Comments on: Repo 105: “Like, whatever” A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: csodak Thu, 18 Mar 2010 18:43:53 +0000 I would agree that you need more than a disorganized and underfunded rabble but I would argue that not every wealthy individual in this world supports corporate governance of the private sector.
There is enough innovation in disruptive technologies that have and will make a difference in social order and this technology does not require killing off populations.
While the revolution via Napoleon was not the answer, it did provided opportunity. The universe is full of entropy.

By: paintcan Thu, 18 Mar 2010 17:04:28 +0000 The entire government is run on accounting tricks from reinvestment of the social security trust fund in treasury bonds to other kinds of borrowing from it to pay for pet congressional ear marks.

Even the process of writing bills and passing them into law requires payoffs in the form of extraneous earmarks for the support of constituencies.

The “more equitable society” that the French Revolution is supposed to have created was more of a rocking horse than a stable regime. The French went from hapless King, to bungling directorate, back to King, then to emperor, and back to King and back to emperor etc until the first WW. And the former aristocracy was always present trying to get back what they lost during the terror. That started another revolution. Napoleon only made new aristocrats and handout out estates as prizes for services rendered.

The aristocracy probably started the revolution – but not the very big people at Versailles who were actually willing to abandon their prerogatives at the start. Read Simon Schama and even de Tocqueville.

The biggest problem now is the corporations will run the congress and will get the rules they want to live by. Period, End of story and end of the so called American empire. We will get “Great American Story Time” and payoffs to keep the great majority of us feeling like we matter at all.

What ever asses get into the White House or Congress will be well lubricated with corporate finding and will never dare bite the hands that feed them. they know that this is not the world of the colonial Congress and that the constitution will be for those who can’t take the time to read the long form. The long form is 200 years of Supreme Court decisions and subsequent legislation. And hardly mentioned at all, no discussion in this or any other paper – are the very long strings treaties, this and most other countries have with the UN. In The beginning of the read and the end of the documents makes a world of difference.

WE are thinking about accounting tricks while the entire structure of the government is drifting into something that merely resembles what people might think it is.

I’m surprised the little ditz and her boy friend haven’t spammed this thread with “Who cares , I got an older man LOL’. he might be citizeness of the future.

The only way for a revolution to occur is for it to have very wealthy supporters and some real strategists. Otherwise you just have a mob insurrection. Forget revolution, it isn’t going to happen. You don’t get a more equitable society, only a lot of people with dead relatives who have other things to worry about than the rights of man. And revolution today would mean killing off the population until it fits the available funding.

By: csodak Thu, 18 Mar 2010 16:03:34 +0000 So we need to have a plan that will work before action for change is initiated? That’s a gut buster. Our social/political/economic system is morphing and the catalyst is industrialists seeking markets and through government control telling 95% of the population to undergo hardship as severe as losing their homes, savings and lives while the remaining 5% raise an eyebrow from an itch developing on their arse.

The catalyst of the French Revolution the lack of want for the potato. Freedom of Europe was gained through the arrogance of entitlement within the ruling minority. There principles behind the legitimacy for change today is not different than any revolution that results in a more equitable society.

By: Dollared Thu, 18 Mar 2010 07:48:31 +0000 I with HuFlungPu. The point of the Repo 105 problem is dual – that it shielded a mountain of bad decisions, and that with the right combination of corrupt actors, it can be used by any corporation to shield any mountain of bad – or corrupt – decisions. This is a catastrophic model when financial companies are involved – they are so hard to analyze, so these things are easy to do. And the scale of the leverage means the damage can be much, much bigger. GM is a drop in the bucket compared to this.

This is exactly what happened with Enron – run an increasingly risky ponzi scheme, use off balance sheet vehicles to hide the losses, and build it bigger every quarter.

The result MUST be the same. People must go to prison – and we must find a way for them and their families to die poor. You can’t leave this mess behind and be sure you can pay for your kid’s Harvard education.

By: HuFlungPu Thu, 18 Mar 2010 06:45:26 +0000 Repo 105 – in and of itself – was not the big deal. It was SYMPTOMATIC of all of the other bullsh*t the Lehman f*cksticks were up to. Repo 105 didn’t take down the firm. It was the tens of billions of bad investments and the other ADDITIONAL several percentage points of leverage that did them in. Again, not that Repo 105 isn’t an issue – it is. But in the whole scheme of things, it’s a bit of a red herring. There had to be MUCH more criminal stuff going on to end up so famously bankrupt.

By: gramps Thu, 18 Mar 2010 06:21:34 +0000 Good job, Felix. Good job. Thanks

By: paintcan Thu, 18 Mar 2010 05:43:53 +0000 To HBC, What you say could be applied to the corporate world, most of the government, the military (both Officers and troops), the world of celebrities, the world of the arts, many in my neighborhood and many of my friends and many of the people that were clients and people I worked for.
Who does that leave that will be someone you could enjoy a drink with , maybe smoke a joint and have a little fun with? Are you a good friend of Lord Buddha?

Do you think you are not included in the laundry list of human failings?

And you leave out how much should anyone who might just pass muster and not fail one of those character tests, actually be entitled to by way of compensation? She we pay them their weight in gold?

It really doesn’t matter how perfect the people are, it matters a great deal more – how well they can build a system of laws and regulations that will allow the perfect and imperfect to exists without destroying each other or imprisoning each other.

