Greg Prince's Blog

Musings and pontifications from a reality based progressive

Archive for September, 2008

Finding humor

Posted by Greg on September 30, 2008

What is the difference between a Lehman Brothers trader and a pigeon?

The pigeon can still make a deposit on a Ferrari.

Posted in Economics, Humor | Leave a Comment »

Bankruptcy, not bailouts

Posted by Greg on September 30, 2008

Comments?

The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.

The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.

Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

Posted in Economics | Leave a Comment »

Protection

Posted by Greg on September 30, 2008

TMV on how to protect yourself economically.

Read it.

Posted in Economics | Leave a Comment »

Deck chairs on the Titanic

Posted by Greg on September 30, 2008

An interesting analogy goes a long way toward explaining Main Street skepticism on the bailout package.

Think of the mortgage securities market as a poker game being played on a ship. The game is grinding to a halt, because so many players have lost most of their chips. So they come out on deck and shout, “Emergency! Emergency! The ship is about to sink! Everybody needs to give the ship’s Bursar authority to play poker, using money from the ship’s vault!”

It’s not clear that the ship is sinking, or how reviving the poker game would help if it is.

Indeed.

Hat tip: Positive Liberty

Posted in Economics | Leave a Comment »

Biting the hand that….oops

Posted by Greg on September 30, 2008

So the Republican’ts were against the bailout before they were for being against the…oh, nevermind…

The Republican National Committee’s new advertisement critical of the the Wall Street “bailout” was produced and sent to television stations in key states before the package failed, officials at two stations said.

“Wall Street Squanders our money. And Washington is forced to bail them out with — you guessed it — our money. Can it get any worse?” asks the ad’s narrator, as the words “BAILOUT WITH OUR MONEY” cross the screen. (The answer: Obama’s plans would make it worse.)

The ad, however, seems to assume that it can safely attack a successful plan. And the reason may be the timing: Though it started airing this morning, the spot was released to stations yesterday morning, ad executives at stations in Michigan and Pennsylvania said.

So, engineer a bailout to satisfy your pampered billionare cronies, then attack the democrats for the bailout.  Joy.  Thieving rat bastards, one and all.

Posted in Congress, Dirty Deeds Done Dirt Cheap, Economics, Election 2008, The Right | Leave a Comment »

Breaking down the breakdown

Posted by Greg on September 30, 2008

Chris Bowers discusses what it’s like being called an idiot.  Repeatedly.  For the sin of winning the argument on a flawed bailout plan.

Being one of the roughly one hundred and eighty million Americans who opposed the bailout bill today, I have to say that I can’t remember being called stupid so often in a 24 hour period so many times in my life. Like the many other lobotomized zombies that compose, or decompose, the slathering, brain dead hordes who simply don’t understand economics, it is important to speak to me slowly, remind me that I should abrogate all of my decision making to academic experts and, if I don’t, that it will be an example of how democracy itself has failed.

Yeesh. I think I am developing a better understanding of why the conservative backlash narrative works so well. People on the losing side of major legislative and electoral battles in America really do have a habit of calling the winners stupid. When discussing the defeat of the bailout today, the pundit tone on television was almost universally patronizing, sneering disbelief. This even though the pundits were talking about members of Congress who almost all have advanced degrees, who all were democratically elected by hundreds of thousands of people, who acted under enormous stress and in opposition to all available leadership, and who by virtually every available measure are all really, very successful, hard working, people who work in public service. And yet, the disbelief as to how this group of Neanderthals would dare to put the country in such a grim position by daring to vote against this bailout is surely a sign of not only idiocy, but of the failure of the democratic process itself.

After being told at least two dozen times today that my opposition to the bailout is not valid because I don’t have enough college credit in economics, I think a few things need to be said. I say them in the extended entry.

Read it in full.

Posted in Congress, Economics | Leave a Comment »

Why the GOP has selective memories

Posted by Greg on September 30, 2008

HT: MN Publius

Posted in Economics, Election 2008 | Leave a Comment »

Poor babies

Posted by Greg on September 30, 2008

This is what makes the House GOP cry?  What a bunch of weenies.

Unfit to lead.  Unfit to govern.  Unfit to represent.

Posted in Congress, Economics, The Right | Leave a Comment »

Get out of the way

Posted by Greg on September 30, 2008

Jane at FDL asks what must be an uncomfortable question for the GOP faithful:

McCain came to Washington to lead, and nobody followed.  How can you claim you will work in a “bipartisan” fashion, my friends,  when your own party has no respect for you and has no interest in anything you have to say?

Posted in Election 2008 | Leave a Comment »

Day 112

Posted by Greg on September 30, 2008

The enemy understands a free Iraq will be a major defeat in their ideology of hatred. That’s why they are fighting so vociferously.

FL 2004

Posted in Bush Adminisration | Leave a Comment »

Bailout fails

Posted by Greg on September 29, 2008

Who’d have thunk it.

What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support. Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.

The measure needs 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed the measure.

Any bets on what will be different in the next version of the bailout?

Posted in Congress, Economics | Leave a Comment »

Day 113

Posted by Greg on September 29, 2008

You know, it’s hard work to try to love her as best as I can, knowing full well that the decision I made caused her loved one to be in harm’s way.

FL, 2004

Posted in Bush Adminisration | Leave a Comment »

Capitalizing on the outrage

Posted by Greg on September 29, 2008

Posted in Election 2008 | Leave a Comment »

SNL part two

Posted by Greg on September 28, 2008

How sad is it when they quote directly for the comedy skit?

Vodpod videos no longer available.

more about "SNL part two", posted with vodpod

Posted in My Musings | Leave a Comment »

Day 114

Posted by Greg on September 28, 2008

I have opinions of my own, strong opinions, but I don’t always agree with them.

Posted in Bush Adminisration | Leave a Comment »