Barney Loves Bankers.

Bankers Get $4 Trillion Gift From Barney Frank: David Reilly – Bloomberg.com

Nuggets Gleaned

Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:

— For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.

— Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.

— Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well.

More Bailouts

— The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy — there are more bailouts to come.

— The legislation does create a council of regulators to spot risks to the financial system and big financial firms. Unfortunately this group is made up of folks who missed the problems that led to the current crisis.

— Don’t worry, this time regulators will have better tools. Six months after being created, the council will report to Congress on “whether setting up an electronic database” would be a help. Maybe they’ll even get to use that Internet thingy.

— This group, among its many powers, can restrict the ability of a financial firm to trade for its own account. Perhaps this section should be entitled, “Yes, Goldman Sachs Group Inc., we’re looking at you.”

This from the guy who told everyone back in 2005 that Fannie Mae and Freddie Mac were in fine shape. (Truthfully, they are in fine shape after Obama’s Christmas Eve “sky’s the limit” bailout. We’re the ones that have problems)

Oh, and one other thing,  “the bill contains a provision that, in the event of another government request for emergency aid to prop up the financial system, debate in Congress be limited to just 10 hours.” Hopefully in the middle of the night when no one is paying attention.

Uh-Oh

Shanghai Daily | Harder to buy US Treasuries

IT is getting harder for governments to buy United States Treasuries because the US’s shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday.

The comments by Zhu Min, deputy governor of the People’s Bank of China, referred to the overall situation globally, not specifically to China, the biggest foreign holder of US government bonds.

I don’t thnk he meant it in the sense that it is more difficult to buy them.

Fasten your seatbelts, it’s going to be a bumpy ride.

2009 Corruption Perceptions Index: Who’s Corrupt, and Who’s Not So Corrupt

CPI 2009 Table/2009/cpi/surveys_indices/policy_research

According to the Index, New Zealand and Denmark and numbers 1 and 2 as the least corrupt. followed closely by Singapore and Sweden tied for number 3.

The United States comes in at number 19. We would probably do better except for Congress. But Puerto Rico is counted separately, coming in at number 35.

Russia is tied at number 146, tied with Cameroon, Ecuador, Kenya, Sierra Leone, Timor-Leste, Ukraine, and Zimbabwe.

Zimbabwe? That’s not a neighborhood I would want to be included in.

Brother Hugo’s Venezuela, the lodestone for all American leftists, comes in at number 162.

And the two most corrupt states are… Afghanistan and Somalia.

Remember though, this is just a measure of perception, not an actual measurement of corruption, which would surely be…corrupt.

Most people in Oregon perceive their State government to be be honest. Even though the Governor and most of the legislature are firmly in the pockets of Labor Unions and Lobbyists.

These Kids Really NEED An Education

Protesters gather at UCLA to oppose UC fee hike

About 30 to 50 protesters staged a takeover of Campbell Hall, a building across campus that houses ethnic studies, said UCLA spokesman Phil Hampton.

They chained the doors shut but were peaceful and there were no immediate plans to remove them, Hampton said.

No arrests had been made, although 14 demonstrators were arrested on Wednesday and cited for failure to disperse or disturbing the peace.

OMG, it’s hilarious. Of all the building to take over I can’t think of one that is less critical than the “ethnic studies” building.

Don’t they know that “ethnic studies” is code for “welfare degree”. Is there a huge “ethnic studies” industry that is clamoring for workers? Did anyone win the Nobel Prize for Ethnic Studies this year? (Obama doesn’t count)

“Ethnic Studies” could be totally eliminated without affecting the education of anyone except maybe a few football players and other “must pass” boneheads. Think of all the money they would save. That might reduce or eliminate the fee increase.

Obviously critical thinking is not a strong suit among UC students.

Political Correctness Kills!

My Way News – Some predicted trouble from Fort Hood’s Maj. Hasan

Danquah assumed the military’s chain of command knew about Hasan’s doubts, which had been known for more than a year to classmates at the Maryland graduate military medical program. His fellow students complained to the faculty about Hasan’s “anti-American propaganda,” but said a fear of appearing discriminatory against a Muslim student kept officers from filing a formal complaint.

Unfortunately Political Correctness is very strong in the Military bureaucracy. Any critical statement about a minority runs a real risk of ending the career of the speaker. The officer corps is especially susceptible to this. One mention in an OER is enough to doom an officer. So they’re very risk-adverse.

So, because it is more dangerous to point out shortcomings of protected minorities than it is to just push them off on some other unit, we get this.

