Friday, July 31, 2009

Senator Richard Burr did nothing about William McGuire's $1.6 Billion Theft

What's wrong with our health care system? William McGuire, $1.6 Billion in stock options for being the CEO of UnitedHealth, one of our nation's largest health insurance companies. One person. $1.6 Billion. Where do you think that money came from? Us, the payers of egregiously priced health insurance.

What did Senator Burr do about this?


And that's why this sorry Republican Senator Richard Burr needs to be kicked out of office. He's been in Washington DC for one heck of a long time. And he's not done a damn thing about the outrageous, out of control health care costs. William McGuire is our evidence. North Carolina deserves better than Senator Richard Burr.

Thursday, July 30, 2009

Just tired of all the Republican whining about Obama

I stumbled across an interesting little article this evening. It's a sorry tale of a Bush Administration legacy. It's but one small example of lazy Republicans sitting on their asses in the Bush Administration Justice Department and IRS, and allowing just about every rich and wealthy American to hide assets offshore. Wealthy people in this country went nuts parking their money in Switzerland while George was our President. Over 52,000 American accounts are there. And some 17,000+ have balances in excess of $1 M each.

I read that article and was outraged. It's the story of one man who hid over $8 M from the IRS. And he paid bribes along the way to various Swiss Bankers to help him pull it off. The American people who paid their fair share of income taxes are getting ripped off by these wealthy Americans and their crooked Swiss Bankers. And the Bush Administration did very little to enforce our tax laws.

So, for all you whining Republicans out there, the ones who just can't shut the hell up about ObamaCare, and ObamaThis and ObamaThat, why don't you focus for a couple minutes on Republican Ignorance. Our Republican President and Republican controlled Congress sat on their butts and allowed 52,000 wealthy Americans to avoid paying their income taxes. Why don't you complain about that for awhile? Give your ObamaWhining a little rest.

Then, if you live in North Carolina and you're as pissed off about this as I am, take it out on our do-nothing Republican Senator Richard Burr in the next election. I haven't heard this man mutter a word of support for just plain NUKING Switzerland for screwing our country the way they have. Obviously, I'm exaggerating the action we should be taking against that sorry assed, POS, little European country. But I seriously won't give a flip if we sent the 82nd Airborne Division in to take over the Swiss Alps as retribution. Anyway, it's simply time to throw Senator Richard Burr to the curb. This man is absolutely worthless. He's failed the taxpaying citizens of North Carolina. He needs to be sent packing.

Wednesday, July 29, 2009

Burr: Why aren't you doing something about this?

High Frequency Trading. It costs American investors $21 Billion a year. It comes right out of our IRAs, 401Ks, 529s, and Coverdales and goes right into the pockets of Wall Street Trading Houses. And they are the only ones who can do this. It's not a level playing field. And once again, average Americans are getting screwed by Wall Street.

Why in the world Senator Burr can't you get off your lazy tail and do something to stop this?

And that's why I simply hate my Republican Party these days. They do nothing, time and again, about the many situations where a very small group of people have an unfair advantage on the rest of us. They do nothing because of their philosophy of laissez-faire. Free markets should rule. But what these laissez-faire Republicans fail to understand is that free markets should equal a level playing field. Nothing should be allowed to happen in this country unless everyone has an equal shot. And the average American does not have access to owning and running supercomputers, sitting right next to the NYSE, to do their investing and trading.

My god Senator Burr. Do something that actually helps American investors.

I'm passed being fed up with our do-nothing, POS, sorry Republican Senator from North Carolina. It's time to throw this man out of office. North Carolina deserves better than Republican Senator Richard Burr.

Funny thing happened to Twitter Acct: NoBurr2010

A funny thing happened to my Twitter efforts RE: NoBurr2010. My account got hacked. My followers got wiped out. I can no longer find NoBurr2010 via search. Bogus followers got added.

Maybe Senator Burr's technical team are smarter than I give them credit for? Or, more likely, they are dumber than dirt for doing something so very illegal. Isn't that going to be a nice scandal? North Carolina US Senator Richard Burr breaks law and tramples all over North Carolina citizen's First Amendment Rights.

I'm grinning ear to ear about how stupid the people are in the Senator's re-election campaign. Twitter Acct: NoBurr2010 gets fully restored, or someone within the Burr camp winds up wiping major egg off their face.

Tuesday, July 28, 2009

Senator Burr and Republicans failed us in Capital Markets oversight

Have you noticed? Now that the Democrats control Washington DC, the cops at the SEC are finally back on the beat and protecting America's retail investors. Finally. After 8 years of absence during the Bush Administration, we finally have referees back on our capital markets playing field.

Don't believe me? Check out these Wall Street Journal headlines from just June and July '09:

July 24, SEC Charges Trader, Firm over False Information
July 24, SEC Votes to Propose Rules for Pay to Play
July 23, SEC orders Ex-CEO to Return Pay
July 21, SEC Presses Morgan Keegan on ARS
July 16, SEC Takes Aim at Ratings Firms
July 15, 11 Accused of Insider Trading
July 14, SEC Charges Four with Fraud
July 10, SEC Files Charges in Ponzi Case
July 2, SEC Charges Beazer Accounting Officer
June 30, State Street Says SEC Could File Charges
June 26, Government Takes Side of Investors
June 24, Matrixx Receives SEC Inquiry
June 22, SEC Seeks to Regulate Securities Based Swaps
June 18, SEC Mulls Hedge Fund Registration
June 11, Schapiro Fights for Regulatory Teeth
June 9, Two Men Accused of ForEx Scam
June 5, Countrywide Chiefs Charged with Fraud
June 3, SEC Set to Seek More Pay Disclosure

And then there's action in previous months where the SEC moved to stop brokers from stuffing the ballot boxes in favor of entrenched corporate executives. And other actions where the SEC has moved to stop abusive short selling. On all the key fronts, derivatives trading, abusive short selling, broker voting rule, enforcement of insider trading laws, disclosure of executive pay, we're starting to finally get some action.

I'm not a fan of the Democrats. Nor am I a fan of Mary Shapiro. And I'll never be a Mary Shapiro fan, no matter what she accomplishes. Throughout our national nightmare of inadequate capital markets oversight, Mary was the multi-million dollar a year regulatory head at NASD and FINRA. She was a Chief of Police on the capital markets beat. She failed us. Our economy failed. She's deserving of substantial blame and there's absolutely nothing she can do to repent her failures. Work as hard as she might, I'd like nothing more than to see Ms. Shapiro charged by the SEC for negligence in conducting her duties during our national nightmare of the Bush Administration. And I hope she eventually loses face and gets thrown to the wolves.

But I am pleased that the SEC is back in business. Unfortunately, it was the Democrats who turned it around. But at this point, I don't care if it was Micky Mouse who made it happen. It simply needed to happen. It had to happen, to restore confidence in our markets.

But it was George Bush and our Republican controlled Congress who really screwed our nation. They put handcuffs on the SEC. They rendered this oversight body totally useless. We were spending over $1 Billion a year in taxpayer money for an agency of people who came in, punched a time clock, sat around doing nothing, and went home. It was a national disgrace. And Democrats are turning it around.

