April 21, 2011
— Monty

William Greider has an amusingly-shrieky piece at The Nation concering Standard & Poor's recent threats to downgrade America's debt. (Note: it was not a downgrade; it was only a threat to do so.) Savor the stupid, but stand back so you don't get hit by the flying spittle:
The deficit panic is itself bogus—poor-mouthing America to avoid raising taxes on the folks who got the money. Naturally, this reactionary approach was first promoted by Republicans, but has been tacitly embraced by the Democratic president and Congressional Democrats. No more talk from them about jobs, jobs, jobs or doing anything real to save millions of families from home foreclosures. Barack Obama promises to do the blood-letting more delicately than barbaric Republicans, protecting Social Security and Medicare and other much-loved programs. But can people believe him? They have been burned before by vague good talk.I submit that this is the finest piece of comedy writing (however unintentionally so) that you'll read all day.
How can you tell if a politician is lying? His lips are moving. Americans are fond of blaming those dirty damned politicians when we don't like how things turn out, but we keep sending the same dumbasses to Washington, year after year, decade after decade. People get the government they deserve, ultimately. If we have a horrible political class (and we do), it's our own fault.
"Financial Emergency SWAT Teams?" I envision a CPA version of Jack Bauer from 24: "Why did you declare this trip to Weehawken as a business expense? Tell me now! THERE'S NO TIME!"
Gold could go to $1700/oz. As I said, I believe that this price spike is "fear buying" by investors who don't know where else to put their money. Still, I don't know that gold is in a "bubble": the trendline has been very steady over the past decade. As the fiat currencies of the world weaken, gold strengthens. At some point sanity will prevail and there will be a sell-off, but I doubt we'll see gold dip below $1000/oz for a long, long time -- maybe never, depending on what happens to the USD.
Kevin Williamson at NRO's The Corner asks an interesting question.
S&P, bear in mind, is at the mercy of the federal government for its livelihood: Regulated institutions are required to use federally recognized credit-ratings agencies — it’s not AAA unless a Washington-approved firm says it’s AAA. If Washington should decide that S&P no longer qualifies to be a member of the ratings cartel, it’s basically out of business. It’s one thing to have an angry client threaten to take away his business, but a very different thing to have an angry government with the power to shut your business down making demands.Forget it, Jake. It's
Atlas Shrugged has become a documentary, not a fictional cautionary tale.
It's good to be the King. It's also good to be friends of the King.
The NYT seems to be advocating for high-speed rail here. I say "seems to", because in the entire piece there really is no actual justification for high-speed rail, just declarations that cutting funding for various rail projects is a mistake. Why this is so we are never told; perhaps the NYT editorial board thinks the point is so obvious that it can be left unsaid. My only take-away from this fingernail-paring of an editorial is this: the lefties really like their choo-choo trains, don't they?
George Will had a recent column on liberal fervor for trains.
To progressives, the best thing about railroads is that people riding them are not in automobiles, which are subversive of the deference on which progressivism depends. Automobiles go hither and yon, wherever and whenever the driver desires, without timetables. Automobiles encourage people to think they—unsupervised, untutored, and unscripted—are masters of their fates. The automobile encourages people in delusions of adequacy, which make them resistant to government by experts who know what choices people should make.There's some irony in the fact that the heroine of Atlas Shrugged is a railroad executive. But then Ayn Rand wrote the book in the 1950's, when passenger rail still had the mystique of the modern about it and when air travel was still prohibitively expensive.
[UPDATE 1]: Tax-hikes ain't gonna do it, folks. Never mind the dubious morality of the "soak the rich" theory -- it won't work.
[UPDATE 2]: You know it's hard times out there when even major-league baseball franchises are going broke. (But this is the legendarily ill-managed Dodger franchise, whose owners managed to bankrupt their team in spite of being in a lucrative market and having a splendid location and home field.)
