Yes, I knew Obama was referring to his bowling and that’s
why I preceded the comment with …. to indicate the license I’d
taken. With Russian bombers likely coming to Cuba and Venezuela, our befriending
Iran rebuffs our efforts, ‘resetting’ our relations with Russia
which publicly ridicules the US, our Energy Department threatening to cap and
trade the largest emerging economy in the world, Israel being summarily cast
out as an ally….. the Administration’s short track record isn’t
any better than Obama’s bowling to date. On the other hand, Joe
Biden’s comment was verbatim. Biden’s MO is typically without
thought. I revel, however, in the tables being turned on the supposed morally
superior left. And please don’t argue Obama/Biden are not left of
left within the context of their Congressional voting record.
About journalism and its own license. I too regret the
lack of civility in the press. The old ‘wink and a nod’ was
as much a result of deference to people saying things in the absence of thoughtfulness
(people say silly things) as it was respecting someone’s position. Why
prolong something that wasn’t meant to harm? Imagine, Rev. Jackson
or Rev. Sharpton forgiving someone’s mindless or indiscrete moment.
These days, however, things have changed greatly and it is hardly without the complicity
of the press. Quite the contrary. The political correctness of today
largely has its roots justifiably in racism (in my opinion) but has spread to
any person who wishes to feel victimized and thereby gain advantage over
another person. And I personally believe that this results from the
separation of a person’s duty and right to defend their character to the
civilized jurisdiction of a court. If you called a person a scoundrel in
1920 you might get punched or shot. Respect was a personal duty
then. But today, if you shoot an intruder in your own home and then use a
socially incorrect word, you might be indicted for not only a felony but it
might be a Federal hate crime as well.
Now about today’s Congressional hearings. I watched
today’s hearings, with much the anticipation I have many a day way back
when I was in college and ran home to watch the Watergate hearings. Every
now and then (actually it’s a rarity), people on both sides of the isles
have a commonality in thought regardless of lack of intelligence or
independence. I’ve dismissed Maxine Waters for years for not having
the understanding of markets and finance comparable to her understanding of how
the CIA enslaved blacks in Los Angeles to cocaine (said quite facetiously).
But, today, she got right in Tim Gietner’s face and, not lacking her
typical indignation, with the Goldman Sachs’ connection to the Tarp, AIG
and Stimulus via Hank Paulson. [Unfortunately, her understanding of the Goldman
Sachs connection did not extend back to Robert Rubin or Jon Corzine. Of
course Rubin lobbied Congress as US Treasury Secretary from 1995 to 1999 to “modernize”
Glass Stegal and took a job for Sandy Weil with Citibank 4 days (yes 4 days)
after Congress passed Graham Rudman. And Jon Corzine, who walked away from
GS with $750M fashionably before Enron crashed with Goldman having been the
lead in promoting Enron…. But somehow, today, bank failures are
blamed on Republicans having repealed Glass Stegal and Enron was caused by
Bush.] But even though she conveniently forgot the historied Democrat
connection to Goldman Sachs, Maxine made me proud, and I’m not being
facetious. She vigorously questioned the very obvious Goldman self
dealing connection. Even the least of those may stumble on a rare moment
of intellectual insight once in their career. Today was truly the first
time I saw most of those questioning the Fed and Treasury have the courage,
insight and independence to ask some good questions and not back down from the high
browed BS.
And here’s one of the rare, ‘called your bluff’
moments today in the hearing. Geitner, having made a valiant defense of
Liddy (new AIG CEO), as a valiant civilian who did not create the problem or
take any money to become CEO, had to answer the question “Well, did Mr.
Liddy have any connection to Goldman Sachs who has received Tarp, AIG
counterparty funds, and Stimulus funds.” Well, the answer was a
grand ‘Yes.’ Tens of billions have gone to Goldman via one
route or the other. And the tie-in continues. We’ll find out
eventually Liddy has a major Goldman tie in that benefits him for his
supposedly laudably patriotic service in resurrecting AIG. Nevertheless, it
was a truly memorable Congressional hearing today. Not that anything will
change because of the iron fists that rule the two chambers of Congress and the
money that Goldman sprinkles in all the right places. But it was
encouraging.
In my thinking, it’s too late. It hardly matters who’s
in power. The long wave cycles of the economy have turned to the
Kontratieff winter and the economic and social challenges are simply an aspect
of the inevitable season of decline. The question is how far the social
contract will devolve before it begins to re construct itself.
Interesting times.
Jim Ross
From:
realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf
Of Gene Pope
Sent: Tuesday, March 24, 2009 3:22 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: RE: [RT] Cost of the economic rescue so far
Hi Jim,
Just because I have a family history in
print media (and not based on my political views), I just wish to point out
that Obama was referring to his admittedly less than stellar bowling game which
he referred to as “looking like the Special Olympics”…
Off topic, but in the days before
Drudge, the internet, and instant dissemination of information, our politicians
said lots of stupid things without it becoming front page news… in fact,
the press often had a “wink and nod” relationship with presidents
(witness FDR and his non-existent wheelchair, Kennedy with his White House
dalliances and drug use. Then things changed with Nixon. What was once
considered rude lack-of-respect became the media’s right to know). I
actually feel bad for any public figure today. They are completely exposed
naked to the world all the time. You can’t say boo without everybody
knowing your business. Thankless job that I wouldn’t want. Then again, I
happen to feel that it’s a good thing that this less savory layer is
being peeled back for everyone to see. Who hasn’t watched current live
congressional hearings and just shaken their heads at the utter lack of
knowledge displayed and the brainless questions? Yet the mooing populace keeps
voting them back in office.
Regards,
Gene
I won’t give you links. As
Obama would say our administration “…is like the special
Olympics.” And as Biden was taped “Give me a f______g
break.” What lovely people. Of course, you won’t get
that in your mainstream news but they’re on tape.
From:
realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf
Of Terry Rhodes
Sent: Tuesday, March 24, 2009 12:58 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: RE: [RT] Cost of the economic rescue so far
Do you have any links to support your statements???
regards,
tbr
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Last
week our fearless leaders arrogantly declared that any nation not meeting the
US lofty standards embodied in cap and trade would be barred from exporting
goods to the US. Within 4 hours, China shot back that if the US would not
buy its goods, China would not buy its Treasuries. Game over. And
then today, China proposed a new world currency that would be administered by
the IMF. Clearly, China thinks the US is one great Maddof scheme.
And it is. Why should a starving world subsidize a country that pays a
lady in California to have 14 babies?
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