It was the Republican misapplication of a laissez-faire attitude toward business that hurt us the most. Laissez-faire means smart minimization of government, not complete obliteration of government. Bush Republicans believed laissez-faire meant self-regulation, removing oversight entirely. They thought it was OK to operate an economy and capital markets without rules and referees. They were wrong. We paid a massive price in the form of lost jobs, lost housing values, lost wealth. It led to a disaster that we'll be living through for years into the future.

I'm a loyal Republican. I want Washington DC to be under Republican control again. But first we must clean house of all those Republicans who failed us miserably during the Bush Administration. Richard Shelby, Mitch McConnell, Jim Bunning, Bob Corker, Jim DeMint, Kay Baily Hutchison, Richard Burr, and many others failed us. These old-school, over the hill, idiot Republicans all need their sorry tails kicked out of office. They failed our Party. They looked the other way while massive risks were building up in our financial system. These people are a disgrace to our nation.

It ills me greatly that the Republican Party, the party of capitalism, and of business, failed so miserably in executing on responsible oversight of our financial system and capital markets. But, they did fail us. And soon it will be time to take our revenge by voting these sorry Republican Senators and other Republican politicians out of office. Personally, I can't wait. I'm looking forward to the fall of 2010. I'll be stepping into that booth and voting down every single Republican who served while George Bush was President.

And North Carolina Senator Richard Burr must go. The man voted in lockstep with former President George Bush. He is directly responsible for this sorry economy we are enduring now. North Carolina deserves better than Republican Senator Richard Burr.

Monday, July 27, 2009

Senator Richard Burr and Republicans failed us on housing

Despite efforts to pin this housing crises on Democrats, it is our Republican Party who was largely responsible for this colossal mess of a housing crises.

A Republican White House and Republican controlled congress strongly encouraged home ownership. President George W. Bush, in his acceptance speech at the 2004 Republican National Convention:

"Another priority for a new term is to build an ownership society, because ownership brings security, and dignity, and independence. Thanks to our policies, home ownership in America is at an all-time high. Tonight we set a new goal: seven million more affordable homes in the next 10 years so more American families will be able to open the door and say welcome to my home.".

Well, we now know how well that worked out, don't we?

John Snow, the former Bush Treasury Secretary summed up this mistake best, "“The Bush administration took a lot of pride that home ownership had reached historic highs,” Mr. Snow said in an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

The Dec '08 NYT article at this link is thorough in outlining why Republican President George W Bush and the Republican controlled Congress were largely responsible for this housing mess:

1. Although President Bush recognized that Freddie and Fannie needed to be reigned in, he did not allow his Treasury Secretary to cut a deal with the Republican controlled congress to pass legislation that would make it happen. Yes, you read that correctly. A Republican White House and Republican controlled Congress couldn't work together to reign in Freddie Mac and Fannie Mae. According to a Congressman's comment in the House Finance Committee hearing last week, it's unlikely taxpayers will get back $80 Billion we've recently spent to prop up those companies. And we're going to spend much more before this mess eventually gets cleaned up. Why? Because a Republican President couldn't work with a Republican controlled Congress.

2. President Bush and Congress failed to listen to the warnings: "As early as 2006, top advisers to Mr. Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Mr. Bush and his team misdiagnosed the reasons and scope of the downturn; as recently as February 2008, for example, Mr. Bush was still calling it a “rough patch.”"

3. And then we had just sheer stupidity on the part of the President Bush and one of his prep school buddies: "And the regulator — an old prep school buddy — Mr. Bush chose to oversee them [Fannie Mae and Freddie Mac] pronounced the companies sound even as they headed toward insolvency."

4. And as the article indicates throughout, President Bush and the Republican controlled Congress not only failed to take action to police reckless lending, they actually took a number of actions that allowed irresponsible lending to become a Wild, Wild West that eventually cratered our entire housing market. They encouraged subprime lending, were warned about it time and again and chose to do nothing, and wound up being a beneficiary of massively large political contributions from those profiting off this shady industry.

Nothing highlights President Bush's direct responsibility for this mess more than June 17, 2002: "... It was June 17, 2002, a day Mr. West recalls as “the highlight of my life.” Mr. Bush, in Atlanta to unveil a plan to increase the number of minority homeowners by 5.5 million, was touring Park Place South, a development of starter homes in a neighborhood once marked by blight and crime...."

Today, Atlanta, Georgia is the epicenter of bank foreclosures in our country. More banks have been closed in Georgia than any other state to date. And most of those were Atlanta based. They were taken down by subprime housing loans gone bad. Thank you Republican President George W. Bush. Thank you Republican controlled Congress.

It's no secret that I am furious with our current Republican Party political leaders, for many good reasons. And one of the chief reasons is that the Republicans who served in Washington DC during the Bush Administration are DIRECTLY responsible for this housing crises. And the housing crises is at the very root of this financial crises. These crises have cost our country dearly, and have destroyed a good portion of wealth around the world.

That's why we simply need to get rid of North Carolina Republican Senator Richard Burr. He was there. He was one of the Republicans who brought us this economic disaster. He needs to be punished. North Carolina deserves better than Richard Burr, a Republican who was directly responsible for bringing us this housing mess and ensuing financial crises, cratering our economy, throwing our people out of work, and destroying our savings.

Saturday, July 25, 2009

Test of Twitterfeed, Facebook

Although I've had a facebook account for some time now, and this blog as well, I've never taken the time to try to determine how to make them work together. And, I've not used Twitter at all, although I signed up for an account there a few months ago. I've been investing time today on Facebook and Twitter to determine how to tie them both into this blog. I think I have it nailed. But, it's going to take a little experimentation for a few days. So, this is a test post to see how my initial efforts work out.

Follow me on Twitter: NoBurr2010.
Soon, you can follow me on facebook too by friending: Republican AgainstBurr

Follow my trading blog, EyeNoStuff, on facebook by friending Eye NoStuff. I have hooked the EyeNoStuff blog into that separate facebook profile. I set the notes section to obtain automatic feeds from my EyeNoStuff blog. So, if you friend Eye NoStuff on facebook, my blog posts will automatically show up on your home page feed. I'll soon be doing the same thing for this blog, by sitting up a separate profile under Republican AgainstBurr.

For Twitter, I'm now using TwitterFeed to automatically send my post headers and links to each blog post as an update to my two twitter accounts: EyeNoStuff and NoBurr2010. Once this is all set up, each time I post to one of my blogs, I'll automatically feed both facebook and twitter.

I wonder if Senator Burr's staff has figured all this out yet? More importantly, I wonder how much money they're spending, in opposition to me? My budget = $0. Knowing our Senator, he's probably going to waste a couple million $ trying to get the same thing accomplished.

Life is just too funny.

Health Care: Does anyone in Washington have a brain?

It's getting loony up there in Washington DC. The latest scheme to pay for health care is a tax on the insurance companies. Supposedly, this tax will be levied on the premium health care plans. Bunk. Money's fungible. So, are insurance company profits. If insurance companies get nicked in one aspect of their operations, they'll spread the pain to all aspects of their operations by upping prices across the board. And efforts by Washington to tax only the premium insurance plans will wind up costing everyone.

My gosh, is there not a person left on Capital Hill with a brain?

Friday, July 24, 2009

It was a pleasant day

Not only did I have great success in the markets, but I didn't hear a single Republican come in front of a camera spewing hate and disdain over health care. Maybe they got the message and finally rolled up their sleeves and went to work to find middle ground? Hope so. And I hope the coming days and weeks will be just as pleasant.

