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We have met the enemy and he is us


© Tom Tomorrow

Tom Tomorrow says that you “should imagine the Austerions speaking in full, booming voices, with the reverb cranked up high.” Oh, and it looks like Paul Krugman recognized himself in the 4th panel.

What I don’t understand is why we listen to our own Austerions, when it should be a dead give-away that when they talk about austerity, they conveniently exempt themselves. After all, they need those huge bonuses, golden parachutes, and other financial incentives to motivate them to create jobs! How many times will we be fooled?

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Playing with Dynamite

Last week, the largest bank in the US admitted that it had made a very stupid and risky investment and had lost an incredible $2 billion. What makes this ironic is that JP Morgan has been one of the strongest voices arguing against regulations on banks. Indeed, Morgan had weathered the 2008 financial meltdown relatively unscathed, and argued that they shouldn’t be punished for the stupidity and risk taking of other banks.

In a must-read editorial, Henry Blodget, the CEO of Business Insider, points out the obvious:

So we finally know the truth about Wall Street, a truth most Wall Street observers have known all along:

Wall Street can’t be trusted to manage—or even correctly assess—its own risks.

This is in part because, time and again, Wall Street has demonstrated that it doesn’t even KNOW what risks it is taking.

In short, Wall Street bankers are just a bunch of kids playing with dynamite.

After all, just a few weeks ago, JP Morgan was denying that there was any problem. It is a very bad sign that even a cautious and responsible bank can’t figure out what risks it is taking.

Blodget gives a simple solution to this problem:

Congress needs to:

  • Radically increase bank capital requirements, so even massive bets can’t threaten the system
  • Once again, separate “banking” from Wall Street gambling. Glass Steagall worked very well for 70 years—let’s bring it back.
  • Lay out a plan, in advance, to manage the failure of even the largest financial institutions—by stepping in, seizing the bank, firing management, zeroing out shareholders, haircutting bondholders, and then injecting new SENIOR capital (fully protected) and re-floating or selling off the firm. This will allow the entity to keep operating, and it will stick the losses where they belong—with the idiots who bought the bank’s stock or loaned it money. Meanwhile, the systemic threat will be eliminated.

That’s the answer.

The Dodd-Frank bill was supposed to prevent any new bank problems, but it was watered down by bank lobbyists. It is time to get serious about taking the matches away from the kids playing with fire.

UPDATE: Good followup article. Also points out that Romney has been virtually silent about the issue.

Also, an interesting interview with Elizabeth Warren on what needs to be done.

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Late Night Political Humor

“President Obama came out with approval of same-sex marriage. He said that over the years, he has been going through an evolution on the issue. That makes opponents on the far right doubly angry. They don’t believe in gay marriage OR evolution.” – Jimmy Kimmel

“Today Barack Obama became the first sitting president to push the rainbow button and launch gay-mageddon.” – Stephen Colbert

“Soon we may live in a world where the only people opposed to gay marriage will be gay people who are married.” – Craig Ferguson

“Suck it gays! By which I mean, do not.” – Stephen Colbert

“President Obama officially announced he is in favor of gay marriage. Of course, this is a monumental event. This is the first time Joe Biden said something Obama didn’t have to apologize for.” – Jay Leno

“In fact, he changed his campaign slogan from ‘forward’ to ‘fabulous’.” – Jay Leno

“Today President Obama said he supports gay marriage, which is great news for the gay community. It wasn’t all positive though. He also said the show ‘Glee’ has jumped the shark.” – Craig Ferguson

“The women know what this means. Now all the good ones will be married AND gay.” – Jay Leno

“Today President Obama came out in favor of same-sex marriage. He said he hoped his support would make it easier for gay people to get married and for John Travolta to get a massage.” – Conan O’Brien

“Tomorrow Obama happens to have a fundraising dinner at George Clooney’s house. Very interesting. I think they are getting married!” – Jimmy Kimmel

“My position is simple. I support any wedding I don’t have to go to.” – Jay Leno

“Today Barack Obama became the first U.S. president to endorse same-sex marriage. Obama said he thinks same-sex marriage should be legal. Then he said, ‘Okay, now where’s my show on Bravo?'” – Jimmy Fallon

