Posts Tagged ‘wall street’

Ah, the good old days: Protestors arrested

October 2, 2011

Seems like the more things change, the more they stay the same. At least a lot of the time. Whats at the top of Google News today?

An anti capitalist protest that ends in arrests that’s what!  Along with the usual complaints about the police. But wait! Most were released immediately!

Read about it here.

So what’s missing? Well, bashed in heads, tear gas, flying feces, and other assorted acts of mayhem by both sides (allegedly) of the dispute.

More

Back in the day there would have been real protestors. Shin kicking below the cameras viewfinders, accusations of female groping by arresting officers, the occasional Molotov cocktail, and of course, interjection of completely unrelated societal complaints by the lucky few that made it in front of the television crews about unjust wars, wars in general, capitalism being the work of Satan, oh, and religion and family and anything else that could be thrown into this Mulligan stew of Hate America First expressionism.

These people are a bunch of amateurs at best...

Epic fail obama: Wall Street…

May 4, 2010

“Strangely enough — for a bill that allegedly sticks it to Wall Street — during the Senate Banking Committee hearing [last] week, Goldman Sachs chairman Lloyd Blankfein endorsed the Dodd bill. Someone should have asked him who from Goldman wrote it. In 2008, Goldman employees gave a record-breaking $1,007,370 to the Obama campaign. This year, the ‘securities and investment’ industry has already given twice as much money to the Democrats as to the Republicans. ABC News reports that ‘the five biggest hedge fund donors all gave almost all their donations to Democrats.’ Among the biggest recipients of hedge fund money were Senators Harry Reid (Democrat), Chris Dodd (Democrat) and Charles Schumer (Democrat). Even with the evidence right in front of their eyes, people still believe that it’s the Republicans who are in Wall Street’s pocket. How out of touch with reality would a comedy writer have to be to write the following joke for Jay Leno [last] week: ‘The head of Goldman Sachs was going through security and was asked to empty his pockets — and five Republican senators fell out.’ Why didn’t Barack Obama or Chuck Schumer fall out? Why not Rahm Emanuel, who worked for Goldman? Or Greg Craig, who used to work for Obama but just took a job with Goldman? The fact that anyone laughed at that joke proves that Republicans have a serious PR problem.” –columnist Ann Coulter

“The [U.S.] Constitution is a limitation on the government, not on private individuals … it does not prescribe the conduct of private individuals, only the conduct of the government … it is not a charter for government power, but a charter of the citizen’s protection against the government.” –philosopher and novelist Ayn Rand (1905-1982)

SOURCE


Forget Bretton Woods II – we need a gold standard

November 20, 2008

Seems that what I have said over the years, as well as many others have about fiat money is getting some press…

Too much credit and easy money. Those were the biggest culprits behind this financial crisis. Yet, apallingly, the government’s rescue attempt is built on more credit and even easier money. That’s like giving a procrastinator a deadline extension. By choosing this course, Washington has steered us on to the “road to Weimar” – the road to runaway inflation.

It didn’t have to come to this. And it still doesn’t. But the proper remedy will take tremendous political courage: Bring back the gold standard. That, more than any byzantine regulations that emerge from the Bretton Woods II conference this weekend, would provide stability and safety for nations and individuals around the world.

Sadly, current policy seems to reflect a desire to weaken the dollar as quickly as possible.

The Federal Reserve’s own data tells the story. The headline is the doubling of Federal Reserve credit, the main component of the US monetary base. Since Labor Day 2008, it’s risen from $894 billion to $2.2 trillion.

That’s the greatest monetary expansion in the Fed’s 95-year history. How the Fed is doing it matters almost as much. It has nearly abandoned its traditional instrument for monetary policy, open-market operations, which involves the purchasing and selling of full-faith-and-credit US Treasury securities. With increasing frequency and amounts, it has relied primarily on “discount window operations” – lending to specific institutions for specific purposes instead of general injections of funds into an open market – since August 2007. This shift may weaken its ability to “tighten” monetary conditions should inflation reach dangerous levels.

A gold standard offers exactly the kind of discipline that’s missing from the Fed. But its impact would be wider: Both in substance and in symbolism, gold provides integrity to the entire global financial system. Governments, however, have historically bridled at the constraint and accountability a gold standard brings. After all, when currency can be exchanged for gold, it’s harder for governments to inflate the money supply, which they’re tempted to do in order to spend beyond their means or cheat on their debts.

~snip~ Full story here

Related story from the Wall Street Journal


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