Saturday, May 15, 2010

Why aren't Republicans doing anything about foundations?

The Republican mantra is that our people need to stand on their own two feet. We need to stop asking our government to do everything for us. OK. I agree. But we need to take that mantra farther. We need to pay what we owe. Everyone has to pay their fair share. Has that been happening? Hell no.

I'm tired of listening to Republican politicians bitching and complaining about taxes, yet they won't lift a damn finger to do anything about making sure that everyone pays their fair share. Why didn't the Bush administration go after all the wealthy Americans who were parking their money in Swiss bank accounts? Why did it take Democrats to finally get some movement on that front? This is yet another major way in which our Republican party has failed America. We need to enforce fair tax rules and regulations. No one should be able to avoid paying their fair share of income taxes.

There's even a more egregious avoidance of paying income taxes that simply irks the crap out of me - Foundations. It seems that every wealthy person in this country has a tax free Foundation. On the surface, it appears that they are giving back to our country. Bullshit. I am tired of the deceit in the existence of Foundations. These entities are nothing more than an avenue for the rich and famous to avoid paying income taxes. They set up Foundations, take huge tax deductions when funding the foundations, and pay the vast majority of the income of those foundations in payroll for friends and family, travel costs, entertainment. These damn things become nothing more than an avenue to avoid paying income taxes. It's time for Republicans to get off their lazy asses and put a halt to Foundations. It's time for Republicans to level the playing field of income tax payments. It's time for Republicans to make sure that everyone pays - not just those who can't afford the lawyers and tax accountants to avoid their obligations.

Hypocrites. My Republican Party is a party of hypocrites. They bitch and moan about high taxes, yet they allow the rich to park money in Switzerland and set up tax free foundations. They moan about income taxes, but it's OK for Warren Buffet, the world's second most wealthy person, to pay an effective tax rate of 18%, while his secretary pays 26%. Hypocrites. They failed us. Republicans need to get the wake up call for their failures. We need to vote their sorry butts out of office. Clean the slate of the old, bring in the new.

Senator Richard Burr has done absolutely NOTHING to deserve our votes. The man is a failure. We need to vote him out of office.

Senator Richard Burr is a failure

This was something I posted long ago, but deserves a repost:

The FED released the “Flow of Funds Accounts of the United States” report today. In a post in another blog, I outlined an abbreviated version of our nation’s net worth. It’s in balance sheet form, showing assets, liabilities, and net worth.

I thought it would be interesting to take a look at the balance sheet of Americans at three points in time:

  1. When George Bush came into office, Q1 2000.
  2. When our Nation’s Net Worth last peaked, YE 2007
  3. Present, Q2 2009

Assets - $ Trillions
Q1 00 Q4 07 Q2 09
Real Estate $11.3 $ 22.8 $ 20.0
Pension Funds 9.9 13.3 10.6
Ownership in businesses 4.7 8.7 7.0
Stocks 8.8 9.5 6.2
Bank and S&L deposits 4.4 7.3 7.7
Mutual funds 3.3 4.8 3.7
Durables (cars, washers, TVs, etc) 2.7 4.4 4.6
Corporate bonds .6 2.0 2.4
Money market funds .9 1.3 1.5
Life insurance reserves .8 1.2 1.2
Municipal securities .5 .9 1.0
Government securities & other 2.3 2.0 1.3




Total Assets 50.2 78.2 67.2




Liabilities


Home mortgages 4.7 10.5 10.4
Consumer credit 1.4 2.5 2.5
Other .9 1.3 1.1




Total Liabilities 7.0 14.3 14.0




Net Worth 43.2 63.9 53.2








US Population (millions) 278 297 305




Per person avg net worth $155 K $215 K $174 K

One key observation:

I’m a Republican, but I can’t help but be madder than hell at what a miserable job George Bush and Senator Richard Burr did in managing our economy. George came into office with the net worth of the average American being $155 K. The cost of living index from 2000 to 2009 was 23%. If we had simply kept pace with inflation, our net worth when Bush left office should have been $155 x 1.23 = $190 K. Republicans did such a miserable job managing our economy that we lost massive ground in our financial health. MASSIVE.

Although I'm a Republican, I've simply had enough of the ignorance of my state's Republican US Senator. This man needs to go. His leadership was absolutely miserable. We've made ZERO economic progress in this country while he served in Washington DC. ZERO. ZIPPO. NADA. NOTHING. North Carolina and our nation deserves better than our ignorant Republican Senator Richard Burr.

