If you ever live long enough, there will be a certain sad series of events that will happen to every man. It’s something far worse than having to hang up your favorite pair of rugby cleats and it’s nothing you can take a GNC testosterone pill to delude yourself about reversing. One of these days your parents will become so helpless that you will have to look after them in the same way they looked after you when you still wore diapers. My father had this happen to him and it got so bad that it nearly destroyed his marriage. He grew up in Surry County, VA. His mother stayed there and never willingly drove more than fifty miles away. She was simple, honest and totally unprepared to deal with senility, widow-hood and the dishonest sharks who will drive forth into the country to callously prey on the elderly widows who are losing it one day at a time.
Celebrity CEO Jamie Dimon has made a compelling case against breaking up major US financial institutions. He cites the advantages inherent to economies of scale and claims that bigger banks are able to get better leverage out of their assets and thereby give average customers like little old me a better deal on financial products.
What doesn’t get mentioned by Dimon and his entourage is the power of moral hazard, the implicit subsidy and the blackmail potential that all come implicitly with being a bank that is too big to fail. Without indulging in paranoia worthy of Beppe Grillo and looking for the Bankster under the bed, we still can make a reasonable case that bigger banks are given significant advantages that exempt them from the laws that mere mortals like little old me are forced to obey if we desire a peaceful life.
A very powerful group of people has advised Standard and Poor’s to reconsider some of their recent bond rating decisions. In a vacuum, this could be seen as condign. S&P’s has a track record for being too cozy with Wall Street brokerage houses that issued mortgage-backed securities based upon sub-prime mortgages. S&P, like Moody’s, like Fitch, overrated the quality of many of these MBS bonds which helped contribute to the economic unpleasantness of the last five years.
However, unlike Moody’s, unlike Fitch, S&P deviated from the hypocritical script and began putting bond issues under a more focused microscope. They found fecal matter strewn throughout and began to rate securities issues accordingly. Regrettably, some of those issues S&P took the hatchet to were USG debt securities. In August of 2011, S&P downgraded US debt from AAA to AA+. Thus S&P will be tortured with the legal equivalent of amateur proctology by the pathetically obvious Obama Administration.
NANCY PELOSI: I think we all also agree, I think we all very, very much agree that we are very sad and seek justice for the family of border patrol agent Brian Tay, Tay, Terry. His loss is a tragedy for all who knew him, for all of us who care about him, and we offer our condolences to his family. So sad. (HT: Newsbusters.org) | Read More »
Are you feeling economically disadvantaged? Want to make $10,000 really fast? We have just the deal for you. You too can take up a career in vigilante justice. All you have to do is burn your conscience in a bonfire and head over to newblackpanther.com for all the fascinating details. You see, The New Black Panthers have expressed profound dissatisfaction with the fact that nobody | Read More »
Much of importance has been lost in the picayune minutiae of our daily political debate. Much that happens in modern American government is not the result of democratic decision. Instead things increasingly happen by bureaucratic ukase. Thus, which political party populates the Federal Bureaucracy becomes an issue that could decide just where our nation heads politically. Recently the court case Fisher v. University of Texas | Read More »
I know there is a great deal of anger and frustration out there… amongst the 70% of you who are racists that believe immigration laws should be enforced… about Federal Judge Susan Bolton’s willingness to be bought by Obama and the Holder DoJ, but all I can do is laugh…and I mean gut-wrenching, jiggly mid-section guffaw. Seriously…relax people, get some popcorn and consider the pretzel | Read More »
[image via FaceFwd] In his “I have a dream speech”, Martin Luther King Jr. said this: I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. In presenting Barack Obama to the Nation as a potential President, we were asked | Read More »
Due to professional obligations that diverted my attention away from RedState and the news of the day for the last couple of weeks, I awoke this morning to learn – well – that the world is officially upside down. Now, I realize that some of this may be repetitive for those who have been paying attention – but imagine my surprise to see the news | Read More »