GlenJo commented on the diary post Thomas Friedman Escaped and Is Writing About Economics Again by Dean Baker.
I too can be accused of the “two word” syndrome. Tom Friedman Somewhere in that short phrase my eyes glaze over and I know somewhere a rich guy is talking to the locals which somehow gets morphed into neoliberal idea with a catchy title that stomps on my head. “The world is flat”. Indeed it [...]
I would say that’s crazy, but after watching the Clinton impeachment, it’s certainly a possibility.
Businesses are not hiring because there is no demand. That has little to nothing to do with taxes or tax cuts. It has a whole lot to do with the amount of unemployed and underpaid. Nobody can spend money when they don’t have any. Obviously, there’s plenty of work that needs to be done in [...]
GlenJo commented on the blog post A President Who Realizes the GOP’s “Fever” Will Never Break
A President Who Realizes the GOP’s “Fever” Will Never Break
Gee, the time to realize that was five minutes into his first term, no, make that one minute.
What really pisses him off is that he never got Republican help to pass the Republican agenda. God knows, he keeps trying.
NY Times, July 20, 2012, Private Pension Plans, Even at Big Companies, May Be Underfunded:
“Of the 500 companies, 338 have defined-benefit pension plans, and only 18 are fully funded. Seven companies reported that their plans were underfunded by more than $10 billion, with the largest negative figure, $21.6 billion, reported by General Electric.
The main cause of the underfunding at many companies does not appear to be a failure to make contributions to the plans. Instead, it reflects the fact that investment markets have not performed well for a sustained period.
Of course, markets will do whatever they will do, regardless of the assumptions pension-fund sponsors make. In the long run, contributing less now may simply mean companies have to contribute more later.”
Hmm, contributing less now may simply mean companies have to contribute more later. Or companies could just stop underfunding their pension plans because markets will do whatever they want to do.
Aside from glossing over that derivatives caused Detroit’s pensions woes, why is there this blind insistence that the stock market is the only place for pensions and that a rising stock market is required for pensions?
Pensions funds are in trouble because these were underfunded. This has nothing to do with the stock market rising or falling. The people managing the pension funds mismanaged the funds. Often this happened when Wall St sold junk bonds which were rated AAA. Often this happened when expected long term investments were based on bubbles. Most often this happened when the company just plain didn’t adequately fund the pension.
Buying into the false premise that a super duper stock market is required to honor pension obligations is buying into the same horseshit that caused the pension funds to tank in the first place.
You do realize that doing the same thing over and over and expecting different results is considered a working definition of insanity?
There will be no progress until younger voters realize that there is no real difference between the Democratic and Republican parties.
GlenJo commented on the blog post Democratic Establishment Lines Up Behind Hillary Clinton For 2016
She was “inevitable” in 2008 too.
There’s always another Dem willing to go just a tiny bit left of Hillary, get the Dembot voters to vote, look good in a couple polls/primaries, scoop up the Wall St graft, and then govern to the far right of Ronald Reagan. Wall St has billions to spend (thanks to our bailout) and will buy every candidate that they think can win.
I will vote for candidate that represents my views, not the lesser evil.
GlenJo commented on the blog post AG Eric Holder Against Clemency For Snowden, For It For Marc Rich
If Snowden had just wrecked the world economy, made a big pile of cash, and let slip how American’s rights are violated, he’s probably have to pay a small fine while Holder lectured Americans how it would be impossible to do anything about Snowden wrecking the world.
GlenJo commented on the blog post JPMorgan To Give Jamie Dimon Pay Raise To $20 Million A Year
Gee, what a stellar resume!
Jamie runs Citigroup into the ground and is bailed out by us:
Jamie gets his bank’s tit in the wringer at every turn:
What could he possibly do to hit the trifecta? How is he possibly going to screw up so he can get his next massive raise? After all googling “JPMorgan Chase evil” scored “About 312,000 results (0.45 seconds)”. That’s a pretty high bar, but I’m sure Jamie’s up to it, and so does his board of stooges.
