What's a Little Fraud Among Friends?

I think I'm going to stay with the disco theme. I secretly loved disco, but had I ever told my friends that at the time- they would have beat the shit out of me. Dig the hair. On the chest.



Today was the great Government Motors rebirth and initial public offering. Alas, some things are better off dead. The curious case of GM is one of them. Priced at thirty three bucks a share. Get your put options ready.

Yesterday, I saw some fund manager or muckety muck on CNBC say that he thought any business that was government controlled or owned should be sold immediately. I almost spewed coffee on the keyboard. I can't wait for the United States Post Office initial public offering. Where will they price that?

General Motors should have been allowed to fail. Their pension plan and union contract with free health benefits for life was simply not sustainable. Remember Obama essentially firing GM CEO Rick Wagoner as they were taking that mess over? What the fuck business does a President have firing anybody in the private sector? Wagoner was just a burnt offering for the masses. To make the great narcissist in chief look good. What the hell were we thinking? Where in the constitution or anywhere else for that matter, does it authorize government to use our money for this? http://www.usatoday.com/money/autos/2010-03-11-gmac11_ST_N.htm

So let me figure this out. GM went bankrupt giving shareholders and bondholders a big loss. Then they spent our tax money saving them and extended our losses. Now, they want us to buy this union run piece of garbage again. Buy Chevy Volts! A huge bargain with a base sticker price of 41, 000 plus tax or about 45, 000 in California. http://www.edmunds.com/new/2011/chevrolet/volt/101213142/optionsresults.html?action=2 

Do you remember the big pissing match Obama had with Wagoner over the pricing of the Volt? Wagoner was told to hold the price near 30k. He said because of energy drains on the a/c and stereo the price was going to rise to 35k as engineers were looking for ways to resolve those issues. Thankfully Obama, Wagoner's new government master, won out. 

At this new bargain price, I might buy two of these things before I get priced out next year.

P.S. Perfect. http://www.realclearpolitics.com/articles/2010/11/19/the_cadillac_of_bad_ideas_108008.html

Debt Inferno

Reading with a beat. Ahh this takes me back...




California is burning through 1.2 billion Federal tax dollars per month in the greatest unemployment loan and giveaway scheme this country has ever seen. Just check out this parabolic piece and wonder where the national debt will be as Congress- is passing the 12th extension at some point in the future. It just never ends.
http://money.cnn.com/2010/11/17/news/economy/unemployment_benefits_cost/index.htm

The staggering costs must be repaid by employers. Most believe the unemployment coffers will have to be replenished by increasing unemployment costs nearly 100% on existing employers. I'll bet employers will respond by hiring shit loads of folks. Next up, the Fed will start buying muni debt- the U.S. has it's own Ireland...only ours is bigger and we call it the golden state.

If you like twisted shit for laughs...throwing this in. I'll ask for forgiveness later...

The "New Age" Slave Traders

When Turbo Tax Timmy speaks, well I'm not sure anyone listens. We know the central bank water he carries. This is the same shit every banker spews. The same shit that allowed Hank Paulson to funnel our money thru AIG to his pals at Goldman Sachs and every other TBTF bank. I am truly beginning to hate bankers. Here's what Timmy said about the latest bank hostages.

In Washington, U.S. Treasury Secretary Timothy Geithner said Europe was capable of dealing with the debt crisis but needed to act "very, very quickly", combining temporary financial support with reforms that resolve underlying problems.

So here's the Irish scenario. Same as ours. Ireland will have to give up it's sovereign rights, face the same austerity measures, and ask the criminals who engineered their banking collapse for help and more payoffs. Oh sure, we have yet to feel this pain but we will. So far the Irish are refusing. The other side is now playing the doom and gloom card. The European Union will collapse if Ireland doesn't take the bait. The crooked bankers are offering them a hit on the crack pipe. Greece cooked their books and low balled losses. So will Irish banks. The EU bank stress tests were a complete farce...even more so than the ones performed here. But Ireland nationalized their banks, bought them essentially, guaranteeing they could manage the losses. Oops. This is what happens when you have a garbage in, garbage out, info gathering system. Fraudulent really. They did this to keep Irish depositors from running on their banks. Those depositors have snatched 10 billion during the last month. Who's problem is this?

The cold hard truth is that Ireland has to cave. All this EU collapse rhetoric is just bullshit to enable Ireland's government to carve out a sweeter deal and save face. That's all. Watch the market leg up again once it's over. Still...

