Monday, March 30, 2009
Thanks to Chris Xefos, Brad Dermanoulian, Marco Manzella, the bandmembers, the audience, and the wonderful staff. I had a great night and looking forward to see more of your performances!!!
Not only did BIG OIL fuck the car companies over, they fucked all of us over. Let this be a lesson to the American people.
If the shareholders as well as GM are taking money from the federal government, it is the job of the government to tell them what to do. You don't get a free lunch without giving something back and obviously what GM and Chrysler were doing is not working.
I'm not defending the unions as I was a union worker myself. I hated working in one because I saw how unions often protect the scum that don't want to work instead of tossing that dead weight out the door. Unions also need to government regulation as well.
Oil companies don't care about anyone nor the environment and like most corporations, put PROFIT above anything else. They like WALL STREET, need to watched and controlled.
What has happened is the result of conservative/corporatist policies that have benefited the top 1%, while systematically destroyed the lives of the other 90%.
The dawn of clean energy, electric vehicles, and healthier environment is here.
Friday, March 27, 2009
EVERYONE, please take a look at this face. Granted, it's a fucking ugly one at that. But take a good hard look. This is the man that single handedly is responsible for AIG's worthless financial products division and the entire WALL STREET financial district's collapse. His name is Joseph Cassano.
Here's an excerpt of what he did:
What Cassano did was to transform the credit swaps that Morgan popularized into the world's largest bet on the housing boom. In theory, at least, there's nothing wrong with buying a CDS to insure your investments. Investors paid a premium to AIGFP, and in return the company promised to pick up the tab if the mortgage-backed CDOs went bust. But as Cassano went on a selling spree, the deals he made differed from traditional insurance in several significant ways. First, the party selling CDS protection didn't have to post any money upfront. When a $100 corporate bond is sold, for example, someone has to show 100 actual dollars. But when you sell a $100 CDS guarantee, you don't have to show a dime. So Cassano could sell investment banks billions in guarantees without having any single asset to back it up.
Secondly, Cassano was selling so-called "naked" CDS deals. In a "naked" CDS, neither party actually holds the underlying loan. In other words, Bank B not only sells CDS protection to Bank A for its mortgage on the Pope — it turns around and sells protection to Bank C for the very same mortgage. This could go on ad nauseam: You could have Banks D through Z also betting on Bank A's mortgage. Unlike traditional insurance, Cassano was offering investors an opportunity to bet that someone else's house would burn down, or take out a term life policy on the guy with AIDS down the street. It was no different from gambling, the Wall Street version of a bunch of frat brothers betting on Jay Feely to make a field goal. Cassano was taking book for every bank that bet short on the housing market, but he didn't have the cash to pay off if the kick went wide.
In a span of only seven years, Cassano sold some $500 billion worth of CDS protection, with at least $64 billion of that tied to the subprime mortgage market. AIG didn't have even a fraction of that amount of cash on hand to cover its bets, but neither did it expect it would ever need any reserves. So long as defaults on the underlying securities remained a highly unlikely proposition, AIG was essentially collecting huge and steadily climbing premiums by selling insurance for the disaster it thought would never come.
Initially, at least, the revenues were enormous: AIGFP's returns went from $737 million in 1999 to $3.2 billion in 2005. Over the past seven years, the subsidiary's 400 employees were paid a total of $3.5 billion; Cassano himself pocketed at least $280 million in compensation. Everyone made their money — and then it all went to shit.
This is worse than ENRON could ever hope to be. We are fucked.
Monday, March 9, 2009
It's not often that I discuss religion because for the last 8 years this country suffered enough under BUSH and people like Rush Limbaugh, but this man Frank Schaeffer is a decent man. The only other one that I knew when I was growing up as a kid on TV was Mr. Fred Rogers.
Rush Limbaugh is telling the truth when he says he wants him (Obama) to fail. These people are ideological enough that they would rather take our whole country down and be proved right than be patriotic and be Americans, stand up and do the thing that everyone who loves this country should do right now which is support the President whether you voted for him or not!
Just goes to show that just because a person is of faith, it does not mean that they are a bad person.
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Thursday, March 5, 2009