[UPDATE 3]: Another sign of how bad things are getting in Major League Baseball -- they're now hiring robots to throw the ceremonial first pitch. Downside: we're losing jobs to Skynet already. Upside: at least the robot doesn't throw like a girl, unlike a certain President of the United States who shall go unnamed to spare him the shame.
[UPDATE 4]: The four national debts.
This was not the "play-time" I had been promised. Prepare to bleed, human.

Posted by: Monty at
05:23 AM
| Comments (82)
Post contains 859 words, total size 7 kb.
Posted by: laceyunderalls at April 21, 2011 05:31 AM (7dkEj)
Posted by: rickl at April 21, 2011 05:38 AM (zoehZ)
Posted by: creationwaits at April 21, 2011 05:38 AM (+M16j)
Posted by: blaster at April 21, 2011 05:41 AM (l5dj7)
Posted by: Ginormous at April 21, 2011 05:42 AM (Q5+Og)
Posted by: phoenixgirl at April 21, 2011 05:44 AM (eOXTH)
Posted by: Fire Captain at April 21, 2011 05:50 AM (XhcnD)
I saw that Boeing article in the WSJ this morning. Unfreakingbelievable.
It's amazing to me. how controlling out government is .
Posted by: Ben at April 21, 2011 05:52 AM (wuv1c)
It was funny to hear the Ranger fans mocking Boudreau's comments that they weren't that loud for two periods ("Can You Hear Us"), only to see their team choke on a 3-goal lead. Hahaha.
Posted by: Waterhouse at April 21, 2011 05:53 AM (Q95Dr)
She risked her own fortune and raised private money to build a rail line that could turn a profit moving valuable goods from the place they're produced to the place where they could be profitably used.
BidenRail pisses tax dollars down an empty hole, running mostly empty passenger trains between Jip Jibbip and Middle of Nowheresburg.
Explain to me again how many millions of people are lined up to travel between the drought-ridden Central Valley of California and the shuttered NUMMI auto factory?
Full employment is just around the corner when jobless folks in one ghost town can get a subsidized commute to another ghost town!
Posted by: Little Miss Mathcheck at April 21, 2011 05:54 AM (a5ljo)
Posted by: Big Fat Meanie at April 21, 2011 05:54 AM (81qtQ)
Emphasis on "executive."
Rand learned about business from commie propaganda and the movies, the only two places where corporate execs are capitalists (in the Randian sense). So her idealization of them as the only people capable of achieving humanity/love/freedom/etc. is accidentally fascist, because that's what the real-life counterparts to her characters are.
Accidentally super-fascist, actually. Like Goebbels would be all, "Whoah there lady. Down a notch. No one's going to buy that."
Posted by: oblig. at April 21, 2011 05:58 AM (xvZW9)
Posted by: JackStraw at April 21, 2011 05:59 AM (TMB3S)
add this to the 'CA is boned' as grist to the Monty Doom mill:
We now can hope that he is finally content, having delivered a huge blow to CaliforniaÂ’s competitiveness by signing a bill mandating that 33 percent of the stateÂ’s electricity be obtained from wind and solar sources by 2020.
By then, Governor Brown will be safely out of office. The rest of us will have to deal with the high costs, low reliability, and environmental degradation attendant upon this latest exercise in the fantasies of renewable power.
Delightful.
Posted by: GnuBreed at April 21, 2011 05:59 AM (ENKCw)
Posted by: Comanche Voter at April 21, 2011 06:01 AM (3ESDJ)
Posted by: by any other name at April 21, 2011 06:03 AM (H+LJc)
Posted by: V the K at April 21, 2011 06:06 AM (PLvLS)
Are they serious? Holy shit. Wind and solar run at less than 25% of rated capacity. That means Cali has to add solar and wind power plants equivalent to more than its entire current power generation capability to achieve this plan. If they actually want generated power to be 33% of the total, that is. If they just want "installed capacity" to be 33% of the total, and just want to be able to point to wind farms and solar plants but don't actually care if they deliver a single watt of power, then they've got a chance at achieving their nightmare.
Innumeracy!
