Tuesday, October 4, 2011

They Don't Know What They're Doing

Atrios has it right:
One thing that is important to remember is that the Galtian Overlords who run our financial system have made it perfectly clear that they're completely incompetent. More than that, there's no reason to think they actually have any clue what policies would be good for their businesses. They support policies which Team Galt support, because that's what a good Galtian does, but, you know, Galtian Utopia would not actually be very good for their businesses.
 Let's count the ways:
  1. HAMP: "It's Just A Scam And The Banks Are Getting Everything"  (Huffington Post)
  2. Foreclosures: Fannie Mae knew of foreclosure abuses, gov't report says  (USA Today)
  3. Banks: Banking's Self Inflicted Wounds (The Big Picture)
  4. Eurozone: EU preparing bank rescues amid Greece doubts (Portfolio.com)
  5. Jobs: Venture Capitalist Warns Of Job Creation Myths (NPR)
  6. Congress: As Jobs Act languishes, McConnell says Obama wants gridlock  (CBS News)
HAMP, meant to help people avoid foreclosure, never got close to spending what Congress set aside because the banks played a delaying game until they could foreclose.

Fannie Mae knew all about the foreclosure abuses because its own lawyers were engaging in filing false documents and robo-signing, and Fannie Mae did nothing about it. This was back in the Bush years, but it takes until 2011 to fess up? A Fannie Mae spokeswoman declined to comment.

Banks continue to screw up, as if they didn't know what they're doing. It's pretty apparent that they don't.

The overlords of the EU will keep fiddling, as if everything will be all right as long as they can hold their breath long enough. Trouble is, when they go to take a breath, they might find there's no oxygen left.

I loved the venture capitalist on NPR Morning Edition that said looking to business to create jobs is like waiting for Sarah Palin to grow a frontal cortex. Each job a business creates is another expense and a threat to profits. Businesses hate expenses! This was one capitalist, Bill Frezza, who, on this one point at least, seems to nail it. Don't look to the job creators to create jobs. They hate it!

Finally, Mitch McConnell says that it's Obama"s fault we can't have jobs because he makes us Republicans refuse to do anything productive. Darn that Obama. Why doesn't he leave Congress alooooone!?!!

Now for the bonus round: Koch Brothers Flout Law Getting Richer With Secret Iran Sales  (Bloomberg)

We're the Kochs. We turn oil into tea, you know, for parties.

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