Showing posts from October, 2008

Loser Country - USA

So it BEGINS - the losers of this country are being rewarded by unwilling, paying non-losers. Every poor, poor "homeowner" that signed a loan you couldn't afford and are now being bailed out by people like me, you are scum. And you definitely aren't American, you hopeless, useless leeches inhabiting this once great country.

I woke up this morning and found we are socialist. Nikita was right.

On the appeal of Hopey McChange

If you're going to vote for Hopey McChange as the lesser of two evils, I can accept that.

But if you're actually enthusiastic about either of these two politicians, you're part of the problem.

Here's the Wall Street Journal on desperate Americans flocking to Obama like Germans flocking to Hitler.

AIG Sponsorship

In soccer teams are sponsored by companies and on their jersey is the logo of that firm. Firms like VW, Thomas Cook, Samsung and Carlsberg all have their logos on 1 or more club uniforms.

The richest club in the world is Manchester United. They are sponsored by AIG and they have a $19 million contract per year to sponsor them.

It's funny to me that the company that should have gone under without a taxpayer bailout obviously still has to fulfill their contractual commitments (unlike the poor, poor American homeowner). So while 19 million is fractional compared to the total amount of money needed to bail them out, isn't it a little odd that we still see their logo on their uniform? Isn't it just a little infuriating?

I suggest that instead of AIG on the uniform, it should be this:

19 million is nothing in the scheme of things but I still find it absurd that even that much is going to the pockets of a foreign team....owned by an American.

Dems to Wall Street: no taxpayer money for bonuses!

This is encouraging. Henry Waxman sends a pointed letter demanding documents from banks relating to whether they are going to use the bailout money for bonuses:

And then Andrew Cuomo says:
"Specifically, corporate expenditures and payments, made in the absence of fair consideration of undercapitalized firms, may well violate NY Debtor and Creditor Law 274, which deems such payments illegal fraudulent conveyances [...] obviously, we will have grave concerns if your expected bonus pool has increased in any way as a result of your receipt or expected receipt of taxpayer funds from the Troubled Asset Relief Program."

So Republican Treasury Secretary Henry Paulson says, "Give me a blank check for almost a trillion dollars or it's the end of the world." Republicans in Congress hesitate, but are quickly bought off with pork. Republican Paulson then abandons the plan to buy the banks' toxic assets, and instead gives money directly to banks with almost no strings …


Never wrong, just early.

Bad day, mate -- Coogee Bay Gelato

Memo to self: don't EVER complain about the service in an Australian pub.
Stephen and Jessica Whyte and their three sons were served complimentary gelato dessert by Coogee Bay Hotel staff three weeks ago after complaining about food prices, facilities and staff attitude.

After eating the dessert Mrs Whyte became violently ill. A heated argument erupted with staff over the contents of the bowl. Distraught, the family took a sample of the gelato and had it tested at the National Measurement Institute. A report from the institute found: "The sample has an offensive odour and physical properties similar to human excreta."
Coincidentally, I used to live down the street from the Coogee Bay Hotel, and frequented it infrequently. I never tried the gelato, though.

HT: Wombat Dolphin.
Coogee Bay Gelato

Life imitates South Park

This clip, from four years ago, is a pretty good portrayal of this year's race.

Golfers are fun

This is almost as good as Golf Course Airhorn (click pic for vid).

Golfers make such good targets for stuff like this because they take their silly little game so seriously.HT: Todd Seavey.

Portrait of a seller finding motivation: 803 Ida Avenue

The sellers at 803 Ida Avenue in Solana Beach are gettin' real. After holding out for $1,199,000 for more than four months, they have been dropping the price by small amounts almost daily, and yesterday added a $54,000 drop bringing the price to $995,000. That's a 17% price drop in less than six months, or a 38% annualized decline.

It's a nice house in a pretty good neighborhood. But there are a lot of million dollar houses in coastal San Diego, and not that many buyers who can afford a million dollar house in a recession.

