Slog

Slog Music

Music, Nightlife,
and Drinks

Friday, December 28, 2012

WSJ: Our Long National Economic Nightmare Is Over

Posted by on Fri, Dec 28, 2012 at 6:00 AM

Lost your house? Out of work? Still struggling to recover from the Great Recession? Well now, thanks to the editors of the Wall Street Journal, you know exactly who to blame for all your problems:

More than four years after the 2008 panic, the U.S. economy still hasn't rebounded to its normal potential growth trend. So the legacy of one of the main culprits—Lisa Jackson of the Environmental Protection Agency, who announced Thursday she is resigning—must include the millions of Americans who can't find a job or haven't seen their incomes rise.

That's right, it's not the banksters or the speculators or the bailout babies or the Federal Reserve governors who wouldn't know a $6 trillion real estate bubble if it bit them in the ass who are responsible for our economic woes; it's EPA administrator Lisa Jackson! If not for Jackson and her economy-busting crusade to increase fuel efficiency standards and limit smokestack emissions, we'd all be rolling in dough right now. Wheezing for breath with every roll, but rolling in dough nonetheless.

Hard to believe they're that stupid, so I'll just have to assume that they're just a bunch of lying sacks of shit.

 

Comments (15) RSS

Oldest First Unregistered On Registered On Add a comment
Bigsfrottin 1
Sometimes you can lie yourself stupid, so probably both.
Posted by Bigsfrottin on December 28, 2012 at 6:11 AM · Report this
2
Her tenure having featured notable defeats as well as victories, she should frame that editorial as the surest proof that overall she did a damn good job. I hope Obama names her deputy Bob Perciasepe to fill her post. He's got the credibility to sail through nomination and not lose momentum transitioning.
Posted by gloomy gus on December 28, 2012 at 6:39 AM · Report this
Theodore Gorath 3
They are smart enough to know that a lot of their readership is stupid enough to roll with it, and quote it at dinner tables as if they know what they are talking about.

Hell, I had a libertarian friend tell me the other day that Bush's spending on the two wars "did not count" because the money was put into some kind of fantasy "escrow account." Where is this account, and where is the money now? Who knows?

The bubble is unbelievably thick in some places.
Posted by Theodore Gorath on December 28, 2012 at 7:01 AM · Report this
4
The WSJ has been part of Murdoch's 'fair and balanced' media empire since the mid 2000's if I recall correctly. It's been a variant of fox news with line art and an official looking typeface since then.
Posted by kylecheez on December 28, 2012 at 7:25 AM · Report this
5
What @4 said. It used to be that the WSJ's editorial page was reliably wingnutty, but their economic reporting was top-notch - as you'd expect from the paper that all the financial big leaguers depended upon. But since Murdoch bought the paper some years back, he dragged the rest of the paper down to the editorial page's level.
Posted by Pope Buck I on December 28, 2012 at 8:07 AM · Report this
Urgutha Forka 6
How is this stupid or shocking?
The right wing echo chamber always makes up the "facts" they want to believe.
Posted by Urgutha Forka on December 28, 2012 at 8:52 AM · Report this
Max Solomon 7
i bet i hear this from my dad soon...
Posted by Max Solomon on December 28, 2012 at 9:50 AM · Report this
biffp 8
This is the Tea Party meme. Heard it last night from Dick Armey. Even though he's taking $8 million to leave the Tea Party, he still is very concerned about the EPA's effect on the recovery. Do we have to be a party to the endless flow of shit from the Tea Party/RNC/Fox?

DICK ARMEY: No, not at all. First of all, understand, the tea party is not a political party. It is a group of people across the country that have a commitment to a set of principles. They believe economic growth is the first most important need of this country, which means get the government to stand down, quit interfering, quit obstructing growth, in so many ways, not the least of which is the EPA.
Posted by biffp on December 28, 2012 at 10:18 AM · Report this
9
Economic growth is not the government's duty. In fact, if the government were to make that a focus of their work, all of the small government crowd would hate it, screech about the government picking winners and losers, and kvetch about the government exceeding its proper role - and they would be right.

The government has only two duties: to protect our rights and to invest in public resources for the public good.

The EPA protects the people's rights because we all have an interest in the non-toxicity of the air, water, and soil. If someone is polluting my air, they are violating my rights.
Posted by Charlie Mas on December 28, 2012 at 10:48 AM · Report this
10
Once again, I am forced to repeat the obvious:

The Extradition of Ernesto Zedillo

Recently the government of Mexico legally requested the extradition of Ernesto Zedillo --- from Yale University, of course --- with the request denied by the US government.

This was criminal, naturally, but predictable given that our president has routinely gone before the American public and proclaimed: The super-rich didn't break any laws; laws don't apply to the super-rich. (Obama also prattles on about his man-crush on JPMorgan Chase's Jamie Dimon, but we shall ignore that perversity for now.)

Since the individual who should be Public Enemy Number One, Robert Rubin, was Obama's campaign economics advisor, and Zedillo was Rubin's inside guy in the destruction of the Mexican and American workforces, and the privatization and foreign ownership of Mexican banks, one would presume the criminals would back up each other.

Since many are too young to know the mechanics of NAFTA, here is a brief synopsis: Bush #1was unable to force it through, so Wall Street brought in Clinton to get the crime done. (Clinton had previously greatly aided in turning Arkansas into a "right-to-work" state, i.e., killing collective bargaining and workers' rights, so they knew he was the man for the crime.)

In 1994, the Mexican President Zedillo, out of the blue with no valid reason, devalued the Mexican currency downward by 13%. The very next day Zedillo ordered the floating of the Mexican currency, thereby allowing it to be speculated downards by another 39% (thus immediately raising prices by 55% or more).

A few months later things were even worse, but such actions had more than doubled the purchasing power of the bankster billions which had been withdrawn from Mexican banks three weeks prior to Zedillo's inexplicable devaluation and currency float.

Of course, when the USA announced it was bailing out the Mexican economy by financing the loans of Goldman Sachs, Morgan Stanley, et al., to that government, it was on the same day Clinton appointed the head of Goldman Sachs, Robert Rubin, to be his Treasury Secretary; within a year of the passage of NAFTA, between 80% to 90% of the now-privatized Mexican banks were foreign-owned, and Mexican independent farmers were being driven off their lands --- into instant poverty --- by giant ag corporations, while US jobs were outsourced there, taking advantage of even more artificially-lowered wages in that country now, while Rubin's Goldman Sachs, etc., profited from massive currency speculation and greatly increased purchasing power of Mexican banks and stocks.

(Rubin would go on to play pivotal advisory roles in the overturning of Glass-Steagall and the killing of any oversight and regulations of credit derivatives --- super-speculative financial instruments based upon debt.)

These credit derivatives would be utilized by hedge funds, several years later, to do naked short selling against approximately 7,000 small public companies, effectively short selling them out of existence (i.e., a massive transfer -- and theft -- of wealth from small business to the super-rich).

We know this due to a class action lawsuit (referred to in the business press at the time as "Stockgate" -- but essentially receiving no publicity in the corporate mediate) brought against the DTCC (owned by Goldman Sachs, JPMorgan Chase, Morgan Stanley, Credit Suisse and the NYSE).

Several years later, very quietly, congress would pass legislation giving loan preference to small businesses (via the SBA) which already were invested in --- or owned --- by hedge funds or private equity firms (private banks/leveraged buyout firms); a perfect design for monopoly creation over small business, and therefore all business!

During the same timeframe those hedge funds were shorting those small public companies out of existence, congress passed that so-called bankruptcy reform legislation, making it far more difficult for lower-income people to declare the type of bankruptcy which would normally discharge their debts, while the US congress very quietly added an amendment onto that so-called bankruptcy legislation giving top priority and preference to those creditors who were derivatives dealers (as in credit derivatives) and the bondholders!

During that very same timeframe again, the top banks were utilizing credit derivatives ("structured finance") to do leveraged loans to the largest private equity LBO firms (Blackstone Group, Bain Capital, Carlyle Group, KKR, etc.) to aid and abet those hedge funds in their shorting activities, as well as speculation and leveraged buyouts across the healthcare sector, dramatically driving up costs, and later, during the 2007-2008 period, speculating oil costs dramatically upwards as well.

Got that????

A total financial frontal assault on the American citizen, American worker and small business owners/creators! Over the past thirty to forty years, the criminal congress of America spends at least 90% of their time passing legislation to screw the American worker and citizenry, and they are doing it on behalf of their paymasters, the super-rich and their corporate overlords they employ.

