decision to go to war with Iraq the following Spring (2003). His job was to support the decision.
In other words, it was “A Done Deal”.
Kiriakou was stunned that the question of going to war with Iraq was already pre-determined by the Bush Administration in spite of the fact that Congress and the public were still undecided over the basis for invading another country that posed no serious imminent threat to our national security:
“Here was someone at the CIA, obviously plugged into the plans of the executive branch, telling us that the public debate in Congress, reflected almost daily in the press, meant nothing.”
Approximately seven years later, George Bush’s “Mission Accomplished” is anything but. Those elusive WMD’s are yet to be found. And brave young American men and women are still fighting and dying over there.
As Paul Harvey would say, “and now you know the rest of the story”.
Senator Shelby: Now Can You & Allah Bama Stop Giving Aid and Assistance to the Enemy?
Posted by Lance Haley in Government, How and Why We Get Screwed, National Security, Politics, Senate, War in Afghanistan, War on Terror, White House on March 9th, 2010
![Senator Richard Shelby and Saddam Hussein [holding hands]](http://screwedus.com/wp-content/uploads/2010/03/Senator-Richard-Shelby-and-Saddam-Hussein-holding-hands.jpg "Senator Richard Shelby and Saddam Hussein [holding hands]")
SENATOR RICHARD SHELBY HOLDING HANDS WITH SADDAM HUSSEIN [circa 1990]
Dear Senator Shelby:
As noted in this author’s previous post, you were playing politics with the lives of young American soldiers in order to get your way over the issue of awarding Northrop Grumman a contract to build a refueling tanker plane in your home state of Allah Bama.
Now Northrop Grumman has withdrawn it’s bid to build the planes, and will not file a formal protest because, in the words of Northrop’s chief executive, Wesley G. Bush, “service men and women have been forced to wait too long for new tankers.”
Senator Shelby: Service men and women have also been forced to wait too long for Senate confirmation of Obama’s appointee who is designated to become top Department of Defense point-man for readiness and managing deployments to Afghanistan, all because of you.
They are still waiting . . .
P.S. The picture in the caption was taken in 1990 during a Congressional junket to Iraq by Senator Shelby and Senator Arlen Spector. The authenticity of this trip can be confirmed right here on Senator Spector’s website.