Tuesday, May 08, 2012

an uncompromised view of american politics and economics

capitalismwithoutfailure | The first decade of this century was founded on official corruption, control frauds, the madness of a people incited by the propaganda of fear and ideology, leverage, and the conscious mispricing of risk.

Everything else is merely conversation...,

On High-Frequency trading: It's a zero sum game. They are skimming. Mom and pop's pension fund is being ripped off a little bit on every trade. Only shameless whores, that are the publicly traded exchanges, would steal from the public. If the exchanges were not-for-profits no one would ever think of doing this. It is this kind of behavior that makes the public wary of investing in stock markets.

On Rogue Bankers: There is no such thing as rogue traders. There are only rogue banks. If you are that grossly negligent that you have to be rescued by the government, then I guarantee you they are doing lots of other things wrong. If you have an entity that messed up so badly that it can't survive... how are you going to go out and run a marathon? Jamie Dimon is the next CEO who needs a humbling.

On Larry Summers: We now find out that the single biggest asshole in America is Larry Summers, who browbeat Obama into bailing out Citibank. Larry Summers oversaw the repeal of Glass Steagall as Treasury Secretary in the Clinton Whitehouse, and oversaw the Commodities Futures Modernization Act which took the entire universe of derivatives and hid them from federal regulators. The Treasury Secretary should have advised Clinton that it was garbage. Then, when he went back to the White House, he wasn't done fucking the country. He gave us one last bend over and grab your ankles.

On Robert Rubin: Another giant asshole - he gave us Geithner and Summers. You don't send the same surgeon in after a botched surgery because the first surgeon is more interested in covering up his work.

On Obama: Putting Rubin, Summers and Geithner in power was the tragedy of the Obama administration. Obama and Bush were both given an opportunity to be transformational - a Churchill, a Roosevelt. Obama's problem was that he sought out the biggest asshole in America - Robert Rubin.

On Credit Rating Agencies: To me, if you give up your virtue for money, you are a prostitute. Credit rating agencies are prostitutes.

To listen to the interview, visit The Big Picture Blog

On Lobbying: I have libertarian friends who are always bitching about government. I always say to them, when a dog bites you in the ass... that's what dogs do - don't blame the dog. Look up the leash and see who is holding the handle. When you look at Congress - Congress is the snapping dog. But they are somebody's bitch. You have to see who is holding the leash. Very often it is banks and Wall Street and the financial sector having Congress do its bidding. Most of the things that got us into trouble have been done at the bequest of the banks. For example, the 2004 change in leverage ratios... ironically known as the Bear Stearns Act - as in banks larger than Bear Stearns had lower ratio requirements. First of all, why do you change a law for just 5 banks and not for all of them? That shows you how corrupt the system is.

On Congress: I don't want to say Congress are whores, that go to these corporate executives with knee pads and lip-gloss... Congress is corrupt. Politicians in both parties are worthless. Every day I have to get up and prevent myself from releasing my ninja assassins to go pick out some people who are undercutting the Republic here. They don't even hide how corrupt they are anymore. It just came out that one of the new guys had sent out a note to CFO's asking them what legislation they would like to see changed. They will do anything for any kind of campaign contribution.

On Anecdotal Views of the Economy: Depending on who you are and what your circle of friends is, you will experience very different Americas in terms of the economy. If you are a college grad, the unemployment rate is 4.8%. If you are a computer programmer/engineer, the unemployment rate is 0%. The greater the skill set you have, the less employment issues you will see. I always tell people the plural of anecdote is not data. That's why it's so important not to just rely on your own experience.

To listen to the January 21, 2011 podcast, visit Jonathan Miller's Housing Helix Blog

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