Lex Luz's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/183087/comments http://seekingalpha.com/article/119352-tim-geithner-vs-the-american-banking-elite?source=feed#comment-381069 381069
Others have said it and it is true: all that matters now is cleaning up the mess.

Cleaning up the mess means FORCING transparency, accuracy, and trust. That means that things will absolutely get worse before they get better, because many banks that are "too big to fail" will have to fail. The pain that comes from this will be agonizing.

As we all know, it isn't going to happen. The reason is that the people who would most feel the pain of the real and sustainable solution coming to pass are the people who are in power in government, banking, and industry. I don't care if you are a Democrat or a Republican; if you are in Congress or in other Elected or senior-most appointed office, you are part of a criminal enterprise that depends entirely on continuing to transfer wealth from future generations to a tiny number of elite individuals and institutions.

The solution BEGINS with the American people rising up to destroy the criminal enterprise. We can do that through the ballot box, though it certainly has become difficult. Eventually, the current system will fail, and the result of that will be violence. Throughout history economic collapses of this magnitude have always ended in war, and this one will too... UNLESS we reclaim the power of representative government and throw the criminals out of office.

First, though, we have to WAKE UP.]]> Mon, 09 Feb 2009 11:31:36 -0500
Others have said it and it is true: all that matters now is cleaning up the mess.

Cleaning up the mess means FORCING transparency, accuracy, and trust. That means that things will absolutely get worse before they get better, because many banks that are "too big to fail" will have to fail. The pain that comes from this will be agonizing.

As we all know, it isn't going to happen. The reason is that the people who would most feel the pain of the real and sustainable solution coming to pass are the people who are in power in government, banking, and industry. I don't care if you are a Democrat or a Republican; if you are in Congress or in other Elected or senior-most appointed office, you are part of a criminal enterprise that depends entirely on continuing to transfer wealth from future generations to a tiny number of elite individuals and institutions.

The solution BEGINS with the American people rising up to destroy the criminal enterprise. We can do that through the ballot box, though it certainly has become difficult. Eventually, the current system will fail, and the result of that will be violence. Throughout history economic collapses of this magnitude have always ended in war, and this one will too... UNLESS we reclaim the power of representative government and throw the criminals out of office.

First, though, we have to WAKE UP.]]> http://seekingalpha.com/article/119352-tim-geithner-vs-the-american-banking-elite?source=feed#comment-380877 380877
It's a ridiculous argument and one that forwards nothing, anyway. It matters not one bit who is responsible for what. What matters now is that our banking system has shown itself to be managed by at best a cadre of hopelessly irresponsible greedheads, and more likely simply by thieves.

The same goes for our government - every institution that was once chartered to protect the public interest now exclusively serves the corporate interest. The political right has triumphed this by claiming it's in the service of "free markets," but people are beginning to understand clearly that truly free markets depend entirely on transparency and accuracy in reporting between all actors in a transaction or in the system. As long as the FDA protects the interest of Monsanto, ADM, Pfizer, Merck, and others, while subverting the interests of consumers if its corporate masters so direct it, we will not have free markets at all. As long as villains like Geithner sit in the big office at Treasury, we will not have a banking system founded on transparency, accuracy, and trust.

Remember this: the last thing tyrants do before abandoning their country to the waste-bin of history is loot the treasury.

The only thing that will stop this madness is revolution. It will come, sooner or later. Unfortunately, it's probably going to come in the form of a fascist dictatorship, because that seems to be exactly what joe buckethead wants most.]]> Mon, 09 Feb 2009 09:53:39 -0500
It's a ridiculous argument and one that forwards nothing, anyway. It matters not one bit who is responsible for what. What matters now is that our banking system has shown itself to be managed by at best a cadre of hopelessly irresponsible greedheads, and more likely simply by thieves.