    Thursday, May 13, 2010

    Of Dark Pools, HFT Trading and Internal Order Matching


    This is what Wall Street uses to steal your wealth: Dark Pools, HFT Trading, Internal Order Matching. NONE of this bullshit is regulated. None of it. Thanks to the laissez-faire attitude of the Republican Party - the idiots who protect the profits of Wall Street, NONE OF IT IS REGULATED.

    Republicans have screwed America. If you don't understand that now, then you never will.

    Do yourself a favor. Next time you hear Richard Burr speaking at a political event, raise your hand high to ask a question. When you get that opportunity, ask our US Senator why in the living hell he can't put some common sense regulation in place to oversee Wall Street's use of Dark Pools, HFT Trading and Internal Order Matching so we can ensure a level playing field in our nation's security markets. Watch the look on Burr's face. He'll have this very perplexed look of a 5 year old. The man is an idiot. He sold lawn mower equipment for a living before we sent him to Washington DC. He's not prepared to do anything to help the American people, except sit on his tail and allow Wall Street to continue raping our retirement assets while paying themselves massive bonuses.

    North Carolina deserves better than Republican Senator Richard Burr.

    Republicans are screwing America


    You need to read this article. It is an easily understood explanation as to everything that's wrong in this country right now. Eight years of Republican control in Washington DC wound up running our economy into the ground. Bush and his merry band of Republican idiots and Congressional allies (including Republican Senator Richard Burr) simply screwed America. To get out of this mess, the Federal Reserve Board has pushed interest rates to near zero. Banks are borrowing from our government at this near zero rate, leveraging that money 10 to 1, then buying US government securities yielding 3 to 4%. It's easy money. Easy profits. It's totally subsidized by our government. And it creates massive bank profits and even more massive bonus pools for egregiously paid Wall Street Bankers.

    Wall Street Bankers are making millions on the back of average Americans who earn next to nothing on their savings. They make millions on the backs of American taxpayers. Thank you Republicans. Thank you for getting us in this mess and creating an environment where we have to hand our money to rich bankers.

    Message to the Republican Party - get off your sorry asses and go after Wall Street Bankers. Stop this bullshit effort of putting a halt to serious reforms of our financial markets.

    I'm fed up with people like Republican Senator Richard Burr. This man is all about laissez-faire capitalism. Richard Burr is all about rewarding massive bonuses to Wall Street Bankers. Richard Burr is all about taking money out of the pockets of average Americans and simply handing that money to Wall Street. Screw Richard Burr. This sorry man needs to be voted out of office.

    North Carolina simply deserves better than Republican Senator Richard Burr.

    Wednesday, May 12, 2010

    Let's be positive

    I'm sick of my Republican Party. I'm tired of Republican leaders in Washington DC being so damn negative. As I sit here this morning listening to the business news I'm reminded why I hate the negative idiots in Washington DC. A Wall Street retail industry analyst is indicating that by 2032, China's retail industry will be the size of the retail industry in the US. That's 20 years from now! It's going to take 20 years for China's retail sales to grow to the size of the US. And at a population of 1.2 Billion, China has 4x the population of the US! Think of all the growth beyond 20 years from now to get the China market on par, per person, with the US! They have 4x our population, so their retail sales should eventually reach 4x our retail sales. And we're not even talking yet about the 1.8 Billion people in India, Brazil and Russia.

    There is a massive amount of worldwide economic growth headed our way. Simply massive. All this damn crying and whining in Washington DC is misplaced. It's time to be positive about our economic future. It's time to tune out the negativity coming from our Republican Party and its morons in Washington DC.

    In the interim, let's replace those Republican morons. It's also time to vote North Carolina Republican Senator Richard Burr out the door. North Carolina simply deserves better than Senator Richard Burr.

    Republican Senators are financial idiots


    Buy low, sell high, not the other way around. You simply don't buy an asset when its at a premium price, then turn around and sell it when the market is depressed. You'll go broke doing that. That's what the Republicans in the Senate can't understand about Fannie Mae and Freddie Mac.

    In the mornings I hang on my computers reading business news, while listening to CNBC in the background, the cable business news channel. Several Republican Senators are on CNBC this morning whining and crying about the Senate's inability to address Fannie Mae and Freddie Mac right now. Well, of course they should do absolutely nothing about Fannie and Freddie right now. To address the problems with Fannie and Freddie would be equal to buying high and selling low. They want taxpayers to go broke, while enriching Wall Street. Republican Senators are so damn stupid, they can't comprehend this simple financial concept.

