Friday, April 30, 2010

Senator Richard Burr - Deere, or Toro?

I'm reading with interest the unfolding debate that's taking place in Washington DC over various provisions of the legislation to overhaul our nation's financial system. Various Senators are weighing in on the myriad of aspects of the legislation. I've yet to read anything in the national press about the opinions/actions of North Carolina Republican Senator Richard Burr. I suspect the press is probably holding off interviews of Senator Burr. They're waiting until the Senate has to recommend which lawn mowing equipment our nation's banks must use to mow the grass at all their branch locations.

The expertise of North Carolina's Republican Senator Richard Burr lies in knowing the lawn mowing industry. You can't say our state isn't well served in the US Senate.

North Carolina simply deserves better than our sorry Republican Senator Richard Burr.

Senator Richard Burr - In left field on financial market reform


When it comes to financial market reform, Republican Senator Richard Burr is concerned about Fannie Mae and Freddie Mac. And Senator Burr is hot under the collar about the Consumer Protection Agency.

North Carolina Republican Senator Richard Burr is a clueless dolt, standing out in left field.

Our Senator isn't focused on what's important to our country. Fannie and Freddie weren't the cause of the chaos in the financial markets. And the Consumer Protection agency isn't going to solve our problems either. Derivatives caused this financial mess. Synthetic derivatives, allowing Wall Street traders to bet on thin air, were the primary causes of this POS financial crises. We allowed these idiotic securities to be created. They magnified losses, crippling banks and insurance companies, enriching a few Goldman Sachs like trading sharks, and brought our entire financial system to it's knees. These instruments of mass destruction so entwined our entire financial system that the failure of just one big financial institution would have brought down the entire world economy.

Senator Burr needs to get his head out of his tail as it pertains to this financial system reform. He needs to stop worrying about the innocuous, menial things in this legislation and get the primary problems addressed. All derivatives need to trade on exchanges, so we will know who owns and trades what. All derivatives need to be backed with sufficient collateral. That will ensure parties entering trades can pony up. We need this crap to come out of the dark and to be backed by money. These actions will stop the gambling, and bring us back to investing.

Republican Senator Richard Burr is a mental midget. Our Senator is simply a clueless dolt on issues of substance. The man chases his tail, worrying about the little stuff, while the major issues go unaddressed. North Carolina simply deserves better than Republican Senator Richard Burr.

Thursday, April 29, 2010

Republican Senator Richard Burr - A friend of the Wall Street Casino


The big news today? Republicans will "allow" a debate on regulating all the casino betting that happens with our retirement savings.

What's the crux of the problem I see with the moronic stance of my Republican Party? These idiots want to continue to allow Wall Street to play betting games with our retirement savings. Republicans will do nothing about "synthetic" securities. Yeah, let's all go out and put our retirement money in the hands of Wall Street gamblers who can BET on paper assets backed by thin air. Republicans are being idiots. They aren't using common sense. There's no room for "synthetic" investments in America. All financial instruments need to be backed with substance.

There's another major problem with the stance taken by our Republican Party leaders. These idiots aren't clamping down on derivatives. All derivatives need to be traded on formal exchanges and backed by rational capital requirements. No more AIGs. No more Goldman Sachs who create these instruments, in a dark room, to bet against America. It's time for everyone to be on the same, level playing field. That means we all need to see what's trading, how it's priced, and be assured that if a party to the trade can't pony up, there will be a pool of assets to back these trades up.

Republican Senator Richard Burr is a lawn mower salesman. The man is an empty suit, totally out of his league in Washington DC. He's a clueless moron when in comes to putting in place common sense rules and regulations to guide our nation's financial markets. And the fact that your 401 K has gone nowhere for more than a decade just shows how poorly we've been served in Washington DC. It's time to give our Republican political leaders a swift kick in the rear-end, and run their sorry tails out of Washington DC. They failed us. Our current Republican political leaders continue to fail us by standing in the way of sensible financial system reform.

