DOOM: I like that Doom Doom Pow

DOOOOM

Happy Halloween, Morons! It's quite an apropos day for DOOM.

Once again, the Feds express shock that Social Security went into the red so much sooner than they expected. They've been fudging the numbers for so long -- since the very start of the program, actually -- that no one really knew what the hell was going on. They still don't, really. What you're hearing are the best guesses of politicians and their economist pets who have every reason to lie. But as Walter Russell Meade observes, all the lies are falling apart.

The half-life of the newest EU bailout? Maybe two weeks. Investors can see this ploy for what it is: new paint and carpet instead of repairs to the foundation. It doesn't solve any fundamental problems -- in fact, it makes those fundamental problems even worse. (A while back I wondered if the Eurozone would do the right thing or just keep throwing good money after bad. Well, now I know the answer.)

Can the Eurozone marriage be saved? I doubt it. The old saying has never been more true: marry in haste, repent at leisure.

The week that European democracy died. It's been ailing for decades -- Europe never did seem to quite get the hang of the whole "democracy" thing. It just seems to go against the Continental grain somehow.

The EU assures the world that China will receive no concessions in return for aid. The Chinese probably won't get any return on their investment either, which leads a cynic to wonder why they'd bother investing money in this ridiculous enterprise at all.

If you're not sure how this Eurozone "rescue" works, Xtranormal lays it all out for you. ("What if there are no aliens?" "Then we are screwed.")

What does a world of seven billion people mean to investors? As always: profit and loss, risk and reward. You take your chances -- it still boils down to knowing your market and targeting your products or services accordingly.

It used to be pretty lonely in the "China bear" camp. Not any more. I'm seeing a lot more alarm now about China's economic slowdown, and as investors learn more about how shaky a foundation the "Chinese miracle" is built upon, the more alarmed they get. An authoritarian Communist government lying to the world about the status of their economy? Who could have seen this coming?

Spain's official unemployment rate increases to 21.52%. Unexpectedly, of course. And in Spain as here, the "official" rate dramatically understates the actual rate.

Cheaters must not prosper. And yet, they so often do. Sir John Harrington observed: "Treason doth never prosper; what's the reason? Why, if it prosper, none dare call it treason." The same can be said for fraud, especially when it involves labor unions and government officials.

Nan-nan thinks it's perfectly okay for Uncle Sugar to tell companies where they can and cannot build their factories. I often console myself with the knowledge that when Dread Cthulhu rises from his slumber in R'lyeh, he will eat her first.

Speaking of Nan-nan: remember what she said of Obamacare, that we'd like it more when we found out what was in it? Well...not so much, as it turns out. Good luck running on that particular legislative achievement, Democrats.

Innovators aren't guaranteed to succeed. That's always been true -- sometimes they are simply ahead of their time, or are incompetent at executing a business strategy based on their insight. Sometimes they just have bad luck. Technology is an especially brutal industry -- it's a Red Queen's race where you must run like mad just to stay where you are. If you make one misstep, one slip, you will fall and get run over and left behind.

Christina Romer wants the fed to adopt a new "nominal GDP" benchmark. I suspect that what would really happen is that you'd just get one bulls**t number being replaced with another bulls**t number. Romer, let us not forget, was a member of Obama's economic brain-trust along with Orszag and Goolsbee before she got fired quit left public-service for her old job at UC Berkeley.

After driving New Jersey into bankruptcy as governor, Jon Corzine is now poised to do the same to the company he runs. If only there were some comparable element in the two situations, some common variable that could be factored....

The problem at base is that economics is not a branch of mathematics or statistics, no matter how much economists wish it was. Never forget that the economics equations you see, the pretty graphs and charts, are just educated guesses that are wrong more often than not -- economists love the gloss of the hard sciences, but the truth is that the field is firmly placed among the philosophical and sociological disciplines. Economics is a study of human behavior more than anything else, with all the uncertainties and confusion that entails.

