John McCain

06 Oct

When the cat's away, the Wall Street mice play ... and walk away with plenty of cheese

in business, Culture of Corruption, Democrats, John McCain, politics, Republicans, CDATA, Cognition, Economics, Financial crisis, Henry Paulson, Keynesian economics, Person Career, Snake oil, XML
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In case you missed it, here is tonight's 60 Minutes report on the financial crisis, and how we got here.

No doubt this is not the whole story, but it's enough: $60 trillion enough!

Warning: You may find this frightening or depressing.

Think of this when you hear John McCain and the Republicans try to blame too much regulation for the current mess we're in.

P.S. - This is not to say I am against the bail-outs that already passed. I'm reasonably convinced that liquidity was a problem, and as someone who believes in Keynesian economics, I think that government can do a lot to help. (And I just hope it was the right kind of help, pork notwithstanding.)

But what happens next is even more important. What I saw on 60 Minutes was an indication that there was a scheme being played upon the American people ... and the rest of the world, frankly, by these institutions that claim to "transcend" national boundaries.

They were selling snake oil, otherwise known as "swaps". They knew it was snake oil. They called it snake oil because to call it "insurance" would have meant that the government -- regulators, people -- would have required that these companies actually have capital to back their gambles. So with some small lies and fast talk, they build an entirely new financial marketplace upon which to make their own personal millions a year.

And here we are.

Oh, and what 60 Minutes doesn't quite say is that Treasury Secretary Henry Paulson Jr. was one of the CEOs who lobbied for deregulation. Where does he stand on those swaps?

The transcript is here.

This is criminal. This is treasonous, if you think about it.

11 Sep

Which candidate would I rather have a beer with?

in Barack Obama, Democrats, election, election 2008, John McCain, politics, Republicans, Barack Obama, Barack Obama, Family of Barack Obama, Health, Health, Illinois, Labor, Labor, Punahou School alumni, Social Issues, Social Issues, Statewide opinion polling for the United States presidential election, United States
3.857145

Which candidate do I feel has the most level head?

Barack Obama.

Which candidate has a plan to address healthcare?

Barack Obama.

Which candidate has been pushing for change the most against the Republican status quo?

Barack Obama.

Which candidate is going to cut my taxes?

Barack Obama.

Which candidate is campaigning with dignity?

Barack Obama.

Which candidate most respects my own civil liberties?

Barack Obama.

Which candidate named a running mate to help him govern?

Barack Obama.

Which candidate speaks most intelligently on every issue?

Barack Obama.

Which candidate is the most unlike George W. Bush?

Barack Obama.

Which candidate would I rather have a beer with?

Barack Obama.

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