Archive for January 14th, 2010

Scott Brown’s Hysterical Tea Party Amnesia

Wow, how soon they forget…

April 15, 2009:

According to TPM, [Scott] Brown’s own campaign has posted photos of him speaking at the Worcester Tea Party rally as well one of him at another tea party event. Salon’s Mike Madden also discovered that Brown’s campaign website featured a fundraiser thrown for him by tea partiers.

January 2, 2010:

Brown’s Senate campaign hosted a breakfast at the Doubletree Hotel in Westborough, Massachusetts that was sponsored by the group: the Greater Boston Tea Party. According to an invitation obtained by the Huffington Post, attendees were encouraged to donate between $25 and $500, for which they would earn the distinction of being a Patriot, Sons of Liberty, Sam Adams, or American Revolutionary (depending on the size of the donation).

January 13, 2010:

[Brown] also claimed that he was unfamiliar with the “Tea Party movement,” when asked by a reporter.

If Brown gets elected, someone needs to either get the guy a supply of gingko biloba, or one of those cards with his name and address on it – in case he gets lost on his way to the Capitol building.  Why, he’s so forgetful he probably doesn’t even remember that he posed nude for Cosmo!

Epic Credibility Fail.  (Except for the Cosmo thing, which might be a net plus.)

1 comment January 14th, 2010 at 07:21pm Posted by Eli

Entry Filed under: Elections,Republicans,Wankers

Sheila Bair’s Modest Proposal

This sounds pretty reasonable to me. Elegant, even.

Tension behind the scenes spilled into a nasty exchange of words at a public meeting of the five-member Federal Deposit Insurance Corp. board of directors. The long and short of it: FDIC Chairman Sheila Bair and two other board directors support proposing a new policy that would tie the fees banks pay for deposit insurance to the risk-profile of the compensation plans at those banks. In other words, if the bank pays executives in a way that the FDIC feels encourages dangerously risky behavior that could ultimately lead the bank to fail, then the FDIC can charge them more for deposit insurance.


Ms. Bair: ….We must rely on academic research and other work done by our own staff to determine whether there is cause and effect here. We are asking the question right now but we are obliged to have risk adjusted premiums. And we are obliged to evaluate risk to the deposit insurance fund, and we are obliged to try to factor in those risk elements into our premium structure.

Well, why not?  Insurance for individuals (car, health, life) has premiums that are pegged to risk levels, so why shouldn’t insurance for banks?

January 14th, 2010 at 11:23am Posted by Eli

Entry Filed under: Economy

Great Moments In Tone-Deafness

Exhibit A:

Turner triggered controversy in August when he first floated the transaction tax idea and criticized the size of the U.K. financial sector in an interview in Prospect, a British journal. At a black-tie gathering of financial executives in London on Sept. 22, Turner said banks should move away from products, such as complex derivatives, that don’t benefit society.

“Some financial activities which proliferated over the last 10 years were socially useless, and some parts of the system were swollen beyond their optimal size,” he told the gathering.

Turner’s remarks have been condemned by executives who say it’s ridiculous to introduce a moral dimension to regulation.

“Quite honestly, I am appalled, disgusted, ashamed and hugely embarrassed,” wrote Howard Wheeldon, a senior strategist at BGC Partners LP, in an August note. “How dare he?” Wheeldon now says. “Markets will decide if something is too big or too small. It’s not for an individual, however powerful, to slam and damn nearly 1 million people.”

Yes, how dare anyone suggest that something as petty and schoolmarmish as mere morality should every trump the wisdom of the almighty and all-knowing market which never makes mistakes!

Exhibit B:

[Harold Ford Jr.] blasted [Gillibrand’s] support for the proposed health care overhaul, which is expected to cost New York an extra $1 billion a year, and for opposing the taxpayer bailout of the financial industry.

“It was a mistake,” he said, noting that most Wall Street firms had already paid back the money. “How can you be against ensuring that the lifeblood of your city and of your state survives?”


After Mr. Ford, a five-term Tennessee congressman, arrived in New York, he took a job as a vice chairman at Merrill Lynch (now Bank of America). But he kept a toe in politics, becoming a commentator on Fox and then NBC, which features him several days a week on programs like MSNBC’s “Morning Joe.”

Speaking from a conference room at New York University, where he is a teacher, Mr. Ford, 39, expressed enthusiasm about his new hometown, though he described a life quite different than most New Yorkers. On many days, he is driven to an NBC television studio in a chauffeured car. He and his wife, Emily, a 29-year-old fashion executive, live a few blocks from the Lexington Avenue subway line in the Flatiron district. But Mr. Ford said he takes the subway only occasionally in the winter, to avoid the cold when he cannot hail a cab.

Asked whether he had visited all five boroughs, he mentioned taking a helicopter ride across the city with fellow executives, at the invitation of Raymond W. Kelly, New York City’s police commissioner. “The only place I have not spent considerable time is Staten Island,” he said, adding that “I landed there in the helicopter, so I can say yes.”


He has breakfast most mornings at the Regency Hotel on Park Avenue, and he receives regular pedicures. (He described them as treatment for a foot condition.)

Mr. Ford declined to discuss what he is paid by the bank, but publicly available data suggests that he earns at least $1 million a year. Asked what role outsize pay packages played in fueling the financial crisis, Mr. Ford said he objected to capping executive compensation on Wall Street. “I am a capitalist,” he said. “I believe that people take risk, and there are rewards if they do well; they should lose if they don’t.”


Offering a glimpse into a possible campaign strategy, Mr. Ford and his aides said he would run as an insurgent who is uncontrolled by the entrenched political class that he says has rallied around Ms. Gillibrand. His tentative slogan: “Harold Ford: nobody’s man but ours.”


Mr. Ford has officially been a resident of the state only since 2009, and did not vote in November’s mayoral election.

Oh yeah, New Yorkers are just going to loooove this anti-establishment man of the people.  He really has that common touch.

January 14th, 2010 at 07:23am Posted by Eli

Entry Filed under: Corruption/Cronyism,Democrats,Economy,Politics,Quotes,Wankers

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