The problem with paying a million dollars for a house is that you'll never own it. You'll be renting it in perpetuity from the state. Even if you have $200,000 in cash lying around for a down payment, and even if you can make the $5500 monthly mortgage payment plus a little more for insurance, you still owe the state more than $1000 a month in property taxes. That's a rent check in itself to some people. And if you manage to pay off the …

Back to the future

I've been beta-testing a new app for Google that lets you see web sites in the future. It's pretty cool. Here's the W.C. Varones Blog two weeks from now, for example:

Greenspan's Body Count: Dallas Dwayne Carter, David and Sharron Hetzel, and Cliff Kendall

The toll rises:
Pinellas Park, Florida, resident Dallas Dwayne Carter was a 44-year-old disabled single dad who lost his job, fell into debt and was faced with eviction. "He always talked about needing help -- financially and help with the kids," neighbor Kevin Luster told the St. Petersburg Times. On July 19th, Carter apparently called the police to say he was armed and disturbed. When they arrived, Carter fired his pistol and rifle inside the apartment, before emerging and pointing his weapons at the officers on the scene. Police say they ordered him to drop them. When he didn't, they killed him in a 10-round fusillade.And from the same ripoff of Greenspan's Body Count:
Bay City, Michigan, residents David and Sharron Hetzel, both 56, "lost their home to foreclosure and filed for bankruptcy protection. But they did not follow through with the Chapter 13 proceedings." On August 1, say police reports, David Hetzel mailed a letter of apology to his fa…

Your bailout at work, Part 2

After receiving the first $250 billion of a taxpayer bailout, Wall Street banks still won' t lend your money back to you at anything near reasonable interest rates. But they have found another use for your money: huge bonuses to executives.
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.
Just thought you'd like to know.

Navigating the Depression

It was a good day for Depression management strategies at the Varones house. I:

* canceled HBO
* switched from Yahoo to GoDaddy for web hosting, saving more than $30 a month
* filled up for $3.179 a gallon at Arco, the cheapest I can recall this year
* found a shiny quarter while jogging

What are you doing differently so far? What are your next steps?

Your bailout at work

You'll recall that the reason we had to sell your children into debt to bail out Henry Paulson's Wall Street buddies was "to get the banks lending again," so that the money would trickle down to "Main Street."

How's that working? From a Jefferies research note this morning:
While government intervention may have caused a temporary bottom in the equity markets, signs of improving credit conditions continue to be limited to the inter-bank lending market (now guaranteed by the Government). Jumbo mortgage rates continue to trend higher and wider vs. the U.S. 10 year on a relative basis. This comes as Wells Fargo, a bank that recently received cash from the government, yesterday published a 9.5% rate for a 30 year fixed rate jumbo mortgage on its web site. This is a further sign that tight consumer credit will continue to put pressure on the economy making the prospects for a recovery in the short term more difficult.
Ever-increasing bailout expenditures …

Andrew Lahde's farewell letter

If you haven't read Andrew Lahde's farewell letter, read it here. He's right about a lot of things: the complete corruption of Congress, the hereditary caste system in the Ivy Leagues and the financial and governmental establishment, the incompetence and unworthiness of the beneficiaries of that caste system, and the need for a complete revamp of our governmental system.

Lahde is wrong about one thing, though, when he says, "I do not understand the legacy thing. Nearly everyone will be forgotten. Give up on leaving your mark." To the contrary, a single moment of brilliance can leave a permanent legacy. Exhibit one: Gerard Finneran. Andrew Lahde is still a young man. He has plenty of time to find his inner Finneran. And when he does, the W.C. Varones Blog will be here to salute him.

Silver lining

The silver lining to the greatest speculative excess in the history of the world (remember how you laughed when I called it that a couple years ago?) is that we've now got a lot of stuff laying around. Not all of it is useful (jet skis, $5,000 purses, etc.), but much of it is. In the Great Depression (hereafter referred to as GD I), there wasn't enough stuff to go around. In GD II, there is plenty of stuff to go around. Homeless? The government can put you up for nominal rent (or free) in one of millions of vacant tract homes it now owns. Need a car? When the government forecloses on GM, it can give the inventory to the needy. You know how Cuba still uses American cars from the 50's? Well, we've got plenty of 2008 Denalis that could last for decades.

