tag:blogger.com,1999:blog-18122582.post118803566160103952..comments2024-02-15T02:46:48.670-05:00Comments on Erin O'Brien: Some truthErin O'Brienhttp://www.blogger.com/profile/09089592061725346901noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-18122582.post-7000895280832189522009-03-23T21:24:00.000-04:002009-03-23T21:24:00.000-04:00Erin, you also said this:"History will judge this....Erin, you also said this:<BR/><BR/>"History will judge this. In the meantime, we have to survive it."<BR/><BR/>That is some Grade A Prime Truth right there.<BR/><BR/>Rock on.garretthttps://www.blogger.com/profile/15553626379883369886noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-50413638252640125572009-03-23T21:23:00.000-04:002009-03-23T21:23:00.000-04:00Erin, you said: "I hate to use a cliche, but this ...Erin, you said: <BR/><BR/>"I hate to use a cliche, but this piece of shit mess is the trickle-down free-market chickens coming home to roost."<BR/><BR/>I would like to politely point out that this is in fact not correct.<BR/><BR/>This piece of sh*t mess was actually caused by the Federal Reserve Bank (in exactly the same way as the Great Depression was caused - by constant monetary inflation/currency debasement).<BR/><BR/>This is a very important point, which is why I mention it.<BR/><BR/>I'm curious - have you personally considered the explanation for this economic crisis (and the Great Depression) that is offered by Austrian economists?<BR/><BR/>For example, have you listened to any of the Ron Paul or Peter Schiff YouTubes on this topic?<BR/><BR/>If so, and if you've rejected that explanation as incorrect or intellectually unsound, that's one thing. But if you haven't, I really think you should.<BR/><BR/>I have considered it, and I am quite convinced it is the truth.<BR/><BR/>Also, I'm sure it's somewhat (fairly?) (really??) tedious to have me continually popping in here to beat this same drum.<BR/><BR/>But I do love you, and I want only the best for you. <BR/><BR/>Ggarretthttps://www.blogger.com/profile/15553626379883369886noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-89393433690060207872009-03-20T15:26:00.000-04:002009-03-20T15:26:00.000-04:00If you're standing in line at a Kroger's in OHIO, ...If you're standing in line at a Kroger's in OHIO, you are indeed in a time warp, but I believe the supermarket chain still exists elsewhere in the country, possibly in Georgia, from whence Mr. Wizard hails.<BR/><BR/>I'm sure I'm using "whence" wrong, but I've got a cold and can't think.Kirkhttps://www.blogger.com/profile/02155991693956178030noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-11990782018698968272009-03-20T12:08:00.000-04:002009-03-20T12:08:00.000-04:00If you're standing in line at a Kroger's, you are ...If you're standing in line at a Kroger's, you <I>are</I> in a time warp.<BR/><BR/>Confusing a possessive with a contraction is another reason why the letters W, T, and F were invented.Amy L. Hannahttps://www.blogger.com/profile/11072872968100994767noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-69199954145736334292009-03-20T12:00:00.000-04:002009-03-20T12:00:00.000-04:00This comment has been removed by the author.Amy L. Hannahttps://www.blogger.com/profile/11072872968100994767noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-84198034958342751752009-03-20T04:28:00.000-04:002009-03-20T04:28:00.000-04:00Andrew Sullivan, whose blog I think is a must read...Andrew Sullivan, whose blog I think is a must read regardless of which side of the aisle you're on, had a great take <A HREF="http://andrewsullivan.theatlantic.com/the_daily_dish/2009/03/why-the-letters.html" REL="nofollow">from one of his readers</A><BR/><BR/>Here's what they said:<BR/><BR/><I> I just read the actual AIG FP bonus contract, which was posted on the NY Times website. Two things jumped out at me. One is that it's not a "bonus" contract at all. It's an "Employee Retention Plan." In other words, it's not meant to be structured as a reward for performance. It's more like just another part of the employee's salary package. To me it's a lot less upsetting if the payout is part of a standard pay/benefits package than if it was meant as an actual reward to reflect on the performance of the company.<BR/><BR/> The other thing that strikes me as very strange, though, is the self-stated rationale of the Retention Plan. According to the recitals section, the contract exists, among other things:<BR/><BR/> <B>To recognize the uncertainty that the unrealized market valuation losses in AIG-FP's super senior credit derivative and originally-rated AAA cash CDO portfolios have created for AIG-FP's employees and consultants</B><BR/><BR/> I'm not an accountant or a lawyer, but the way I read that is that, as of the December 2007 effective date of the contract, AIG was already aware that their CDOs and market cap were diving or preparing to take a dive, and this was a way of offsetting those losses for the very employees responsible for those failures.