Archive for the Economics Category

Mitt’s “Destructive Destruction”: The Bane of Capitalism (July 9, 2012)

Posted in Economics, Economics Nobel, Newspapers, Presidency, Press/Media, Romney on July 9, 2012 by e-commentary.org

 

 

. . .

J1          “Facts are facts.  Mitt never created jobs in America.  He destroyed jobs in America.  Mitt never created wealth.  He expropriated wealth.  Some call it ‘creative destruction.’  It is not ‘creative destruction.’  It is ‘destructive destruction.’  Let’s call it what it is.”

J2          “Seems to me that if you acquire a company with one thousand employees with borrowed money you do not intend to pay back and fire four hundred employees, you have not created six hundred jobs.  The risk-taking entrepreneur who worked late and on weekends thirty years ago to build the business and expand to one thousand employees created one thousand jobs.  Mitt is part of the problem, not part of the solution.  But journalists can’t say that.”

J1          “I know.  I understand.”

J2          “Then you are not a journalist.”

J1          “I can live with that.  But I still maintain there should be a decennial Pulitzer awarded for Truth.  And an occasional Nobel in economics awarded to someone who knows something about economics.”

. . .

Bumper stickers of the week:

Bain Capital – the bane of capitalism

Eviscerating America is not building America

Eu-rope / Mal-rope Again (May 21, 2012)

Posted in Civil Rights/Civil Liberties, Courts, Economics, Europe, Judges, National Defense Authorization Act / FY 2012 on May 21, 2012 by e-commentary.org

. . .

_          In Heaven, the mechanics are German, the police are British, the chefs are French, the lovers are Italian and the entire place is organized and run by the Swiss.

_          In Hell, the police are German, the chefs are British, the mechanics are French, the lovers are Swiss and the entire place is organized and run by the Italians.

_          In Purgatory, the debtors are Portuguese, Irish, Italian, Icelandic, Greek and Spanish (PIIIGS) . . . and the entire place is disorganized and run by the ECB, IMF, FRD and GS.

_          The Swiss are adequate lovers . . . really.  They say that pigs get fed and hogs get slaughtered.  PIIIGS . . . get slaughtered.

_          The Irish do not know what they want in this life and are willing to fight to get it.  The Scots keep the Sabbath . . . and everything else they get their hands on.  The Welsh pray on their knees . . . and on their neighbors.  And the English . . . .

_          The Irish may know what they want in this life and may be willing to demand it.

_          In Europe, the Europeans are restless and restive.

. . .

[On May 16, 2012, Judge Katherine B. Forrest issued a ruling enjoining enforcement of the provisions for indefinite detention of suspects in the National Defense Authorization Act of 2012.  Judge Forrest’s ruling was issued as part of a lawsuit brought by seven plaintiffs that challenges the NDAA as a violation of “their free speech and associational rights guaranteed by the First Amendment as well as due process rights guaranteed by the Fifth Amendment of the United States Constitution.”  http://sdnyblog.com/wp-content/uploads/2012/05/12-Civ.-00331-2012.05.16-Opinion-Granting-PI.pdf.]

Bumper stickers of the week:

Austerity seems, well, . . . austere.

The fundamental rule of Economic Entropy:  What cannot go on forever will not go on forever.

I do want to exercise my constitutional rights after all

Fukushima Daiichied (March 12, 2012)

Posted in Economics, Energy, Environment, Food, Gas/Fossil Fuel, Global Climate Change, Global Warming, Japan, Peak Oil, Perjury, Perjury/Dishonesty on March 12, 2012 by e-commentary.org

. . .

Cs          “They aren’t telling us anything.”

Sr          “They aren’t tellin’ us nothin’.”

Cs          “The great flotilla of death is floating east to the West Coast from the Far East.  The Pacific is now a polluted pond.”

Sr          “It’s in the air.  An air raid.  That’s the overriding problem.  Death from above.”

Cs          “The only thing the authorities can do is the only thing the authorities do.”

Sr          “Lie.  The official language of government and industry.  The problem is so overwhelming that there may be nothin’ that can be done.”

