The worstest idea evar

Hey Democrats! Want to avoid losing your majorities in Congress? Then I suggest throwing this “bad bank” idea back down into the craphole from whence it came:

Schumer: bad bank estimates go up to $4 trillion

The cost of the government setting up a “bad bank” to buy up toxic assets from struggling U.S. banks could range as high as $4 trillion, according to some experts, Sen. Charles Schumer said on Thursday.

“There are some estimates that if you do a full good bank, bad bank, that it ends up being as high as three trillion dollars, and that’s a lot of money that could mess up lots of other parts of the financial system,” Schumer told reporters.

“I’ve talked to various experts. The estimates vary, from one to four,” the Senate Banking Committee member said.

Guys — if you actually go through with this, the Republicans will correctly pummel you for spending $4 TRILLION ON WORTHLESS TRASH. Please, please, please do not do this unless you truly hate this country and want to bring on President Sarah Palin.

 

Wowsers

Here’s an amazing graph:

Funny thing: Back when I was a commie college student in the late ’90s, I used to marvel at the ridiculous amount of stuff that people bought and how a lot of people went into deep debt in order to acquire it. At the time I said, “Something here has got to give; we can’t keep acquiring stuff at this rate without the means to pay for it.” And I was predictably called a commie-assed Eurosissy who didn’t believe in the American dream of borrowing a shitload of money to pay for stuff I couldn’t afford.

I’m kinda sad to see that I was eventually proved right about all this, since it’s going to lead to a long and painful recession. But if we emerge from this mess and start oh, I don’t know, saving money and not buying the newest and bestest LCD television set every month, then maybe we’ll be better off.


Jillian adds: I read this article years ago in Foreign Affairs, and it stuck with me all this time, because I remember laughing harder at it than I’ve ever laughed at anything other than The Parrot Sketch. The money shot (to my mind) from the article:

A trade-oriented approach to current account deficits views them as a byproduct of robust economic growth, reinforced by a still overvalued currency and the U.S. economy’s powerful structural import bias. In this view, the U.S. has a stubborn current account deficit because it grows faster than its trading partners and spends a disproportionate share of its growing income on imported goods and services.

An alternative perspective takes as its point of departure the accounting identity that equates the current account deficit with the difference between total investment in the United States and U.S. domestic saving. Low domestic saving, according to this view, is to blame for deficits. The fear is that a sudden reluctance by foreigners to continue exporting their excess savings to the United States would choke off the investment needed to sustain economic growth, sending the U.S. economy into crisis.

This explanation becomes less alarming, however, when you consider that both savings and investment are seriously undervalued in U.S. economic accounts. Capital gains on equities, 401(k) plans, and home values are excluded from measurements of personal saving; when they are added, total U.S. domestic saving is around 20 percent of GDP–about the same rate as in other developed economies.

How’s that 401(K)/investment property working out for ya?

Hey, how come our model for estimating savings percentages doesn’t include things that aren’t money, like stock investments and houses we haven’t sold? And on that note, I’ve always wondered why we don’t factor the possibility of the repeal of the Thirteenth Amendment into our GDP. If every black person in the country became a slave again, we could all be zillionaires tomorrow!

Our problem is not that our economy is in the toilet. Our problem is that the majority of the people we count on to tell us how our economy is doing are all completely fucking insane.

 

Copy editing the New York Times

Always happy to help Paul Krugman:

editing2

 

Shorter Toby Harnden

toby_harnden

Hollow victory: Republicans deliver slap in the face to Barack Obama

  • Obama don’t get no Republicans voting wiv him on his mingin’ economic stimulus package an’ that. Which fakkin’ proves he’s no post-partisan President, innit?

‘Shorter’ concept created by Daniel Davies and perfected by Elton Beard. We are aware of all Internet traditions.™


Gavin adds:

Obama promised to cooperate with Republicans, but Republicans have broken his promise by not-he-cooperating with them.

The plumber promised to work on the sink, but shockingly, he broke that promise by not making me stop telling him not to fix the sink, and then working on the sink.

Disaster for you, for you promised me a rose garden and I am not accepting gardens from you at this time.

Analysis: Historic Democratic victory good for Republicans.

 

Can someone tell me…

…why Republicans are attacking Democrats for funding STD prevention? Like, where is the partisan gain in all this? Can you imagine campaign ads that say something along the lines of, “Mike Pence voted AGAINST Barack Hussein Obama’s plan to prevent you from getting a sexually transmitted disease!” In a sane country, this stuff would just not be controversial.

