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Saturday News Roundup

9/11 landing gear found

 

News Roundup

It is kind of creepy that a landing gear from the planes that crashed into the World Trade Center was found yesterday.

One of the things that I find very interesting about our society is how myths continue to be perpetuated. One of my favorite myths is the notion that the United States government should balance its budget “because” it is just like your household budget. Absolute craziness. There are almost no similarities between the federal budget and our household budget. I know of no household able to set its own interest rates. I know of no household that is able to print its own money. Yet, we perpetuate this myth.

Paul Krugman went into some detail about the austerity myth yesterday. The austerity fantasy goes something like this – we have been bad as a country, as a nation, as a world. We’ve overspent. Therefore, we must cut back on spending in order to fix the problem. Sure, this worldwide cutback will cause some significant pain, but we are promised that it is going to be worth it in the long run. Again, garbage. There’s no evidence that austerity will pay off in the long run. Instead, as Krugman points out, austerity is about hurting those who really had nothing to do with the overspending. Austerity is about prolonged unemployment. It is time for our government and other governments around the world to recognize that now is the time to spend money on infrastructure. Now is the time to hire millions of unemployed citizens to get our economies back on track.

You know, it was less than two years ago when Netflix simply fumbled the ball. Subscribers were leaving left and right. It was unclear whether Netflix was actually going to survive. It appears that Netflix has weathered the storm and is heading in the right direction. Now, you have to wonder about JC Penney’s and if they can right the ship.

Can somebody explain to me why Democrats agreed to pass a special bill which circumvented the sequester? This is simply astoundingly stupid.

Some residents still cannot get back into their homes (link may require a subscription) and may never be allowed to get into their homes in West, Texas. By the way, who is paying for the rebuilding?

Another Mississippi man has been arrested in the ricin letters.

By |2013-04-28T21:56:43-04:00April 27th, 2013|9-11, Corporate Wrongs, Economy|4 Comments

Mitt Romney is wrong on class size

A couple days ago Mitt Romney stated that they found in Massachusetts that class size does not matter. Really? I would love to see that study. I suspect it was terribly flawed. When you take a flawed study and try to make some conclusions, guess what? Those are going to be wrong also. It’s like that old economic saying – garbage in, garbage out.

Let’s be clear, Mitt Romney went to a very prestigious prep school in Michigan. As far as I know, that prep school does not boast larger class sizes. As a matter fact, it boasts individual attention. It is impossible to have individual attention in larger classes. As a matter of fact, one of things that exclusive prep schools share in common is the fact that they all boast individual attention and smaller class sizes. So, either all of the prestigious prep schools in the country have got it wrong or possibly Mitt Romney’s trying to pull a fast one over on the American public. (more…)

By |2013-11-03T17:15:16-04:00May 26th, 2012|Education, Party Politics|2 Comments

Here’s how we know Wall Street needs to be behind bars

Sometimes when I look at everyone involved in the mortgage scam I get a headache. Everyone at almost every stage of the process was trying to rip off the American consumer. We have the mortgage lender who was changing mortgage applications to get Americans who were not qualified for mortgages qualified. First lie. Then we have those same mortgage lenders telling Americans that they have fixed mortgages, when in fact they had highly adjustable interest rate mortgages. Lie #2. These lenders would then sell those mortgages to Wall Street. Wall Street would package the mortgages into securities which were sold to pension funds and other institutions that require AAA graded securities. In order to get garbage labeled as AAA, Wall Street needed a partner in crime. They got Moody’s and other rating agencies to play the game. Lie #3. Finally, and what I think is the nail in the coffin, Wall Street got nervous when everything started heading south. It was clear that many of these AAA grade securities were garbage. If the AAA stuff was vomitous then was the BBB rated stuff? Wall Street started hedging their bets with CDOs. Basically, they were betting against their customers and what they were telling their customers and the American people.

More later and thanks for the heads up (LM)

By |2011-04-17T00:13:21-04:00April 17th, 2011|Economy|Comments Off on Here’s how we know Wall Street needs to be behind bars
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