Sure, we still need to come up with food, water, and a little energy. But that shouldn't be too big a challenge to come up with enough of them to sustain a minimalist lifestyle. Got beans?

The fall of the empire

Capitalism will be a scapegoat and a casualty of the collapse of the financial system. Unfairly so. The problem is not free-market capitalism, but the lack of it. Fannie and Freddie bribed Congress to prevent risk control while putting the entire public purse at risk for private gain.

The irony is that with limited government (no Fannie/Freddie/FHA/HUD), we wouldn't be in this mess. And now the solution to the problem created by big government will be more big government, less freedom, and less opportunity for the prudent little guy to become wealthy.

Birmingham International Airport annual report

You might recognize your luggage in this x-ray image from Birmingham International Airport's annual report.

Hat tip to notorious international man of mystery Keith.

CRE Survey: Retail and Office Space in Del Mar, California

If any place is immune from the consumer downturn, it ought to be Del Mar, California, one of the wealthiest cities in San Diego County, and a perennially popular tourist location. So I took a walk down the 6 short blocks that constitute its prime retail district.


This place apparently sold English phone booths, office furniture, cases of bottled water, and wires hanging out of walls.

Space available. I know someone that can fill some space.

I think this refers to the vacant parking lot where they have the weekly farmer's market.

Booth for rent. Is that only for stylists, or could I set up a lap dance booth?

This one didn't have a For Lease sign. I guess they like it vacant.

You've got a few slots open, I see.

When life gives you lemons, make lemonade!

A realtor trying to get out of a lease?

Three suites. Sweet!

The building at 221 15th Street got an emergency waiver to allow office use even though it was zoned for retail, because they couldn't find any retail tenants…

A Tribute to Varones' Heroine

Here's a fun site to play around with:

Varones voters' guide to the California propositions

... well, not just the California propositions. Let's do the national stuff too.

President: Bob Barr (Libertarian). Barr is not an ideal candidate nor an ideal Libertarian. But the two major parties are responsible for the financial crisis we are in, and both candidates have Senate records supporting the policies that caused this crisis. Neither has any clue how to get out of this crisis. The empty suit is marginally worse than the grumpy old man, but a Libertarian vote is a protest vote that says you're not going to be a sheep anymore.

Senate: Libertarian if you're not in a competitive state, Republican if it is competitive. If the Democrats get a filibuster-proof 60 seats, we'll have one-party, Stalinist rule, and the first things on tap are massive Medicare expansion, taking away your 401(k), and getting rid of secret ballots in union organizing.

Congress: vote the incumbents out... unless they opposed the Wall Street bailout. List of Yeas and Nays here. My guy…

San Francisco comes to San Diego

Cross-dressing perverts use "domestic violence awareness" to get their jollies in public.

That is such a flimsy excuse. What does cross-dressing have to do with domestic violence? Come out of the closet already.

We get the leaders we deserve

Meet your electorate: (audio file).

HT: C-Lo.

Who says gold doesn't yield?

One of the principal complaints of the gold haters is that gold doesn't yield anything.

Well, take a look at the GDX gold miners index ETF. It's at 22, an all-time low, and the gold mining stocks are immensely profitable right now. What's more, the index yields over 3% in dividends.

If you haven't joined the gold crowd yet, the GDX is an epic opportunity. I added more today.

Body Count Nation: Pamela Ross and Roland Gore

This is Greenspan Country. People across America are offing themselves and others due to the fallout from Greenspan's bubble.
Pamela Ross, 57, and her husband were fighting foreclosure on their home when sheriff's deputies in Sevierville [Tennessee] came to serve an eviction notice. They were across the street when they heard a gunshot and found Ross dead from a wound to the chest. The case was even more tragic because the couple had recently been granted an extra 10 days to appeal. [...]