 

A Heartfelt Apology For What I Said About WaPo

anne_applebaum

ABOVE: Anne Applebaum


Only a few hours after I called the Washington Post a “halfway house for disgraced neocons,” Fred Hiatt and his merry band of nitwits published an Op-Ed by Anne Applebaum, totally discrediting my claim that WaPo was a halfway house for discredited neocons by demonstrating, once and for all, that the newspaper is instead a lunatic bin of delusional neocons. So, I hereby apologize to all halfway houses for disgraced neocons for maliciously comparing them to the Washington Post.

The point of Applebaum’s Op-Ed is that the liberal MSM is hiding from the public the millions of foreigners who are appalled at the election of Obama:

You’ve probably heard stories of swooning foreign reporters, breathless international coverage, fawning headlines in many languages. … Yet there was another, more negative category of foreign response to Obama’s inauguration … . A number of international observers eschewed the general adulation and concluded, simply, that the entire event — the election, the inauguration — was a hoax.

Well, this should be interesting. Let’s see what foreigners Applebaum — who incidentally speaks eleventy-billion point eight six foreign languages as fluently as if they were all her mother tongue — finds to support this claim that a “number of international observers eschewed the general adulation.”

Her first example knocks it out of the park. It’s an article from the English-language version of Pravda.ru, claiming that Obama was put in place by the Republicans as a “scapegoat,” that his term will end early, and that the Republicans will then replace him with their real pick. Of course, the English language Pravda.ru is the respected bellwether of Russian opinion which, on its pages, brings you things like this:

dog_mutant

french_alien

And my personal favorite:

weird_harry_females

Then Applebaum has a Chinese academic cited in a blog citing another blog saying that

many of his compatriots were confident that the “impossible” election of Obama would be disrupted by “something dramatic, similar to John F. Kennedy’s assassination.”

I’m not so sure why Applebaum sees this as a criticism of Obama but, hey, if you’re manufacturing shit out of whole cloth, you have to go to work with the cloth you have.

But the last foreign critic Applebaum cites is the best:

Al-Qaeda has been looking to discredit President Obama, too, mostly with nasty insults (he’s a “hypocrite,” a “killer,” even a “house Negro”) but also describing him as a front man for the secret Zionist conspiracy. “This is Obama,” said Ayman al-Zawahiri, the group’s No. 2, “whom the American machine of lies tried to portray as the rescuer who will change the policy of America.”

I thought criticism of someone by Al Qaeda was a good thing, particularly from a neocon’s point of view, but apparently Al Qaeda were the only other folks Applebaum could find to support her case that significant numbers of foreigners didn’t like Obama. The question is, after reviewing the current composition of Op-Ed contributors at the WaPo, is there anyone too stupid not to get an offer of column space from Hiatt?

 

Certain things are begging me to make fun of them

If there’s one big drawback to the Obama administration thus far, it’s that they’ve inspired wingnuts to write a lot about sex again. Witnesseth Michael Novak:

He ties his sexual power to self-sacrificing
communities of love.


Obama’s First Week [Michael Novak]

The Obama presidency is only one week old, but it has already limned its main moral outlines:

On January 20, President Obama called for the repeal of the Defense of Marriage Act. He also declared his intention to give multiple rights and privileges to homosexual couples.

On January 22, he issued an order announcing his intention to close the detention facility at Guantanamo Bay within one year, but admits he has not figured out how to do that. President Bush had expressed a similar wish, but could find no nations willing to take responsibility for the detainees.

On January 23, President Obama issued an order that authorizes tax dollars for abortions abroad.

From these announcements we learn that President Obama recognizes no difference between the Jewish-Christian covenant between a woman and a man (a covenant that they will have and nurture children, if they are so blessed), and a civil contract between two persons of any sex, in order to set up a household of affection and sexual favors.

That’s just some gangsta shit right there.

Dude, if you knew gay people like I knew gay people, you’d know they generally don’t need a civil contract to procure sexual favors. The reason they’re getting married is because they (gulp!) love each other.

But wait! It’s about to get worse:

This is a relapse into paganism. The point of monogamous family networks is to treat male and female with complementary and mutually cooperative dignity and to tie the power of sexuality (male, especially) to self-sacrificing communities of love.