    Some explanation is in order. Fannie and Freddie are in financial trouble right now. Housing is in the tank. Foreclosures and underwater mortgages across this country are causing massive financial losses in Fannie and Freddie that our tax dollars must subsidize. We have to subsidize Fannie and Freddie to keep the mortgage loans flowing and thus the housing market afloat. And those subsidies are massive. Taxpayers have forked over $150 billion since having to step in and take ownership of these companies.

    The key to understanding this issue though is to know that housing is a very cyclical asset. There are periods where housing prices are depressed and periods where housing is in great demand and prices are rising. To solve the Fannie and Freddie problems entails putting a value on their housing assets and selling those assets to the trading sharks on Wall Street. We are in the dumps now in those values. Does it make any common sense at all to be selling our assets to Wall Street at the very bottom of the cycle? HELL NO.

    The common sense answer is to wait. Kick the can down the road. Wait until our economy is stronger, people have jobs, housing is in demand, the value of those housing mortgages and assets in Fannie and Freddie are massively greater than they are right now. Believe me, those assets will be worth many multiples more than the $150 Billion we've kicked in, when we get to the top of the cycle in a couple more years.

    To sell these assets now would be to enrich Wall Street at the expense of taxpayers. Hmmm, that's what our Republican Senators want us to do. Those morons want us to hand Wall Street hundreds of Billions, maybe even trillions by selling the assets of Fannie Mae and Freddie Mac at the very bottom of the housing cycle, then allow Wall Street to reap the appreciation in value as the housing cycle turns. Those Republicans idiots aren't using common sense.

    Republican Senators, to the one, are F*#%ing financial morons.

    That includes our lawn mower salesman, Republican Senator Richard Burr. This man has been in the press whining and crying about the need to do something about Fannie and Freddie right now. Senator Richard Burr wants to sell our nation's assets to Wall Street at the very bottom of the cycle. Senator Richard Burr is a financial idiot. The man needs to stick to mowing lawns and give the citizens of North Carolina the opportunity to have someone with common sense represent us in Washington DC.

    Look, I'm a Republican. I understand financial markets, asset valuation, common sense investment principals. Now is NOT the time to be addressing Fannie and Freddie. Now is the time to nurse these companies along until the economy improves. When we're another 3,4,5 years down the road, housing will be roaring again. That will be the time to break up Fannie and Freddie into a number of smaller companies and take either the company stock, or the underlying assets, to the financial markets. Not now. But Republican Senator Richard Burr doesn't understand the very simple financial concept of buying low and selling high.

    North Carolina simply deserves better than Senator Richard Burr.

    Tuesday, May 11, 2010

    Dot Helms helps Burr? The poor lady has lost her mind.


    I had one heck of a deep belly laugh upon reading this today in the Raleigh News and Observer:

    "Dorothy Helms, the widow of Sen. Jesse Helms, has sent out a fundraising letter for Republican Sen. Richard Burr, asking her husband's former supporters to back Burr. "I know Jesse would want all of us to do what we can to help Richard this year," Mrs. Helms writes. "Richard represents North Carolinians well in the Senate. He uses a common-sense approach to solving our nation's problems, and he has been recognized by his colleagues for his ability to get things done." "Simply put," she writes, "Richard Burr is a work horse, not a show horse." Helms, a Republican, represented North Carolina in the Senate from 1973 until 2003.

    Dot is probably a sweet woman. But I don't think the poor lady has a clue what Richard Burr has done in the United States Senate for the citizens of North Carolina. Has Richard Burr done a damn thing about health care costs, energy costs and production , college education costs? NOPE. Not a darn thing. He's done absolutely nothing of substance on any topic of importance to our country.

    And it doesn't appear to me that Richard Burr is respected by anyone within the Unites State Senate. Has Richard Burr been appointed to a single committee of substance? Does he serve on foreign affairs, budget, banking committees? You never see the man anywhere addressing anything of importance in the United States Senate.

    Come on Dot. Wake the heck up. The people of North Carolina know Richard Burr. He's NO Jesse Helms, and never will be. He'll never obtain a position of authority within the United States Senate, unless of course, we have a crises in lawn care in our nation. Richard Burr knows the lawn mowing industry.

    North Carolina simply deserves better than Republican Senator Richard Burr.

    To be Republican is to be a hypocrite


    Republicans are out today bitching, moaning, groaning, complaining about Fannie Mae and Freddie Mac. They're upset about the $150 Billion we've had to spend to save housing. They're upset that we're not addressing the problems with Fannie and Freddie right now.

    SHUT THE F*%# UP. Stop being hypocrites. The American people are pissed off at politicians who point the finger of blame everywhere but in the mirror.