Wednesday, April 28, 2010

Burr Must Go - Thanks to Richard Burr, we're going to pay higher taxes


Read this article that recently appeared in the Washington Post. It's a wake-up call.

Our world financial markets are once again in turmoil. Greece is close to default. Spain was just downgraded. Ireland and Portugal are next. Around the world, governments are having to take on massive debt, and spend like crazy, to keep our economies afloat. They're having to do this in order to keep their citizens employed and to make up for the lack of consumer spending as a result of the fear that this worldwide financial crises has caused.

Who's to blame for this mess? My Republican Party. Republicans in the Bush administration cut taxes, ran big budget deficits, started wars, ignored runaway costs of health care, education and energy, and failed miserably to enforce oversight of our nation's financial markets. Republicans screwed the world economy.

How are we now going to get out of this Republican mess? We will have to pay higher taxes, work longer, expect less from our government, watch our US Dollar erode in value, and just hope like hell that the rest of the world starts buying American made products. That's the case this Washington Post article makes. We're in store for a tough couple decades ahead.

How could we have avoided this mess? Easy. If we had not drunk the damn Kool-Aide of Republican Tax Cuts as the answer to everything. Cut taxes, cut taxes, cut taxes. That's the only message that ever came from the Republican Party. We listened. We voted. We cheered them on. And now we're going to pay the price.

It's time for an attitude change. It's time to vote out of office those Republicans who served up the Kool-Aide. North Carolina Senator Richard Burr needs to go. This man is worthless. He accomplished nothing in Washington DC. He's a part of the problem. He doesn't have the spine to support what needs to happen now in order for our country to get back on its feet. We must raise taxes. We must balance our budget. We must promote exports. We must extend the retirement age. We must make deep cuts in medicare and social security. We must do these things or we'll be Greece.

Most importantly, we must give Republican Senator Richard Burr his walking papers and a shift kick in the ass on the way out the door for screwing America.

Burr Must Go: The man loves gambling


Republicans continue to sit on their lazy tails in Washington DC and block all efforts to reform our financial system. Republicans stand firmly with Wall Street. It's OK for Wall Street to create "innovative" products that allow the trading sharks on Wall Street to steal the wealth of average Americans. Republicans simply love gambling. They love allowing money managers to gamble with our nation's retirement savings. Our Republican politicians, including North Carolina Senator Richard Burr, are simply naive morons.

Synthetic CDOs. That's what we learned in yesterday's testimony from Goldman Sachs traders who made BILLIONS off the backs of our nation's pension funds, insurance companies, and banks. Goldman and other investment banks created these so called "innovative" securities to allow money managers to greatly magnify bets on our nation's housing market. Goldman then took the other side of these bets. In other words, Goldman created these securities to allow themselves to transfer wealth from main street America, right into their own pockets. They created these securities in order to allow idiotic money managers to gamble with our savings.

Synthetic CDOs. This is why your house is worth substantially less now. This is why your neighbors can't find jobs. This is why our economy stinks. This is why your retirement savings aren't worth spit relative to even a decade ago. Republicans think Synthetic CDOs are acceptable.

What is a Synthetic CDO? Its a financial security created from thin air that allows one party to bet long on housing debt, and one party to bet short. There are no assets backing the security. None. So, in the case of our $2 Trillion subprime mortgage market, these Synthetic CDOs were financial instruments that allowed over $30 Trillion in bets to be made on only $2 Trillion in subprime mortgages. Is this absolutely ridiculous, or what?

We simply can not allow Synthetic financial instruments of any kind to be created. NONE. We can not allow gambling to take place with our nation's savings. If our money is invested, there needs to be real assets that back the investment. But Republicans think an investment in thin air, gambling, is OK. They stand in the way of financial market reform. They stand together to block even the debate, rational discussion, of financial reform.

