Tuesday, May 15, 2012

Obama: Destroyer of Jobs and Wealth

Obama & Dimon:  Only one knows what he's doing
People are howling over JP Morgan’s Egregious loss, blowing two billion last quarter.  Has anyone thought to check how much the federal government loses every day?  JP Morgan is profitable.  When was the last time government (any government!) made a profit?

JP Morgan's small investment failure was a private enterprise losing private money. I wonder if everyone understands that? Has collectivism so seeped into our consciousness that people see private money as government’s, or as the collective “ours?”

There is a government tie-in. Ben Bernanke encourages this irresponsibility by shoveling free government money to these bigtime gamblers:
Until Uncle Sam’s CEO, President Obama, and its CFO, Ben Bernanke, realize that the policies they have put into place have juiced the financials while doing very, very little for the rest of the economy, no amount of regulation will keep bankers from taking out-size risks in hopes of outsize rewards, with taxpayers as the safety net. (NY Post)
This is what smart people do with cheap money; they play like there’s no downside, because there isn’t. If Dimon, the whiz kid trader who did this, and the leadership of JP Morgan had to make up the loss personally, this kind of recklessness would end immediately.

Obama’s Losses are Much Bigger

Also, at least JP Morgan fired fired somebody over it. When does that happen in government? Obama has lost over $2.5 billion on “green energy” “investments,” and we have nothing to show for all that stimulus money besides better armed Mexican drug gangs.  Instead of focusing on taxpayer money being flushed down the toilet so Obama can reward his crony crapitalist campaign contributors, people instead choose to focus on a private bank losing private money.

To add to the ridiculousness of it all, Obama now attacks Romney for failure to save a steel mill and losing 700 jobs, when Obama threw tens of thousands out of work when he appropriated the auto industry. The pathetic attack on Romney is easily refuted:
According to the US Labor Department, there were almost 17.3 million jobs in manufacturing in December 2000. [...]  When Obama took office in 2009, there were slightly over 13.4 million. As of December 2011, there were about 11.8 million. (Truth Out)
So the liberal bottom line here seems to be that when capitalism causes a loss, it’s an evil, greedy bastardy; but when government does it is just an innocent “oopsy!”

But what do you expect from a party that confers minority status on a rich white Ivy League professor? They also jumped the gun in deeming Bill Clinton the first black president. Since that title was already taken, Obama has to resign himself to being the First Gay President.

Liberalism in action folks! You just can’t make this stuff up…

Byron York – Romney Response
What Jamie Dimon Didn’t Tell You

55 comments:

A Proud American said...

Hey! Obama and all you other Politicians Especially Jeanette Garafalo, Hillary Clinton, Barney Frank,Eric Holder, Nancy Pelosi,and Harry Reid ! Guess what? YOU WORK FOR US!!! It's Not the other way around!!

Ducky's here said...

Do you mean Janeane Garofalo ?

She isn't a politician.

We work for Wall St.

Ducky's here said...

Silverfiddle you seem to be pretty sanguine about Wall St. turning into a mere casino.

We've seen what these jokers can do but it doesn't seem t concern the far right. They've created financial instruments so complicated that they are incredibly difficult to understand or value. Mark to market is almost impossible.
Combine these with an incentive system that encourages huge gambling risks.
The idea of risk has been completely perverted.

So let's have some simple rules:

Increase reserve requirements

Return Glass-Steagall

Make sure the losses of a failed institution are absorbed by the bookies before refloating the entity.


Right now you get canned and you just go to work for some hedge fund and around it goes. Bunch of kids playing with fire and you're okay with giving them matches. Real smart.

Silverfiddle said...

"Combine these with an incentive system that encourages huge gambling risks.
The idea of risk has been completely perverted."


Amen. Just what I have been saying. Remove the government safety nets, make corporate leadership legally liable for what their company does, and much of this highwire stuff would end.

I also support a strong Volker Rule and a Return of Glass Steagall.

We essentially have two ways to go: 1) Treat banking like a public utility and regulate the hell out of it on the foolish notion that regulators are smarter than those they are regulating,

2) Decouple the banking industry from the US Treasury and the Fed, and take away their safety nets.

Silverfiddle said...

btw, increased reserve requirements is what is killing small, main street banks.

If banks stood on their own without government assistance, this rule would not be needed.