    On September 2, 2004, President George W. Bush stood at the podium of the Republican National Convention in Madison Square Garden in New York City. He gave an acceptance speech. He was accepting the Republican party's nomination to run for a second term. A link to the speech is here. Read the speech. You will find this line of particular interest:

    "Thanks to our [Republican] 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."

    George Bush and the Republican Party were ALL about "an ownership society". George pushed housing ownership like there was no tomorrow. George caused this F*#*ing housing crises. Republicans are to fault for this giant mess at Fannie and Freddie. This was their fault. They failed us. They failed all of America.

    Republicans need to be punished for their failures. They controlled the White House for 8 years while this mess was in the making. And now they're being hypocrites by complaining about the crap they left on our doorstep.

    ENOUGH. We've had ENOUGH. We need to boot out of office every politician who served during the Bush Administration. That includes our sorry Republican Senator Richard Burr. The man is an empty suit who has accomplished absolutely nothing of substance for the citizens of North Carolina. We deserve better than our sorry Republican Senator Richard Burr.

    Monday, May 10, 2010

    GOP says Jesus not worthy of salvation

    I'd like to see that headline, instead of: GOP says Kagan "Inexperienced". You know what, I think the American people are just damn tired of one party or the other jumping up immediately and finding fault before any discussion takes place. So please, just STOP it. And my Republican Party is the absolute worst at screaming "Jesus is not worthy of salvation".

    I'm tired of all the bullshit that Republican North Carolina Senator Richard Burr and his buddies pull in Washington DC. I'm tired of the finger pointing and efforts to place blame. I'm tired of all the yelling and screaming. I'm tired of the lack of civil debate and discussion. I'm very tired of partisan politics where no compromise can happen. I'm tired of the Republican bullshit. It's time to vote it out the door. And Republican Senator Richard Burr is worthy of the boot.

    North Carolina simply deserves better than our dolt of a Republican Senator, Richard Burr.

    HFT, breaking the back of Speculators

    I've been talking here about the dangers of HFT, and Wall Street and Hedge Fund traders herding money in a speculative horde and killing our economy. This morning on CNBC (the business news cable channel), we're seeing Senator after Senator being paraded across our screens in interviews about what went wrong in our nation's financial markets last week. They're all talking about HFT. They're all talking about Speculation run wild. These idiots in Washington DC are always behind the curve when it comes to addressing anything of importance.

    One Senator we won't see today? Why, of course, North Carolina Republican Senator Richard Burr. The man is clueless when it comes to helping with any of the serious issues our country faces right now. He has zero expertise about economic issues, health care, education costs, energy production. Senator Burr is a former lawnmower salesman. And right now, we don't need a focus on making our nation's lawns look prettier. North Carolina deserves better than Republican Senator Richard Burr.

    Sunday, May 9, 2010

    Misdirected Anger

    I am stumped at all the anger directed at President Obama for the state of our nation's budget, and all the debt we have outstanding. The man's been in office for two years. He's had to spend a ton of money cleaning up eight years of Republican mess. And now we're supposed to be mad at Democrats, and put Republicans back in office?

    Give me a friggin break.

    Let's get our priorities straight. Our anger needs to be directed at anyone who's been in office during the Bush administration. ANYONE. We shouldn't care if they were Republicans or Democrats. If they were in Congress while George Bush was President, they need to be thrown out the damn door and asked to stay the heck away from Washington DC. These people failed us.
    • Egregious tax cuts went overwhelmingly to the wealthy.
    • Our budget deficits grew out of control.
    • Energy costs went through the roof.
    • College costs grew many more multiples than inflation.
    • Health care costs became a national disaster.
    • We started reckless, expensive wars.
    Republican or Democrat, if they were there with Bush, they need their tails kicked to the curb. Those are the people who deserve our anger. And among them is North Carolina Republican Senator Richard Burr. The man accomplished nothing of substance. North Carolina deserves better than Richard Burr.

    Friday, May 7, 2010

    My Parents drink the Republican Kool-Aide

    Life is full of irony. One of the biggest I see right now is the irony playing on my naive parents. My folks are very conservative. They vote for old, white Republicans. They don't like "Obama socialism". My folks have been brainwashed by Fox News. It's sad.

    The irony comes in on the financial front. Being conservative, my folks will only put their savings into Bank CDs and US Treasury securities. Over the years, they've worked hard and saved a giant portion of their earnings. They're extremely comfortable financially, with a nice sized net worth built up over time. But they earn virtually nothing on their savings. Bank CDs are yielding a pittance and short-term US Treasuries pay next to nothing. Why are they not earning much on their savings? Republicans.

