Posted by: Mike P. | September 15, 2010

Delaware!?!


Has Delaware lost its collective mind?  It’s one thing to not like Castle, and to think a change is needed.  But, really, could ya actually find someone who is not moron if that is what you want?  Someone who is somewhat qualified?

As Seen on Maddow, MSNBC.

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Responses

  1. That last sentence is worth trillions! Nobody in congress bothers to balance the government checkbook. They been too busy passing bills they haven’t read to give us stuff we don’t know. I’ll take a checkbook as a priceless start!

    • From what I’ve been able to tell, based on history, the government does need to pump money into the economy. Let’s face it: massive money was pumped into the economy with fake investments. Homes, whose value was never even close to the evaluation were sold at these inflated prices and then used to back investments, and those investments failed. Large sums of money were created as a result of deregulation, and those sums were lost since they were backed by essentially non-existant assets.

      The winners were those who made large amounts of money creating and selling those investments, and the losers are homeowners who bought at the wrong time, or refinanced at the wrong time, and those who own the securities backed by worthless homes, and even worse, those who own worthless securities derived from the value of worthless securities.

      Repeat that last sentence N times until you get the bottom of the morass of derivative securities. That should keep you busy for a few years.

      So, now we have a massive shortfall, a hangover if you will. We could contract the economy, but all that will do is put lots of people out of work. So, basically the government has to print the money to make up for the short fall that the investment firms created and then lost when their balance sheets contracted.

      A friend says “when you face hard times, what do you do? You spend less and save.” Well, maybe a private individual does. But, first of all, a company doesn’t. Typically, it will attempt to borrow money and grow it’s business in a new direction or whatever it takes to become solvent again. But, most importantly, the government is neither a business nor a private individual, and the actions it needs to take in the face of a massive short on the economy are different.

      Deregulation screwed us and essentially allowed too many businesses to print money (what else can you call it when you sell what is essentially a non-existant product). And now we have to balance the books and dig ourselves out of the hole that was created.

      Tax cuts for the wealthy have got to be about the dumbest way to do this. First, the wealthy created the problem. Second, they benefited the most. And third, the entire “tax cuts create jobs” argument simply does not work, and by way of proof, I offer that it has never worked when tried before. It doesn’t even make any sense. Tax cuts will allow more money to float around the system will it will likely be used to buy up weak assets making wealthy people richer, and resulting in more stripped businesses. You have to be making money in order for a tax cut to do you any good, right?

      How does a tax cut help a business that is teetering on the edge? It doesn’t. What it does is allow a business that is doing well to buy out the teetering one, strip it, lay off the people, and move the customers into the existing solvent business. Rare is the businessman who is going to say “Hey bud, I got a tax cut, and I see you’re hurting. I’ll lend you some until you get on your feet.” What world do you live in, anyway?

      So, in sum: sure, in normal times, a balanced budget spent wisely is always the goal. Tight regulation is required so we can ensure that the financial products being offered actually make sense and do not destabilize the system by proving to have risk far higher than the stated assessment. We need to stabilize and then move towards this goal.

      Additionally, we need to encourage the growth of new industries and we need to tax older industries at a higher rate to encourage a capital shift. Specifically, we need to move from an oil based economy to a non-oil based economy. The jury is still out on which technologies are best – wind, solar, nuclear, but the market can help make that determination.

      What we need to do is remove players like Koch, who wish to maintain their oil based investments at any cost, from our collective consciousness, think about what we need to do and get to work.

      Failure to do so will result in the end of the US as a world power because some other country will take the lead and pass us by. We’ll be stuck using oil, dealing with an aging infrastructure, fighting wars to obtain oil, dealing with the environmental impact from difficult drilling situations, and paying top Yen or whatever for green energy sources.

      Replacing people in Washington is a fine idea when those people prove to not have the needed leadership skills. But, it is a relative thing. Replacing one idiot with an even bigger idiot, who is completely unskilled to boot, is not helpful.

  2. It’s hard to let go, and see children make mistakes. Poor Delaware. It seems too many TEA minded folks got selected! What does that mean? Perhaps the socialist meddling save the world idiots are out.

    • Yes. Xenophobia is such an attractive alternative. Does that actually work? Umm, has it ever worked? Nope, don’t think so. Well, saving the world won’t be an option if O’Donnell is elected. She’ll be lucky to balance her checkbook.


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