Shaw Kenawe said...
This comment has been removed by the author.
Shaw Kenawe said...

If Pres. Obama is a wealth destroyer, how do explain this from the Wall Street Journal?

Silverfiddle said...

Are you wealthier than when Obama took office? If so, you're part of the 1%, because the rest of us are losing ground.

Our economy is growing at a sclerotic pace. You make the common mistake of looking at Wall Street instead of Main Street.

You didn't ask, but Here is how to explain Obama's job destruction.

Ducky's here said...

Again we bump up against it, Silverfiddle.

Romney/Obama, doesn't matter, the disparity will continue to grow and when Mr. Austerity shows up there is really going to be hell to pay.

So what do we do?

SCOTUS is bought and paid for

A couple butt nuggets in the Senate can block even the mildest reform.

Allen West is allowed out of his cage.


Remember when it all went up in the 60's. People with so little stake that they just torched the place. Well, our police forces have been militarizing for just such a possibility (probability?) under the guise of the asinine War on Terror .
Those that cheer on the repression don't think it will ever reach them.

Meanwhile we sit and pull our dicks debating Obama or Romney.
We are a pathetic people.

Anonymous said...

OPbama: Destroyer of wealth and jobs!! I think the more correct statement: Wall Street the greadie bastards got their hands in to Washington Politics and caused America to tumble-Hence Obama is our President: Washington politicans and Wall street Greedey business ran for the short term and caused a long term problem-RAN THIS GREAT COUNTRY INTO THE GROUND ON GREED AND THE QUICK ALMIGHTY DOLLAR.

Redneck Ron

conservativesonfire said...

Dodd-Frank did a lot of good, didn't it?

Ducky's here said...

No, it didn't did it.

They are all back to their old tricks as predicted.

Be sure to buy Facebook when it IPO's. The street loves suckers.

Jersey McJones said...

"You just can’t make this stuff up…"

Sure you can, Silver! You just did!

Take manufacturing jobs. We're been shedding them for two generations now. It's due to a combination of the evolution of technology and "free trade," the latter being pushed by both sleazy cheap-labor cons, and unrealistically idealistic Flat-Earth liberals.

Then there's that sleazy lie about auto mfg jobs. You know Obama (and the Bush administration) SAVED thousands and thousand of US mfg and peripheral jobs there.

So, yeah, you CAN make this stuff up, and hyper-partisans like you do it everyday with every issue that catches your fancy.

JMJ

Silverfiddle said...

Jersey: Obama closed down dealerships all over the country and non-union workers at secondary vendors lost their jobs as well. It's not made up.

Grung_e_Gene said...

Silverfiddle,

Can you show us the executive order with President Obama's signature ordering the closure of the car dealerships or are we to rely on the right-wing echo chamber which made this pronouncement about Government Motors?

And shouldn't Romney get the Credit for closing the Car dealerships since he proposed managed - bankruptcy for Detroit, i.e. closing car dealerships?

Also are you voting for Mitt Romney?

Ducky's here said...

Obama closed down dealerships all over the country?

You're full of crap.

Non performing dealers had to close while the restructuring occurred but they would have ALL closed if GM and Chrysler had gone under.

Jersey's point remains. Large numbers of jobs were saved.

Silverfiddle said...

"Jobs saved" is a bogus charade. No way to quantify of prove it.

You're really losing your edge Ducky.

Silverfiddle said...

http://www.bloomberg.com/news/2010-07-18/treasury-s-push-to-close-auto-dealers-may-have-cost-jobs-u-s-audit-finds.html

Executive order? Dear Leader doesn't need such formalities. He circumvented bankruptcy laws and played favorites with government moeny. What's a little piece of paper when you're doing business the Chicago Way?

You guys get funnier and funnier to watch as you circle the wagons around this corrupt, inept, intellectually bankrupt administration.

Silverfiddle said...

You're particularly tendentious in protecting your Dear Leader Ducky!

Obama killed Bin Laden, but he had nothing to do with dealerships closing down.

You insult us. Come back when you have a real argument.

Liberalmann said...

Obama would have cut the defect in half if the GOP not been obstructionists.They do nothing but hurt average Americans. How many bills have they blocked to brought back jobs to America? How many budgets did they hold up? Still, Obama has shown economic growth EVERY MONTH he's been in office since the Stimulus and created more jobs in 2 years than Bush did in 8 years. Bush increased the debt by $5.5 trillion. Obama's Stimulus (which saved us from an all out depression) added only $1.3 trillion.