From the Mudville Gazette, The Fallen

The American Ideal Is Dead! The Looting Commences

Soak the rich, legislative tax panel hears – Oregonlive.com

SALEM — ‘Tax the wealthy’ was the rallying cry as state legislators took up the contentious task of raising personal income taxes to shore up government services.The House Revenue Committee opened hearings Friday on four proposals that would create a new 10 percent tax bracket for higher earners, create a new alternative minimum tax, and reduce the amount all individuals could deduct in federal income taxes from their state tax returns.

Obviously the thing to do is to position yourself in a way to avoid being punished for earning more that the average.

That means forget about investing. Pull your money out of the market as soon as you can and convert it to something tangible and portable that the government can’t easily find.

If you’re in business shut down. If you don’t want to shut down, cut back to the bare minimum. Try to use only family members if possible. If not, keep only your best, most reliable employees. Keep the earnings below the cutoff for “rich”. Remember, they’re not looking to tax “wealth” they’re wanting to tax income. Which is not the same thing.

If you’re in government, try to get a position in one of the essential services. Police, Fire, Ambulance, Jail or ODOT. Those are going to continue no matter what. If you have no useful skills try to get in the Social Services. Those are going to continue. But there will probably be cuts. Suck up the right person and you might miss the cut.

From all indications the American experiment in self governance is over.

Fewer Taxpayers, More Tax Eaters

Despite layoffs, federal work force is growing

The problem with this is that a private sector job generates both the economy and tax reciepts but a government job, not matter how useful takes tax revenue from the economy.

There are a lot of jobs in the Federal, State and Local governments that provided needed services. Things like tranportation, the court system and law enforcement. But there’s a lot that are nothing more than make-work jobs. If the government workers told what they know they would tell you that whatever they achieve it is despite their management and that more than a few of their coworkers do just enough to keep their jobs, although getting fired from a government job would require a level of action that is alien to them.

Increasing the number of government workers is not going to stimulate anything. The Soviets tried having everything managed by government workers. That didn’t turn out so well I hear.

The Quality Of This Debate Is Sadly Lacking

This is a record of the debate over the “stimulus bill” in the House.

It would appear to me that the plebes have discovered that they can vote themselves funds from the public treasury. Increased spending and borrowing is what got us to this point and running up the credit card to do more spending is not the way to go.

What do they have to worry about? It’s not their money. It’s not even going into their own pockets. It goes to organizations that will be generous to theses fools come election day.

This is not going to work and will have terrible consequences. I think when the other shoe drops that the first thing that ought to be on the table is the pensions of elected Federal officials.

As an example of the vacuousness shown by our illustrious Princelets take Portland’s contribution to theis freak show.

GovTrack: House Record: AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 (111-h20090128-20)
I listened to my friend from Indiana wondering what could possibly have economic impact investing in the arts or climate change. Well, I don’t know what is going on in Indiana, but if you talk to the arts groups in Oregon or in Massachusetts or in New York or Illinois, they will tell you that investments there will produce economic activity in areas that are strained and underserved.

In answer to the question of what economic stimulus would result from handouts to The Arts, we get the devastating reply that the people who would receive the handouts assure us that it will.

That’s not a reply, that’s a wish.

I gather from this example of Congressional rhetoric that in order to receive this largess from the public treasury, (actually the treasury of future generations) is to assure whatever Democrat officeholder you contact that, sure, “I hold the title to that bridge” and it will be his as soon as his check clears.

The remaining Republicans are in there trying to squeeze in some tax cuts, which would actually go to real people, but their powder is wet from their previous six year spendathon.

Blumenidiot isn’t the only one spouting inanities The debate is chock full of them.

Check out the Gov.track website. They will send you updates that allow you to stay on top of the various stupidities that go on in our name daily.

People Scamming The System? I’m Shocked!

Child care loopholes lead to easy money

[A] young woman has tapped into a home-based money-making operation that netted her and her three sisters more than half a million in taxpayer dollars since 2006.And they did it with the blessing of the state.

All four had been in-home child-care providers. Collectively they have 17 children. For years, the government has paid them to stay home and care for each other’s children.

None of the women are married and this one have five kids under nine years. The fathers are never mentioned.

Her sisters also have numerous children. They swap them back and forth and collect money from the State as “Child-care Providers.” They make thousands to stay home and look after each other’s kids.

These are the same people who are normally characterized as too dim to get an education and who need other allowances because the “legacy of slavery” has so deeply affected them.

Bullshit!! They can figure out how to scam the assistance programs with no problem. They’re not dumb.