Since my last entry, and because we were speaking directly to this issue, it would seem that another Obama cabinet nominee -one Sanjay Gupta to be exact- has withdrawan his candidacy for Surgeon General. One can only speculate at the improprieties lurking in Mr. Gupta's closet. Like the others, I'm sure Gupta is a serial tax evador, but as defrauding the government no longer precludes one from occupying a post in Obama's cabinet, one has to wonder what sins Gupta committed that will never see light of day. My guess - he killed someone on the operating table during his residency . . . and he was flying on Rx drugs.
Moving on now, the stock market plumbed new depths only to rebound nearly 700 points to close this last Friday over 7200.
WASHINGTON -- Ron Kirk, nominated as U.S. Trade Representative in the Obama administration, owes an estimated $10,000 in back taxes from earlier in the decade and has agreed to make his payments, the Senate Finance Committee said Monday.
The committee said the taxes arise from Kirk's handling of speaking fees that he donated to his alma mater, and for his deduction of the full cost of season tickets to the Dallas Mavericks professional basketball team.
The disclosure made the former Dallas mayor the latest in a string of top-level Obama administration appointees found to have underpaid their taxes, following Treasury Secretary Tim Geithner and Tom Daschle, who withdrew as candidate for Health and Human Services secretary. Nancy Killefer, Obama's pick for chief performance officer, also bowed out amid tax problems.
There was no immediate reaction from the White House to the underpayments, which were uncovered by the committee's staff in a review of Kirk's nomination papers.
Yeah about that "response"--ummm, has anyone heard anything yet? No immediate reaction? No? Nothing? You don't say? And indeed, why the fuck should we expect a response. They know by now that they can get away with it when an outright complacent and apathetic zombie nation has its collective head buried up its ass. The American people are happy to take an IRS' cattle prod up their asses for deducting their work clothes, but this dickhead deducts NBA season tickets and all we get is . . . chirp, chirp, chirp.
Try this little test: deduct some luxury item of notable worth, get caught doing so and see if you aren't assessed fines and possible jail time. Now, shut up and bend over, dipshits!
The market roared to life today, gaining over 250 before slipping back to 149 at close. This was a classic case of buy the rumor in the Wall Street vernacular. Today's global market frenzy was sparked by a brief statement from Chinese Premier Wen Jiabao in which he stated that China will boost spending (above and beyond the 4 trillion Yuan already pledged) in a desperate attempt to maintain 8% growth. Eight percent growth is believed to represent the threshold that, when breached, would lead to unchecked social unrest.
China will increase spending in areas such as infrastructure and manufacturing on top of the 4 trillion yuan stimulus package that it announced in November, a senior economic planning official said on Wednesday.
Closer examination of various stimuli packages reveals some rather muddled logic, particularly where China is concerned. At a time when the world should be ramping down its production capacity, China is going to dedicate trillions of RMB to significantly boosting production. I cannot argue with infrastructure spending and actually question why it was not undertaken at a much earlier date - before this ugly global meltdown, but I do question how the world will absorb hundreds of billions more of Chinese crap when manufacturing is still contracting in response to spending pullbacks by consumers.
One could assume that the Chinese are counting on inflationary measures to take hold around the world, thereby affording us the occasion to buy more plastic widgets. Unfortunately, this may indeed come to pass, but the outcome will almost certainly be hyperinflation of some sort. Interest rates will inevitably rise in response to all the liquidity sloshing around that MUST be soaked up to tame inflation.
It's uncertain how the market took Jiobao's statement to mean that America would somehow benefit. Freeport McMoran soared today based on -sigh- copper prices, and the rest of the market went along for the ride. Americans are flat broke; so broke in fact that they have compelled their neighbors to pay their mortgages. A few select companies MAY see a small piece of this action, but the over gist of this spending is as follows: China is terrified that social unrest may threaten their cozy positions within the corrupt Communist structure. The apparatchicks are willing to pay farmer peasants not to riot.
I have to admit, I am rather curious to know how China, Japan & the Saudis, all of whom have seen their economies ravaged, will step up and purchase the necessary amount of treasuries to fund our own pork-laden stimulus package. It would seem that falling trade revenues would necessarily preclude buying what must amount to trillions in treasuries. Gee, I wonder how we'll solve this problem? Printing press anyone?
Have you wondered who makes this shit? No one will ever confuse this idiocy with art, but you have to make a concerted effort to produce something so hopelessly cheesy. Do porn producers moonlight as infomercial shills? The tip off comes around .55 seconds when the blonde bimbos w/token readhead/asian/black share how cute they think the cheesedick standing across the room is. A knowing grin spreads across his face as he nods in a porno-esque manner. I don't know why they didn't just take it all the way and write in the part where he looks at himself in the mirror, points with both fingers locked in pistol formation, does the click, click sound effect with his tongue and says, "yeah, you're a real tiger". And then there's the small issue of the 70s electronic chicka bow bow keyboard music and a foursome in the coatroom complete with shared facial.
