Tuesday, May 20, 2014

Lame response to Elizabeth Warren on banksters

The criminal conviction of Credit Suisse is long overdue. But it's a lame sop to Elizabeth Warren, not a significant ramp-up in enforcement.

For Credit Suisse, other than the fines and the reputational stain of being a felon, the implications are likely to be limited. The bank may lose some clients but is otherwise expected to survive largely unscathed. [Emphasis added]
Modern investment banking is tantamount to organized crime.

  • Cream profits off the top by selling fraudulent securities and then betting against their customers in the market. Check. 
  • Launder billions for drug cartels. Check. 
  • Criminally seize properties without title using forged documentation and perjury. Check. 
  • Manipulate the LIBOR to steal from borrowers. Check. 
  • Do business with outlaw regimes internationally. Check. 
  • Crash the economy and through political influence take no haircut at all. Check.

The banksters are not going to change their racket until they feel the hot breath of the law on their well-groomed necks. Eric Holder only wants us to think he's breathing on them so that we stop breathing on him. He's not trying to change the banking racket.

This "industry" probably shouldn't be burned to the ground and started over. The consequences of killing available credit for conscientious citizens and their value-creating enterprises would be too dire.

But investment banking as a whole should be seized, its management imprisoned, and each institution's continued existence made contingent upon its ability to operate without criminality.

Does this sound radical? It should. We have got to cut this cancer of criminal greed out of our economy before it kills us.

Monday, March 17, 2014

They hate us for our freedoms

I spent the weekend in Harvard Square, bastion of freedom and tolerance.  In more than one restaurant, same sex couples were openly kissing on each other.

Why this should offend people, I have no idea - people should love who they love - and no one was offended in Cambridge.

But fundamentalists believe they should be free to keep others unfree, so they fear Massachusetts and its fearlessness.

They should fear us.  We can persevere through winters that would kill them.

Yet we keep sending them subsidies via federal spending, we keep trying to convince them that the Enlightenment beat the Dark Ages for good reason (not to mention the Union defeating the Confederacy), and we keep failing to help them find the joys of the liberal democracy that we, not they, happily inherit from the Founders.

So strange that the one lesson they learned from the Civil War was never to be outgunned.  Tsk-tsk, always fighting the last war...

Sunday, March 16, 2014

You'll always have a choice

Click image for full Tim Eagan/Press Democrat cartoon.

Thursday, March 13, 2014

Humorless freakout

Why do Republicans and other wingnuts hate President Obama's viral Funny or Die video with Zach Galifianakis? I mean, other than their simple hatred of the President...

This video is reaching young people, and scaring them into not signing up for Obamacare is one way the health-free and die crowd now hope to kill universal health insurance.

Monday, March 10, 2014

A conservative discovers externalities

It's always shocking when a free market conservative discovers that enterprises externalize their costs in order to profit at the expense of society:

What some of us haven’t considered is the possibility that the biggest subsidy of all is being able to pump pollutants into the air with no accountability.

Read more here: http://www.miamiherald.com/2014/03/08/3981103/climate-change-is-a-conservative.html#storylink=cpy
But kudos to those who finally do.

Hmm, what could happen if he'd question his other long-cherished assumptions?

Maybe we're better off with him trying to explain reality to the wingnuts who wouldn't reelect him.  I know they won't listen to me.

Sunday, March 9, 2014

When the strong are so weak...

Click image for full Doonesbury cartoon.

Wednesday, January 15, 2014