“You know who is really against the president’s position on gay marriage? Gay men afraid of commitment. Now they have no excuse.” – Jay Leno

“Mitt Romney responded today by restating his own views on marriage. He said marriage should only take place between two consenting rich people.” – Craig Ferguson

“Romney said he had no problem with gay people because one of his best friends owns San Francisco.” – Craig Ferguson

“North Carolina voted to approve an amendment that specifically defines marriage as between a man and a woman, which makes no sense because they let ‘Dawson’s Creek’ shoot there for years.” – Jimmy Kimmel

“This week President Obama awarded Burt Bacharach the Gershwin Prize. If that doesn’t increase Obama’s street cred, nothing will.” – Conan O’Brien

“It’s come down to Mitt Romney and Barack Obama. And Mitt Romney is fighting this image that he has no personality, and the reason for this, of course, is that he has no personality.” – David Letterman

“Hillary Clinton is making headlines now for nonpolitical reasons. She attended a number of public events without makeup on. Is that a big deal? I’m pretty sure Colin Powell went without makeup a lot.” – Jimmy Kimmel

“Michele Bachamnn has announced she is now also a citizen of Switzerland. What better way to protest a president you think is socialist than become a citizen of a country with a socialist philosophy and a mandated health care plan.” – Jay Leno

“Yesterday New Jersey Governor Chris Christie said he’s not sure if he’s going to run for re-election next year. He’s said, ‘I’ll collapse that bridge when I get to it.'” – Jimmy Fallon

“Membership and recruiting of Al Qaeda is drying up. Far be it for me to tell terrorists about strategy but I think membership started to subside when they went to the suicide bomber exploding underpants.” – David Letterman

“Let’s just say you put on the exploding underpants and you detonate. When they bring in the 72 virgins, then what?” – David Letterman

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Conservatives for Gay Rights

I’m really pleased that Obama’s statement that he believes same-sex couples should be allowed to marry is engendering a frank discussion about this issue in America. But what is really interesting is that it is not entirely a conservative v. liberal discussion.

Of course, you would expect conservatives like Andrew Sullivan be in favor of same-sex marriage rights. After all, Sullivan is openly gay and is married. Nevertheless, his Newsweek cover article is definitely worth a read.

But there are other signs that conservatives, who often march in lock-step on social issues, are not of one mind on gay marriage. After all, conservatives are supposed to be for freedom and keeping the government out of your private business.

Other countries have figured this out. Last October, the conservative British Prime Minister David Cameron said: “Conservatives believe in the ties that bind us; that society is stronger when we make vows to each other and support each other. So I don’t support gay marriage despite being a Conservative. I support gay marriage because I’m a Conservative.”

Things are a bit slower here in the colonies, but they are nonetheless changing. For the first time in our history, more people support gay marriage than oppose it. Not only that, but both Democratic voters and Independent voters support gay marriage even more strongly, making this a wedge issue that works for the Democratic party, instead of working against it like it has in the past.

But even though Republicans still generally oppose same-sex marriage, the writing is on the wall. Support for gay marriage is now increasing around 5% every year. A leaked memo from a top Republican pollster is telling the GOP that gay marriage is being embraced by the general public and there is no stopping it. If Republicans don’t get on board, they will severely damage their brand. And they are promoting gay marriage as a conservative value, albeit in a private memo:

As people who promote personal responsibility, family values, commitment and stability, and emphasize freedom and limited government we have to recognize that freedom means freedom for everyone. This includes the freedom to decide how you live and to enter into relationships of your choosing, the freedom to live without excessive interference of the regulatory force of government.

Of course there will be a backlash among social conservatives. Indeed, this backlash forced Mitt Romney into a full flip-flop — walking back his comments from just one day earlier on gay adoption, and reaffirming his stance against gay marriage, including promising a constitutional amendment against it — in order to fire up the conservative base. Whether or not this will backfire is anyone’s guess. Indeed, Rand Paul’s crude joke that Obama’s views on gay marriage “couldn’t get any gayer” was sharply rebuked by those very same social conservatives, showing that this issue is not a slam-dunk even for them.

