Archive for July, 2010

On The Bribe/Bailout And Financial Reform (July 26, 2010)

Posted in Bailout/Bribe, Banks and Banking System, Bernanke, Federal Reserve, Journalism, Press/Media, TARP on July 26, 2010 by e-commentary.org

. . .

K          “So many commentators contend that the bailout/bribe of 2008 saved the American economy, yet they do not provide any detailed discussion or explanation.  Few seem to be challenging the conclusion.”

J          “When you think about it, no one has offered a coherent explanation of two things.  No one has explained the exposure of the economy and the problems encountered in September, 2008; no one has traced the impacts and consequences of the bailout, good and bad.”

K          “Spewing money randomly was unwise and counterproductive.  The market was the only way to purge the excesses of the market.  Purging the economy of the poison would have been painful, yet we as a country would be much better off in the intermediate and long runs.”

J          “Not many commentators were sounding warnings in 2005 or earlier.  I recall some warnings and misgivings from a few writers with the conventional press.  I also recall scattered concerns shared in some of these things called ‘blogs.’  Yet there was not enough chatter to capture the public imagination and stir any action or pause.”

K          “Some reports suggest that the some government funds have been repaid.  There is no way to verify the claims.  The Federal Reserve in particular is exempt by statute from any effective scrutiny, oversight and regulation.”

J          “The financial reform bill may be one of those bills that has not been read carefully by its proponents or by its opponents.  However, I believe that a small group of connected individuals is making far too much money to allow any meaningful reform to pass.”

K          “Aren’t we in worse economic trouble now because things have not changed.  Yet no one is really worried.”

J          “Too few journalists, even economic journalists, understand the economy.  Just reading and digesting the public statements issued by the Federal Reserve is almost a full time job.  The popular press may summarize some of the information in the Beige Book and G.19 Consumer Credit reports, yet there is not much analysis.  Who has the background and the experience to connect the dots.  And who do you trust.”

. . .

Bumper stickers of the week:

Don’t end the Fed; mend the Fed

ABCNNBCBS does not have many answers; Faux/Fox does not even ask the right questions.

“Ever since my husband began listening to NPR, he is so informed . . . and so depressed.”

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On Entitlements (July 19, 2010)

Posted in Congress, Entitlements, Politics, Society on July 19, 2010 by e-commentary.org

. . .

G          “There was a time when a citizen possessed a few cherished inalienable rights and a variety of revocable privileges.  Along came this hybrid thing called an ‘entitlement’ that soon morphed into a quasi-right.  Now too many entitlements are regarded as inalienable birthrights.”

H          “There isn’t anyone in America who does not feel entitled to an easy life without effort or sacrifice.”

G          “Except some individuals in the Middle West of America.  They do not believe they are entitled to everything.  However, they do not show up on the radar because they live in an area known as the ‘flyover states.’  They are not counted and thus don’t count, although they can and do count.”

H          “The entitlement mentality infects each and every class, race, region, religion and age group in the country.  Except some individuals in the Middle West, you contend.”

G          “Americans believe that they are entitled not to die.  Repudiating one’s mortality, now that is an entitlement.  The future will be rude for most Americans.  Except some individuals in the Middle West who are better prepared to weather the coming economic tornado.  The courts first created due process rights and then the Democratic and Republican Parties embraced and expanded them with as much zeal as their constituents.”

H          “Registered Republicans pitch a hissy fit about the guv-mint, yet they demand the same or more entitlements as others.  No one is immune.”

G          “Except some individuals you know where.  Entitlements are now at the core and heart of the American DNA.”

H          “The future will be a taxing emotional transition for an unprepared people.”

. . .

Bumper stickers of the week:

The guv-mint should keep its hands off my Social Security.

Je suis entitled.

I am owed.

I am entitled.

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Capital Punishment And . . . Scientific Evidence (July 12, 2010)

Posted in Capital Punishment, Constitution, Courts, Crime/Punishment, Death Penalty, Law on July 12, 2010 by e-commentary.org

. . .

P          “There are times when it is hard not to conclude that a person has forfeited his right to stay in the pack and instead should be placed on an ice floe.”

C          “Seems that we are running out of ice floes.”

P          “The reaction to a reprehensible crime may be emotional, yet it is a human response.  There are some crimes that are so heinous that death seems appropriate and necessary.  And yet too much about the death penalty seems wrong.”

C          “And expensive.  The cost of reaching a final judgment without any additional appeals is substantial.  The mere cost of litigation concerns me and others.”

P          “Those costs are in part driven up by those who oppose capital punishment.”

C          “The old litmus test in politics has been resolved by resorting to . . . this is hard to believe . . . scientific evidence.  DNA evidence carried the day.  The sea change in the public support for the death penalty occurred after a critical mass of the public accepted the mounting DNA evidence exonerating many of those individuals who had been wrongfully convicted and sentenced to death.”

P          “Only carbon dating is more readily accepted by the public.”

C          “For more than a century, capital punishment was part of the private sector-public sector partnership of terrorism inflicted on Blacks and the underclass.”

P          “I have no doubt that the legal system is far too imperfect to believe that it can condemn someone to death with any accuracy.  Yet there are some individuals who have committed unimaginable crimes and are beyond redemption.”

C          “The problem is that the legal system too often simply cannot identify the right individual who has done wrong.”

. . .

Bumper sticker of the week:

An eye for an eye and a tooth for a tooth only leaves one blind and toothless.

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Chamber of Business Supports The “Terrorist Tax” (July 5, 2010)

Posted in Taxation, The "Terrorist Tax" on July 5, 2010 by e-commentary.org

The Chamber of Business announced this morning that it supports the proposed “Terrorist Tax.”  Heathcliff Lucre, IV, noted at the press conference:  “My bona fides are bona fide.  I despise each and every tax and all taxes.  The words ‘tax’ and “taxes’ are four-letter words in my book.  My wife and I so despise taxes that we went out and got matching tattoos on our twenty-fifth wedding anniversary proclaiming:  ‘Taxes Stink.’  The decision to support a twenty-five cent per gallon hike in the tax on gasoline every quarter was wrenching.  Nonetheless, after a spirited debate, the Board moved and approved the decision to support the tax.  The Terrorist Tax is the one tax that will raise much-needed revenue and also spur other positive private sector market-based initiatives.  The tax is painful but necessary.”

Bumper stickers of the week:

My [gas hog] consumed the gas your Prius saved

Support the Terrorist Tax

Life, liberty and the pursuit of happiness

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