Time was, a screw-up like Mark Sanford would disappear from the public stage--permanently.
We live in different times, in these times. Bill Clinton actually blazed the trail for Sanford: he was rescued, forgiven, embraced, and is now lionized by the Democrat faithful. Any stones they throw at Sanford for his escapades will seem especially hypocritical, even for them. This is also the party of Barney Frank, whose adventures over time make Sanford look like a rank amateur. Let's not dwell too much on Anthony Weiner, who is said to be contemplating a run for mayor of new York City.
Govenor/Representative Sanford should not congratulate himself too heartily. His constituents don't love him, and many are embarrassed by him. But given the prospect of putting a Democrat in the House seat, who would be supportive of Himself...well, that was even more unthinkable.
Strange, strange times, when a President has made himself that odious to the citizenry.
Showing posts with label Barney Frank. Show all posts
Showing posts with label Barney Frank. Show all posts
Wednesday, May 8, 2013
Wednesday, March 30, 2011
Kelly's Corollary--Murphy Was An Optimist: The Irish Banks Admit The Extent Of Their Losses
Murphy was Irish, no doubt about it. And, in his honor, that black-humor classic 'Murphy's Law' has attained immortality. There are many versions of it floating about, but it goes like this:
1. If anything can go wrong, it will, at the most inopportune time.
2. If there is a possibility of several things going wrong, the one that will cause the most damage will be the one to go wrong...first.
3. If anything just cannot go wrong, it will anyway.
4. If you perceive that there are four possible ways in which something can go wrong, and circumvent these, then a fifth way, unprepared for, will promptly develop.
5. If everything seems to be going well, you have obviously overlooked something.
6. It is impossible to make anything foolproof because fools are so ingenious.
The list stretches on, but OS's hands-down favorite is Kelly's Corollary: Murphy was an optimist.
All this as an introduction to Robert Peston's most recent droll post on the basket case that Ireland has become.
To prevent Irish banks toppling over one after another, the European Central Bank has lent €117bn to them and the Central Bank of Ireland has lent them a further €71bn. So that's €188bn of loans from the eurozone's taxpayers to Ireland's banks - which makes the €67.5bn lent directly by the eurozone and IMF to the Irish government look like peanuts.
And a further €20bn of bank bonds - another form of bank debt - is still guaranteed by the Irish state through the Eligible Guarantee Scheme.
So that is €208bn of taxpayer loans to Ireland's banks - equivalent to a remarkable 154% of GDP.
It gets much worse, in the tradition of Murphy, and OS hopes you take time to read the entire essay.
Today, the banks will have to announce the extent of the damage that has hitherto not been discussed in public. And then, some hard decisions will follow. The illusion spun by The Left that there is no problem, that the massive debts aren't deleterious to a culture's health, that we can just go about business as usual--is just that, and is finally seen for what it is in Eire.
When will our leadership admit the same in the US? Not anytime soon. The story about Chuckie Shumer coaching everyone on the party line within earshot of the press would normally be funny, but the time for laughter has long passed.
Tuesday's effort by the House GOP to wind down the HAMP program, a scandalous failure, in order to save a few billion and protect homeowners from disaster, was met with scorn and vitriol by House Democrats today. It was like watching bad opera, with Barney Frank holding the big spear, wearing the horned helmet.
By noon today in the US, we'll have the news. It will be interesting to see if the markets have any reaction, at all, or even a moment's reflection on what it means.
OS ain't holding his breath, but he sure ain't sitting long on the market either, if yuh know-whudd-I-mean.
1. If anything can go wrong, it will, at the most inopportune time.
2. If there is a possibility of several things going wrong, the one that will cause the most damage will be the one to go wrong...first.
3. If anything just cannot go wrong, it will anyway.
4. If you perceive that there are four possible ways in which something can go wrong, and circumvent these, then a fifth way, unprepared for, will promptly develop.
5. If everything seems to be going well, you have obviously overlooked something.
6. It is impossible to make anything foolproof because fools are so ingenious.
The list stretches on, but OS's hands-down favorite is Kelly's Corollary: Murphy was an optimist.
All this as an introduction to Robert Peston's most recent droll post on the basket case that Ireland has become.
To prevent Irish banks toppling over one after another, the European Central Bank has lent €117bn to them and the Central Bank of Ireland has lent them a further €71bn. So that's €188bn of loans from the eurozone's taxpayers to Ireland's banks - which makes the €67.5bn lent directly by the eurozone and IMF to the Irish government look like peanuts.
And a further €20bn of bank bonds - another form of bank debt - is still guaranteed by the Irish state through the Eligible Guarantee Scheme.
So that is €208bn of taxpayer loans to Ireland's banks - equivalent to a remarkable 154% of GDP.