I'd love it if my Irish brothers would stand up and give the bankers and EU a long finger wave. Create your own currency. Let the banks collapse and screw the EU. It was probably a shitty idea anyway. We'll see if the world stops turning. Heres Mad Max's spin.

More Choir Practice

Thought I'd clip and embed this dude. I like what he says...except that somehow after I watched it...I felt like my ass just got chewed. Not sure how effective that style of delivery is.

All Of Your Money Belongs To Us

I can't begin to tell you what a horrific burden it is to be so incredibly witty, clever, and talented- it is truly a heavy load.

Of all of my formidable talents, the one talent I absolutely perfected over the years- was my incredible ability to buy out of the money put options and watch them expire worthless. Oh sure, a year or two later, I would be vindicated when some triggering event would enable the masses to discover that the underlying security they owned was worthless. It used to drive me- absolutely bat shit crazy- to listen to a CEO on a conference call use "weasel language." Carefully selected words and verbage that the CEO could "weasel" out of on some future conference call as investors were sharpening their guillotines. Hearing that shit was priceless. It pointed to the real fundamentals of the company.

Buying put options is tricky work because weasel language works. For awhile. Usually long enough for my options to expire worthless. The masses don't catch on until it is always too late. One of the reasons it takes people so long to catch on isn't because they are stupid. It is because they are too trusting. They are heavily invested in the credibility of the guy at the controls. And right now, the guy at the controls is Ben Bernanke.  Not only does he use 'weasel language" but if you take a look at his track record- you will find a guy that is incredibly wrong most of the time. This link illustrates that point perfectly. http://www.americanthinker.com/2010/11/why_isnt_peter_schiff_head_of.html

Bernanke looks and sounds like he knows what he is doing. He doesn't have a third eye on his forehead. But trust me when I tell you that Bernanke is absolutely clueless. A good ol boy, taking the easier and softer way, using weasel language. Actually, he is just a coward.

One by one, countries around the world are waking up bankrupt. First Iceland, then Greece, today Ireland. Europe is in big shit. So are we. All of the rhetoric and weasel language on the planet will not change the facts. Ultimately there will be a complete economic collapse, I just can't tell you when it will happen. I was never any good at timing that shit. Schiff predicted a collapse for five years before it actually happened. It will happen when the masses can no longer deny the facts- when the truth becomes self evident. As government and the FED try to weasel out of a crisis that they alone caused- they are going to steal every last penny that they can. 

They have pledged your tax dollars, your work product, as collateral on all of that debt they have issued. You are the promissory note. They don't have anything else.

I had a small businessman describe it accurately several years ago. That the government truly believes, that all of your money belongs to us.

Iceland Is What America Was

Can you imagine the chaos we would have- if "We the people" actually ran our country? If we could vote on the TARP bailout, union run GM, Obamacare, or Fed policy like quantitative easing? Giving moonbats like Barney Frank and Nancy Pelosi migraines? It gives me goosebumps.

Imagine the possibilities. Failed banks with crooked bankers would be allowed to fail. We could actually vote to prosecute fraudulent bankers and rating agencies. Failed automakers and insurance companies wouldn't get a mulligan. A real health plan could be devised. QE2 would be scoffed at. Could we do any worse than the sociopaths now inhabiting Washington?
http://www.examiner.com/law-enforcement-in-national/serial-killers-and-politicians-share-traits

I don't think so. And guess what? The vast majority of us have never taken one campaign contribution. We aren't co-opted at any level. What mechanism would we use? 

They have this thing called a US Tax Return 1040. For individuals. It is filled out by the people who actually pay taxes. You know those people- the ones that have STANDING. The ones who get fleeced.
How about letting the people with standing submit their electronic or paper 1040 tax form along with their vote on these things? Can you imagine? Can you imagine voting to eliminate the Federal Reserve and replacing it with a US issued currency and monetary system with actual oversight and audits?

Or imagine this. Voting on a 1040 form to abolish the IRS, that 2500 page monstrosity of a tax code "gerry rigged" for the elite, and eliminate about a million accountants. Install a flat tax rate on all individuals and corporations. We'd have to hire the Boy Scouts to count that vote. Oh, the irony. Makes me giddy just thinking about it.

Would it work? Of course it would work. Until then- we can only fantasize. Free people exercising their right to govern themselves below. A middle finger to the bankers. Wish it wasn't so cold there.

When The Bloom is Off the Rose...

How's that religion working out for ya?