Ratigan Goes Postal on Congress, Political Hacks
By Barry Ritholtz - August 10th, 2011, 10:12AM
Yesterday, I opened up the Dylan Ratigan show with Todd Harrison and Dylan.
Following that, Ratigan delivers wake-up call to Congress: In a conversation with a show panel about the country’s debt and credit downgrade, MSNBC’s Dylan Ratigan passionately calls both the Democratic and Republican economic plans, reckless, irresponsible and stupid.
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August 10th, 2011 at 10:47 am
That is classic and that is what I wish someone would tell Obama and Boehner, and McConnnel, and Reid, and Pelosi. There are riots around the world because governments are unresponsive.
Dylan alwaysy asks the same questionsns and no politician answers them.
Why are they talking about social security cuts? Bush got killed for privatization. And cut social security, not defense?
The US spends more on defense than the next twenty countries combined. Not just Russia and China, but the next TWENTY combined. about aobut that.
Why were 22 elite SEALS killed in Afghanistan? We have been there years longer than Russia who lost and gave up. Are we dumber than that?
Republicans lied and said they were for jobs and now are trying to do away with the social safety net and cut more taxes for the rich. Democrats were thrown out in the first place for not worrying about jobs.
There is a deficit because no one is working and paying taxes. The more they cut the less people working. Call it deflation or liquidity trap but please tell me they are not that stupid in Washington.
When Reagan left office tax receipts were 20.3% of GDP. Now they are 14%.
We have a revenue problem, not a spending problem. Republicans are the ones that cut taxes for the rich and started two unfunded wars. And they accomplished this without creating one job. There are fewwer people working now than in 2000. And the stock market is back where it was in the last century.
China, Japan, the leaders quit and take responsibility for their company screw up. Here they get promoted and a bonus, or reelected. Who the hell is accountable? How do we get accountability. No wonder Dylan went ballistic.
I expect either social unrest here or all the bums get thrown out next year. I see Obama gone and the repblican congress gone.
My reason for optimism is I was on an AARP spoonsored call with tea party Tom Price( #3 leadership, the doctor that wants to totally end Medicare). He was throwing out the BS about protecting Medicare and lying about everything else but the old folks weren’t buying. That gives me hope.
August 10th, 2011 at 11:05 am
Jim Cramer called it last week: easier for the aged to suffer more bed sores and neglect than to jeopardize the generals’ 6 figure retainers once they move to the other phase of their complex or “retire”.
K St has more military industry money than all the SS recipients going to congress people.
And god wants war profits and calvinist predetermination says there needs to be 80% of the population paying for it.
August 10th, 2011 at 11:44 am
It’s unfortunate that the title had to have a sophomore comparison “goes postal”. I saw this yesterday and the guy said on tv what millions of Americans are saying. He obviously cares as most all of us do. Going postal is nothing close to Ratigan expressing his anger.
We should all take the risk of voting out every incumbent for the next 2 elections. ” We can fix that” is broken. Can we fix that?
August 10th, 2011 at 12:03 pm
Dylan is awesome! The guy is wise beyond his years (hard to believe he’s only 39) and has the fire in his gut of an 18 year old wrestler or football player!
Any chance we can get him to run for President? At the very least we would have some great debates to watch!
August 10th, 2011 at 12:25 pm
we spend $88 bio a year on defense “intelligence” over 20% of defense
while we got OBL its worth less than zero about russia china intentions. the satellites cost a lot but you could do over w the more impt human part.
I love Dylan
his blinding vision conversion to wall st reality 3 years ago was a beautiful thing, and almost immediately got him fired from CNBC
a modern sane Howard Beale… we re mad as hell…
August 10th, 2011 at 12:32 pm
I love it! Great job Dylan, that is the passion that is needed before things get worse.
I work for a top 5 bank and I can honestly say we are on the winning side of the equation. Extraction is the perfect word. Money Printing + Taxes + Interest Free Money to banks (with fed backstops) = Wipeout of American People
Countin’ my green, which came from my gold.
August 10th, 2011 at 1:34 pm
I hate to burst your bubble, Dylan, but Obama is “bought” as well, so he’s not likely to have an FDR moment anytime soon.
http://latimesblogs.latimes.com/money_co/2011/07/obama-wall-street-donors.html
August 10th, 2011 at 1:54 pm
BR: you and Dylan would be a great Presidential ticket. Seriously. You both articulate the message well and precisely. Ya’ll have a gift and the people need it. Whattya say?