Just how STUPID is this? VERY.

I'm fed up with the stupidity of my state's Republican Senator Richard Burr. This man is an empty suit. He gets absolutely nothing of substance accomplished in Washington DC to make the lives of North Carolina citizens better. The man supports gambling with our retirement savings. North Carolina deserves better than Republican Senator Richard Burr.

Tuesday, April 27, 2010

Senator Richard Burr is a financial idiot


As I was listening to the Goldman Sachs testimony in front of the US Senate today, I couldn't help but think back to the post below that I made here over 6 months ago. This post was all the rage in today's hearings:

Derivatives NOT traded on exchanges.

There. There it is. That one sentence provides a crystal clear explanation as to why your house isn't worth spit. That one sentence explains why your street is littered with "For Sale" signs. That one sentence explains why your 401 K is now a 101 K. That one sentence explains why your unemployed neighbors don't have jobs and have zero hope of finding a decent job soon.

We can thank our Republican Party.

Derivatives not traded on exchanges brought down AIG and our nations Banks. They allowed $30, $40, $50 Trillion in bets to be placed against a mere $2 to $3 Trillion in sub-prime mortgage loans. They allowed our nation's President, Treasury Secretary, and Chairman of our Federal Reserve Board to be clueless about the extent of the risks to our nation's financial markets when this crises started to unfold. Derivatives not traded on exchanges made our economy go to hell, and allowed us to come pretty damn close to a total meltdown of the entire world.

The amazing thing? It's largely the Republican Party fighting AGAINST regulation of derivatives. My god, are these people really that insane?

Enough. I've simply had ENOUGH of the Republican idiots in Congress who refuse to bring sensible regulation and oversight over Wall Street and our financial markets. I've had ENOUGH of our Republican Senator Richard Burr. It isn't good enough for this man that our homes are worthless, our neighbors unemployed, and our retirement accounts shot to hell. Our Republican Party and our Senator want to destroy our lives.

YEP, I'VE HAD ENOUGH OF OUR IDIOT REPUBLICAN SENATOR RICHARD BURR. This man needs to go. North Carolina deserves better.

Senator Richard Burr - Where in the hell is this man?

I'm sitting here right now watching the fat cats of Goldman Sachs testify in front of Congress. This is just one of many Congressional hearings I've tuned into over the last couple of years of turmoil in our nation's economy. The thought that comes to mind? Where in the hell is MY state's US Senator - Republican Richard Burr? I NEVER see this man anywhere there are US Senators gathering. I never see the man in front of a microphone. I NEVER see or hear about Richard Burr doing anything, or saying anything. What in the hell does this man do for the citizens of North Carolina?

We are facing so many critical issues in our country. Our higher education costs are out of control. Energy costs are killing our household budgets. Our overall budget deficit is a nightmare. And let's not even get started on health care costs and issues. Then, there's all this economic mess swirling around everywhere. Thoughout this crises, I think I've seen the face and heard the voice of just about every US Senator in this nation, expressing opinions about just about every one of these issues. I've heard Senators explaining what it is that they hope to get accomplished to address our nation's problems. But Republican Senator Richard Burr? ABSENT.

Haven't you had enough yet of our do-nothing Republican Senator? North Carolina deserves better. It's time to throw our sorry Republican Senator Richard Burr to the curb. This man does nothing of substance in Washington DC. Nothing.

Addendum - I found our worthless, POS, Republican Senator Richard Burr. He's over on NPR today doing interviews. He's bitching about the Federal Government's lack of oversight in mining. On a day when most Americans are riveted to the testimony of Goldman Sachs traders who screwed America out of $11 Trillion in wealth, our Senator is dicking around with coal mining. While Senator Clair McCaskill is kicking some serious ass on Wall Street, our Senator is lost in the mines. Hello? Senator Burr? Anyone home? Do your state a big favor Senator Burr, get your sorry ass lost in a deep, deep coal mine. Never come up for air again.