Posted by: Waterhouse at April 21, 2011 06:09 AM (Q95Dr)
Posted by: Monty at April 21, 2011 06:11 AM (4Pleu)
Japan just got rocked by a 6.3 earthquake.
And Texas is apparently all on fire.
Where's President Bush Obama? President Bush Obama should be visiting Texas to show that FEMA is working. Why does President Bush Obama hate black people Texans!?
Posted by: Truman North's cervix at April 21, 2011 06:15 AM (8ay4x)
Posted by: polynikes at April 21, 2011 06:17 AM (7sQ6G)
Posted by: V the K at April 21, 2011 10:06 AM (PLvLS)
No words...
Posted by: jcjimi at April 21, 2011 06:17 AM (n+AqD)
People who use the word "fascist" to descibe Ayn Rand's characters don't really know what "fascist" means. It is impossible for an individual person to be a fascist, no matter how tyrannical, because "fascism" is a doctrine of state power, of sovereign control in collusion with business interests.
In fact, Rand's characters are antithetical to fascists in another dimension: they not only abjure control over others, they insist that others take control over their own lives (or suffer the consequences).
Jonah Goldberg did the world a favor by writing Liberal Fascism, because among other things he clarifies what fascism means and what it does not mean. "Fasicsm" is an artifact of left-wing, not conservative, political thought.
That's sounds a lot like facist talk to me Monty.
Posted by: Ben at April 21, 2011 06:18 AM (wuv1c)
Posted by: Truman North's cervix at April 21, 2011 10:15 AM (8ay4x)
The better question is, why do you hate Texans? Why do you want The JFE to come down here? Good god man, have you no decency?
Posted by: Sgt. Fury at April 21, 2011 06:21 AM (EFot6)
General Santa Anna met his DOOM! on this day 175 years ago.
Happy San Jacinto Day! I'm having a taco.
Posted by: Jalapeno at April 21, 2011 06:23 AM (iKKSm)
George Will: Automobiles go hither and yon, wherever and whenever the driver desires, without timetables. Automobiles encourage people to think they—unsupervised, untutored, and unscripted—are masters of their fates.
As long as people don't choose to wear blue jeans, that is.
Posted by: IllTemperedCur at April 21, 2011 06:27 AM (7YzRS)
Before long, I doubt that anybody will selling gold for dollars of any amount.
Posted by: RayJ at April 21, 2011 06:28 AM (2oRAd)
Posted by: Kratos (Ghost of Sparta) at April 21, 2011 10:22 AM (9hSKh)
"Gits". Always liked that one.
Posted by: jcjimi at April 21, 2011 06:29 AM (n+AqD)
@43, why would anyone want to take on Stephen Colbert?
His show is a 5 year long comedy skit that became unfunny after about 5 episodes
Posted by: Ben at April 21, 2011 06:31 AM (wuv1c)
Posted by: Monty at April 21, 2011 06:33 AM (4Pleu)
Posted by: Pyrocles at April 21, 2011 06:34 AM (cv5Iw)
Posted by: laceyunderalls at April 21, 2011 06:35 AM (7dkEj)
Posted by: V the K at April 21, 2011 10:06 AM (PLvLS)
What we need to do is to put an end to the Left. I'm so sick of their insanity I find myself wishing for a civil war like a gut shot man wishing for death.
Posted by: maddogg at April 21, 2011 06:36 AM (OlN4e)
______
You say that as if it were a bad thing.
Posted by: Anachronda at April 21, 2011 06:36 AM (6fER6)
"I doubt we'll see gold dip below $1000/oz for a long, long time -- maybe never, depending on what happens to the USD."
I remember seeing one gold analyst on television several months back saying that he eventually expects to see gold at 50% of the Dow Jones. I took him to mean that if the Dow was at 6000, gold would be at $3000 / ounce. He said he was 80% invested in gold but wouldn't advise that for anyone who isn't really knowledgable about gold. The 80% is what made him memorable to me.