    Bush Republicans so mismanaged our economy that they drove us into crises mode in this country. Our banks are broke and our budget deficits are out of control, thanks to 8 years of Republican leadership in Washington DC.

    How do we attempt to fix the problems? The Federal Reserve Board holds the key to our fix. They've pressed down interest rates to next to nothing. Through moves of quantitative easing, they're in the markets buying assets and expanding our money supply.

    Winners and losers are varied. Who gets hurt? Savers. They earn significantly less on their savings. In essence, the fix is happening by taking money right out of the pockets of people who save. Responsible people pay the price. Who wins? Theoretically everyone, via a recovering economy. The massive winners are Wall Street and Banks though. Using cheap money, they reinvest it in higher yielding assets and make a mint. My folks are helping pay for the big, fat bonuses on Wall Street.

    My poor folks are paying a six figure annual penalty for the Republican mismanagement of our economy. They don't understand this. They don't get it. They are clueless. And they continue to be staunch supporters of Fox News and the Republican Party.

    Irony, and brainwashing .... in action.

    It's time to punish Republicans for this damn financial mess they've given us. It's time to get rid of North Carolina's Republican Senator Richard Burr. He's done enough to pick the pockets of savers in this country. North Carolina deserves better than our idiot Republican Senator Richard Burr.

    HFT - High Frequency Trading Really Screwed America - Republicans love it

    HFT (High Frequency Trading) royally screwed our financial markets yesterday. What is HFT? It's Wall Street Supercomputers trading against all other investors. Republicans love HFT. It's a perfect example of free markets at work. Or is it?

    Anyone with a PhD in Computer Science, loads of programming talent, and outfitted with massive, expensive supercomputers can be an HFT trader. The problem though is that the cost and knowledge hurdle is so high that only the deep pocket Wall Street Investment Banks and Hedge Funds can get into the HFT business.

    Make no mistake - these supercomputers account for the vast majority of trading on Wall Street. We have a financial market where supercomputers trade against each other, and against everyone else. Everyone without a supercomputer in their pockets gets screwed.

    Am I taking too much of a pessimistic view on HFT? Well, HFT trading banks over $21 Billion in annual profits. They are always profitable, in good markets and bad. They always win. Which means everyone else is a loser. Average mom and pop investors who put their money in 401 K, IRA, Roth, 529 equity funds pay a $21 Billion Wall Street HFT tax on an annual basis.

    This $21 Billion annual tax on American investors to enrich Wall Street is perfectly acceptable to Republicans. It's a free market, right?

    I've had enough of getting raped by Wall Street and its Republican allies in Congress. It's past time to kick some ass in Washington DC and run some Republicans out of office. And North Carolina can help by giving Senator Richard Burr the boot. North Carolina deserves better than Republican Senator Richard Burr.

    Thursday, May 6, 2010

    Senator Burr - Where's lawnmower man?

    There's an interesting graphic in the Wall Street Journal (subscription needed) this evening. It pictures all the US Senators key to getting something done on the financial system overhaul legislation. Where's North Carolina Republican Senator Richard Burr? He's not in the lineup.

    I guess no one in our financial markets needs lawn equipment. Bummer.

    North Carolina deserves better than a lawnmower salesman representing us in the United States Senate.

    Senator Richard Burr - A lawnmower salesman trying to address our financial woes?


    HFT - There it is. It's one of the primary reasons for today's plunge in the stock market.

    HFT is an animal created during Republican control of Washington DC, by the friends of the Republican Party - that giant horde of Wall Street traders who excel in stealing our wealth and creating an environment of economic chaos.

    And who do we have in Washington DC to put some common sense regulations in place? North Carolina is well represented by a lawnmower salesman.

    Haven't you had enough of our dolt of a Republican Senator Richard Burr yet? North Carolina deserves better than Republican Senator Richard Burr.

    Senator Richard Burr - I told you so

    This morning, I told you we were headed for another major financial panic. The DOW is down over 400 as I type. Within the last hour, it had been down almost 1,000 points. I know the financial markets. I know how our government's total idiocy has put us in a situation where groups of hedge funds can herd money to cause chaos. I know that my Republican Party is full of morons who sit on their ass and allow this to happen. My Republican Party is a friend of Wall Street.

    How in the world can YOU sit there and not realize this? Is it going to take a DOW of ZERO before you're going to understand that Republican policies for the 8 years of the Bush Administration have brought us to this point?

    It's time to punish our Republican Party. It's time to kick North Carolina Republican Senator Richard Burr out on the street. North Carolina deserves better than Republican Senator Richard Burr.

