governed by inferiors

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors."  Plato

Obama proposed to cut $100 million out of a $3.5 thrillion budget;  equivalent to cutting 6 cents out of a persons $25,000 butdget.

Tom says to Joe, This is all silly nonsense. Slowly, ever so slowly, the veil is beginning to be lifted on what has really gone in the Bubba and Dubya administrations. Contrary to the media which believes that things were fairly good financially for the country under Bubba and Dubya but fell apart at the very end of Dubya’s administration, actually the seeds of financial destruction were sown during Bubba’s and Dubya’s administrations, but no one ever thought they would lead to the financial destruction that occurred prior to Dubya getting out of office. Timing is everything and this pair of flaming Assholes completely miscalculated on the timing. They along with mealy-mouthed Greenspan thought it would take more years for the bubble to expand before it blew up. What they really miscalculated was the greed of the Wall Street Bankers and Brokers. They thought with all those advanced math theoreticians and their wonderful mist blowing algorithms that the bubble would certainly not prematurely blow up in their faces. It seems everyone just plum screwed up in timing the fuse. It turned out to be much, much shorter than any of them expected. It really doesn’t matter because thanks to the Wall Street Bankers and their paid lackeys in Congress, the average US citizen and his children and grandchildren would bear the loses for years while the Wall Street Bankers and their paid lackeys in Congress continue to stuff themselves at the expense of the public purse while the average US citizen suffers with wage stagnation, job loss, food stamps and handouts. This collection of scumbags has essentially drained the American Dream of being a land of opportunity to being nothing more than a run of the mill Medieval Kingdom run by a crippled king and a bunch of knaves. It was good for a lot of folks while it lasted, but the Jamie Dimons, Alan Greesspans, Bubbas and Dubyas of this country have basically emaculated it financially. If poor Everett Dirksen could only see how his statement, “A few billion here, a few billion there and soon we will be talking about some real money.”, has played out-he would spin in his grave. Long, long before Pelosi’s bailout programs, Mr. Paulson & Mr. Bush were already in panic mode because their friends on Wall Street and in the Federal Reserve were frothing from the looming financial losses they were facing. Some of the moronic bankers did not even realize the extent of the problem. Mr. Paulson had to call them all to a meeting and cram billions of dollars down their throats to help save their banks because the bankers did not have a clue about the size of the looming economic collapse. Everyone says it was exacerbated because they let Lehman Bros go down the tubes. In reality they should have let all of them go down the tubes including the biggest offender of all, AIG. It certainly was not the fault of the Regulators because the whole derivatives market including the illegal SWAPS were kept away from the Regulators by saying the SWAPS were not Insurance Products when in reality that is exactly what they were. Yes, it would have been much harder to let them all go down the tubes. Yes, it would have been another Depression, but at least the Bankruptcy Laws could have done what they were designed to do, clean out the garbage from the all the balance sheets. Sell all those overvalued assets at fire sale prices, but at least we would be well on our way to a far more robust recovery. Oh, and Yes, there would have been a great many bodies strewn on Wall Street as a result of all the pin-striped crooks who would have been jumping out of the windows. Then again, that is why the City of New York has a Department of Sanitation – to clean up the garbage that accumulates in the streets. Sorry, Joe, the panic was far along before Pelosi pushed through her ill-designed stimulus programs. Tom
Joe says to Tom
Five points

1. You are missing Plato’s point
2. The regulators (inferior overpaid bureaucrats) didn’t regulate
3. The rating agencies didn’t price the subprime appropriately to reflect underlying risk. Actuaries have been writing derivatives for 200 years. Most insurance, annuity and insured pension products are derivatives. I am an professional expert on derivatives.
4. AIG circumvented the NY State Insurance Commission by working through downstream insurance companies out of the country (in England). AIG executives should have been prosecuted with life sentences.
5. I was fully invested in the market in a big way. Kudlow and others talked nightly about the risks of subprime. All agreed that Paulson had a good plan. Actually many had helped shape the Paulson plan.
6. Madame Pelosi rejected it in favor of big bailouts and spending. And here we are 5 trillion dollars later; not better than we were 6 years ago.
7. The numbers clearly, unequivocally, and ever more clearly show that the financial destruction and panic and knee jerk bank reactions (required by law and precedent) occurred when madame Pelosi rejected Paulson, and began implementing her big government bailout programs.
8. And regardless who is the blame, Obama cannot create jobs. The 8% unemployment number is a fudged number. According to recent Bureau of Labor Statistics, 100 million had jobs when Obama took office. Now only 70 million have jobs. The real unemployment numbers are more like 35% which I have been saying for a long time. All the other arguments are cheap talk by inferior bureaucrats. joe **************************

I'm going to bite the bullet, too!!!!
President Obama ordered the cabinet to cut $100,000,000.00 ($100 million) from the $3,500,000,000,000.00 ($3.5 trillion) federal budget.
I'm so impressed by this sacrifice that I have decided to do the same thing with my personal budget. I spend about $2,000 a month on groceries, household expenses, medicine, utilities, etc., but it's time to get out the budget cutting axe, go through my expenses, and cut back.
I'm going to cut my spending at exactly the same ratio (1/35,000) of my total budget. After doing the math, it looks like instead of spending $2,000 a month, I'm going to have to cut that number by six cents. Yes, I'm going to have to get by with $1999.94, but that's what sacrifice is all about.
I'll just have to do without some things, that are, frankly, luxuries – six cents worth.
Did this President actually think no one would do the math? Please send this to everyone on your list so people understand how idiotic a $100 million cut is in a $3.5 trillion budget – ludicrous

Brophy Saturday 23 June 2012 - 9:07 pm | | Brophy Blog
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