Was the behavior of bankers prior to the 2008 actually risk-averse? Looked at in a certain light, I think you can make that argument: they were working from profoundly flawed risk models, but most of them thought they were fully (and carefully) hedged against disaster. The pressures on the financial system had been placed there by government regulation years -- in some cases decades -- before and had created a perverse ecosystem where risk was accumulated and systematized so gradually that no one realized the gravity of the situation until it was too late.

OWS: Lawless, selfish, disrespectful, and mean. They are overgrown children, in other words -- not adults in any real sense of the word. It is an oddity about modern Americans that always strikes me: many seem so...unformed. I've seen pictures of my grandfather and grandmother when they were in their early 20's (married and with 2 kids already, and another on the way) and they seemed like fully-formed adults already. They looked like adults; they dressed like adults; they behaved as adults. Yet now I see people at 30, 40, 50 years old who seem little more than self-obsessed adolescents -- smug, directionless, angry but inchoate, lavishly educated but not particularly intelligent, entitled without being industrious or deserving. They even groom and dress like children: slovenly, unwashed, unbarbered, sneakers, t-shirts, sweatpants, looking like unmade beds. I look at the OWS protests and I see a crowd of ill-behaved, unsupervised toddlers, but no adults willing (or perhaps able) to call them to order. My grandparents had much more difficult lives in any way you can measure than these spoiled brats, and yet they were better people -- and happier people, on the whole.

UPDATE 1: It seems that Il Papa is not a fan of free-market capitalism. For what it's worth, I think that non-religious people (and perhaps even most ostensibly religious folk) often completely misunderstand religious teaching in this regard -- whether Christian, Islamic, Hindu, whatever. I am not a Catholic and am not well-versed in Catholic doctrine, so I'll let someone else explain the subtleties at play here. My only caution to reader is this: there are subtleties. Just remember that anything you read in the media about faith or philosophy is usually wrong (or so misshapen as to give a dishonest account).

UPDATE 2: Who killed Horatio Alger? 'Twas the welfare state that did him in.

UPDATE 3: A consumption tax is "perfection"? Er...no. There are advantages to a consumption tax if done right, but it's most common form (a VAT) is a horrible vortex of suck. A VAT is a death by a thousand cuts, particularly when coupled with an income tax (as it usually is).


Posted by: Monty at 08:37 AM



Comments

1 the president is a stuttering clusterfuck of a miserable failure

Posted by: phoenixgirl ready to drink the perry flavor-aid at October 31, 2011 08:39 AM (SH3gZ)

2 DOOM, thy name is Tony Romo.

Posted by: Beefy Meatball at October 31, 2011 08:45 AM (bZ8J6)

3 More of the expected, unexpectedly!

Posted by: USA at October 31, 2011 08:45 AM (6Cjut)

4 DOOM, thy name isTony Romo Rob Ryan's defensive scheme.
FIFY

Posted by: Mallamutt, RINO President for Life at October 31, 2011 08:54 AM (OWjjx)

5 They even groom and dress like children: slovenly, unwashed, unbarbered,
sneakers, t-shirts, sweatpants, looking like unmade beds.

You left out the horrible, horrible blue jeans.

Posted by: George Will at October 31, 2011 08:57 AM (2anai)

6 SCOAMF!!!

Posted by: Obama is a stuttering clusterf*ck of a miserable failure! at October 31, 2011 08:57 AM (e8T35)

7 Uh, I take exception to your assertation that an authoritarian communist government would uh lie to its people.

Posted by: B+rry Ob+owmao at October 31, 2011 08:57 AM (2jMZp)

8 My grandparents had much more difficult lives in any way you can measure than these spoiled brats, and yet they were better people -- and happier people, on the whole.
Impossible! Your grandparents didn't have universal healthcare, cheap illegal labor and a complex tax code with a redistributive bent. So they could not have had a happier life.
You can thank me later.

Posted by: SCOAMF at October 31, 2011 08:58 AM (OWjjx)

9 So much Doom in the world.

Thanks, Monty!

