Aug 15

Warren Buffet 1, GOP/Randian/Teahadists 0

Warren Buffet demolishes the Galtian nonsense.

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

The current makeup of the GOP is completely insane. When asked at the debate who would walk away from a financial deal that had 10:1 ratio of spending cuts to spending increases… all of them said they would walk away. That’s simply absurd. I know the teahadists have control, but we really shouldn’t let our financial policy be determined by inbreds who need a calculator to figure out what 10% of any number is.

Sep 11

That’s not what my hedge fund manager told me

A Decade With No Income Gains

The typical American household made less money last year than the typical household made a full decade ago.

To me, that’s the big news from the Census Bureau’s annual report on income, poverty and health insurance, which was released this morning. Median household fell to $50,303 last year, from $52,163 in 2007. In 1998, median income was $51,295. All these numbers are adjusted for inflation.

Progress!

Mar 16

To Hell with AIG’s bonuses

Sign the petition.

There’s an easy way to not pay the bonuses, there is good legal footing to deny them. What is lacking is political will. Let’s help those spineless twerps in DC out.

I should note that there are rumors that if the bonuses aren’t paid, the managers (or the French, it’s unclear) will declare a default event and trigger hundreds of billions of dollars more to come due. To which I say to the AIG management: bullshit. Go ahead and try it and take your economic terrorism elsewhere. Go Galt on us, please, you worthless shitbags.

Team Obama needs to get out in front of this. It’s a position so easy to spot that even Bill Kristol can see it, and if Obama doesn’t deny the bonuses, then they just gave the GOP a 300 pound birthday cake. With balloons.