Bottom line - hold your criticisms until we know the facts. And we won't know those until we get bills from the House and Senate. There will be plenty of time to debate and seek change before the respective bills get hammered out in committee. But until then Republican politicians, let's keep it civilized and informative. Let's refrain from negativity, finger pointing, and fear mongering. Then, maybe we'll get something done for once. And all Republicans can start feeling good again about our party.

Burr: Its out of control

Its simply out of control.

That's how I think about the current health care legislation debate going on. I sit behind monitors that give me a steady stream of news, all day long. So I've heard and read just about everything out there that pertains to this health care debate. Right now we have two major problems:
  1. We don't know any of the details of what's on the table, primarily because its an extremely fluid situation.
  2. Yet, we have a steady stream of people, mainly Republicans, who are coming on camera and ripping the hell out of the current efforts. The central problem is that neither the audience, nor the individual or group doing the ripping, has a clue what they are attacking.
This is what we need to do:
  1. We need for the House to pass a plan, then we need for the Senate to pass a plan.
  2. We need to flip these details out to the public for at least a month and allow for more informative discussion before the two bills go to committee.
But right now, I am so very disappointed in this constant stream of my fellow Republicans coming in front of the camera with their generic attacks, when we don't know the details. All these rants about socialized medicine, and losing our coverage, and a government take-over of health care are just plain stupid. Chicken Little comes to mind. These ignorant rants may appeal to the trailer trash wing of the party, but for anyone with a minimal amount of intelligence, they come off as senseless rants. And it's not the trailer trash element of our party who will take us over the top in future elections. It's home owning, saving, investing wing of the party that Republicans need to win back. And all we see are ranting Chicken Littles representing our Republican party.

But what else should I expect from my current Republican party? We have become a party of negativity and finger pointing. We've become a party of inaction on every front. We've become a party of scare tactics. And that's why we need to clean house in our party. We need to rid ourselves of all the current Republicans in office. We need to find Republicans who debate and discuss the facts, who roll up their sleeves and compromise, who make every effort to find middle ground.

And that's why we need to get rid of our do-nothing Senator Richard Burr. He's a negative, finger pointing Republican who gets nothing done. North Carolina deserves better than Republican Senator Richard Burr.

Thursday, July 23, 2009

The Herd

Here come the thundering herd of whining Republican Senators, and I'm sick of it. I fired up CNBC this morning on one of my monitors. I might have to shut it down. The Republican Senators are already lining up to whine, endlessly. My god, don't these people have some work to do?

Senator Jim Demint is on right now. Whiner. He's spewing the current party line. President Obama is spending money like crazy, racking up debt, taking over everything, bringing us socialized medicine. What a pack of lies.

Our Republican leaders failed us. Republicans doubled our debt. Republicans cut taxes recklessly and left us with a $1.1 Trillion deficit in the current year, and a 10 year budget plan with an additional $9 Trillion deficit. The deficit problem is owned by the Republican party. Republicans also destroyed our home values. They destroyed our retirement plans. They destroyed our banks. They allowed Wall Street to rape and pillage our nation. My god, stop the lying Senator Jim Demint. You're making a fool of yourself and of our party.

My advice to Jim Demint - shut up, get your sorry tail back to your office, roll up your sleeves, and find a way to compromise. But get off the damn TV. Your whining is making you look like an idiot.

Addendum - Thank god for Senator Judd Gregg. He was the next of the thundering herd of whining Republicans to appear on CNBC this morning. But Judd actually honored our party. Instead of spewing the hate of the Republican talking points like Jim Demint did earlier, Judd actually gave us some level-headed, common sense answers about what's going on with the health care debate. Why can't our Republican political leaders be more like Judd just was? Why in the living hell do these Republican idiots think they score points by coming on TV with a set of canned lines that accomplish nothing but spewing hate and negativity?

That's one of the primary problems I have with our do-nothing Republican Senator from North Carolina. Richard Burr is simply incapable of giving an interview where he answers questions honestly, with common sense explanations. What we get from Burr is the Republican Party line of hate and negativity. STOP IT. Stop all the damn negativity and finger pointing. Just damn STOP IT.

Burr: Republicans screwed America

"In Fed We Trust" by David Wessel. If you want to understand this financial crisis we're living through and why it happened, this is the book you need to read. David is the economics editor of the Wall Street Journal. And the Wall Street Journal is a right wing leaning newspaper. But who does David blame for this financial crisis? 3 right wing Republicans: George Bush, Alan Greenspan and Hank Paulson.

This is the first in a long series of books, papers and articles we'll be reading in the months ahead that try to explain what happened and why. And I'm highly confident that the American people will soon come to understand that this financial crisis we're facing now is a Republican crisis.

Our Republican political leaders screwed America. Republicans destroyed the value our homes. Republicans caused a massive number of Americans to lose their jobs. Republicans destroyed our IRAs, 401Ks and Pension Plans. This mess is a Republican mess.

And when you step in that voting booth in the fall of 2010, it'll be time seek revenge and dish out punishment for this mess. And Republican Senator Richard Burr needs his sorry tail kicked out of office. North Carolina deserves better than this sorry Senator.

Wednesday, July 22, 2009

President Obama is an impressive man

I'm sitting here right now listening to President Obama give a press conference about Health Care. Say what you will, but this man is one hell of an impressive person. He's simply kicking Republican butts all over Washington DC with his performance.

In my daily trading routine, I sit behind a bank of monitors reading news feeds and watching live news, all day long. The last couple of days has been just one health care story after another. And Republican after Republican has lined up in front of the news camera to whine about "socialized Obama Care".

I'm sorry, but socialized Obama Care is just NOT the impression I'm getting as I listen to President Obama speak this evening. I hear common sense. I hear a need to bring some positive change on a number of issues that ill us on the health care front. In short, President Obama is making mince meat of our sorry party of Republican political whiners. I'm fed up even more now with our Republican political leaders.

We're going to get our tails kicked in the '10 mid-term elections. And we just flat deserve it.

The Realm of the Unreal

You know something really fun to do - grab a cold beer, fire up a securities trading platform, turn on your news monitors, listen to Congress talk about health care, and then smile and laugh your afternoon away. That's what I did. Why was it so humorous? Because we have a bunch of morons representing us in Washington DC. This health care debate is turning into a 3 ring circus. Just listen to and read about all the proposals being made to pay for changes to our health care system. Few of them make sense. Most of them are just downright funny, because they're so stupid. It's an out of body experience, stepping into the realm of the unreal.

The funniest thing I heard today? We're going to pay for our health care by taxing the nation's health insurance companies. Think about that. Faced with having to pay higher taxes, what are the health insurance companies going to then do? Well, they sure as heck won't make cuts to executive pay, executive autos, executive jet travel, advertising, or any other common sense cuts. They'll raise our premiums! So everyone will wind up paying that back door tax.

My gosh, we have a bunch of idiots in Washington DC, proposing idiotic things to make this health care legislation happen. Let's make a pact. Let's get rid out our idiots in the next election. And one of the biggest that needs to hit the road - North Carolina Republican Senator Richard Burr. North Carolina deserves better than our idiot Senator Richard Burr. He and his dumb, laissez-faire, free market, $5700 tax credit idea can take a hike.

