The Market Ticker has the ugly details.
(H/T to Freedom Phoenix)
Tag: Stocks
John Stossel takes on Liberal Propagandist Michael Moore
I happen to like John Stossel; because he dares to take on the Liberals. Not in a mean or nasty way. But by simply stating the truth.
He writes about Michael Moore’s latest Movie:
Michael Moore has been working on another documentary. This time, he’s taking on capitalism:
“The wealthy, at some point, decided they didn’t have enough wealth. They wanted more — a lot more. So they systematically set about to fleece the American people out of their hard-earned money.”
How ridiculous is that? The wealthy, and everyone else, almost always decide that they don’t have enough wealth. People ask their bosses for raises. We invest in stocks hoping for bigger returns than Treasury Bonds bring. “Greed” is a constant. The beauty of free markets, when government doesn’t meddle in them, is that they turn this greed into a phenomenal force for good. The way to win big money is to serve your customers well. Profit-seeking entrepreneurs have given us better products, shorter work days, extended lives, and more opportunities to write the script of our own life.
He goes on…:
Moore also fails to understand is that it was not “capitalism” run amok that caused today’s financial problems. In reality, it was a combination of ill-conceived government policies and an overzealous Federal Reserve artificially lowering interest rates to fuel a bubble in the housing market. Then it was government that took money from taxpayers and forced banks to accept it.
Moore ought to understand that, because he makes a good point when he says his movie will be about “the biggest robbery in the history of this country – the massive transfer of U.S. taxpayer money to private financial institutions.”
That is indeed robbery. It sure doesn’t sound like capitalism.
Nope, sounds more like socialized Healthcare or simply Socialism in general; to me.
Mike Tennant writing over at Lew Rockwell’s Blog chimes in:
According to the press release you linked, Chris, “Moore has made three of the top six highest-grossing documentaries of all time,” which presumably means he has accumulated a great deal of wealth. Apparently, since he continues to foist his so-called documentaries on an unsuspecting public, Moore has decided that he doesn’t have enough wealth. He wants more–a lot more.
Like most anti-capitalists, Moore has no problem personally profiting from his own endeavors while demonizing other successful persons and attempting to have them dispossessed of their wealth. The good news is that Moore ultimately has to answer to the marketplace and thus may find himself begging for work from the very people he now condemns if enough of his audience members wake up to the fact that he’s a charlatan and stop shelling out their increasingly scarce cash for his celluloid propaganda.
Mike is right on point; that is exactly how the socialists in America are. The Socialist left wants to preach to America, how evil, rotten, nasty and no good the evil capitalist system is; all the whole pocketing a profit from their lectures, Movies and the books that they just happen to make a profit at. It is more of that “Yea for me, but Nay for thee”, type of mentality and outright hypocritical nonsense that the Far Socialist left is known for.
The troubling thing about it, is this; these knuckle-headed socialists basically control the Democratic Party and it’s message. Hence my reasoning for not wanting anything to do with them or their Party any longer.
Give me Capitalism, Freedom and Liberty or Give Me Death!
Others: Wake up America
Is America turning Japanese?
President Barack Hussein Obama's March Towards Communism
In all honesty…. it is more like a marathon run towards Communism actually.
Thanks to the stupidity of the Carter and Clinton Administrations and the inaction on the Republican controlled 2003 Congress. We are now becoming a Communist Nation. We have no one to blame, but ourselves.
The Communist owned Washington Post reports:
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury’s role, are still in flux.
Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.
The administration’s proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed’s other responsibilities, particularly its control over monetary policy.
The government also would assume the authority to seize such firms if they totter toward failure.
Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG’s most troubled unit.
The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.
Geithner plans to lay out the administration’s broader strategy for overhauling financial regulation at another hearing on Thursday.
You see folks, this is where it starts. They start seizing businesses, and taking the assets for themselves. Then the Government decides to take YOUR assets; because they happen to think that you are making too much money. What amazes me, is the resounding silence from the Republicans, especially the Neo-Conservatives like Michelle Malkin and over at HotAir.com. Could it be that the Neo-Conservatives secretly approve of such actions? Possibly the Republican Party as well? Could it be that the Republican Party is now infiltrated with Communists to the point of having lost it’s true identity?
You decide.
Others: The Moderate Voice, Reuters, pw, , The Strata-Sphere,Bloomberg, Washington Monthly, Pajamas Media, Right Wing News, Sweetness & Light, Neptunus Lex, Stop The ACLU, Sister Toldjah, and Fausta’s Blog
(Via Memeorandum)
Obama's Katrina Moment?
An Interesting Movie
I post this because I believe that it is interesting. Alex Jones has always struck me as a kook. Someone amongst the “Tin Foil Hat” crowd. However, it is something interesting to watch.
Enjoy…
What do you think? Do you think that there is any truth to this?
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A New Parody "Barry's Farm"
Here’s the Original Song:
Update: It seems that some Fascist Socialist Liberal twit keeps going around getting my video yanked. No biggie, if they yank it. I will find it elsewhere and put it up. This is America and not fascist Germany and I have the RIGHT to express my opinions about the President and his fascist polices. You liberals don’t like it? TOUGH SHIT! 😡
History about the song and concert
New Lyrics:
Barry’s Farm
(Sung to the tune of Maggie’s Farm by Bob Dylan)
Written by Paleo Pat
I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I wake up in the morning,
Fold my hands and pray that I might keep my gain.