    Why Burr needs to go

    This was the post, back in March 2009, that kicked off this website. It bears repeating this post periodically:

    Yesterday was a day of working around my house. It's spring and spring always brings on chores. I enjoy it because it gets my mind off issues like the economy, the financial markets, and politics. That reduces my stress levels, which is something I need.

    But then, a neighbor walked over and we talked. Mistake. He's a die-hard Republican. I am too. But lately, I straddle the fence, generally hating both parties. But he sent my stress levels to the roof with a constant pounding on Barny Frank, Nancy Pelosi, Harry Reid, and John Kerry. It's their fault. Everything's their fault.

    A typical Republican.

    I have to tell you, I'm just flat tired of hearing Republicans talk about our nation's problems. The Republican Party IS OUR NATION'S PROBLEM. These people were in control of the White House for the last 8 years. They were in control of Congress for 6 of the last 8 years. It was a total break down in government oversight and regulation that brought us to this point. And that was the Republican's fault. They were in control. I have a message for all Republicans out there who want to mouth off about Democratic leaders:

    Just shut up.

    Republicans did nothing about energy spiraling out of control. They did nothing about education costs that bankrupted families, and piled debt onto the shoulders of our young people. They did nothing about health care costs that were the single biggest factor in personal bankruptcies in our nation. They did nothing about the 45 million Americans without health care coverage. They did nothing about our broken education system. They sat on their asses while wealth concentration hit historical proportions, while the middle class suffered. They doubled our nation's debt by piling another $5 Trillion to the shoulders of our children. They were directly responsible for putting a leash on the SEC to the point it was a broken, toothless, total waste of money.

    But Republicans were an accomplished party on some fronts. They made the rich even richer. They prided themselves on increasing home ownership to record levels, and we know how that worked out. They started wars. They spent money like drunken sailors. They allowed our investment banks to leverage up to 40 to 1. They stood in the way of the Federal Reserve providing adult oversight to the mortgage lending industry. And I could go on and on.

    I am a Republican. I so deplore how irresponsible my party has been that I don't have a single kind word to say about my party or any of it's leaders. And I'm not a fan either of the Democratic Party. However, I'm smart enough to know who's a fault for this mess. Republicans. And I am smart enough to know that the only answer right now is to give the other guys a chance. And that means we need to push out of office every damn Republican who served during the Bush administration. Every single one. We need to give the other guys a chance to do better. And they need at least 8 years before we start giving them grief.

    It was our fault. We screwed America. The Republican Party is to blame for this mess. And Nancy Pelosi, John Kerry, Harry Reid and Barney Frank deserve our silence right now.

    So, a message to fellow Republicans:

    Just shut up.


    Financial Panic upon us

    We're in the very early stages of another, world-wide, financial panic. It's going to wipe out tens of Trillions in wealth and send the world economies into the tank, again. Wall Street traders have pulled out their playbook from 2008. Back then they attacked one bank after another, placing massive bets against the banks, spreading rumors, causing panic, wiping out wealth world-wide, crashing our economy. Now these traders are going to do the same with countries. Using derivatives, leverage, and rumors, they are going to drive Greece into bankruptcy. Then Portugal. Then Ireland. Then Spain. Then the UK. And our world markets are going to plunge.

    Meanwhile, back in Washington DC, my Republican Party has its head up its ass and continues to stand in the way of financial market reform.

    Enough said.

    North Carolina deserves better than our idiot Republican Senator Richard Burr.

    Senator Richard Burr - Does NOTHING for families in North Carolina

    Senator Richard Burr's campaign loves to repeat this line over and over: "Senator Burr has a clear and proven record of fighting for issues important to North Carolina families ...."

    Give me a *#!*ing break. What has this pathetic man done about:
    1. Energy costs that spiraled out of control
    2. College costs that ran away to the upside
    3. Health Care costs that broke our checkbooks
    4. A federal budget deficit that spiraled out of control
    What has this man done? Oh, lots. Senator Burr:
    1. Voted for expensive wars
    2. Cut taxes on the wealthy
    3. Sat on his ass while Wall Street raped America via a flawed housing market
    4. Let "the free market" take care of all other of our nation's problems
    And look where we are now. After eight years of a disastrous Bush Administration, and Republican leadership in Washington DC:
    1. Over $12 Trillion in American wealth has been wiped off the map
    2. Our nation is unemployed
    3. Our housing is in the tank
    4. We're on the verge of becoming Greece - a broken country
    Senator Richard Burr needs to change his marketing line to: "Vote for me, I'm a worthless, POS who will get nothing accomplished in Washington DC".

    North Carolina deserves better than our pathetic Republican Senator Richard Burr.

