Who is Steven Perlstein? I asked myself this question after reading this column calling for the collapse of Wall Street because well...it would be amusing. That about sums up this childish rant from a guy who as far as I can tell has no business credentials, and it shows. I'm sure one of the requirements of a food writer is the ability to boil water and maybe scramble an egg, but experience in the smarmy world of business apparently is a detriment to the anointed at the Washington Post.
Perlstein throws around terms like "credit swaps", "CDO" etc. as if he knows what they are and then complains about their very existence. Indeed, too little regulation is the problem says Perlstein. Regulations that no doubt would be administered by government hacks blessed with scary business talents similar to his own. The fact that Perlstein wouldn't know a balance sheet from a bed sheet doesn't stop him from criticising the compensation of Wall Street managers, as he would replace the voluntary judgement of the private sector risking its own money with that of a state that suffers no consequences for the politically motivated decisions it forces on others. Their pay is "excessive" folks! Why? Because Richard Pearlstein says so!
Perlstein is also concerned that smart students are going to Wall Street rather than enter more socially acceptable professions like teaching, science and "public service". The fact that those activities are funded by the very people he would like to fail is obviously lost on him. He does allow however that his infantile wish will have some "collateral damage". The first place this ignoramus will notice that is in the stock of his employer and his 401K .
Thursday, February 21, 2008
Friday, February 15, 2008
Hillary vs. Capitalism
Picking up John Edwards extreme socialist rhetoric, Hillary is now pandering to the economically illiterate in a desperate attempt to stop the even more extreme Obama.
-“Today, I’m announcing an agenda to reign in the special interests and save the American people at least $55 billion a year,” Clinton said. “Money that can go back into your pockets. Money we can use to create new jobs, rebuild our infrastructure, make college affordable and so much more.”
Beyond the fact that this is shear nonsense, what does she mean by making college more affordable? Tuitions have risen 35% in the last five years. Far more than oil, drugs, insurance or anything else the villians are peddling. Is she going to reign in the Education Industry? No. Instead she'll subsidize them even more and drive up tuition even higher so they'll be able to indocrinate more good little socialists.
— “We’ll take on the oil companies and harness their record profits to create millions of clean energy jobs — high-wage jobs you can raise a family on. I’ll end their special tax breaks and give them a choice: invest some of your profits in alternative energy, or we’ll do it for you. People have been paying through the roof at the pump, and it’s time the companies paid their fair share.”
Hillary depends upon the fact that the average voter doesn't know the difference between profit and profit margin. If I make $10 on a $100 investment and you make $1 on a $10 investment who did better? If you said me then you're just the voter Hillary is looking for. She also holds the belief that she has a right to tell private companies what to do with their money whether it makes economic sense or not, otherwise she'll take it by force. These companies by the way are mostly owned not by fat cats but millions of ordinary people through pension and mutual funds. And remember: Corporations DON'T PAY TAXES!! You do. We all do through higher prices, lower wages and less job creation.
— “We’ll take on the credit card companies so that you and your families aren’t drowning in debt. Here in Ohio, payday lenders are actually taking Social Security checks from our elderly. That’s outrageous. I’ve proposed real consumer protections against abusive interest rates — capping them at no more than 30 percent and working to get them far lower. And I’ll ban those hidden fees and sudden rate hikes, because credit card companies shouldn’t be able to bait and switch you and your family.”
They're taking SS checks!! With a gun or was it burglary? Or was it a voluntary transaction between private parties. Go ahead, cap rates. But remember that when you control the price of anything, you will have less of it. Profit is risk and cost adjusted. If something's not worth the risk and cost then it won't happen.
— “We’ll take on the insurance companies and tell them they can no longer discriminate against the sickest people who need care the most. They spend more than $50 billion a year trying to figure out how not to cover people. Well, I’m going to save them a fortune and a whole lot of time, because here’s the new policy: No more discrimination period. So even if you have a pre-existing condition, you can get the health insurance you need — no questions asked.”
