The DC Folly Trolley-09/20/11

It’s All Your Fault!!!

Well, guess who’s responsible for the Great Recession. You are. Who did you think was responsible? Wall Street??? Gimme a break.

File:New York Stock Exchange 1882.jpg

The New York Stock Exchange – the heart of Wall Street even in 1882.

The Wall Street goons who issued subprime mortgages and then bundled them into tranches and sold them as AAA CDOs and MBSs???  You think they’re the ones who are responsible??? Where did you come up with an idea like that? It’s not them. It’s you, you lout. You’re at fault.

You think it’s maybe the rating agencies like Standard $ Poor whose executives pocketed all kinds of scratch to rate the CDOs AAA. Let’s get real here. It’s not them. It’s you. You’re responsible.

Are insurance companies to blame like AIG who issued CDSs to insure all those CDOs and MBSs without adequate reserves to back them up? What are you smoking? It’s not them. It’s you.

How about American corporations who outsourced millions of jobs and then got tax breaks up the ying yang from Congress for outsourcing all those jobs? Is it their fault? There you go again. Always blaming somebody else. Never you.

Or how about all those corporations sitting on trillions of dollars of cold cash and refusing to invest it to create jobs? Nope. Wrong again. You just can’t face up to the truth of the matter.

 

The normality assumption of the Black–Scholes ...

Image via Wikipedia

 

 

The New York Stock Exchange the day after the crash in 1929. There were no government bailouts in those days. Investors took the hit for their wild and crazy speculation.


Listen to your president. You know, that guy. Barack Obama. He believes if all of the unemployed and underemployed and underpaid pessimists in the land would just – now pay attention because here comes the quote – “Shake off all the naysaying and the anxiety and the hand-wringing” why things would be honky dory again in jig time. So stop being such tight fisted tight wads and shake loose some of that spare cash you’ve been collecting and take a trip to the mall.

And you thought I was being facetious, didn’t you. Well, I wasn’t. So there. The Great Recession really is your fault after all.

***

Obama made another nice speech the other day. Maybe you heard about it. It was on TV and he’s really getting good at it.

Obama says he wants a tax increase on rich people as part of the deficit reduction proposal the Senate’s Super Cat Food Committee is working on. And the pres says if he doesn’t get increased taxes on the wealthy he will veto any proposal the SCFC submits to the White House.

Wow. That must have scared everybody in Follyland.

***

Michelle Bachmann – you remember her, she’s still one of the Repub candidates for the nomination – well she said that the financial legislation passed last year is killing the banking industry.

That’s interesting. Wall Street banks posted record profits; CEOs and executives received billions and billions of dollars in salaries and bonuses; and the banks and corporations are sitting on trillions of dollars of cold cash.

If that’s killing Wall Street, what a way to go!

Bachmann however can be excused for making such a statement. She was never very good at complex mathematics like addition and subtraction. She can never remember to carry the one.

***

Somebody in Follyland noticed the other day that gas prices are high and blamed Obama for not taking the oil companies to task and forcing them to lower prices.

Then somebody else in Follyland replied that government has no business interfering in the free market.

As we all know crude oil sells in the free market except for the monopoly organization known as OPEC which dominates the free market and rigidly controls supply and price.

Moreover, we all know that refined products sell in the free market except for the oligarchical control exerted by a handful of oil company behemoths who rigidly control supply and price.

Further, we all know gasoline sells on the free market with the exception of Wall Street manipulated commodity exchanges.

All hail the free market.

Yeah, right. Like there’s really a free market anywhere in the galaxy let alone the planet. Still don’t think you’re being jerked around? Think again.

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