    Tuesday, May 4, 2010

    Eye Voted

    I voted in the primary, against Burr.

    Wouldn't it be funny if sitting Republican Senator Richard Burr, running against 3 no-names, fails to get 40% of the vote - leading to a runoff? Yes, that would be funny. It would also be justice.

    North Carolina deserves better than our clueless dolt Republican Senator Richard Burr.

    Cunningham or Marshall ?

    Today's primary day. The big race is on the Democratic side of the primary. Cal Cunningham is squaring off against Elaine Marshall to see who gets to run against our pathetic Republican Senator Richard Burr. I don't have a horse in the Democratic primary race. I can't vote in the Democratic primary anyway, since I'm a registered Republican.

    Although I have great respect for Cal Cunningham, he doesn't back offshore drilling, and he's a firm supporter of the war in Afghanistan - one giant waste of taxpayer money. And Elaine? She's more pragmatic about issues, across the board. But I still can't get over those stupid commercials she ran during the Enron crises, on the dime of North Carolina taxpayers. So I'm agnostic as to who wins the primary on the Democratic side.

    The bottom line - I'm not voting for a Democrat in the fall elections. I'm voting AGAINST my Republican Party. So Cal or Elaine will have my vote, and my financial support this fall. Why? Because North Carolina deserves better than Republican Senator Richard Burr.

    Shit's hitting the fan in the financial markets

    The shit's hitting the fan in the financial markets, again. As I type, the DOW is down well over 200 points. The dollar is gaining in strength, as Europeans flee their currency and seek safety here in the US. CDS swap spreads for the debt of Spain, Portugal, Italy and the UK are blowing out to records. There's fear again in the world financial markets. And its going to get worse in the coming weeks. We're headed right into the arms of another financial panic.

    So, what's happening? I'll tell you what's happening .... Republican Political leaders are screwing us again. They're screwing us by allowing their bullshit Laissez-faire crap to keep common sense oversight of our financial markets at bay. Republicans are allowing roving bands of gunslinger traders to roam the world, causing chaos. These gunslingers are using massive leverage, synthetic securities, and securities traded only in back rooms and not available to the average investor. They're using these bullshit securities to cause panic, to herd money, and to drive one country after another into financial Armageddon. And the gunslingers are stealing your wealth and ruining our world economy in the process.

    Don't believe me? Just watch your 401 K, IRA, Roth and 529 accounts SINK in value in the coming weeks and months. Then, thank the idiots in our Republican Party, the idiots who go around spouting off about the necessity of "free" markets, keeping government off our backs and totally out of our lives. In other words, let's allow the gunslinger traders on Wall Street to rape and pillage our savings, and burn our net worth to the ground. My Republican Party is chalked full of complete and utter idiots.

    It's time for revenge. It's time to kick out of office all the Laissez-faire Republicans who don't use common sense in setting rules, enforcing regulations, and leveling the playing field in our financial markets. It's time to give Laissez-faire, Republican Senator Richard Burr a swift kick in the ass, right out the door. North Carolina deserves better than Republican Senator Richard Burr.

    Monday, May 3, 2010

    Why I hate my Republican Party and Senator Richard Burr

    I was thinking this evening about why it is that I so deplore my Republican party. That caused me to go back to last year and read a few of my old posts. This one, initially posted back in August '09, reminded me why I strongly feel that Republicans who served in the Bush Administration need to be punished:


    I'm looking to purchase a Republican house. What's a Republican house you ask? It's a house that would have sold for a $1 - $1.1 Million about a year or more ago, and probably only fetches $500 to $700 K in today's market. It's a nice wipe-out in real estate value brought to us by the Republican Bush Administration's negligence in managing our economy. And in Raleigh, North Carolina, there are a number of Republican houses on the market, and more showing up every day. I just haven't found one that fits my taste yet, but I'm still looking.

    As I've been out shopping for my Republican house, I've been thinking a lot about how we got here. In 8 years of Republican control of Washington DC, we had a party. We cut taxes on the wealthy and racked up over $5 Trillion in new debt. That money appears to have gone straight into the housing market. The wealthy in this country took their new found Republican tax money and bought houses, big houses, bigger houses. They pushed prices up way beyond reasonable value. That economic activity from all the house building, buying, fixing up and furnishing caused us to think that Republicans had given us a strong economy. Now we know better. Ask any of the 30% of Americans who are underwater in their mortgage. They know. And soon, almost 50% of Americans will be in that same situation. What a Republican mess we have on our hands. But now we know our Republican economy was all smoke and mirrors. It was a one trick housing pony that turned into a bubble, and when it popped, it caused a world of hurt for a vast swath of America.

