Several dumb questions, (and a few statements)
1. If we own 80% of AIG, then what percentage of the United States does China own? 1%? 10%? 20%? How long will it be, (if we keep printing more fake money), before China comes to us (just like we went to AIG), and says, “Hey, no more bonuses. And no more high salaries. And while you’re at it, how about only one kid per family, and we really hope it’s a boy”? Do we really want to get this beholden to China…? How can that ever be a good thing?
2. I keep hearing these amounts of money thrown around, like $800 billion, or three trillion. If the number was, say, three trillion, then what percentage of “what the USA is worth” is three trillion? How overdrawn are we, at the bank? This is a serious question. How long can we just keep loading up our Epson printer with white paper, and printing more money, (to give away with no strings)? How much longer can this country just keep saying, “We need to invest more money into the economy”? More money, based on what collateral? Here’s a NYTimes article today, speaking of this money coming out of “thin air”.
3. I know it was fun to bash Blago for quid pro quo, but in a way, isn’t this entire country based on quid pro quo? But for some reason, it’s legal, and even promoted? In the form of campaign contributions. “I”ll scratch your back now, if you scratch mine later”? Isn’t that really how this country works? Yet, there was such outrage at Blago. When, at that very second that he was arrested, there were a hundred lobbyists on the phone with a politician, trying to contribute money to a campaign. I just don’t get it. At all. Yes, Blago is a dick, and he really crossed the line, but really, in the big picture, isn’t he just guilty of crossing the line a bit too much, when the exact same practice goes on, legally, every single day.
4. When I become King, that Burris guy in Illinois will be sent packing. He never should have sniffed around for that seat in the first place, but he did, and that’s history, but if you’re gonna go sniffing in a trash pile, you damn well better keep your own suit very clean. And, as it turns out, he lied. I’d say to him: “Pack your shit, and get out of town by sundown. We trusted you to be clean, and you lied. Get out. Now”.
5. Movies recently: Saw “The Wrestler” the other night. Shockingly good film. Mickey Rourke was so compelling to look at. Every single scene. So believable. And I just loved that it wasn’t overlit. Looked like ASA 1600 pushed a stop. In a good way. In a believable way. It felt more IFC than Hollywood mainstream. In a good way.
Saw “The Reader” and read the book. The movie, to me, was much more moving than the book. That british woman hit it out of the park. The book was very distant and unemotional. Hard to bite into it.
6. Obama Leading: I read some article the other day on Daily Beast, saying Obama should inspire more. I agree. I know he’s in the middle of the largest ShitStorm to ever hit this country, but still, the general public still wants to feel good, and they want to work, and they want to work HARD, and they want to succeed, (and make back some of the money that they lost). America needs that person, a la Jack Kennedy, to be at the forefront. Not to talk some sappy fake feel-good language, but to simply speak from his heart on the aspirations of Americans. I hope he doesn’t let himself get too mired in the muck. He needs to stay above it, and stay out in front of it all, clearing the fog.
7. Where is the hard hitting REPORTING in all this financial mess? Why is Jon Stewart the guy who’s telling the truth moreso than any “real journalist”? Where is Chris Matthews? David Gregory? What the hell do they do every day? They need to get out of that studio, and onto the streets, and really report on something. Why is Jon Stewart, comedian, making more headlines about CNBC than Chris Matthews or Brian WhatsHisName at NBC or Charles Gibson or any of those “seasoned reporters”? Where are the Woodward and Bersteins of today? Sure as hell not in Chris Matthews.
8. Chris Dodd and Barney Frank: You’re done. Just too many strikes against you. Please do not run again. You’ve served your country well, but it’s time to go do something else.
9. And can anyone say: TERM LIMITS.
10. Why does our presidential election need to last two years, from the time of the first primary, to the actual final election? How much money is wasted doing this? How much gasoline? How much airline fuel? How many bad rubber chicken meals? And who is paying for this — CORPORATIONS, (and also the general taxpaying public). Why can’t the whole thing be determined in six months? What would really suffer? Why do the primaries need to be spread out for weeks and weeks? Why not every damn primary be held on one day, just like the election? To me, much of the basic framework of this country is broken. But there are just too many people making money for anything to really change.
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Just one opinion, from a simple-minded, tax-paying, lawn-mowing US citizen. Other opinions might differ.
“Where is the hard hitting REPORTING in all this financial mess? Why is Jon Stewart the guy who’s telling the truth moreso than any “journalist”? Where is Chris Matthews? David Gregory? What the hell do they do every day? ”
Where is it? You might want to adjust your dial. Try this for four minutes of a scathing summary from today.
