Cain Enabled: In case you missed The Rachel Maddow Show Friday night, here's her epiphany on what Herman Cain's campaign is really about. You'll have seen the parts separately, but watch what happens when Rachel puts them all together. Suddenly, that strange slow grin of Cain's takes on new meaning. (Oh, and there's a short Goldman Sachs commercial for openers; the irony would be painful if it wasn't so...burlesque.)
Herman Cain will be quoting from Spaceballs next.
9-9-9..."That's the combination to my luggage."
"Now you will see that evil will triumph, because good is dumb."
"Or else Pizza is gonna send out for *you*!"
Really. "Never underestimate the power of the Schwartz."
 |
| AFP/Getty Images |
POTUS proposes Financial Abuse Tax: Proving definitively that few people, either at home or abroad, understand that only the US Congress has the power to levy taxes, the G-20 nations asked Mr. Obama if he would join them in their plan for a tax on financial transactions, a plan that required all members to participate. If not, a partial response would mean that participatory countries would just move their investments to the markets of non-participatory countries. I think the President should get full credit for not pitching an international hissy fit in Cannes. I'd have worked up a high dudgeon, stuck out my lower lip, beatled my brows, stomped up to the podium, and yelled, "Why'n'tcha ask President Cantor that question?! Or President Boehner? Or President Ryan?! Huh? You think it's so easy to get a tax proposal passed in the US, YOU TRY IT!"
Instead, with grace and in full aplomb mode, Barack Obama did what he's been doing so well lately: He framed the problem in such a way that only the total tea party ass-clowns back home in America would fail to get it. He suggested that all the other G-20 nations enact their very sensible financial transaction tax, while we in America would settle for a Financial Crisis Responsibility Fee, levied on certain you-know-who-you-are financial firms until they pay off all the TARP money they owe you and me.
For those of you who accuse the President of being soft on Wall Street and Big Banks, this tax was proposed in February, 2010, by Mr. Obama, who explained it thusly: "Excessive risk undertaken by major financial firms was a significant cause of the recent financial crisis. . . . The fee would . . . provide a deterrent against excessive leverage for the largest financial firms."
One endorser, the president of the Tulane Law Review, studied the proposed tax and concluded that it would, "eviscerate . . . a preexisting tax law preference for debt financing," and "discourage the [concentration of power in] massive banks."
The tax proposal was immediately ignored, except by Barack Obama, who's still sponsoring it. He's now joined by the AFL-CIO, #Occupy Wall St., and National Nurses United in promoting an FTT (financial transaction tax). Is it either/or--an FTT or an FCRF (Financial Crisis Responsibility Fee)? How about both...one to get TARP paid back and one to generate some much needed revenue on an ongoing basis?
The tax proposal was immediately ignored, except by Barack Obama, who's still sponsoring it. He's now joined by the AFL-CIO, #Occupy Wall St., and National Nurses United in promoting an FTT (financial transaction tax). Is it either/or--an FTT or an FCRF (Financial Crisis Responsibility Fee)? How about both...one to get TARP paid back and one to generate some much needed revenue on an ongoing basis?
I really don't have any questions about Mr. Obama's response to the G-20 nations. Except for my standard rhetorical one: What the hell is the matter with the über-Cons? Are they insane or just evil?
The Elephant In The Portfolio: For a supporter of #Occupy Wall St and all its off-shoots, it's tricky to know what to do with whatever retirement money is left to me. My financial suggester (he used to be an adviser, but he's stumped these days) proposed that I might venture a step back into the market...this was last week, before Greece decided to give us all ulcers. What timing.
My friend Knatolee has a Duck Limerick contest going. Her contests are great fun and I recommend you try your hand. I worked for two days on one that involved pâté, but it wouldn't firm up for me...so to speak. I finally gave in and submitted the following, which has absolutely nothing to do with ducks except...well...that Knatolee didn't ask for financial limericks, so...
There once was a duck cum portfolio,
Who despaired at the Dow Jones imbroglio.
He cried, "If I buy stocks
From the Kochs and the Sachs,
Does it mean that I, too, have no soul-io?!"
He cried, "If I buy stocks
From the Kochs and the Sachs,
Does it mean that I, too, have no soul-io?!"