Cs          “What do you tell a populace that is already angry, broken, confused, desperate, enervated, and frustrated.”

Sr          “And bitter, cynical and distrustful.”

Cs          “The energy source designed to transition us from fossil fuels to renewable energy blew up on us in a day.”

Sr          “We are so Fukushima Daiichied.”

. . .

[http://www.greenpeace.org/international/Global/international/publications/nuclear/2012/Fukushima/Lessons-from-Fukushima.pdf]

Bumper stickers of the week:

3/11

Fukushima Daiichied Again

Losing Faith: MF Global and Kodak (January 9, 2012)

Posted in Bankruptcy, Banks and Banking System, Economics, Housing, Judges on January 9, 2012 by e-commentary.org

. . .

K          “With each passing day, the American dream is being stolen from more and more proverbial hard-working and law-abiding Americans.  When enough ordinary Americans lose their few investments, there will not be enough Americans who are invested in America.”

J          “MF Global and Jon Corzine stole money and did the American thing.  They fraudulently filed Chapter 7 of Title 11, the Bankruptcy Code, as a securities dealer rather than a commodities broker to provide powerful creditors access to the company’s cash before its ordinary citizen clients.”

K          “The picture at Kodak is not pretty.  The retirees will discover that the pensions they worked a lifetime to build are vaporized or at least reduced in a moment via Section 365 of Title 11.  Even the Bankruptcy Code is economically and morally bankrupt.”

J          “And distorted and prostituted at every opportunity by bankruptcy lawyers and judges.  For so many other ordinary Americans, their house is a cage, a prison and a leg-hold trap.  The owners are drowning and can neither fight nor flee, neither tread water nor swim away.  Housing prices still must drop substantially to achieve market clearing prices.”

K          “If everyone acknowledged the real market value of houses, the house of cards would collapse.  Big Banks and most homeowners would be forced to admit that everyone is hopelessly insolvent.  Local governments would not be able to raise enough tax revenue unless they raised the mill rate to a crippling percentage of purported market value.  The only way for the Republic to survive the day is to nourish a collective national delusion that everything really is alright.”

J          “Is it better to nourish a collective national delusion?”

. . .

Bumper sticker of the week:

When you ain’t got nothin’, you ain’t got nothin’ to lose.

Boxing Day (December 26, 2011)

Posted in Consumerism, Economics, Entitlements on December 26, 2011 by e-commentary.org

. . .

B          “On this day, the servants were allowed to use the discarded gift boxes from the previous day’s festivities to take some of the leftovers home.”

C          “The genesis of recycling.  I thought it also refers to the fights that break out when consumers brawl for gifts to continue the holiday celebration.  Like fisticuffs for sneakers.  Bare-knuckled negotiations to acquire something to cover one’s feet.”

B          “The Boxing Day model is a private sector approach, yet only a few lucky souls benefit.  We as a society cannot any longer create the conditions to allow everyone to work.  And we cannot continue to provide government payments to those who are not working.  And we cannot rely on private charity, even with substantial tax deductions for the contributions, to provide for those who are not working.  And we cannot not do something for those who are not working.”

C          “Cut defense spending on the hundreds of frivolous boondoggles that do not contribute to our national defense.”

B          “That is part of the solution.  We are in a box.  The best the ‘best’ can do is counsel us to ‘think outside the box’ without even understanding why we are boxed in by our limited resources.”

. . .

Bumper sticker of the week:

Sit long, talk much, laugh a lot

An “Occupy Primer” (November 14, 2011)

Posted in Bailout/Bribe, Banks and Banking System, Economics, Kleptocracy, Law, Occupy Movement on November 14, 2011 by e-commentary.org

. . .

?          “The Bonus Marchers sought what?”

!           “Bonuses owed to them by the government.”

?          “The civil rights advocates sought what?”

!           “Civil rights.”

?          “The women’s rights proponents sought what?”

!           “Women’s rights.”

?          “Those who sought to end the war in Vietnam sought what?”

!           “To end the war in Vietnam.”