I got a bill full of Taxes
That are drivin’ me insane.
It’s a shame the way he makes me tip the whore.
Naw, I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work under Barry’s Law’s no more.
I ain’t gonna work under Barry’s Law’s no more.
Well, he hands you a Dollar,
Taxes you a dime,
Looks at you with a grin
While robbin’ you fuckin’ Blind,
Then he taxes you every time you open the door.
I ain’t gonna work under Barry’s Laws no more.
I ain’t gonna be a slave for Barry’s Government no more.
No, I ain’t be a Slave for Barry’s Government no more.
Well, he puts a Tax Bill
in your face just for kicks.
His White House
It is made out of Bricks.
The Secret Service stands around his door.
Ah, I ain’t gonna be a slave for Barry’s Government no more.
I ain’t gonna work for Barry’s Bitch no more.
No, I ain’t gonna work for Barry’s Bitch no more.
Well, she talks to all the people
About Equality and Race and Law.
All the while the workin’ people
Are payin’ for other peoples bad calls
She’s a lying thief, but she says her honesty stands tall.
Naw, I ain’t gonna work for Barry’s Bitch no more.
I ain’t gonna work on Barry’s farm no more.
I ain’t gonna work on Barry’s farm no more.
Well, I try my best
To do the best I can,
But everybody wants you
To pay thier bills for them.
They eat steak while you slave and I just get bored.
I ain’t gonna work on Barry’s farm no more.
On Heals of AIG News Markets off to Shaky Start
The News this morning that AIG is going to get even more bail out monies from the Government. To put it mildly, the markets are not reacting too well at all.
Here’s the charts:
Dow Jones:
VIX:
NASDAQ-100:
S&P 500 Index
QQQQ’s
XAU
Charts Courtesy of Think or Swim
Others: JustOneMinute, Commentary, Fausta’s Blog,Michelle Malkin,Don Surber, and more via Memeorandum
Technorati Tags: stocks ,Stock Market ,Wall Street ,Wall Street Crisis ,political ,AIG Bailout ,politics ,opinion ,Wealth
As Geithner rolls out Bailout Plans and Stimulus passes senate, stocks plummet
So much for reviving the economy. No sooner does Obama’s Treasury secretary roll out his plan for bailing out the banks and Obama’s “stimulus plan” passes muster in the Senate; the stock market drops and drops quite hard.
Here are the charts (as of 1:34 PM EST):
Dow Jones:
New York Stock Exchange:
The rest of the numbers:
So much for Stimulus eh?
I think Barry needs to try again… Badly.
(Charts by Think or Swim)
Should we give incentive bonuses to Wall Street Watchdogs?
I have fixed feelings about this, and I will explain why a little further down.
An Article in the New York Times Dealbook Column asks a question whether Wall Street Regulators or Watchdogs should get performance bonuses.
Maybe someone deserves a bonus.
Like someone who sniffs out the next Bernie Madoff. Or jousts with tomorrow’s gonzo bankers. Or defuses the Next Big Crisis in whatever Next Big Thing is dreamed up by Wall Street.
Someone, in short, who regulates.
It is clear that the nation’s financial regulators were no match for Wall Street last time. The financiers were always one step ahead. But maybe that isn’t surprising. The financiers, after all, have a big incentive to outsmart the financial police. It is called a bonus. Wall Street lures a lot of bright minds with money. How can federal agencies compete? They can’t.
So, of course, The Government of Singapore’s head honcho says we ought to incentivize watchdog process.
Tony Tan Keng Yam, deputy chairman and executive director of the Government of Singapore Investment Corporation, suggested that one reason American regulators fell down on the job was that they were paid too little.
“You must have as good people working in the government in the regulatory authorities as those that are working in the private sector,” Mr. Tan said. “You do need, particularly in these very difficult times, capable people in central banks, in government, in the Treasury who can effectively supervise.”
Mr. Tan knows about this firsthand. He is a former regulator himself, and Singapore has a different view about compensation.
“We pay our politicians and our government servants very well,” he said. “We lock remuneration to the market.”
While Singapore’s watchdogs aren’t paid enough to afford private planes, some in top positions make seven-figure salaries.
At first blush, this would seem to be a great idea; however, if you think about it closely, this would not be such a good idea. Because of the following:
Some at Davos thought the bonus idea could work. But anxiety over that approach was palpable. “They already treat us like criminals,” one hedge fund manager said.
A few said giving bonuses to regulators would be like giving bonuses to the police for issuing speeding tickets. Maybe the regulators, like Wall Streeters, would start thinking about the money, rather than what is right. But maybe that’s exactly what Wall Street needs to slow down.
I must say, that I highly disagree with this idea. Why? While I believe that moderate regulation is a good idea on Wall Street; I believe that incentivizing the Wall Street watchdog process will result in a overzealous regulatory process, that will be solely based upon monitory compensation. This would be absolutely disastrous to the free market process in America. As well all know we already law enforcement that borderlines upon a police state. Doing this to Wall Street would cause a fear mentality amongst the financial sector and discourage investment.
We need regulation, not a financial police state.