Senator Richard Burr must go - The man is a financial idiot


North Carolina Republican Senator Richard Burr is a financial idiot. He's simply clueless when it comes to helping the citizens of North Carolina navigate through calm economic waters. We need someone in Washington DC, sitting in his seat, who understands our financial markets. And that certainly is NOT Richard Burr.

My living is made through speculation in our nation's financial markets. Every day I sit behind a computer and put money to use in an effort to make even more money. Doing this day in and day out gives me a decent amount of knowledge about how our capital markets work. And the problem we have in our country is that those markets simply DON'T work well. They are stacked. The playing field is not level. The big investment banks are positioned such that they have superior, insider knowledge others simply can't obtain. This insider knowledge enables them to make money in good markets and bad. And the egregious money they make comes right out of the pockets of average Americans. When they win, our nation's pension and retirement funds, banks and insurance companies lose. Investment banks produce absolutely nothing, but steal the savings of average Americans.

Why is this happening? Why do investment banks and their employees get paid egregious amounts of money year in and year out, no matter how the economy is doing? It happens because our government sits on its lazy ass and does absolutely nothing to put in place common sense regulations to level the playing field. It's either that, or our government leaders are simply clueless and keep getting the wool pulled over their eyes by the Investment Bankers who keep the markets stacked in their favor. In the case of North Carolina Republican Senator Richard Burr, the man is lazy AND ignorant when it comes to financial matters. He's accomplished absolutely nothing in Washington DC to put in place decent oversight of our nation's financial markets.

A case in point is the market for financial derivatives. These complex financial instruments have exploded in activity in recent years - from almost nothing, to over $500 Trillion in the last decade or two. Keep in mind that the US economy does only $14 Trillion in annual activity. The annual world economy is only around $50 to $55 Trillion. Yet, over $500 Trillion in derivative securities sit out there. And the derivative market is largely unregulated. It's such a black box that no one in government has a clue how much risk is associated with the trading of derivatives. This is a massive problem. Massive. Derivative trading needs to be done over exchanges. Capital requirements need to be put in place. This trading needs to be regulated, tracked and controlled.

It was financial derivatives that almost brought down the world economy. This economic mess was a mess created by subprime lending in our nation's housing market. And here's a fact that drives me absolutely insane. At the peak, there were about $2 Trillion in subprime mortgages outstanding in America. Yet, through financial derivative trading, over $30 Trillion in financial bets were placed against only $2 Trillion in subprime mortgages! When the crises erupted, no one in our government, or securities markets, had a clue who held these instruments and how they might impact the financial health of each entity. As a result of this lack of information, everyone went in panic mode and ran for the exits. Our world financial markets cratered. Economies turned down. Unemployment spiked. People lost massive amounts of wealth.

See the problems? How can we get into a situation where the bets exceed the underlying assets by a factor of 15x? How can we get into a situation where so much money is on the line, yet no one has a clue which companies are at risk if these big bets start going south? How can we allow these securities to be traded where there is little to no actual capital behind the people placing the bets? There are just so many problems with derivative trading that it saddens me greatly that our government does nothing to get this trading out in the open, properly regulated, and tracked.

North Carolina Republican Senator Richard Burr just voted NO on the efforts to bring common sense oversight to the trading in financial derivatives. This idiotic man just voted to allow derivatives to remain a giant risk that could take down our economy, throw our citizens out of work, create social and economic chaos, and give our nation's Investment Bankers a free pass to continue to steal our wealth.

It's time to take our revenge on Republican Senator Richard Burr. It's time to throw this man out on the street. North Carolina deserves better than Republican Senator Richard Burr. North Carolina deserves a representative who stands on the side of common sense financial regulation.

