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James Quinn has held financial positions with a retailer, homebuilder and university in his 29 year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and is writing these articles because he cares about their future. He earned a... More
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    Are you F&$%ing kidding me. What do you have to do to be required to admit wrong doing? Destroying the lives of thousands  of people, charities, and endowments isn't enough. I'm sure glad the SEC wasn't in charge at Nuremberg. They would have concluded that the Nazis committed a misdemeanor by murdering 6 million Jews and killing 50 million other human beings. The SEC would have barred Hitler from politics for 6 years.

    Now this evil scumbag will get to live out his life in a comfy country club prison. He should be sent to the filtheist most dangerous prison in the country where he will learn to forget about his wife. Put him in a cell with a 6 foot 6 angry child molestor. Instead he will sleep until 10 and prepare for his noon doubles tennis match with Bernie Ebbers, Dennis Kazlowski, and Jeff Skilling.

     No Ponzis for Madoff Behind Prison WallsJune 16, 2009, 6:04 pm

    It’s finally official: the convicted swindler Bernard L. Madoff, facing a lifetime behind bars for masterminding an enormous Ponzi scheme, will never work again in the securities industry.

    The Securities and Exchange Commission said on Tuesday that it had accepted Mr. Madoff’s offer to be “barred from association with any broker, dealer or investment adviser.”

    Remarkably, Mr. Madoff agreed to this sanction without admitting or denying wrongdoing, according to the S.E.C.’s administrative order.

    The latest agreement follows a partial settlement that the S.E.C. reached with Mr. Madoff on Feb. 9, in which he agreed not to contest the agency’s civil fraud charges against him. Mr. Madoff also made that settlement without admitting or denying the allegations of the agency’s complaint.

    Tuesday’s order did not resolve what civil fines or restitution Mr. Madoff will have to pay to reach a complete settlement with the S.E.C.

    In March, Mr. Madoff, 71, pleaded guilty to 11 counts of fraud, money laundering, perjury and theft in connection with his estimated $65 billion Ponzi schme. The charges carry maximum prison terms totaling 150 years, and dozens of Mr. Madoff’s victims have urged Judge Denny Chin of the Federal District Court in Manhattan to give him the maximum sentence.

    Jun 17 1:07 PM | Link | 5 Comments

    Definition of Fascism: a political philosophy, movement, or regime that exalts nation above the individual and that stands for a centralized autocratic government headed by a dictatorial like leader, severe economic and social regimentation, and forcible suppression of opposition.

    Does the term centralized autocratic government sound about right? The government is coming to our rescue. They can run our banks, our car companies, and our healthcare better than we can. They are already controlled by the Military Industrial Complex, so forcible suppression of opposion will be a piece of cake. They will use the mainstream media to manipulate the facts and blur the truth. We should all hail Benito Obama.


    GM, Amtrak and an Increasingly Fascist America

    Rep. Ron Paul
    Texas Straight Talk
    Jun 8, 2009

    Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable. The government will dump another $30 billion into GM and take a 60 percent controlling interest for it. Public officials are now involving themselves in tactical business decisions such as where GM's headquarters should move and what kind of cars it will build.

    The promise that this is temporary and will eventually be profitable is supposed to ease the American people into accepting this arrangement, but it is of little comfort to those who remember similar promises when the American taxpayers bought Amtrak. After three years, government was supposed to be out of the passenger rail business. 40 years and billions of dollars later, the government is still operating Amtrak at a loss, despite the fact that they have created a monopoly by making it illegal to compete with Amtrak. Imagine what they can now do to what is left of the great American auto industry!

    In a truly free market, GM would get your money one way and one way only - by selling you a car you want, at a price you are willing to pay. Instead, the government is giving public money to a private company in spite of the market signals it has been sending. Throwing money at GM does not stop it from being an engine of wealth destruction; on the contrary, it simply gives it more wealth to destroy.

    Had it been allowed to fail naturally, the profitable pieces of GM would have been bought up and put to good use by now. The laid off employees would likely have found new jobs and all that capital would be in private hands, reinvested in companies that produce products demanded by consumers. Instead, we are all poorer now.

    Political pressure, rather than the rule of law, is deciding how to divide up the remains of GM. The bondholders had billions in retirement savings invested in the company, and though they were entitled to nearly three times as much as the United Auto Workers, the bondholders were left with just a 10 percent stake compared to the union's 17.5 percent stake. For their 60 percent stake, taxpayers have a future of constant bailouts to look forward to.

    Comingling public control of private business is known as fascism. While today's politicians may feel emboldened with all their new power, history will only repeat itself as all this collapses on itself. It is the height of hubris for bureaucrats and politicians to attempt to control the market and the freewill of the American people. In the end, the market always wins out. Maybe one day future generations will wise up and allow free markets to function and thrive without the albatross of government around its neck. For now, it looks like those in charge have not learned the lessons of the past, and have doomed us to repeat those mistakes once again.

    Jun 8, 2009
    Rep. Ron Paul

    Jun 17 1:04 PM | Link | 1 Comment

    Mike Shedlock had another great post today on his site. It is hard to believe but our favorite Nobel Prize winner wants to keep the peddle to the floor even after we have sailed off the cliff headed for a fiery death on the rocky cliffs below. He is worried that we won't waste enough money on useless projects. Please read his solution to the slow economy on August 2, 2002. The man is a god. He suggested that we create a housing bubble. From his lips to Alan Greenspan's ear. I sure hope his current advice works out as well as his previous advice. Maybe he can nail down that elusive 2nd Nobel Prize.


    Krugman and McCulley, Déjà Vu All Over Again


    Paul Krugman says Stay the Course.

    The debate over economic policy has taken a predictable yet ominous turn: the crisis seems to be easing, and a chorus of critics is already demanding that the Federal Reserve and the Obama administration abandon their rescue efforts. For those who know their history, it’s déjà vu all over again - literally.

    In previous liquidity-trap episodes, policy makers gave in to these pressures far too soon, plunging the economy back into crisis. And if the critics have their way, we’ll do the same thing this time.

    A few months ago the U.S. economy was in danger of falling into depression. Aggressive monetary policy and deficit spending have, for the time being, averted that danger. And suddenly critics are demanding that we call the whole thing off, and revert to business as usual.

    Those demands should be ignored. It’s much too soon to give up on policies that have, at most, pulled us a few inches back from the edge of the abyss. Flashback August 2, 2002

    With thanks to "CS" for sending me the link, inquiring minds are investigating what Krugman was thinking on August 2, 2002.

    Please consider Dubya's Double Dip?
    A few months ago the vast majority of business economists mocked concerns about a "double dip," a second leg to the downturn. But there were a few dogged iconoclasts out there, most notably Stephen Roach at Morgan Stanley. As I've repeatedly said in this column, the arguments of the double-dippers made a lot of sense. And their story now looks more plausible than ever.

    The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

    Despite the bad news, most commentators, like Mr. Greenspan, remain optimistic. Should you be reassured?
    Krugman, McCulley Never Learn

    As we all know now, the double dip recession never came. However, a housing bubble came in spades. And now the same Keynesian clowns who were calling for a housing bubble to bail out the Nasdaq stock crash are now calling for another even bigger stimulus package to bail out the housing bubble that crashed.

    Krugman says "It’s much too soon to give up on policies that have, at most, pulled us a few inches back from the edge of the abyss."

    The irony is the policies Krugman espouses are exactly what threw us over the edge of the abyss in the first place.

    Yes Paul, it is indeed déjà vu all over again - literally. And the sad thing is neither you nor McCulley have learned a damn thing from it either.

    Jun 17 1:03 PM | Link | 2 Comments
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