Time to work. Everyone have a great day.
Posted by: Canadian Infidel at April 21, 2011 06:46 AM (GKQDR)
Isaiah 34
1Come near, ye nations, to hear; and hearken, ye people: let the earth hear, and all that is therein; the world, and all things that come forth of it.
2For the indignation of the LORD is upon all nations, and his fury upon all their armies: he hath utterly destroyed them, he hath delivered them to the slaughter.
3Their slain also shall be cast out, and their stink shall come up out of their carcases, and the mountains shall be melted with their blood.
4And all the host of heaven shall be dissolved, and the heavens shall be rolled together as a scroll: and all their host shall fall down, as the leaf falleth off from the vine, and as a falling fig from the fig tree.
5For my sword shall be bathed in heaven: behold, it shall come down upon Idumea, and upon the people of my curse, to judgment.
6The sword of the LORD is filled with blood, it is made fat with fatness, and with the blood of lambs and goats, with the fat of the kidneys of rams: for the LORD hath a sacrifice in Bozrah, and a great slaughter in the land of Idumea.
7And the unicorns shall come down with them, and the bullocks with the bulls; and their land shall be soaked with blood, and their dust made fat with fatness.
8For it is the day of the LORD's vengeance, and the year of recompences for the controversy of Zion.
9And the streams thereof shall be turned into pitch, and the dust thereof into brimstone, and the land thereof shall become burning pitch.
10It shall not be quenched night nor day; the smoke thereof shall go up for ever: from generation to generation it shall lie waste; none shall pass through it for ever and ever.
11But the cormorant and the bittern shall possess it; the owl also and the raven shall dwell in it: and he shall stretch out upon it the line of confusion, and the stones of emptiness.
12They shall call the nobles thereof to the kingdom, but none shall be there, and all her princes shall be nothing.
13And thorns shall come up in her palaces, nettles and brambles in the fortresses thereofPosted by: by any other name at April 21, 2011 06:46 AM (H+LJc)
Posted by: Empire of Jeff at April 21, 2011 06:50 AM (TATbF)
Please no. We have a nice drizzle falling and the fires are on the way to being under control. We don't need FEMA and or Obama to screw it up now.
Posted by: Bob Saget at April 21, 2011 06:52 AM (F/4zf)
The New York Times Company reported a sharp drop in net income in the first quarter as the print advertising market remained stubbornly depressed for newspapers.
The company said net income fell 57.6 percent to $5.4 million, compared with $12.8 million in the quarter a year ago.
Ahhhh. I feel better now.
Posted by: GnuBreed at April 21, 2011 06:56 AM (ENKCw)
Posted by: Fire Captain at April 21, 2011 06:56 AM (XhcnD)
Yes and No. Goldberg reiterates the point that the "meaning" of fascism vacillates depending upon whom one asks and when one asks. And since the book's publication, Goldberg himself evades the word like a plague.
Posted by: by any other name at April 21, 2011 07:01 AM (H+LJc)
Posted by: Empire of Jeff at April 21, 2011 07:02 AM (OW0nw)
I like to call money that is used on shit like this "dead-end-dollars". Regular dollars are the ones you spend and get something in return for; like me giving the guy at the mini-mart $1.00 and he gives me 2 donuts. When the bum waiting outside the door of the mini-mart bums $0.50 off of me I get nothing out of that.
A lot (maybe most) of our tax money is dead-end-dollars because the government spends your money on shit you never wanted or don't need (not to mention that they usually over pay for everything too). The best way to keep the economy strong is to minimize the dead-end-dollars. The money will circulate better if there is value every time it is exchanged. Why? because the owner of that dollar has an incentive to spend because he gets something in return. The government takes perfectly good, useful dollars and diverts them to high speed rail, ethanol subsides, solar projects....things that are of no value to the people the money was stolen from.
Posted by: Lemmiwinks at April 21, 2011 07:04 AM (pdRb1)
Posted by: Monty at April 21, 2011 07:04 AM (4Pleu)
"The New York Times Company reported a sharp drop in net income in the first quarter as the print advertising market remained stubbornly depressed for newspapers."
