Wednesday, June 29, 2011

Yes We Are Afraid of Michelle Bachmann, Bank of America May Have Made a Mistake in Buying Countrywide . . .

And Short Takes on the News

From Taegan Goddard we have this

"I think clearly what this demonstrates is that the president of the United States is afraid of my candidacy. He fears me."

-- Rep. Michele Bachmann, in an interview on
Fox News, suggesting the Obama campaign's attack against her campaign launch is evidence of their trepidation.

Uh, Ms. Bachmann, we all fear your candidacy, just not for reasons that you think.

Bank of America has agreed to pay more than $8 billion to investors who bought loans from its Countryside mortgage company as part of setting aside $14 billion to cover its problems in mortgages and mortgage banking.   Bank of America had purchased Countrywide for $4 billion.  Hey BOA, how did that work out for you guys?  the NYT has a polite answer to that question.  That $14 billion charge also includes a $2.6 billion write-off in the value of its home lending business — a move that tacitly suggests the bank vastly overpaid for Countrywide.  You Think?

In the interests of fairness, The Dismal Political Economist presents an opposing view to allowing same sex marriages.  This is from a good, solid Conservative columnist, Jeff Jacoby,

The essential, public purpose of marriage is to unite male and female — to bind men and women to each other and to the children that their sexual behavior may produce.

And in the further interests of fairness it must be pointed out that citing as your source an article in The Weekly Standard, a rabidly intellectually vapid Conservative magazine means that both your argument and its sources cannot stand.  Marriage, Mr. Jacoby, can be whatever we say it is, that is what a free society does.

President Obama’s views on same sex marriage are said to be “evolving”.  We all know what this means.  He will soon come out for support of same sex marriage.  Please Mr. Obama, everyone knows how this ends, just go ahead and do it so we can get on to other things. 

There is an old joke about Economists (whose are pre-disposed to assume away any real world issues that conflict with economic theory).  "How does an Economist get off a desert island?  Well, assume there is a boat . . ."  So how does California close a budget deficitThe budget that passed Tuesday night assumes that the state will collect $4 billion more from existing taxes than previously predicted.  The old joke is not quite as funny anymore.

A story in the New York Times explores the background of the 150 year prison sentence given to 71 year old financial con artist Bernard Madoff.  Mr. Madoff commented for the story,

Explain to me who else has received a sentence like that,” Mr. Madoff said. “I mean, serial killers get a death sentence, but that’s virtually what he gave me.”

“I’m surprised Chin didn’t suggest stoning in the public square,” he added

Mr. Madoff destroyed the lives of hundreds, maybe thousands of people, not physically, but emotionally and financially.  His actions resulted in the suicide death of his son. Yes, it would have been wrong to stone Mr. Madoff in the public square, but no one should feel remorse for thinking about that.  A life sentence in prison seems more than appropriate.


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