Posted by: NC Ref at October 31, 2011 08:58 AM (GrCp5)

Posted by: Obama is a tool of THE MAN!! at October 31, 2011 09:00 AM (e8T35)

11 My day is going to suck, I can feel it. Waiting in a gas line a mile long to fill my gas tank.

Posted by: Jaimo at October 31, 2011 09:02 AM (fSoOi)

12 Oh how that title made my morning

Posted by: Andy Bernard at October 31, 2011 09:03 AM (v85We)

13 Doom:

"Alas, regardless of their doom, the little victims play! No sense have they of ills to come, nor care beyond today.
"


Thomas Gray

Posted by: auscolpyr at October 31, 2011 09:03 AM (+KmL5)

14 UN granted membership to Palestine even tho we threatened to w/hold funding.
how many minutes before we roll on our threat?

Posted by: kelley in virginia at October 31, 2011 09:09 AM (/Sgtl)

15 kelley in virginia at October 31, 2011 09:09 AM

Don't hold your breath.

Posted by: oldsailor's poet at October 31, 2011 09:10 AM (ZDUD4)

16 i mean--we won't uphold our threat. we will roll over. as always.

Posted by: kelley in virginia at October 31, 2011 09:11 AM (/Sgtl)

17 religious folk ) often completely misunderstand religious teaching in this regard

Yup. Here in the south we seem to have a shortage of Catholics but the ones I have met seem to be the least economically savvy of the various Christian flavors.

Posted by: Bob Saget at October 31, 2011 09:13 AM (SDkq3)

18 Am I the only one who thinks this MF Global going bankrupt is kind of a big-mfing-deal as sherrif joe would say. It's not as big as Lehman but its collapse could lead to similar dominoes. Not to mention its just one more place that John Corzine has f'd up.

Posted by: Don Quinine at October 31, 2011 09:16 AM (dB02l)

19 They are overgrown children, in other words -- not adults in any real sense of the word.

Exactly so: my old man used to comment that if you went to an NHL game in the 1960s in St. Louis (when the Blues were the hottest ticket in town at the ancient Arena) nearly every man you'd see was wearing a coat and tie. The same was often true for baseball games, except in the bleachers. Men used to dress like men, and if you were in your late-20s you were expected to have spent some time in the Army and be out and have a real job and a wife and some little kids and a house... you were expected to be a grown-up, in other words. Now we let young men stay boys for decades, until it's too late to actually turn them into men.
If I had one thing to blame for this unfortunate trend, it would be birth control. Men become civilized when women civilize them with marriage at a young age, and women were able to exercise this civilizing power in past generations by withholding sex without marriage. But with the advent of birth control, women lost that leverage. Now, if what you read is true, young women are universally available, even for young men who ought to be thought of as "losers." In fact, I'd argue that the availability of sex is likely what turns a lot of young men into losers... theydon't have to try hard to be a winner anymore.
In other words, it's no accident that there's a lot of "hooking up" stories coming out of the OWS protest camps.

Posted by: The Regular Guy at October 31, 2011 09:18 AM (nov+8)

20 my church knows next to nothing about economics...still, rerum novarum was anti-socialist, and anti-big capitalist as well. still, more recent encyclicals have not been too hip to uunintended consequences.

anyone else get treated to a 'occupy the church' homily last mass? I think this tripe came straight from the american bishops, who are not infallible, and are quite often full of shit..

Posted by: jeanne! at October 31, 2011 09:21 AM (QCGVq)

21 Economics is a study of human behavior more than anything else, with all the uncertainties and confusion that entails.
Like my old economics professor said, "If you laid all the worlds' economists end to end, they wouldn't reach a conclusion."
Economics, it's like anthropology, except with numbers.
OK, that is all. Sick today, going back to bed. Y'all have fun.

Posted by: BackwardsBoy at October 31, 2011 09:22 AM (d0Tfm)

22 19.

You are exactly right, I think.

There is something else going on too, something more malign (to me) and larger-scale even . . .

Some of us are devolving into flock-based "societies" rather than clan- or individual-based.

Posted by: BlackOrchid at October 31, 2011 09:22 AM (SB0V2)

23 Now we let young men stay boys for decades, until it's too late to actually turn them into men.
The only argument I have with your statement is the word "let". We've feminized society to such a degree that men are making a rational choice not to grow up. Why should they? What's in it for them? In many cases, it's a rational choice not to get married or raise a family: the incentives are certainly stacked against a man who wishes a family life for himself.

