Tag Archives: Henry Paulson

Tired of Shit

With all the biotechnological wizardry, I’da thunk that a Sleep Substitute would have been concocted by now.

Not to suggest ELIMINATION of Sleep, I wouldn’t DREAM of it. I have known some SERIOUS Sleepers in my time – people who really NEED sleep and/or people who really LOVE it. My night cap is off to them. The more, the merrier. Every person asleep is one less person on the road.

CLONING is getting out there at the edge of the envelope, dontcha think? Sleep being OPTIONAL doesn’t seem so farfetched next to CLONING. Wouldn’t it be grand to be able to go “around the clock” as whim or work command, without penalty of the many manifestations of Exhaustion?

Life strikes me as so very short, even if one lives to be 100. Ignoring extra-thumbprint footnotes to the contrary, Old Testament sez God deliberately and unambiguously set human lifespan at 120. I figgered ten years off for Substance Abuse, ten off for Bad Behavior.

I USED to think I’d live to be 100. I don’t anymore. I used to WANT to live to be 100. I don’t anymore. Isn’t that sad? In a big-picture, write-it-on-your-tombstone way, it is “of course” MY problem if I cannot turn lemons into lemonade but, to mix metaphors, there are some ACTUAL PEOPLE who purposefully pissed on my parade.

If CONSCIENCELESS ASSHOLES can screw me over and rip me off AT WILL – I mean, derail my LIFE with the blessing of Officialdom and without a backward glance – what must they be doing to people whose wherewithal is even less than mine?

Returning to Los Angeles, scene of many crimes, I am overcome by the hopelessness of Recovery. Pretty much exactly like when, in the first moments of my first arrival in Washington DC, the colossal Department of Agriculture literally inspired me to utter aloud, RESISTANCE IS HOPELESS.

Millions and millions of cars in orderly lines, “rushing” from stop light to stop light. Absent destination and schedule, ribbons of headlights and tail lights look sort of festive in the dark, even more so in the rain. But it is Optical Illusion, mercifully masking the LIVES OF QUIET DESPERATION immortalized by Henry David Thoreau.

There are old-school signs warning us of speed LIMITS, and high-tech digital signs flashing our EXACT speed. Who do Taxpayers think PAYS for all that? Speaking of untold sums “we” spend littering municipalities and countryside with signage, WHO GETS THE CONTRACTS? Do narcissistically thin Fat Cats in the SIGN INDUSTRY get rich off sign-craziness, or do “we” have an arrangement with “our” astonishingly large prison population?

If we have NOT harnessed the productivity of our EXTRAORDINARY prison population, WHY not? Lemme guess…violation of their Civil Rights?

If we do not ADDRESS the perversity of our having the largest prison population on earth, we’ll wanna remember that when/as WE are incarcerated, literally or figuratively. Only a very rich person or a very cowardly person thinks Death is the worst thing that can happen to a person.

Wanna know what will light a Prison Reform fire under politically correct asses? Sending White Collar Criminals to federal penitentiaries, and housing them with the “regular” prisoners. Half a dozen of them won’t have to be raped before the Silent Majority clamors for overhaul of our DRACONIAN prison system.

A few years back, I tuned in late on a radio report wherein the figure THREE PERCENT was applied to literacy among Convicts. I’d like to think, I certainly HOPE, it was a Convict sub-group of the general prison population that is so woefully uneducated but, even so, it is obviously safe to assume widespread illiteracy.

Pray tell, with how does an illiterate Ex-Con get work?

On the OTHER Recovery Circuit, the one whereon you CAN’T fudge numbers, it is commonly held that only an Alcoholic/Addict can get through to another Alcoholic/Addict. It stands to Reason that a similar simpatico exists among CRIMINALS.

Sentence Corrupt Officials and Executives to the same federal penitentiaries to which they so LIBERALLY condemn others. Oblige White Collar Criminals to teach T-shirt criminals to read and write and add and subtract Skip derivatives, to be sure, but familiarity with Fractions and Percents would be good. Skip legaleze, but competence with Employment and Housing applications would be good.

