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Leftfield

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  • The Bizarre 70s Require Reverse Economic Engineering [View article]
    Actually Mr. Perry's proposal that legislatures meet only on alternate years is one of the best and most underrated proposals out there.

    Connecticut once built it's way to prosperity by having only a small government overhead until the 1970's and no income tax. This was shattered when the legislature began to meet every year and the budget quickly tripled and beyond during the 1980's.

    If politicians were forced to maintain a serious portion of their careers outside of government in the economy and among the people their laws affect, many might receive a much-needed reality check on the reality of the too-often unintended effects and burdens their nonstop legislating creates.
    Apr 6, 2015. 09:50 AM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Stock Futures Drop On Weak Jobs Numbers [View article]
    "Here is what is wrong with our economy - "

    To which we can add growing character deficiencies as generation after generation after generation in vast and growing numbers of families has never had a plan outside of receiving government checks for kids born out of wedlock, too often starting in high school.

    College graduates are not only graduating with useless degrees and high debt loads but with educations that hardly fit the term as the incredibly high cost of public education brings forth alarming and growing numbers of functional illiterates even among the declining percentages of "graduates," and those who go on to college often never catch up since the bottom line of government loan money padding careers at dysfunctional and/or overpriced colleges is the bottom line anyway.

    The US economy is becoming too much a feeding frenzy for anyone who can work a scam which apparently will continue until printed dollars and unserviceable debt to finance the fraud finally succumbs to a major loss of con-fidence.
    Apr 6, 2015. 09:27 AM | 7 Likes Like |Link to Comment
  • The Bizarre 70s Require Reverse Economic Engineering [View article]
    The best way to actually finance the repair and upgrade of US infrastructure which somehow manages to escape the attention of our government while it grows larger and more excessive with each passing year even during 2008-9 when "shovel-ready" projects were loudly announced in response to the first $1trillion+ deficit, is to abolish the US Departments of Education and Energy.

    Anyone who is familiar with their operations is aware of the profound dysfunction and waste they produce to create "important careers" for countless bureaucrats, academics with useless degrees and lawyers while US education descends further into incredibly expensive mediocrity and recent improvements in the energy bills of Americans occur DESPITE decades and tens of $billions of annual spending by the Department of Energy created to foster "energy independence" in the 1970's.
    Apr 6, 2015. 07:53 AM | Likes Like |Link to Comment
  • The Bizarre 70s Require Reverse Economic Engineering [View article]
    Not sure how large the deficits of government have to be to satisfy advocates of ever-more government (a $trillion used to seem like a large sum) but surely better uses could be found for the sheer levels of waste, fraud and abuse that are inflicted on private enterprise using our tax dollars, most notably, by letting private sector earners keep more of our own money.

    Misdirection and malinvestment are as rampant as they are BECAUSE of bloated government and it's distorted incentives in so much of the "private" sector and this metastasizing nonproductive waste has been the major factor in submerging the economies of the West which are now faced with peak debt attempting to finance it.

    Only products and services produced at a profit to willing buyers free to choose can bring rationality, solvency and competitiveness back to Western economies which are suffering from fatal levels value-reduction activities across far too broad a spectrum thanks to such excesses of economic "activity" that is politically motivated that the levels of corruption and associated symbiotic Wall Street and multinational corporate financialism no longer allow for recognizable recovery.
    Apr 5, 2015. 10:06 PM | 1 Like Like |Link to Comment
  • $100 Million Wasted By Overstock [View article]
    It's a shame to see yet another instance of rogue corporate governance serving itself at the clear expense of cultivating and growing the actual business. OSTK has shown signs of promise off-and-on for a long time but these latest antics by it's management shows that too-little has changed for the betterment of the company.

    Consider this wanton extravagance a ringing of the bell near the top for this company and a small sign that may tend to signify that the grandiosity of major American corporate management may be reaching it's rendezvous with limits on it's insatiable lust to be pampered.
    Apr 5, 2015. 12:35 PM | 2 Likes Like |Link to Comment
  • Wall Street Breakfast: Eurozone Manufacturing Data Adds To Recovery Hopes [View article]
    "What justification do you have for the measly pay that Steve Jobs got for taking Apple from near bankruptcy to nearly a $1T valuation?"

    Steve Jobs was one of the few CEO's who resembled an entrepreneur worth almost any compensation rather than a glorified, glad-handing manager posing as an above-average entrepreneur, which the payscale of CEO's now reflects many times over. This, whether company stock gains, now usually via buybacks and increased company debt, or declines, which seems always "beyond their control" and which is generally mitigated via mass employee layoffs and terminations below. These have been on a one-way ratchet for decades, fueling an incestuous executive compensation binge that is as corrupt and excessive as the massive increase in government spending and overreach has been during the same time.

    Steve Jobs did receive stock options which were worth plenty thanks to his stellar and historically significant contributions to company success rather than to to usual massive corporate stock buybacks.
    Apr 1, 2015. 12:26 PM | 3 Likes Like |Link to Comment
  • Central Banking Refuted In One Blog- Thanks Ben! [View article]
    We can thank David Stockman for another fine treatise that rather thoroughly demolishes the obscene financial fraud perpetrated by the monetary politburo with their legions of state planners, rent seekers and educated fools and whores who profit at the expense of the once-vaunted relatively free-market capitalist system that had elevated the US to competitive primacy in the world.