In short: adulthood had many compensations in the old days, but nowadays...not so much, especially for men. There are a lot of cultural reasons for this change (the welfare state, an increasingly-feminized culture and workplace, an overbearing government, etc.), but reversing the trend will be a project of decades...if a reversal is even possible (or desired by most).

Posted by: Monty at October 31, 2011 09:25 AM (/0a60)

24 The idiot wing of the Vatican (ie, the Italians) produced this socialist claptrap, not the Pope.

Posted by: Alice's Clone Army at October 31, 2011 09:26 AM (5p+i3)

25 The Regular Guy,

The women all compete for the "alpha" guys, who don't need to work to impress them and get laid whenever they want without any effort or commitment. Meanwhile, the rest of the guys resign themselves to spending Saturdays alone, and no longer care about their appearance.

Posted by: Alex at October 31, 2011 09:26 AM (e/SJC)

26 Yet now I see people at 30, 40, 50 years old who seem little more than
self-obsessed adolescents -- smug, directionless, angry but inchoate,
lavishly educated but not particularly intelligent, entitled without
being industrious or deserving.

Describes my 60 year-old, left-wing father in-law, except for the part about being lavishly educated. His financial problems are largely self-inflicted, yet he thinks rich people have been stealing from him his entire life (presumably by not handing over their money directly to him). It's kind of sad, really.

By and large, this is why I don't even bother arguing with the left anymore. They're perpetual adolescents. Much like feminists, I can't take them seriously, I can only mock them.

Posted by: Mullaney at October 31, 2011 09:28 AM (sV0Yw)

27 In many cases, it's a rational choice not to get married or raise a
family: the incentives are certainly stacked against a man who wishes a
family life for himself.

I'll admit that as I've gotten older, the desire for marriage and a family is tempered by the realization that I'd live with the gnawing doubt, probably true but hard to prove, that I was being taken for a sucker. Much better to live my own life as a gentleman bachelor and not worry about that.

Posted by: Alex at October 31, 2011 09:28 AM (e/SJC)

28 An authoritarian Communist government lying to the world about the status of their economy? Who could have seen this coming?
Seriously, this. ^^ It's so obvious that China cooks its books before sharing with the world that I've always been perplexed by folks who look on their "economic miracle" as anything other than a shiny apple with a rotten core.
Countdown to Thomas Friedman breaking down in tears in 5...4...3...

Posted by: MWR, Proud Tea(rrorist) Party Hobbit at October 31, 2011 09:29 AM (4df7R)

29 When I was nine years old, my dad handed me a Barlow pocketknife and a handkerchief and said, "A man always has these two things in his pockets."

From that point on, I was never without either. Dad gave me many "This is what a man does/is" talks when I was growing up. Many of them involved "A man faces the consequences of his decisions." Usually involving punishment.

I guarantee that the fathers of these eternal adolescents either were absent or just too fucking lazy and uninterested in their children to teach their boys how to become men.

Posted by: Empire of Jeff at October 31, 2011 09:32 AM (vzFJV)

30 Barack Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: AllenG (Dedicated Tenther) says 'No' to RINO Romney at October 31, 2011 09:33 AM (8y9MW)

31 On the cheaters link:
The government should come down hard on this.

Want to make a bet? The government never comes down hard on this shit. Its not their money they are losing. A private company would come down hard. I have seen it happen.

Posted by: Vic at October 31, 2011 09:34 AM (YdQQY)

32 Seriously, this. ^^ It's so obvious that China cooks its books before
sharing with the world that I've always been perplexed by folks who look
on their "economic miracle" as anything other than a shiny apple with a
rotten core.

Every economics professor I had in college made it clear to us that the Chinese economy was a pack of lies. While I don't doubt there was some growth, and perhaps even significant growth in the beginning, it was obvious that they couldn't have sustained 9-10% growth annually this long without serious consequences. Hence, someone was cooking the books.

