December 2011 archive

Crossposted from The Stars Hollow Gazette

Have I mentioned yet that banksters are stupider than you and I?

About the only way they can find to make money is to borrow it from Central Banks at low or non-existent rates of interest and lend it back to governments at significantly higher rates.

This is why Modern Monetary Theory is so appealing.  Why not just cut out the bloodsucking middlemen?

Oh, in theory they lend that money to producers of goods and services.  In fact, not so much.  Take for instance the European Central Bank’s outstandingly “successful” auction.

Where will the ECB’s billions go?

Felix Salmon, Reuters

Dec 22, 2011 09:50 EST

Norris’s bullishness is based on what you might call the Sarkozy trade – the idea that a huge amount of the ECB’s new lending will end up being invested in Eurozone government debt. He calls it “an obvious, virtually risk-free, option” for the banks who borrowed ECB funds.

…

(T)he prudent course of action, for Europe’s banks, is to use this ECB money to pay down their own debts. Doing so would address a big funding risk, and would also help derisk their balance sheets in the eyes of the world and of Basel.

The big question, then, is how long the ECB is going to be doing this kind of thing. If this operation is a signal to the market that the ECB will be the lender of last resort to European banks for at least the next couple of years, then the banks don’t need to worry so much about their own financing needs and can lock up the funds in two- or three-year government bonds as Norris and Sarkozy anticipate.

…

If I were running a European bank, I’d fill up on ECB lending now, when it’s plentiful, because you never know for sure when that limit might be reached. That’s what happened yesterday. But I’d definitely think twice before turning around and lending it all back out again to Italy or Spain. Yes, that trade is a profitable one. But the one thing that European banks need more than anything else right now is liquidity. Profits come second.

So the 2 choices on the table right now are stealing money using the ‘Carry Trade’ to extort it from governments and calling that ‘profit’ OR simply using it to write off the Trillions of crap they already have on their bloated, insolvent books.

Twas the day before the night before Christmas and not a shopper was stirring not even a crotchety old hen or Marine Corps. vet.  The flag industry was dying like so many others and here I sat thinking WTF is next.

So the book keeper goes to the boss the other day “We’ve got 8k in the bank and here’s 8k in checks to sign to pay off vendors” “We’ll be solvent till January first”  Now I’m one to get nervous needlessly, I suffer from anxiety and depression so forgive me if I sound like I’m freaking out because I am.  Forty seven years old, under educated, legally blind, 16k in debt, living in a company supplied house that’s ready to collapse from rot and termites, BC/BS is calling everyday for the 2 or 3 grand I owe em and the NJ Commission for the Blind and Visually Impaired is spending huge dollars to make my workplace more accessible for me by buying CCTVs, Screen Readers, Glasses and other nice toys but I have to remain employed for 90 days or I loose them.  I have my health though, well maybe, haven’t seen a Dr. in four or five years, my teeth need to be serviced and I’m 47 with all that that implies LOL.

It could be worse though for tonight I have a roof over my head and probably will for a while longer at least, I’ve got food and friends to help if I need. I’m not one of the third of humanity living on less that two bucks a day and I still have hope!!

Merry Christmas Happy Hanukkah and a Safe, Healthy and Happy New Year to all

Crossposted from The Stars Hollow Gazette

No Joke.

Last night I had TDS/TCR duty and while I found this story incredibly funny, it’s also very serious and topical.

(h/t qm1pooh)

The question on everyone’s mind, indeed the only question of any political significance whatever this election cycle is whether Stephen Colbert’s Stephen Colbert’s Colbert Super PAC™ will be allowed to sponsor this year’s South Carolina Republican Primary.

I’m sure you all remember this segment from 12/7-

where Stephen reveals his negotiation to place a simple non-binding referendum question on the 2011 South Carolina Republican Primary ballot.

In order to address the issue of Corporate Personhood, the enfranchised People of the Sovereign State of South Carolina declare that:

   ( ) Corporations are people.

   ( ) Only people are people.

As Stephen reveals today in his explosive guest editorial in The State, South Carolina’s leading newspaper for publishing explosive guest editorials by Stephen Colbert, South Carolina has 2 (count ’em) TWO State Mottos-

   Animis opibusque parati – “Prepared in mind and resources.”

   AND

   Dum spiro spero – “While I breathe, I hope.”