WHY are White Collar Criminals pampered in country club prisons? It is MORE reprehensible when people with SUPERIOR educations, means and opportunities resort to lying and thieving than when people with NO education, means or opportunities resort to lying and thieving. Without Need or Distress underpinning lying, only arrogance and greed, White Collar Crime is MORE offensive and LESS forgivable.

More resilient to rehabilitation, too, from where I sit.

It’s not like the Financial “Crisis” doesn’t have precedent in the Savings & Loan crisis.

CONSEQUENCES R TEACHERS. If we fail to persecute, prosecute and punish White Collar Criminals, then our bailout bonanza will have broadcast to the world and the next generation that CRIME PAYS IN AMERICA. The more elaborate the scheme, the bigger the payoff.

ADOLF HITLER: The great masses of the people … will more easily fall victims to a big lie than to a small one.

Ask yourself, if YOU were in a position to GET AWAY WITH IT, mightn’t YOU be willing to pay a half-billion dollar fine in order to pocket BILLIONS?

Power corrupts, absolute power absolutely corrupts – are we in agreement on that much? MONEY=POWER.

HOUSE OF MEDICI: Money to get power, power to protect money.

Illustrious Stanford University offered a chair to Donald Rumsfeld, the man who made TORTURE a household word. Hank the Bank Paulson teaches at heavyweight Johns Hopkins University. What do we SUPPOSE is coming down the pike?

Taxpayers PAY to destroy countries. RECONSTRUCTION of countries destroyed by American Tax Dollars constitutes BUSINESS & INVESTMENT OPPORTUNITIES FOR THE USUAL SUSPECTS.

Reap as ye sow. What goeth around cometh around. Do unto others as you’d have them do unto you. I go not far out on a limb in suggesting that only rocket science is Rocket Science.

WE ARE CRUISING FOR A BRUISING.

The Grinches Who Stole The Holiday Spirit

On the chance that there are people who pay attention to this blog — other than me and the Porno ‘n Spam people whose email addresses and websites I am collecting for publication and for forwarding to our world renowned and much feared Federal Authorities — I would offer a few thoughts for contemplation over the “holiday” season.

First, it is vaguely shameful that we are even having one.  Oh, I know . . . we NEED the holiday sales, blah blah.  Just like we NEED people to be able to get loans to buy brand new cars.  We may be depressed but, hey, at least we don’t drive Used.  Six long years at war with no end in sight and teetering on the brink of economic collapse, million of Americans thrown onto the street, millions more out of work, God forbid that we shouldn’t bring maximum resources and energy to bear on decorations, gifts and assorted festivities.  

Let the Whiners eat Christmas cookies.  Let the Spoil Sports drink egg nog.

I am of the considered opinion that the American economy is in substantially worse shape than Leaders (I use the word generously) and Newsmakers (I use the word contemptuously) are reporting.  Moreover, logically presuming that President Elect Barack Obama — PEBO, within the constellation of Alphabet Assignees — is not withholding his best ideas for last,  I am of the considered opinion that the bailout and relief efforts, as well as the looming stimulus efforts, are misguided in large measure and unprincipled in even larger measure.  Additionally, because the hodgepodge of plots and plans emanate from the same Players and Pawns who got us into this mess, we can anticipate further mismanagement mayhem.  

I don’t know about anyone else but I have lots and lots of ideas for progressive prosperity.  Plus, I’m an idea person, not an execution person.  My ideas will be free for the taking . . . RUN with them.  Make us all proud!  Make us all prosperous!  The more good ideas that are set into motion, the better chance I have of running into one of them to the enhancement of my life experience.  But I’m waiting to see whether we’re gonna get rid of the Bad Guys or not.

So is the rest of the world — in particular, so are the Major Investors — waiting to see whether we signal profoundest Change by getting rid of our OWN Bad Guys instead of making Bogey Men out of everyone else’s.  Made In America, these bastards are, smelted in the hallowed halls of some of our most respected institutions of higher learning.  Our bailouts have announced to the world and the next generation that crime pays in America.  

Remember when Hank the Bank HAD to have $700 “by Friday,” to circumvent the collapse of the entire financial sector?  BY FRIDAY.  Listen to him, now that he’s got $350 billion yet in his hot hand . . . “We have time,” he says casually of the auto industry.  We have time to see Henry Paulson’s portfolio, that’s for sure.