Senator Burr: Laissez-faire and $5700 won't work

The Republican proposal for health care is the same old proposal that's gotten us into deep, deep financial trouble. Laissez-faire. Get the government out of the way. Throw all of health care into the private sector and let free market forces work their magic. Right. What a load of crap. After all, that approach worked so darn well with mortgage lending and banking in this country, eh?

Then there's another problem. Our costs are going to go even higher. Significantly higher. $5700 is chump change when it comes to covering even the very basic family health care coverage. Even the worst family coverage today runs about $10 - $12 K annually. That leaves the average family having to reach into their pockets for $6 to $7 K. The median household in North Carolina brings in only $44 K before tax. After paying food, rent, and taxes, there's simply not going to be anything left for health care.

But the very worst thing about this miserable Republican proposal is that the private sector will grab ahold of this thing and go wild. They'll take every opportunity possible to increase their profits, right off the backs of those who can afford it, while squeezing out even more of the people who are on the margin. This proposal is simply a failure. It lacks the significant pressure we need in the system to cut costs. And only the government is in the position to step into this equation and mandate requirements that will push down costs.

These are things that need to be done to cut excessive costs:
  • Cap non-profit executive pay. (ie, I'm 'effing tired of reading about the $3 M that Blue Cross and Blue Shield, a non-profit insurance provider in North Carolina, pays its CEO).
  • Eliminate advertising.
  • Eliminate sales people.
  • Stop subsidizing recreational health care - viagra and plastic surgery, et al.
This $5700 proposal is a lazy proposal. It's not bold. It simply passes the buck to the "private sector" with expectation that they'll handle all of our real problems in health care. It isn't going to happen. The private sector isn't up to the job. The private sector will do what it always does, charge higher rates, pay executives more egregious salaries, grow their bottom lines, all at the expense of the consumer.

Senator Richard Burr is a lazy, worthless man. He's afraid to step into this situation with bold action that will really address our nation's ills in health care. We need to get rid of this man and find ourselves a decent Republican Senator. North Carolina deserves better than Senator Richard Burr.

Senator Burr needs to go

It's just time to give our worthless Republican Senator Richard Burr the boot. North Carolina deserves better.

Tuesday, July 21, 2009

The RNC is nuts

This just came out from the RNC:

"The chairman of the Republican Party on Monday called President Barack Obama's plan to overhaul health care "socialism," accusing the president of conducting a risky experiment that will hurt the economy and force millions to drop their current coverage."

What is the world is going on with our Republican party? The chairman of the RNC simply has to be nuts. The man is missing a screw, or two. Why in the world would he attack a proposal that doesn't exist? Feel free to correct me if I am wrong, but President Obama doesn't have a health care proposal. President Obama has simply put forward some broad outlines, like:
  • More people need to be covered.
  • Overall costs need to come down.
  • The plan needs to be paid for and not increase our deficits.
  • We need more competition in the system.
President Obama sets a broad, reasonable, common sense outline and leaves Congress to fill in the details. And the RNC attacks President Obama's so called "plan"? Give us a break.

And the accusation that a newly proposed plan is socialism is a crock of crap. What do you think we have now? Anyone who currently has health insurance coverage pays for themselves, as well as for those who don't have coverage. We get charged more to cover the fact that our doctors and hospitals get stiffed by people showing up for care in the emergency rooms and yet can't pay a penny. Not only that, but the US Government pays over 50% of all health care bills in this country via Medicare and Medicaid. Our collective income taxes pay those bills. That's socialism. So, we have a socialistic system right now for health care coverage. Massive socialism.

What is the RNC doing? They are trying to scare the American people into inaction. They want no changes to our current system. And if that happens, we're going to go broke as a nation. What the RNC is doing now is egregious. It's ridiculous. It's reckless. It's just downright stupid. They need to shut the heck up, roll up their sleeves and get to work finding a way to massively cut costs in our health care system.

Senator Richard Burr is a part of this "No" machine. He's a do-nothing politician who gets absolutely nothing of importance done for the people of North Carolina. It's time to send a message to Senator Richard Burr and those idiots at the RNC. It's time to clean house and give these useless people the boot. North Carolina deserves better than Senator Richard Burr.

Monday, July 20, 2009

Republican honesty on Health Care

I really wish that Republicans would be honest when they talk about their health care plan. Republican Congressman Paul Ryan is hosting on CNBC this morning. He's talking about his health care plan proposal, which is similar, if not the same, to the one Senator Richard Burr put forward. But, I deplore the way Congressman Ryan, like most other Republicans, paints the plan as one that will not raise taxes, cover more people, and not have the US Government paying one cent more.

OK then, where's the money coming from to expand the rolls? How does money come from thin air? It comes right out of our pocket, through a back door income tax increase. Under the Republican plan, current health care benefits would become taxable. Under the Republican plan, we won't have flex benefits to set aside a pot of tax-free money to help pay out of pocket health care costs. Tax increase. Tax increase.

Under the Republican plan, Americans who currently get their health care from their employers will wind up paying higher income taxes. Those higher taxes will go into the government coffers to allow tax credits to go to those who don't have employer coverage and flex spending accounts. That's it. That's the secret juice to the Republican plan.

The Republican Plan will raise our taxes. The Republican plan is a tax increase. And I haven't heard a Republican yet who is being honest about it. And that includes our good-for-nothing North Carolina Republican Senator Richard Burr. This man isn't being honest with us. We need to give him the boot. North Carolina deserves better than Republican Senator Richard Burr.

We're confused, but Burr needs to go

We have a big problem in our country right now. Americans don't understand how we got to where we are. They don't understand Wall Street's role. They don't understand the roll Congress and our former President played. They don't understand the roll our current political leaders play in this mess.

But Americans clearly see four outcomes:
  1. We lost a massive number of jobs.
  2. The value of our homes declined appreciably.
  3. The value of our investments plummeted.
  4. Our government is spending TRILLIONS to stabilize the situation, but it doesn't seem to be working.
And now Americans want blood. We want to point fingers. And the finger pointing is going in every direction.

I've been clear here that the laissez-faire, hands-off attitude to government oversight and regulation practiced by our Republican Political leaders got us here. President Bush, our Republican controlled Congress and the Republican Chairman of our Federal Reserve Board sat back and did nothing while Wall Street ran wild and tanked the world economy. Our Republican controlled government was so derelict in its responsibilities that it wound up costing the entire world over $50 Trillion in lost wealth at the worse point of this crisis.

The average Republican blames Barney Frank, Nancy Pelosi and Harry Reid for getting us here. And right now, they think our Democratic President and Democratic controlled Congress are to blame for the crisis because of the massive government spending. They also think the spending is making the crises worse. That's just plain wrong.

The average Democrat is confused about how we got here, but they also are suspect of the spending and all the bailouts. So confusion reins. But everyone is burning up the lines to Congress and chewing the ears off our elected representatives in Washington.

Washington is feeling the heat. Congress is running for cover and trying to lay the blame at the footsteps of Wall Street CEOs, the US Treasury, and the Federal Reserve Board. A multitude of hearings are getting heated. And unfortunately, too much time is being spent right now on trying to place blame and too little time is going to laying the groundwork for the recovery that will come.

The bottom line - this is a very confusing period. It's the period right after the bombs went off, and right before we get organized to clean up and rebuild. This is the period of confusion where we see damage all around us and simply want to lash out.