<BR/><BR/> I've been around the block a few times, and have participated in a fair few bonus and retention programs myself, <B>but I've NEVER worked anywhere ballsy enough to say "Hey, you're efforts are destroying this company, in fact we expect the company to go down in the next year or two, so here's some money to ensure that you stick around for the fun." I mean, this is why the letters W, T, and F were invented.</B></I><BR/><BR/>"This is why the letters W, T, and F were invented." I think I'm going to steal that.Halhttps://www.blogger.com/profile/03403726486514914184noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-1678363309069220852009-03-20T04:17:00.000-04:002009-03-20T04:17:00.000-04:00So? Why wait for history...let's throw "the elect...So? Why wait for history...let's throw "the elected officials" in the stocks too. I'm all for it. They can have a seat right next to the "motherfuckers" they're in cahoots with. And perhaps "it doesn't mean shit," but it would still feel good. :)<BR/><BR/>Have a good day, Erin.The Foolhttps://www.blogger.com/profile/06962641109795032438noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-10340911321820900442009-03-20T02:01:00.000-04:002009-03-20T02:01:00.000-04:00and watching people buy lobster tail with food sta...<I>and watching people buy lobster tail with food stamps</I><BR/><BR/>What part of this bothers you? They are free to spend their food stamps how they see fit ... if they choose to spend in an unwise manner, they will suffer the consequences. Either this shit I'm smokin' (for medicinal purposes folks, like, seriously) is really good or your attempt at an analogy really sucks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-9669232263560105562009-03-19T22:06:00.000-04:002009-03-19T22:06:00.000-04:00Wow, Erin. You sound like me - a Republican. Cat...Wow, Erin. You sound like me - a Republican. Cats and dogs are indeed living together now.<BR/><BR/>Al<BR/>TRAGAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-5904874260343428742009-03-19T21:49:00.000-04:002009-03-19T21:49:00.000-04:00The feeling most Americans have when watching this...The feeling most Americans have when watching this shit is analogous to the feeling you get when you are standing in line at Kroger and watching people buy lobster tail with food stamps: I paid part of my check to diminish human suffering, and the asshole I was trying to help is now punishing my good intentions.Zen Wizardhttps://www.blogger.com/profile/10932736559039078183noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-56185133709288211872009-03-19T16:35:00.000-04:002009-03-19T16:35:00.000-04:00That's my whole point, Kirk. Glass-Steagall mandat...That's my whole point, Kirk. Glass-Steagall mandated the separation of commercial and investment banking, hence prohibiting the big conglomerates.Erin O'Brienhttps://www.blogger.com/profile/09089592061725346901noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-41241029406707967152009-03-19T15:53:00.000-04:002009-03-19T15:53:00.000-04:00"Too big to fail? Then don't let them get that big..."Too big to fail? Then don't let them get that big in the first place!"<BR/><BR/>Former Republican Kevin Phillips (on C-span)<BR/><BR/>Yes, contracts should be honored, but I don't want to "move on" if moving on means forgetting, and we end up going through this same bullshit at some future date.<BR/><BR/>I mentioned socialism earlier, but a taxpayer supported moneyed class could easily resemble an aristocracy. I think we fought a little war in 1776 to get rid of that.Kirkhttps://www.blogger.com/profile/02155991693956178030noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-80215933148812455822009-03-19T15:10:00.000-04:002009-03-19T15:10:00.000-04:00Amen and well put!Amen and well put!Tony Rugarehttps://www.blogger.com/profile/00910845749524161115noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-49500146153746737092009-03-19T15:08:00.000-04:002009-03-19T15:08:00.000-04:00The House voted 328 to 93 today to get back most o...The House voted 328 to 93 today to get back most of the bonuses paid to executives of the foundering A.I.G. by levying a 90 percent tax on them.<BR/><BR/>Can we move on now? For fuck sake.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-33636427788249235172009-03-19T14:42:00.000-04:002009-03-19T14:42:00.000-04:00We're cherry-picking socialism here.Just nationali...We're cherry-picking socialism here.<BR/><BR/>Just nationalize the banks, and then FIRE the fuckers.Kirkhttps://www.blogger.com/profile/02155991693956178030noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-72312205996200315152009-03-19T13:58:00.000-04:002009-03-19T13:58:00.000-04:00I think Zen's on to something. If we had all star...I think Zen's on to something. If we had all started shorting stocks when Greenspan was issuing his famous "irrational exuberance" warnings we'd all be rich, fat and happy right now. And believe me, plenty of die hard Republicans have ridden this downturn to the bank. Another of Wall Streets dirty little secrets.