Monday, April 26, 2010

Senator Burr must go - A Friend of Goldman Sachs


Just about 18 months ago our economy came very close to a total meltdown. A handful of bankers and traders on Wall Street nearly ran our country into the ground. We were very near economic chaos that would have given way to massive unemployment. There would have been a total breakdown in the flow of goods and services in this country. Riots would have broken out nationwide. Blood would have been freely flowing in the streets across America. Yes, it would have been dire had our Federal Reserve Board not created innovative ways to keep our financial system afloat.

And what have we done to fix all the problems in our financial system that led us down this road? NOTHING. We've done absolutely NOTHING. Why are we sitting on our collective asses and not making the fixes necessary? THE REPUBLICAN PARTY. These morons just voted to not allow debate on financial system reform. My gosh, my Republican Party is a party of idiotic morons. Republicans are in the pockets of Wall Street. Republicans are friends of Goldman Sachs. Republicans hate Americans. What are these idiots thinking?

Enough of our Republican Senator Richard Burr. North Carolina simply deserves better than this idiot. The man is a friend of those greedy bankers on Wall Street. He has to go. It's past time to kick his sorry ass to the curb.

Saturday, April 24, 2010

Senator Richard Burr must go - Pyromaniac?

Here's a simple fact. Senator Richard Burr and Republicans are pyromaniacs. Think about it. Pyromaniacs start fires and then relish in standing back and watching firefighters work their tails off to put the fires out. And the pyromaniacs are quick to criticize those who must come to the rescue. Aren't our Republican leaders just like pyromaniacs? They recklessly cut taxes, ran huge budget deficits, ignored runaway health care, education and energy costs, started unfunded and expensive wars, and then failed to enforce financial system regulations that took our economy down and cost many millions of people their jobs. And now Republicans are sitting back and saying no, no, no, to any and all efforts to fix the mess Republicans left us.

Yes, die hard Republicans are mentally ill. They are pyromaniacs. Face it. We're a party of mentally sick people. It's time to clean house of our pyromaniacs. And Richard Burr is a king of the mentally ill heap. The man can do absolutely nothing in Washington DC but criticize those who now are trying to clean up the mess left by past Republican control of our federal government.

It's time for North Carolina to put out the fires. It's time to send our worthless Republican Senator packing. North Carolina simply deserves better than Senator Richard Burr.

Wednesday, April 21, 2010

Burr must go - He's screwing the average American Investor

The sky is falling, the sky is falling, the sky is falling.

To listen to Republicans these days, you feel like we're the party of Chicken Little. Every darn Republican out there is doing one hell of a job scaring the crap out of the average American. Republicans preach about the coming end of the world. America's going down. Deficits, health care, too big to fail, our nation will never recover according to the Republican Party.

So what has this endless whining done for American investors? It's left the average American investor sitting on the sidelines, scared, while our nation's security markets are returning 80%+ and sending a massively positive signal of good times ahead. If you've watched your neighbors get rich off their investments, while you've been watching Fox News and listening to our Republican Party leaders, then you've been screwed royally. Stop listening to the Chicken Little Republican Party. They are all idiots and need their sorry butts kicked out of office. They need to be punished for giving us this financial crises, then whining endlessly about all our nation's problems, while Democrats have pushed forward, making changes, and giving our financial markets the confidence to push the value of our equities higher.

Good times are ahead. Be confident. We have a bright future, irrespective of what our Chicken Little Republican leaders would have us believe.

Time to send our worthless Republicans in Washington DC packing. These idiots are far too negative and accomplish absolutely nothing. And that includes our Republican Senator Richard Burr. The man is worthless. He has accomplished nothing of substance in Washington DC. Senator Burr can only badmouth efforts to clean up our financial mess, and all other actions to push our country forward. North Carolina deserves better than our Republican, Chicken Little Senator Richard Burr.

