Fear and Loathing v. 5.12.09
There are mornings when I wonder why I bother. I just watched a YouTube clip of the interrogation of the Inspector General for the Federal Reserve Board. To say that she did not have the requisite answers is to understate matters. To say that she did not have a f**king clue is rather closer to the mark.
According to the Inquisitor, Alan Grayson (D, Florida), the Fed has executed 9 trillion dollars of "off-balance sheet trades" with various banking institutions since last September. He asked about them specifically: the IG could not clarify what they were, or who they may have traded with, saying only that they have not specifically reviewed that area of the activities of the various Federal Reserve banks. A jurisdictional problem.... Uh huh.
Grayson asked about the P&L of the two TRILLION dollars of extra balance sheet weight added since then to the Fed. IG Elizabeth Coleman did not have any information as to that piece of business either. No idea if the additions to the balance sheet were related to any profits or losses. None.
It almost seemed as if they were speaking another language to each other. And as they counter-communicated (to coin a phrase), the topic was our money. MY money. YOUR money. And I am meant to run out and place money in the market? Buy some more real estate? Re-capitalize our banks by buying their stock? What the frikking heck are the "off-balance sheet" trades that they have made? What kind? I used to trade "off-balance sheet" derivatives and know the risks involved. Are they just netting out naked trades already on the bank books or what?
Juxtapose this with Obama lending/giving hundreds of billions to developing nations. Bailing out GM again. Spending like there is no tomorrow. Maybe he knows that there IS no tomorrow. Maybe he knows absolutely nothing.
Then, driving to school, I watched an affirmative action recipient walk out into an intersection -- a 4 way stop on a busy road -- and proceed diagonally across the "box." She looked neither right nor left, taking her good time in doing so, as if to say,"go ahead, hit me. I got my rights and I know I can make you stop so's I can cross any time I want to." And she was correct. She did have that power because there was zero chance that anyone wanted to exercise their right foot and accelerate into her. Want to see what the scum-bag attorney she would hire would make of that in a Cambridge courtroom ... with a jury of "peers?"
Her attitude also guarantees her perpetual poverty and represents that of the 45% or so of Americans that don't pay taxes (note that includes by definition Americans of all races, colors and ethnicity). Nobody who runs a business would/will hire her: why hire trouble? Why hire someone that would be guaranteed to scream "discrimination" or some other blame-shifting accusation at the first sign of an unsatisfactory work review? I just saw a future government employee, someone who will be behind some window "serving" the public, taking their own good time to look over your papers. Someone whose health care and pension you will pay for, whether they are employed or not. She knows it and has already started giving us the finger and we are too weak, too politically feeble (or brainwashed) to anything about it.
How does this fit in with the topic of economic chaos? These people are voters, the red-neck trailer denizens of a hundred thousand rural American communities and the inhabitants of urban American slums. Education is NOT the answer, because they don't care: it takes too much effort to participate in the rule of law and taxes. Why do so when the government will simply hand you a car anyway? Far easier to just give us the finger and laugh at us ... because they know we are too weak to stand up for OUR rights. They also know that "we" just elected a government dedicated to perpetuating THEIR rights.
The Obama government and Democratic Congress is walking diagonally across the intersection of history, mindful of only its interests in retaining power, heedless of the damage inflicted in "engineering social change," and oblivious to the risks involved. And nobody has any gas left in the tank to run them down cause the Obots have siphoned the tanks dry.
According to the Inquisitor, Alan Grayson (D, Florida), the Fed has executed 9 trillion dollars of "off-balance sheet trades" with various banking institutions since last September. He asked about them specifically: the IG could not clarify what they were, or who they may have traded with, saying only that they have not specifically reviewed that area of the activities of the various Federal Reserve banks. A jurisdictional problem.... Uh huh.
Grayson asked about the P&L of the two TRILLION dollars of extra balance sheet weight added since then to the Fed. IG Elizabeth Coleman did not have any information as to that piece of business either. No idea if the additions to the balance sheet were related to any profits or losses. None.
It almost seemed as if they were speaking another language to each other. And as they counter-communicated (to coin a phrase), the topic was our money. MY money. YOUR money. And I am meant to run out and place money in the market? Buy some more real estate? Re-capitalize our banks by buying their stock? What the frikking heck are the "off-balance sheet" trades that they have made? What kind? I used to trade "off-balance sheet" derivatives and know the risks involved. Are they just netting out naked trades already on the bank books or what?
Juxtapose this with Obama lending/giving hundreds of billions to developing nations. Bailing out GM again. Spending like there is no tomorrow. Maybe he knows that there IS no tomorrow. Maybe he knows absolutely nothing.
Then, driving to school, I watched an affirmative action recipient walk out into an intersection -- a 4 way stop on a busy road -- and proceed diagonally across the "box." She looked neither right nor left, taking her good time in doing so, as if to say,"go ahead, hit me. I got my rights and I know I can make you stop so's I can cross any time I want to." And she was correct. She did have that power because there was zero chance that anyone wanted to exercise their right foot and accelerate into her. Want to see what the scum-bag attorney she would hire would make of that in a Cambridge courtroom ... with a jury of "peers?"
Her attitude also guarantees her perpetual poverty and represents that of the 45% or so of Americans that don't pay taxes (note that includes by definition Americans of all races, colors and ethnicity). Nobody who runs a business would/will hire her: why hire trouble? Why hire someone that would be guaranteed to scream "discrimination" or some other blame-shifting accusation at the first sign of an unsatisfactory work review? I just saw a future government employee, someone who will be behind some window "serving" the public, taking their own good time to look over your papers. Someone whose health care and pension you will pay for, whether they are employed or not. She knows it and has already started giving us the finger and we are too weak, too politically feeble (or brainwashed) to anything about it.
How does this fit in with the topic of economic chaos? These people are voters, the red-neck trailer denizens of a hundred thousand rural American communities and the inhabitants of urban American slums. Education is NOT the answer, because they don't care: it takes too much effort to participate in the rule of law and taxes. Why do so when the government will simply hand you a car anyway? Far easier to just give us the finger and laugh at us ... because they know we are too weak to stand up for OUR rights. They also know that "we" just elected a government dedicated to perpetuating THEIR rights.
The Obama government and Democratic Congress is walking diagonally across the intersection of history, mindful of only its interests in retaining power, heedless of the damage inflicted in "engineering social change," and oblivious to the risks involved. And nobody has any gas left in the tank to run them down cause the Obots have siphoned the tanks dry.
posted by Zaphod at Tuesday, May 12, 2009
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