Monday, June 11, 2012

SAR #12162

A lot of us are convinced of things that simply aren't so.

Unfinished Sympathy: What we know, or think we know: EU leaders have agreed to provide up to €100 billion to Spain to bail out its banks. Not to the banks, to Spain. Just like Ireland, Spain is being forced to nationalize the banks' debt, making their citizens pay for the failure of the bankers. An old and popular story. It is unclear where the money will come from, the EFSF or the ESM. The EFSF would want collateral, and Spain has none. The ESM doesn't exist yet - wait a month if you can. Plus the ESM money would come with 'preferred-creditor status,' which is what led to the 70%+ haircuts for bondholders in Greece. Considerable doubt centers on the Spanish claim that the money has no strings attached in terms of austerity. If true, Ireland and Greece will not be pleased. El Pais says there are conditions - including ceding tax sovereignty and control over its financial system. Saved? Not even by half; estimates of Spain's real need range from €370 billion to €450 billion and rising. The Prime Minister is right, things will get worse before they get better.

Tautology: Egyptian women marching to protest sexual assaults were, of course subjected to violent sexual assaults.

First Things: The Republican House has forbidden Immigration and Customs Enforcement to perform abortions on illegals in its custody. It never has, of course. They also blocked funding for the ICE Public Advocate's office. The public be damned.

On Wisconsin: Wall Street destroyed the economy and the Republicans blamed it on government employee unions. The bewildered and suffering voters in Wisconsin knew someone needed to be punished as long as it wasn't them, so firing the teachers and firemen was perfectly fine. And it will work the same come November. A couple things: voters do not want anyone they see as their equal (or lesser) doing better than they are, and voters seldom understand what is at stake. They're with The Mitten: “It’s time for us to cut back on government!” Like teachers, cops, firemen, garbage collectors...

Do Over! Do Over! If Spain gets off without austerity being imposed by the EU/ECB/Angela, Ireland and Greece will be at the door. Oh, they already are.

The Honest Truth: People can and will and do lie and cheat as long as they can rationalize their acts to themselves, so they can think of themselves as good people. Ask John Edwards. Or any other politician.

Reminder: The WPA and its 8 million jobs were created by Executive Order.

Correction: Is austerity always ever the best policy?

Found In Translation: “No es un Rescate, es un saqueo.” It's not a rescue, it's a looting. A tweet that spread rapidly throughout Spain over the weekend.

Water Is Wet:The CBO has figured out that “it is not possible both to keep taxes at their historical average share of gross domestic product and to keep the laws unchanged for Social Security, Medicare, and Medicaid.”

Porn O'Graph: Stimulating, and so on.

The Parting Shot:


Spigelia marilandica. Indian Pink


Matte Gray said...

Regarding the Spanish bailout, it looks to this dilettante just another case of the banksters going for the short term buck regardless of potential long term negative consequences.

TulsaTime said...

I can remember a small card on my fathers mirror. It said,
'My Minds Made Up - don't confuse me with the facts'

People do not want to hear anything that conflicts with those cherished assumptions. Because it is so embarrassing to know you have been stupidly wrong for all that time. And that is the key to most secrets, government or otherwise. They can't stand having been wrong.

kwark said...

re "water is wet": Ergo, "entitlements" will be cut. But unfortunately not the entitlements, oh I mean guaranteed profits, for the weapons manufacturers and the scads of other military contractors. Yes, we are fundamentally broke, and digging that hole deeper every day . . . so thankfully Republicans and most of the Democrats know that our most important priority is making sure we can kill people.