Indeed, even Fox News is sending out mixed messages. Anchor Shepard Smith declared “The president of the United States, now in the twenty-first century.” He even wondered “if Republicans would go out on a limb and try to make this a campaign issue while sitting very firmly, without much question, on the wrong side of history on it.” But at the same time, the headline on the Fox News website shouted “OBAMA FLIP FLOPS, DECLARES WAR ON MARRIAGE.”

One thing seems clear. At some point in the future we will look back on laws prohibiting gay marriage the same way we now look at past laws against interracial marriages. The only question is when.

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Sacha Baron Cohen v. Jon Stewart

Stewart can’t keep a straight face.

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Happy Birthday Yogi Berra

Yogi Berra turned 87 on Saturday. Here are some great quotes from him:

1. Reciprocity – “Always go to other people’s funerals; otherwise they won’t go to yours.”

2. Forward progress – “When you come to a fork in the road, take it.”

3. Again and again – “It’s déjà vu all over again.”

4. Individual space – “Nobody goes there anymore. It’s too crowded.”

5. On observation – “You can observe a lot by watching.”

6. Perseverence – “It ain’t over ‘til it’s over.”

7. Misquoted – “I really didn’t say everything I said.”

8. Inflation – “A nickel ain’t worth a dime anymore.”

9. Cost conscious – “Why buy good luggage? You only use it when you travel.”

10. Miscalculation – “Ninety percent of the time the game is half mental.”

11. On the ’69 Amazing Mets – “We were overwhelming underdogs.”

12. Telling it like it is – “If you ask me a question I don’t know, I’m not going to answer.”

13. At the Ford White House, with a group of noisy politicians – “It was hard to have a conversation with anyone. There were too many people talking.”

14. To his wife, while driving to the Baseball Hall of Fame in 1972 – “We’re lost, but we’re making good time.”

15. Advice to a player trying to crowd the plate like Frank Robinson – “If you can’t imitate him, don’t copy him.”

16. On Yankee Stadium’s left field – “It gets late early out there.”

17. Advice on dealing with fan mail – “Never answer an anonymous letter.”

18. On declining baseball attendance – “If people don’t want to come the ballpark, how are you going to stop them?”

19. Where you’re headed – “You’ve got to be very careful if you don’t know where you’re going, because you might not get there.”

20. On a movie starring Steve McQueen – “He must have made that before he died.”

21. On Yogi Berra Appreciation Day in St. Louis in 1947 – “I want to thank you for making this day necessary.”

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Late Night Political Humor

“Rick Santorum finally endorsed Mitt Romney at 11:00 last night. When reached for comment, Santorum said, ‘When I can’t sleep, I try endorsing Mitt Romney for president and it puts me right out.'” – Conan O’Brien

“Santorum woke up this morning and said, ‘I endorsed who?'” – Jimmy Kimmel

“Rick Santorum gave Mitt Romney his endorsement. So Mitt gets all of Santorum’s delegates and all of his sweater vests.” – David Letterman

“Last night Rick Santorum finally endorsed his former rival for president. This is the fun part where people who say bad things about each other suddenly pretend they’re on the same team. It’s like a ‘Jersey Shore’ special.” – Jimmy Kimmel

“Apparently Rick Santorum endorsed Mitt Romney last night very late via email. That just makes Santorum one of the 10 million guys ashamed of what he did late last night on his computer.” – Conan O’Brien

“Usually they do these on TV together, but in this case Santorum made the endorsement in the 13th paragraph of an email he sent out just before midnight. Sounds like somebody had a bottle of sparkling apple cider for dinner.” – Jimmy Kimmel

“In the email, Santorum acknowledged his differences with Romney, but said they have common-ground thoughts about the economy and foreign policy. And they both like pleated Dockers.” – Jimmy Kimmel

“They’re looking for a vice president for Mitt and I said to forget the vice president. You ought to be looking for a personality for Mitt.” – David Letterman

“Police in Fort Wayne, Indiana, arrested a man for allegedly driving three blocks with four young children strapped to the hood of his car. Good to see Mitt Romney spending some time with the family, huh?” – Jay Leno

