Archive for August, 2011

Deadly Month, Deadening War

Wednesday, August 31st, 2011

Afghanistan in August: more US troops killed than in any month so far of the long, pointless war.

And we intend to continue the pointlessness until at least 2014!

Gorilla says: “The exit strategy does not provide an exit!”

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Good News From Space

Tuesday, August 30th, 2011

Thanks to last week’s Russian cargo rocket disaster, the Space Station may have to be closed down!!!

And of course this is excellent news for what has been a total waste of time and money for more than a decade.

Doing high school science experiments in low earth orbit provides nothing of value, either to science or the taxpayer.

Ending manned space flight altogether, and using the money to do real science in far off places, would be the right approach to space policy.

But there are well connected people in Texas and Florida who see the space program in the same way they see the Pentagon: a middle class jobs program for defense contractors.

Gorilla says: “Let’s put the man back into unmanned!!!”

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A Serious Economic Program

Tuesday, August 30th, 2011

Will not be proposed by our President anytime soon, he’s too much of a coward, but here’s one he should embrace:

1) $300 billion/year for 3 years to hire 10 million Americans immediately to work on rebuilding the nation’s infrastructure, coupled with another $300 billion/year for 3 years to finance an infrastructure bank.

2) Refinance all mortgages in the country at below market interest rates, with principal reductions of at least 25% for those that are underwater. For all practical purposes, the government is the mortgage industry. There’s no reason to waste more time trying to prop up home prices, which are likely to fall further, and/or predatory lending.

3) Guarantee all state government deficits for the next 3 years. This would stop the steep anti-simulative decline in government employment for people who are teachers, firemen, and policemen.

4) Call Ben Bernanke and have him raise the inflation target to at least 4%.

5) Announce the US will be pursuing a weak dollar strategy for the foreseeable future.

6) Lower the minimum age for Social Security eligibility to 60. Those over 55 who’ve lost their jobs will likely never work again.

7) Lower the minimum age for Medicare eligibility to 55. See point 6.

8) Allow the Bush tax cuts and the payroll tax cuts to expire.

9) End the wars in Afghanistan and Iraq by the end of 2012.

What’s needed right now, just at is was in 2009 (but wasn’t forthcoming, thanks to the Administration’s cowardice) is very large scale stimulus, on the order of at least $2 trillion; that’s the output gap at present and that gap will grow larger without further action.

Reducing unemployment is by far the most effective bang for the buck.

Putting people back to work will raise tax revenues and reduce the deficit in the medium term.

Getting more people into Social Security and Medicare will reduce long-term deficits substantially. The government is far more cost effective at managing retirement and health care than the private sector.

Ending pointless wars will reduce the size of the Pentagon’s budget and contribute to long-term deficit reduction.

All of these things are what a real leader would propose: the economic situation in the country is dire and there is only one political party that is serious about solving this problem.

If the Know Nothings won’t go along, then tell the American people to chuck them over the side in the 2012 election.

Gorilla says: “Time to be bold, time to cease half assed proposals and bipartisanship!”

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Quote Of The Day

Tuesday, August 30th, 2011

The ever hapless ECB Chief Jean Claude Trichet: “There is no liquidity or collateral shortage for the European banking system.”

Gorilla translates: “There is an oversupply of European barbers who refuse to give haircuts”.

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Shorter Rick Perry

Monday, August 29th, 2011

“My own Ponzi scheme includes monstrous lies and being taken seriously by political reporters”.

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Shorter Eric Cantor

Monday, August 29th, 2011

“To achieve full amorality, there must be offsetting cuts”.

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Germany Plays With Fire

Monday, August 29th, 2011

Hysteria in Germany over the Eurozone bailouts?

Well, yes, primarily because Chancellor Merkel has been lying for months about the German banking system, which is desperately in need of recapitalization.

And yes, German taxpayers also will have to foot the bills for Club Med’s borrowings from German (and French and Dutch) banks.

The alternative, allowing Euroland to break up, will have the same impact on the banking system, so it’s really a choice between pay now and pay later.

Gorilla says: “Easy money is getting harder to find!”

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Whitewashing Bad Apples

Monday, August 29th, 2011

Yes, British soldiers tortured people in Iraq, but it’s not a systemic failure, it’s just a few bad apples who got out of hand!

Sound familiar?

What never happens as a result of these inquiries is any sort of punishment at any level further up the chain of command.

Heaven forbid we actually held the generals accountable for the failings of their troops!!!

Gorilla says: “Or their bankers, who also got away scot free!!!”

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I Mean Nothing, I Lead To Nothing

Friday, August 26th, 2011

You can call me nothing, or by my given name: Ben Bernanke.

Now certainly tied with Greenspan and Trichet as the worst central bankers of our lifetimes.

They’re intellectually bankrupt, amoral clowns who think that the suffering of millions is worth far less than the suffering of 5% inflation and wealthy bond traders.

Gorilla says: “Let’s hope they’re cursed to lead the needlessly miserable lives they inflict on the rest of us!”

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Austerity Makes Things Worse

Friday, August 26th, 2011

The UK proves it over and over again…

What’s needed is much more stimulus, what’s on offer is much more budget cutting, so the result-little or no economic growth-is entirely predictable!

Gorilla says: “Hopefully Ben’s helicopter gets off its ass before we shoot ourselves in the foot!”

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