All this scrambling and spending to “cushion the fall”?  Bullshit.  Cushion the fall for THEM.  The Big Boys are losing money now.  Most of us have already BEEN bushwhacked.  If capital-G-and-growing Government DOES manage to cushion the blow, you know what will happen?  Nothing.  People don’t learn lessons for which they have been spared the consequences.  Anyone who’s raised a kid knows that.

‘Course what do the Big Boys know about raising kids?  They have servants for that.  

The pampered families and extravagant households of the Big Boys and Elected Officials, that’s apparently what we’re gonna have to put on the kitchen table next, in order to establish a reality base for everyone.

Let the private investigations begin.  Rigorous prosecutions with an eye on equality before the law — conscienceless Robber Barons pick up court costs and legal fees, PLUS we’ll seize assets.  That’s not just economic stimulus, that’s Spiritual Stimulus.  Abject humiliation and financial ruination of Kingpins, THAT’S the formula for cleaning up THIS toxic waste.  

Let’s clear the game board of Assholes, so we can get back to the business of DOING business instead of the business of POLICING businessmen.

All I want for Christmas is the death penalty for Traitors.

Timothy Franz Geithner At Treasury

I have just finished listening to Fox pundits extoll the virtues of Timothy F. Geithner…President of The Fed in New York, where Wall Street is situated…applauding ostensible Man Of Change PEBO’s appointment of another familiar face, this time to the coveted post of Secretary of the Treasury.

I heard, “He KNOWS crises…he was THERE for the Asian crisis.”

I heard, “He’s been at the heart of this whole thing from the start.”

I heard, “He is Henry Paulson’s protege.”

I would ask the obvious question…how does any of that inspire confidence?  

I refer to my post of October 10th at PeaceandCarats.com:
 A Confidence Crisis, Not A Credit Crisis.

Hank The Bank

Hank the Bank is less than frank
But Kashkari’s name is earnest
Economies tank, bullshit is rank
But Congress spies an Earn Fest.

Hank the Bank foists public funds
even on those banks not wanting
disguising those without dividends
public ignorance he is flaunting.

Drive Baby Drive

Conundrums over coffee, why not?  If the news is gonna be bad all day, might as well get the first bit down with some of the caffeine/upper that will course through my veins right up until I close my eyes again.  I’m gonna be having a word with someone about that pretty quick here, including I’m gonna recommend to my countrymen that we boycott Speed Giant Starbucks…also McDonalds, the Fast Fat Giant…but that is another subject and another post.

Y’know what, though?  Boycotting Starbucks and McDonalds is NOT altogether a separate subject from Detroit, but I am fresh off two brutal years on message boards, at one of which…The Board That Shall Not Be Named…connecting dots fell inexplicably between unwelcome and verbotin, liable to produce accusations of derailing, shilling, trolling and general imbecility. As well, there is economy of words to think about, and frequency of publication…read that, Productivity.

I am advised to pick up the pace, which puts me in mind of a quote that I heard sometime over this election cycle, “Perfection is the enemy of Good.”

 I want to say that it was Dwight “Ike” Eisenhower’s granddaughter who said it, attributing it her grandfather and our 34th president.  I Like Ike, was the slogan of the time.  I Like Ike, I am told, was the bona fide sentiment of the time. Anytime is the right time to slip in an excerpt from President Eisenhower’s farewell address, one excerpt better than the next.  Who could disagree except Warmongers, Profiteers, Heartless Bastards, Conscienceless Uber Rich, Entrenched Paper Pushers and Self-Serving Politicians?

 

President Dwight D. Eisenhower

President Dwight D. Eisenhower

 

 

Farewell Address

 

… Another factor in maintaining balance involves the element of time. As we peer into society’s future, we — you and I, and our government — must avoid the impulse to live only for today, plundering for our own ease and convenience the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow …

 

 

 

If the automobile industry is the backbone of American manufacturing and the housing industry is the backbone of American financial markets, but we will not meaningfully change the American Driving Paradigm and we will not meaningfully change the American Housing Paradigm…except to infuse them with Government Grab cash…then let us call a spade a spade and know that we aren’t changing diddly squat.

