Archive for the ‘milton friedman’ Category

The environmental agenda has been infected by extremism—it’s become an economic suicide pact. And we’re here to challenge it. On Earth Day, visit http://www.freemarketamerica.org.

We all know why the Watermelons (Green outside, red inside) want America to fail. A failed state is ripe for totalitarian takeover. Just ask the Germans, the Russians, the Chinese, the Cubans, the Venezuelans, the Vietnamese, the Rhodesians (if you can find any), soon the Argentinians. and on and on and on.

 

And to remind you of how long the Watermelon totalitarians and their media accomplices have been working on this:
From Newsweak (sic) April, 28, 1975


Click here for your full size pdf.

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Here are the political/governmental poor decisions that led to the crash

Here’s How The Community Reinvestment Act Led To The Housing Bubble’s Lax Lending

The secularization of these, required by CRA, poison pill mortgages (needed to mitigate the banks’ risk incurred by making them) coupled with the repeal (1999) of the Glass Steagall Act made the crash almost inevitable. Both of these truly horrible decisions were made by politicians for “the greater good” of their constituents, either donors or stupid voters.

The Repeal Of The Glass Steagall Act and Its Contribution To The 2008/2009 Economic Crisis

The idiotic “derivatives” that were invented to shift more of the risk to investors and the “credit default swaps” designed to insure the investors in these instruments were actively encouraged by the SEC, which is a government agency charged with protecting the public not the banks.

Testimony of Annette L. Nazareth, Director Division of Market Regulation February 10, 2000

Certain Politicians who claimed responsibility for the CRA kept insisting that everything was working perfectly well while the system was snowballing down the hill.

Barney Frank and Chuck Schumer’s Role the Fannie Mae Failure

Rep. Barney Frank Admits to Helping Ex-Lover Land Job at Freddy Mac

Others were siding with the biggest bundler trying to capture control of the sub-prime market.

Dodd and Countrywide – WSJ.com

After the bust, the perpetraitors (sic) used it to turn on the small banks in order to protect the larger banks that had gambled and lost at the politicians urgings and assurances by constructing a huge barrier to entrance for new banks and onerous, costly reporting requirements the cost of which will cause many small banks to close. That will lead to larger banks being free to charge higher fees resulting in larger campaign donations or favors.

Dodd-Frank: 26,353 paper-pushers

Dodd-Frank helps big banks at expense of small ones …

 Now, I told you, that to tell you this,

http://www.bloomberg.com/news/2012-08-15/freddie-fannie-push-bank-bad-debt-cost-to-84-billion-mortgages.html

The problem is that the politicians forced bad loan origination on the banks in a ponzi like quota system and paid some Clintoonite bureaucrats some fantastic bonuses to flood Fannie Mae with bad loans.

Jamie Gorelick served as vice chairman of the Federal National Mortgage Association (Fannie Mae) when the government-sponsored enterprise began bundling subprime loans into securitized financial instruments. Her compensation was a salary of a little over $500,000 and $26,000,000 in bonuses. But Gorelick is perhaps best known for her 1995 memo, written when she was deputy attorney general for Clinton, that later became known as “Gorelick’s Wall,” a policy prescription limiting the flow of information between intelligence gatherers and criminal investigators that some believe helped allow the September 11, 2001 attacks on the World Trade Center to go unchallenged. (And often alleged to keep the FBI from learning what the CIA knew about Clintoon’s missile technology dealings with the Chinese.)


Franklin Raines the former chairman and chief executive officer of Fannie Mae, who served as White House budget director under President Bill Clinton. His Compensation was $700k salary, $50 million bonuses. He was specifically named in the Securities Exchange Commission’s lawsuit against Fannie Mae and settled for by paying the SEC $24.7 million, so he wound up in about the same financial position as the other Clintoonite.

The environmental agenda has been infected by extremism—it’s become an economic suicide pact. And we’re here to challenge it. On Earth Day, visit http://www.freemarketamerica.org.

We all know why the Watermelons (Green outside, red inside) want America to fail. A failed state is ripe for totalitarian takeover. Just ask the Germans, the Russians, the Chinese, the Cubans, the Venezuelans, the Vietnamese, the Rhodesians (if you can find any), soon the Argentinians. and on and on and on

Vodpod videos no longer available.

And to remind you of how long the Watermelon totalitarians and their media accomplices have been working on this:
From Newsweak (sic) April, 28, 1975


Click here for your full size pdf.

I have been wondering about the seemingly incoherent policies propagating out of the District of Corruption and trying to develop a model of thinking and goals that would be consistent with the insanity. I have had to abandon any thought of citizen or taxpayer well-being or maintenance of American exceptionalism in order to come up with a somewhat consistent model.