    When the dust settles on this latest and historically the largest and most comprehensive exercise in ponzi economics and price fixing ever, the usual suspects will be loudly demanding bailouts and even more special dispensations as their due. This time there may be no Santa Claus or tooth fairy rich or foolish enough to repair the economic carnage they have wrought and falsely save them from true price discovery yet again.
    Apr 1, 2015. 10:05 AM | 9 Likes Like |Link to Comment
  • Complacency Reigns Supreme - Nothing Can Possibly Go Wrong, Right? [View article]
    "Japan is, however, going on its 3rd decade. Whatever (highly improbable event) it is, it is doubtful it will be financial."

    Japan ran perpetual huge trade surpluses until recently. Plus, most of it's 30 years of extend and pretend on the public credit card designed to save TBTF institutions occurred during a time when the world economy was expanding rather nicely.

    Nothing has been accomplished, resolved or solved by this vast and fraudulent mispricing of leveraged risk on the backs of the taxpayers except for the enrichment of gamblers, financial asset holders and the buildup of an impossibly large and still-expanding public debt. How does that make it a safe or even a desirable policy for the US to follow?
    Apr 1, 2015. 08:48 AM | Likes Like |Link to Comment
  • Steve Keen: The Deliberate Blindness Of Our Central Planners (Podcast) [View article]
    Thanks for an enlightening and entertaining interview with such a very interesting and knowledgeable guest, Steve Keen.

    Which leaves the listener who suspects lunatics are running the asylum only further convinced with the solid evidence presented that real-world feedback is so systemically excluded from the models and operative theories of the academics and lawyers who are running the most influential bureaucracies and agencies that there is even more reason to believe that next black swan-dive of the financial system may well lie a fairly short time ahead.
    Mar 31, 2015. 09:43 AM | Likes Like |Link to Comment
  • Thank You, Fed- Warren And Jorge Are Thrilled By Another Play Day In The Casino [View article]
    The broken record is the MSM cheerleading for the disgusting spectacle of ZIRP-financed crony capitalism that has expanded on a bubble ZIRP financing for insiders which will leave taxpayers ultimately holding the bag once again. This time the result will not be "fixable" by smoke and mirrors as every avenue is being monetized and leveraged by insiders. Enjoy your paper gains while you can.
    Mar 27, 2015. 09:58 AM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Crude Surges On Yemen Tensions [View article]
    "Maybe all the layers of unions could be a factor of their sloth like accomplishments."

    And lawyers. The now-amazing amount of practical sharing of resources and common-sense problem solving that was utilized by now-hidebound and bloated bureaucracies that once won WWII and reflected an easily-recognized "can-do" attitude that was long considered a hallmark of Americans has been replaced by the rampant lawsuit-driven and entitlement-seeking behavior by too many that has now mired the US economy in a torpor and mud of seemingly unending stagnation and rising debt.

    Added layers of procedures, steps, requirements, costs and overhead placed on productive domestic private enterprise remain unceasing and it should be obvious to anyone that no amount of moneyprinting, new entitlements, government programs or added rules will bring about a revival of Main Street America.
    Mar 26, 2015. 09:26 AM | 8 Likes Like |Link to Comment
  • Schulman, Wenig to receive $14M in annual pay [View news story]
    Pay inflation at American corporate headquarters on parade.
    Mar 24, 2015. 07:08 AM | 4 Likes Like |Link to Comment
  • Wall Street Breakfast: White House To Unveil Fracking Rules [View article]
    "There's still no word of anybody being fired, but an earlier report suggested that it would be part of the deal."

    The custodians and secretaries should start preparing their resumes and cleaning out their desks and lockers. It's sure nobody high enough in the C-suite to be actually responsible for making decisions will be threatened with any sanctions whatsoever.
    Mar 20, 2015. 09:17 AM | 6 Likes Like |Link to Comment
  • Wall Street Breakfast: White House To Unveil Fracking Rules [View article]
    "Might cure the plunge in crude price and trigger a hike in price of Oil, but government restriction is just another way to gain control on our day to day life, this White House cabinet is soooo hungry for power and control."

    Sooop true, this is yet another unconstitutional grab for power and control by the bureaucrats, kleptocrats and plutocrats who have brought us the world of negative interest rates to subsidize their self-serving world of uneconomic public/private "partnerships" well past the reality of peak debt, endless growing authoritarianism "for our own good," financialism now featuring negative interest rates for elites replete with "bail-ins" by depositors coming to a bank near you when the next leveraged Wall Street implosion arrives.

    And beware accepting their narrative that a "cure" is necessary for lower oil prices. In a world of honest money and markets, lower prices are the natural result of competition among genuine producers. What is needed is the cure of individual and states rights contained in the Constitution for starters and decentralization generally so that countless empty suits who add endless and always mounting costs and complications to our economy and lives via the plunder enabled by centralization, empire building and special favors rather than by providing services and products on an open market for a profit provided by customers free to choose, will be forced to find real work.
    Mar 20, 2015. 07:25 AM | 21 Likes Like |Link to Comment
  • Wall Street Breakfast: Markets Await Fed Policy Decision [View article]
    Laugh Of The Day: "Where banks fail to live up to their commitments, we will hold them accountable," said the DOJ's Leslie Caldwell. "The criminal division will not hesitate to tear up a DPA or NPA and file criminal charges."

    The bill passed to keep Washington bloat funded through the end of 2014 included a MANDATORY bailout provision by the taxpayers for bank losses on derivatives. There is no improvement in the system that privatizes profits and socializes risks for TBTF Wall Street and corporate interests while ensuring that no major figure in any of their debacles faces criminal charges or even personal financial losses for bad or even criminal business practices.
    Mar 18, 2015. 07:06 AM | 8 Likes Like |Link to Comment
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