Mr. Summers is a f^&king a$$hole. The crisis of 2008 unmasked him for what he is – an economic terrorist. When it comes time to gauge who’s created more human misery in the last thirty years, he and his version of “economics” puts him near the top of the list, and when we include the [...]
It’s not “America” any more than the myth that DC politics is concerned with the “average American voter”. It’s ALL ABOUT how the rich have bought our government and demand and get what they want.
We spent trillions bailing out the banksters that caused this mess. We spent tens of billions bailing the Detroit auto companies.
How are much are we going to spend bailing out Detroit pensioners that had ZERO to do with causing this world wide economic implosion? NOTHING.
Supporting the current Republican/Democratic parties is of ZERO benefit to average Americans.
It’s getting hard to figure out who on the left/right is putting their heads that much farther up their a$$es. Certainly, any American that doesn’t live in a 5th Avenue penthouse and still believes the major parties represent them are living in a fantasy land. We’ve become a land of clueless baggers that do what their “wealthy betters” tell them to do, obots that believe choosing the lesser of two evils is the only choice they have, the mythical middle that has no clue, but apparently supports an agenda to the right of Ronald Reagan.
But I think that average Americans are finally waking up, and it’s starting to scare the oligarchy.
Both of these private companies have failed, and if we really had “capitalism” should get wiped out by “the market”.
The obvious mechanism to do this is through civil and criminal lawsuits, but these take time and generally just make lawyers rich so let’s mark this as a failure. Plus as BP demonstrated when they trashed the gulf and were given a get out of jail pass by the government, lawsuits can be ineffective or non-existent.
Second, there is no real market. It’s not like the people can just switch over to a competing water company because “the people” in the form of our government has given the water company rights to the water. Why should the people even have to pay for the water to begin with, and why do the people have to pay for the water companies’ failure now?
So here we have another example of how “capitalism” especially “free market capitalism” which so famously “self regulates” is horseshit of the first order.
Tell Rand Paul to come on down and suck up all the water he wants, because after all, the government is incapable of performing what can best be done by private corporations.
GlenJo commented on the diary post Glenn Hubbard – Corporate Whore for Corporate Welfare Queens by joe shikspack.
Unfortunately, I think it would be best to tar and feather ALL economists so they have some incentive to at least start policing their profession. Obviously, the financial incentives for pushing the 1% Wall St views will remain so disclosure of income is also important. Even then, we need to return the name “economics” back [...]
GlenJo commented on the blog post Celebrating 2013—A Year of Critical Work Made Possible By You
GlenJo commented on the blog post Poll: United States Seen As Greatest Threat To World Peace In 2013
So if the world views the US as the greatest threat to world peace, does this mean we “won” the “War on Terror”?
All things being equal, I’m pretty sure this doesn’t make us any safer, has cost us a whole lotta blood and money, and isn’t any good for our economy (in multiple ways).
So can we just stop this whole “War on Terror” BS and do something productive rather than destructive?
GlenJo commented on the blog post John Schindler Compares Snowden To Hitler And Stalin, Claims He Is Russian Agent
I’ll bet he teaches history at the college with that impressive mastery of world history.
I would argue that Obama is acting just like those CEO executives he professes to admire who turn their company into a smoking hole in the ground, get a record busting salary, and then get bailed out by us.
But I do get your point.
It will be interesting to see what Obama actually does with the time he has left in office. He can accomplish much through executive action. The executive branch has broad powers. Nixon unilaterally froze wages and prices.
GlenJo commented on the blog post Wall Street Threatening To Withhold Donations After Pope’s Critique
Interesting way to handle the controversy, not that it’s much of one to begin with.
But one wonders how these guys go through life, is everything about money? Do they tell their one year old kid he/she wont get any money unless they quit pooping their diapers? Do they threaten to cut their heirs out of the will unless they do what they want? Do they quit tithing if their priests says something they don’t like? Do they quit donating to politicians if they don’t get the laws they want?
Huh, OK, what was I thinking, of course everything’s about money.
Funny how their very reaction proves the Pope’s point.
I agree, it’s the voters that seem to leave their brain at the polling place door. Republican strategists are getting paid big bucks to screw over Republican voters and they are very good at their job.
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