Not changing diddly squat = Business As Usual.

Business As Usual = how we got into this mess.

One driver/one vehicle (finances cooperating, also an insured recreational vehicle waiting to leap into off-hour action) is NOT a sustainable paradigm.

Unsustainable paradigms are, in a word, unsustainable.  

If your hands are steady and your eye is keen, you can probably hold a pencil with its point to a tabletop and balance a plate on its eraser.  But you will never be able to let go of the balancing act.  The pencil will never support the plate without you supporting the pencil.  Plate balancing on pencil tops is not, without continuous intervention, a sustainable paradigm. 

On logistics and environment alone, everyone motoring around in a private coach is not a sustainable paradigm.  Then there is that pesky energy issue.  Do we or do we not mean to break free of our dependence on foreign oil?  Truly, truly…I know from whence I speak…America is behaving right now like an alcoholic Last Gasper, ANYTHING AND EVERYTHING FOR ANOTHER DRINK.

Presupposing bus lines with fares paid in tokens, an opinion and a bus token will get you a bus ride, am I right?  Not to say that mine are necessarily correct but they ARE considered opinions and they ARE different.  Barack Obama was big on defining insanity as doing the same thing expecting different results.  I don’t know where HE picked it up, but I first heard that line on the Recovery Circuit.  No doubt about it, doing the same thing over and over expecting different results IS a brand of Nuts.

When I say that my opinions are considered, I have submerged myself in the euphemistically entitled National Dialogue for more than two years now.  At the cost of savings, at the cost of peace of mind, at the surprising cost of even a couple of friendships, this has been my LIFE.  To the voices of Experience who are liable to claim that two years is nothing, I will contend that:

A.)  American politics is a high-stakes soap opera, with an implausible cast of one-dimensional characters acting and re-enacting thin repetitive story lines that can be followed, then abandoned, then picked up again as boredom or illness dictate.

B.)  A child can see that the people with Experience HAVE BEEN DOING IT WRONG.

C.)  Don’t let my being broke fool you…I am not without background and education that speak particularly to Making Money.

All-Hood-No-Robin Henry Paulson announced that, shock of shockers, buying crappy assets will NOT solve our problems and that outright cash infusions will better do the trick.  They would do the trick for me, I know that.  I’ll be gettin’ back to Henry Paulson, HE can bank on THAT.

In the meantime, other than to meet Special Needs (including commerce) and to satisfy the Luxury Class (see attendant taxation), I really really think that we ought not to be rolling even one car off the line that isn’t at least a hybrid.

As to Hank the Bank’s fresh affinity for outright cash infusions, how ’bout this for the proverbial Troubled Auto Industry?  

Federal, state and municipal governments buy fleets of cars for use by some of our many many many many many many many government employees, yes?  Let us conduct wholesale Fleet Modification through bulk purchase (at discounted rates) of General Motors cars…think Government Mobility.  Snap up their inventory, move on to Chrysler and Ford inventories before kicking GM into production of more old-school vehicles.  

I will argue that Government Transportation, while not durable, DOES effectively constitute a portion of our Infrastructure.  We will know that we have updated and standardized that bit of Infrastructure at X point in time at Y cost.  A fresh start, as it were, with old stuff.  It will ensure Z probable years without recurrence of that expense and, at the same time, reveal who/what has…how shall I put it…an irregular replacement rate.

All those people who “need” new cars but can’t get financing?  Even when the Fall of Rome is regularly cited as a historical perspective on our Dire Straights, we are too good to drive Second Hand?  Seller financed G-Cars…get ‘em while they’re cheap, and drive baby drive.  

Sell off our current government fleets at lively public auctions.  Inexpensive but animated Community Gatherings, are these not good for morale in Trying Times?  Renaissance Faire meets Rosie the Riveter. Come to think of it, I am acquainted with a man in Washington who could be relied upon to well orchestrate such an Event.  Not a Politician but a Used Car Guy…that oughtta inspire confidence.

B-b-but what about Unemployment?

Unemployment is a different thousand words.