In Ocala, Fla., Roland Gore shot his wife and dog in March and then set fire to the couple's home, which had been in foreclosure, before killing himself. His case was one of several in which people killed spouses or pets, destroyed property or attacked police before taking their own lives.
Greenspan's Body Count now stands at fifty-five (sad as the Gore dog killing is, canines do not qualify for the GBC):

Pamela Ross
Roland Gore
Mrs. Gore
Wanda Dunn
Karthik Rajaram
Subasri Rajaram
Krishna Raj…

Things they should have told me before I went to Haiti

"VIAGRA does not protect against sexually transmitted diseases, including HIV."
- disclaimer in ads for Viagra.

Principles of finance

A bank is a manufacturer of bullshit.

Every century or so, people wake up and smell it.

Gratuitous, traffic-drawing Satyajit Das headline

I've written just one post relating to the brilliant Satyajit Das (and it wasn't much of a post, just a direct quotation), but oddly I still rank high on Google search for Satyajit Das. And I still get a lot of traffic from Satyajit Das searches.

So if your search for Satyajit Das brings you here, I'm sorry, I don't have much to add. Just buy his books and read his blog. They would have saved you, or made you, a ton of money over the past few years if you traded on the obvious implications flowing from them.

Side note: I have a friend named Satyajit Das. Total freaky coincidence, or is that like "John Smith" in India?

Debate-watching thoughts

I'd rather they run McCain's EKG on that ticker...

Old Del Mar

Bing Crosby's tune "Where the turf meets the surf" (now a Chamber of Commerce jingle), updated for current conditions:

Where the flies fill the skies
Down in old Del Mar
Take a plane
Take a train
Take a kayak

There is botox in every face
And lots of vacant retail space
Where the flies fill the skies
At Del Mar

Stop paying your mortgage immediately!

Back in May, I recommended that you stop paying your mortgage immediately.

That advice worked out pretty well, huh? You've already saved ten or twenty thousand dollars, and have you noticed that the bank is still not bothering you? Keep living rent-free. When the bank (or government) finally does get around to calling you, they'll be very nice and accommodative, and they'll negotiate a very nice principal reduction for you.

In Friday's Union-Tribune, economist Peter Schiff gives the same advice:
If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Furthermore, if you believe that with some planning and sacrifice you may be able to meet your mortgage obligations, the government'…

An ACORN in Every pot?

How about this? from here
..."the Freddie and Fannie Mae bailout bill which was done this August which I also voted against because that nationalized the mortgage industry, that bill, Barney Frank voted language in that bill this summer which hard wires $420 of a $100,000 mortgage to Acorn, La Raza and other organizations...""CONGRESSMAN CULBERSON: And it is forever. It bypasses -- I'm on the appropriations committee. It bypasses appropriations, bypasses the congress, it's in your closing documents. From this day forward we will all be paying 4.2% basis fee of $420 for every $100,000 mortgage in your closing papers. You'll have a new little line in there, a new fee that we're going to all pay to go straight to these affordable housing funds which the states then hard wire to La Raza, Acorn, groups like that."

Our "Exit Strategy"?

I stumbled on this "breezy" take on history, but I couldn't verify the supposed source. It's interesting, but I'm not sure about some of the details, like how the "average age of the world's greatest civilizations" was calculated:
About the time our original 13 states adopted their new constitution, in
1787, Alexander Tyler, a Scottish history professor at the University of
Edinburgh, had this to say about the fall of the Athenian Republic
Some 2000 years PRIOR “A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.”


Vote No on Del Mar's Proposition G - "The Garden"

It's not a garden. It's a strip mall. If you think we really need more strip malls anywhere in Southern California, you see the world much differently than I do.
And it's not as if Del Mar is short on retail space.

The Real McCain

A good question. Vote all of the bums out. Every incumbent (though I'll ask for special dispensation to vote for my Congressman, Brian Bilbray, because he voted against the Wall Street bailout).

Greenspan's Body Count: Wanda Dunn, The Little Old Lady from Pasadena

T-Dub sends this story:
Firefighters responded to a call in the 1000 block of North Wilson Avenue about 5 a.m. Monday, said Lt. John Dewar of the Pasadena Police Department. They found Wanda Dunn, 53, in a back bedroom, he said.

