Tuesday, February 9, 2010

SAR #10040

We refuse to accept a future that is already here.

Confidence Man:  Geithner says the US will never, absolutely never, lose its Aaa debt rating because the world has confidence in the ability of the US to live happily ever after.

Whose Default Is It?  Just a reminder:  It's not Social Security that is driving us to the brink. It's the giveaways to banks and – more importantly – the ever growing defense establishment.  Defense spending has grown faster than Social Security over the last decade, and in the future, interest payments on the national debt will grow much faster than either.  For Social Security to fail to pay benefits, the US Government would have to default on paying its debts.  If that happens, Social Security will be the least of our concerns.

Older News:  Is the Fed Chairman's job simply to instill confidence?  Quite possibly, for the Fed has been “manifestly ineffective”, with a record of “deep and unrelieved inconsequence.” And the chairman hasn't instilled much confidence of late, either.

The Fog:  The future, like the fog, creeps in on little cat's feet.  Business as usual is quietly coming to an end around us and a new world – for which few of us are prepared – is slowly forming all around us, unnoticed.

Black On Black:  There have been a number of reports of a “secret” meeting of the world's central bankers in Australia over the weekend, but no reliable reports have surfaced on what was accomplished.  ECB Chairman Trichet left abruptly to attend another secret meeting, this one on the Euro.

Another Victory:  China has signed a 20-year, $69 billion agreement giving it access to millions of tons of Australian coal.  What'd you do to secure your future this weekend?  China says it didn’t happen.

Lawyers, Again:  If you offer to hide a depositor's money from the tax man and don’t,  you must pay the tax cheat’s taxes.   So the court ruled.

Laughingstock:  All empires eventually collapse and fade into history. The US seems intent on exiting to derisive hoots of laughter at the thin charade its government has become.

Consider the Source:  “Reports claim that missiles from a US drone killed …”  Where's the reporter stationed?   Where'd the info originate?  The US is running a 'secret' war in Pakistan, yet seems to be the main source about said secret operations.

How Long Has This Been Going On?  'Serious delinquencies' on prime 'jumbo' mortgages increased for the 32nd consecutive month.  Currently 9.6% of all jumbo's are not current.

Be Careful What You Wish For:  A lot of us think Palin's a joke.  What if the joke turns out to be on us?

Street Light:  It's easy for the BLS and economists to gather data from big business – but that makes it easy for the data to be skewed ('sampling bias') when it comes to employment.  Half the people who work, work for small businesses, and that's where new job formation generally occurs.  The supposed recovery may simply be bad data.

A River in the Sea:  The Gulf Stream has veered from its  'normal' course across the North Atlantic to warm Great Britain and now is snuggling up to the West coast of Greenland.  Europe's going to sue for alienation of warmth and affection, especially warmth.

Porn O'Graph:  Equality, or more for less. They're getting our jobs!


rjs said...

re laughingstock: kunslter's we're weimar

fajensen said...

Geitner is right: As long as you pay their fee, I bet that Moodys, Fitch e.t.c. will give you whatever rating you would like to buy on whatever you want rated!

Anonymous said...

The Fog: What apocalyptic drivel. Recessions bring out the fatalist side in many people. These folks offer no solutions or hope. We're simply doomed to suburban anarchy and 50% U6 unemployment. Nevertheless, we won't notice because we're stupid or something.

I am especially amused by the picture the author paints 10 years hence, which seems right out of central casting:

"half the American workforce has no steady work, decaying suburbs have mutated into squalid shantytowns, and domestic insurgencies flare across the south and the mountain West, those who still have access to cable television will no doubt be able to watch talking heads ...."

There's no doubt that we're facing tough times and difficult problems, but fatalist rants are useless to overcoming them.

kwark said...

Re Be Careful What You Wish For: Given the evidence of the Bush and Obama administrations (at least), we Americans seem to prefer government as charade. So . . . the Palin Show, posing as president/decider, would be appropriate. Painful, probably disastrous, perhaps fatal, but appropriate.