<BR/><BR/>RJAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-1257043283359948702009-03-19T13:55:00.000-04:002009-03-19T13:55:00.000-04:00Hey, I guess a girl's obliged to have something in...Hey, I guess a girl's obliged to have something in common with Rush at least once in her life.<BR/><BR/>Maybe I ought to <A HREF="http://erin-obrien.blogspot.com/2008/11/lunch-for-rush.html" REL="nofollow"> buy him lunch.</A>Erin O'Brienhttps://www.blogger.com/profile/09089592061725346901noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-87780677024872393432009-03-19T13:49:00.000-04:002009-03-19T13:49:00.000-04:00I don't listen to him either, but I did hear a sni...I don't listen to him either, but I did hear a snippet where he essentially says that we should just pay and shut up, basically. <BR/><BR/>But no, I definitely don't think he blames the same source you do. He's a Republican mouthpiece, so naturally the Dems are to blame for everything. Not politicians, not elected officials, not consumers, not banks, but Democrats. If only the world were so simple.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-16165197553403645642009-03-19T13:01:00.000-04:002009-03-19T13:01:00.000-04:00No matter who you voted for, it was our elected of...No matter who you voted for, it was our elected officials who gave these motherfuckers (the banks) a license to steal. God knows I'd never find the link now, but Bush's SEC dropped the ball a million times.<BR/><BR/>So what? These people recreated the exact conditions that led to the Great Depression. Now it's our problem and the moment of satisfaction we'd get for hanging up some overpaid broker up by his buster browns doesn't mean shit.<BR/><BR/>History will judge this. In the meantime, we have to survive it.Erin O'Brienhttps://www.blogger.com/profile/09089592061725346901noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-76533314330974443722009-03-19T12:46:00.000-04:002009-03-19T12:46:00.000-04:00Clarification: 'em = the banksClarification: 'em = the banksThe Foolhttps://www.blogger.com/profile/06962641109795032438noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-114440445069211742009-03-19T12:45:00.000-04:002009-03-19T12:45:00.000-04:00Okay...but stopping the outrageous bonuses and pro...Okay...but stopping the outrageous bonuses and profiteering of these criminals is not a refusal to bail out the banks. Can't we at least put the execs in stocks and publicly humiliate them from here to eternity, or make them work the rest of their lives for McDonald's wages? Bail 'em out, for the people's sake...but please, punish the assholes at fault.The Foolhttps://www.blogger.com/profile/06962641109795032438noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-21323459155000132762009-03-19T12:15:00.000-04:002009-03-19T12:15:00.000-04:00Stockholders--sue these guys for bad business judg...Stockholders--sue these guys for bad business judgement! (Cf.: <A HREF="www.dechert.com/library/WCSL_Alert_6-06.pdf" REL="nofollow"><I>Brehm v. Eisner</I>: "Okay to give your old camping buddy with no corporate experience a $100-million severence package as long as you incorporate in Delaware which says that a corporation can rape a nun as long as there is a 'quorum' and you all have D&O insurance."</A> Okay it doesn't say that--but close...) <BR/><BR/>You could make a real case for "shorting" an American corporation as soon as it makes a grandiose sports sponsorship.<BR/><BR/>Don't make me rattle off all the cases where you would have MADE money (cough, cough...Citi Field! Enron Stadium!)--the only example I can think of where you would have LOST is Minute Maid. Okay, well, there are NASCAR cars painted with the Viagra logo, but you get the idea...Zen Wizardhttps://www.blogger.com/profile/10932736559039078183noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-38067862695352976632009-03-19T12:11:00.000-04:002009-03-19T12:11:00.000-04:00To be honest, Miles, I don't listen to Rush and I ...To be honest, Miles, I don't listen to Rush and I don't know where he stands on this, but I'll take your word for it. <BR/><BR/>That said, he and I might agree on "pay up and shut up," but I wonder if he blames this bullshit on the same sources I do.<BR/><BR/>I hate to use a cliche, but this piece of shit mess is the trickle-down free-market chickens coming home to roost. There are no good options.<BR/><BR/>I just thank god we've got the Obama administration heading up the recovery.Erin O'Brienhttps://www.blogger.com/profile/09089592061725346901noreply@blogger.comtag:blogger.com,1999:blog-18122582.post-25677273773490168492009-03-19T12:03:00.000-04:002009-03-19T12:03:00.000-04:00Citigroup just announced they are spending $10 mil...Citigroup just announced they are spending $10 million of "our" money to remodel their executive offices.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18122582.post-47813131012421399322009-03-19T11:50:00.000-04:002009-03-19T11:50:00.000-04:00Umm... you realize that you kinda sorta agree with...Umm... you realize that you kinda sorta agree with Limbaugh on this, right?Anonymousnoreply@blogger.com