The same goes for our government - every institution that was once chartered to protect the public interest now exclusively serves the corporate interest. The political right has triumphed this by claiming it's in the service of "free markets," but people are beginning to understand clearly that truly free markets depend entirely on transparency and accuracy in reporting between all actors in a transaction or in the system. As long as the FDA protects the interest of Monsanto, ADM, Pfizer, Merck, and others, while subverting the interests of consumers if its corporate masters so direct it, we will not have free markets at all. As long as villains like Geithner sit in the big office at Treasury, we will not have a banking system founded on transparency, accuracy, and trust.

Remember this: the last thing tyrants do before abandoning their country to the waste-bin of history is loot the treasury.

The only thing that will stop this madness is revolution. It will come, sooner or later. Unfortunately, it's probably going to come in the form of a fascist dictatorship, because that seems to be exactly what joe buckethead wants most.]]> http://seekingalpha.com/article/115974-john-thain-r-i-p?source=feed#comment-363332 363332
All of these people should be publicly tortured and killed. We need a serious, national catharsis, and we need to rid ourselves of these scoundrels once and for all. Thain ought to be first in line to be tarred and feathered, and then drawn and quartered. And it all ought to happen on the National Mall and on national television. After we're done with Thain, we ought to go get every single C-level officer at every bank and other institution that's taken TARP funds, and treat 'em to the same. When they're all piled up like cordwood, we can start the national renewal at long last.]]> Thu, 22 Jan 2009 15:19:18 -0500
All of these people should be publicly tortured and killed. We need a serious, national catharsis, and we need to rid ourselves of these scoundrels once and for all. Thain ought to be first in line to be tarred and feathered, and then drawn and quartered. And it all ought to happen on the National Mall and on national television. After we're done with Thain, we ought to go get every single C-level officer at every bank and other institution that's taken TARP funds, and treat 'em to the same. When they're all piled up like cordwood, we can start the national renewal at long last.]]> http://seekingalpha.com/article/111381-if-mary-schapiro-s-the-answer?source=feed#comment-333116 333116

On Dec 18 10:57 AM Lex Luz wrote:

> I think as long as you understand that the SEC's charter is to protect
> securities dealers from the prying eyes of individual investors,
> then the sensibility of this appointment is clear. In fact, the charter
> of all government institutions now is to protect the state and its
> closest stakeholders from the people. History is rhyming indeed.
>
>
> Right-wing nutjobs terrified of the wickedness threatened by the
> Obamanation can rest easy. Obama is a fascist's dream: he makes people
> feel just GREAT about being enslaved to the state and its corporate
> masters.
>
> Change? Riiiiiiight.]]> Thu, 18 Dec 2008 11:27:30 -0500

On Dec 18 10:57 AM Lex Luz wrote:

> I think as long as you understand that the SEC's charter is to protect
> securities dealers from the prying eyes of individual investors,
> then the sensibility of this appointment is clear. In fact, the charter
> of all government institutions now is to protect the state and its
> closest stakeholders from the people. History is rhyming indeed.
>
>
> Right-wing nutjobs terrified of the wickedness threatened by the
> Obamanation can rest easy. Obama is a fascist's dream: he makes people
> feel just GREAT about being enslaved to the state and its corporate
> masters.
>
> Change? Riiiiiiight.]]> http://seekingalpha.com/article/111381-if-mary-schapiro-s-the-answer?source=feed#comment-333072 333072
Right-wing nutjobs terrified of the wickedness threatened by the Obamanation can rest easy. Obama is a fascist's dream: he makes people feel just GREAT about being enslaved to the state and its corporate masters.

Change? Riiiiiiight.]]> Thu, 18 Dec 2008 10:57:41 -0500
Right-wing nutjobs terrified of the wickedness threatened by the Obamanation can rest easy. Obama is a fascist's dream: he makes people feel just GREAT about being enslaved to the state and its corporate masters.