Posted by: Alex at October 31, 2011 09:34 AM (e/SJC)

33 Dad gave me many "This is what a man does/is" talks when I was growing up.

Sounds like me

Posted by: Hub from Secondhand Lions at October 31, 2011 09:36 AM (YdQQY)

34 Much like the Broncos, on this All-Hallows-Even, we've been Teebowned.

Posted by: Fritz at October 31, 2011 09:39 AM (/ZZCn)

35 Sounds like me

Posted by: Hub from Secondhand Lions at October 31, 2011 09:36 AM (YdQQY)

Exactly. Except he never taught me to fight and never told me a about an Arab princess that he used to bang. And he's not wealthy. And doesn't have a brother.

But other than that, YES.

Posted by: Empire of Jeff at October 31, 2011 09:40 AM (vzFJV)

36 RE: Religion and Finance: it drives me nuts when people claim that the early Christians had anything at all like a Communist Economy.

Even granted the Church in Jerusalem (voluntarily) lived that way, by just a few years later the Bible alludes to (and contemporary histories corroborate) the fact that the Jerusalem Christians were mostly destitute and required the benevolence of the Brothers and Sisters across the Known World for their survival.

No other Church did that, and as a result they were able to send "gifts" to more needy churches (largely Jerusalem).

Posted by: AllenG (Dedicated Tenther) says 'No' to RINO Romney at October 31, 2011 09:41 AM (8y9MW)

37 ...looking like unmade beds.

They also expect mother to come and wash the urine-soaked sheets and clean the vomit and pick up their toys.

But they are considered adults - with voting rights, and the ability to serve as educators, legislators, and judges. I bet there's more than a few in any pay grades above O-1 as well.

Forward momentum grinds to a halt with these shapeless gears.

I wonder... are darker forces at work?

Posted by: Plate of shrimp at October 31, 2011 09:43 AM (H80Ox)

38 Exactly. Except he never taught me to fight and never told me a about an
Arab princess that he used to bang. And he's not wealthy. And doesn't
have a brother.

LOL, that is one of my favorite "sleeper" movies.

Posted by: Vic at October 31, 2011 09:47 AM (YdQQY)

39 Breaking news!

Posted by: Barack Obama is a stuttering clusterf*ck of a miserable failure! at October 31, 2011 09:47 AM (v+QvA)

40 23 Now we let young men stay boys for decades, until it's too late to actually turn them into men.The only argument I have with your statement is the word "let". We've feminized society to such a degree that men are making a rational choice not to grow up. Why should they? What's in it for them? In many cases, it's a rational choice not to get married or raise a family: the incentives are certainly stacked against a man who wishes a family life for himself.In short: adulthood had many compensations in the old days, but nowadays...not so much, especially for men. There are a lot of cultural reasons for this change (the welfare state, an increasingly-feminized culture and workplace, an overbearing government, etc.), but reversing the trend will be a project of decades...if a reversal is even possible (or desired by most).
Posted by: Monty at October 31, 2011 09:25 AM (/0a60)
This x1000. Don't forget the family law system that essentially punishes men for being sole breadwinners and earning enough to allow their wives to stay home with the children.

Posted by: Insomniac at October 31, 2011 09:53 AM (v+QvA)

41 Half!

Posted by: Eddie Murphy at October 31, 2011 09:55 AM (4q5tP)

42 29... So true! My dad always had a pocket-knife and a handkerchief with him. But here's how far we've fallen... my son, who idolized his Grandpa, accidentally brought his Swiss Army knife (a Christmas present) to an 8th grade function, and one of the parents saw him with it, and for months afterwards my son, who is a great kid, was gossiped about by the other ninny parents in the school as being the scary kid who brought a knife to school.

Posted by: The Regular Guy at October 31, 2011 09:58 AM (nov+8)

43 42 29... So true! My dad always had a pocket-knife and a handkerchief with him. But here's how far we've fallen... my son, who idolized his Grandpa, accidentally brought his Swiss Army knife (a Christmas present) to an 8th grade function, and one of the parents saw him with it, and for months afterwards my son, who is a great kid, was gossiped about by the other ninny parents in the school as being the scary kid who brought a knife to school.
Posted by: The Regular Guy at October 31, 2011 09:58 AM (nov+
The p*ssification of America continues apace...