Avoid the temptation to lash out too much. Look around for those who are laying the groundwork to get us through this crises and rebuild. Back them and give them your understanding and support. Then after we rebuild, there will be plenty of time to get more clarity on what happened, who's to blame, and where the punishment needs to go.

Right now, the only two people I trust to get us through this crises are President "No Drama" Obama, and Federal Reserve Board Chairman Ben Bernanke. A Democrat, and a Republican. These two men are level-headed, common sense individuals who calmly and coolly listen to all the experts around them, analyze the facts and inputs and then make decisive and bold decisions. They'll steer us through this crises. And I feel pretty darn confident that we're almost out of the woods and brighter days are ahead because of their leadership skills and the decisions they are making.

But when the dust settles and we're in better shape, we'll be positioned to seek revenge on those who got us here. And Senator Richard Burr is one of those senseless laissez-faire Republicans who sat on his tail and did nothing about the giant risks building up all around us. He allowed Wall Street to run wild with the securitization of sub-prime loans. He provided no oversight to the senseless and reckless lending practices that destroyed our housing market. He took the teeth away from our SEC. He did nothing about the unregulated $60 Trillion CDS market. He did nothing about the oil speculators. He did nothing about the wealth concentration, budget deficits, our lax tax collection efforts, and all the hiding of assets that went on by our nation's wealthiest. And on and on. This man is a disgrace to North Carolina and directly responsible for this mess.

We need to find a Republican to take Senator Burr's place. We need a Republican with a more progressive attitude about the responsible oversight roles our government needs to play. And if there is not a Republican alternative to Richard Burr, then we need to swallow hard and vote for anyone other than Senator Burr. And that's the bottom line. Senator Burr is a failure. He needs to be punished. Senator Richard Burr needs to be voted out of office.

We'll be able to dish out punishment in the Fall '10 elections. And North Carolina Republicans need to focus on holding Senator Burr responsible for his lax oversight of our government. We need to send Senator Richard Burr packing. North Carolina deserves better than Republican Senator Richard Burr.

Friday, July 17, 2009

Senator Burr: 502,263

I bet you if you walked up to Senator Burr and asked him how many unemployed there are in North Carolina according to the Employment Security Commission, you'd be met with a blank stare and a goofy facial expression. The answer: 502,263.

Keep in mind, that's the government statistic. That doesn't count the number of people who have given up looking for job and dropped off the unemployment rolls. Studies I've seen indicated that about 50% more than the official count have simply dropped off the radar. So, that'd be about another 250,000 unemployed in North Carolina who aren't on the official unemployment rolls.

Then, you've got all the people who are working part-time, barely making ends meet, and desperately want a full-time job. Again, according to estimates I'm familiar with, that's probably another 350,000.

502,263 + 250,000 + 350,000 = greater than 1,000,000 reasons to give our sorry Republican Senator Richard Burr the boot right out the door. North Carolina deserves better than Senator Richard Burr.

These are the people keeping Burr in office

These are Republican Senator Richard Burr's constituents. Is this you? If so, please go take an economics course at your local community college, and STFU. And for gosh sakes, stay away from the voting booth.

Rational people in North Carolina need to unite and throw Republican Senator Burr out the door. North Carolina deserves better.

More confirmation of Burr's absence

An article is out in the Wall Street Journal this morning outlining all the key players in the Senate on the Health Care legislation. Our State's Republican Senator Richard Burr is nowhere to be seen. What else is new?

It's simply time to give this do-nothing man the boot. We shouldn't send representatives from our state to Congress so they can hide in their offices and get nothing accomplished. North Carolina deserves better than Republican Senator Richard Burr.

Thursday, July 16, 2009

CNBC confirms Burr's absence

I was busy yesterday. The market was screaming higher and my trading screens were blinking wildly. I'm fully invested and slightly into margin, so I had to keep my eyes glued to my positions. What made it difficult though was that I also recently had HVAC issues that caused me to replace both my systems. So I had a couple HVAC guys in and out of my house all day long. So, busy day and I couldn't focus much on news flow.

One interesting thing did attract my attention though - the health care legislation battle. A NBC White House correspondent came on CNBC in the early afternoon and within a couple minutes did a pretty decent job outlining the current state of the health care legislation in Congress. I ignored the market and the HVAC guys for a good chunk of time while listening intently to this report. He was naming all the key Senators in the health care debate and their various positions and rolls in shaping the legislation. His focus on the Republican isle was on about 7 or 8 key Republicans who would determine the outcome of this legislation. Missing from his list - our State Republican Senator Richard Burr.

A couple weeks ago, Senator Burr tried to make headlines by releasing a so called "Republican Plan" to address our health care issues in this country. It was almost the exact same plan pushed by the McCain campaign last fall. It replied on more of the same - tax credits (tax cuts in disguise). Senator Burr just tried to slap his name on it and take credit. What a damn disgrace. And it's evident now that he's being pushed aside, even by his own party, in this very important debate. Republican Senator Richard Burr is once again absent and doing nothing to help the people of North Carolina.

I'm simply tired of our do-nothing Senator. I would really like to see another Republican run against this man. Anyone. Heck, I'd vote for Mickey Mouse on the Republican ticket over Richard Burr. It's simply time to get rid of our do-nothing Republican Senator Richard Burr. North Carolina deserves better.

And Senator Burr voted NO.

I had to laugh when I saw this Greenville, NC news piece about the Health Care legislation committee vote. Time was devoted to explaining how North Carolina Democratic Senator Kay Hagan was working the bill to help out farmers in North Carolina. After reading the article, you feel like she's a Senator who's rolling up her sleeves and getting some work done in Washington DC to actually help the people of North Carolina. But what's Senator Burr doing?

At article ends with this single, powerful, funny line "Republican Senator Richard Burr voted no."

Think about it. Isn't that just about all we hear from or about Senator Burr these days? Senator Burr votes no. That pretty much sums up what North Carolina Republican Senator Burr does to represent us in Washington DC. Senator Burr votes no. He hides in his office, and pokes his head out every now and then to vote no. That's what we have representing us in Washington DC. Sad.

It's past time to "Vote No" on our do-nothing Republican Senator Richard Burr. The man is a disgrace to North Carolina. It's time to give him his walking papers. Our state deserves better than Senator Richard Burr.

Tuesday, July 14, 2009

Republicans don't want you to make money on your investments

For those of us who want a level playing field in the investment world, there is even more great news out today. The Justice Department, led now by the Democrats, is investigating the CDS market. If you've been reading this blog, you know how I feel about both level playing fields in the investment world, and a CDS market that almost brought our financial system to it's knees. For too long now, Republicans sat on their lazy asses in Washington DC and did nothing about Wall Street raping and pillaging our investments. Even worse, Republicans sat around with their heads up their asses and allowed the CDS market and other derivatives to balloon into an unregulated $50+ Trillion monster that was largely responsible for this financial crisis. The ignorance in Washington DC during the Republican Bush Administration almost robbed us of all our savings. Which makes me wonder, do Republican Political leaders want anyone but Wall Street to make any money off savings and investments? It doesn't appear so.

Again, it's taken a complete change of political leadership in Washington DC to bring sanity back into our financial markets. It's taken a complete change in leadership to get so many of the key issues addressed that ensure average investors that they can safely deploy capital and not get ripped off by Wall Street traders with an unfair advantage. And it absolutely makes me livid that our Republican Political leaders were in Wall Streets pockets so deep as to sell out the American people and destroy Americans' 401K, IRA, 529, and Coverdale accounts.

