Archive for March 15th, 2010

Quote Of The Day

Monday, March 15th, 2010

This time from Ireland’s senior Catholic, Cardinal Sean Brady, who apparently helped the Church to cover up several decades of crimes by priests against children:

”Yes, I knew that these were crimes,” Brady said. ”But I did not feel that it was my responsibility to denounce the actions of Brendan Smyth to the police. Now I know with hindsight that I should have done more, but I thought at the time I was doing what I was required to do.”

Gorilla says: “Orders is orders, and the German Shepherd’s orders increasingly seem totally amoral!”

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Is The USG Subprime?

Monday, March 15th, 2010

In a word: No!

It’s difficult to understand the mania about reducing the deficit at a time when the output gap’s a couple of trillion, unemployment’s at 10%, and the world economy outside China isn’t growing at all.

It’s equally difficult to understand why anyone pays serious attention to the remarks of the credit rating agencies, whose total conflict of interest and totally dishonest “ratings” helped pave the way for the housing bubble and subsequent financial meltdown.

Instead, our leaders should be using the cheap cost of borrowing to finance projects that will fix the infrastructure and put people back to work: things like pipes and sewers!

Gorilla thinks: “We get another sack of shit from Moody’s and the pipes are clogged!”

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Shorter Wen Jiabao

Monday, March 15th, 2010

“You don’t need to lecture me, because I am already shocked, shocked to find manipulation going on here!”

Gorilla translates: “Another cheap popgun on sale at Wal-Mart!”

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Going Back For Seconds

Monday, March 15th, 2010

Another housing strategy doomed to failure!

Rortybomb and Baseline Scenario have the best analysis as to why very few mortgage loans are being permanently modified: the second mortgages on underwater homes are basically worthless and the lienholders either don’t want or can’t afford to write off the very substantial losses.

So we get extend and pretend, short to abort, and other catchy versions of hit and hope, all in the mistaken belief that the housing market can be saved before it collapses further.

Gorilla says: “Better hide the spoons when they go back for thirds!”

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Another Long And Pointless War

Monday, March 15th, 2010

The war on drugs: how’s that going?

Not too well!

Our politicians can’t have an honest discussion about legalizing soft drugs. Our demand is insatiable, those supplying it are ruthless criminals, and it could all be resolved by one obvious conclusion: Prohibition has never worked.

The economics are clear: when you’re funding both sides of the same war, it’s difficult to declare victory or admit defeat. We could be taxing the drugs, regulating their distribution, and generally acknowledging the reality that Americans want to use drugs.

Or we can continue arming Mexican cartels, killing thousands of people on both sides of the border, and encouraging ethnic hatred, cheap nativism, and fence building.

Gorilla thinks: “It’s an easy choice, but not easily made by hypocrites!”

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A Crisis Of Inaction

Monday, March 15th, 2010

Israel’s relations with the US are at their lowest point since 1975, says Israel’s Ambassador to the US.

Why? Because the Israelis continue to build illegal settlements in the West Bank and East Jersualem and are not serious about negotiating with the Palestinians about peace.

Nothing changes of course, because the US isn’t really willing to take the Israelis on: there’s zero support in Congress for reducing or conditioning the billions in aid we give to the Israelis each year.

So, we get this diplomatic dance of dunces: Joe Biden gets huffy, Benjamin Netanyahu gets semi-apologetic, and on the ground the status quo is maintained and worsens.

Gorilla says: “The settlement horse left the barn nearly 30 years ago, he won’t be returned!”

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