Well let’s get it done then…
1. China is the single biggest “external” creditor of the US treasury. In very rough terms – they “own” about 10% of the US and that percentage is climbing up with almost every single “Made in China” product that you buy.
Together with others like Japan, UK and few oil producing countries that percentage goes up to 44% of the federal debt held by the public.
China has the single biggest “cache” of US currency – about $1.4 trillion. If they decide to dump the US$ as their primary foreign currency – that would be a financial nuke to the US. It’s not very likely to happen, since they will be the second biggest looser in the process – but not totally unlikely – since they are extremely unhappy with the way US$ goes.
2. How overdrawn? As of March 16, 2009, the total U.S. federal debt is $11,042,553,971,450 – which is roughly 65.5 percent of the GDP.
Compared to the “outrageous” debt ceiling of $5.95 trillion in 2002 – it’s not a good thing. Let’s say it’s an increase of $1,5 Billion PER DAY since then.
3. “isn’t this entire country based on quid pro quo?”
Yes it is. If you’ll find that comforting – so are most of the other countries. I live in Europe and here we play the same game.
Welcome to the “Pay to play” world.
I’ll pass on No.4 and 5 since i find both these movies great too…
6. My humble opinion is that Obama was elected to crash… it’s almsot inevitable, considering the economical situation. Hats off to the guy, since i’m sure – he knew that pretty well and still agreed to “take the fall”.
I’m afraid that if he has to “speak from the heart” – that would be the less motivating speech you’ll ever heard… since the truth is grim.
9. Term limits? Ancient greeks done that – i’m sure you can too, just press harder!
10. If you think of it as of “elections” – 2 years are waaay too much. But if you think of it in terms like “theatrical show”, “publicity stunt” – it’s never long enough. After all – the lack of real democracy should be substituted with something – what is better than “you can see how thorough we are with our presidential elections”.
Here in Europe we’re slightly less “flashy” but in general it’s the same pile of bull…
How much money are spent? Exactly $1,601,104,696, compared to 448,900,000 in 1996. Obama/McCain spent average $5,58 on every single vote they’ve got.
The strange thing about US /at least for me/ is the “Presidential election campaign fund checkoff”. $3 from your Federal Tax so these guys could spend it on TV shows?! This is weird… or maybe i just don’t get it.
“I’m shocked — SHOCKED — to discover there’s gambling going on in this establishment!”
Are you kidding me? Everyone was in on it. Everyone wanted to get rich. It’s all just Vegas, baby.
“The Wrestler” though, is a great illustration of human degradation. Roarke is fantastic, but Tomei is his equal.
We need Hunter Thompson, I think, to make the AIG/Wrestler connection. They are both part of the big theme he always pursued, the perversion of The American Dream.
With all of the outrage voiced over the imagined loss of liberties associated with the Patriot Act are we really going to sit smug in our populist outrage and allow the thugs to bastardize the laws to create a tax just for AIG bonus receivers. Are we really? Doesn’t that chill you to the bone?
Charles:
Agreed. Did you see Leno with Obama last night on TV? Leno brought up the subject, and said that that 90% tax law, created out of thin air, personally “frightened” him, as a US citizen.
Obama dodged the question, and Leno did not follow up, (of course).
90% tax rate? Hell, Sweden is even jealous!
Actually US had a 90% tax already – during WWII. A dozen millionaires had to pay taxes even exceeding 90%.
As of 2009 however – this sounds ridiculous.
1. Yeah, they own a fair bit, but it’s all debt. That’s workable when the debt is a car, or some other trinket, but what we’ve spent it on is a little harder to repo. They tied their tails to ours, for better or worse.
2. I highly recommend seeing the movie I.O.U.S.A. If you’re freaked out now, this thing will scare you to death. As much as we have on the table right now, it’s nothing compared to what’s coming down the pipe. They bring up the debt number of $50 trillion plus, and that’s before any of the current mess ever happened. We can all hate AIG as the current bogey man, but massive things of our own long-term doing are waiting just a few steps down the road.
3. Yep. Blago committed the sin of speaking ungracefully about the matter.
4. We do get some things right here in Illinois. It’s not all steaming turds. Come try our pizza. I promise.
5. Don’t miss Frost/Nixon. Best one-on-one in a long time.
6. He’ll either be our best president… Or our last.
He won’t be the last, but he certainly won’t be the best.