The District of Corruption has become, in essence, a wholesale club sized Faculty Lounge that has developed a plan to run the country as a university focused on the welfare of the faculty over the students or the payers of the tuition.

First is the plan to get out of debt seems to be Quantitative Easing III, IV, V, VI, and however many more it takes to make all those outstanding Treasury Bills (and their interest obligations) worthless. The fact that it will impoverish the American citizenry is as Microsoft used to say, “not a bug, but a feature.” It will wipe out the rich as well as the successful and the thrifty, thus putting all citizens’ welfare in the hands of those best qualified to judge a persons worth (no not the free market, that is seen as cruel, unfair and idiotic to the insufficiently rewarded, it must be those with the wisdom of Solomon, the Tenured).

This destruction of the dollar not only gets us out of debt while punishing those so rude to have been more successful in the free market than the new masters, but also sets the stage for the resurgence of America as a “properly structured society.” In other words the serfs need to acknowledge their proper place in the presence of their accredited and credentialed betters.

That brings us to the master stroke. In claiming that the oil companies get a “tax incentive” by writing off business expenses such as depreciation, exploration, and the cost of failed production attempts (things that legitimate costs of doing business in every other business, just bigger numbers in the oil business), the stage is set for the DOE to revoke all leases and nationalize the oil fields. After the dollar has been destroyed and whether the new currency that purchases oil is a “basket of currencies” or the PetroBuck® the wealth in the oil fields of what was previously called the United States will be more than enough to support the proletariat in their virtual slavery while the masters party like Nero. Issuing decrees as the Gods from Olympus (you have to “properly guide” those serfs, dontcha know?).

 

Using only a big piece of pork, a large knife, and a small knife, the budget chef shows how to balance the federal budget by 2020.

As a special treat, he does it without raising taxes from the current Bush-era rates!It seems like a complicated preparation at first, but it’s so simple that almost any elected official should be able to pull it off like a pro!

Domestic and foreign investors will love this, and it will also help create a stable environment conducive to long-term, sustainable economic growth.Between 2011 and 2020, the Congressional Budget Office estimates that total federal outlays – for defense, agriculture subsidies, Medicare, Social Security, you name it – will total a whopping $42.1 trillion (in 2010 dollars). To bring outlays down to revenue, we need to cut a total of $1.3 trillion in total expenditures over the next 10 years.

That sounds like a really tall order until you realize that it cutting just 3.6 percent a year for each of the next 10 years. To put it in dollar terms, it means cutting about $130 billion a year from budgets that will average over $4 trillion. That’s not so hard now, is it? By making small, systematic cuts to a federal budget that is larded up with more fat than an Ponderosa buffet, we can balance the budget without even nicking essential services.

This video is based on “How to Balance the Budget Without Raising Taxes,” by Nick Gillespie and Reason economics columnist Veronique de Rugy of the Mercatus Center. Read that December 5, 2010 piece for detailed breakdowns of spending amounts: http://reason.com/archives/2010/12/05/how-to-balance-the-budget-with

 

A love song for economist F. A. Hayek?

But, “The Road to Serfdom” was #1 on Amazon for a few weeks this summer and is still above Obummer’s books despite being over 50 years old. It’s encouaging to see the young people getting interested in things that will actually make a difference in their lives after their parents just kicked the can down the road.

Original song by Dorian Electra.Filmed by Clara Lee, Madeline Scholl, and Ciaran Finlayson.

Lyrics:

Hey there Freidrich Hayek, ya lookin really niceYour methodology is oh so preciseYou break down social science to the fundamentalsRules and social order are the essentials

Chorus:The use of knowledge in societyby each of us we make the economyIt’s not magic that somehow our plans all alignThe result of human action, not of human design

Tell me your thoughts on resource misallocationDistorted price signals and misinformationInterest rates that are made artificially lowTelling producers where resources should go

Chorus

Since these low interest rates, like you said, are liesMalinvestments come as no surpriseSoon these mistakes will all be revealedand then corrected, unless they’re concealed

Chorus

Sometimes I dream all day ’bout bein’ Mrs. HayekWe’d share milkshakes, watch sunsets, and kayakWe’d work together on that business cycle theoryOh darlin’ you’ve been workin’ hard, you must be weary

Come to my couch, on which you can restI’ll make tea, we’ll talk credit and interestThen I can talk about my interest in youOf course we’ll talk ’bout the economy, too

Just me and you (x2)Me and YouOh, ohMe and You

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Economist Milton Friedman taught Donahue a lesson when Phil attempted to equate greed with capitalism.

Milton Friedman asks: “Just tell me where you think you’re going to find these angels that are going to organize society for us.” (Hint, establishmentarian politicians need not even apply)

Friedman regards free enterprise as the best economic system ever developed by civilization and cites history as the proof of his contention.

Milton Friedman, 1912 – 2006

Vodpod videos no longer available.