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May 17, 2012 03:49 PM UTC

Thursday Open Thread

  • 25 Comments
  • by: Colorado Pols

“It is always better to have no ideas than false ones.”

–Thomas Jefferson

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25 thoughts on “Thursday Open Thread”

  1. The financial “reform” bill was watered down as much as possible to keep the financial contributions coming. And arguably the donations Senator Bennet received in return for his votes on the amendments put him over the top against Ken Buck. So the question becomes, at what cost:

    Is JPMorgan’s Loss a Canary in a Coal Mine?

    Johnson: I’m still nervous, and I think that the losses that JPMorgan reported — that CEO Jamie Dimon reported — and the way in which they’re presented, the fact that they’re surprised by it and the fact that they didn’t know they were taking these kinds of risks, the fact that they lost so much money in a relatively benign moment compared to what we’ve seen in the past and what we’re likely to see in the future — all of this suggests that we are absolutely on the path towards another financial crisis of the same order of magnitude as the last one.

    Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’

    “Fuck the compliance area – procedures, schmecedures,” chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales.

    The Dog That Didn’t Bark: Obama on JPMorgan

    Not a word about Jamie Dimon’s tireless campaign to eviscerate the Dodd-Frank financial reform bill; his loud and repeated charge that the Street’s near meltdown in 2008 didn’t warrant more financial regulation; his leadership of Wall Street’s brazen lobbying campaign to delay the Volcker Rule under Dodd-Frank, which is still delayed; and his efforts to make that rule meaningless by widening a loophole allowing banks to use commercial deposits to “hedge” (that is, make offsetting bets) their derivative trades.

    Nor any mention of Dimon’s outrageous flaunting of Dodd-Frank and of the Volcker Rule by setting up a special division in the bank to make huge (and hugely profitable, when the bets paid off) derivative trades disguised as hedges.

  2. After President Obama’s humiliating showing against a West Virginia prison inmate earlier this month, a more serious humiliation could be in making after the May 22 Arkansas primary.

    According to a new poll of Arkansas Democrats taken by Talk Business-Hendrix College, Obama is only seven points ahead (45-38) of his challenger, a relatively unknown attorney by the name of John Wolfe.

    According to our friends at The Weekly Standard, Wolfe hasn’t done a single radio or television ad.

    In West Virginia, a prisoner garnered nearly 42% of the vote against this sitting president. In North Carolina, “no preference” took 20% of the vote away from Obama. In national and many battleground state polls, even when he’s ahead, Obama is stuck in the mid-forties — the worst possible place for an incumbent to be

    This is an incumbent in way more trouble than the corrupt media wants to let on. But even though they refuse to report it, the media does know Obama’s in trouble. All you need do is look … at … their … increasing … desperation.

    Big-government.com

    http://www.breitbart.com/Big-G…

    1. this was on the front page of Google news for a week, along with a number of other news landing pages.

      However, this is a much more telling news headline that Faux News refuses to follow:


      Romney giving up on home state of Massachusetts

      BELMONT, Mass. (AP) – Don’t bet on Mitt Romney winning his home state. Or even trying.

      “That’s not been a topic of discussion,” Romney campaign adviser Kevin Madden said when asked if the Republican former Massachusetts governor would compete in the heavily Democratic state.

      Romney was never a hero in the liberal bastion, and aides say there are other ways he can win the White House and deny President Barack Obama a second term without the 11 electoral votes Massachusetts offers.

      The fact that Romney likely cannot win Massachusetts – and probably won’t even try to – illustrates the degree to which his currying favor with conservative Republicans in GOP presidential primaries has alienated the moderate base that launched his political career.

      http://news.yahoo.com/romney-g…

      1. The only state in play NE of NJ is NH.

        Besides, if Devil Patrick has one choice on who to save, he goes with POTUS vs the 1/64th native American Ms Warren.

        1. ..by the way, you missed posting these poll results from Fox News – are you downloading Diablo III and missed it?

          A new poll from Fox News has President Obama leading Mitt Romney by 7 percentage points.

          The poll — which put Obama ahead 46 percent to 39 — paints a rosier picture for Obama than several others this week, including surveys from Rasmussen and the Washington Times that showed Romney leading by a single percentage point and one from Gallup that had the candidates in a dead heat.

          The Fox News Poll — jointly overseen by one Democratic- and one Republican-leaning firm — surveyed 913 registered voters earlier this week. The poll had a 3 percentage point margin of error.

          http://www.foxnews.com/politic…

  3. The Inequality Speech That TED Won’t Show You

    You can’t find the talk online, because TED officials have declared it too politically controversial to post on their web site.

    That’s why I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is a “circle of life” like feedback loop between customers and businesses. And only consumers can set in motion this virtuous cycle of increasing demand and hiring. In this sense, an ordinary middle-class consumer is far more of a job creator than a capitalist like me.

    So when businesspeople take credit for creating jobs, it’s a little like squirrels taking credit for creating evolution. In fact, it’s the other way around.

    1. So when incomes don’t rise, taxes are increased and consumers face $5 gas, 20-40% increases in electric rates, $5 milk, and 30-50% hikes in their weekly grocery bill you face a deteriorating cycle of economics.

      Anyone review where Bank Reserves have gone under Obama? There are some disturbing charts and analysis out there in the googlesphere..

      Anyone review our national budget lately? Here’s the core problem ….. We are taking in less tax revenue then we are spending on Medicaid, Medicare, SS and the small host of other mandated entitlements. You could fire every government worker and shut down every government agency not associated with these mandated programs and you’d continue to see increases in our cumulative national debt due to the imbalances.

      So under Obamanomics the government needs more revenue, yet they take it from the consumers who need it to meet daily requirements for human staples.

        1. over the Internet. When you need it right away (that bowl of cereal just sits there taunting!), it’s worth paying the extra for shipping.  

          2. The first 5 words of the first sentence, “So when incomes don’t rise” kind of cancelled out the rest, but then he buried himself further by mentioning domestic spending, not the cost of Iraq.

            Here’s a poll. He’s:

            A. Disgruntled “gummint worker”

            B. Fired “gummint worker”,

            C. Recipient of entitlements

            D. Former “gummint worker”, on entitlements

            E. None of the above, living at his mom’s

              home.  

    1. I’m glad you have so many friends here at the mutual agreement and affirmation society …. they get you through day-in and day-out.

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