Global Shortage of Turnable Cheeks

I would say ‘I can hardly believe my ears’ but my hearing is not yet among the several Minor Mutinies that characterize Middle Age.  I am listening to Secretary Goldman Sachs Paulson say on C-SPAN, “There is no reason for people not to be confident, in my judgment.”

Who in their right mind would be reassured by this?  Who but the most inside track of the Inner Circle that is the conglomeration of wealth and power in America would be rendered confident by Secretary Paulson’s assurance that, in his judgment, there is no reason not to be confident?  Secretary Paulson’s judgment is specifically at issue.

You can’t have this both ways…either the man is brilliant, or he’s a dope.  Someone from “The Street” recently remarked to me on Henry Paulson’s Smarts, “He’s REALLY smart…he’s from Goldman Sachs.”  I cannot be the only one noticing how often Goldman Sachs features in America’s New & Improved New Deal.  It puts me in mind of how often Harvard and Yale feature in our ongoing political saga.   

Either Henry Paulson didn’t see It coming, in which case he is incompetent and just about the last person whose stewardship we want now.  Not seeing economic imbalance of this magnitude, with all the financial measurement tools and analysis skill available for determination of financial conditions, seems about as plausible as not knowing that a hurricane is coming with all the measurement tools and analysis skill available for determination of atmospheric conditions.  

Or Henry Paulson is a wizard, in which case he DID see it coming…as many did…and he is, again, just about the last person whose stewardship we want now.

I also listened to Christine Lagarde, the French Minister of Economy, Finance and Employment.  VERY impressive, she is…intelligent, articulate, logical, likable.  But I disagree with her on this.  She pointedly declined a question about the U.S. role in the International Crisis, saying that it serves no purpose now to play the Blame Game.

She is right in a sense, of course…survival first.  I only just yesterday came across this quote attributed to Henry Kissinger, “While we should never give up our principles, we must also realize that we cannot maintain our principles unless we survive.”

But we are a high-speed, multi-tasking people…we can walk and chew gum at the same time.  We can prosecute capital letter Wrongdoers concurrent with bailing out lower case wrongdoers and upper case Dummies.   It would be a pretty ironic time for us to get all focused and first-things-first-y but, if we WERE inclined to sensible orderliness…which would have averted a Mortgage Meltdown…we would whisk the Bad Guys off the board BEFORE introducing a Rescue Package to the game.  

Ms. Lagarde anticipates the burgeoning of Ethics in university curriculum…again…as there was pursuant to an earlier episode of As The World Turns On Its Axis Of Evil.  If the bit of history about Organized White Collar Crime has repeated itself, and the bit about absence of ethics has repeated itself, we have every reason to suppose that they will both repeat themselves again.  

IN PARTICULAR can we expect Organized White Collar Crime (a.k.a. Racketeering) and Absence of Ethics to reassert themselves if they have been profitable in the past.  Again.  If we will not aggressively pursue the several crimes that UNMISTAKABLY “underpin” this man-made disaster, but instead will effectively and substantially REWARD the crimes, then all the Ethics classes in the world won’t mean a thing.  The theory is blah, blah, blah.  The reality is that criminal behavior is lucrative.  People gravitate to that which is lucrative, they are quite reliable that way.

Ms. Lagarde points out practically that there would be so MANY fingers to point, as support for the argument against playing the Blame Game.  I see it oppositely.  Because there are so many fingers to point is EXACTLY why some heads must roll.  No economy, no country, no civilization and therefore no individual can afford to throw in the towel by lamenting that there is SO much wrong, there is no point in correcting ANY wrong.  

It would not be feasible to prosecute every shifty real estate agent and indiscreet loan officer even if it were necessary, which it is not.  The buck stops somewhere in every chain of command.  For what reason would people in those positions be paid big bucks if not to make sure companies and economies don’t fall into preventable crisis?  Who ELSE would be culpable for a wide-ranging, far-reaching, ongoing lapse of sound business practice?

I would have to watch the segment again to know whether Christine Lagarde reported this as her own experience, or whether she was relaying an experience reported by another.  Indeed, the remark directly preceded her welcoming “Senior” minds into the discussion…people who have lived through previous crises, people with experience…and her thanking one distinguished gentleman in particular.  It is possible that she was relaying his experience, also thanking him for his insight.