August 10th, 2011 at 2:05 pm
dear triple
free money for banks hedge funds and $50 mio + net worth is part of it.
but you will only really win
when you hold out long enough only offering stinkin overpriced badly accounted securitizations
to get the buy side to hold their noses and buy — again
but i cant bet against that either….
August 10th, 2011 at 2:16 pm
Chesterton had it right:
“We all agree that England is unhealthy, but half of us would not look at her in what the other half would call blooming health. Public abuses are so prominent and pestilent that they sweep all generous people into a sort of fictitious unanimity.
We forget that, while we agree about the abuses of things, we should differ very much about the uses of them.
The only way to discuss the social evil is to get at once to the social ideal. We can all see the national madness; but what is national sanity?
What is wrong is that we do not ask what is right.”
In other words, we ALL agree things look very messed up. Until we agree on how they SHOULD look, we’ll never get out of it. And THAT is where the problem is.
August 10th, 2011 at 2:30 pm
A few thoughts-
1) @ AHodge-”while we got OBL”. There are rumblings out there that in fact a Pakistani intelligence agent came to US authorities and ratted OBL out to the gringos, for the ree-warddd money. 25 million smackeroos- first purchase- one way ticket out of Islamabad.
2) A few years ago on this blog I urged Mr. Ratigan to tone it down in the tie division, go sober- he did so, got off the Fast Money Monkey Show and on to a new direction in his career…hmmm- now he’s open-collared and spewing forth peat and whiskey fueled righteous indignation. Well, well. Please Dylan, put the tie back on, wipe the spittle from the corner of your mouth and get back to work- hard-nosed, deliberate, balanced work- you can do it, do it as well or better than anyone out there. Fire in the belly should smoulder long and burn constant- that’ll get you up the hill.
3) Otto the Original Cockney Anarchist over at his IKN blog is recommending an English language blog about environmental issue in the Brazilian Amazon. The Lungs of the Earth. Some may find it interesting, others may prefer ‘angry birds’…
PS- question- why didn’t rough rice plunge on Monday like the other soft commods?
PPS- rough rice in Lambayeque Peru up 6% since Aug 5.
“Que viva el departamento
de Lambayeque,
con su capital Chiclayo,
Monsefú y Reque.
August 10th, 2011 at 2:44 pm
“you and Dylan would be a great Presidential ticket.”
Imagine the amount of close protection they’d need, for they’d be the most dangerous threat to the powers that be.
August 10th, 2011 at 5:24 pm
as for intelligence i would give credit if there was working reward.
anyone who took it would be wettin his pants about the competent side finding him. Legacy of Ashes would be a good read.
i repeat R on CNBC was briefly a beautiful thing, and less insane than his latest
nothing wrong w that, pitchfork mad may catch on, but i can take my ideas cerebrally.
August 10th, 2011 at 5:28 pm
Dylan, thank you. You expressed a sentiment and rage that many of us feel and that rage grows stronger each day.
I’d have to agree with “tradeking13″ that Obama is a creature of the culture that Dylan wants him to rant about. You don’t set out to raise a billion dollars for a re-election campaign when you make that type of speech. Sadly, Obama has turned out to be just another politician whose primary objective is to remain in office.
Even if he did make that speech you could just imagine the response it would receive. It would evoke a rehash of all the stereotypes that have already been pinned upon him. Jamie Dimon and Steve Wynn et. al. would be bemoaning that this is the most anti-business President in their lifetimes. The conservative media outlets would be touting this as a confirmation that he’s a socialist/communist, he’s anti-wealth, he’s for redistributing wealth, he’s invoking class warfare, etc. The tentacles of the vampire squid corruption that plagues this country have too much of the populace brainwashed.
Obama is now just about devoid of any gravitas to mobilize the nation. He looks more and more like Bush did in the 2008 crisis…a deer in the headlights, a secondary player. Perhaps his only chance for redemption is to announce he won’t run for re-election and then make the type of speech that Dylan implores him to make.
I’m sure we’ll start hearing again the comparisons that Obama is the second coming of Jimmy Carter. This is a great disservice to Jimmy Carter. Compared to George W. Bush and Barack Obama, Jimmy Carter belongs on Mt. Rushmore.