Oh, and that his Stephen Colbert’s Colbert Super PAC™ has made a firm cash offer of $500,000 to become the official sponsor of the South Carolina Republican Primary.

This is no joke.  Stephen has in fact written “No Joke” on the memo line of each check.

ek you say, how can someone “sponsor” a Primary?

Civium Coniunctionem

Please remember to say that like Hermione and not Ronald.

For years the South Carolina Republican Party has paid for the expenses of each county.

Colbert Sought Naming Rights For South Carolina Primary

By Reid Wilson, National Journal

December 22, 2011 11:20 AM

Until 2008, the state Republican Party had paid for the entire primary process, renting the polling places and voting machines, printing the ballots and providing the volunteers. In 2008, the state paid for both parties’ competitive primaries.

No joke: Stephen Colbert wants naming rights to S.C. GOP primary

Richard Fausset, L.A. Times

December 22, 2011 9:28 am

This month the State newspaper in Columbia, S.C., reported that Colbert offered to help cover the costs of the Jan. 21 presidential primary, the first in the South, if the state GOP would change its name to “The Colbert Nation Super PAC Presidential Primary,” just as Frito-Lay has paid to affix “Tostitos” to “Fiesta Bowl.”

He also asked the party to support placing a referendum question on the January ballot asking voters whether they believe “corporations are people,” an issue at the heart of the Citizens United case, or “only people are people,” an assertion echoing a 1984 Depeche Mode hit.

The State’s Gina Smith reported that the GOP passed on the naming rights, but agreed to put the question on the primary ballot in exchange for a pledge of a “significant contribution” from Colbert’s PAC.

Then, however, the South Carolina Supreme Court struck all referendum questions from the ballot.

That wasn’t the end of things. South Carolina’s GOP is also caught up in a complicated drama over how much of the primary it should pay for, and how much of the tab should be picked up by the government. Matt Moore, the executive director of the state GOP, has said he believes that a recent court ruling makes the state and counties “solely responsible for the primary.”

South Carolina GOP rebuts Stephen Colbert on primary naming rights

By MICHAEL A. MEMOLI, Sacremento Bee

Published: Thursday, Dec. 22, 2011 – 12:00 am

Ultimately, the South Carolina Supreme Court decided that the state’s counties had to foot the bill for the cost of the election. And Colbert is offering again to step to the plate, under the same conditions he offered before.

“The counties need the money, and Colbert Super PAC wants to give it to you; call it a Christmas Miracle,” he says.

op. cite–

The South Carolina Republican Party confirmed they had been engaged in talks with Colbert, talks sources said have continued for months. And party chairman Chad Connolley did visit Colbert in New York, a spokesman confirmed.

Colbert’s not giving up on S.C. primary

Reuters

Dec 22, 2011 21:10 IST

Colbert said talks continued with the state party over plans including still selling them the naming rights or whether the GOP would petition to get his referendum back on the ballot. When that failed, he said he reached out to the state Democrats, who agreed to seek to reinstate the referendum. At that point, the state Republicans declined Colbert’s money because they “were concerned about the sanctity of the primary election.”

“If nothing else good comes from this, we have at least narrowed down the exact value of sanctity – somewhere between $200,000 and $400,000,” Colbert wrote.

Colbert wrote that he thought the issue was dead, until learning that South Carolina’s Republican party had reneged on almost all funding for the primary, which prompted him to offer to cover the counties’ $500,000 shortfall.

Colbert guest editorial: Naming rights, state mottoes and the GOP primary + video

By Stephen Colbert – Guest Columnist, The State

Thursday, Dec. 22, 2011

I assumed that was the end of the story, but last week I saw that the South Carolina GOP has reneged on funding any part of the primary, save for the legal minimum percentage of candidate filing fees, leaving the financially strapped counties on the hook for $500,000. That’s money that counties need for emergency services, infrastructure repair, and to complete the wall to keep out North Carolinians. Once again, our first-in-the-South primary is in jeopardy.

…

Colbert Super PAC will cover the counties’ $500,000 shortfall. In return, I ask for only two things: that you support the Democrats’ petition to get my referendum back on the ballot, and that you grant me the pre-negotiated naming rights, which, I think we can all agree, you now own. To paraphrase Ronald Reagan, “You paid for that microphone!”