?          “Those in the Occupy Movement seek what?”

!           “Simple.  They seek to end a game that is rigged at every step against everyone except a very small elite.  They seek to change a political and financial and legal and schooling scheme that is corrupt and decadent from top to bottom and from right to left.  They seek a build a future but suspect that there is not one.  They seek to replace the current vacuous kleptocracy with a viable democracy.  They seek to start a discussion and a dialogue among equals in an outdoor Academy to supplant the lies foisted on them from those in power.  That type of stuff.”

?!         “They want a fair chance.  I get it.”

. . .

[See the “e-ssays” titled Occupy America (October 10, 2011) and Occupy America: The “Bonus March/Chicago Police Riot/Kent State” Of 2011? (October 17, 2011)]

[See the “e-ssay” titled America Recycles Day, November 15 (November 15, 2010) and celebrate “America Recycles Day” tomorrow by doing something.]

Bumper stickers of the week:

We are the 99.9%

Occupy Jenkins Hill; Occupy Capitol Hill

Occupy [our small burg]

(Neoclassical) Economics – “The Dismal Religion”

(Neoclassical) Economics – “The Delusional Religion”

I won’t believe that a corporation is a person until Texas executes one

Occupy America: The “Bonus March/Chicago Police Riot/Kent State” Of 2011? (October 17, 2011)

Posted in Banks and Banking System, Boycott Series, Economics, First Amendment, Journalism, Kleptocracy, Newspapers, Occupy Movement, Politics, Society on October 17, 2011 by e-commentary.org

. . .

a          “They will only tolerate it as long as they regard it as harmless.  When they regard it as a threat to their domination, they will do harm.”

A          “Another inevitable repeat of history.  But when the Chicago police rioted in ’68 outside the Democratic National Convention and beat and tear gassed the populace, at least they only used night sticks and tear gas as weapons.”

a          “There are videos you can download to your tube with a few clicks.  You can see that the police even beat the press.  Back then, the press got it and got in the way and got it from the police.”

A          “Today, the authorities are armed with far more dangerous armaments and arsenals.  Even toll booth operators and beach patrols sport their own SWAT (Special Weapons And Tactics) Teams equipped with grenade launchers and flame throwers.  In an old black and white tv show, Barney Fife, a deputy sheriff in a small North Carolina town, carried one bullet, probably a .38, in his shirt pocket and was required to ask Andy, the sheriff, before he could even chamber it.  Different times.”

a          “Not many police officers realize that the kids are trying to protect the police union while the governor is trying to kill it.  When the federal government begins providing Homeland Security grants to allow local libraries to acquire armed drones, will anyone care or comment.”

A          “Not to worry, they are closing the libraries.  It might be Oak Park, it might be Oakland, it might occur on some other park or land that will become part of our national lore.”

a          “Even if the kids keep their heads, the authorities are going to bust them.  The problem is that one person may make a threatening comment that will provide the police with a pretext.  An undercover police officer could make a threatening comment to one of his colleagues and provide the pretext for a police riot.”

A          “A few young Boomers got their heads busted and then when older busted a booming economy.  Now the Boomers will bust some concerned youngsters’ heads – the youngsters who must endure the long bust but will never experience a lingering boom.”

. . .

[See the “e-ssay” titled “Ohio – Not Forgettin’ Ohio; The Battleground State Battles On (May 2, 2005)” and the “e-ssay” titled “The Residue of Unrelenting Fear: PTSD Afflicts The Populace (August 28, 2006).”]

Bumper stickers of the week:

Do you want the kids to be activists or pacifists?

Occupy Mayberry, R.F.D.

Kids (and older kids) who know and care are doing something

The kids are alright

“Those who make peaceful revolution impossible will make violent revolution inevitable.” – John F. Kennedy

Occupy America (October 10, 2011)

Posted in Banks and Banking System, Boycott Series, Economics, First Amendment, Journalism, Kleptocracy, Newspapers, Occupy Movement, Politics, Society on October 10, 2011 by e-commentary.org

. . .

