Mercury Rising 鳯女

Politics, life, and other things that matter

Archive for July 26th, 2011

The fix was in

Posted by Charles II on July 26, 2011

Hooboy.

Brooke Masters, Caroline Bingham, and Megan Murphy, FT report that lawyers have warnd UBS, Bank of America, Citigroup and Barclays to expect “dawn raids” from regulatory authorities. UBS has turned state’s evidence that the London-Tokyo collusion in setting yen rates, as well as fixing the Japanese interbank rate, TIBOR. Barclay’s traders were, in particular, believed to be communicating over the “Chinese Wall” to their treasury department to make rates move in the desired direction. Some banks may have also claimed to be able to borrow at lower rates than they actually could in order to make their financial situation seem stronger.

Back in March they were looking at LIBOR (the London interbank rate). Unclear whether that is still active.

Let me just say: I am not surprised.

Posted in financial crisis, Japan, stock market | Comments Off on The fix was in

We gotta have a debt deal or the markets will crash!

Posted by Charles II on July 26, 2011

Truly our political dialogue is insane.

Adding: this is not to say that default would leave the markets–or the economy–unscathed. It would be a disaster. But the markets are clearly convinced that the politicians will work it out. We don’t have a market crisis. We have a political crisis.

Posted in deficit, Media machine | Comments Off on We gotta have a debt deal or the markets will crash!

Read it and weep

Posted by Charles II on July 26, 2011

Bruce Bartlett does the math (based on CBO; via Ritholtz):

Posted in BushCo malfeasance, deficit | Comments Off on Read it and weep

It’s not blank. It’s made out to G.O.P.

Posted by Charles II on July 26, 2011

Robert Borosage:

Seldom have we witnessed a more dishonest speech in prime time than that delivered by House Speaker John Boehner last night on the debt ceiling crisis. “The sad truth,” he declared, “is that the president wanted a blank check six months ago, and he wants a blank check today. That is just not going to happen.”

The sad truth is that statement is a bald lie, applied to a president who, far from wanting a “blank check,” has endorsed Senate Majority Leader Harry Reid’s plan for an unconscionable $2.7 trillion in over ten years from discretionary spending as ransom to Republican threats to blow up the economy by not raising the debt ceiling.

The largest lies in Boehner’s speech were the unspoken ones, namely the claims that:
* The GOP didn’t create the debt
* The rise in debt is due to spending, rather than the collapse of employment
* The GOP isn’t responsible for creating the debt ceiling crisis

How can a human being stand up and mislead the American people this way? It’s very similar to the story of Raquel Nelson, the woman whose child was killed by a drunk driver being threatened with more jail time than the guy who killed the child (fortunately the sentence was suspended). John Boehner is the drunk, the Democrats are the mother, and the child….

Posted in deficit, liars, Republicans as cancer | Comments Off on It’s not blank. It’s made out to G.O.P.

These Are The People Who Lobby For Tax Cuts

Posted by Phoenix Woman on July 26, 2011

There seems to be a trend of sorts towards fawning thumbsucker press pieces devoted to talking up how the tiny minority of really rich people choose to practice conspicuous consumption, especially if it allows them to avoid interacting with their heirs and scions, packing them off and flying them out (instead of driving them, which of course entails spending time with them) to upscale summer camps in the Hamptons, or Maine, or Europe:

At Robert Lafleur Airport in Waterville, which is close to many of the private camps in the Belgrade Lake region of Maine, the assistant manager, Randy Marshall, brought on two extra people to help handle the traffic last weekend.

In Augusta, Mr. Kilmer usually creates a temporary lounge on parents’ weekend for the pilots and flight attendants who must wait for their clients to return from their children’s camps, so that they can depart later that afternoon. He has already received catering orders for return flights, which include fruit and sandwich trays for adults and sandwich boxes for younger siblings. One flier has already requested a peanut butter and jelly sandwich, a fruit cup with a single strawberry, a juice box, a banana and a cookie or brownie.

The popularity of private-plane travel is forcing many high-priced camps, where seven-week sessions can easily cost more than $10,000, to balance the habits of their parents against the ethos of simplicity the camps spend the summer promoting.

Meanwhile, there are camps out there for kids who likely don’t have parents at all, much less those capable of freely spending what would be a few months’ pay for half the people in this nation, and their wants and needs are a bit more elemental than a chartered private plane with in-flight catering:

Wish List

General Camp:
Camp truck
Copy machine
Flashlights
Batteries- various sizes
Bed linens
Sleeping bags
4+ Person tents
6+ Person tents
Bug spray
Sunscreen
Office supplies- copy paper, plain white small envelopes, stamps
Toiletries
Board games (Connect Four, Checkers, etc.)
Stickers and small game prizes
Paper goods (plates, cups, towels, napkins)
Plastic silverware
Industrial or restaurant size hand sanitizer

Arts & Crafts Department:
Construction paper
Markers
Crayons
Glue sticks
Craft supplies
Sewing supplies and fabric
Paint
Clay
Pottery paint, glaze and supplies

That’s a hint, folks.

Posted in WTF? | Tagged: , , | Comments Off on These Are The People Who Lobby For Tax Cuts

 
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