Before you whip out the straight-jackets, riddle me this. If Wall Street and the investment banks are responsible for the pitiful state of my retirement account, what kind of idiot would I have to be to trust them to fix it? On the other hand, what else is there? How are you answering that question for your own retirement (realized or imagined)? And, yes, I am aware that this might just be one of the last questions we don't ask in polite society.
I have no answers.None. I'm 71 years old and have been fully aware of the political climate since I was about 8. (Thanks, Mom!) And I have never seen anything quite like this. I guess this is what it looks like when the lunatics are running the asylum.
ReplyDeleteWho are these candidates?
As usual, a good post, by the way.
Steven,
ReplyDeleteAh, there you are! Been wondering if you'd gotten all moved in and sorted out.
Thanks for the Maddow video. Could she possibly be right? How delicious.
ReplyDeleteOkay, quite apart from all the serious stuff, I read that limerick out loud to Gordon yesterday and laughed hysterically. It is FANTASTIC!!! And very topical. i don't care if it's related to finance, just so long as there is mention of a duck. I've already gotten an Obama duck limerick! :)
ReplyDeleteÜber-cons: insane AND evil.
Proving definitively that neither an alarming number of Americans nor the most of rest of the world understands that only Congress has the power to levy taxes,
ReplyDeleteIf there is anything that proves a large number of "angry progressives" have about as little sense as the fanatical and ignorant Teabaggers running around it is that fact above you so accurately wrote about.
Yes Obama has made some huge mistakes but it drives me insane when some of my closest liberal blogging friends seem to think all the president had to do was enter the Oval office, wave a magic wand and make the country utopia.
somebody has pulled off the best prank in American history by putting this clueless-but-vainglorious fool in front of a microphone and feeding him junk material. Or not. Either way, we now have our Cain meme. Anyone have any better ideas?
Not too long ago I was reading Donald Kagan's history on the Peloponnesian War, a subject I knew next to nothing about, and was utterly surprised to read about the Athenian Coup of 411BC.
The coup was the idea of many prominent and wealthy Athenians who were upset with the democratic government of the city. Throw in modern corporate types, the Koch Brothers, and the very odd assortment of other conservatives supported by very rich white guys and I actually started seeing some strikingly similarities.
Excellent! Loved the Maddow clip. I watched it with my jaw dragging the floor and forwarded it to my hubby. I'll be damned ... she be right. I've been scratching my head for weeks trying to figure out how stupid (sorry can't think of a more PC word right now) some people must be for Cain to be #1 in the GOP polls.
ReplyDeleteI guess stupid enough to be in the 99% and a registered Republican. Oy.
And he's quoting Pokemon as great poetry. Holy bejeebus.
That Rachel Maddow segment was surreal! Pokemon, SimCity, Cain's ignorance about foreign policy ... my head is spinning.
ReplyDeleteI have been shaking my head for some time over the Republican candidates. I was looking at the Parade Magazine in my Sunday newspaper and there was Colin Powell on the cover. I wonder if he will be drafted as a candidate. I have no doubt he would sell out Medicare and Social Security the way he sold out his troops in the Iraq war.
ReplyDeletei think taxing financial transactions is a poor idea. increasing tier one capital ratios would seem to be a better idea.
ReplyDeleteoutlawing credit default swaps would be a better idea in my mind and re-instituting the rule whereby you can only short stocks on the up tick would also help rein in the lunacy.
Thank you. It all makes sense now. Well, sort of....
ReplyDeleteThere are great options for placing your stash in a safe place with moderate growth (8-9%), Equity Indexed Annuities. They come with heavy early withdrawal penalties so whether they are suitable or not depends on your particular circumstances. You need to ask yourself three questions about your money before deciding on a course of action: Which is more important to you? 1)security, 2)liquidity, 3)growth? The more you have of one, the less you have of the others. Annuities strike a good balance.
ReplyDeleteSince we dropped cable TV one of things I do miss is Rachel Maddow. Thank you for the occasional clips. I know I can get her stuff on-line, but I depend on you to pick the best.
ReplyDeleteOh, It occurred to me some time ago that Cain's campaign was nothing more than a publicity stunt that got out of control. Kind of like Wag The Dog.
ReplyDeleteNance- Seems all investments are a crap shoot. And the government itself if responsible for the state of many nest eggs (lest we forget the good 'ole George W. administration and subprime loans... and later, assisting big banks when they fell!). I wonder how many of us are tucking paper bills between our mattresses.