Just recently, the InterContinental Exchange, or ICE, purchased the New York Stock Exchange (NYSE). It was ICE which has been involved with a preponderance of financial manipulation and speculation of oil prices, commodities, etc., and is owned by Goldman Sachs, Morgan Stanley and the oil companies BP, Royal Dutch/Shell and Total. The NYSE, in turn, is part owner of that aforementioned DTCC (used in the naked short selling), along with Goldman Sachs, JPMorgan Chase, Morgan Stanley and Credit Suisse.

The owners of the worldwide climate exchanges (carbon permits, cap-and-trade, etc.) is the holding company, Climate Exchange PLC, which is owned by Goldman Sachs and ICE.

Observe the extreme interlocking ownership and the resultant capacity for insider manipulation and insider trading --- and that's just the tip of the iceberg of financial manipulation and fraud.

http://www.ycsg.yale.edu/center/zedillo.…

http://www.group30.org/members.shtml
More...
Posted by sgt_doom on December 28, 2012 at 11:07 AM · Report this
11
And.....

Where Do Billionaires Come From?

(The little girl, Jun Hao, ran into the ultra-modern kitchen, in the year 2440, to ask her mother an important question from school.)

"Mommy, mommy, do you know where billionaires come from? We had this subject today in class, and it's still confusing to me. It was about some place long ago called oosa!"

"Oosa," responded her mother?

"Oh, Juni, you mean the USA, a country which existed centuries ago, a completely corrupt, fraud-based society."

"Well...." began the mother, "..it goes like this...."

During a period in the late 20th century, and very early 21st century, the evil greedy people in that country performed a number of insurance swindles, it was really that simple.

Companies like Ambac and MBIA sold unregulated insurance, in the form of credit default swaps, which they had no capital to back up, and when they had to payout, they couldn't, and therefore all those municipal, and other, bonds they had insured in that country were immediately downgraded, but their owners, that is, the owners of Ambac and MBIA, made a fortune by selling all that unregulated insurance they couldn't back up.


In fact, the largest insurance company, AIG, sold $460 billion worth of unregulated insurance, also called credit default swaps, which made them a fortune, but they also had no money to back up those insurance policies they sold to hedge funds and the major banks (Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America), so the government, those taxpayers, had to bail them out.

So the insurance swindlers made billions off of the ignorant citizenry, and that's where their billionaires came from, my darling.


But thanks to them, and their shipping all their jobs and technology and investment to China, and we Chinese using their greedy ways against them, today the Chinese Daffodil Imperium rules the entire planet. And sometime around 2025, the Chinese government wisely put to death all their greedy billionaires.
More...
Posted by sgt_doom on December 28, 2012 at 11:09 AM · Report this
keshmeshi 12
@9,

I agree with you on the role of government, but I disagree with you about how the "small" government people would feel about government taking an active role in the economy. They love it when the government picks winners and losers; they just want the winners to be them, straight, white, Christian men, and the losers to be all the rest of us. For evidence, you need only look at how they've reacted to the 2008 and 2012 elections and how they've treated Obama over the past four years.
Posted by keshmeshi on December 28, 2012 at 12:12 PM · Report this
13
@5 -- It should be noted that this post pertains to a specimen of WSJ opinion-page dreck, not WSJ news-page dreck.
Posted by RonK, Seattle on December 28, 2012 at 12:46 PM · Report this
14
The thing that baffles me when people claim environmentalism harms the economy, it's taking an angle the tech industry has been using forever: planned obsolescence. You replace your old gadgets with new ones, thus ramping up product and the hope is to have the new tools use less resources. That's the important part, fuel is only going to get more expensive. Best to focus on efficient use of it before you get out priced.
Posted by CbytheSea on December 28, 2012 at 1:21 PM · Report this
biffp 15
@12, agree. They are working off the Citibank plutonomy in America memo. It's a return of the robber barons: steal as much as possible for the wealthiest and forget everyone else and the future of the country.
Posted by biffp on December 28, 2012 at 2:33 PM · Report this

Add a comment

Advertisement

All contents © Index Newspapers, LLC
1535 11th Ave (Third Floor), Seattle, WA 98122
Contact | Privacy Policy | Terms of Use | Takedown Policy