Whether it was Ms. Lagarde or the distinguished gentleman she personally thanked, the story was that “these young guys” came from America to explain the whole derivative market thing.  This goes here like that, that goes there like this, yada yada yada about “scattered risk” until, voila, “I was buying something without any risk at all…and I thought, ‘well, this is bollocks.’”  The room erupted in an appreciative laugh…THANK YOU, an official who is not lying…but the Truth is, it’s not funny.

It is the Bollocks, the Corrupt Executives and Corrupt Officials, who should be thrown behind the same bars that they are so free and easy about slamming other people behind.  OUT, in disgrace, the “merely” inept…sans parachutes.  Let that be a lesson to Middle Management and tangential providers.  Hanging horse thieves is part of our Wild West heritage.  Public stockades are part of our Pilgrim past. 

This is a fine time to quit worrying about what the neighbors think.  Have we not been sold on a War On Terror these many years?  Implicit in that War On Terror is an abiding threat that Terrorists mean to harm us if they can, is it not?  We are meant to be constantly vigilant for sign of infiltration or attack, are we not?  If we will not fearlessly round up our OWN Bad Guys, if we will not compel our OWN People unto observance of Law by smiting our OWN Bad Guys, how else can our enemies construe it but that we are a bunch of weenies?

We are talking about Executive Compensation when we should be acting on Executive Consequences.

And we are NOT talking about Economic Terrorism…why is that?  Usually Homeland Security is everywhere you don’t want to be.  For sure, I haven’t seen this many people terrified people since the run-up to War in Iraq…the last time Administration, Congress and Media worked in concert to scare the bejeezus out of the citizenry.

I Want It, And I Want It NOW

Among children’s books that I had the great fortune of reading and re-reading was “Which Witch Is Which?” Similarities despite differences, differences despite similarities…the trusty “appearance versus reality” theme, if memory serves.

My point is, which Nuts are craziest?  The lunatics who are running the asylum…or the OTHER lunatics who are LETTING them?  If the enemy of my enemy is my friend, who’s on first?

The people who claim not to have seen “This” coming announce promptly upon its arrival that they are precisely the ones to chart where we go from here.  Really?  Good old-fashioned horse sense doesn’t get enough credit, it really doesn’t.  Here’s something I’ve gleaned in a half-century of life experience: if something doesn’t make sense, it’s usually because something is wrong.  Henry Paulson and Ben Bernanke overseeing the oh-so-aptly named Rescue makes about as much sense as…well, as breweries advertising at NASCAR events.  

I would point out the obvious that “This” is an accumulation of months and years of market activity colored by official and clandestine contrivances…it didn’t happen overnight.

But, somehow, the same people who got us into This Mess…propped up, nay elevated, by the Usual Suspects in Big Media…are further riling up an agitated people by wailing that the record-setting Bailout Bonanza didn’t fix things in the 72-hour turnaround that we think, frankly, is slow even for mini-blinds.

Fixing the mighty American economy, surely there is same-day service…with an express lane?

The answer is No, there is not.

I once heard a guy quote another guy as saying, “If you walk five miles into the woods, you have to walk at least five miles to get out.”  Once when I quoted the guy who quoted the guy, a Smart Alec said, “Not if the woods is only six miles wide.”  He was so right that I disliked him instantly and wondered why I hadn’t thought of it.  But I am right about this: we didn’t walk five miles into a six-mile-wide woods.

The bankers, the executives, the officials and our reckless and counterproductive media need to CHILL.  They are like adults who lecture their children about not panicking in an emergency, then push and shove their way over fallen bodies to escape a crowded theater in an earthquake.

America has no street cred and Washington has less.  It is not a matter of persuading investors to feel more confident so that we can change and do business rightly, but the other way around.  Right Action will inspire Confidence before Confidence will inspire Right Action.  

As things stand, investors know that crime pays in America.  They don’t want to get ripped off, and you can’t blame them.  Imprisoning the Mortgage Fraud kingpins would go a long way to restoring investor confidence, also American morale.

A clean house is much more inviting than a dirty house.