Face it. Our Republican party is inept. They believed so deeply in the concept of laissez-faire and free markets that they took all the referees off the field. And in doing so, Republicans allowed a very small group of people to bend the rules and get an unfair advantage over the vast majority of financial market participants. ENOUGH.

It's now time to dish our punishment. It's time to throw the inept Republicans who served in the Bush Administration out on the street. We need to send a clear message to these ignorant Republicans - ENOUGH. And among that group of ignorant Republicans - North Carolina Republican Senator Richard Burr needs to go. This man did nothing to help protect your 401 K, IRA, Roth, 529, Coverdale accounts from the Sharks on Wall Street. Kick Senator Burr out the door. North Carolina deserves better.

Monday, July 13, 2009

Burr does nothing about Supercomputer Trading. Why?

Supercomputer trading. That's what I call it. Our nation's giant investment banks have invested hundreds of millions of dollars to build giant supercomputing centers located as close as physically possible to our nation's major stock exchanges. Why? So they can trade massive numbers of shares of stock, in microseconds. This strategy is often referred to as "high-frequency program trading". And according to the Tabb Group, this trading is taking in $21 Billion in annual profits. But who's pocket is this $21 Billion coming from?

I don't pretend to understand exactly how it works, but it appears these investment banks can buy and sell the same security within milliseconds and score profits of fractions of a cent each and every time they execute a trade. They often insert themselves in the middle of transactions that otherwise would happen between two unrelated parties. The supercomputer buys from one party, takes a little profit, sells to the other, and takes a little more profit. There's no risk to this activity. It makes money consistently, and is done millions upon millions of times a day. So much of the trading activity is from the supercomputers that it's been estimated that as much as 70% of the volume in today's markets are coming from the high frequency program trading supercomputers run by a handful of investment banks. That's how I understand what's going on here.

Stop and think about what's happening. These are risk free profits made by a select few investment banks. They have found a way to work the system and make consistent profits each and every trade, by skimming a small fraction of a cent off the top of a massive number of stock transactions each day. Who pays? Other investors who are buying and selling on the other side of these transactions. Our nation's pension plans, mutual funds, 401K accounts, IRAs, 529 College Savings Accounts wind up paying. We pay. It's like a tax we pay to the owners of the supercomputer centers - a $21 Billion tax. The pension funds and savings of American workers and investors are paying the Investment Bankers who own these supercomputer centers.

There are just all kinds of questions that arise once you dig into what's going on here. The most crucial question to ask: Is this fair, and should it be legal? If you'll stop and think about this one issue, you'll understand that you are getting to the very crux of the the philosophical question of what it means to be a Republican.

If you're a laissez-faire, old school Republican, you're going to insist that this activity is legal, ethical and that the government should do absolutely nothing about it. It's OK for the Investment Banks to skim off the savings and investments of American workers and investors so that the Banks can line their pockets with fat profits and multi-million dollar bonuses. After all, it's the American way. They found a flaw in system. They invested money and capital to take advantage of the flaw, and now they're making "profits" as a result of their efforts.

I've been accused of being a socialist based on some of my posts to this blog. I'm not. What I am is a practical, modern day Republican. Old school Republicans believe that government needs to be held completely at bay. Government needs to just stand aside and get out of the way of the people and of business - laissez-faire. Practical, modern-day Republicans know otherwise.

This supercomputing example explains exactly why laissez-faire is not a practical approach today. Our world is simply far too complex to take all the referees off the playing field, for the government to stand aside and stay completely out of the way of the people and business. We must have rules and regulations to ensure that everyone operates on a level-playing field. Otherwise, we'd constantly be faced with situations where a very small number of people can corner a market, or corner methodology that takes advantage of everyone else. It winds up taxing the rest of us. But instead of paying the tax into a pot that benefits our entire country, we pay a tax into a pot that benefits a very select few individuals.

That's what's happening with this supercomputing trading. Every American with a pension is paying a tax to Goldman Sachs, Merrill Lynch, Morgan Stanley, and all the other supercomputer owners. And the only damn thing that can be done to put a stop to this riskless profit machine is for the government to step in and regulate it away.

Am I a socialist for wondering why our Republican Senator Richard Burr does absolutely nothing about this egregious activity? No. I am a modern day Republican who takes a very practical approach to business. It's fair if everyone can do it. But everyone can't own a supercomputer located right next door to the New York Stock Exchange, insert themselves in the middle of a stock transaction and skim riskless profits. Therefore, a laissez-faire approach is simply unfair. And instead of getting out of the way, our government must step in here and level the playing field.

It's time to put a stop to this bullshit. It's time for our Republican Senator Richard Burr to get off his lazy ass and get something done about our nation's investment banks raping and pillaging our pensions and savings. It's really time to give our Senator Richard Burr the boot, right out the door. North Carolina deserves better than our do-nothing Republican Senator Richard Burr.

If you want more info about this supercomputing trading issue, see this white paper, and read this article. You can also google the name of an independent, well respected investment advisor, John Mauldin. John is a very practical, level-headed and extremely knowledgeable individual. He's been a student of our financial markets for many decades. John writes a series of investment research pieces, some of which he makes available to the public free of charge. You can also potentially get on John's email list to consistently receive some of his research. John has written extensively about this supercomputing trading issue and encourages all Americans to make an effort to push and prod our elected officials to do something about this travesty. John Mauldin - look him up, read his stuff. It's worth the time.

Sunday, July 12, 2009

Progress with UBS, but Republicans still failed us

There was news out this weekend about our country's efforts to get Switzerland and UBS to turn over the list of names of the 52,000 Americans who are hiding assets in unreported and undeclared offshore accounts at UBS. Our Justice Department is not backing down. They are going after UBS and Switzerland aggressively. A judge was to hear the case tomorrow, but there's now a delay requested to that hearing in anticipation that UBS will comply and turn over the names.

Earlier disclosures by UBS had indicated that over 17,000 of these accounts held more than $1 M each. We're not talking about small change here. The hidden money is a minimum of $17 Billion. It's more likely a 2,3 or 4x multiple of that minimum number. And that represents a substantial loss of annual income tax revenue. Assuming a conservative 8% annual return on the hidden money and that income being subject to 28 - 33% US Federal income tax rates, then we're likely losing a couple billion a year in income tax revenues just from these UBS hidden accounts.

How much have we exacted from UBS so far for their criminal actions of allowing these 52,000 crooks to hide money? We've fined UBS $780 M. That's chump change in comparison to the annual taxes we haven't been collecting. So, we absolutely need to be aggressive against UBS and Switzerland. We need to put UBS out of business if necessary and put a giant boot up Switzerland's tail. And those 52,000 Americans need to quake in their boots at the thought of what's going to happen to them. They're criminals. They need to be punished severely.

If it was up to me, the 82nd Airborne would now be operating in the Swiss Alps. And UBS would have been closed down and all it's US assets would have been sold off, the proceeds from which would be sitting in our US Treasury. And those 52,000 American crooks? They'd be penniless. I'd strip them of every asset they owned - house, auto, dog, shirt off their backs. Every penny. And that money would be sitting in the Treasury as well. We have to get extremely tough with income tax cheaters and the companies, people and governments who aid in the hiding of income generating assets. A modern day Republican can't turn a blind eye to the need for a level playing field in income tax collections. If the small guy has to pay all his income taxes, then the rich guy has to pay all of his income taxes too. And for too long, our Republican party has not focused on the necessity of making tax collection a level playing field.