“Today happens to have been National Teacher Day… National Teacher Day has been around since 1953, and it seems like a nice gesture, until you realize that there’s also a National Donut Day, which gets more attention.” – Jimmy Kimmel

“In the last year, New Jersey Governor Chris Christie’s approval rating has gone up 12 points. That’s impressive. Usually, the only time he picks up a dozen is when he goes to Krispy Kreme.” – Jimmy Fallon

“New predictions out today claim 42 percent of Americans will be obese by the year 2030. They say the only way to stop that is for the government to step in. Oh yeah, when it comes to trimming the fat and tightening your belt, what better way than the U.S. government?” – Jay Leno

“Vice President Joe Biden has come out in support of same-sex marriage. President Obama never endorsed gay marriage. But now he’s in favor of gay Secret Service agents.” – Jay Leno

“That Colombian prostitute caught in the middle of this whole Secret Service scandal is now speaking out publicly. She says she feels used, abused, undervalued, and underappreciated. Here’s an idea: stop being a prostitute. If you stop doing that, maybe your life will turn around.” – Jay Leno

“President Obama’s re-election campaign is focusing very hard on Latino voters. That explains President Obama’s new campaign slogan: If you squint, I kind of look Puerto Rican.” – Conan O’Brien

“I hate to dampen everybody’s spirit but they busted up another one of these exploding underpants plots. All I can say is thanks a lot, underpants bombers, because now at airport security we have to put our underpants in a tray.” – David Letterman

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The March of Time

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A Matter of Perspective


© Mike Luckovich

Sometimes I try to figure out from what Mitt Romney says what kinds of things he would do as president, but quickly realize that I have absolutely no idea, since Romney seems to be willing to say just about anything that is politically expedient.

The best I can figure is that he would be like George W Bush. No, not because I think he is as dumb as Dubya (he clearly isn’t), but because it seems that, like Dubya, he would be completely beholden to special interests, including the military-industrial complex and the far-right social conservatives.

UPDATE: NPR chastises Romney for trying to take credit for the auto industry recovery:

UPDATE 2: Only 11% believe that Romney deserves “a lot of credit for saving the American auto industry”. In fact, only 20% of Republicans, or 19% of conservatives, or 22% of Tea Party supporters think he deserves credit. My questions is, does Romney himself believe it?

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Late Night Political Humor

“France has a new president. He is Socialist François Hollande. He defeated Conservative French President Sarkozy in a presidential run-off yesterday. Of course, Nicolas Sarkozy handed over power in the traditional French manner. He surrendered.” – Jay Leno

“The French president got voted out. So ‘adieu’ to Nicolas Sarkozy. He’s riding his ‘bicyclette’ off into the sunset.” – Craig Ferguson

“France has a new president who lives with a woman that he is not married to. Their relationship is described as French.” – Conan O’Brien

“Yesterday France elected a new president. When the French secret service hires prostitutes, it is not a scandal. It is called test driving mistresses for your boss.” – Craig Ferguson

“After just one term in office, French President Nicolas Sarkozy lost his re-election bid because he was unable to fix his nation’s economy. Or as Obama put it, ‘Uh-oh.'” – Jimmy Fallon

“President Obama says his campaign for a second term is still about hope and change. The president’s exact words were, ‘I hope I won’t have to change my address.'” – Conan O’Brien

“President Obama has his new re-election campaign slogan. It’s just one word: Forward. Have you been watching this election? Can we press fast forward? Can we just get this thing over with?” – Jay Leno

“More details about the Secret Service scandal. The ‘Today’ show sat down with the woman who claims to be the Colombian prostitute who got into the argument over how much she was supposed to be paid. NBC made a point of saying they did not pay her for the interview. This woman never gets paid.” – Jimmy Kimmel

“In a new interview, Vice President Joe Biden said the sitcom ‘Will & Grace’ made America more comfortable with gay people. Biden also said the sitcom character Urkel made America more comfortable with President Obama.” – Conan O’Brien

“Yesterday on CBS, Newt Gingrich said it would be ‘inconceivable’ for Mitt Romney to choose him as a running mate. And today, Romney issued a statement saying, ‘Yep.'” – Jimmy Fallon

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Traditional Marriage?