Just in case you didn't know that most cops are mentally deficient sociopaths, this video should help bring you around. The police officer in question, Paul Schene, can be seen beating the snot out of 15-year-old Malika Calhoun. That Calhoun is a mischievous little ghetto thug is not in question, it's just that the response to what appears to be flinging a shoe at the officers seems, well, a bit disproportionate. It would seem that littly Malika took the beating that officer Schene's wife, kids and dog were to receive after he polised off a bottle of Makers Mark. And if you thnk this is an isolated incident, think again. Cops are some of the slimiest, festering piece of filth that walk this earth.
Yes, those crazy kids over at AIG just can't hang onto a buck, er, $60 billion bucks, as it were. I don't know how many times I predicted that AIG would be back for another cash quickie, but this certainly shouldn't have come as much of a surprise.
AIG is expected to post a roughly $60 billion fourth-quarter loss on Monday, produced in large part by write-downs on certain tax assets and commercial mortgage backed securities, the source said.
The loss—which works out to about $460,000 per minute—is mostly non-cash (WTF?), the source said.
The dark overlord/insurer of the shadow economy and its opaque financial instruments is writing down billions in losses on what must amount to a daily basis given the very short amount of time that has elapsed since -sigh- the last bailout. All these recent bailouts to banks, the auto industry and insurers is making this September 2008 Hank Paulson statement look pretty quaint:
Granted, Hank Paulson is no longer Bush's man in the Treasury, but this demonstrates just how hypocritical and untrustworthy are elected leaders are. Even after uttering these fateful words, Paulson went on to bailout AIG at least once more, Citi at least once more and dozens of other zombie corporations. Can anyone pin down exactly how many trillions of dollars we've already thrown at this problem, because I can't keep track from one day to the next.
So, it has just been confirmed that AIG will receive another $30 billion lifeline:
American International Group is expected to get an additional $30 billion from the US government as part of a revised bailout package for the troubled insurance giant, a source told Reuters.
In addition, the deal would ease the terms of the previous AIG [AIG 0.42
The revision would be the latest sign of how federal regulators are having to tweak bailout packages for financial institutions deemed too big to fail as the economy and markets worsen.-0.10 (-19.23%)
] bailout and help the company pay down debt, the source said.
At least AIG will have the distinction of being the corporation to realize the largest quarterly loss EVER!! U-S-A, U-S-A, U-S-A. Those sneaky Brits thought they had it all sewn up with Royal Bank of Scotland, but we Yanks sure showed them!!!
As evidenced by yet ANOTHER longwinded campaign speech. There can be no doubt that the man is extremely articulate, and even inspirational, if not on a superficial level, but I can't help but wonder when we'll finally be treated to a speech that isn't reminiscent of July '08. In case you missed the memo, Barack, you've won. You simply do not need to continue stumping. America was sold on Hope and Change™ long ago, but at some point, you're going to have to bring a message that is much more severe and honest.
A few excerpts and comments/translations:
The weight of this crisis will not determine the destiny of this nation. The answers to our problems don't lie beyond our reach. They exist in our laboratories and our universities, in our fields and our factories, in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth.
With all due respect Mr. President . . . just what in the hell are you talking about? The weight of this crisis IS determining our destiny. And that destiny is to have our tax dollars diverted to sleezy bankers and fraudster home debtors who brought a $14 trillion juggernaut to its knees. Hardest working people on earth? I suggest you revise that statement to reflect the obvious: Americans may very well be the people who work the most hours annually, but exactly where has it gotten us? Jaw dropping rates of heart disease, cancer and mental illness . . . and don't forget crushing debt.
The cost of health care eats up more and more of our savings each year, yet we keep delaying reform.
Our children will compete for jobs in a global economy that too many of our schools do not prepare them for.
And though all of these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before.
There you go! Now that's more like it. All you had to add was the following . . . So, stop eating so goddamn much Wendys and WALK to the corner store once in awhile. Smack your degenerate kids upside the head and rip the Xbox game controllers from their hands. Then march them down to the nearest park or cafe where Asian and Eastern European kids play chess and gently remind them that "those kids are far more intelligent than you and you'll be competing with them in 5 years". And hopefully most of you idiots now know that you cannot continue to spend like you did, especially now that you're probably about one paycheck from forming up in the soup lines.
Over -- over the next two years, this plan will save or create 3.5 million jobs. More than 90 percent of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, laying broadband and expanding mass transit.
Over the next two years, this program will spend frantically in an attempt to save or create jobs that would otherwise be redundant and completely unnecessary. The government will oversee a spending free for all, no, a public works boondoggle of astounding proportions and that should terrify each and every one of you, especially in light of how we so mismanaged the financial system over the last 25 years. Sure, we'll build some solar panels and maybe a wind turbine or two, but more than that, we'll pay handsomly to allow people who generally leaned on shovels and engaged in other busy work to continue doing so, but at a premium. We'll overpay for nearly every project we undertake as throwing trillions of dollars at a massive problem without well-defined methods and rigorous oversight is a recipe for corruption and graft. I promise that my friends who helped get me elected will be rewarded for their campaign contributions - wink, wink.
Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis tonight because this plan prevented the layoffs their department was about to make.
Because of this plan, there are teachers who can now keep their jobs despite the fact that they themselves are hardly qualified to teach gym, let alone history, biology and calculus. They can continue to coddle problem students with the pass/fail grading system (it's good for self-esteem, don't you know) and allow disruptive little ghetto thugs to cheat ambitious, dedicated students out of a quality education rather than allow them to just drop out and take on their dream job of installing car stereos. Health care professionals cyborgs can continue treating patients in a completely detached and aloof manner while charging them thousands of dollars for medical procedures that cost $5 in most parts of the world. And finally, there are 57 police brutalizers eating donuts and tazering kids who would otherwise be at home beating their spouses, kids and pets.
Because of this plan, 95 percent of working households in America will receive a tax cut, a tax cut that you will see in your paychecks beginning on April 1st.
Because of this plan, 95% of working households in America will receive a tax cut that pays for approximately 1/2 of a tank of gas each week. This will help those of you who still have jobs and commute to work.
Second -- second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages.
It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values, Americans who will now be able to take advantage of the lower interest rates that this plan has already helped to bring about. In fact, the average family who refinances today can save nearly $2,000 per year on their mortgage.
We have launched a housing plan that will mostly help irresponsible home owners, especially that neighbor down the street who bought a house he could never hope to afford. Oh, and those of you who are stuck making mortgage payments on homes that are 50-60% overpriced . . . well, we're really sorry about that, but lower interest rates will lessen the payments, but you'll still have to pay every goddamn red cent while your neighbor gets a cram down.
I will not send -- I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can't pay its workers or the family that has saved and still can't get a mortgage.
That's what this is about. It's not about helping banks; it's about helping people.
I will not expressly spend billions and even trillions rewarding Wall Street executives; they'll have to find a way to siphon off taxpayer money for that, and given the manner in which they've confused, confounded and deceived the masses thus far, I don't anticipate that being a problem. This IS about helping banks--those very same banks that helped bankroll my $600 million campaign. If it weren't, we wouldn't have handed them hundreds of billions without oversight and clear directives stating when and how that money will be repaid.
Anyone who's been to Mexico has surely noticed these nice young lads driving around in jeeps equipped with .50 caliber machine guns, faces obscured by bandanas and masks, ready to shoot and kill anyone at the drop of a sombrero. Well, those kind and goodhearted kids (and they are kids) are called Federales, and they're basically all that stands between murderous, drug dealing pieces of filth and mass beheadings/burials, political assassinations and, well, anarchy. Only one problem - these officers of the law are about as law abiding as your average L.A. street gang member. In fact, it woud probably not be an exaggeration to suggest that they are an integral link in the drug distribution chain.
You can see how it might be a problem when the federal law enforcement officials charged with apprehending drug dealers are in fact cooperating with them. Most of Latin America operates similarly. Having lived in both Argentina and Brazil, I have found that cops are often more dangerous than the criminals from whom they purport to protect us. So, it shouldn't come as any great surprise that one of the few only mildly corrupt police officers left in Mexico was forced to resign when drug lords threatened to kill one police officer every 48 hours until he complied with their request that he quit. Like any person living in a completely corrupt and lawless society, he promptly resigned his position.
(CIUDAD JUAREZ, Mexico) — Gunmen killed a police officer and a jail guard Friday and left signs on their bodies saying they had fulfilled a promise to slay at least one officer every 48 hours until the Ciudad Juarez police chief resigns.
The slayings were a chilling sign that criminal gangs are determined to control the police force of the biggest Mexican border city, with a population of 1.3 million people across from El Paso, Texas.
Ciudad Juarez police have long come under attack, and many officers have quit out of fear for their lives, some after their names appeared on hit lists left in public throughout the city.
Mayor Jose Reyes Ferriz insisted Friday that he would not back down.
"We will not allow the control of the police force to fall in the hands of criminal gangs," he said.
Uh, Mr. Mayor - I think you may have missed the memo. Your cops ARE the criminal gangs. It's hard to fight a battle when you cannot even admit to yourself that your police force is very much connected to the drug lords. Oh well, let me be the fist to wish our new drug overlords good luck on your forthcoming invasion of Arizona and Texas guys!!
I relish moments like these. The announcement that The Donald Douche recently filed for bankruptcy fills me with joy and gives me hope that this recession will be severe enough to put this POS so deep in the red that he strokes out and lives out the remainder of his days on life support. As you can tell, I despise this loathsome individual and have frequently held him up as an example of all that is wrong with the US.
I find it a little more than ironic that this ass clown is revered for his business acumen, and yet this will be his third go round with BK. Only in the toxic financial cesspool called America would someone who ran his business into the ground THREE times be heralded as some kind of guru. Hey Donald, think that far-flung project in Dubai and building in the overbuilt cities of Vegas and Miami might have been a misstep. Yep, you're fired!