A         “Commentators are having a hard time because there isn’t one spokesperson to interview nor one manifesto to mine.”

a          “Most commentators don’t understand what has happened in America over the last decade, so I don’t expect them to understand what is going on today.  I am aware enough to know that something’s clearly wrong, yet it is hard to describe.  What I do know is that I don’t have a future.”

A         “It’s simple and obvious.  The ruling class is strip mining the middle class.  And then accusing those who dare to point out the obvious truth that the astute observer is instigating class warfare.”

a          “They are clearcutting the kids.  They are not allowing a college grad let alone the ordinary Joe to immanentize the eschaton, although they are immanentizing the eschaton in a big way at my expense.  I really don’t have much hope of improvement or advancement.”

A         “Listen carefully.  That may be the big difference this time – an underlying absence of hope and a more pronounced sense of desperation.” 

a          “Hope died a few years ago.  Hope is so 2008.  Yet what do you have if you don’t have hope.”

A         “When hope totally disappears, an individual who can’t take it often takes one of three paths.  At the extreme, he takes his life, takes someone else’s life, or takes someone else’s life and then takes his life.”

a          “Someone sure took the life of the American Dream.”

. . .

[See the “e-ssay” titled “Boycott Big Banks (February 1, 2010).”]

Bumper stickers of the week:

Occupy Wall Street; Occupy Our America

You don’t need a sportscaster to know which way the ball bounces.

Is The New Standard Poor? (August 8, 2011)

Posted in Economics, Pogo Plight, Rating Agencies on August 8, 2011 by e-commentary.org

. . .

S          “We live not in the Age of Iron but in the Age of Irony.  For years, the three blind mice – Standard & Poor’s, Fitch and Moody’s – affixed their gold seal (AAA rating) to pyrite and made a fortune off the alchemy.  Then Standard & Poor’s announced this Spring that it might just downgrade America’s credit rating in the near future.  Then they fulfilled their threat this Summer and downgraded America’s credit rating because the hired help was not playing well with others.”

P          “And after downgrading American debt, Americans and others fled in a great panic to security and stability . . . to American debt.”

. . .

Bumper stickers of the week:

Larry, Moe and Curly; Manny, Moe and Jack; Standard & Poor’s, Fitch and Moody’s

The rating agencies don’t rate.

From e-con-omics to eco-nomics? (August 1, 2011)

Posted in Bankruptcy, China, Economics, Economics Nobel, Education, Energy, Environment, Pensions, Schooling on August 1, 2011 by e-commentary.org

. . .

(           “The Keynesians are using a screwdriver to hammer a nail.  The monetarists are using a hammer to drive a screw.  The wrong tool is selected because the challenge is not understood.”

)           “So we are screwed and hammered?”

(           “E-con-omists do not even recall the central tenet of economics.  Resources are scarce.  Not enough resources are available today to provide the growth needed to provide everyone with a first-world life style.”

)           “You know that observation is politically unacceptable.”

(           “The department of e-con-omics today should be merged with the department of religion.  The e-con-omists are marketing voodoo.”

)           “What about the department of psychology?  Or the department of environmental sciences.”

(           “What about creating a department of 3Es – energy, economics, and the environment?  What about adding a class in Mega-eco-nomics to the traditional classes in Microeconomics and Macroeconomics?”

. . .

(           “Economics is laden with rich irony.  The use of the word ‘gross’ in ‘gross domestic product.’  The products and services often are gross.”

)           “Look at the felicitous term ‘trickle down’ in ‘trickle down economic policies.’  The theory posits that all the money should be given to the wealthy and very little will trickle down to the populace.  Should anyone be surprised that very little trickles down to the populace.”

(           “And the Laffer Curve was worth a laugh but not much more.”

)           “We need more eco-nomists who recognize and accommodate limits to growth even though the realization is anathema in today’s political climate.”

(           “Very few are going to go quietly.”

. . .

Bumper stickers of the week:

You are stronger than the tool; the tool is smarter than you are.

Central Falls falls

The Senate confirmed Gary Locke as Ambassador to China by unanimous consent on July 27, 2011