Some trial lawyer has hijacked the Tea Party name, set up a for-profit corporation and is now hosting a “Tea Party Convention” to get rich. I admire all entrepreneurs, but I’m not dumb enough to attend this guy’s assembly. Question is, who is? They lose my vote, permanently (Sarah Palin’s attending but at least she’s being paid big bucks to do so – that, I understand).
Daily Archives: January 21, 2010
The Supremes strike down (part of) McCain Feingold, and our President claims to be unhappy.
Mr. Obama issued a statement – a rare instance of a president immediately weighing in on a ruling from the high court – and said his administration would work with Congressional leaders “to develop a forceful response to this decision.”
“With its ruling today, the Supreme Court has given a green light to a new stampede of special interest money in our politics,” Mr. Obama said. “It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans.”
The ruling frees unions to spend at will, as well as corporations, so it’s not quite the one-sided result Obama (and NPR, among other media) claims but really, who cares? When politicians attack “special interests” Obama and, for that matter every politician, conservative or liberal, just mean people they disagree with. The left has no problem honoring the wishes of government employees, labor unions, women, cripples, the retarded, PETA (see “retarded”, supra) and all that. The right likes the NRA, corporate bankers, and God, and everyone, right left, Demmerkrat or Republican, loves insurance companies, automobile dealers and anyone else with a fat wallet and an easy grip. So stop the hypocrisy, open those bank accounts and let the love flow.
Well that was fun – I took no pictures because the iPhone’s camera doesn’t do dark, but we had maybe a dozen or 15 folks show up, some of whom were still gabbing when I made my excuses. I’m a club soda fan but Fly really did end up buying beers for everyone – what a guy – thanks, Fly. Great to put faces to names and see readers getting along with some of the very same commentators they argue with on their comments.
Next one’s at Fly’s house – summer cocktails by the pool!
I would have agreed with McArdle a few weeks ago – it’s how I was brought up. But learning of Goldman Sach’s (and other players) gamesmanship, it seems to me that morality left the mortgage marketplace long ago. If you can walk, says I, walk.
We’ve got better things to do with our money so lets’s let them have at it. Let Brazil and France bring in their aircraft carriers, hospital ships and soldiers, let those American NGO types who despise our military evict them, and let’s sit back fat and happy while these wonderful folks work Haiti as hey want it worked. It may take a few years for Brazil and France to build those ships and train those troops, but is any price too high to pay for a triumph of the people? I think not.
My goodness – two years after being told I was “toxic” and unemployable by a now-former editor, the Greenwich Time has figured out that there’s a market in dead real estate after all, and is publishing a special edition on “bargains” next Sunday.
My guess is that, since they never called me or any other objective real estate agent I know, that this will not be a real news article with unbiased views but rather a product of their advertising department, where every over-priced dog lingering in Realtor’s inventory can, for a fee, be highlighted as a new bargain.
That’s just mean speculation on my part, but wait ’til Sunday and see if I’m right. I’ll be taking bets at The Ginger Man beginning at 5:30 tonight.
Greenwich Time restricts Susie’s Dish to Greenwich celebrity sightings. No explanation why.
Today’s the day! Come and have fun – cheer, moan about the local housing market, the Massachusetts miracle, life in Greenwich, whatever you want. Free copies of my Greenwich Mean Time for all attendees.
That’s the invitation. No need to reveal your pen name, but show up and engage in fisticuffs, anonymously. 64 Greenwich Ave. Fly is NOT buying drinks, my little joke to the contrary, but bring a few bucks and you can get in trouble all on your own.
Obama to campaign for Harry Reid. Hey, he’s 0 for 3; why not 0-4?
Christian Science Monitor: Pentagon report on Ft. Hood massacre fails to raise the issue of Islamism. Hey, maybe it was Timothy Mcveigh, back from the dead, who pulled the trigger?
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman’s sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation’s premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
Only later did investors discover that what Goldman had promoted as triple-A rated investments were closer to junk.
If I read this article right and, admittedly, I may not be grasping its implications correctly, it would seem that Goldman Sachs bought a sub-prime mortgage lender precisely because they knew its customers would default and, by betting against their own loans, GS would get rich.
Senderra was just a blip in the subprime world, originating about $1.71 billion in mortgages from 2006 to 2008, according to an analysis by The Wall Street Journal of data filed by the lender. But loans it made through mortgage brokers across the U.S. were bundled into pools sold by Goldman and Merrill Lynch & Co. Those securities were hammered when housing prices slid.Losses on some of the pooled loans approached 20%.
The subprime operation was overseen by Dan Sparks, the head of Goldman’s mortgage department, which wagered that the value of loans to borrowers with weak credit would fall. Those bets generated nearly $4 billion in profit, offsetting other mortgage-related losses at the firm and becoming one of the biggest trading home runs in recent Wall Street history.
So GS buys a sub-prime, cranks out loans, packages them as prime and sells them to its customers, then shorts the trade and makes billions, for which its creator is praised, admired and no doubt, bonused.
Doesn’t this seem sort of – to use an old-fashioned word – immoral?
The Journal’s up this morning with a fun article on Democrat disarray. I was struck by this quote:
“We need to move ahead on whatever health-care bill will pass,” said Rep. Jim McGovern, a Massachusetts Democrat. “I’m not going to become a Republican just because Scott Brown won in my district with 59% of the vote.”