ReplyDeleteIf all else fails, well, I'm betting there's a job waiting for you in the Limerick department.
Jayne,
ReplyDeleteThanks, honey! I was starting to feel bad on behalf of my poor limerick, not wanting it to think it lacked for pull and pizzaz. It sure as hell startled me with it's appearance out of the blue.
Why doesn't Canada have a Rachel Maddow? Oh, I guess we sorta do, except he hasn't nearly as much material to work with.
ReplyDeleteI must say, your politics are hugely entertaining, although I'm sure it puts a lot of heads in hands when it goes on in your own neighbourhood. The Greeks spend a lot of time in that position too, I think.
Snorted out loud at your financial 'suggester', and generally loved this post, even as I feel your pain.
As Billy Pilgrim notes, a financial transaction tax might not be the best solution. These financial products have become so complex even my loving ex-Wall-Street-husband has a hard time sorting them out. Sometimes it seems that the mattress is the safest place, no?
ReplyDeleteSo glad we can entertain our Canadian cousins. Personally, I'm preparing for the Apocalypse... we've stocked up on tuna and bottled water and Kashi bars.
There are no answers, Nance. Just harder and harder questions, it seems.
a/b
Ms Maddow is quite fond of the sound of her own voice, no? Let's assume she's used 7500 words for her piece (probably an optimistically low estimate) - it could easily have been condensed into just five: Mr Cain is a wanker. Unfortunately, in this case, the messenger has got in the way of the message. Anyway. The fact that there is a system that allows such cretins as Cain into the field of politics is a deep concern for the world. And that's saying nothing about the fundamentalist extremist Mr Perry! Oh dear...
ReplyDeleteOk, so I'm only going to weigh in on the how I'm handling this in my own retirement savings.
ReplyDeleteAs you have probably read, the top 1% has experienced an income growth over the last 30 years of 275% while the bottom fifth has experienced growth of 18%.
According to this article/chart: http://www.washingtonpost.com/blogs/ezra-klein/post/how-the-top-1-percent-made-its-money-in-two-charts/2011/10/11/gIQAXL4acL_blog.html?wprss=ezra-klein
the top 1% owns almost 50% of stocks and mutual funds, and the bottom 90% owns only 10%.
I think most in the bottom 90% are scared of the market because Wall Street has indeed wreaked havoc our retirement accounts. But I'm keeping at least some of my money in those mutual funds that the top 1% is investing in. I think your financial suggester is right. There's a reason the top 1% is in the top 1%--and it isn't their wages . . .
re: Uber-Cons--insane AND evil (some historical figures uncomfortably spring to mind). Re: Maddow--OF COURSE. It all makes sense now. I'm so glad he's performing--but, then again...remember when we had another actor as prez? --shutter--
ReplyDeleteThanks for the Maddow video info. It didn't play, but I found it here: http://youtu.be/v9Ze-ejTC7c
ReplyDeleteIt makes sense!
Sorry I missed this when posted, but very glad to have seen it now. That Maddow clip is the stuff of genius.
ReplyDelete(Of course, he'd be easier to take lightly if his potential voting bloc ALSO recognized the satire. I've always loved that P.T. Barnum existed but I'd hate to imagine him in office. Like setting a Dadaist loose in the Library of Congress.)
We're looking at investment options, too. I've always been a cautious investor, basically afraid of the conventional wisdom that you can't go wrong by dumping as much as possible into the stock market. When things went to hell over the last few years, my co-workers were howling. Of course, if things had gone well, I'd have continued to look pretty foolish, with my "guaranteed interest" investments (gov bonds and such). Not that 4-6% is any great shakes, but I didn't suffer anywhere near the exsanguination my colleagues underwent. (Worst of all, naturally, were the ones who invested in both stocks AND real estate. Luckily for me, I didn't have money for the latter!)
great limerick!
ReplyDeletewell done limerick!
ReplyDeleteRachel Maddow is brilliant and I think that her explanation makes perfect sense. What else could explain that disturbing grin in his political ads.
Oh, and the uber-Cons are insanely evil, like the villains in the James Bond movies who always want to blow up the world or the universe, but also have a desire to be the supreme ruler. Someone needs to explain to them that there really is no satisfaction in ruling over a pile of rubble.