HERE'S THE TRUTH:

CHART: Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office
http://thinkprogress.org/economy/2012/05/15/484767/obama-budget-chart/

And while you're at it:

CHART: Who Really Caused The Deficit?
http://tpmdc.talkingpointsmemo.com/2012/05/obama-romney-deficit-debt-chart.php?

Jersey McJones said...

"Jersey: Obama closed down dealerships all over the country and non-union workers at secondary vendors lost their jobs as well. It's not made up."

First of all, no, he didn't. That's not how that happened. Secondly, how many, say, GM dealerships would there be if there was no GM? Thirdly, how many more jobs were saved than lost in the end? 100-to-1? 1000-yo-1? 10,000-to-1? I bet it's way up there.

You attacked Obama for something he didn't do involving something he did do that saved thousands and thousands and thousands of jobs in this country. You must be one of those Mitch McConnellite Republicans, for whom getting Obama out of the White House in and of itself is the most important goal in your life, regardless of the truth, regardless of what's best for the country. That's sad.

And that silliness about the first black of gay president nonsense. Why do you conservatives focus on nonsense like that? What is the substance of it? Do you really believe liberals are so stupid as to care a whiff about that? Projection, anyone?

When you make an argument, you should at least try to do two very simple things; make it as honest and as true as possible.

The content of this post struck me as containing little of either. You have some very interesting ideas and ways of seeing things, but when you get all hyper-partisan, you seem to allow yourself a little too much latitude with your "facts."

JMJ

Anonymous said...

Canardo is here for one purpose only.

He gets his kicks from being a bloody nuisance.

It's as simple -- and as stupid -- as that.

That so many attempt to reason with a person who has no intention of engaging anyone in serious and sincere conversation does not speak very well for those who persist in taking Canardo seriously.

What is that oh-so famous definition of insanity again?

Oh yes! Here it is:

DOING THE SAME THING OVER AND OVER IN THE HOPE OF GETTING A DIFFERENT RESULT.

Don't keep on banging your heads with a hammer. I assure you it feels SO good when you stop.

~ FT

Anonymous said...

A Rx for what ails us:


Get the GOVERNMENT OUT of BUSINESS, and BUSINESS OUT of GOVERNMENT.

That's all it would take to set things right, the trick, of course, is to find out HOW to get it DONE.

"Aye! There's the rub."

~ FreeThinke

Silverfiddle said...

Everybody: I recommend you all go and follow Libermann's red propaganda link. It is a great example of the old saw about lies, damned lies and statistics.

The first statistic cited is less than a rounding error, and the "lower taxes" is a flat-out lie, disguising lower revenue collection as a tax cut.

This is what liberals are reduced to folks, lies, bs and shameless propaganda.

Silverfiddle said...

Jersey, Jersey, Jersey... You're too smart to believe there would be no GM without Obama.

The would have gone through bankruptcy, if we still had a government that respected the law, they would have settled with creditors, and emerged a leaner, meaner company.

I didn't call Clinton the first black president, liberals did!

I didn't call Obama the first gay president, liberals did!

Own it!

Obama sucks as a president. His deficit spending is unprecedented and he is on track to be the only president in American history to have a net job loss.

Mustang said...

Silver:

I’m sure you are aware that Lib-dip has deposited that same comment three times so far today. This is very curious behavior for someone who simply has a passion for socialism.

Silverfiddle said...

No Mustang, I wasn't. Thanks for the tip. Doesn't surprise me thought. Original thought is not his strong suit.

Finntann said...

Sounds like this argument should be easy to settle.

Simply take the number of jobs that would have been lost in a GM bankruptcy reorganization and compare them to the number of jobs saved under the Government Motors Plan.

OH WAIT... you don't have those numbers because they are entirely theoretical, like how many angels could dance on the head of a pin,

Ducky, Jersey, Liberalmann... here, meet a fact:

GM LAID OFF 107,357 workers between December 2007 and August 2010.

Here, meet another fact:

FORD LAID OFF 15,912

Cheers!

Finntann said...

More on topic, JP Morgan has over 2 Trillion in assets, they lost 2 Billion.