It gets much worse, in the tradition of Murphy, and OS hopes you take time to read the entire essay.
Today, the banks will have to announce the extent of the damage that has hitherto not been discussed in public. And then, some hard decisions will follow. The illusion spun by The Left that there is no problem, that the massive debts aren't deleterious to a culture's health, that we can just go about business as usual--is just that, and is finally seen for what it is in Eire.
When will our leadership admit the same in the US? Not anytime soon. The story about Chuckie Shumer coaching everyone on the party line within earshot of the press would normally be funny, but the time for laughter has long passed.
Tuesday's effort by the House GOP to wind down the HAMP program, a scandalous failure, in order to save a few billion and protect homeowners from disaster, was met with scorn and vitriol by House Democrats today. It was like watching bad opera, with Barney Frank holding the big spear, wearing the horned helmet.
By noon today in the US, we'll have the news. It will be interesting to see if the markets have any reaction, at all, or even a moment's reflection on what it means.
OS ain't holding his breath, but he sure ain't sitting long on the market either, if yuh know-whudd-I-mean.
Wednesday, November 24, 2010
Math Matters: Tennessee Halts Further Enrollments In Tuition Prepay Program
The investment yields, say, 3.25%--or whatever ZimbabweBen has run the long bond down to...
State Treasurer David H. Lillard Jr. won approval for the suspension by the BEST program's board of trustees Monday afternoon. The state has pumped $40million of taxpayer money into the prepay program in recent years to cover the gap between its payout and investment earnings, including $14.75 million this year.
"I believe the prepaid tuition program was started with good intentions," Lillard said. "I do not believe it would be wise to potentially put future taxpayer dollars at risk by expanding the program."
The costs at university have gone up a multiple of that, for a long list of reasons.
The state has spent $40 million keeping the program solvent, and wisely, threw in the towel.
Next time we see TurboTax Timmy and BawneyFwank demanding Doz'Wascawy Wepubwikans stop criticizing Da Fed...could we perhaps remember what the inexorable math created by these sorts of people and policies actually does to people in the real world?
Yes, yes, the State of Tennessee should not have opened the program thirteen years ago, perhaps. And the first year the taxpayers had to pony up to maintain solvency, this action should have been taken.
But, this object lesson in the punishment of savers and rewarding of hustlers will not be lost on the young people whose families decided to save for college.
Math matters.
State Treasurer David H. Lillard Jr. won approval for the suspension by the BEST program's board of trustees Monday afternoon. The state has pumped $40million of taxpayer money into the prepay program in recent years to cover the gap between its payout and investment earnings, including $14.75 million this year.
"I believe the prepaid tuition program was started with good intentions," Lillard said. "I do not believe it would be wise to potentially put future taxpayer dollars at risk by expanding the program."
The costs at university have gone up a multiple of that, for a long list of reasons.
The state has spent $40 million keeping the program solvent, and wisely, threw in the towel.
Next time we see TurboTax Timmy and BawneyFwank demanding Doz'Wascawy Wepubwikans stop criticizing Da Fed...could we perhaps remember what the inexorable math created by these sorts of people and policies actually does to people in the real world?
Yes, yes, the State of Tennessee should not have opened the program thirteen years ago, perhaps. And the first year the taxpayers had to pony up to maintain solvency, this action should have been taken.
But, this object lesson in the punishment of savers and rewarding of hustlers will not be lost on the young people whose families decided to save for college.
Math matters.
Tuesday, November 23, 2010
Barney Frank Joins LittleTimmy's Spin For The Fed
That paragon of good judgment, Barney Fwank, joins Timmy in decrying those Wascawwy Wepublikans who dare to criticize Da Fed.
Oh, the humanity.
“I was appalled to see a group of Republican economists from the Bush and Reagan administration” arguing against the Fed’s asset-purchase program. “Republicans are joining the central bank of China in attacking Bernanke. This is really distressing to me.”
Frank, who spoke in an interview today on Bloomberg Television’s “In Business with Margaret Brennan,” called the Fed program to purchase $600 billion in assets through June “a very reasonable thing” that isn’t fueling inflation, as Republican critics contend.
A group of 23, including former Republican government officials and economists, published a letter to Bernanke urging him to halt the expansion of monetary stimulus because it risks an inflation surge. Separately, John Boehner, nominated to be the next House speaker, and three other Republicans leaders last week sent Bernanke a letter expressing “deep concerns” about a policy they said risked weakening the dollar and fueling asset bubbles.
Mr. Frank might be better served attending to his paper shredders.
Oh, the humanity.
“I was appalled to see a group of Republican economists from the Bush and Reagan administration” arguing against the Fed’s asset-purchase program. “Republicans are joining the central bank of China in attacking Bernanke. This is really distressing to me.”
