Mercury Rising 鳯女

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Archive for the ‘bust-outs’ Category

Thank God For Monica Lewinsky!

Posted by Phoenix Woman on May 4, 2010

If not for her, a lot more retirees would be eating cat food right now:

Last week at the Pete Peterson confab,  Bill Clinton spoke openly about the secret agreement  he reached in 1997 with Newt Gingrich to take money out of Social Security and place it in private accounts — something Wall Street has been demanding in order to keep the bubble from bursting.  The deal was the subject of the 2008 Steven Gillon book The Pact: Bill Clinton, Newt Gingrich, and the Rivalry That Defined a Generation.

According to Gillon, Clinton agreed to take the political heat for privatization, and the plan only fell through when the Monica Lewinsky affair exploded and Clinton was afraid to take the hit in the polls.

Jane would very much like to have Steven Gillon appear at Fire Dog Lake for a Book Salon. I’ll keep you posted.
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Charles adds: CBO recently estimated the shortfall for Social Security as 0.38%-0.47% of GDP:

The 75-year summarized balance (that is, the summarized deficit in the Social Security trust funds) under the alternative scenario would be -0.47 percent of GDP or -1.30 percent of taxable payroll rather than -0.38 percent of GDP or -1.06 percent of taxable payroll under the extended-baseline concept.

As is common with long-range extrapolations, the uncertainties on these numbers are large enough that there may be no deficit at all! A far more sensible approach is to increase growth, especially through raising wages. And yet we are being hustled into cutting benefits which make life possible for a third of our citizens who are entirely dependent on it.

The only real crisis is Wall Street’s greed, which will do in this country long before Social Security.

Posted in 'starving the beast', (Rich) Taxpayers League, bust-outs, capitalism as cancer, Social Security | 19 Comments »

Your Work Life Revealed

Posted by Phoenix Woman on October 18, 2009

If you’ve ever wondered why it is that your parents could put you through college on one income while nowadays you and your family struggle to make ends meet with two incomes, wonder no more: It’s because the elites have been hosing us for the past 35-plus years.

Pluto has the details, charts and graphs. Send this to every Republican you know.

Posted in (Rich) Taxpayers League, bust-outs, capitalism as cancer, corruption, real wages, Republicans, Republicans acting badly, Republicans as cancer, rightwing moral cripples, taxes | 3 Comments »

Tuesday Morning News Roundup

Posted by Phoenix Woman on October 28, 2008

— The McCain camp tries pulling some fast moves with its health-care scam (namely, they’re ignoring the fact that polls — and the example of GM — show that employers will stop providing health care to their employees in a New York minute if they thought they could get away with it).– Republicans and socialism.

— Howard Dean: The Doctor is not only in, he’s been vindicated.

Posted in 2008, big money, bust-outs, capitalism as cancer, Good Things, health care, Howard Dean, Republicans, Republicans acting badly | Comments Off on Tuesday Morning News Roundup

Keating Economics

Posted by Phoenix Woman on October 6, 2008

The Obama campaign has a nifty new website:

http://www.keatingeconomics.com/

All about John McCain’s connections to Charles Keating. Yes, “Keating Five” Keating.

Pass the popcorn!

Posted in 2008, banking, Barack Obama, bust-outs, capitalism as cancer, John McCain, Republicans acting badly | Comments Off on Keating Economics

Thursday Morning News Roundup

Posted by Phoenix Woman on September 25, 2008

— How badly is the McCain-Palin ticket tanking? Ramussen, a Republican pollster, currently has Obama up by 2 in North Carolina.

— As expected, Naomi Klein accurately pegs the Paulson Plot as an effort to Shock Doctrine Americans.

— Will its sugar daddies finally pull the plug on the revived right-wing New York Sun tabloid? That’s been possible for a while now, as the Sun itself admits, but it looks like the Sun’s final issue may be next Monday’s.