Change? Riiiiiiight.]]> http://seekingalpha.com/article/107301-banks-are-yet-again-under-pressure?source=feed#comment-311687 311687
The fact is that all three of these companies have been failing for 35 years; their failure to anticipate and understand the first Honda Civic put the big three out of business as surely as did last year's gas-price bubble and the ongoing credit unwind.

Of course the union contracts are a burden that can no longer be borne. No question that the UAW and its leadership have had a hand in driving this industry into the turf. The final responsibility, though, belongs with executives and management whose hubris through four decades of mind-bending decline now extends to going begging to Congress for a massive handout. The fact that they can't even be bothered to figure out how they would use that money realistically to transform their businesses is a clear indication of their incompetence first, and their arrogance more importantly.

The unions are nothing more than a rat feasting on the hindquarters of this dead, rotting elephant.]]> Fri, 21 Nov 2008 10:26:06 -0500
The fact is that all three of these companies have been failing for 35 years; their failure to anticipate and understand the first Honda Civic put the big three out of business as surely as did last year's gas-price bubble and the ongoing credit unwind.

Of course the union contracts are a burden that can no longer be borne. No question that the UAW and its leadership have had a hand in driving this industry into the turf. The final responsibility, though, belongs with executives and management whose hubris through four decades of mind-bending decline now extends to going begging to Congress for a massive handout. The fact that they can't even be bothered to figure out how they would use that money realistically to transform their businesses is a clear indication of their incompetence first, and their arrogance more importantly.

The unions are nothing more than a rat feasting on the hindquarters of this dead, rotting elephant.]]> http://seekingalpha.com/article/105061-should-we-really-bail-out-the-big-three-automakers-with-73-20-per-hour-labor?source=feed#comment-301946 301946
Let's start working together, rather than driving ourselves closer to civil war. ]]> Mon, 10 Nov 2008 11:17:21 -0500
Let's start working together, rather than driving ourselves closer to civil war. ]]> http://seekingalpha.com/article/104145-kill-sarbanes-oxley-gingrich?source=feed#comment-298635 298635
Only through the full transparency of all actors can confidence in markets be restored. Only through simplicity will enough parties come to the table to make the framework workable.]]> Wed, 05 Nov 2008 10:25:16 -0500
Only through the full transparency of all actors can confidence in markets be restored. Only through simplicity will enough parties come to the table to make the framework workable.]]> http://seekingalpha.com/article/100793-will-the-u-s-make-money-on-the-bailout?source=feed#comment-287045 287045
Paulson and CashCarry will make billionaires of a few more of their friends and everyone else in the US will eat sh*t. This is the swindle to end all swindles.]]> Tue, 21 Oct 2008 10:53:03 -0400
Paulson and CashCarry will make billionaires of a few more of their friends and everyone else in the US will eat sh*t. This is the swindle to end all swindles.]]> http://seekingalpha.com/article/100302-financials-is-fiscal-prudence-too-much-to-ask-for?source=feed#comment-284018 284018
Today the core curriculum at the nation's business and law schools can fairly be summarized as "lie, cheat, and steal, and when you are caught, claim ignorance and feign indignance." Until we stop grinding ethics out of people, and start leading by example with ethical behavior and standards that reinforce it (and punish its violators), we are never going to recover lost trust.]]> Thu, 16 Oct 2008 17:05:11 -0400
Today the core curriculum at the nation's business and law schools can fairly be summarized as "lie, cheat, and steal, and when you are caught, claim ignorance and feign indignance." Until we stop grinding ethics out of people, and start leading by example with ethical behavior and standards that reinforce it (and punish its violators), we are never going to recover lost trust.]]> http://seekingalpha.com/article/100037-crude-prices-plunge-ultrashort-etf-positioned-for-profits?source=feed#comment-283025 283025
It seems imperative also to consider global instability and "wild-card" factors in making these decisions, too. What happens to the price of oil if Israel attacks Iran and Iran blocks the straits of Hormuz?