Frank, who spoke in an interview today on Bloomberg Television’s “In Business with Margaret Brennan,” called the Fed program to purchase $600 billion in assets through June “a very reasonable thing” that isn’t fueling inflation, as Republican critics contend.
A group of 23, including former Republican government officials and economists, published a letter to Bernanke urging him to halt the expansion of monetary stimulus because it risks an inflation surge. Separately, John Boehner, nominated to be the next House speaker, and three other Republicans leaders last week sent Bernanke a letter expressing “deep concerns” about a policy they said risked weakening the dollar and fueling asset bubbles.
Mr. Frank might be better served attending to his paper shredders.
Wednesday, October 13, 2010
Barney Frank May Have Reason To Worry: Greg Mankiw's Newest Blog Post Tells It All
For the record, for when the White House decides to defame Dr. Mankiw as a Tea-Baggin-Astro-Turfin-Racist-Nutter:
I am a professor of economics at Harvard University, where I teach introductory economics (ec 10) among other courses. I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.
OK, that's out of the way.
Dr. Mankiw's latest post simply points to the public record, showing that the Bush Administration in 2003 had urged Congress to help them reign in Fannie and Freddie, lest a crisis occur. Barney Frank vociferously opposed the idea.
Skip forward to this week. He's campaigning to keep his seat, opposed by Republican Sean Bielat, and claims:
Frank, a leading liberal who has represented the state’s Fourth Congressional District for nearly 30 years and became chairman of the House Financial Services Committee in 2007, said he and other Democrats fought to curb predatory lending practices before the recession but were thwarted by Republicans. He said he had supported efforts to help low-income families rent homes, rather than buy them.
“Low-income home ownership has been a mistake, and I have been a consistent critic of it,’’ said Frank, 70. Republicans, he said, were principally responsible for failing to reform Fannie Mae and Freddie Mac, the mortgage giants the government seized in September 2008.
Time to put us all out of his misery. Here is Mr. Bielat's campaign donation page. Let's all throw a few shekels his direction, and see if we can't retire Barney for good.
Bye, bye, Barney!
Thanks, Dr. Mankiw, you radical nutter, you.
I am a professor of economics at Harvard University, where I teach introductory economics (ec 10) among other courses. I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.
OK, that's out of the way.
Dr. Mankiw's latest post simply points to the public record, showing that the Bush Administration in 2003 had urged Congress to help them reign in Fannie and Freddie, lest a crisis occur. Barney Frank vociferously opposed the idea.
Skip forward to this week. He's campaigning to keep his seat, opposed by Republican Sean Bielat, and claims:
Frank, a leading liberal who has represented the state’s Fourth Congressional District for nearly 30 years and became chairman of the House Financial Services Committee in 2007, said he and other Democrats fought to curb predatory lending practices before the recession but were thwarted by Republicans. He said he had supported efforts to help low-income families rent homes, rather than buy them.
“Low-income home ownership has been a mistake, and I have been a consistent critic of it,’’ said Frank, 70. Republicans, he said, were principally responsible for failing to reform Fannie Mae and Freddie Mac, the mortgage giants the government seized in September 2008.
Time to put us all out of his misery. Here is Mr. Bielat's campaign donation page. Let's all throw a few shekels his direction, and see if we can't retire Barney for good.
Bye, bye, Barney!
Thanks, Dr. Mankiw, you radical nutter, you.
Wednesday, September 22, 2010
Barney Frank May Have Reason To Worry: GOP Candidate Sean Bielat Beginning To Draw Close
Lessee...we've got an aging, obese, spluttering, inept, and likely corrupt cartoon character Barney Frank as the incumbent, who chairs the House Banking Committee.
Then we've got a challenger, young, lean, calm, and apparently competent Sean Bielat. A Marine officer, with degrees from Harvard, Georgetown, and an MBA almost complete at Wharton. He thinks Barney is part of the problem, that Congress is out of control.
An interview with him is found here.
Hmmm...
Then we've got a challenger, young, lean, calm, and apparently competent Sean Bielat. A Marine officer, with degrees from Harvard, Georgetown, and an MBA almost complete at Wharton. He thinks Barney is part of the problem, that Congress is out of control.
An interview with him is found here.
Hmmm...
Wednesday, June 16, 2010
Lord Lavendon Has A Few Questions for Mr. Obama: A Reasoned View From The UK
The erudite Lord Lavendon has requested that OldSouth pass his thoughts along to The One, The Winner Of The 2010 Nobel Peace Prize, The Editor Of The Harvard Law Review Who Never Had A Word Of His Own Published , Our Beloved Leader, The Messiah, aka The President of The United States:
Thanks, your Lordship! As often noted before, just 'cuz every word is true, it don't mean it will matter a bit to The One. Truth don't matter when there is power to acquire, ya'll.
