Gorilla’s off to the Big Apple again, so blogging will be extremely sporadic until the end of the week.
Archive for March, 2010
Yes, the IMF can come in and help Greece out.
Yes, the French, Germans, and others may provide loans to Greece if necessary.
No, this won’t be nearly enough money to rescue Greece.
No, the main idea is enough dopes will buy Greek bonds to keep the spreads with German bonds sufficiently low so as not to wipe out the austerity measures already announced by Athens.
Yes, it proves that Euroland is not yet sustainable for its weakest members, and no, it won’t save the Germans from having to write a much larger check.
Today’s deal is an elaborate con job, which will be tested not only by the appetite for Greek debt, but how well Portuguese, Spanish, Italian, and Irish debt fares in the marketplace.
Gorilla’s conclusion: “The PIIGS will need a whacking great trough chock full of Euro swill!”
Take away inventory replacement, and growth’s actually an anemic 1.7%.
That’s not enough to do a damn thing about unemployment, and it’s certainly not a recovery from recession, when measured by previous historical standards, as Mark Thoma illustrates:
Gorilla says: “Going nowhere is the new arriving!”
In fact, it more or less resembles the Nixon White House, where clinging to power by any means possible was the order of the day.
The problem is you can’t get the top dog to resign, so it’s all left to the liability lawyers and the serial leakers.
Gorilla thinks: “The German Shepherd is in the doghouse!”
Of course, it’s supposed to assist homeowners by reducing principal balances and/or freezing payments for 3-6 months, but it’s really just another backdoor subsidy for the banks.
What’s needed is a jobs program and the capacity, through bankruptcy courts, to compel lenders to restructure loans.
The unemployed will lose their homes unless they have jobs and those who have jobs with underwater loans need serious relief: on the order of 30-50% principal reductions.
None of this is going to happen, because the deficit fetish is far stronger in DC than the political will to start hiring people.
Gorilla says: “Bottom will be hit when the props are removed and the play goes back into production!”
“We think incitement to domestic terrorism is wrong, unless the terrorists are real Americans who will vote for us in November”.
“We think that threats of violence and political extremism are protected only by resorting to the Second Amendment”.
“We think that our Congressional leaders who maintain a false equivalence between partisan politics and the victims of partisan political violence are the sort of leaders any real gun owner should register to vote for in this year’s elections”.
“We think that our corporate sponsors who create astroturf movements that espouse hatred, bigotry, and violence should, like our Congressional delegation, disavow any responsibility for any blood that may subsequently be on their hands”.
The tidetime folklorist wonders when health care reform might include competition among doctors that the AMA cannot defeat.
The Platter: Doctor, Doctor by the Thompson Twins (Can’t you see ‘em earning, earning?)
The Bait:The Dreamweaver Chrome Series Spin Doctor Flasher (Laughin’ and Lovin’ It All at the closed shop union)
And who knows whether it will pass, but this is likely the beginning of the end of the War On Drugs.
40 years on, prohibition has been a complete failure. The revenue to be raised and the money to be saved could be staggering (so to speak).
It will also be interesting, if the ballot initiative passes, to see whether Congress, and particularly those in the Know Nothing Party, will decide that the commerce clause is in the Constitution after all and attempt to stop the citizenry from acting too sensibly.
Gorilla says: “Time to see who bangs the gong for states rights!”
But the export of extremist Islam from the Kingdom goes on, so it’s difficult to know what to make of these terrorist cattle drives.
One hopes we’ll recognize that terrorism per se is a very minor threat to the United States, alas we’ll probably say it justifies all the AWACs the Saudis can eat.
Interestingly, the targets this time appear to be the Saudi oil fields.
Such an attack might get the US and other Western countries to come to their senses about dependence on unstable regimes for fossil fuels.
More likely, it would be a boon to the global armaments industry and another easy excuse for non-engagement in the Israel-Palestinian “peace process”.
Gorilla says: “Cruella still drives a low mileage deVille!”