Posted by: Insomniac at October 31, 2011 09:59 AM (DrWcr)

44 42 29... So true! My dad always had a pocket-knife and a handkerchief with him. But here's how far we've fallen... my son, who idolized his Grandpa, accidentally brought his Swiss Army knife (a Christmas present) to an 8th grade function, and one of the parents saw him with it, and for months afterwards my son, who is a great kid, was gossiped about by the other ninny parents in the school as being the scary kid who brought a knife to school.
Posted by: The Regular Guy at October 31, 2011 09:58 AM (nov+
Good lord that pisses me off.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit at October 31, 2011 10:01 AM (4df7R)

45 So true! My dad always had a pocket-knife and a handkerchief with
him. But here's how far we've fallen... my son, who idolized his
Grandpa, accidentally brought his Swiss Army knife (a Christmas present)
to an 8th grade function, and one of the parents saw him with it, and
for months afterwards my son, who is a great kid, was gossiped about by
the other ninny parents in the school as being the scary kid who brought
a knife to school.

When I was in middle school every guy had a pocket knife. The school had a policy of no blades longer than three inches, which is reasonable, but it was not shocking that a guy would carry one on his person.

The problem is that we have fundamentally abandoned the notion of male institutions, both physical and mental/spiritual. Boys are just maladjusted little girls in the eyes of the state and the education system. Roughhousing, wild play, aggressive behavior and such are all viewed as disruptive to the neat ordered little society that they want to create, and are drugged into submission. Meanwhile, any attempt to create zones where boys are free to be boys or where men can develop as men is attacked and destroyed.

Posted by: Alex at October 31, 2011 10:05 AM (e/SJC)

46 There is a deep cultural poison at work, and the children of "OWS" are merely the latest symptom. Obama is a symptom too, although as a secondary effect, he is pretty damaging.
Never was a society so free, had so much prosperity, so much potential for the future as America had in the '50's and '60's. Regardless of what the populist philosophers say about those years, there was so much potential for the future.
And part of it was realized, but the best parts were stillborn, and never will be. The voting adults of the 50's and 60's (my parents were among them) chose JFK and LBJ (and frankly Nixon, too), who tried mightily to expand and fulfill the socialist "New Deal", at whichLBJ was particularly successful. It was due, I think, to the bankuptcy of many things, in terms of ideas. At the apex of American success, we got these people as political leadership.
As Franklin was asked after the Constitutional Convention - what kind of government will we have - "A Republic, if you can keep it"
What did we need to keep the Republic? What most of the politicians who opposed the accelerating socialistbankruptcy of the last +100 years have been unable to muster. A philosphy, if you can find it.
Romney or Cain might be able to defeat Obama in 2012, but if they do, it will be a hollow victory without a fundamental idea, "First Principles" to draw and build on.

Posted by: Reader C.J. Burch writes..... at October 31, 2011 10:10 AM (RFeQD)

47 Economics is a study of human behavior more than anything else, with all the uncertainties and confusion that entails.

And the maddening insistence on denying basic facts.

Posted by: DaveA at October 31, 2011 10:23 AM (fTMsl)

48 As a Catholic, I find that I just dread the latest Vatican pronouncements because
1) The press NEVER gets it right (often not even close)
2) It is usually some idiot thing coming from the Vatican bureaucracy, not from the Pope
The thing to remember is that the Vatican is not some super secret efficient autocracy with the Pope running the whole show with an iron fist, it is a bunch of bureaucrats who run the place, with often competing agendas. Although the Church is worldwide, "The Vatican" is heavily tilted towards European (read "Italian") membership, and the pronouncements coming out of this or that council are often tilted in that direction. Certain offices in the Vatican are often populated by the Catholic version of "liberals" or "conservatives". The latest pronouncement came out of the "Pontifical Council for Justice and Peace", so take a big wild guess which type populates that particular office. None of these pronouncements have the force of dogma or even the imprimatur of the Pope. This goes double for any pronouncements coming from the American hierarchy, which has been dominated by idiot liberals for decades (although thankfully that is changing).
The way I view it, the Church is not all gung-ho for full libertarian capitalism, which is not an unreasonable position to take, but it is definitely NOT for communism (see John Paul II)