Fortunately they have me here to straighten out their little micro-economy . After I convince the NYT to take on massively massive debt to stimulate sales, everything will be fine. If this plan doesn`t work, they simply need to borrow more...problem solved, you simple-minded neanderthal biznitches!
Posted by: Paul Krugman at April 21, 2011 07:07 AM (XhcnD)
Posted by: Guy Fawkes at April 21, 2011 07:09 AM (IXLvN)
Gold, like other commodities prices are stable... its the Dollar that is hosed...
The Gold market in particular, is a fairly long term investment market... people do not buy gold (like stocks) to turnover tommorow... and the market is making its judgement on what the Dollar (with this current Fed, and QE2) is doing to the dollar.
Posted by: Romeo13 at April 21, 2011 07:12 AM (NtXW4)
Posted by: Spurwing Plover at April 21, 2011 07:12 AM (vA9ld)
Posted by: The Underwear Gnomes, chilling in South Park at April 21, 2011 07:13 AM (XhcnD)
Posted by: iknowtheleft at April 21, 2011 11:05 AM (G/MYk)
BP lawsuit was filed yesterday... they are taking the folks who designed and built the saftey systems to court, as every one of them failed.
That company will then, in its own defense, point out how the Government signed off on the designs and plans... and how by fighting an OIL FIRE WITH WATER (vice AFFF or another foam agent), the Government (in charge of the fire fighting once on scene, by Fed Law), were the onces who sunk the rig, which is what caused the leak to get as bad as it did (the rig sinking caused much of the shearing)...
Given a reasonable Judge??? This is gonna get good....
Posted by: Romeo13 at April 21, 2011 07:17 AM (NtXW4)
/sarc
So, they sold, and the rest is sad, sad history.
Posted by: PJ at April 21, 2011 07:18 AM (erPX9)
Posted by: PJ at April 21, 2011 11:18 AM (erPX9)
This is the vital element the Libtards and others always overlook when preaching the need for punitive death tax. Most of the time, junior doesn't inherit much cash. Junior inherits a productive asset. He must then pay tax equal to some portion of the capital value in cash, that year, immediately. It's a business killer.
Warren Buffett loves that tax. He made most of his initial fortune buying companies out from under heirs who couldn't pay the inheritance tax. Better to sell and live off than to face a tax forfiture. Buffett is a predator of opportunity - he smells blood in the water and moves in. Never believe one word he says that purports to be altruistic.
Of course, part of it is stupidity on the part of the owners. When they get old they should sell the enterprise to their kid(s) for 1 dollar, with the stipulation that they be paid X percent of the profits until they die. That way the inheritance tax is avoided totally.
Of course, the other thing that offends me deeply is that I should work hard all my life, just to make the state richer. That the state should inherit any of my goods, already taxed once or more in my life, is so deeply offensive I can't stand it.
Posted by: Reactionary at April 21, 2011 07:29 AM (xUM1Q)
Better to sell and live off than to face a tax forfiture.
Posted by: Reactionary at April 21, 2011 11:29 AM (xUM1Q)
Oops.
I meant to say "Better to sell and live off the proceeds than to face a tax forfeiture."
Posted by: Reactionary at April 21, 2011 07:33 AM (xUM1Q)
Posted by: Empire of Jeff at April 21, 2011 07:35 AM (OW0nw)
Posted by: Paladin at April 21, 2011 07:37 AM (nmc9V)
Posted by: Paladin at April 21, 2011 11:37 AM (nmc9V)
Yup. People tend to overlook the fact that the Chinese blew up their money supply by 25% last year. Even the Chinese communist party doesn't pretend that their economy grew that much. Russia's still a mobster dominated basket case. Latin America - the less said the better. Africa - do they even have money there?? Europe is about to face a reconing - Greece, Portugal, Ireland, and Spain will (I believe) all default. See what happened in Iceland and you'll have a good preview of what's coming. Australia and NZ are even more commie than the US has become. At least in the US we have huge, vast productive potential if only the fools in government would get out of the way. Natural resources alone are magnificent here, and once the thorium reactor concept gains traction our electricity concerns (maybe all our power worries) are over. If we had an intelligent administration and a friendly congress, this nation could be totally turned around in 8 years or less.