The article isn't investment advice, it's a gambling tip. You may have the best of it for the next hand or two and maybe the DUG is a good gamble if all current trends hold and if no wild-card scenarios arise. ]]> Wed, 15 Oct 2008 12:27:38 -0400
It seems imperative also to consider global instability and "wild-card" factors in making these decisions, too. What happens to the price of oil if Israel attacks Iran and Iran blocks the straits of Hormuz?

The article isn't investment advice, it's a gambling tip. You may have the best of it for the next hand or two and maybe the DUG is a good gamble if all current trends hold and if no wild-card scenarios arise. ]]> http://seekingalpha.com/article/99845-state-capitalism-ideology-now-bonds-russia-u-s?source=feed#comment-282340 282340
The only reason to indulge in this kind of quibble is this: Norway is a Socialist state; Sweden is a Socialist state. They've traded some possible economic growth for a societal model in which people's needs (as defined in those countries) come first. Under the United States' model of fascism, we put corporate power first on the assumption that supporting economic growth will allow more people sufficient wealth to meet their needs and their comforts.

Say what you will about these tradeoffs, but to call the new politico-economic regime in the United States "Socialism" is a distortion. We live under a fascist regime and we will very soon see its other, uglier manifestations - for example, arresting and holding people without charge. Oh, wait...]]> Tue, 14 Oct 2008 16:14:31 -0400
The only reason to indulge in this kind of quibble is this: Norway is a Socialist state; Sweden is a Socialist state. They've traded some possible economic growth for a societal model in which people's needs (as defined in those countries) come first. Under the United States' model of fascism, we put corporate power first on the assumption that supporting economic growth will allow more people sufficient wealth to meet their needs and their comforts.

Say what you will about these tradeoffs, but to call the new politico-economic regime in the United States "Socialism" is a distortion. We live under a fascist regime and we will very soon see its other, uglier manifestations - for example, arresting and holding people without charge. Oh, wait...]]> http://seekingalpha.com/article/99753-first-thoughts-on-the-fed-plan?source=feed#comment-282101 282101
The only way to restore confidence in market participants is to force complete transparency. This would require such a comprehensive transformation of banking culture AND of government culture that it is all but guaranteed not to happen. Therefore, the pain will be long and deep, and in all likelihood we will reach a point where the very future of the nation is in grave doubt.

The crisis could be swiftly resolved with courage and honesty. Unfortunately, these traits are drilled out of students at the nation's top business and law schools as the first order of business.]]> Tue, 14 Oct 2008 11:29:47 -0400
The only way to restore confidence in market participants is to force complete transparency. This would require such a comprehensive transformation of banking culture AND of government culture that it is all but guaranteed not to happen. Therefore, the pain will be long and deep, and in all likelihood we will reach a point where the very future of the nation is in grave doubt.

The crisis could be swiftly resolved with courage and honesty. Unfortunately, these traits are drilled out of students at the nation's top business and law schools as the first order of business.]]> http://seekingalpha.com/article/98029-in-case-a-700b-addition-to-the-debt-isn-t-enough?source=feed#comment-270676 270676
QUOTED FOR TRUTH.

I will be voting against ALL incumbents this year and ask all people who believe in the promise of America to do the same. Whether you are a Republican or a Democrat or like me, Something Else Entirely, PLEASE, PLEASE, PLEASE vote to kick them ALL out this year.

No incumbents, no mercy - KICK THEM ALL OUT.]]> Wed, 01 Oct 2008 14:54:38 -0400
QUOTED FOR TRUTH.

I will be voting against ALL incumbents this year and ask all people who believe in the promise of America to do the same. Whether you are a Republican or a Democrat or like me, Something Else Entirely, PLEASE, PLEASE, PLEASE vote to kick them ALL out this year.

