Headline of the day:
Ex-Leaders of Countrywide Profit From Bad Loan
That’s how the rich get richer in the current era: first, keep ill-gotten gains….
Listen, I buy the glories of wealth creation argument (including creating jobs) to a degree. However, I stop around the point where I question the ultimate costs, though. And I really stop at this point: These guys have done nothing to justify being allowed to keep any significant share of the wealth they made damaging the economy. (That said, query: How does the sub-prime mess really measure up compared to the CDOs and the ilk?)
And the quote of the day comes from the oh, so vile Jim Cramer, clearly showing what we’re up against as well, well, the bankruptcy of CNBC:
Actually, for about two hundred years, til around the Reagan counter-revolution, the law o the land was government of the people, for the people, etc. (op cit the Constitution; it doesn’t start “We, the corporations”).
Speaking of vile, Professor Krugman informs us that the Hoobama administration is keeping up the prior administration’s Wall Street welfare policies, maybe even increasing the unhelpful gobs of capital thrown its way.
The professor also informs us that the new insurer for the failed credit default swaps is now… us, hence the latest influx of money into AIG or, more precisely, the, well, nationalizing of the bad parts of the company with, essentially, the spinning off of the good parts. Do the math: The taxpayers get stuck with just the garbage. Way to go, Hoobama! Thank God John McCain wasn’t elected to continue the failed policies of the prior administration!
Hey, look! Another failure of Diebold e-voting!
And e-voting is outlawed in Germany! (Yes, I know it’s in German; get Google to translate it for you.) Whoa! First, the ultimate driving machine, now the ultimate voter protection!
From the Scientific Discovery Dept.: The riff was that Mars never had canals, it was all a mistranslation of a French (IIRC) word. Turns out maybe the planet actually had the next best thing: Natural canals.
New front of anti-Semitism: an attack on Kosher salt. An unnecessary solution to a non-existent problem. Sick….