Alas, that's prolly a pipe dream.
Posted by: Reactionary at April 21, 2011 07:44 AM (xUM1Q)
Posted by: ya2daup, an iPhone iMpeded iPosting at April 21, 2011 07:53 AM (pWZgG)
Posted by: Empire of Jeff at April 21, 2011 11:35 AM (OW0nw)
Amen. Like all Libtards, he's a greedy, lying, hypocrite. I've never met an upper middle class Lib that gave any significant time or cash to charity. But they're keen to criticise me, and make me pay more tax to help the so-called downtrodden milk the system yet more. And those abortion lovers are quick to preach to me when I advocate means of cutting back on the conception of new welfare babies. At least in my "cruel" system there are no murders.
Posted by: Reactionary at April 21, 2011 07:57 AM (xUM1Q)
Posted by: The Ghost of Flannery O'Connor at April 21, 2011 08:12 AM (DNX55)
Posted by: Empire of Jeff at April 21, 2011 08:20 AM (Y0wFY)
'If the US were a company, itÂ’d be spending more in salaries than it makes in sales. Aside from being unprofitable, itÂ’s also got a MASSIVE debt load. And itÂ’s current policy of paying out more than it makes only increases this debt loadÂ… which begs the questionÂ… whoÂ’s going to pay the interest payments on the debt.
Now, about those paymentsÂ…
More than half of all Americans (59%) receive a Government payout in one form or another. This is not a sliver of the populationÂ… it is endemic to the system. So those who complain endlessly about Government spending need to consider they as well as half of everyone they know, likely gets some kind of assistance in the form of social security, Medicare, food stamps or what have you.
HereÂ’s another zinger: Government payouts account for 79% of household growth since 2007. In other words, the only thing that has kept the US consumer afloat in the last four years is payouts from Uncle Sam.'
Posted by: shibumi at April 21, 2011 08:48 AM (OKZrE)
I am also tired of Warren Buffett's shit talk. In addition to his predatory estate tax driven acquisitions, he engages in other behaviors at odds with his populist tax schtick.
His insurance outfits take tax advantage of loss reserve exemptions. In other words, the insurance company gets to estimate what claims it will pay and the money set aside is not taxable.
I laughed when he said he was going to give away the bulk of his fortune when he dies. Why wait? What's stoppin' you buddy?
Then like Gates, rather than write a check to the government and let the omni-competent government decide what to spend it on, he puts bucks in a foundation where he can direct its application and deduct it as a charitable donation. Epic!
I propose that every State enact a Warren Buffett Tax. This tax would equal 10% of his gross income or 2.5% of his net worth, whichever is higher. And non-payment should be a felony and subject to wealth forfeiture. Warren, the waiver of extradition is ready for your signature.
Posted by: The Poster Formerly Known as Mr. Barky at April 21, 2011 08:58 AM (qwK3S)
I believe that this price spike is "fear buying" by investors who don't know where else to put their money. Still, I don't know that gold is in a "bubble"
Most investors that I talk too about buying gold respond .. until they make it illegal and confiscate it
They leave you with a vision of a world straight out of "Mad Max" except these "nanny bureaucrats" run around taking things from all the poor rubes while backed up by the 82nd Airborne
Posted by: Islamic Rage Boy at April 21, 2011 09:47 AM (CT8LT)
Posted by: s☺mej☼e at April 21, 2011 01:03 PM (TrAxp)
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Any morons or moronettes living in or around North Versailles, PA know this guy?
Check out his signs.
Posted by: Sukie Tawdry at April 21, 2011 05:28 AM (MPtFW)