No incumbents, no mercy - KICK THEM ALL OUT.]]> http://seekingalpha.com/article/98007-four-myths-about-the-free-market-and-its-demise?source=feed#comment-270670 270670
I generally believe that the best solutions are those that will arise through the mechanisms of markets left alone to function as they will. That said, I'm keenly aware that the orderly functionining of free markets depends on both buyer and seller having access to the same information - i.e., transparency and accuracy in reporting.

It is incredibly easy to see that at least some of the foundation of today's challenges stem from a lack of transparency in credit markets in particular.

Regulations aren't the boogeyman here; lack of transparency is. Typically, the best (not the only, mind you, but the best) intentioned regulations work to promote and enforce transparency and fair reporting in markets so that buyers and sellers can more reasonably establish fair prices and so that trust, over time, is bulwarked.

There will never be a perfect balance of information between buyers and sellers, nor will their be a market perfectly free of government intrusion at some level, and I for one don't believe there should be. We should err on the side of less intrusion than more in my belief, and all of our efforts ought to be aimed at increasing transparency while limiting burdensome rules. That's the genesis of SANE regulation, which is what has been missing for some time now.]]> Wed, 01 Oct 2008 14:49:56 -0400
I generally believe that the best solutions are those that will arise through the mechanisms of markets left alone to function as they will. That said, I'm keenly aware that the orderly functionining of free markets depends on both buyer and seller having access to the same information - i.e., transparency and accuracy in reporting.

It is incredibly easy to see that at least some of the foundation of today's challenges stem from a lack of transparency in credit markets in particular.

Regulations aren't the boogeyman here; lack of transparency is. Typically, the best (not the only, mind you, but the best) intentioned regulations work to promote and enforce transparency and fair reporting in markets so that buyers and sellers can more reasonably establish fair prices and so that trust, over time, is bulwarked.

There will never be a perfect balance of information between buyers and sellers, nor will their be a market perfectly free of government intrusion at some level, and I for one don't believe there should be. We should err on the side of less intrusion than more in my belief, and all of our efforts ought to be aimed at increasing transparency while limiting burdensome rules. That's the genesis of SANE regulation, which is what has been missing for some time now.]]> http://seekingalpha.com/article/97358-what-s-wrong-with-the-trickle-down-bailout?source=feed#comment-264631 264631
The fact that the bailout is designed expressly to grossly overpay for the weakest of the toxic bonds cannot be stressed enough. Taxpayers have a hard time understanding that this program won't cost $700 Billion, it will cost well into the trillions, and it is positively guaranteed to enrich the very banks who have made this mess. There are no provisions in this bailout to increase transparency or to facilitate the creation of a marketplace for these assets that would force some meaningful price discovery.

The bailout as constructed is theft, pure and simple. You can bet that Dodd, Frank, and the rest of the Congresspiggies who vote for this trash will profit handsomely from it.]]> Thu, 25 Sep 2008 09:05:37 -0400
The fact that the bailout is designed expressly to grossly overpay for the weakest of the toxic bonds cannot be stressed enough. Taxpayers have a hard time understanding that this program won't cost $700 Billion, it will cost well into the trillions, and it is positively guaranteed to enrich the very banks who have made this mess. There are no provisions in this bailout to increase transparency or to facilitate the creation of a marketplace for these assets that would force some meaningful price discovery.

The bailout as constructed is theft, pure and simple. You can bet that Dodd, Frank, and the rest of the Congresspiggies who vote for this trash will profit handsomely from it.]]> http://seekingalpha.com/article/97350-sec-triggers-prison-construction-boom?source=feed#comment-264618 264618 Thu, 25 Sep 2008 08:58:03 -0400 http://seekingalpha.com/article/97341-bush-s-speech-surprisingly-coherent?source=feed#comment-264598 264598
The better solution here is for Treasury to make an "all-or-nothing" deal for the securities in question at somewhere between 9 and 12 cents on the dollar. Banks can choose to participate or not, but they do NOT get the option of simply passing the trash to the taxpayer.

