Loading ...This Morning, the public was reminded of everything that is wrong with our country. Hank Paulson, X Goldman CEO who took a part time gig as US Treasure from July 10, 2006 to January 20, 2009 was on Squawk Box. When asked what the biggest issues with our country were, he had three things to say. Controlling how the public receives information, tax reforms, and social security. In regards to how the public obtains information, he made it pretty clear that he believes information should be controlled “only his opinion should be given to the public?”. In regards to tax reform, he made no mention on what type, increasing or decreasing taxes on the rich or the corporation. But if you go with his track record of exploiting tax loop holes where he avoided paying over 250 million dollars in taxes when cashing out for the secretary job, one can assume he is not about paying taxes. In regards to social security, one would hope that he wouldn’t want to reduce it. Many of our elders are already eating Beneful and FancyFeast. […]
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In Washington, the Special Olympic is getting messy. Like monkeys, Obama and the Senate did nothing but flung enormous feces at the House. They refused to negotiate and instead resided to just insulting and guilt tripping the republicans into submission. In return, the House scooped up and tossed its own gigantic feces, agreeing to fund the bill one peace at a time. Now, Obama, the Senate, and the House have positioned themselves in a no win situation where everyone is covered in shit. This is the current state of our politics. It is not that we have become as cynical as to designate our politicians as monkeys. We are now to the point of describing them as crippled angry shit flinging monkeys. It is only with this cynicism that we can maintain our sanity and smile. […] This Morning we wake up to learn that the hot potato did not explode. The politicians could not even agree on the name of the bill. It was just simply put back into the oven so it could be reheated and the game replayed. It just shows us how far we have collapsed as a country. The global and even the US markets are green, as if cheering for a government shutdown. It is as if everyone has become a deer mesmerized by headlights. […] By Friday, the only news that mattered was the Special Olympics event in Washington. Equities ended the week lower due to the shenanigans in Washington. The Senate passed a bill that funded both the government and Obamacare. The House however has made it clear that it would not pass a bill that included Obamacare. […] Only Gods chosen Lloyd Blankfein was sure of something. He adamantly clarified how banker’s bonuses were not only DESERVED, but was what made Goldman Sachs survive the 2008 financial meltdown. Many would like to adamantly clarify and educate Little Lloyd, it was Goldman Sachs participation (and “shitty” deals) that caused the financial collapse. What saved Goldman was Hank Paulson (X-Goldman CEO) honoring AIGs contracts with Goldman Sachs at 100% and the government bailout of the banking industry (which the public did not support). In fact, had the government stepped in earlier and saved Bear Sterns and Lehman Brothers, Goldman Sachs would have lost a fortune betting on the collapse (which they caused and cheered for). Oh, if the public only knew the truth, I’m afraid the streets of New York lampposts would be decorated, dangling with Goldman Sachs employees. […] The big news however (at least for the next 5 and a half days) is the incompetence in Washington. Instead of attempting to solve the perceived problem (the debt ceiling fiasco) or the real problem (distribution of wealth), to politicians are reading children’s book. What is it with those guys and children’s book? What they should be reading is Les Misérables by Victor Hugo. “If I speak, I am condemned. If I stay silent, I am damned!” […] Today the market is opening slightly higher. The good news out of Europe is that Germany’s Queen Merkel still rules. We are convinced (not really) that Merkel will lead Europe to recovery! But as always, I’m sure our politicians in Washington will derail the market with their incompetence. […] On Thursday the market reversed and ended the day lower (except NASDAQ). The enthusiasm driving by the Fed decision to not taper QE was replaced by the realization that the Fed sometimes lies. Nothing affects traders more than uncertainty, and the Fed served up a nice dose of it on Wednesday. Now investors are left wondering if Ben Bernanke has started a trend (Do bankers lie?). The answer to that question came sooner than expected when yesterday India’s Raghuram Rajan hiked the interest rates to 7.5%, again shocking the markets. […] |
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