Republicans simply failed us on this front. They weren't aggressive with UBS and Switzerland. They allowed a group of 52,000 rich and wealthy Americans to hide assets in Switzerland and did little about it. It's taken a change in political party leadership in Washington DC to finally bring fairness back to the income tax collection process in this country. That's sad. That's very sad. And it speaks volumes as to why our Republican party is a broken, toothless party.

We can repair our party. But first we need to clean house. We need to boot out of office every Republican who served during the failed Bush Administration. That includes North Carolina Republican Senator Richard Burr. This worthless man needs to go. North Carolina deserves better.

Saturday, July 11, 2009

Thank You

Thank you, "Thunder Pig", for the unflattering mention. I'm not a socialist. But you can mark me down as one hell of a pissed off Republican - pissed off at 8 years of inept leadership from the idiot George W. Bush and our do-nothing Republican Congressional Leaders. On that front - I'll readily fess up.

Tim Geithner wins my respect

I've been making fun of this man. I've been picking on Tim Geithner endlessly since he became Treasury Secretary. In his prior position as the head of the Federal Reserve Bank of NY, he sat around and did nothing about the CDS risks building up in our system. These risks took down AIG and almost crashed the world-wide financial system. These risks turned a $2.5 Trillion sub-prime mortgage issue into a worldwide $50 Trillion loss in wealth.

But, it turns out Tim Geithner wanted to address these problems. He was hamstrung by Congress. Today, he appeared before Congress seeking permission to bring sanity to the CDS and other derivatives markets. Tim Geithner won my respect today. I was wrong about Tim Geithner. But I've been right about our do-nothing Republicans in Congress.

You know what Tim's appearance today means? It's yet one more major financial issue getting ticked off the list of a multitude of financial system problems that built up and went unaddressed during the Bush Administration. It's yet one more case of major financial issues getting addressed in this Democratic Administration and Democratic Controlled Congress.

This is what you need to know. In the 8 years of the Bush Administration, the Republican controlled Congress sat around with its head up its ass. As a result, our world came extremely close to a complete and total financial meltdown. Republicans. Republicans. Republicans. Thay sat on their asses and did nothing, while dangers all around our financial system were spinning out of control.

ENOUGH. It's time to dish out punishment. It's time to throw to the curb all those lazy POS Republican politicians who came so very close to allowing Financial Armageddon to occur. North Carolina Republican Richard Burr is one of those do-nothing Republicans.

Look hard at your 401K, IRA, 529, Coverdale statements. Look very hard at the current value of your home. I know, it's bad. You've probably lost a significant amount of money. Money you once had is now gone and very likely won't be coming back anytime soon. Ask yourself though, does it make common sense that you came so very close to losing it all? Ask yourself how it is that the Republican President and Republican controlled Congress could have been so very asleep at the wheel to have allowed this to happen. Then get mad. Get ready to throw out of office every sorry Republican who served during the Bush Administration.

Get ready to send Republican Senator Richard Burr packing. North Carolina deserves better.

Friday, July 10, 2009

Senator Burr and Republicans failed us on Jobs

Very interesting blog piece I just ran across on Econbrowser. Look at the chart there and allow it to sink in:

Our country has not created a single net new job in the last 8 years.

Yes, you did not read that line incorrectly. 131.8 M Americans were employed in June 2000. Only 131.7 M Americans were employed in June 2009. And ladies and gentlemen, Republicans ran our economy from 2000 through 2008. So, who's to blame for the FACT that we have not created one damn new job over the last 8 years? Republicans are to blame.

And that's why our Republican political leaders are so pathetic.

And that's why we need to punish Republicans who served in political office over the last 8 years. We need to throw these sorry bums out the door and find a new generation of Republicans. And one of the sorry bums who needs to go is none other than our do-nothing US Republican Senator Richard Burr. Senator Burr failed us. He needs to go.

Thursday, July 9, 2009

Senator Burr and Republicans failed us on Health Care

These are investment news briefs that recently passed by my trading screens:

"WSJ reported that White House Chief of Staff Rahm Emanuel said it is more important that health-care legislation inject stiff competition among insurance plans than it is for Congress to create a pure government-run option. Emanuel said "the goal is to have a means and a mechanism to keep the private insurers honest," and that "the goal is non-negotiable; the path is".

" ... another news item that may be contributing to the strength is a report by the Washington Post that the nation's hospitals agreed last night to contribute $155 billion over 10 years toward the cost of insuring the 47 million Americans without health coverage ..."

" ... WSJ reported that President Obama outlined a $313 bln in cuts to govt health-care spending over 10 years ..."

" ... on June 20, the Pharmaceutical Research Manufacturers Association agreed with the White House and the Senate Finance Committee to reduce Medicare prescription drug costs for seniors, saving $80 bln over 10 years ..."

See what's going on here?

Now that Democrats control the White House and Congress, there's action on the Health Care front. Why in the heck did it take a change in political leadership in Washington DC for these things to get done? Why does it take Democrats to lean on industry to rein in egregious price increases in health care? What in the heck did our Republican leaders do during the 8 years they controlled Washington?

Nothing. Republicans did nothing about health care. And that's why we need to throw these bums out of office in the next election. They were there for 8 years. Year after year we were subjected to 8,9,10+% increases in health care costs. These increases far outstripped inflation. These increases ravaged our checkbooks. And our Republican political leadership sat on its lazy tails and did nothing. But, now that Democrats are in control, we're getting action.

I don't know how you feel about this. But I can tell you how I feel. It's time to punish our Republican politicians who sat around for eight years doing nothing while we got screwed. It's time to throw do-nothing Republican Senator Richard Burr out of office. He's a loser. North Carolina deserves better.

Just great

Now we've got stories of Republican Senators trying to intervene to stop the extra-marital affairs of other Republican Senators. It gets even better. Some kind of Christian Fellowship group gets involved too and suggests $1 Million+ payoffs to make the mess go away.

My gosh, is there NOT a Republican Senator involved in extra-marital affairs and multi-million $ bribes?

I am simply past the point of being fed up with the leadership in my *@&#ed up Republican Party. ENOUGH. Throw every damn one of them out the door. Find new Republicans to serve.

Republican Senator Richard Burr has to go. He's a loser. ENOUGH. We've simply had ENOUGH.

Addendum: Oh boy, this story just keeps getting better and better.

Wednesday, July 8, 2009

A Special Message for Congressional Republicans

When it comes to making comments about the economy:

Just Shut the Hell Up.

Republicans caused this financial crises. Republicans took the referees off the field. Republicans preached that markets and their participants could police themselves. We wound up losing $50 Trillion in worldwide wealth as a result. We wound up having to rescue our banks. We wound up having to spend massive amounts of taxpayer money on a stimulus package. We needed US Government spending to replace the spending of the financially wounded consumer. This mess, it was a Republican mess. This massive spending of taxpayer money we're having to do now, it's because our Republican leaders failed us.

And to cry and whine and declare that what we're doing right now to fix this Republican mess, after only 4 to 5 months of the fix being in place, it's just plain dumb. So, shut up Republicans.

