Trust Us: There’s Nothing Worng!

Trust Us: There’s Nothing Worng!

Instapundit had this YouTube video. Since I’ve posted other stuff on the topic, I thought I would post this one, too:

[youtube https://www.youtube.com/watch?v=_MGT_cSi7Rs&hl=en&fs=1&w=425&h=344]
My favorite quote from the video by Don Manzullo, (R-IL):

Mr. Raines: $1.1 million bonus on a $526,000 salary. Jamie Gorelick: $779,000 bonus on a salary of $567,000. This is… What you state on page 11 is nothing less than staggering. “The 1998 earnings per share value turned out to be three dollars and twenty-three cents and nine mills ($3.239) – a result that Fannie Mae met the max, the EPS maximum payout goal right down to the penny.

“Fannie Mae understood the rules and simply chose not to follow them, if Fannie Mae had followed the, the practices, there wouldn’t have been a bonus that year.”

(6:20-7:08 in the video.)

Watch the whole thing.

(I love C-SPAN. AND YouTube!)

Quote of the Day

Quote of the Day

Paraphrased from this Mostly Cajun post:

Taxpayer: A title much of the Democrat Party’s core constituency fails to acheive

Because it’s never a good idea to vote against your own economic best interests, and who doesn’t like “free money”?

Here’s a couple of associated quotes:

A democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.

The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.

Both of those by Alexis de Tocqueville.

Quote of the Day

Quote of the Day

(Critics) waste time on America’s debased, overwhelming, industrial pop culture. They attack it with an energy appropriate to attacking fascism, or communism, or death. But that culture (bad television, movies, ads, pop songs) is a snivelling, ingratiating, billion-dollar cur. It has to be chosen to be consumed, so it flashes its tits, laughs at your jokes, replays your prejudices and smiles smiles smiles. It isn’t worthy of satire, because it cannot use force to oppress. If it has an off-button, it is not oppression. Attacking it is unworthy, meaningless. It is like beating up prostitutes. – Julian Gough, “The rest is silence,” Prospect magazine.

This is an excerpt from an article on the death of writer David Foster Wallace found originally at University Diaries. I’ve not read his only novel Infinite Jest, nor do I plan to, but I think that single paragraph has a much broader application than its author intended.

“If it has an off-button, it is not oppression.”
That needs to go on a T-shirt, becoming part of America’s “debased, overwhelming, industrial pop culture.”

Quote of the Day

The Gods of the Copybook Headings

by Rudyard Kipling – October, 1919

I PASS through my incarnations in every age and race,
I make my proper prostrations to the Gods of the Market Place.
Peering through reverent fingers I watch them flourish and fall,
And the Gods of the Copybook Headings, I notice, outlast them all.

We were living in trees when they met us. They showed us each in turn
That Water would certainly wet us, as Fire would certainly burn:
But we found them lacking in Uplift, Vision and Breadth of Mind,
So we left them to teach the Gorillas while we followed the March of Mankind.

We moved as the Spirit listed. They never altered their pace,
Being neither cloud nor wind-borne like the Gods of the Market Place,
But they always caught up with our progress, and presently word would come
That a tribe had been wiped off its icefield, or the lights had gone out in Rome.

With the Hopes that our World is built on they were utterly out of touch,
They denied that the Moon was Stilton; they denied she was even Dutch;
They denied that Wishes were Horses; they denied that a Pig had Wings;
So we worshiped the Gods of the Market Who promised these beautiful things.

When the Cambrian measures were forming, They promised perpetual peace.
They swore, if we gave them our weapons, that the wars of the tribes would cease.
But when we disarmed They sold us and delivered us bound to our foe,
And the Gods of the Copybook Headings said: “Stick to the Devil you know.”

On the first Feminian Sandstones we were promised the Fuller Life
(Which started by loving our neighbour and ended by loving his wife)
Till our women had no more children and the men lost reason and faith,
And the Gods of the Copybook Headings said: “The Wages of Sin is Death.”