Thinking that this plan will be designed in any way to "protect" taxpayers is utterly ridiculous. At best, this is extortion on the grandest scale in human history, and every government official involved in it thus far has proven him or herself either a liar or a dupe.]]> Thu, 25 Sep 2008 08:48:15 -0400
The better solution here is for Treasury to make an "all-or-nothing" deal for the securities in question at somewhere between 9 and 12 cents on the dollar. Banks can choose to participate or not, but they do NOT get the option of simply passing the trash to the taxpayer.

Thinking that this plan will be designed in any way to "protect" taxpayers is utterly ridiculous. At best, this is extortion on the grandest scale in human history, and every government official involved in it thus far has proven him or herself either a liar or a dupe.]]> http://seekingalpha.com/article/96991-bernanke-gives-up-on-reverse-auction-idea?source=feed#comment-262875 262875
It is readily apparent that the plan here is to transfer the very last bits of wealth into the pockets of bankers and drive the US into default. Paulson's pals on the street profit best from a facility that declares a "held to maturity" price and buys assets at those hugely inflated levels, so that is what will be done. The putative Dodd plan is nothing more than a red herring.]]> Tue, 23 Sep 2008 16:52:51 -0400
It is readily apparent that the plan here is to transfer the very last bits of wealth into the pockets of bankers and drive the US into default. Paulson's pals on the street profit best from a facility that declares a "held to maturity" price and buys assets at those hugely inflated levels, so that is what will be done. The putative Dodd plan is nothing more than a red herring.]]> http://seekingalpha.com/article/96642-in-defense-of-the-paulson-plan?source=feed#comment-261744 261744
When partisanship trumps reason, plenty of intelligent people make all manner of oddball claims and assertions. Enough people believe them and that's how we end up where we are today - ready to hand a blank check to a man who has proven himself to be either a terrible prognosticator or an outright liar. I have an opinion about which of those he is.]]> Mon, 22 Sep 2008 14:35:38 -0400
When partisanship trumps reason, plenty of intelligent people make all manner of oddball claims and assertions. Enough people believe them and that's how we end up where we are today - ready to hand a blank check to a man who has proven himself to be either a terrible prognosticator or an outright liar. I have an opinion about which of those he is.]]> http://seekingalpha.com/article/96583-treasury-s-plan-is-breathtakingly-awful?source=feed#comment-261368 261368
Prepare for the wholesale criminalization of all manner of political activity; the only way this kind of usurpation of power by the executive can persist is with aggressive clampdowns on dissidents. This too will be rushed through a compliant congress under the guise of some emergency ("domestic terrorism" seems a good bet).

Thomas Jefferson, I believe, wrote that from time to time the tree of liberty must be fertilized with the blood of tyrants. In November we have the opportunity to "spill their blood" peacefully by kicking out every single member of the House of Representatives, and 1/3 of the Senate. In my opinion, anyone who votes for an incumbent this year is absolutely as much of a treasonous monster as the 535 people who currently sit in office. And yes, that includes McCain and Obama. These people are actively working to destroy YOUR life and YOUR potential prosperity in order to line the pockets of their campaign contributors. That is the simple, unavoidable truth. Vote them out.]]> Mon, 22 Sep 2008 10:15:30 -0400
Prepare for the wholesale criminalization of all manner of political activity; the only way this kind of usurpation of power by the executive can persist is with aggressive clampdowns on dissidents. This too will be rushed through a compliant congress under the guise of some emergency ("domestic terrorism" seems a good bet).

