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Journal of No. 118


September 18th, 2008

Political gallimaufry @ 06:44 pm

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The local rag printed an ad that is presumably an anti-prop 8 ad, though the measure is not named. Getting a black minister on your side is a good start.


I am pissed about the financial meltdown. Idiot that I am, I thought the financial institutions wouldn't jeopardize their security for a cheap (high-risk) buck. Wrong. I thought all the lenders and banks would make out fine, and it was just a bunch of greedy and/or deluded people who'd be kicked out of the houses they couldn't afford. Wrong. I thought the authorities were on the ball, when in fact they were asleep at the switch. Worse, they were busy jiggering the switches so they would give no alarms. Read that fucking link, people.

Five firms were given exemptions by the SEC, so that they could increase their debt/capital ratio from 12 to 1 (the statutory limit for ordinary capitalist pigs) up to 40 to 1. Fuckers. Not just any firms, but the great big ones. Makes sense, doesn't it? Surely we should relax regulations on the biggest companies, since (if anything goes wrong) it would have only an eensy-weensy effect on the overall economy. Fuckers.
Credit cards are ridiculous awesome, but even they don't let me buy 40 times as much money as I have. Fuckers. Three of those five companies have now gone belly-up. If only I could feel assured that assholes in double-breasteds were now selling pencils in an alley, it might be okay. But such is not the case.
 
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From:notjenschiz
Date:September 19th, 2008 03:09 am (UTC)

selling pencils

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yeah, instead of greedy fuckers on the street, it's my grandma. Ok, not really on the street, but she had a lot of Lehman Brothers stock (I have no idea why) that she was collecting interest on, and now it's alllll gone. So now she's kinda screwed. :-(
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From:swmartin
Date:September 19th, 2008 11:28 pm (UTC)
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Hmm, wonder if anyone can sue the SEC administrators who gave that exemption? Gross incompetence, criminal negligence, misuse of public authority, fiscal malfeasance, maybe even conspiracy, there's got to be something to get the bastards on.
From:aaronjv
Date:September 20th, 2008 10:45 am (UTC)
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McCain wants to fire Cox, head of SEC. Maybe McCain DOES have all the answers!!!
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From:swmartin
Date:September 20th, 2008 05:14 pm (UTC)
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Yeah. Fire him from his government job so he can move on to a cushy job working for one of the company's he was supposed to be regulating. That'll teach him!

Seriously, I think there need to be more punitive repercussions for this kind of thing. What would happen to a doctor who told his patients to excede the recommended dosages on their medications, resulting in deaths from overdoses? A building inspector who granted exemptions to the normal earthquake safety codes, resulting in the collapse of a few office towers? A police chief who publicly announced he would no longer enforce speed limits on some highways, resulting in a series of multi-car pileups? Even if an individual has the authority to make such decisions, there's a point where "bad decisions" becomes blatant malpractice and need to be treated as such.

Journal of No. 118