Your real name doesn’t happen to be Robespierre does it? The pea green incorruptible himself?

By: Story_Burn Thu, 18 Mar 2010 02:46:27 +0000 I met Dick Fuld once. He is a cold, cold man

By: HBC Thu, 18 Mar 2010 02:28:48 +0000 Why on earth would anybody question the epidemic psychopathy among investment bankers? Here’s a partial checklist:

Factor 1
Aggressive narcissism

1. Glibness/superficial charm
2. Grandiose sense of self-worth
3. Pathological lying
4. Cunning/manipulative
5. Lack of remorse or guilt
6. Emotionally shallow
7. Callous/lack of empathy
8. Failure to accept responsibility for own actions

Factor 2
Socially deviant lifestyle

1. Need for stimulation/proneness to boredom
2. Parasitic lifestyle
3. Poor behavioral control
4. Promiscuous sexual behavior
5. Lack of realistic, long-term goals
6. Impulsiveness
7. Irresponsibility
8. Juvenile delinquency
9. Early behavioral problems
10. Revocation of conditional release

Traits not correlated with either factor

1. Many short-term marital relationships
2. Criminal versatility

Yep. That about sums them up. One of the problems with psychopathy is, there’s no cure. The only way to get rid of this problem boils down to the same way you get rid of zombies. Rule #2: Double Tap –”Zombieland”

They’ll never admit guilt. It’s simply not in their genetic makeup. Think of it as their survival mechanism.

When a psychopath tells you $50 Billion’s just a drop in the ocean, that’s their sadistic side talking. They just want to watch you waste time going red in the face trying to explain arithmetic of scale to them. To which they are impervious.

When the fun in that wears off, they’ll lead you further down the garden path and strangle you with numbers, anything but accept blame. When it emerges that it wasn’t 50 but more like 750 Lehman wangled, then suddenly it’s your fault for accusing them of fraud for the wrong amount. See how that works?

Plus, then they’d be right. $50 Billion IS a drop in the bucket of what has been swindled of late, market-wide, with command-level complicity.

Think Trillions.

By: paintcan Thu, 18 Mar 2010 01:55:56 +0000 @dollared: gee you got me! Whether these bankers are the evil people they are being claimed to be, none of the so-called evidence seems to merit an appearance in court. With one or two notorious exceptions. Does anybody honestly believe that Kerveil was solely responsible at SocGen?

They are complaints without any real attempt at fixing the problem and even the definition of the problem, can only be offered by people who are experts.

If you don’t like the French revolution analogy – how about looking at Mao’s Gang of Four instead? An entire generation of Chinese youth, just the people with more hormones than sense, were programmed to sack the government establishment and the cultural past of an ancient country, found devils in every closet, revisionists, counter-revolutionaries and anything associated with the countries past practices, because Mao may have been having a senior moment and worried that he was loosing his grip on power. He’d made a lot of disastrous decisions and the population needed scapegoats. He printed his little red theology and sent his red guard murderers and vandals throughout the country all preaching with the fervor of the bore again, – like the stupid sheep they were – preaching like it was the second coming and beating anything not of the true faith into submission or to their grave. Some of the comments in these pages are so close to them it is frightening. The Tea Partiers are closest to them but most of them appear to be geriatric or just ready to kill anything that talks back. But I can’t figure out what they really expect to do.

When the Red Guirads finally run out of available fuel – and the saner powers – any that were still alive, were able to reign them in – or the poor dears were all just exhausted, what goes put up for trial? None of them, of course. They would have attacked that court too. His wife and her four aids. And most certainly not Mao himself. Not one of the true believers was willing to blame themselves and they just as blindly gang together as the herd they always were and let out one loud bleat of “baaaad leaders”.

These pages can be sickening because, like the French Revolution, rhetoric rules and even if a solution is in sight it can be killed by the rival and very entrenched powers that don’t want to be unseated or those who don’t want to be pinched. That’s where we are and there doesn’t seem to be a way out.

I may as well enjoy myself with the rhetorical fun, because sure as hell you fools won’t fix the leaking tub. It doesn’t have a solution. The times has changed and the center of gravity has shifted off shore don’t you know? Time to get your boats and swim to the big time on the other side of the world. If they will let you in? But you’re all too damned expensive and they can do it all for so much less than you jerks pay for a latte. So many of them would work all day for a happy meal The overhead costs of this rattle trap are just too high and that are a lot more very hungry and very eager hands and mouths to feed then ours.

Even if you could unseat or fire every banker – and a lot of them are unemployed already – what coherent plan is available to replace them all? I sure as hell don’t have one. But it’s fun reading about it. I just love watching all the ideas sprinkle down like snowflakes to watch them melt when the hit the hard ground. And because the Supreme Court recently handed the government to the major corporations, there’s hardly a reason to vote anymore. But they are the people who tend to be herded like better dressed red guards.

I’ll never see another paying job in my life and now I probably shouldn’t even bother reading the papers. But it gives me something to do while I collect food stamps. And what really bothers me is, I had the good fortune and some small family financing to live on under $15,000/year for the last 20 years with a very small scale and rather productive small business and a decent quality of life. And I had to work harder than at any job of my life including school.

As for your question about factual accuracy. Did you read through the boxes of emails to know whether Mr.Salmon is just giving you his own peculiar snippets of what he wants to hear and what is very popular to say now?

I just love it when people single out my comments. It tells me the commenter didn’t get much more out of the article than I did.