Do not despair

Oh, and you may resume breathing.  Stephen has left us this message of eksmas cheer (op. cite)-

Dear Colbert Super PAC Members And Incorporated MemberCo’s,

Colbert Super PAC got you a Christmas present, but it didn’t arrive in time. You want to know what it was anyway?

I was going to give you the South Carolina primary. I was so sure you’d like it, I didn’t even ask for a receipt.

I’ve explained it all in an opinion piece that’s just been published in “The State” newspaper in Columbia, South Carolina. You can take a look here.

Sorry it didn’t get here in time. Remember, it’s the thought that counts. So next year I’m going to give you thoughts.

Whatever holiday you celebrate this season:

Merry Christmas from Colbert Super PAC!

   Stephen Colbert

   President And Fourth Wise Man

   Americans For A Better Tomorrow, Tomorrow

^{Contributions to Americans for a Better Tomorrow, Tomorrow (“ABTT”) are not deductible as charitable contributions for federal income tax purposes. ABTT may accept unlimited corporate contributions, unlimited individual contributions, unlimited labor-union contributions, and unlimited PAC contributions. Contributions from foreign nationals and federal-government contractors will not be accepted. *Federal law requires ABTT’s best efforts to obtain and report the name, address, occupation, and employer of any individual who contributes more than $200 in a calendar year.}

Our regular featured content-

• On This Day In History December 22 by TheMomCat
• Punting the Pundits by TheMomCat

These featured articles-

• Winter Solstice: Return of the Sun by TheMomCat
• Bubble Wrap by ek hornbeck
• The Carry Trade by ek hornbeck
• Yes, We Can: The Case for Indefinite Detention & Rendition by TheMomCat

This is an Open Thread

Cross posted from The Stars Hollow Gazette

The House of Representatives officially rejected the bipartisan agreement that passed the Senate with 89 votes for a two-month extension of the payroll tax cut, extended unemployment benefits and a doctor’s fix to prevent a 27% reduction in Medicare reimbursement rates. They did so under a complicated scheme whereby members did not vote on the Senate deal itself, but on whether to move to a conference committee on the package, with the rejection of the Senate deal implicit in the exchange. The final roll call was 229-193, with seven Republicans switching sides and voting with Democrats to reject the conference committee. All Democrats present voted against the bill. [..]

The seven Republican no votes: Charlie Bass (NH), Jeff Flake (AZ), Chris Gibson (NY), Jaime Herrera Beutler (WA), Tim Johnson (IL), Walter Jones (NC), Frank Wolf (VA).

Senate Majority Leader Harry Reid won’t play:

“My House colleagues should be clear on what their vote means today. If Republicans vote down the bipartisan compromise negotiated by Republican and Democratic leaders, and passed by 89 senators including 39 Republicans, their intransigence will mean that in ten days, 160 million middle class Americans will see a tax increase, over two million Americans will begin losing their unemployment benefits, and millions of senior citizens on Medicare could find it harder to receive treatment from physicians. “Senator McConnell and I negotiated a compromise at Speaker Boehner’s request. I will not re-open negotiations until the House follows through and passes this agreement that was negotiated by Republican leaders, and supported by 90 percent of the Senate. “This is a question of whether the House of Representatives will be able to fulfill the basic legislative function of passing an overwhelmingly bipartisan agreement, in order to protect the economic security of millions of middle-class Americans. Democratic and Republican leaders negotiated a compromise and Speaker Boehner should not walk away from it, putting middle-class families at risk of a thousand-dollar tax hike just because a few angry Tea Partiers raised their voices to the Speaker. “I have always sought a year-long extension. I have been trying to forge one for weeks, and I am happy to continue negotiating one once we have made sure middle-class families will not wake up to a tax increase on January 1st. So before we re-open negotiations on a year-long extension, the House of Representatives must protect middle-class families by passing the overwhelmingly bipartisan compromise that Republicans negotiated, and was approved by ninety percent of the Senate.”

A couple of point where I disagree with Barney Frank is that we are doing better than Europe and that the economy is doing better. Maybe for the 1% it is but the middle class is shriveling. The important part of this bill was an extension of the UI which is about expire.

A holiday tradition at my house, I enjoy them any time of year.

Cranberry Canes are basically a stuffed yeast bread roll up, like a Cinnamon Roll.  It’s the presentation of twisting the prepared strips and putting a crook at one end that gives them their distinctive appearance.  There are 3 basic elements-

Dough:

Filling:

Frosting:

Preparation: