Tuesday, April 24, 2012

In The Context Of What Jon Corzine Is Getting Away With

in his illegal plundering of $1.2 billion in customer assets, the fact that the SEC is wasting its time suing Egan Jones - on the heels of EJ downgrading the credit quality of the U.S. Government - is just beyond appalling:   LINK

Notwithstanding the fact that this lawsuit is a massively frivolous waste of Taxpayer money, it's emblematic of the fact that our system is collapsing.  Our Government is pathetic.

Think about what Jon Corzine is getting away with when you read this quote.  And keep in mind that Obama is still happily spending the campaign money Corzine raised for him.  I bet that money is tainted with fraud and corruption as well: 
When you see that trading is done, not by consent, but by compulsion – when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors – when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you – when you see corruption being rewarded and honesty becoming a self sacrifice - you may know that your society is doomed. (Francisco D'Anconia, "Atlas Shrugged")


  1. Absolutely beyond the pale. I would run and hide - but where?

  2. Ayn Rand makes for some great quotes, but she was a bit of a "do as I say, not as I do" type. After a career of railing against gov't, she collected both Social Security and Medicare. Nothing wrong with that, just something to keep in (objectivist) mind.

    Thanks for your efforts, Dave, your stuff is some of the most interesting out there on the web. keep up the good work.

    1. Thanks for the feedback. I really appreciate it.

      I don't care about Ms. Rand's personal choices - her vision was brilliant. To be quite frank, if you can get Government benefits and you don't because you don't need them, isn't that sanctimonious?

      If the Government is giving handouts, I want my share. My problem is that I don't qualify for anything and by the time I do, it won't be available...

    2. LOL, mine too! But, sad, really sad to think of all those people who think that their bennies will be there when they need them. I used to worry some about not having a gold watch and pension waiting for me at age 65. But no more. Now I worry about all the people I care about who will be left high and dry, having believed in the system. Oh well, you can only do so much. Protect yourself, and hope that there is some left over to help others who believed things that they should not have.

    3. If one has been forced to pay into a system, one should be able to benefit from their payments. However if one has a choice and chooses to not pay in, then one has no claim to a return. Given a choice, I would much rather invest my own money and be free to use it as I please wether that be to save for retirement or to invest in my business or any other choice I may make.
      You fail to see the lost opportunity costs which are forced on all of us when we are subjected to coercion of government.

  3. hmm...so if you know handouts are wrong yet you qualify and take said handout, wouldn't that be hypocritical?
    Isn't that not walking the walk, just talking the talk??

    1. No. Not taking them would be sanctimonious. I can rant and rave all I want about how catastrophic ANY Government intervention is, especially entitlements. But I would be a pontificating faux-pious jerk-off if I didn't take advantage of anything I'm entitled to. There's no doubt that I've paid more into the Government coffers than 95% of all Americans, so why should I pay for their party and not participate.

      It would be hypocritical if I ranted and raved about poor policy and then did not support any candidate who truly stood for eliminating most of the Government.

  4. all we get is deaf ears...

    Tavakoli: Another Financial Crisis Looming, And You're On Your Own

    It's all about fraud and the subsequent cover up and ongoing bailouts. Its the credibility trap, and it continues to undermine the recovery and the real economy today.

    The cover story is that these are just well meaning and extremely bright people who did their best, but a few people got carried away, and well, you know, things just happen.

    It's just like MF Global, right?

    The dollar based financial system is insolvent, hopelessly so, and paper claims will be arbitrarily cut in half and moreso when the time comes, much more for the many, much less for the powerful few.

    It will not be pretty or fair, and the people running it simply don't care what you say or think. At this point they are beyond shame and outrage.

    Members of Congress are enabling the lack of punishment and covering up great misdeeds in our financial system — and they’re doing it with no fear of consequences — i.e., being voted out of office, in which case they could find themselves the subject of investigation.

    What do you mean: “covering up”?

    Many people are covering up for cronies who have a lot of money sloshing around. We threw money into the financial system with no accountability and thus made the problem worse. Our system has been completely infiltrated and bought off. Things aren’t changing because Big Money doesn’t want it to change.

    1. In so many words, she plagiarized the Francisco D'Anconia "money" speech from Atlas Shrugged. See the Chapter "Graft and Pull"

  5. "There's no doubt that I've paid more into the Government coffers than 95% of all Americans, so why should I pay for their party and not participate."

    First, I'm playing the advocate here, I'm not tryin to beat the horse but this goes to "how do we fix society" IMO. I pose things like this to my kids.

    So the answer to the above question is you don't participate because you know it's wrong.

    Would one attend a lynching if everyone else is?

