And here's the original sound:
One of the critical ingredients in creating the added value which Madoff Securities offers its clients is the firm's intricate interweaving of advanced technology and experienced traders. The firm's position at the forefront of computerized trading is widely acknowledged in the US financial community.According to the criminal complaint Bernie Madoff made off with $50 b's of other people's money thru The Perfect Ponzi. That's a world record for a criminal charge. My movie about this will be called "The Owner's Name Is On The Door"
In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.A starring part will be played by The Lipstick Building, Madoff's business address. I love that corner of midtown Manhattan at 54th and 3rd, where you can find a Houston's restaurant and bar beneath a Barnes and Noble in the belly of the Citicorp Building. How ironic...Citicorp! Once the world's largest bank, brought to its knees by The Great Unwinding of 2008, the same rush to liquidity that exposed Madoff. To quote John Stuart Mill:
Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.
A propos of nothing, on Friday I went long the New York Times at $5.14. I can only imagine good news from here on. How could it be worse?The stock is presently at $7.70, up 50%. I get a kick from making money from assets which I detest since it proves I can detach my judgement from my emotions. Gold at $250/oz was another case. I dislike gold as an asset. So much of its value derives from the collective mass mania of the world's central banks in the late '70s, early '80s - one of the least remarked, most obscene squanderings of other people's money yet perpetrated. Anyhoot I do loathe The NYT. Also the profession it defiles, print journalism, is obviously done for. So here's why I think the stock can go to $20 within 6 months:
I'd like to be classy too, which for now means I'll have very little to say about the President-elect.
-advocates 're-distribution', meaning 'theft', of private wealth by the state to its clients,
-has a pleasing baritone and non-threatening manner,
-thwarted the Born Alive Infants Protection Act in Illinois,
-opposed funding the military in Iraq unless the Commander-In-Chief declared a date for US retreat,
-is a close, long-term associate of anti-American racists, criminals and terrorists,
-is the preferred candidate of Iran, Hamas and the New York Times
-is a hero,
-takes political risks,
-was right about Iraq,
-has deep political experience,
The America of my time line is a laboratory example of what can happen to democracies, what has eventually happened to all perfect democracies throughout all histories. A perfect democracy, a "warm body" democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction.... [O]nce a state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state. For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in its weakened condition the state succumbs to an invader — the barbarians enter Rome.
She says he was “typical of emotionally-stunted British men” and refuses to ever date another Brit. The pal said: “Madonna’s convinced British men are light years behind Americans when it comes to emotional honesty and sophistication.”And she's right about this retard. I avoid emo-diarrhoea and use reticence to protect real feeling and privacy. Moreover it's bad manners gratuitously to inflict my self on others, unless with wit and bravado. It's not an American/British divide at all, more of an Obama/Palin divide or a child/adult divide about what's at the centre of things. Poor Guy Ritchie. Talk about learning the hard way. If you haven't seen Snatch or Lock,Stock you have 2 delights in front of you.
The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.
In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.
Thoughtful advocates of the bailout might concede this perspective, but they argue that a bailout is necessary to prevent economic collapse. According to this view, lenders are not making loans, even for worthy projects, because they cannot get capital. This view has a grain of truth; if the bailout does not occur, more bankruptcies are possible and credit conditions may worsen for a time.
Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.
Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.
Stephen Fry -I have often felt a hot flare of shame inside me when I listen to my fellow Britons casually jeering at the perceived depth of American ignorance, American crassness, American isolationism, American materialism, American lack of irony and American vulgarity. Aside from the sheer rudeness of such open and unapologetic mockery, it seems to me to reveal very little about America and a great deal about the rather feeble need of some Britons to feel superior.Ok, if this is about swapping Youtube clips, here's my offering (much profanity):
Why do you defend Palin, so wholly unqualified for high office?I reply:
What do you think of the ABC News poll that has Obama 9 points ahead?
I'll spell it out tho I know I'm wasting electrons:
1. It is beyond dispute that Palin (business, Mayor, AOGCC, Governor) has more executive experience than Obama and Biden, who have none.
