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Gary Edwards

Of Bailouts, Bonuses, and Generational Responsibility from The Daily Bail - 0 views

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obammunism baby-boomers john-gallo financial-collapse

shared by Gary Edwards on 09 Apr 10 - No Cached
  • When one transfers the learned behavior of selfishness to the world of economics, it is east to see how we got to the world of adjustable rate mortgages, thirty-to-one leverage, credit default swaps, and thirty year hedge fund workers acting as is million dollar paychecks was an otherwise normal entitlement.  If it felt good, it was therefore right – and by all means, don’t rock the boat.  And what we are witnessing today in Washington and Wall Street in response to our economic crisis is nothing but a conscious and willing decision to pass off to the next generation the cost of our mistakes.
  • the fundamental principles of capitalism – namely that bad actors need to fail.
  • First and most foremost, the Congress needs to institute a modernized version of Glass-Stegall and separate commercial banking from investment banking activities. What we have seen in the abolishment Glass-Stegall (please thank Mr. Rubin formerly of Goldman Sachs) is the creation of federally subsidize casinos masquerading as publicly traded financial institutions.  They kept profits from over-leveraged bets and were kind enough to pass their losses onto the taxpayers.  Second, Congress needs to repeal legislation (Gramm-Leach) that allowed financial institutions not only to leverage in ways previously not permitted, but which also granted banks and financial situations exemption from federal gambling laws. Third, and this is where moral outrage hits home to those on Wall Street, we cannot live in a country in which any company is allowed to manipulate the levers of government in such a way as to make itself obscenely rich at the expense of the public.
  • ...11 more annotations...
  • We saw as we proceeded through life that pursuing one’s self-interest was rewarded just as often than doing what was right, that morals were relative, and that there would be no consequences to bad behavior. It became de rigueur to assume that our parents (and their lawyers) would save us from our bad behavior.
  • no consequences to irresponsible behavior.
  • it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand.
  • Goldman is only the largest corporate contributor to the Obama administration
  • Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of most Americans, and in the process commit the greatest financial rape of the American public in the history of the country.  And if that does resonate, then either you have not been paying attention for the past two years, or you have received your paycheck form Goldman Sachs.
  • Capitalism remains the best economic system on the planet, but when those who have profited handsomely seek to socialize losses caused by their errors, then those in power in Washington have a moral responsibility to demand an accounting.  Our anger comes from the fact that our leaders have failed in their public obligations at the expense of the interests on Wall Street, and in the process created the greatest social divide that this country has seen in the past 40 years.
  • our nation has one of the highest ratios of debt to GDP on the globe
  • Finally, the administration should demand (I know it won’t) that Goldman Sachs return the approximately $13 billion it received in backdoor payments through AIG when AIG received $180 billion in bailout money. That $13 billion belongs to the taxpayers of this country, and the decision to allow Goldman to receive that money perhaps stands as the greatest moral outrage of this entire sordid affair.  
  • he nation will not die; to the contrary, it would become stronger if we permit free markets to work, and allow the next-generation to live unburdened by our mistakes and arrogance.
  • The proposal in question was Ryan's "Roadmap for America's Future," a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. Its debt-reducing claims aren't based on mere fantasy -- the Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
  • There's no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn't last long.)
  • Gary Edwards on 09 Apr 10
     
    Wow!  This is the best response to the financial collapse i have read to date.  Exceptional in clarity, but written with a tone of mixed sorrow and shame.  Mr. Gallow places the blame exactly where it should be placed.  It's a generational thing with one exception Mr. Gallow overlooks - the Obama margin of victory was very much due to the massive turnout and votes of post baby boomer generations.  We boomers may have created and caused the financial collapse and destruction of America, but they were dumb enough to put the decline of capitalism and ordered liberty on marxist steroids. excerpt:  .... this is the first time that I have been so angered by incompetence and greed in government and Wall Street to express publicly my own thoughts.  In simple terms, what has dawned on me is that my generation, the "Baby Boomers" between the ages of 45 and 65, has emerged not as not the most significant or talented generation in our history (as we thought we were), but rather as the most self-absorbed and reckless. Because ours will be the first generation in the history of this country to leave to its successors a nation in worse shape than that which it inherited; put differently, we will be the first generation in this nation to have taken from our parents and stolen from our children. .. it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand. ... Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of mo
Gary Edwards

Conservatism and Talk Radio Iowa Winners - 0 views

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talk-radio conservative-troika

shared by Gary Edwards on 04 Jan 12 - No Cached
  • Gary Edwards on 04 Jan 12
     
    Meanwhile, back in the real world, the CNN entry/exit polling of Iowa caucus attendees demonstrates conclusively that Ron Paul ran away with the under 40 years of age vote! Does that mean that the conservative talk-show-troika, that tried to put the Libertarian darling into the dirt with their constant barrage of negative slams and pounding slurs, are baby boomer has beens? According to CNN, (one of troikite Mark Levin's favorite news orgs), Ron Paul won 48% of voters 17-29 yrs of age, and 26% of voters 30-44 yrs of age. In fact, RP swept all age brackets under 40 yrs. I been a daily Rush listener since 1989. Cant's take much of Sean Hannity, but have listened to every Mark Levin broadcast thanks to his pod cast. Had to shut off his show though when his recent guest host Mark Simone launched into the most disgusting and offensive assault on Ron Paul and Libertarians everywhere. Awful stuff. The truth is that, when threatened, Social conservatives can be just as rabid, offensive and demanding to wield the Constitution as cudgel to force individuals to live by their chosen values as the Socialist cabal they abhor. The distance between protecting your values from the clear and present danger of socialist attempts to outlaw conservative values, and using the Rule of Law yourself to similarly force your values on others seems to be a very short. So i choose the only "value" protected by the Constitution and Declaration of Independence: individual liberty, in the context of a system Mark Levin calls "ordered liberty", that promotes individual freedom and the God given right to life, liberty and the pursuit of happiness.
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