Great idea. Then the cost of this new mandate will passed on and rates will go even higher. Government mandates requiring insurance companies to cover everything from Accupuncture to Viagra is one of the main reason rates are so high. And you're not allowed to buy a policy without mandated coverage. It's easy to paint yourself as a hero by spending other people's money, especially when you won't suffer the consequences of the bad results.
— “And I’ll go after drug companies and insurance companies that are overcharging consumers and the government — it’s time to end their profiteering at our expense.
Drug companies have saved and improved more lives than Hillary and her socialist brethren ever could or would. From antibiotics, statins, heart drugs, cancer therapies, anti-depressants etc, etc. The cost of bringing a new drug to market is over $500 million. Of the thousands of compounds these companies create every year only one or two will make it to market. Then their patent will expire after several years and allow others to copy their work. Again, profit is cost and risk adjusted. Hillary will treat big pharma the way it's treated in Canada, the UK and France. How many new drugs are produced there? Practically none.
The list goes on but the point is made. When Hillary says she's going to "take on" business she means she's going to expand government and reduce liberty all for the amusement of the stupid who don't know they're the ones paying the bill.
-“Today, I’m announcing an agenda to reign in the special interests and save the American people at least $55 billion a year,” Clinton said. “Money that can go back into your pockets. Money we can use to create new jobs, rebuild our infrastructure, make college affordable and so much more.”
Beyond the fact that this is shear nonsense, what does she mean by making college more affordable? Tuitions have risen 35% in the last five years. Far more than oil, drugs, insurance or anything else the villians are peddling. Is she going to reign in the Education Industry? No. Instead she'll subsidize them even more and drive up tuition even higher so they'll be able to indocrinate more good little socialists.
— “We’ll take on the oil companies and harness their record profits to create millions of clean energy jobs — high-wage jobs you can raise a family on. I’ll end their special tax breaks and give them a choice: invest some of your profits in alternative energy, or we’ll do it for you. People have been paying through the roof at the pump, and it’s time the companies paid their fair share.”
Hillary depends upon the fact that the average voter doesn't know the difference between profit and profit margin. If I make $10 on a $100 investment and you make $1 on a $10 investment who did better? If you said me then you're just the voter Hillary is looking for. She also holds the belief that she has a right to tell private companies what to do with their money whether it makes economic sense or not, otherwise she'll take it by force. These companies by the way are mostly owned not by fat cats but millions of ordinary people through pension and mutual funds. And remember: Corporations DON'T PAY TAXES!! You do. We all do through higher prices, lower wages and less job creation.
— “We’ll take on the credit card companies so that you and your families aren’t drowning in debt. Here in Ohio, payday lenders are actually taking Social Security checks from our elderly. That’s outrageous. I’ve proposed real consumer protections against abusive interest rates — capping them at no more than 30 percent and working to get them far lower. And I’ll ban those hidden fees and sudden rate hikes, because credit card companies shouldn’t be able to bait and switch you and your family.”
They're taking SS checks!! With a gun or was it burglary? Or was it a voluntary transaction between private parties. Go ahead, cap rates. But remember that when you control the price of anything, you will have less of it. Profit is risk and cost adjusted. If something's not worth the risk and cost then it won't happen.
— “We’ll take on the insurance companies and tell them they can no longer discriminate against the sickest people who need care the most. They spend more than $50 billion a year trying to figure out how not to cover people. Well, I’m going to save them a fortune and a whole lot of time, because here’s the new policy: No more discrimination period. So even if you have a pre-existing condition, you can get the health insurance you need — no questions asked.”
Great idea. Then the cost of this new mandate will passed on and rates will go even higher. Government mandates requiring insurance companies to cover everything from Accupuncture to Viagra is one of the main reason rates are so high. And you're not allowed to buy a policy without mandated coverage. It's easy to paint yourself as a hero by spending other people's money, especially when you won't suffer the consequences of the bad results.
— “And I’ll go after drug companies and insurance companies that are overcharging consumers and the government — it’s time to end their profiteering at our expense.