    And by the way, that $5 Trillion in Republican debt only tracks what happened to us while Bush and his merry band of idiot Republicans were in office. If you think the deficit spending we're doing today is brought to us by Democrats, then you need to stop smoking dope. We're having to spend Trillions now to clean up the crap left to us by Bush Republicans. And before it all gets cleaned up, within the next year or two, we should attribute about $8 to $10 Trillion in debt to the 8 years of Republican control of Washington DC. What a disastrous Republican mess.

    So who won during this Republican bubble? Builders. They made out like bandits. That $5 Trillion in debt that Republicans racked up went into the pockets of builders and real estate agents. And actually, if you really understood what happened in this period, you'd be furious. The income tax breaks that Republicans threw to builders were simply reckless and irresponsible. Anyone who lived in a home for 2 years could sell it tax free. Builders went around building homes, living in them for 2 years and then selling them tax free. I know builders who flipped 3 to 4 properties during this period and were pocketing $200, $300 K at a pop. They didn't pay a damn dime in income taxes on those profits. What Republicans did to enrich builders during this period was simply egregious.

    And irresponsible people won big. I'm seeing example after example of homes that were bought for $600, $700 K. The buyers put very little down. During these Republican years, their houses appreciated to $800, $900, $1 Million. They took the money out in equity loans and bought nice cars, boats and vacations. And now, they can't pay the debt on their homes. The banks must step in and take them back. When the homes come back onto the market, they're now selling at $500 - $600 K. But the irresponsible people got to keep their cars and boats and all their vacation memories, yet they stick the banks with the loss. And taxpayers inject capital into the banks to keep them solvent. So the responsible among us wound up subsidizing the irresponsible. Welcome to what was our Republican economy. Idiots won, responsible people lost.

    As I travel around looking at all the carnage brought to us by our Republican politicians, I grow more and more enraged. People like Senator Richard Burr are disgusting. They so mismanaged our economy that they really belong in jail. They need to be punished. Severely. There simply is no hell hot enough for Republicans who served during the Bush Administration. Republicans screwed us. We need to throw them out of office. The sooner, the better. North Carolina Republican Senator Richard Burr needs to go. We deserve better than this pathetic man.

    Sunday, May 2, 2010

    Senator Richard Burr - Synthetic Clown?


    The more I read and learn about what happened in our nation's financial markets prior to this crises, the MORE pissed off I become. Our Republican political leaders sat on their lazy asses and did nothing to stop all the gambling that went on with the pension and retirement funds of average Americans. How's your 401 K, IRA, Roth, 529 plan(s) doing these days? Flat to down over the last decade? Blame Republicans. They're all "synthetic" clowns. And that includes our pathetic North Carolina Republican Senator Richard Burr.

    I've written here before about how synthetic securities magnified the losses in the sub-prime mortgage market. I recall reading somewhere that there were only $2 to $3 Trillion in sub-prime mortgages outstanding in the US, out of a total mortgage market of about $12 to $13 Trillion. But since our Republican political leaders thought it best not to stand in the way of free markets, the gambling morons on Wall Street created synthetic securities to magnify bets on underlying assets. Somewhere, I read that there were over $30 Trillion in bets placed only $2 to $3 Trillion in actual sub-prime mortgages. I've recently been looking for the source of that information and just can't recall where it was that I read it.

    This evening though, there's an excellent article in the Wall Street Journal that outlines how this magnification of bets through synthetic securities led to massive losses, and ruined our world economy. An excerpt from this article:

    "In one case, a $38 million subprime mortgage bond created in June 2006 ended up in more than 30 debt pools and ultimately caused roughly $280 million in losses to investors by the time the bond's principal was wiped out in 2008, according to data reviewed by The Wall Street Journal."

    $38 million in assets caused $280 million in losses? Is this not moronic? And our Republican political leaders allowed this crap to happen, because they didn't want to stand in the way of free markets. Laissez-faire was their battle cry. Idiots.

    Senator Richard Burr whines and cries about menial issues with the Democratic efforts to bring common sense to our financial markets, winding its way through Congress now. Our clueless clown Senator is yet to grasp what's really important. We need to STOP the gambling on Wall Street. We need to ban synthetic securities. We need to return our nation's financial markets to owning and trading only securities backed by real assets.

    What we really need to do though is get rid of our pathetic Republican Senator Richard Burr. The man is an empty suit. Richard Burr has accomplished nothing of substance in Washington DC. Nothing. North Carolina simply deserves better than Republican Senator Richard Burr.