    I'd be taking it too no doubt, but the whole time knowing I shouldn't cause i'm contributing to the problem....which is kinda the crux of the whole environmental movement- what one person does adds up when millions do it. Hence, the reason we pollute the shit out of our planet :)

    1. Concerning Social Security and Medicare, for those of us who work, the money comes out of our paychecks whether we want to fund these programs or not.
      Since the money comes out of our pay by law, why shouldn't we get back a little of what we paid in/was taken from us by law?
      I recall an episode of Sanford and Son where the character Grady was explaining to Lamont "when I was working I paid into Social Security a dollar, now that I'm retired, they are paying me a quarter" and this didn't even factor in inflation!
      You might as well get what you can from Uncle Sam, you are already paying for/paid for it.

  6. Take a look of these figures...these guys can paint the tape anyway they want..

    'Real' trading in U.S. markets is down to 16 percent; the rest is machines

    NEW YORK -- Trading by "real" investors is taking up the smallest
    share of US stock market volumes in more than a decade, according to a
    recent study.

    The findings highlight how US trading activity is increasingly being
    fuelled by fast turnover of shares by independent firms and the
    market-making desks of brokerages, many using high-frequency trading

    Though many argue that such trading lowers costs by narrowing spreads,
    critics insist that it makes it more difficult for institutional
    investors to trade larger positions, in turn fuelling a rise in the
    use of off-exchange "dark pools" and more complex algorithmic trading


  7. H.L. Mencken Was Right

    H.L. Mencken was a renowned newspaper columnist for the Baltimore Sun from 1906 until 1948. His biting sarcasm seems to fit perfectly in today’s world. His acerbic satirical writings on government, democracy, politicians and the ignorant masses are as true today as they were then. I believe the reason his words hit home is because he was writing during the last Unraveling and Crisis periods in America. The similarities cannot be denied. There are no journalists of his stature working in the mainstream media today. His acerbic wit is nowhere to be found among the lightweight shills that parrot their corporate masters’ propaganda on a daily basis and unquestioningly report the fabrications spewed by our government. Mencken’s skepticism of all institutions is an unknown quality in the vapid world of present day journalism.


  8. Targeted Hacker Jacob Appelbaum on CISPA, Surveillance and the "Militarization of Cyberspace"

    Computer security researcher Jacob Appelbaum argues the measures included in the proposed Cyber Intelligence Sharing and Protection Act (CISPA) would essentially legalize military surveillance of U.S. citizens. "When they want to dramatically expand their ability to do these things in a so-called legal manner, it’s important to note what they’re trying to do is to legalize what they have already been doing," Appelbaum says. He is a developer and advocate for the Tor Project, a network enabling its users to communicate anonymously on the internet, and has volunteered with WikiLeaks


  9. We need a real "press"

    Life Liberty and Property, Law & the "Press"

    A declaration of rights made by the representatives of the good people of Virginia, assembled in full and free convention; which rights do pertain to them and their posterity, as the basis and foundation of government. SECTION 1. That all men are by nature equally free and independent, and have certain inherent rights, of which, when they enter into a state of society, they cannot, by any compact, deprive or divest their posterity, namely, the enjoyment of life and liberty, with the means of acquiring and possessing property, and pursuing and obtaining happiness and safety. SEC. 2. That all power is vested in, and consequently derived from, the people; that magistrates are their trustees and servants, and at all times amenable to them. SEC. 3. That government is, or ought to be, instituted for the common benefit, protection, and security of the people, nation, or community; of all the various modes and forms of government, that is best which is capable of producing the greatest degree of happiness and safety, and is most effectually secured against the danger of maladministration; and that, when any government shall be found inadequate or contrary to these purposes, a majority of the community hath an indubitable, inalienable, and indefeasible right to reform, alter, or abolish it, in such manner as shall be judged most conducive to the public weal.


  10. The Rebirth of Barter

    "I scratch my head and wonder how you think the Fed is any type of success when all this has occurred.
    Further, I am very confused by the response of Chairman Bernanke to questioning by Congressman Ron Paul. To a seemingly near off the cuff question by Congressman Paul on Federal Reserve money provided to the Watergate burglars, Chairman Bernanke contacted the Inspector General’s Office of the Federal Reserve and requested an investigation [12]. Yet, the congressman has regularly asked about the gold certificates held by the Federal Reserve [13] and whether the gold at Fort Knox backing up the certificates will be audited. Yet there have been no requests by the Chairman to the Treasury for an audit of the gold.This I find very odd. The Chairman calls for a major investigation of what can only be an historical point of interest but fails to seek out any confirmation on a point that would be of vital interest to many present day Americans.
    In this very building, deep in the underground vaults, sits billions of dollars of gold, held by the Federal Reserve for foreign governments. The Federal Reserve gives regular tours of these vaults, even to school children. [14] Yet, America’s gold is off limits to seemingly everyone and has never been properly audited. Doesn’t that seem odd to you? If nothing else, does anyone at the Fed know the quality and fineness of the gold at Fort Knox?"