Thomas Jefferson, I believe, wrote that from time to time the tree of liberty must be fertilized with the blood of tyrants. In November we have the opportunity to "spill their blood" peacefully by kicking out every single member of the House of Representatives, and 1/3 of the Senate. In my opinion, anyone who votes for an incumbent this year is absolutely as much of a treasonous monster as the 535 people who currently sit in office. And yes, that includes McCain and Obama. These people are actively working to destroy YOUR life and YOUR potential prosperity in order to line the pockets of their campaign contributors. That is the simple, unavoidable truth. Vote them out.]]> http://seekingalpha.com/article/95933-the-housing-slump-rolls-on?source=feed#comment-256969 256969 Wed, 17 Sep 2008 10:46:47 -0400 http://seekingalpha.com/article/95717-inflation-concerns-that-s-so-yesterday?source=feed#comment-255956 255956
Instead we are about to get a new series of rate cuts, the creation of additional lending facilities that will take the contents of bankers' wastepaper baskets in trade for treasuries, and one more inflationary bailout after the next. Prices may fall in the short run on the back of flagging demand, but ultimately with all this nonsensical expansion of money supply we will see the collapse of the dollar and that seems to me to be far, far worse than a period of deflation.]]> Tue, 16 Sep 2008 12:11:28 -0400
Instead we are about to get a new series of rate cuts, the creation of additional lending facilities that will take the contents of bankers' wastepaper baskets in trade for treasuries, and one more inflationary bailout after the next. Prices may fall in the short run on the back of flagging demand, but ultimately with all this nonsensical expansion of money supply we will see the collapse of the dollar and that seems to me to be far, far worse than a period of deflation.]]> http://seekingalpha.com/article/94874-time-to-bail-out-wamu?source=feed#comment-252683 252683 Fri, 12 Sep 2008 10:52:23 -0400 http://seekingalpha.com/article/95194-obama-or-mccain-whos-better-for-healthcare-investors?source=feed#comment-252639 252639
Alas, this article further deepens my belief that after so many decades of choosing between the lesser of two evils, finally this time around we have a REAL choice. Unfortunately, it's the choice between disaster and calamity.

Obama's plan strikes me as disastrous; an invitation to extraordinary waste and corruption and a continued rapid rise in prices for healthcare based on the introduction of a bloated bureaucracy and a "two-tier" medical insurance system that will gradually but inexorably suck more people into the morass of the publicly-funded system.

McCain's plan strikes me as utterly calamitous as it is tailor-made to relieve employers of the burden of providing a health insurance benefit. This will drive insurance premiums for individuals so far through the roof that a $5,000 tax credit will hardly start the motor toward recovery from the family's financial shock. The end result of this is that vastly more people will go without insurance and costs will rise farther, faster. Uninsured people get sicker faster and depend on emergency rooms - the highest-cost option available - for their primary care. They can't shoulder those bills, so guess who does? People carrying private insurance.

So, disaster on one hand, calamity on the other. Nice choice.

The REAL solution, in my view, is simply to eliminate health "insurance" (it isn't truly insurance anyway in the real sense of the term) altogether and let actual, honest free-market mechanisms drive innovation up and costs down, thereby expanding access and quality. Since that will never happen given where we are today, we need more compelling plans than either one of these two candidates is offering.]]> Fri, 12 Sep 2008 10:42:50 -0400
Alas, this article further deepens my belief that after so many decades of choosing between the lesser of two evils, finally this time around we have a REAL choice. Unfortunately, it's the choice between disaster and calamity.

Obama's plan strikes me as disastrous; an invitation to extraordinary waste and corruption and a continued rapid rise in prices for healthcare based on the introduction of a bloated bureaucracy and a "two-tier" medical insurance system that will gradually but inexorably suck more people into the morass of the publicly-funded system.

McCain's plan strikes me as utterly calamitous as it is tailor-made to relieve employers of the burden of providing a health insurance benefit. This will drive insurance premiums for individuals so far through the roof that a $5,000 tax credit will hardly start the motor toward recovery from the family's financial shock. The end result of this is that vastly more people will go without insurance and costs will rise farther, faster. Uninsured people get sicker faster and depend on emergency rooms - the highest-cost option available - for their primary care. They can't shoulder those bills, so guess who does? People carrying private insurance.

So, disaster on one hand, calamity on the other. Nice choice.