Posted by: MM at October 31, 2011 10:26 AM (ZMhO7)

49 spare filters parts, filters manufacturer, filters wholesale

Posted by: john at October 31, 2011 10:37 AM (nV/nk)

50 Never forget that the economics equations you see, the pretty graphs and
charts, are just educated guesses that are wrong more often than not --
economists love the gloss of the hard sciences ...

To quote the noted statistician, George E. P. Box: All models are wrong; some are useful. Most economic models do not qualify for the "some" category. And none of the so-called climate models qualify at all. Here ends the lesson ...

Posted by: No Whining at October 31, 2011 10:38 AM (HmCnI)

51 "It may not be too late for humans to relearn how to take risks in order to innovate and thereby maintain the advanced lifestyles we enjoy." ... Garry Kasparov says so. Here is the long why. http://tinyurl.com/26z7ecp
Warning, this article contains references to Chess and AI and human nature throughout!

Posted by: Errol at October 31, 2011 10:38 AM (vewos)

52 If you kill capitalism and free markets- you kill the human spirit. You kill the very mechanism that acts as the provider. You will then sink into poverty and hopelessness.

Posted by: Lemon Kitten at October 31, 2011 10:39 AM (O7ksG)

53 I've got the stink down pat and the slovenly clothing awaits me at home. Tonight, I shall greet trick-or-treaters as a member of OWS' Whiny-whine Percenters by demanding that they give me their candy ...

Posted by: No Whining at October 31, 2011 10:40 AM (HmCnI)

54 The pressures on the financial system had been placed there by
government regulation years -- in some cases decades -- before and had
created a perverse ecosystem where risk was accumulated and systematized
so gradually that no one realized the gravity of the situation until it
was too late.


Read Michael Lewis, The Big Short. He seems pretty lefty but makes the point repeatedly re. Big financial partnerships going public dumped their risk away from the partners. There were a few guys running around trying to get a short laid on the mess. So over-regulation re. making unsound home loans, deregulation letting the partners sell their risk.

Somebody always Cassandra's, they just don't get listened too.

Posted by: DaveA at October 31, 2011 10:45 AM (fTMsl)

55 If we kill-off capitalism - does the Pope offer any ideas as a replacement? Communism cannot survive without a host. (the host being capitalsim) Once capitalsim dies, communsim collapses. Once all private porperty is seized for the "common good" - it fails.

Posted by: Lemon Kitten at October 31, 2011 10:47 AM (O7ksG)

56 Yet now I see
people at 30, 40, 50 years old who seem little more than self-obsessed
adolescents -- smug, directionless, angry but inchoate, lavishly
educated but not particularly intelligent, entitled without being
industrious or deserving.

They are the product of government schooling. The compulsory system of government run school is producing exactly what it was designed to produce -- people incapable of thinking for themselves, incapable of doing anything useful. They are basically zombies.

Watch the Ratzenburger video in last night's ONT for insight on where all these people came from.

Posted by: rockhead at October 31, 2011 10:52 AM (ZMHGo)

57 but it is definitely NOT for communism (see John Paul II)

Yea he gave the finger to some South American Commie priest right on the tarmac. Well shook his finger at the guy in public, he was Pope after all.

Posted by: DaveA at October 31, 2011 10:53 AM (fTMsl)

58 Jon Corzine(D) is a moneywastingfailure.

Posted by: Lemon Kitten at October 31, 2011 10:57 AM (O7ksG)

59 Was the behavior of bankers prior to the 2008 actually risk-averse? Looked at in a certain light, I think you can make that argument: they were working from profoundly flawed risk models, but most of them thought they were fully (and carefully) hedged against disaster. The pressures on the financial system had been placed there by government regulation years -- in some cases decades -- before and had created a perverse ecosystem where risk was accumulated and systematized so gradually that no one realized the gravity of the situation until it was too late.