2. It is beyond dispute that Biden is a joke.
3. It is beyond dispute that Obama has the most left-wing voting record in the Senate.
4. It is beyond dispute that Obama killed the Born Alive Infants Protection Act in Illinois.
5. It is beyond dispute that Obama has never crossed his party as a reformer. Palin rose thru that.
6. It is beyond dispute that Palin is more experienced in competitive elections.
7. It is beyond dispute that Alaskans (80-86%) regard her as a great success in executive office.
There's much more that is beyond dispute before you get to talking about policy where she is far superior, but that's opinion.
Sam Harris partially quotes and distorts her positions and record and family because, like you, he is deranged on religion and Iraq.
Before you question Palin, who is beyond dispute a successful politician and administrator, you need to obtain credibility by answering points 1-7. Unfortunately for your position those points are unanswerable in good faith and I'm not interested in bad faith moonbatism.
Re the ABC poll:
It may be right.
It may be wrong due to grotesque oversampling of Democrats, bearing in mind that it's ABC.
It may be wrong due to an inverse Bradley effect in polls - that is the tendency towards affirmative action answers.
It may be wrong because it conflicts with this mornings WSJ/NBC poll (48/46)
It may be wrong because modern polls have almost always overstated the Dem Presidential candidate relative to the outcome. This is a structural problem.
Again, it may be right. It may be that the overwhelming dominance of the left-wing and culturally depraved in the mainstream media, academia, the legal profession, unions and government employees has so poisoned America that a blatant fraud like Obama can become President. Good luck.
You risk jail for carrying Class A drugs.But if you are a millionaire rock star called George Michael you can and it’s okay with the cops.It doesn’t matter how many times you have been found comatose behind the wheel of your 4x4 in the middle of the road.Michael, like sleazy Kate Moss, has learned there is no limit to police tolerance of celebrity druggies.
But what does this say to youngsters tempted to try a snort?
[on son leaving for Iraq]: He's been trained for this mission and so we've seen that confidence in that young man. We're, of course, nervous.Come to think of it, I'd be happy with Todd Palin as President. Politics is not a better preparation for the job than character, self-reliance and a quiet articulacy.
These quasi-public corporations led our housing system down a path where quick profit was placed before sound finance. They institutionalized a system that rewarded forcing mortgages on people who couldn't afford them, while turning around and selling those bad mortgages to the banks that are now going bankrupt. Using money and influence, they prevented reforms that would have curbed their power and limited their ability to damage our economy. And now, as ever, the American taxpayers are left to pay the price for Washington's failure.2. Absurdly zealous accounting rules post-Enron leading to valuation at firesale prices of temporarily impaired assets which have much higher real dcf values.
Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The Administration did nothing. Senator Obama did nothing, and actually profited from this system of abuse and scandal. While Fannie and Freddie were working to keep Congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of Congress, except for the Democratic chairman of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent's trust to the point that Senator Obama actually put him in charge of his vice presidential search.
Mr. McCain added the wholly unsupported assertion that "speculators pounded the shares of even good companies into the ground." It wasn't very long ago that he blamed speculators on the long side for sky-high oil prices. Then oil prices fell. Now Mr. McCain wants voters to believe speculators are responsible for driving mismanaged financial companies to ruin. The irony is that this critique puts Mr. McCain in the same camp as some of the Wall Street CEOs who have led their firms so poorly. They also want someone (else) to blame.David Einhorn, who shorted Lehman since July 2007, is a hero.
"I am inclined to look at everything as resulting from designed laws, with the details, whether good or bad, left to the working out of what we may call chance."It is apparent that Charles Darwin hovered between Theism and Agnosticism, never touching Atheism but inclining towards Intelligent Design. Evolution (which convinces me) is considered evidence against ID, but not by Darwin.
"...the extreme difficulty or rather impossibility of conceiving this immense and wonderful universe, including man with his capacity of looking far backwards and far into futurity, as the result of blind chance or necessity. When thus reflecting I feel compelled to look to a First Cause having an intelligent mind in some degree analogous to that of man; and I deserve to be called a Theist."