She had one gunshot wound, Dewar said. A gun was found nearby.

Dunn was transported to Huntington Memorial Hospital, where she was pronounced dead.

"We received reports that her home was in foreclosure and she was going to be evicted Monday, and that may have been the reason for the arson and the death," Dewar said. "It's very tragic."

...Neighbor Scott Harden, 36, said he had heard from others that Dunn was going to kill herself because she was going to lose her house. He said he also knew that she was apparently going to be evicted on Monday, "so I was on red alert."
Alan Greenspan, you're a sick bastard. Your Body Count now stands at fifty-two:

Wanda Dunn
Karthik Rajaram
Subasri Rajaram
Krishna Rajaram
Ganesha Rajaram
Arjuna Rajara…

How About a Rent Ban Comrade?

So the foreclosure ban craze is going national. Comrade Dodd is proposing a ban on foreclosures for 90 days.

So my question is why don't renters deserve the same sort of relief? I mean sure it does take a while to get kicked out of a rented house but seriously, if we are the ones who are going to pay for those homeowners to stay in their homes, then the least they can do is give us a break as well.

I wonder - has their ever been a society who has canonized the stupid, the crooked and the irresponsible at the cost of the productive? I suppose we might be playing out Animal Farm, to keep the Orwell theme going.

Those with equity in their homes and those who rent are just a little less equal then those who are underwater with their mortgages.

King Louis Speaks Orwellian

Mish referenced a terrifying quote from Puppet GW that I encourage folks to check out:

The US Government is to spend up to $250 billion buying direct stakes in banks and other financial institutions under a controversial emergency plan which President Bush insisted today was "not intended to take over the free market but to preserve it".

In a related story people are being jailed not to remove their freedom but preserve it. Scary times ahead people.

The road to here

Sell crazy someplace else; we're all stocked up here

I've previously mocked Fox Business as CNBC for morons, but they have a point here:

HT: T-Dub.

Careful with that axe, Eugene

The eggheads Paulson and Kashkari are about to announce direct taxpayer investments in Wall Street banks via preferred shares. As always, the devil is in the details:
The government will purchase preferred stock, an equity investment designed to avoid hurting existing shareholders and deterring new ones. Such shares typically don't come with voting rights. They will carry a 5% annual dividend that rises to 9% after five years, according to a person familiar with the matter. By investing in several big firms at once, the government hopes to avoid placing a stigma on any one firm for getting government help.
Warren Buffett got 10% perpetual preferred, plus tremendously valuable warrants, for investing in the cream of the crop, GE and Goldman Sachs. The taxpayers are getting 5% and no warrants (UPDATE: maybe token warrants?) for investing in the stinkier banks. That's a direct transfer of wealth from current and future taxpayers to Wall Street fatcats.

I suggested last week that the…

Your California tax dollars at work

The lead sentence in an article by UC Irvine literary journalism senior Daniel Johnson:
Following a record setting 85-day stalemate over the state budget, the financial situation for California looks nearly as downtrodden as it did two weeks ago when state officials were seemingly still in a deadlock deciding the budget.

That's what you get for advertising on NPR

I can't say I wasn't warned

They told me if I opposed the Wall Street bailout, the market would crash and wipe out my 401k.

I did and it did.

Get shorty

There are rumors of the exchanges working with the SEC to ban shorting. And I don't doubt that the government might start buying S+P futures. Be very careful with your shorts. This isn't a free, or fair, market.

What comes next

Let's take a pause from the frenzied trading (assuming you're already full on gold; if not, GLD and GDX are on sale this morning). Let's consider how this is all going to play out over the coming weeks, months, and years.

Stage 1: Paulson/Bernanke continue throwing ever greater amounts of money at the problem in increasingly radical and unprecedented ways. In addition to direct purchase of toxic waste and equities, don't be suprised to see direct government refinancing of mortgages or direct government issuance of new, low-rate mortgages to home buyers.

This may have the positive effect of downgrading The Second Great Depression to The Really Bad Recession. But it will also have the decidedly negative effect of destroying the government balance sheet.

