Greek left gets mandate to create government - Says NO to bailout and illegal debt
By Michael Collins
Wall Streeters, big banks, and their proxies in political office are all reaching for the Xanax tonight. The Greek left, led by Alexis Tsipras, is saying that there's no obligation to pay back the rotten deal handed down to the Greek people. (Image: Oneiros)
"After accepting a mandate to create a multiparty administration following inconclusive elections, Alexis Tsipras sent shockwaves through financial markets by announcing the pledges Athens had made to secure rescue funds from the EU and IMF were null and void.
"The popular verdict clearly renders the bailout deal null," said the politician, whose stridently anti-austerity coalition of the radical left, known as Syriza, sprung the surprise of the weekend's poll, coming in second with 16.8% of the vote. "This is an historic moment for the left and the popular movement and a great responsibility for me." Guardian, May 8, 2012
And what does this mean?
PermalinkBuffett Thanks "Uncle Sam" for Big Bailout Payday
Michael Collins
The people's oligarch Warren Buffett just wrote a thank you letter to "Uncle Sam" published in the New York Times. It is the height of cynicism. (Image)
Buffett has a carefully crafted public image as a brilliant but people-friendly master of investments. We hear about his regular table at an Omaha diner where he conducts business (just plain Warren) and we see his occasional public stands for reasonable policies like the inheritance tax.
He claims that "Uncle Sam", the government, saved us from a financial catastrophe that would have swallowed up his company. He then endorses the notion that the housing bubble was based on "mass delusion" - meaning it was our fault. But he forgets to mention that he took advantage of the 2008 crisis to purchase a $5 billion interest in Goldman Sachs. And he forgets whose money "Uncle Sam" stole from the Treasury to save him and the rest of his cronies. What an asshole.
Why Does Congress Hate America?
Michael Collins
Oh, it's just that Collins guy mouthing off again.
Actually, I was far too easy on Congress yesterday in Lawless Nation - Congress.
Here's why: HR 3808 The Interstate Recognition of Notarizations Act of 2010
The bill is the response to the events outlined in a story that Numerian scooped on foreclosure problems. The banks are in big trouble. They failed to follow the law and rules in handling mortgages. Instead of foreclosing on home owners, those upside down and under water can consider strategic defaults on the mishandled notes. Legal efforts have reached a point where there's a "tsunami of legal action against mortgage servicers" as Tyler Durden calls it.
A clever Mandarin somewhere figured out that by changing the law on notarizations, after the fact, Congress could stop the tsunami by "making it more difficult for homeowners to challenge foreclosure proceedings against them." (See Ellen Brown)
What's a capitalist to do?
AIG's Joe Cassano - An American Tragedy
By Numerian Posted by Michael Collins
What’s a capitalist to do when he loses $500 billion and almost single-handedly destroys the global economy? In Japan you would bow deeply in public and express the deepest possible remorse and shame, that is if you already had not committed seppuku. In America, where the Ayn Rand ethos of objectivism reigns supreme, you weasel your way out of any explanation or regret, while riding off in the sunset with your undeserved fortune.
Joe Cassano, former CEO of AIG Financial Products, could have chosen the Ronald Reagan Alzheimers defense: “I have forgotten everything that happened.” That was the route taken by AIG Chief Risk Officer Robert Lewis, when he along with Cassano appeared yesterday before the Financial Crisis Inquiry Commission. Lewis, unlike Reagan, had to act like he actually had Alzheimers to make this defense plausible.
What went wrong with Obama
By Numerian posted by Michael Collins
One of the fictions propagated in American history courses – of the order of Washington throwing a dollar coin across the Potomac – is the theory that America always comes up with brilliant leaders at a time of crisis. Witness Washington himself, and Lincoln, Wilson, or Franklin Roosevelt (Republicans will throw in Reagan for balance). This was supposed to have something to do with the genius of the Constitution and the American political system’s ability to surface political talent.
A time of crisis is certainly upon the US, and the entire globe for that matter. The financial system is ratcheting itself down step by step into a total, catastrophic collapse, bringing default and ruin to over-leveraged borrowers everywhere. The global economy’s dependence on petroleum is more and more seen as a point of extreme fragility which could, like the corrupt financial order, bring economic growth to a complete halt. The nations of the world cannot agree what to do about global warming, and this failure alone seems to show we are incapable of setting aside personal gain for the common good, even when the survival of so many species (including our own) is at stake.
The Hoi Poloi v. Goldman Sachs
Numerian (Feb 15) Posted by Michael Collins with permission of the author
Ask yourself who knows how much has really been borrowed by various governments around the world?
Greece is turning into a battle royal between the global financial elites and the average worker in the industrial West. This started out as a more limited struggle, pitting the finance ministers and central banks of the European Union against the Greek unions, but the fight has unexpectedly broadened with news of the surreptitious involvement of Goldman Sachs in helping Greece avoid borrowing constraints.
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