Tuesday, April 20, 2010

Burr must go - 3 to 2


Goldman Sachs plants itself in the middle of a major financial transaction involving Billions of dollars in mortgage securities. On one side is a giant hedge fund. On the other side are pension funds and banks - the savings, investments and retirement funds of average people. Goldman lies to the pension funds and banks, and stacks the odds in favor of the hedge fund manager. The hedge fund manager walks away with over $1 Billion in profits. Average people get SCREWED. And what happens? The Securities and Exchange Commission votes only 3 to 2 to go after Goldman. The 3 Democrats vote yes. The 2 Republicans vote no.

What the hell is going through the minds of my Republican Party?

Republicans are squarely in the pockets of Wall Street. Republicans are standing in the way of sensible financial system reform. Republicans even seem gleeful that giant hedge fund managers are roaming through our country destroying the hard earned savings of every average American. My gosh, is my Republican Party insane?

Yep.

It's time for revenge. Its time to punish the Republican Party. Its time to throw out of office every sorry assed Republican who served with George W Bush. Its time to rid ourselves of Republicans who brought us this financial crises and now stand in the way of getting common sense regulations in place to make our financial markets a level playing field.

We need for bankers and hedge fund managers to feel MASSIVE pain. We need for the executives who brought us this financial crises to be stripped of their riches. We need these idiots to be dressed in orange jump suits and made to bunk with bubba. We need a hyper aggressive SEC. And the Republican Party sure as hell isn't going to get these things done. This Republican Party loves Wall Street, and both Wall Street and Republicans need to feel the wrath of the angry electorate.

It's past time to give our sorry Republican US Senator Richard Burr the boot. Send this man packing. He's absolutely worthless, an empty suit. North Carolina deserves better than Richard Burr.

Friday, April 16, 2010

Burr must go - Democrats cleaning up Wall Street.

You reading the big news in the financial community today? The US Government is finally going after all the crooks and thieves on Wall Street. They are charging Goldman Sachs with fraud. It's about damn time. And it took Democrats controlling both Congress and the White House to finally get the ball rolling on cracking down on Wall Street.

Where in the hell has the Republican Party been in the last 8 to 10 years? I know where they were. They were, and still are, centered in the pockets of Wall Street. My Republican Party was asleep at the wheel, while crooks and thieves ran rampant on Wall Street, and securitized and sold our country right into a financial crises. Republicans were asleep while our financial markets crashed, millions lost their jobs, and our wealth evaporated. Republicans are to blame for the financial mess we've endured. And now the Democrats are cleaning house.

It's shameful. It's just plain shameful that our Republican Party is so inept. And North Carolina Republican Senator Richard Burr was sitting on his tail, doing absolutely nothing, while this debacle unfolded. It's time. It's time to throw this sorry Senator out of office. North Carolina deserves better than Senator Richard Burr.

Thursday, April 15, 2010

Burr Must Go - Democrats crack down on tax evasion.

Are you reading about all these wealthy people who are finally being arrested for stashing millions offshore? They hid their money from the IRS so they wouldn't have to pay income taxes. This crap has been going on for years and years. It went on with reckless abandon during the Bush Administration.

My Republican Party sat on its collective lazy tails and did nothing to make our income tax system fair. My Republican Party didn't lift a damn finger to put a stop to a myriad of wealthy folks using the likes of Swiss Bankers to hide money and pay no taxes.

Democrats are getting done what Republicans should have been doing long ago. Democrats are enforcing our income tax laws. Democrats are making the tax system a level playing field. Democrats are going after the thieves and cheats who hide their money and don't pay their fair share of income taxes.

Senator Richard Burr? This man is part of the do-nothing Republican crowd in Washington DC. He did absolutely nothing to enforce the rules and regulations that make our lives fair in this country. He didn't enforce the proper oversight of Wall Street. He didn't enforce proper oversight of the banking industry. He didn't enforce the proper oversight of the Mortgage Lending Industry. And he didn't do a damn thing about all the income tax cheating that was going on.

Senator Richard Burr needs to go. It's time to kick this sorry man out of office. North Carolina deserves better.