In the Carboniferous Epoch we were promised abundance for all,
By robbing selected Peter to pay for collective Paul;
But, though we had plenty of money, there was nothing our money could buy,
And the Gods of the Copybook Headings said: “If you don’t work you die.”

Then the Gods of the Market tumbled, and their smooth-tongued wizards withdrew
And the hearts of the meanest were humbled and began to believe it was true
That All is not Gold that Glitters, and Two and Two make Four
And the Gods of the Copybook Headings limped up to explain it once more.

As it will be in the future, it was at the birth of Man
There are only four things certain since Social Progress began.
That the Dog returns to his Vomit and the Sow returns to her Mire,
And the burnt Fool’s bandaged finger goes wabbling back to the Fire;

And that after this is accomplished, and the brave new world begins
When all men are paid for existing and no man must pay for his sins,
As surely as Water will wet us, as surely as Fire will burn,
The Gods of the Copybook Headings with terror and slaughter return.

I wanted to archive that.

Quote of the Day

Quote of the Day

What will be done must be decided by the most unpopular Administration in nearly a century in connection with the most unpopular Congress in history; and everyone involved in finding a remedy was in one way or another a part of creating the mess. By everyone, I mean everyone: the Administration, the Treasury, the Congress under Carter and Clinton, Congress under Reagan and Bush, Congress controlled by both Democrats and Republicans, the regulatory agencies, and the “experts” now out of jobs who will be hired to manage the new institutions that will be set up to buy bad debts: every one of them. What will be done will be settled by politics, not by economics.

The world won’t come to an end, but now would be a good time to take stock of one’s resources and decide which ones ought to be developed. This inventory should look at everything: from vegetable gardens to software development. I was once an editor of Survive Magazine; this was back in the days when there was a small but real probability that civilization would end with a bang. We now have a small but non-zero probability that it will end with a whimper. We have a much larger probability that it won’t end, but there may well be frightening dramatic changes.

Look out for Black Swans. And you might go read The Gods of the Copybook Headings. – Jerry Pournelle

Read. The. Whole. Thing. AND all the links. Especially this one.

(h/t – Montieth, err. . . Via Unix Jedi, via Montieth. Mea culpa, mea culpa, mea maxima culpa!)

Quote of the Day

Quote of the Day

Please remind your readers that the reason that so many Americans mistrust and dislike the “elite” is that the best financial minds that the Ivy League could turn out created the subprime and securitization of mortgages mess.

The best and brightest political minds [from] those same universities created Fannie and Freddie.

Either these people aren’t nearly as smart as they tell us they are, or success requires more than an expensive education.

– Reader Kevin Burns in a comment at Instapundit

“The Rapture of the Marxists”

Now there’s an evocative phrase! It’s from the comments Tyler Cowen’s Did the Gramm-Leach-Bliley Act cause the housing bubble? post at Marginal Revolution. The whole comment is:

The majority of left-wing blogs are absolutely loving the financial crisis.

It’s the rapture of the marxists.

I can’t wait to see their reaction when the public still doesn’t elect Obama.

It’ll have to be racism! Or Diebold.

Or Rove.

Quote of the Day

Quote of the Day

So, basically, we have two huge companies and their performance sucks more than Metallica’s new album. The solution to the problem, if you’re a politician or a retard, is to bail them out. What that would mean is our government is going to buy something that nobody wants at a price no one wants to pay with money the government probably doesn’t have to spend anyway. This comes after two other big companies tank. Yeehaw, corporate welfare!

That’s the short term fix. These two companies are heavily regulated, one because it’s basically a quasi-government agency anyway and the other because it’s in a highly regulated industry and in NY. Under such oversight, these companies still failed. The long term solution, if you’re a politician or a retard, is more regulation! Yes because that worked out so well the first time.

SayUncle, “Financial Forecast: Gloomy”

Or: “Do it again! Only HARDER!