Stage 2: As the recession deepens, job losses mount and business activity drops, cutting tax revenues and making debt service on the $11 trillion+ debt impossible. Uncle Sam becomes Casey Serin, and Treasury bonds are …

Buy California Titanic bonds

I just heard Ahhnold in a radio ad urging people to buy California bonds. The pitch was not that they were a good value or a sound investment, but that it was a way to do your civic duty and support Kahleefornia.

Sorry Arnold, you're still spending as if the real estate bubble is in full swing, and you have absolutely no plan to get the budget under control. Some fool and his money might take one for the team, but not me.

Old invoices

I have clients with outstanding invoices, and/or checks in the mail coming to me. I've told them all, "better hurry up or the money won't be worth anything by the time I get it!"

If mail takes one week, what percentage will I be losing on those dollars as those 7 days tick by, I wonder...

October Fool's Day

We've got something to tell you: This blog is not a repository of angry right-wing hatred. Haaaahaahahaha! Oh that's too funny that you thought that for the last two weeks.

Look, there are cameras--there, and right there. Wave to the audience!

A Mercer Walnut Creek Update

Here at the WC we've been keeping track of an urban/suburban housing development in the heart of Walnut Creek (no relation), California, 25 miles from San Francisco. It's called the Mercer and the unintentional comedy is that they are advertising the sheekiest of city living in a suburban setting. So you are no where near the advantages that make SF unique but you get to pay SF prices. Oh and there's a $500 HOA fee.

This development has been complete for over a year now and still advertises that you better act quickly. And the poor bastards that did. See here...

Back in May this was the the advert:

And yesterday's advert:

Flex Credit?? Turns out that means - 'we're going to say the price is 445K when we actually mean its 415K.'

So if you got in in May at $530,000, you are already down 22%.

But act fast, prices like these are not going to last long!

Strange days indeed

Whoa, thought it was a nightmare,
Lo, it's all so true,
They told me, don't go walkin' slow
'cause devil's on the loose.

Better run through the jungle,
Better run through the jungle,
Better run through the jungle,
Whoa, don't look back to see.Who can know what to expect from the markets when the Fed, Treasury, and SEC come out with radical, unprecedented policy changes on a daily basis? Strange days, indeed.

Well, I've told you once and I've told you twice: never listen to my advice. Nevertheless, following is my strategy.

Keep your head low. This is no time for heroes. Stay diversified, across equities, cash, and gold. Long bonds are for suckers at 4% when the government is promising to go all Zimbabwe on your ass. Even real estate looks good, if you can find a place where the fixed 30-year monthly payment is roughly equal to the rental income.

Chicago Police won't evict foreclosed- sued by mortgage companies

"My job as sheriff is to follow court orders, absolutely," he said. "But I'm also in charge of making sure justice is being done here and it is clear that justice is not being done here."

Chicago's chief of police is refusing to evict people from their foreclosed homes.

It seems the main concern is renters whose landlords are in foreclosure, but I don't think the Police are limiting their refusal to evict to those cases. The issue of those renters indeed seems like a valid concern and let's hope there can be some form of temporary protection for renters whose landlords haven't told them they're being foreclosed! Still....It seems that the police will not be participating in evictions of regular foreclosed home-owners themselves, and that's where the question of "Justice" arises. So, HE (the Sheriff) decides what the law is now?

An update: Mortgage companies are now suing the Chicago Police. I think we're going to be seeing …

ACORN's HQ raided by FBI !

The socialist group ACORN's HQ in Nevada were raided by the FBI. They found, amongst other things, voter registration lists with such fake names as "Tony Romo" and "Terrell Owens". BTW, Obama was ACORN's trainer and also lawyer in previous election fraud cases, which they were CONVICTED on! HERE's the link.
If this is the beginning of a "look-see" into some of the roots of this housing/credit crisis, then when will the FBI be hitting up Dodd, Raines, Johnson, Paulson, Bush?