This is the equivalent as you going to a poker game with a $2000 stake and losing $2.

Or a company with $2,000,000 losing $2000

JP Morgan has 2.3 Trillion in assets and another 190 Billion in shareholder equity. They had 2011 revenues of 190 Billion and a net income of 19 Billion.

The loss was in the corporate and private equity division. While the division had a 2.3 Billion dollar loss, it also had income. Net loss Q2 800 million. Last year it earned 4.1 Billion.

JP Morgan is one of the best capitalized banks there are, maintaining a roughly 13% reserve. That is 299 Billion... okay now 297 Billion.

The stock was trading at around $40 when the loss was announced and is now trading at $36.70 and paying out a dividend of .30/Q

No one lost money who did not readily accept the risk, and no one has lost money who hasn't sold their shares.

If it were me, I'd be buying JP Morgan.

The government loses 3.95 Billion a day (the daily increase in national debt)

So what are you 'liberals' whining about?

Cheers!

Z said...

"Since that title was already taken, Obama has to resign himself to being the First Gay President."

Good one, SF.

Great post...
by the way, MANY car dealerships closed...MANY. You're absolutely right.

Ducky's here said...

Hey mustang, nice of you to drop in. The White Citizen Council meeting let out?

Finntann, if you're buying American banks you're a fucking fool. Stick with mortgage REITs while interest rates are low.

Silverfiddle said...

Hey Ducky, since you said nothing germane to the topic, it must mean you're out of ammo.

Finntann said...

Actually, I'm doing quite nicely with Ginnie Mae.

My point was, if your gonna buy JP Morgan, buy now. In all likelihood it will be back to $40 by years end.

Cheers!

Mustang said...

Ducky never runs out of low-minded invective.

Silverfiddle said...

...and his insults to a United States Marine wear thin...

Liberalmann said...

And you just can't deal with being pwned with facts.

Finntann said...

Facts? You wouldn't know a fact if it bit you on the ass.

Claiming the deficit is down in relation to GDP (Which isn't government income by the way), is like me claiming my debt is lower because Ducky made more money last year.

Rolls Eyes!

Want a fact? We're sixteen trillion dollars in debt.

Want another fact? Your an imbecile.

KP said...

As usual, our host had some great points to make. As well, when Ducky doesn't have a broken arm or ants in his underwear he also has strong input.

@Ducky: << so let's have some simple rules: Increase reserve requirements // Return Glass-Steagall // Make sure the losses of a failed institution are absorbed by the bookies before refloating the entity. >>

This is critcal. It is non partisan. Both sides would/should agree with this. All we have to do is get the President, the Fedral Reserve and Congress to stop whoring.

Fuzzy Slippers said...

[quote]So the liberal bottom line here seems to be that when capitalism causes a loss, it’s an evil, greedy bastardy; but when government does it is just an innocent “oopsy!” [/quote]

Precisely! Supremely well-stated, Silverfiddle. As always.

Z said...

Finntann "My point was, if your gonna buy JP Morgan, buy now. In all likelihood it will be back to $40 by years end."

http://news.yahoo.com/blogs/ticket/obama-financial-forms-show-big-jp-morgan-account-213119081.html

Ya THINK? :-) keep your money there...Obama does.

Anonymous said...

"Do you mean Janeane Garofalo ?

She isn't a politician."


A small mercy for which we should be extremely grateful.

~ FreeThinke

Anonymous said...

Imagine being able to spell JANEANE GAROFALO correctly, and still not know shit from Shinola!

Wonders will never cease.

~ FreeThinke

Anonymous said...

Your buddy Bush, first President with a Masters in Business, who ran up a 6 trillion dollar debt. You know how to pick em.
War costs off budget. A drug program not paid for, didn't even try for a balanced budget, never submitted a budget that came close.
Obama left with his financial mess, yet you blame Obama. Just shows you are to stupid to know the cause of anything.

Anonymous said...

SWAT site pests, or get out the RAID and ASPHYXIATE 'em.

~ FreeThinke

Silverfiddle said...

No anon, you're the stupid one. Since you are obviously illiterate, have someone read this CBS news article to you:

http://www.cbsnews.com/8301-503544_162-57400369-503544/national-debt-has-increased-more-under-obama-than-under-bush/

Ducky's here said...

