The Untoward Truth.

Are there truths that are too dangerous to tell?
Truths that can be destructive to society -- even though they are undoubtedly true?

If there was some truth that would shatter your ideology, would you want to know it, or to continue in blind ignorance?

If there was a truth that would, literally, corrode society -- would you rather know it, or not?

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Obama will nationalize the banks

U.S. financial losses may reach $3.6 trillion, suggesting the banking system is "effectively insolvent," New York University Professor Nouriel Roubini, told a conference in Dubai on Jan. 20. Obama will have to use as much as $1 trillion of public funds to bolster the capitalization of the industry, he estimates.

Well, if you don't want to listen to Dr. Doom,

**CONJURE'S GLOBAL DEPRESSION CLOCK** The time is now-- 11:59:59.1

England has a not-imperceptible chance of going bankrupt. They've already nationalized one bank. This is "financial capital of the world" England we're talking about, not "two hour riots followed by coffeeshop" Iceland.

But the damnable thing of it is, nationalizing the banks is the BETTER option.

The Federal Reserve's firewall is breaking. They cannot keep the bullshit economy under wraps (aka bank losses that only effect banks). This is very very close to spreading to the real economy -- the Economy of Things, That is to say, if a bank takes a writedown, that's bad for the bank. But if we liquidate the auto industry, we will never make autos again. Too much of a fixed cost to restart our industries. There is no incentive for capital investment in existing industries. The only option then would be a global green economy, as then we'd all be on the same footing -- and America consistently outperforms her competition.

Nationalizing the banks is the only good option.

What is the world coming to?

p.s. if you've got bank stock, SELL

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New York -- The city that never sleeps
But quivers long into the night
bloodshot eyes staring off at nothing.

New York -- that polyglottal city
filled with strange smells and sights
and a certain tawdy splendid glory

New York -- Did you really think to contain her?
To purify, gentrify that grand old lady
of lust and lucre?

New York -- returned, retracted, reborn
Elite and poor, mixed together
A melting pot

New York -- turbans and kipas
strip shows and bare ankles
the City of Sin.

Welcome home, Gotham.

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It is far easier to destroy than to create.

In the real economy, there are only two engines of growth.

One is managed population growth (Iran is not a good example), where the economy grows because there are more people in the economy, year after year. That accounts for less than 1% of economic growth, using current population growth. Assume I'm wrong, be charitable. Make it 1.6% (that's assuming a doubling of population growth that occurred somewhere in the 1980's. It's unlikely... but I'm trying to play by this site's rules and be conservative).

The second is productivity increases. Assembly Lines, Computers, Robots -- that sort of thing. Each person works smarter, not harder, and as a result, we see economic growth. This is the hard way, the good way to do things. But it isn't quick, nor cheap, nor easy.

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Too busy to canvass?

Is this you?

Holding down two jobs, not enough time to breathe, let alone canvass. Too busy making food and catching kids to even think about picking up a phone. Taking care of your momma because she's in so much pain that you hate to think about it.

Well, you can still help!

This is about reaching out to all the folks around you. If you're scared about cold calling, or about talking to people who might be Republican -- don't worry. You can generally pick out the Democrats (least you can if you've done canvassing like me, if not, you'll pick it up).

But here's the plan: talk in public, spread the message. If you enjoy a good ol' fashioned argument, find some Republicans (of an intelligent variety) to discuss politics with. If you'd rather feel the energy of Democratic Enthusiasm, well, there are folks out there too. Or, if you know some of the talking points, find an Independent (or someone worried enough to be independent thinking).

You're doing two things: 1. sharpening your wits and spreading information to people who should be getting it.

2. Speaking up. If you talk loudly in a public place, more than that person is gonna hear you. By being a Democrat, wherever you are, you make it more acceptable to be a Democrat.

I do this on the bus, or waiting for the bus, but it works just as well at the lunchtable, or waiting at the supermarket checkout.