The REAL solution, in my view, is simply to eliminate health "insurance" (it isn't truly insurance anyway in the real sense of the term) altogether and let actual, honest free-market mechanisms drive innovation up and costs down, thereby expanding access and quality. Since that will never happen given where we are today, we need more compelling plans than either one of these two candidates is offering.]]> http://seekingalpha.com/article/94805-expect-the-real-rally-by-mid-2009?source=feed#comment-250950 250950
Employment could be extrapolated, perhaps, through income trends but goodness knows no one wants to examine THAT secular trend too carefully. If anything, the secular trend in income is down and headed lower. The consumer spending binge of the past 15 years has been financed entirely on debt and illusory asset inflation, cycling together.

Secondly the notion that retiring baby boomers will drive employment higher, and therefore spark the revival of the American Consumer, is suspect at best. To begin, boomers will likely find that they can't retire in the traditional sense and many will compete for low-wage jobs to supplement income. This will likely pressure wages lower, and in turn pressure consumer spending lower too.

We are entering a seismic structural shift. The entire economic establishment appears to be firmly attached to the cliff-edge of denial. Frankly, I think the American Consumer is comatose and will remain so for decades.]]> Wed, 10 Sep 2008 17:13:04 -0400
Employment could be extrapolated, perhaps, through income trends but goodness knows no one wants to examine THAT secular trend too carefully. If anything, the secular trend in income is down and headed lower. The consumer spending binge of the past 15 years has been financed entirely on debt and illusory asset inflation, cycling together.

Secondly the notion that retiring baby boomers will drive employment higher, and therefore spark the revival of the American Consumer, is suspect at best. To begin, boomers will likely find that they can't retire in the traditional sense and many will compete for low-wage jobs to supplement income. This will likely pressure wages lower, and in turn pressure consumer spending lower too.

We are entering a seismic structural shift. The entire economic establishment appears to be firmly attached to the cliff-edge of denial. Frankly, I think the American Consumer is comatose and will remain so for decades.]]> http://seekingalpha.com/article/92475-wall-street-breakfast-must-know-news?source=feed#comment-240178 240178 Wed, 27 Aug 2008 12:32:26 -0400 http://seekingalpha.com/article/92916-california-home-sales-43-year-over-year-increase?source=feed#comment-240165 240165
I certainly expect to see a little bump in prices while rates remain low, and that will induce a whole lot of bottom-calling. I also believe very strongly that after a mania as long as we had, the pain will last longer than real estate touts will ever be willing to believe.]]> Wed, 27 Aug 2008 12:23:08 -0400
I certainly expect to see a little bump in prices while rates remain low, and that will induce a whole lot of bottom-calling. I also believe very strongly that after a mania as long as we had, the pain will last longer than real estate touts will ever be willing to believe.]]> http://seekingalpha.com/article/92173-freddie-and-fannie-living-in-the-past?source=feed#comment-236384 236384
The only thing that's missing from America today is the courage to face ourselves and get to work solving the ONLY national security issue in front of us: debt and the necessity to take the pain of the great unwind. Unfortunately, because that courage is missing, we are all but unquestionably finished as a "superpower." This, by the way, is exactly how every other empire came crashing to the ground, and so in the final analysis it is really true what they say:

The only thing we learn from history is that we never learn anything from history.]]> Fri, 22 Aug 2008 09:54:52 -0400
The only thing that's missing from America today is the courage to face ourselves and get to work solving the ONLY national security issue in front of us: debt and the necessity to take the pain of the great unwind. Unfortunately, because that courage is missing, we are all but unquestionably finished as a "superpower." This, by the way, is exactly how every other empire came crashing to the ground, and so in the final analysis it is really true what they say:

The only thing we learn from history is that we never learn anything from history.]]> http://seekingalpha.com/article/91929-the-twin-i-beams-of-investment-success?source=feed#comment-235666 235666 Thu, 21 Aug 2008 11:43:28 -0400