Saturday, April 5, 2008

SAR #8097

Fascism The Fed's Socialism should be called Corporatism,
because it is a merger of corporate and state power.

Mussolini Ben Bernanke

New Testament: Sen Bunning, R-KY, asked Bernanke why he felt it was necessary to stop the invisible hand of the market from delivering market discipline. "Anything less," said the Senator, "is socialism. " Tomayto, tomahto.

Jack In The Box: A $15 billion bipartisan Congressional agreement designed to limit the housing crisis conceals a prize - a $6 billion tax break for the nation's largest house builders. Don't take my word for it, go read the article: The National Association of Homebuilders, who cut off funding to their poodles in Congress a few months ago, get their little bitches back in line.

Sound? House prices declined further in January, as banks pushed foreclosed houses onto the market looking for quick sales. Sacramento prices dropped 26%, Las Vegas 25%. Results may vary and are generally lower east of the Rockies. That sound was not the all-clear signal.

Taking it in the Shorts: Lehman Brothers' stock has been pummeled latealy. Lehman says that it's because the short-sellers are trying to tank the stock to make big profits. Some have another explanation. Either way, making profits is what it's all about; someone should tell Lehman's.

Immunity Impunity: Since the fall of 2003, everything in every American’s life connected with via a mobile to the telephone network — all calls, e-mails, text messages, Internet use, videos, billing, location: everything, has been intercepted by your government. It is not an invasion of privacy, they will argue in court, because no one anywhere has any privacy. Case closed.

Faded Glory: MBIA Bond insurer MBIA has been downgraded from AAA to AA. The analysis assumes that subprime mortgages backing securities sold in 2006 will experience losses of 21 percent and those originated in 2007 will lose 26 percent, Fitch said.

Export Import: There is an emerging bilateral trade, where food exporters trade with energy exporters. Rice, wheat, corn for oil. This is not a good time to be an importer of both. How long before we measure fuel in calories or food in BTUs?

Plain, Simple: The Fed, with its $29 billion to JPMorgan, spent your money (without proper authorization) but would not tell Congress what exactly they had bought nor how much it was actually worth. Also, this commitment assured all the investment banks and brokerages that their losses would be made good by the taxpayer. Thus they will continue to act recklessly. To wit: Wachovia is still offering 'pay option mortgages.' If there is no risk, then it is all pure profit. For them. You still get to pay taxes. If you still have income.

Cool! UN experts say that global temperatures in 2008 "will be slightly cooler than last year, as a result of the La Nina in the Pacific." Watch the deniers turn this into 'the world is cooling! Global warming was a hoax.'

Sticks and Stones: The Bush caused the world's largest scientific database on reproductive health to block the site's search engine from accepting searches using the word "abortion". It was Johns Hopkins that went along with this interference with scientific knowledge. Shame.

Take Note: With this week's revelation of more secret Bush administration memos that encouraged torture, added to the evidence already public, there is no doubt that the President and his aides not only knew and approved of torture, but ordered and authorized it. When do the impeachments begin? If we waterboard him until he confesses.

Elevator: In 1979 the US savings rate was 7.5%. Last year it was -2.5%... but go look at the chart!

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