Drug companies have saved and improved more lives than Hillary and her socialist brethren ever could or would. From antibiotics, statins, heart drugs, cancer therapies, anti-depressants etc, etc. The cost of bringing a new drug to market is over $500 million. Of the thousands of compounds these companies create every year only one or two will make it to market. Then their patent will expire after several years and allow others to copy their work. Again, profit is cost and risk adjusted. Hillary will treat big pharma the way it's treated in Canada, the UK and France. How many new drugs are produced there? Practically none.
The list goes on but the point is made. When Hillary says she's going to "take on" business she means she's going to expand government and reduce liberty all for the amusement of the stupid who don't know they're the ones paying the bill.
Tuesday, February 12, 2008
British Street Lights To Be Switched Off At Midnight
The latest screwball global warming story comes from the UK, a country that seems to be the frontrunner in the race to destroy western civilization and replace it with an Enviro-Islamic dictatorship. Proponents say that "the scheme will save £100,000 and reduce CO2 emissions by nearly 600 tons a year." And the cost from increased crime, auto accidents etc? Acceptable losses apparently. It will be cold comfort to the victims of this nonsense that they died for a hoax that exists only to further the agenda of totalitarians and nihilists.
Islamic thugs arrested trying to kill Cartoonist
Members of the peaceful religion of Islam were arrested today for plotting to murder one of the infamous Mohammed cartoonists. Meanwhile Ezra Levant is currently on trial at the Orwellian Canadian Human Rights commision for the crime of publishing said cartoons. The video, of his "hearing", especially Levant's opening statement, describes this outrage better than I ever could. I have no doubt that Levant's accuser Syed Soharwardy approves of the attempted hit, at least privately. Canadian, British and US troops have fought valiently against these Islamo-Fascists. But there is a fifth column of home grown politically correct defenders of the perpetually offended that will do as much damage to our way of life as any Muslum terrorist. It is our job as citizens to fight and defeat these misanthropes and their useful idiot enablers on our soil or our troop's sacrifices will have been in vain.
Mayor Compare Global Warming to Terrorism
Terrorism and Global Warming have "the same potentials of destroying the planet that we live on." So says Dear Leader Bloomberg. If that's the case, should we go after global warming skeptics "every place in this world, find them and kill them, plain and simple"? There's a lot of enviro-socialists who would YES! Absolutely!
From smoking, Trans Fats to guns and now this, Bloomberg has proven his fascist credentials as he turns to government force in order to eliminate every private behavior he disapproves of. In that tradition, he and his fellow travellers find an enemy that exists only on the flimsiest of scientific conclusions. Nevertheless, Bloomberg will fight that enemy since "No scientist knows for sure what's going to happen, but you don't want to wait to find out." Well, scientists don't for sure if a giant meteor will wipe us all out either. But that doesn't mean I'm calling for everyone to move underground. In short, these "problems" have nothing to do with science and everything to do with state power and the elimination of "chaotic" individual liberty and choice.
From smoking, Trans Fats to guns and now this, Bloomberg has proven his fascist credentials as he turns to government force in order to eliminate every private behavior he disapproves of. In that tradition, he and his fellow travellers find an enemy that exists only on the flimsiest of scientific conclusions. Nevertheless, Bloomberg will fight that enemy since "No scientist knows for sure what's going to happen, but you don't want to wait to find out." Well, scientists don't for sure if a giant meteor will wipe us all out either. But that doesn't mean I'm calling for everyone to move underground. In short, these "problems" have nothing to do with science and everything to do with state power and the elimination of "chaotic" individual liberty and choice.
Monday, February 11, 2008
Chavez Threatens U.S. Oil Supplies
Venezuela's fascist leader is letting his Napoleon Complex get the better of him in his quest to emulate his hero, Fidel Castro. Chavez doesn't have the Soviet Union to prop him up as he drives foreign investment from his country with his suicidal saber rattling. If Hugo wants to forego over $100 million in daily oil revenue and send interest rates on Venezuelan debt through the roof, then let the fun begin. There's an old saying in business litigation: He who can bleed longest, wins. Venezuela is already losing more than can be transfused back into that country. Let's call his bluff.
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