Be friendly, be happy, be energetic.

It don't Always take time to help your fellow man

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I seek Forgiveness

Well, it's the day before Yom Kippur, and I feel like I owe a lotta people an apology around here. For things that I've said, and for things that I havne't said, but damn well should have. I've learned a lot about things around here, and for that I am thankful.

I can only promise that in the future, I will be a more positive contributor around here.

I have learned a few things:

  1. an asshole is the person shouting at you -- talk to him tommorrow, he will probably have calmed down

  2. most of the words the asshole shouts aren't complimentary, and won't be meant by tommorrow.

  3. we all act like assholes some of the time, but the grownups realize what they're doing, and apologize.

Can you forgive me?

[xposted on kos]

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What will Happen Without A Bailout

Let's just go ahead and get it over with. The bailout is the sort of nonsense that a wall street corporate guy does when he wants to save the world. Paulson looks like he's seen a ghost, and with good reason! Beg pardon, he ain't tryin to save the world, just hold the ship together with duct tape.

I'm sick to death of ten diaries against the bailout, though, so I figure, bein' the contrarian suits me fine. No, I won't go on record sayin' I like the durned thing. I just want to say what'll happen if we don't pay it. If we do pay it, we got to worries about China bein' pissed at our inflation. There are risks to being the world's reserve currency.

This isn't "The Great Depression" this will be "The Great Dislocation." Commericial paper is in dire straights right now, and the entire economy runs on it.

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Treasurys' BROKE Yesterday!

Negative rate of interest.

How's that for risk management, folks? Corporations are paying to throw their money away! All because they don't trust any better sources of income.

This is bad, folks. The situation is real bad, economically speaking.

And I'll end this entirely too short diary...

"When fascism comes to America, it will come wrapped in an American Flag, and carrying a cross" == Sinclair Lewis

Was this what the blogs looked like during 1929???

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I lurves Big Dog lotz

</end lolspeech>

Why I am glad Bill Clinton was our president: Reason Number One

He was an insightful person who displayed a lot of foresight. He understood the problems that were occurring with Al Quaida, and took action to stop them from shipping explosives into the United States.

Furthermore, he looked towards their base of operations, Afghanistan, and asked General Clark to make a plan to crush the country.

There's a reason why it didn't take the Bush Admin long to go to war with Afghanistan -- we already had a playbook in place, and ready to roll. And it was a good playbook, a lesson in blitzkrieg and unstoppable force.

I'm not sure it would have been possible for Clinton and Clark to have put together a good nation-building primer before 9/11. And it would perhaps not have been wise.

For winning the wars that needed to be fought, I honor Bill Clinton.

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Bad Research on the REC LIST

I'm sorry, this ain't no pissing contest, and even if it was, I don't got a dick, so it is irrelevant. I'm going to post this, and then I'm going to walk away. I'm sure Lakrosse made some wonderful points, that I probably agree with. I haven't read them yet, and may not, at all.

Right now, I want to talk about what the scholarship has to say about why Bill Clinton's economy was fundamentally strong (note: looking at my last diary, you might be asking -- wtf? Just because I can't trust the gov't statistics doesn't mean that there aren't statistics out there, and it doesn't mean that scholarly research can't be done with the CORRECT statistics).

So, what am I trying to say here? TEN YEARS AGO, the idea was that reducing the federal deficit would save the economy. That was conventional economic wisdom, you know by the eggheads, not just the cocktail parties.

That isn't what they're giving credit for, today. Today, the credit for Clinton's boom (which, it should be noted, is widely accepted to have been artificially extended by  the dotcom bubble, but was in fact a true boom) goes to infrastructure investments.

O-man has a lot of Chicago School economics people on his team. Let's just say that there's a reason he's not running on the balanced budget, and that reason is that the science doesn't show that balanced budgets save the economy. Come to think of it, none of the Democratic candidates were running on balanced budgets.

End of Rant. I go read rest of rec list now.

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