COMMONER: A person WITHOUT noble rank or title.  |
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    Debt by President   Listings) |
August 29, 2010 A report in June by McClatchy says “AIG’s problems were far greater than Bush officials told the public”. I rather doubt anyone in the country believed the administration was on the up and up, but now we know it was much worse than our worst dreams. The bottom line is that [...] American bankers are the only ones who didn’t pay taxes out of their bonuses in the UK. [...] Note: Due to post format, links will open in a new window. August 1, 2010 Well, well, well! Here we go again — opposition to the new health care bill is still dropping. Within 4 weeks of signing the new health care reform bill polls were showing the public was warming to it. Now a new poll is showing yet another increase in those who think the new laws will benefit the average commoner. Over the past month those who hold a favorable view has increased to 50 percent from 46 percent in April, with 14 percent saying they had no opinion. If you add to that a new analysis out this week that says 29.5 million women will benefit from the new bill, the “in-favor” group will probably go up. WOW! Who would’ve thought that once the lies died down and the truth started coming out, things wouldn’t look so horrible? However, Republicans are still solidly against it. But that’s not surprising. If Democrats suddenly found a way to solve all our problems overnight with no negative side effects, the Republicans would argue “now’s just not the time to do it”. Another financial crash is looming, and Goldman Sachs is leading the way. [...] Note: Due to post format, links will open in a new window. CORRECTION: The Old Man quoted Goldman Sachs earning $550 million in just three days, when in fact it takes about 2 weeks for Goldman to earn those kinds of profits. Sorry for the error. July 17, 2010 There’s been much ado about the recent $550 million fine the Securities and Exchange Commission imposed on Goldman Sachs for lies and omissions about the ABACUS 2007-AC1 subprime mortgage derivatives. Goldman cost investors more than $1 billion while making a very tidy profit themselves, but not as much as the man who designed the derivatives package for Goldman. John Paulson made $1 billion off the scam. Goldman called the fine “a major victory” for them. And rightly so. First, everyone, including Goldman, was expecting a $1 billion fine (God bless the SEC). Second, the actual fine still leaves Goldman with profits from the scam. Third, $550 million is what Goldman makes in about three days. And finally Goldman got off without any fraud charges being filed against them. I have no doubt Lloyd Blankfein and his cronies had a huge Champaign party Wednesday night celebrating their biggest victory since they ripped off taxpayers in 2008. It’s great to have friends in high places. Liberals are attacking the wrong person on financial regulation. Feingold tried to protect the taxpayer. It was the other Democrats who caved in to Wall Street and Republicans. [...] July 8, 2010 Have you ever seen this “cartoon” defining Congressional insanity? OK, so depending upon your political ideology, your argument would be for or against its validity. However, the cartoon’s subject matter is not the Old Man’s point — at least not for today. For today’s point, it only serves as an analogy, which is to define insanity relative to another subject. |
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