It is fascinating to watch how conservatives react to Obama’s announcement that he is in favor of marriage equality for same-sex couples, and opposed to the Defense of Marriage Act (DOMA).


© Mike Thompson

Within hours, house Republicans passed a measure that prohibits the Justice department from using taxpayer funds to actively oppose DOMA. Which is pretty silly since the Justice department isn’t actively opposing DOMA and has no plans to do so. They simply aren’t enforcing it, which they can still do.

Then it got even sillier.

Speaking out against Obama and in support of “traditional marriage”, we got a Facebook post from Bristol Palin, a teenage unwed mother.

Then Rush Limbaugh became incensed, and started accusing Obama of leading a war on traditional marriage. I guess he knows all about traditional marriage, since he has been married four times now.

The an advisor for Mitt Romney announced that president Romney would actively push for a constitutional amendment that would take away the right of states to voluntarily extend marriage equality to same-sex couples. How’s that for limiting the power of the federal government? (Laws about marriage have always been left up to the individual states). Of course, Bush also actively supported such a constitutional amendment but it never went anywhere. I guess it is more useful to have the issue remain to use to activate the conservative base.

But who knows what Romney will do, since back in high school, he not only participated, but actually instigated an attack on boy that he thought was gay.

Finally, what makes this really ironic is that there is plenty of evidence that the Christian church supported gay marriage, even performing marriages between same-sex couples between the tenth and twelfth centuries. So when someone claims that marriage has always been between a man and a woman, they are just wrong.


© Stuart Carlson

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Late Night Political Humor

“The other big news, Obama’s big surprise visit to Afghanistan this week. And this was a surprise. I mean a surprise! I mean the Secret Service barely had time to get condoms and lube.” – Bill Maher

“President Obama visited Afghanistan — unplanned, unannounced, just went right to Afghanistan. Not to be outdone, Mitt Romney got in his car and drove through the rough part of Beverly Hills.” – David Letterman

“Obama went to Afghanistan on the anniversary of killing bin Laden. He made a big speech about how we’re winning the war and how our troops are coming home. Of course, we’re not winning the war and the troops are not coming home. Other than that, a great speech.” – Bill Maher

“And the Republicans, of course, were livid that on the anniversary of the killing of bin Laden, that Obama went over there and celebrated that. How dare he run for President using his accomplishments as President. We knew his campaign would be ugly, but stooping to facts?” – Bill Maher

“Could you imagine what Bush would have done if he had gotten bin Laden? I mean, this is a guy who played dress-up to celebrate a war he lost. If he had gotten bin Laden, he would have spent his whole second term in a Batman costume.” – Bill Maher

“And poor Mitt Romney, trying to make hay out of this. Mitt Romney who is on record saying that he would not waste money going after bin Laden, on record saying he would not violate Pakistan’s border to get bin Laden, this week said, ‘Of course I would have gotten bin Laden.’ Even his Etch-A-Sketch went, seriously?” – Bill Maher

“According to documents recovered from Osama Bin Laden’s compound before his death, the Al Qaeda leader was worried that morale in the terrorist organization was fading. Bin Laden was concerned that his men were so depressed they wouldn’t commit suicide.” – Seth Meyers

“We are learning more and more from those newly released documents from Osama bin Laden’s compound. For example, it said bin Laden was not a great businessman — like when he bought a bomb the salesmen would always trick him into buying the extended warranty.” – Jay Leno

“The documents also revealed that a spokesperson for Al Qaeda had said that Fox News ‘lacks neutrality.’ I’m not usually one to defend Fox News but right back at ya, Al Qaeda.” – Seth Meyers

“President Obama on Monday unveiled his re-election slogan, ‘Forward.’ Which is strange because it seems like every forward I get is Anti-Obama.” – Seth Meyers

“This week the president unveiled his new campaign slogan, ‘Forward.’ … And Mitt Romney unveiled his slogan, ‘My money might be offshore, but my heart’s right here in America.'” – Jay Leno

“Newt Gingrich has dropped out of the presidential race. Next stop: ‘Dancing with the Stars.'” – David Letterman