August 10th, 2011 at 5:43 pm
[...] Ratigan Goes Postal on Congress, Political hacks (ritholtz.com) [...]
August 10th, 2011 at 6:21 pm
‘good tv’
August 10th, 2011 at 7:51 pm
Great piece, he speaks (mostly) the truth in my opinon.
BR: is DR referring (about robbed trillions of $) to Buffett´s assertion that Wall Street captures in aggregate some 30% of S&P 500 earnings, leaving little for the investor, a line touted also by John Bogle whom WS understandably hates?
August 10th, 2011 at 9:10 pm
Let me rewrite to one of the papragraphs in the comment above.
“Even if he did make that speech you could just imagine the response it would receive. It would evoke a rehash of all the stereotypes that have already been pinned upon him. Jamie Dimon and Steve Wynn et. al. would be bemoaning that this is the most anti-business President in their lifetimes. The conservative media outlets would be touting this as a confirmation that he’s a socialist/communist, he’s anti-wealth, he’s for redistributing wealth, he’s invoking class warfare, etc. The tentacles of the vampire squid corruption that plagues this country have too much of the populace brainwashed. If you view the the Roger McNamee video that BR posted previously (discussing future techology trends) , I was most struck by response in the Q & A that included a comment that to him the U.S. currently reminded him of Germany or Italy in the 1930s. That may turn out to be an accurate characterization of this period.
August 10th, 2011 at 11:53 pm
@GuinnessFan: Obama would be criticized by his political enemies no matter what he´d say. It´s what he´do that would matter and I agree with your assessment that there is little or anything he could do at the moment. He has lost most of the political capital he had back in 2008. He lost the House in 2010 and signed off on a ¨landmark piece of legislation¨, the Health Care Act that just about nobody likes/understand. All other major issues, not in order of importance : energy (incl. climate change), education, immigration, tax reform, health care (no, it hasn’t gone away), twin budget deficits and the number one issue, unemployment are in limbo. Aah, but what about the Financial Reform (Dodd/Frank)? Way to little, watered down and already under assault by WS and stupid/corrupt Rep´s and Dem´s (Schummer); look how he dumped Elizabeth Warren, she was too controversial you see, so now again it is open season on the little guy when dealing with the Financial Services man.
No, he hasn´t been transformational, show me ONE trans formative thing he´s ever accomplished. May be we all expected too much from him, he´s only the most powerful man on this planet, you know….
August 11th, 2011 at 12:21 am
@ me: list of taxes in the great state of CA and most states:
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
August 11th, 2011 at 8:01 pm
[...] And the emails poured in. I hit a chord, because it’s something we all feel. Take a look. [...]
August 11th, 2011 at 9:13 pm
@Victor
You forgot to mention the taxes on people who don’t even live in CA who are an easy target because they don’t vote. Stay in a hotel in CA and you pay 4-6 different Stae and Local taxes, depending on the location.
August 11th, 2011 at 11:27 pm
[...] on his TV rant (though I think the writing is better than the rant) Eco World Content From Across The Internet. [...]
August 12th, 2011 at 9:23 am
[...] Dylan Ratigan is a guy who years ago was on Bloomberg TV. He moved “up” to CNBC and was a featured anchor on the floor of the NYSE. He used to get pretty worked up about things going on during the financial crisis of 2008-2009. He’s pretty full of himself but he is really entertaining. He is now at MSNBC in the afternoons. Here is a link from a show a couple of days ago. http://www.ritholtz.com/blog/2011/08/ratigan-goes-postal-on-congress/ [...]
August 12th, 2011 at 9:58 am
That was amazing
, big thumbs up
August 13th, 2011 at 5:19 am
Ratigan needs better writers.
So the market movement over the past few weeks has been due to a failure of the president and Congress to close tax expenditure loopholes? Seriously?
I thought we were going to have some grand rant about the importance of public spending in the face of a return to recession, or as a means of bolstering the global economy; or maybe some discussion about the impact of the Euro sovereign debt crisis on U.S. markets; or perhaps even a discussion about the impact of high-frequency trading on market volatility. But tax expenditures? Really?
If the topic is tax expenditures, fine. It’s a legitimate topic. But in the context of current market volatility and the recession it’s a non-sequitor. If the discussion is just about causes of the current deficit that’s another story, but even in that case, the primary driver of current public debt isn’t tax loopholes.