And, trust me, we're doing our best to send Barney and Nancy on their way. They just like deer ticks on the fanny of this great country, blood-suckin', dug-in, hangin' on fer dear life, and hard to get rid of.
Stand Tall, Ya'll. And come visit us heah' in the Heartland. We are yoh' friends!
Dear Mr Obama,
Usually I would let this one go, but I am so incensed by the latest proclamation of the President of the USA, that I feel compelled to say it, i.e. the leader of our greatest ally has now compared BP and the disaster in the gulf of Mexico as being a new "9/11".
Thanks a bloody lot Mr President, so BP is now on the same level as the terrorists , suicide bombers and general threats to the USA, the civilised world and the whole of Christendom as well know it? Please, Mr President, get a bally grip. BP (which is half American anyway) has admitted responsibility for the cleanup and is going out of its way to rectify the oil flood which is playing out in American waters. But, I would hope that you understand that whereas this oil spill was an accident and that BP will pay out and rebuild what has been destroyed, the 9/11 terrorist scum leashed destruction on the USA, by choice, not accident. Furthermore, you cannot sue the terrorists nor are they an ally of yours.
If, as some of your colleagues are saying, that BP should be nationalised and asset stripped to pay for this terrible occurrence, will you not agree with me, that the UK should nationalise the UK subsidiaries of JP Morgan, Goldman Sachs, Morgan Stanley and the other "vampire squids" which have borne the UK economy to her knees? Seems wrong, illogical and wrong doesn't it ? But what is good for the goose..
Thanks a bloody lot Mr President, so BP is now on the same level as the terrorists , suicide bombers and general threats to the USA, the civilised world and the whole of Christendom as well know it? Please, Mr President, get a bally grip. BP (which is half American anyway) has admitted responsibility for the cleanup and is going out of its way to rectify the oil flood which is playing out in American waters. But, I would hope that you understand that whereas this oil spill was an accident and that BP will pay out and rebuild what has been destroyed, the 9/11 terrorist scum leashed destruction on the USA, by choice, not accident. Furthermore, you cannot sue the terrorists nor are they an ally of yours.
If, as some of your colleagues are saying, that BP should be nationalised and asset stripped to pay for this terrible occurrence, will you not agree with me, that the UK should nationalise the UK subsidiaries of JP Morgan, Goldman Sachs, Morgan Stanley and the other "vampire squids" which have borne the UK economy to her knees? Seems wrong, illogical and wrong doesn't it ? But what is good for the goose..
Also, I think that you can have the DVDs back, which you gave our former PM (not that he could watch them anyway) , in the same way that you returned the bust of Britain's greatest -yes greatest- Prime Minister Churchill. Churchill was a bally hero to us Brits, who bought us through Britain's darkest hour- yes our darkest hour- when the forces of national socialism had conquered all of Europe, it was only Britain and her Dominions who stood between the light and the dark, until the Japs made sure your entry on the right side. How would you feel if we had a bust of George Washington or Lincoln and gave it back? Clearly you need a lesson in manners, honour and decency.
Whilst I am ranting, I would just like to let you know that, with regret, many of my patriots are becoming increasingly anti- American. Those of us , who argue for strong Anglo-American ties, are becoming a minority. Your actions are quickly adding fuel to the fire of those who wish the UK to become a province of the Euro-Super state; a state which would be nothing more than a pro-French, anti- American front.
Finally, I would like to pay tribute to the people of your great nation- tribute for putting up with you for so long. If you had been in Britain, you would be in the tower by now. I only hope that your great nation will vote against you and your socialist Democrat party, to restore one of the great nations of this earth, to restore the liberties and freedoms of America, which are are light and a treasure to the rest of the world. We in the UK had to put up with 13 years of failed socialist government- we are bust and a beggar to the world. I pray that such a state will not happen in your country.
God Bless America, God bless the Anglo-American special relationship!
Yours Lavendon
P.S- when the next financial crisis hits us, can you please have sacked that bloody irritating 'Barney Frank', who looks like he belongs in an Al Capone movie?
P.P.S- also can you please retire Nancy Pelosi, as I fear than any further Botox, will send her over the edge.....
Thanks, your Lordship! As often noted before, just 'cuz every word is true, it don't mean it will matter a bit to The One. Truth don't matter when there is power to acquire, ya'll.
And, trust me, we're doing our best to send Barney and Nancy on their way. They just like deer ticks on the fanny of this great country, blood-suckin', dug-in, hangin' on fer dear life, and hard to get rid of.
Stand Tall, Ya'll. And come visit us heah' in the Heartland. We are yoh' friends!
Subscribe to:
Posts (Atom)