Oh, Additionally, a close Illinois cohort (named Larry D. Walsh) of Obama's ALSO had his office raided by the FBI last week! Did anyone even hear a word about this? Does Obama's"Ayers, Rezko, Walsh, Franklin Raines, Jim Johnson, Blagojevich, Frank Davis Marshal" list ever end?

Tony Rezko's sentencing has been delayed. It was to have taken place JUST before the election, but now will take place in December. Is this politics? Or is Rezko giving the Feds in…

(Obama + Mainstream Media) - Investor's Biz Daily Article = CCCP

Here you can read an IBD article about Obama's good friend William Ayers's views on education (read: radicalization). He's a good friend of Hugo Chavez. Ayers's daughter actually works FOR Chavez!

An idea of what Ayers has in mind for America's schools was provided in his own words not 40 years ago when Obama was eight years old, but less than two years ago in November 2006 at the World Education Forum in Caracas hosted by dictator Hugo Chavez. With Chavez at his side, Ayers voiced his support for "the political educational reforms under way here in Venezuela under the leadership of President Chavez. We share the belief that education is the motor-force of revolution. . . . I look forward to seeing how . . . all of you continue to overcome the failures of capitalist education as you seek to create something truly new and deeply humane." Ayers told the great humanitarian Chavez: "Teaching invites transformations, it urges revolutions large and small. L…

Dick Fuld Attacked

This is absolutely unacceptable! Dick Fuld was apparently ATTACKED, nah physically assaulted at the Lehman gym after they had announced their bankruptcy. This is unacceptable.

What would have been even more unacceptable is if Dick had been stabbed or worse shot. It is the not the fault of the CEO, who made hundreds of millions of dollars, that the company failed. IT’S THE SHORT SELLERS but that’s a different posting entirely.

Now I truly do not want this posting to encourage any employees or investors who have had their entire retirement savings wiped out, who are now unable to pay for their mortgage or food for their family, to rise up and take this matter into their own hands. People like Mozilo and Fuld deserve to be served like kings. They are true American heroes.

So people, if you see Mozilo, Fuld, or any of the other heroes of America in the gym, don’t assault them; bow to them. You are not worthy and thanks for picking up the go eat cake.

Just checking

Does Bill Miller still suck?


Greenspan's Body Count: The Karthik Rajaram Family

It's official: Alan Greenspan bagged six more. While the early days of Greenspan's Body Count were dominated by people despondent over foreclosures, the carnage has expanded to people whose lives have been ruined by the global financial crisis resulting from the collapse of Greenspan's bubble. And this is the case of Karthik Rajaram:
The 45-year-old Porter Ranch financial manager who once made more than $1.2 million in a London-based venture fund had lost his job. His luck playing the stock market ran out. [...]

In a letter addressed to police, Rajaram blamed his actions on economic hardships. A second letter, labeled "personal and confidential," was addressed to family friends; the third contained a last will and testament, Moore said.

The letter to police voiced two options: taking his own life, or killing himself and his entire family. "He talked himself into the second strategy," Moore said. "That that would be the honorable thing to do."


Gallows humor

Paulson to Congress:
Now that it is clear how readily congress will fold to vague economic threats, Paulson intends to “figure out just how much more I can get away with.”

“In my next bill to save us all, I require the construction of a 150-foot gold—no wait, platinum—statue of myself wearing a cape, which will be placed on the National Mall,” said Paulson. “Every member of Congress must pray to this graven image before and after every session, or THE ECONOMY WILL BE DESTROYED BEYOND REPAIR.”

Greenspan's Body Count: Porter Ranch

The L.A. Times reports:
An unemployed financial advisor apparently despondent over his situation shot and killed his wife, his mother-in-law and three children before taking his own life in a gated community in Porter Ranch in the northwest San Fernando Valley, Los Angeles police said today.


Moore said police believe that the gunman killed them sometime after 6 p.m. Saturday, and said he left behind three letters indicating that he had carried out the killings. He said the gunman had worked previously for Price Waterhouse and Sony Pictures and "had attested to some financial difficulties," he said. "He had become despondent over his financial" situation.
It certainly sounds like a case of Greenspan's Body Count. We'll keep you updated as details come out.