No, Silver, you have to be a cast iron ideologue not to understand that it is pointless to discuss the debt as a scalar without also discussing the cost of servicing the debt.

Now Obama is borrowing at next to nothing. In fact with inflation at 2% and T yields at about 1.5% people are paying us.

Now when your hero Saint Ronnie Raygun bumped the debt way up he was paying 10% so his debt service cost us a fricking bundle.

Ducky's here said...

So let's all just watch them play the game. Finntann loves it.

It's a brilliant racket. Let's see how it works:

1) Privatize gains and socialize losses.

2) Take huge risks with other people's money.

3) Lower taxes and drown government in a bathtub.

4) When the house of cards comes crashing down, get a bailout and run with the money like a bandit.

5) Skate free of accountability by buying politicians with your ill-earned goods, and by forcing cuts to white-collar law enforcement in order to plug budget gaps from pension funds and other sources directly impacted by your exceptional thievery.

Silverfiddle said...

I get what you're saying Ducky, but hasn't most of the Reagan debt been rolled over or refinanced? I think the Clinton team did a good job doing that, if I'm remembering properly, maybe not.

Imagine the debt Obama would be racking up if interest wasn't so low?

And speaking of scalar, if Reagan was fiscally irresponsible, Obama is a criminally insane madman.

Silverfiddle said...

And government has it within its power to stop every item on your list. It is not the fault of democracy and free-market capitalism that our politicians and bureaucrats have wiped their asses with the constitution, and before you bark back, I blame republicans just as much as the dems.

Finntann said...

@Ducky

1). Privatizing gains is the way it's done, or do you expect Ford to pay you a dividend without any investment or risk? And how do they socialize losses? GOVERNMENT

2). People who consented to the risk in the hope of making profit.

3). As if raising taxes would reduce government spending. The problem isn't income, it' outgo! As to the bathtub, if only it would fit!!!

4). Again, rests solely on the government.

5). Hey buddy, we're with you there. Aren't we calling out the corporate state?

Cheers!

Anonymous said...

" I blame Republicans just as much as the Domocrats."

HEAR! HEAR! BRAVO!

NOW, you're talking.

The two party system IS a farce. BOTH parties effectively do what "The Oligarchs" tell them to do. The whole damned thing is a CHARADE -- a Punch & Judy Show put on to DISTRACT and keep the masses quiet.

The de facto Alliance among the Federal Government, the Enemedia, the Professoriat and the Moguls and Financiers who run Global Corporations while controlling the Money Supply has us all by the short hairs.

Representative government has been insidiously phased out of existence. This situation has evolved ever-so stealthily over many decades -- The Frog In the Boiling Pot Syndrome.

If this were no true, Ron Paul -- or some other breath of Fresh Air like him-- would have won the nomination and been our president by now.

But Ron Paul's voice has been largely suppressed. The remendous significance of his message has either been blithely ignored or snidely belittled. His numbers have been consistently falsified. Rallies where as many as TEN-THOUSAND Ron Paul supporters enthusiastically gathered have not been reported by the enemedia -- which, by the way -- includes FOX News.

FOX News in truth is FUX News -- another sham perpetrated by Oligarchs in High Places.

This is NOT a "conspiracy" this is a phenomenon that simply EVOLVED because of rapid technological developments in the nineteenth century and the sophistry and guile perpetrated by Marxists and their dreadful derivatives in response to the "crises" generated by Industrialization.

Disbelieve this at your peril. ;-)

~ FreeThinke

Anonymous said...

Canardo is no "buddy" of yours, Finntann.

He's impervious to Reason, Logic and Good Order.

~ FT

Kid said...

"People are howling over JP Morgan’s Egregious loss, blowing two billion last quarter. Has anyone thought to check how much the federal government loses every day?"

HA ! Been thinking about this for days now ! Good Lord. My kingdom for ONE front page story asking government to explain the billions they lose day after day.

Rita said...

I worked for Bank One when Dimon took over. The stock had dropped from around 60 to 25 prior to his Chairmanship. He had always impressed me. Until I found out that he HAD been a big Obama supporter. Now he's none too happy with him. What an idiot. Hey Jamie, how's that working out for you?

Right Wing Theocrat said...

I think there are enough people out there who think that they are entitled to some of the money that private companies make. It's egged on by the likes of obama. It's a foolish an destructive idea though.