And a very special shout out to the King of the Republican Idiots - Representative Darrell Issa. JUST SHUT THE HELL UP. We don't want to hear from Republicans right now. We want you to sit in a corner and keep your mouths shut. We want to throw you out of office in the next election and replace you with new Republicans. We want Republicans in office who don't whine, who don't point their fingers in pathetic efforts to escape blame, who take responsibility for their actions, and who have at least a basic understanding of economics and our financial markets.

Richard Burr - You're on the target list too, right along with the idiot Congressman Darrell Issa. North Carolina deserves better than Republican Senator Richard Burr. Our nation deserves better than the pathetic Republicans who led us down a rat hole. So, it's time to throw their sorry tails to the curb.

Just passing by my screens

This investment brief below just flew by my screens and I gave it a quick scan. Read it, and ask yourself ... Where's Senator Richard Burr?

"DJ reports Senate Republicans signaled that a push to pass health-care legislation before the August congressional recess may be slowing down. Following a meeting Wednesday with Senate Majority Leader Harry Reid, D-Nev., Sen. Charles Grassley, R-Iowa, told reporters that "bipartisan talks are going to continue and not continue under a very hard timeline." Grassley is the ranking Republican on the Senate Finance Committee. Sens. Mike Enzi, R-Wyo., Olympia Snowe, R-Maine, and Orrin Hatch, R-Utah, also met with Reid. The talks with Reid come after reports Tuesday that Reid and other Senate Democratic leaders conveyed a message to Senate Finance Chairman Max Baucus, D-Mont., that Baucus was placing too much emphasis on trying to gain Republican support for health-care-legislation. Democratic leaders also warned Baucus that he could lose support among Democrats for a health-care bill if it taxed health benefits and didn't include a strong public health-insurance option."

And Senator Richard Burr is a Republican leader in the Senate on Health Care? Right, and my dog is President of the United States.

North Carolina Senator Richard Burr is a loser. He hides in his office. He gets nothing of significance done for North Carolina. It's time for change. It's time to kick Senator Richard Burr out of office.

Richard Burr did NOTHING about the UBS crooks

If you've been reading this blog, you'll know that I'm one heck of an angry Republican. And NOTHING makes me more angry than what's going on with UBS (Union Bank of Switzerland). UBS is a massive, international Investment Bank. They have a private money management arm that has allowed over 52,000 Americans to hide over $15 Billion in secret accounts overseas. These Americans are crooks. They are screwing the rest of us by not reporting the income and paying income taxes on these accounts. More information about this mess is here, here, and here.

Republicans did nothing about this mess. It's been known for many, many years that this was going on. And we didn't start getting aggressive with the Swiss about getting the names of these tax cheats until after Democrats came to power in Washington DC. Ask yourself, is that fair? Does that make common sense? Why did our Republican leadership sit on its lazy tails and play patsy with the Swiss over this issue? Why didn't they send the 82nd Airborne Division to Switzerland, storm the UBS vaults, and find that damn list of these 52,000 American Tax Cheaters? The average tax paying American deserved better. Republicans failed us.

Maybe Republicans failed us because one of our own was the Vice Chairman of UBS? Yep. Powerful, former Republican Senator Phil Gramm pushed legislation through Congress in the late 90s that created a massive, totally unregulated CDS (credit default swap) market. It's the market that eventually led to over $50 Trillion in losses of world-wide wealth. Its the market that took down AIG and eventually cratered our big banks. It's the market that initially put massive profits into the pockets of UBS and other investment banks. And Republican Senator Phil Gramm's reward? He became the lavishly paid Vice Chairman of UBS. Phil is from Texas. George Bush is from Texas. Phil is a Republican. George Bush is a Republican. Phil was the Vice Chairman of UBS. Is it any wonder that Republicans sat on their lazy tails and allowed these 52,000 American clients of UBS to hide assets? Republicans really screwed America on this issue.

Now, the Swiss are spitting in our eyes and telling us to take a hike. But now that Democrats control Washington DC, we're finally fighting back against the Swiss and those 52,000 American crooks. And I can tell you this, like most normal, tax paying Americans, I won't be pleased until we send the 82nd Airborne Division to the Swiss Alps. I won't be pleased until we put UBS out of business. I won't be pleased until we repossess every asset that UBS owns in this country. I won't be pleased until we strip every asset from these 52,000 American income tax cheaters. I won't be pleased until we throw out of political office every Republican who served while George Bush was President. These Republicans turned a blind eye to this theft, because one of their own was in power at UBS. That was WRONG.

North Carolina Republican Senator Richard Burr did nothing about the Tax Cheating at UBS. North Carolina Republican Senator Richard Burr thinks it's OK to sit back and allow 52,000 Americans to hide assets offshore and not pay their fair share of income taxes. It's past time to send a message to this worthless Republican Senator. Let's decisively boot his sorry tail out in to the streets. North Carolina deserves better than worthless Republican Senator Richard Burr.

Tuesday, July 7, 2009

Richard Burr failed American Investors

Someone asked me if I was pleased with the "change" promised by President Obama. Yes, I am. My response:

As an individual who makes a living trading the financial markets, YES, I am very pleased with the massive change that President Obama has brought to our world. Finally, I am seeing progress to level the playing field in the investment world, progress that will bring fairness back for all investors:

1. BROKER VOTING RULE - The Democratic controlled SEC is finally acting to prevent Corporate Executives from controlling the vote of shareholders who don't vote. No more Iranian style ballot boxes in corporate America. Vastly fewer entrenched, underperforming, overpaid, fatcat Executives controlling our public companies. Our Republican political leadership did NOTHING about this disgrace.

2. OIL SPECULATION - The Democratic controlled CFTC is finally moving to put referees onto the field in commodities trading. Futures markets were meant for commodities producers to hedge production and storage of their product, NOT for financial speculators to drive price volatility to make massive profits off the pocketbook of the American consumer. Our Republican political leadership did nothing about this disgrace.

3. SHORT SALE RESTRICTIONS - The Democratic controlled SEC is finally making an effort to bring sanity back into short selling. Hordes of hedge funds are ganging up on the stocks of corporate America and causing our IRAs, 401Ks and 529s to suffer greatly. Our Republican political leadership did nothing about this disgrace.

4. DARK POOLS - The Democratic controlled SEC is finally moving to put some light on the trading that happens in private, over the counter markets. This trading influences the pricing of trading over national exchanges, but we know absolutely nothing about what happens in dark pool trading. Our Republican political leadership did nothing about this disgrace.

5. CDS TRADING FORMALIZED - The Democratic controlled Treasury, FED and SEC are finally moving to require all over-the-counter trading to be forced onto monitored exchanges, with rules and regulations that will inform and protect all players. Our Republican political leadership did nothing about this disgrace.

There is much left to do. But significant progress is happening in the investment world.

Basically, it took Democrats to put referees back onto the playing field. It took Democrats to put a stop to Wall Street Trading Desks from screwing America with their ability to control the financial markets through their restriction of the free flow of information. Our Republican leadership sat on its lazy asses and allowed American investors to get the shaft. And FINALLY, some sanity is returning. FINALLY we have a fighting chance to invest and reap rewards from our investments.

Once the Republicans who failed us have been tossed from office, and new Republicans take office who understand the importance of referees on the playing field, then I can support our Republican Party again. But it will take time. And the ignorant, laissez-faire loving Republicans like Senator Richard Burr need to be booted to the curb first. North Carolina deserves better than Republican Senator Richard Burr.