-----
This is an under-discussed subject IMO. The fact is that all the CDOs and CDO-squareds were based on models and formulas that the Wall Street firms thought were dissipating the basic default risk of the underlying mortgages. They wanted the returns of subprime loans but did not want the risk on their books. They bought and sold credit default swaps on those CDOs as additional hedges against risk. The flaw was that all the models were based on consumer behavior in an environment in which home prices were constantly rising, and there was no fraud involved in the original loans. Nobody expected people to start defaulting before the first payment, for payment-option ARMs to go underwater in 6 months, etc. The market simply did things nobody expected or modeled for.

Read "All The Devils Are Here" to understand how this happened. AIG's people really thought their CDOs were invulnerable, they thought they owned the "senior pieces" of the securities that were basically prime MBS with near-zero default risk, but when even the prime borrowers started defaulting, they were screwed.

Posted by: rockmom at October 31, 2011 11:02 AM (lSyyU)

60 A "supranational public authority?" I don't recall reading that in the Bible. Where is that, again? Leviticus? Job?
Wow. And you wonder why people don't take the Pope seriously anymore. Talk about irrelevant.
Notice how I didn't make a single German joke, either...

Posted by: RobM1981 at October 31, 2011 11:24 AM (qlIZh)

61 The way I view it, the Church is not all gung-ho for full libertarian capitalism, which is not an unreasonable position to take, but it is definitely NOT for communism (see John Paul II)

That may be, but every time the Vatican issues a statement regarding economic issues, and there have been a few over the years, it's guaranteed to be completely boneheaded. There are no exceptions. Whatever their talents as theologians and ministers, it's obvious they don't know squat about economics.

Posted by: OregonMuse at October 31, 2011 11:35 AM (QTDz6)

62 Just wondering how many jillions we have forgiven in debt to these two-bit countries since WWII.

Suck it, Europe.

Posted by: Uncle Sugar at October 31, 2011 11:47 AM (DQHjw)

63 None of these pronouncements have the force of dogma or even the
imprimatur of the Pope. This goes double for any pronouncements coming
from the American hierarchy, which has been dominated by idiot liberals
for decades (although thankfully that is changing).

That is all that needs to be said about the mention of Catholic church and no capitalism. Its a lie that all media seems to have glommed on to

Posted by: exsanguine at October 31, 2011 12:07 PM (RccHN)

64 None of these pronouncements have the force of dogma

Nor could they. Dogma pertains only to matters of faith and morals. Science, history, and economics fall outside of his brief. He can no more dogmatically define capitalism as unjust than he can dogmatically define the sky as yellow.

Posted by: That's RACIST! at October 31, 2011 02:21 PM (rJWpY)

65 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at October 31, 2011 04:23 PM (fyOgS)

66 Ugggh. We already had ONE reformation. Why is the vatican being so stupid about this? IS the catholic church going senile or something?

Posted by: cackfinger at October 31, 2011 04:46 PM (a9mQu)

67
**Posted by: The Regular Guy at October 31, 2011 09:18 AM (nov+ **

You make great points. Being female, I don't like to see the blame placed entirely on women as some tend to do but I have toadmit our contribution. There's a saying sometimes attributed to Lenin or Stalin that goes "if you want to corrupt a society corrupt the women." Women are the foundation of societies and maintain the morals, traditions and continuity of generations. This is usually done via religion and culturalnorms. While the 60s revolt had its roots in some very valid concerns over anti-woman mindsets, the pendulum swung from one extreme to the other. Instead of correcting abuses, it made women into men and left men wondering what their role was anymore.
Generally speaking from a subtle physiological perspective, it is easier for women to be religious or spiritual. Men have trouble in the early stages but if theyare raisedwith solid structure and practice virtue they can rise to great heights. It is inspiring to see a great man, whether he is the middle class dad on the block, a military hero or a great national leader.
In my advancing age I've decided that boys and girls should be educated in separate classrooms. The differences are that great.Separate but equal.
Oh and btw, I think feminists secretly hate themselves. That's why they want to be men. They really believed the lie that women are inferior.

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