"[a man] can be an ardent Theist and an evolutionist"... for himself, he had "never been an Atheist in the sense of denying the existence of a God". He added that "I think that generally (and more and more as I grow older), but not always, that an Agnostic would be a more correct description of my state of mind."
Republicans are playing hardball and winning.Very funny. I won't dwell on the whine, but the realism about the state of play is worthwhile while the rest of his gang mouths propaganda. It's reminiscent of Lenin. The realism is dangerous, but fortunately there's no sense of history, no exiled sister, no hanged brother.
Just more evidence that their side plays the game far better than ours. Politics is a contact sport, which puts us at a huge disadvantage when only one side seems to grasp the rules.
every Democratic presidential nominee for president and vice president in the last seven elections — except Gore, who dropped out of law school to run for Congress — has been a lawyer.
I think America's greatest moral failure in my lifetime has been that we still don't abide by that basic precept in Matthew that whatever you do for the least of my brothers, you do for me.
"When you have a brother who wants to be the number one most important person in the world, it obviously gives you a lot of inspiration," Mr Obama, 26, said at his corrugated tin shack in a Nairobi slum.
The mayor of a remote Australian mining town has come under fire after saying that female "ugly ducklings" might benefit from its shortage of women.My own daughters are beyond compare and if I could sell them, I'd be very rich....but have you noticed how often Australian women look like wombats, either the common wombat or the hairy-nosed wombat? This is a hairy-nosed wombat :
John Molony told a newspaper last week that "with five blokes to every girl, may I suggest that beauty-disadvantaged women should proceed to Mount Isa".
"Quite often you will see walking down the street a lass who is not so attractive with a wide smile on her face. Whether it is recollection of something previous or anticipation for the next evening, there is a degree of happiness," he said.
"Some, in other places in Australia, need to proceed to Mount Isa where happiness awaits.."
Obama said America's greatest moral failure is its insufficient help to the disadvantaged. He noted that the Bible quotes Jesus as saying "whatever you do for the least of my brothers, you do for me."To Obama this means
"whatever government compels you to do for the least of my brothers, you do for me."Apart from his slander on America, Obama's misreading of Christ defines socialism.
McCain said the nation's greatest moral shortcoming is its failure to "devote ourselves to causes greater than our self-interests."That's piffle because it's untrue and double-piffle because were it true of government it would be a good, republican thing.
"America's greatest moral failure would be to elect a sophomoric bullshitter as President."
John Bolton, the former US ambassador to the United Nations now at the American Enterprise Institute in Washington, said: “What is interesting about the US response is that you have the McCain campaign in one corner immediately understanding the significance of Russia’s aggression and in the opposite you have the Bush administration standing with the Obama campaign taking a much more diluted stance.”Bolton of course should be SecState in a McCain administration which might lead to State starting to work for America. Tough on State, tough on the Dems who wouldn't confirm him as Ambassador to the UN.
After a primary campaign in which the Obama camp skillfully went right at Hillary Clinton's strength -- her experience -- and used it to paint her as an entrenched, part-of-the-problem D.C. insider, it's been shocking to watch Team Obama cede to McCain national security and the war on terror -- his supposed strengths.
Making matters worse, they've taken this approach while McCain's Rove-trained message mavens have succeeded in turning one of Obama's real strengths into a negative - continuously reframing the fact that Obama is popular as just empty celebrity.
It's absurd, but it's worked. At least for the moment. Meanwhile, the public's perception of McCain as "ready to lead" on national security issues sits there, untouched.
...come November, national security will once again trump every issue...
It looks like Obama's belief in his inevitability may have led him into a blunder, making it easier for Hillary supporters to prevent a nomination on the first ballot. After that point, anything goes, as all super delegates and many pledged delegates are free to vote their preferences.You know that The Comeback Kid is muttering incantations right now. It wouldn't take much magic, just a couple more major gaffes by the Obamas and a downtrend in the polls, to induce a change in the msm's religion. If you were the New York Times, having burnt your boats with McCain with false innuendo about an affair with a lobbyist, it might be the lesser risk to start a drumbeat of doubt about a weakened Obama. If McCain is smart (I know, I know), he'll ease back on Obama till the nomination. Hillary is more formidable. The comic possibilities of Obama as underdog on a Clinton/Obama ticket are delicious to contemplate. Hubble, bubble:
After accepting the party's decision last June to seat the delegates from Michigan and Florida but with half votes, only days ago Obama said he wanted the delegates to have full votes
Obviously, he said this believing he has won the nomination and that pandering to voters in critical general election states is of more importance.