Posted in 'starving the beast', 2008, abuse of power, bailout, banking, Barack Obama, big money, budget, BushCo malfeasance, bust-outs, capitalism as cancer, John McCain, Republicans acting badly, rightwing moral cripples, WTF? | Comments Off on Thursday Morning News Roundup

David Cay Johnston Asks A Few Questions

Posted by Phoenix Woman on September 24, 2008

David Cay Johnston, financial writer for the NYT, is telling his fellow reporters to start doing their jobs and to stop swallowing Paulson’s tales uncritically:

Ask this question — are the credit markets really about to seize up?

If they are then lots of business owners should be eager to tell how their bank is calling their 90-day revolving loans, rejecting new loans and demanding more cash on deposit. I called businessmen I know yesterday and not one of them reported such problems. Indeed, Citibank offered yesterday to lend me tens of thousands of dollars on my signature at 2.99 percent, well below the nearly 5 percent inflation rate. That offer came after I said no last week to a 4.99 percent loan.

If the problem is toxic mortgages then how come they are still being offered all over the Internet? On the main page AOL generates for me there is an ad for a 1.9% loan (which means you pay that interest rate and the rest of the interest is added to your balance due.) Why oh why or why would taxpayers be bailing out banks that are continuing to sell these toxic loans?

Eggszacktly.

Posted in 2008, abuse of power, banking, big money, BushCo malfeasance, bust-outs, capitalism as cancer, Republicans acting badly, rightwing moral cripples, WTF? | 3 Comments »

Bush Junta Admits Wall Street “Bailout” Heist Was Planned Months Ago

Posted by Phoenix Woman on September 24, 2008


The details are here. And Emptywheel has more.

Why does this not surprise me?

Posted in 2008, abuse of power, banking, big money, BushCo malfeasance, bust-outs, capitalism as cancer, Republicans, Republicans acting badly, rightwing moral cripples, WTF? | 1 Comment »

Obama Leads, McCain Follows: Paulson Treasury Raid Edition

Posted by Phoenix Woman on September 22, 2008

Andrew Sullivan has already noted McCain’s and often even Bush’s tendency to follow Obama’s lead in foreign policy (though not of course without the obligatory face-saving ritual of grumbling).

Looks like this is now happening in the field of finance, too:

John McCain has serious concerns about the Bush administration’s proposed $700 billion bailout of financial institutions and will call Monday morning for the creation of a bipartisan oversight board to play a major hand in shaping and administering the plan, according to aides.

[…]

Noting that Paulson could well be out of office in four months, McCain is proposing a high level oversight board to craft guidelines for which institutions would receive federal assistance and to help oversee the distribution of taxpayer dollars.

McCain will suggest it be comprised of members of both parties and specifically mention legendary investor Warren Buffett, an Obama backer, former venture capitalist, Massachusetts governor and GOP primary rival Mitt Romney and New York Mayor Michael Bloomberg, an independent who has not endorsed either candidate.

Actually, we already have a high-level oversight board, one with actual teeth that it is entitled to use on occasion. It’s called “Congress”.

Posted in 2008, abuse of power, banking, Barack Obama, big money, bust-outs, capitalism as cancer, Congress, John McCain | Comments Off on Obama Leads, McCain Follows: Paulson Treasury Raid Edition

Phil Gramm, Super-Lobbyist?

Posted by Phoenix Woman on September 22, 2008

Judging from the billions he’s apparently sweet-talked Paulson into trying to get for foreign banks such as UBS, which pays him as a vice chairman and as a lobbyist, it sure looks that way, doesn’t it?

Posted in 2008, abuse of power, banking, big money, BushCo malfeasance, bust-outs, capitalism as cancer, economy, Republicans acting badly, rightwing moral cripples, WTF? | 1 Comment »

Obama To Paulson: No Moola Without Oversight

Posted by Phoenix Woman on September 22, 2008

Henry Paulson wants to stampede Congress into giving him a ton of dough, well, just because.

Barack Obama says: No deal, buddy. Try again.

Now, let’s start seeing people brought up on charges.

Posted in 2008, abuse of power, banking, Barack Obama, big money, BushCo malfeasance, bust-outs, capitalism as cancer, corruption, credit cards, crimes, cronies, Democrats with spines, doing the right thing, Republicans | 2 Comments »

 
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