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Corruption or Incompetence; the Economic Effects Seem the Same

1:16 pm in Uncategorized by dakine01

Hank Paulson and Helicopter Ben Action Figures! (Photo: parapolitical, flickr)

Hank Paulson and Helicopter Ben Action Figures! (Photo: parapolitical, flickr)

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One of the on-going arguments across the blogosphere and even the entire world is whether the economic problems of the last ten years are more related to incompetence or basic corruption. I must say, just the last week has offered plenty of evidence for both views. For example, we had this article from Bloomberg yesterday (Tuesday, November 29) about how then Treasury Secretary Hank Paulson met with his hedge fund buddies and gave them the first class insider information on his plans to place Fannie Mae and Freddie Mac into “conservatorship.”

Paulson explained that under this scenario, the common stock of the two government-sponsored enterprises, or GSEs, would be effectively wiped out. So too would the various classes of preferred stock, he said.

The fund manager says he was shocked that Paulson would furnish such specific information — to his mind, leaving little doubt that the Treasury Department would carry out the plan. The managers attending the meeting were thus given a choice opportunity to trade on that information.


And law professors say that Paulson himself broke no law by disclosing what amounted to inside information.

…snip… Read the rest of this entry →

They Are Not Complaining About “Multiculturalism”

9:00 am in Culture, Government, Media by dakine01

This morning as I was looking through all the various news sites I visit, I came across this headline from AFP (via Yahoo)

Multiculturalism has failed, says French president

This immediately reminded me of this headline from Sunday’s (February 6) NY Times

Cameron Criticizes ‘Multiculturalism’ in Britain

The linked AFP article goes on to offer this little tidbit:

British Prime Minister David Cameron, German Chancellor Angela Merkel, Australia’s ex-prime minister John Howard and Spanish ex-premier Jose Maria Aznar have also recently said multicultural policies have not successfully integrated immigrants.

Seems to be awfully coincidental that all of these conservative leaders are all making roughly the same claim against “multiculturalism.” But a closer read of various articles finds the real agenda.  . . . Read the rest of this entry →