Call me an #AngryClinger

mo-1

You can call me an angry white man, clinging to my guns and religion.  I actually like this description.  It fits.  I’m an #AngryClinger.

I’m angry that death cult terrorists continue to kill and maim in the name of their religion and in the name of their god.

I’m mad that some Western theologists want to equate the god of the cultists with The LORD God Almighty.  It offends me.

By now, you’ve read about the latest mass murder in the name of the prophet of the death cult.  As more is learned, we will hear the same Western apologists making the same ridiculous statements that these murders have nothing to do with islam; that the murdered shouldn’t have offended the murderers; that a backlash against innocent moslems will occur by #angryclingers (who are basically islamophobes anyway); that conservative Christians are just as evil because they oppose special rights for homosexuals; and of course, that Israel is somehow to blame.

I have the solution to death cult terrorism, and it is very simple.  That doesn’t mean that it is in any way easy.  I’ll detail the solution in a future post, and when you read it, you’ll be amazed that no one thought of it before.  But, that’s for later.

Today’s exercise in evil by the death cult is only the most recent event that has made me angry.  I’m mad about several things:

  1. I’m mad that John Boehner is still Speaker of the House, and Congress is still for sale:  Business As Usual.
  2. I’m mad that some of the same people who said they would vote to replace Boehner, betrayed their supporters.
  3. I’m mad that Al Sharpton still owes an unpaid tax debt of over 4 million dollars, and the IRS has not moved to seize his assets or levy his income.
  4. I’m mad that nothing has been done about the politicization of the IRS, the EPA, the DOJ, BLM, ATF, VA, and others that have betrayed the public trust, committed acts of deception, perjury, obfuscation, concealment, political blackmail, to name a few, all with the knowledge and approval of the motherfucker in the White House.
  5. I’m mad that the 4th Estate has devolved into a 5th Column.
  6. I’m mad that the ones who see these things happening and want to hold the line against them are demonized and marginalized by this very same 5th Column.
  7. I’m mad that our government is over $18 Trillion in debt, with no end in sight, and the only way we are still managing to keep the lights on is because the Federal Reserve continues to monetize the debt through Quantitative Easing I, II, III, and soon, QE-IV.
  8. I’m mad that the above alphabet agencies continue to ignore lawful Constitutional oversight by the Congress, which of course is ignored by the 5th Column, and I’m mad that the Congress hasn’t raised hell about it.
  9. I’m mad that the racial divisions in our country have been stirred to the boiling point by professional agitators, race mongers, communists, and moslems, who have resorted to arson, assault, and assassination of police officers to achieve their goal of “fundamentally changing” our country.
  10. I’m mad that the 2 frontrunners for the 2016 Presidential election are named Bush and Clinton.

 

So, I’m an #AngryClinger, and I’m up to here. Tonight, I will say this prayer for serenity.

God, grant me the Serenity

To accept the things I cannot change,

The courage to change the things I can,

And the wisdom to know the difference.

ex-AIG head turns down severence deal

Robert Wilumstad, the former CEO of insurer AIG said no to a $22 million dollar severance package that he was entitled to under the terms of his employment contract.  After being ousted as a condition of the Federal takeover, Willumstad’s decision to reject the deal is a bright spot in an otherwise cloudy situation.

Willumstad didn’t take the money because his three-month tenure ended before he could unveil a turnaround strategy and because investors and employees had lost so much on AIG stock, said the person, who declined to be identified because the refusal hasn’t been announced yet. Willumstad informed AIG of his decision in an e-mail to new CEO Edward Liddy, the person said.

read more at Bloomberg

PPT has a busy weekend

Not much time was spent on the golf course this weekend for members of the Plunge Protection Team. Today’s announcement of a support plan for Fannie Mae and Freddie Mac follows another grim week on Wall Street. Hank Paulson and Ben Bernanke faced the impending meltdown of Fannie Mae and Freddie Mac with the only real tools at their disposal: expanded borrowing authority from the Fed, and, pending Congressional approval, direct government ownership of equity shares in the mortgage giants.

“Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owner companies,” Paulson said Sunday. “Their support for the housing market is particuarly important as we work through the current housing correction.”

Last week’s market volatility culminated with a large-scale bank failure, numerous 52-week lows on the Dow, and the CEO’s of America’s largest financials wondering when and if the bloodletting would end.

Just one blogger’s guess, but I expect a strong market rally next week as news of the support plan for Fannie and Freddie gives a much needed shot of confidence to beleaguered investors. Hopefully, Congress will take a very close look at this and demand that government’s ownership positions will be both limited and temporary. I can dream, can’t I?

Update:
from WSJ

The federal government’s seizure of IndyMac Bank is deepening worries among executives, regulators and consumers about the U.S. banking industry, which is in a tightening bind following a long run of prosperity.

Banks and thrifts are struggling against a rising tide of bad loans, and it is becoming increasingly clear that some lenders won’t be able to dig their way out. While fewer banks are expected to fail than the 834 that went under from 1990 to 1992, it will likely take several years for battered financial institutions to work through their bad loans and replenish their depleted capital.

It may take longer than that. The BOGNONBR graph has been updated since our last look, and the trend shows no indication of changing direction. Quite the contrary: a 15% decrease in non-borrowed reserves from the previous month.

Update 2:

a grim assessment from UK Telegraph, predicts “de facto nationalisation of the banking systems in the US, Britain and Europe.”

I might have to reconsider my “Monday Rally” prediction.