“New Rule, Newt Gingrich cannot end his campaign, as he did, by calling it a ‘wild ride.’ Seeing how he looks exactly like Mr. Toad. Oh, in fairness, there’s a difference between Newt’s campaign and Mr. Toad’s Wild Ride. One twists and turns through fantasy-land and makes you want to throw up. And the other one is at Disneyland.” – Bill Maher

“Now Newt will not be able to fulfill his lifelong dream of losing by a landslide.” – David Letterman

“Mitt’s wife Ann Romney, Mrs. Mitt, said there’s another Mitt Romney that is wild and crazy. She says that one time he changed his name to Mitta World Peace.” – David Letterman

“Mitt got the endorsement of Michele Bachmann. Michele Bachmann’s husband Marcus said he would also like to get behind Romney.” – Bill Maher

“Tomorrow’s Cinco de Mayo. Cinco de Mayo, of course, celebrates the victory of the Mexican army over the French. You know, if you have to use defeating the French military as a reason to spend the day drinking, you’re probably an alcoholic already.” – Jay Leno

“In an effort to curtail health costs, the Food and Drug Administration is now considering allowing the purchase of drugs without a prescription. You know what that means? One day Americans could actually be able to buy marijuana without ever seeing a doctor.” – Jay Leno

“More than 330 million shares of Facebook stock will be sold later this month. It’s great – now you can own a piece of the website that completely owns YOU.” – Jimmy Fallon

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The Politics of Austerity


© Brian McFadden

I’ve never understood the whole current austerity fad thing. I mean, businesses are showing record profits, the stock market is way up. Don’t get me wrong, we do need to conserve natural resources, but that doesn’t mean we have to lower our quality of life. In fact, not burning tons of polluting fuels will definitely raise our quality of life.

Businesses have cycles, and there are times companies have to conserve money. If you are good at business you learn that there is fat in any budget, which you can cut, and there are things that you can’t cut. In fact, often when things are lean, you need to increase spending to kickstart things. I think this comic says this brilliantly.

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Late Night Political Humor

“President Obama hosts an early Cinco de Mayo White House party today. I thought it was weird when he made all the guests climb over the fence to get in.” – Jimmy Fallon

“President Obama has promised now that we’ll be out of Afghanistan by 2024. That’s just right around the corner. That’s the same deal I have with CBS.” – David Letterman

“Well, as you know, President Obama was in Afghanistan earlier this week, as part of his big ‘Did I Mention I killed bin Laden?’ tour.” – Jay Leno

“The Army is releasing Osama bin Laden documents including his final words. I think they were, ‘Who’s knocking on my door at this hour?'” – Jay Leno

“A new biography about the president states that he took ‘artistic liberties’ in his memoir and says that he ‘fictionalized details for narrative clarity.’ That means President Obama just made some crap up. How is this news? He’s a politician. How do you think he got to be the president? You make crap up. You want to be a senator, you come out of college, you start lying and you just don’t quit.” – Craig Ferguson

“President Obama admitted this week that a former girlfriend that he wrote about in his autobiography was made up and not a real person … So Obama had an imaginary girlfriend. Big deal! He had an imaginary economic plan. It’s all the same.” – Jay Leno

“It’s weird to me what Obama chose to fabricate in his memoir. It wasn’t something cool he made up, like hitting six home runs in a little league game, or faking his own birth certificate. No, it was something lame. He just compressed the details of several girlfriends into one character. I’m thinking, oh, very smooth. Because if there’s one thing I know that women love, it’s being blurred together with other women.” – Craig Ferguson

“Hey, did you guys hear about this? Last week, the brakes on President Obama’s limousine were apparently damaged while he was in Georgia. Yeah, Obama tried to call AAA, while Biden tried to call the Geico gecko.” – Jimmy Fallon

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Swiss Miss

Michele Bachmann has become a citizen of Switzerland (she now has dual citizenship because her husband is Swiss). The media has already started asking her if she will be running for office there (which she is eligible to do).

Switzerland, like most first world countries, has universal health care, or what we call an individual mandate. Will Bachmann now work to reverse that in her new country?

UPDATE: Bachmann has decided to cancel her dual citizenship.

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