Sad but true:

via Slate

Category: Bailouts, Humor

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

15 Responses to “Accounting for Bailout Money”

  1. Steve Barry says:

    That’s where they’re keeping the printing press

  2. Pat G. says:

    And now they want the other half to dispense. How is Bloomberg’s lawsuit under the Freedom of Information Act coming along?

  3. km4 says:

    We can’t have it both ways i.e.the US will default on its financial obligations by the end of 2010 or it’s hyper-inflation and standard of living going down for 90% + of Americans.

    If the US defaults then look out for World War III ( hopefully mostly economic warfare ) because we are not the super power we formerly were !

  4. Steve Barry says:

    I’d love to be one of those field reporters who yells out questions to guys like Madoff, that you know will never be answered…

    Bernie Madoff… “why did you do it?…where is the money?…why did you do that to your friends?”

    School Bus Driver…”why did you leave a student on your bus overnight?”

    Blagojevich…”Did you get any money from your Burris appointment?”

  5. DL says:

    Pat G. @ 6:37

    “How is Bloomberg’s lawsuit under the Freedom of Information Act coming along?”

    I don’t know. However, I have complete faith in the ability of the lawyers to drag out the process as long as possible (and to collect copious fees in the process).

    Before the litigation has run its course, we’ll probably have a good idea of what the Fed’s assets on its so-called “balanced sheet” are worth.

  6. Greg0658 says:

    Steve B – on that Blagojevich – fyi
    looks like a hatchet job to me
    … I’ll add what I think is a root cause: using the accrued government pension and health care funds to keep the state and its commonfolk afloat, coupled with layoffs and budget cuts in the state government, culminating with a detachment from the Springfield machine and the tiers of benefit disbursement. Best wishes LtGov Quinn.(talk ) 04:59, 3 January 2009 (UTC)

    ps – on that wiretap subject – I wonder what was learned on:
    Mattoon, IL $1.8billion FutureGen power plant
    http://archives.chicagotribune.com/2007/dec/19/news/chi-futuregen_19dec19

  7. Greg0658 says:

    sorry for confussion – the wiki link got stripped from my WordPad.doc to here:
    /wiki/User_talk:Greg0658
    http://en.wikipedia.org/wiki/Talk:Rod_Blagojevichtalk

  8. DL says:

    For those who believe in the existence of a PPT.

    In an article, Roger Farmer (economics professor, UCLA) argues that the Fed should buy stocks. Following is a quote:

    “It is time for a greatly increased role for monetary policy through direct intervention of central banks in world stock markets to prevent bubbles and crashes. Central banks control interest rates by buying and selling securities on the open market. A logical extension of this idea is to pick an indexed basket of securities: one candidate in the US might be the S&P 500, and to control its price by buying and selling blocks of shares on the open market”.

    http://blogs.ft.com/wolfforum/2008/12/how-to-prevent-the-great-depression-of-2009/

  9. DL says:

    Pat G. @ 6:37

    The Fox business network has filed a similar lawsuit against the Treasury department

    http://www.allbusiness.com/legal/legal-services-litigation/11727667-1.html

  10. Graphite says:

    Now that it’s time to boldly re-declare the Death of Laissez-Faire, here’s another quote of the day from the 1936 edition of Keynes’s ‘General Theory’

    “Nevertheless the theory of output as a whole, which is what the following book purports to provide, is more easily adapted to the conditions of a totalitarian state, than is the theory of the production and distribution of a given output under conditions of free competition and a large measure of laissez-faire.”

    I do not know what makes a man more Keynesian–to claim certain knowledge of the future impact of his prescriptions, or absolute success in their prior implementations.

  11. danm says:

    Have you read this? At first, you laugh but the more you think about it, the more some ideas are plausible. It really makes you think outside the box!

    Professor Predicts End of U.S.
    http://online.wsj.com/article/SB123051100709638419.html

  12. If the fed starts buying stocks it is no skin off my nose. I’ll bet most of the traders on this site can out trade them. As long as you are not wedded to shorting you can probably make good money on that proposal

    We can’t have it both ways i.e.the US will default on its financial obligations by the end of 2010 or it’s hyper-inflation and standard of living going down for 90% + of Americans.

    I’ve heard rumors of Japan writing down US debt. I guess they are getting desperate enough for a reset

    This is good for a laugh folks. The cartoonist should have used the Fed printing press though and not the SS fund

    http://tinyurl.com/9a9zmc

  13. Mike in Nola says:

    danm:

    No doubt the economic and social crises will be more severe than is widely believed now, but I don’t think disintegration is in the the cards for the US. People tend to reason from their own experience and the experience of Russian/Soviet experience has not been stability over the last century. I think an illustration in Hedrick Smith’s book The Russians made a good comparison between the two societies. American society was characterized as a ball in trough with a flat bottom and high sides. The ball could move freely inside the trough, but was unlikely to go past some pretty well-defined limits. Russian society was characterized by a peak with a narrow, shallow trough at the summit with the ball in it. It couldn’t move much, but once the ball got out of the trough, it could quickly run down the slope. I do think Russians think of their society this way and hence feel the need for such restrictions on freedom. They can’t understand that other societies that can be as chaotic as Western societies sometimes are can survive.

    The main thing I think the article shows is how much the more things change, the more they stay the same: the Russian government is dominated by the old guard of the previous regime, a not unusual occurrence after a popular revolution which does not fulfill the promise of brotherhood and bread.

    The idea of Southwestern U.S. states rejoining Mexico makes little sense. I don’t think even the Mexican-Americans would want to join an area where drug gangs are more powerful than government.

  14. re: Graphite January 3rd, 2009 at 2:40 am

    QOTD: I do not know which makes a man more conservative—to know nothing but the present, or nothing but the past. —John Maynard Keynes, The End of Laissez-faire (1926) Ch. 1

    Mike,

    w/this: “The idea of Southwestern U.S. states rejoining Mexico makes little sense. I don’t think even the Mexican-Americans would want to join an area where drug gangs are more powerful than government.”

    you may care to read some of:

    http://www.icerocket.com/search?tab=web&fr=h&q=Gary+Webb

  15. danm says:

    Mike:

    I have trouble with the Prof’s distribution to other countries but he did make me think of a breakup for the very first time.

    Imagine the worlwide repercussions if the US broke up in 3 new countries. I guess my thought was that if you do get social unrest spread out across the country, the army could have a hard time controlling it as the army is formed of biased individuals with affiliations to their own part of the country.

    Take away the social net and create even more discrepancy between the haves and the have-nots and you’ve got a recipe for revolution. Right now the middle class does not realize it is poor… the debt is still backed by assets that make them feel wealthy. Take away this illusion and they’ll figure out that the emperor has no clothes.

    This is far fetched but reality is usually stranger than fiction!