WFFOT: In the news

Here are a few stories that have caught my attention today…

The Airborne Laser Cannon — Ready to Deploy

lasercannon.jpgCreating a laser that can melt a soda can in a lab is a finicky enough task. Later this year, scientists will put a 40,000-pound chemical laser in the belly of a gunship flying at 300 mph and take aim at targets as far away as five miles. And we’re not talking aluminum cans. Boeing’s new Advanced Tactical Laser will cook trucks, tanks, radio stations—the kinds of things hit with missiles and rockets today. Whereas conventional projectiles can lose sight of their target and be shot down or deflected, the ATL moves at the speed of light and can strike several targets in rapid succession.

“Lower the drawbridge” … Yuma AZ ponders digging a moat (I kid you not)

There have been virtual fences, real fences, increased patrols and night-vision cameras. Now the latest initiative by the US to seal its increasingly porous border with Mexico harks back to one of the oldest approaches: dig a moat. City officials in Yuma, in south-western Arizona, have come up with a scheme to create a “security channel” along the nearby border by reviving a derelict two-mile stretch of the Colorado river.

“The moats that I’ve seen circled the castle and allowed you to protect yourself, and that’s kind of what we’re looking at here,” Yuma county sheriff Ralph Ogden told the Associated Press. The scheme would see engineers dig out a two-mile stretch of a 180-hectare (440-acre) wetland known as Hunters Hole.

Harvard student database hacked, posted on BitTorrent

Harvard University says about 10,000 of last year’s applicants may have had their personal information compromised.

At least 6,600 Social Security numbers were exposed. Worse, a compressed 125 M-byte file containing the stolen student data is currently available via BitTorrent, a peer-to-peer network.

In a statement published Monday night Harvard officials said the database containing summaries of GSAS applicant data for entry to the Fall 2007 academic year, summaries of GSAS housing applicant data for the 2007-08 and 2006-07 academic years, and administrator information had been compromised. The server had been taken offline for several days last month to investigate the extent of the problem.

AP: This winter has been WARMER than average

Winter storms and snow notwithstanding, this winter was still warmer than average worldwide, the government reported Thursday.

The global temperature for meteorological winter — December, January and February — averaged 54.38 degrees Fahrenheit, 0.58 degrees warmer than normal for the last century, the National Oceanic and Atmospheric Administration reported.

Temperatures have been rising over recent years, raising concerns about the effects of global warming, generally attributed to human-induced impacts on the atmosphere.

No, wait a minute …. NOAA: Coolest Winter Since 2001 for U.S., Globe

The average temperature across both the contiguous U.S. and the globe during climatological winter (December 2007-February 2008) was the coolest since 2001, according to scientists at NOAA’s National Climatic Data Center in Asheville, N.C. In terms of winter precipitation, Pacific storms, bringing heavy precipitation to large parts of the West, produced high snowpack that will provide welcome runoff this spring.

A complete analysis is available online.

Financial News Roundup………………

President Bush addresses ECNY.  Calls for “Political Courage”

bush.jpgIn a speech to The Economic Club of New York, Bush said this was not the first time the economy has been rattled and that he is certain that it will ride out its troubles. “These are uncertain times,” he said.

Security Capital Assurance Halts Taking on New Business

Troubled bond insurer Security Capital Assurance Ltd. on Thursday posted a massive fourth-quarter loss and said it will stop writing new policies in an effort to preserve capital.

The Bermuda-based company reported it lost $1.2 billion, or $18.67 per share, in the last three months of the year as the value of securities backed by home loans the company insured deteriorated rapidly. During the same period in 2006, SCA posted a profit of $35.8 million, or 56 cents per share.

JPMorgan and Fed Move to Bail Out Bear Stearns

Bear Stearns, facing a grave liquidity crisis, reached out to JPMorgan on Friday for a short-term financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank.

With the support of the Federal Reserve Bank of New York, JPMorgan said in a statement that it had “agreed to provide secured funding to Bear Stearns, as necessary, for an initial period of up to 28 days.”

For the next month, JPMorgan will work with Bear Stearns to reach a solution for its financing crisis. Options could include organizing permanent financing or, according to people briefed on the discussions, buying the bank for a discounted price.

Carlyle may help CCC investors: Rubenstein

Private equity group Carlyle (CYL.UL) will look at ways to help investors who have lost money in Dutch-listed Carlyle Capital Corporation (CCC) (Amsterdam:CARC.AS – News), Carlyle co-founder David Rubenstein told media in statements confirmed to Reuters by a spokeswoman.

In an interview with France’s Les Echos newspaper, Rubenstein said Carlyle had done all it could to help CCC, citing a $150 million credit line provided by its partners “no doubt at a loss” but wanted to try and make amends.

Congress Examines Municipal Bond Ratings, Bond Insurance Industry

The fast-spreading U.S. mortgage crisis prompted lawmakers Wednesday to explore problems with municipal bonds, painting a bleak outlook for bond insurers that one official said imposes a “secret Wall Street tax” on state and local taxpayers.

Connecticut Attorney General Richard Blumenthal is investigating how credit rating agencies grade the risk of municipal bonds and said the existing system is “quite possibly illegal.” He joined other state officials in calling for changes at a House committee hearing.

Carlyle Capital Corporation: commentary

No one can complain that they weren’t warned. The implosion of Carlyle Capital Corporation is a spectacular failure, probably the most damaging to sentiment in credit markets since Northern Rock. But this time all those closely involved were consenting adults.

Those who read the prospectus for the company had no doubt about its potentially precarious nature. You lose count of the number of references to “leverage without limit”. Never mind the eye-popping 32 times gearing CCC opted for. There was nothing in the company rules to prevent it leveraging up 320 times.

Read the Prospectus? What a novel idea!
+++++

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