I can’t say anything to that. Literally, I’ve been staring at my damn computer screen for 20 minutes trying to come up with something funny to say about this, but it’s already perfect in its virginal untouched beauty. So let’s move on:

We learn, second, that this president’s guiding light in matters of national security is not a realistic assessment of the national interest but personal concern for what kind of figure he is cutting in the international eye. Good headlines first, practical thinking later.

Ah. I see. To recap what we’ve learned:

This…

…is a righteous action taken by a God-fearing nation of Jack Bauers, who go out and do the dirty work of society while their Jill Bauers sit at home and cook and clean for them.

On the other hand, this…

…is a sign that our society has become deeply corrupt and amoral and will likely be smited by God any day now.

Dag, this is some hardcore foolishness y’all are putting out there.

 

ZOMG TEH SEXXX!11!1!!

Uh-oh. It looks like our virgin friends at Red State are upset because the stimulus package contains money to help states maintain their spending rates on public health programs. Most galling is the fact that the government is spending money aimed at stopping diseases that are spread by… TEH SEXXX!!!!!!

Earmarks for ‘Great Sex’

Posted by Brian Faughnan

The Obama-Reid-Pelosi debt bill has a lot of interesting spending items in it, and more are being discovered by the day. Take page 153 for example. That’s where you’ll find this gem. Out of $3 billion allocated for ‘prevention and wellness programs’ there’s an earmark specifically for combating STDs:

$335,000,000 shall be used as an additional amount to carry out domestic HIV/ AIDS, viral hepatitis, sexually-transmitted diseases, and tuberculosis prevention programs

There are good reasons to oppose this, of course.

O rly. I’d love to hear reasons why the government shouldn’t be spending money to control the spread of life-threatening diseases.

It doesn’t belong in a ’stimulus’ bill.

Sure it do. See, state governments are not allowed to run fiscal deficits. Ergo, whenever a recession hits, most states are forced to raise taxes or make significant budget cuts. This has the effect of further hurting the states’ economies, since government spending counts as part of GDP. So one of the best things any federal stimulus bill can do is to give extra funding to states until revenues start rising again.

This isn’t hard to understand. Which is why Red State doesn’t understand it.

It ought to make clear that abstinence is the only sure-fire way to prevent such transmission (at least in most cases).

And this is what it really comes down to: our Red Staters don’t want to help prevent the contraction of sexually transmitted diseases because people who have had sex simply don’t deserve our sympathy.

Why Obama and the Dems feel the need to cave to these clowns is beyond my understanding.

 

No more bipartisanship

Look, Obamee, I know you made a bunch of Broderesque promises to be all nice to people in the Republican Party, but you’re clearly getting rolled here:

Boehner to GOP: Vote against the stimulus

President Barack Obama is coming to the Capitol later today in a bid to curry favor with congressional Republicans. But it appears GOP leaders have already made up their minds to oppose his $825 billion stimulus plan.

House Republican Leader John A. Boehner and his No. 2, Whip Eric Cantor, told their rank-and-file members Tuesday morning during a closed-door meeting to oppose the bill when it comes to the floor Wednesday, according to an aide familiar with the discussion.

This should dampen the mood for an early afternoon meeting with the president, who is making the trek to hear Republicans’ input on the legislation before Wednesday’s vote.

It’s time to tell the GOP to suck on it. Scrap all the provisions they suggested, put in whatever you think will be the best policy for economic recovery. While compromise is all well and good, you don’t actually need to compromise to achieve your goals here. Plus, in order to have a genuine compromise, you need to be working with people who are debating with you in good faith. Methinks most of the GOP is actually taking the Michelle Malkin approach:

Contraceptive funding thrown under Obama’s bus

By Michelle Malkin • January 26, 2009 11:27 PM

Goody. Panicky President Obama wants the Dems to eliminate Pelosi’s pet contraceptive funding from the Generational Theft Act of 2009. Only $800 billion more in needless, unstimulating stimulus spending to kill.

Dude, they want you to fail. They’re not going to do anything to help you. So just put the best policy you can out there and let that be that. If it works well then you’ll be rewarded for it. If not, then you’ll be punished. That’s politics.

 

Shorter Gateway Pundit

Obama: “I have Muslim members of my family. I have lived in Muslim Countries”

  • Muslim Obama has a Muslimy interview with Muslims and reveals he lived in Muslim countries because he is a Muslim.

‘Shorter’ concept created by Daniel Davies and perfected by Elton Beard. We are aware of all Internet traditions.™