If the party goes along with Obama's request, it reduces the number of super delegates who would need to sit out the first ballot for Obama to be denied the nomination, opening the way for Clinton! Ouch!
This is proof that the man should not be negotiating with Ahmadinejad. If he cannot think strategically and recognize his vulnerability to a last minute ambush at the convention, he would be eaten alive in big league world affairs.
Worst of all, in his letter to the Credentials Committee arguing in favor of full votes for the two delegations, he writes:
Democrats in Florida and Michigan must know that they are full partners and colleagues in our historic mission to reshape Washington and lead our country in a new direction.
These words tacitly argue for acceptance of the popular vote results in those states. Obama cannot see one step ahead, for adding them to the vote count would give the Democratic primary season popular vote majority to Hillary.
There are about three weeks to the delegate voting. Things can still happen or even, as sometimes suspected with the Clintons, be made to happen.
...he did admit that he hacked into dozens of US government computer systems. In fact, he calmly detailed just how easy it was to access extremely sensitive information in those systems.The recent shenanigans of US prosecutors in rebus Conrad Black, Lt.Col. Chessani, Hank Greenberg and many other cases have brought US justice into disrepute among Yankophiles like me. The rot of course starts at the top with the grotesque social engineering agenda of the US Supreme Court.
"I found out that the US military use Windows," said Mr McKinnon in that BBC interview. "And having realised this, I assumed it would probably be an easy hack if they hadn't secured it properly."
Using commercially available software, Mr McKinnon probed dozens of US military and government networks. He found many machines without adequate password or firewall protection. So, he simply hacked into them.
....The government is doing everything it can to convict LtCol Chessani. He is the political scapegoat they must convict to satisfy Murtha and the press.If you want to defend a brave man who has defended us click here.
The vast resources of the military are at its disposal. The number of military investigators is virtually limitless. Government prosecutors can go anywhere, talk to anyone, and get anything, all at government expense. The Marine command structure is mandated to cooperate.
So far, the government has spent millions of our taxpayer dollars, employed over 65 Naval Criminal Investigative Service (NCIS) agents ─ the largest investigation in that agency’s history ─ and granted immunity to scores of witnesses, all in their attempt to make Jeffrey and the “Haditha Marines” political scapegoats.
If elected, I'll continue my crusade for the right reform of the institutions: making them go away.
The abiding lesson here is what happens when you combine private profit with government power. You create political monsters that are protected both by journalists on the left and pseudo-capitalists on Wall Street, by liberal Democrats and country-club Republicans.
Obama appeals to the gullible and puerile......the press who claims they know better and are more sophisticated are, in fact, far more infantile than most AmericansMaestro Mick:
Almost everyday I find myself incredulous at his vapid statements. Of course what's really remarkable isn't Obama himself, but the moronic media elite who should be euthanized as genetic failures for whom continued life would be cruel.Powerline:
I find myself losing respect for the American people and democracy itself...
Even a Senator as inattentive to his duties as Obama certainly knows what committees he serves on. For him to fabricate the claim, out of whole cloth, that the Senate Banking Committee is "[his] committee," strikes me as another sign of Obama's megalomania. That, plus more evidence that he is totally at sea without a teleprompter.Moi:
America, I'm going to clap my hands and you will wake up. Clintons,Wright,Obama,Moore, these people are grotesques, bright, shining, strutting grotesques. It's not politics as normal, it's fart in your face farce. What do you need? Stick-on noses, clown shoes, Krusty the Clown as running mate?
It were better for him that a millstone were hanged about his neck, and he be cast into the sea, than that he should offend one of these little ones.h/t Jesus Christ.
At a fundraiser in New Mexico last night, McCain cracked this joke at Romney’s expense: “I’m appreciative every time I see Mitt on television on my behalf. He does a better job for me than he did for himself as a matter of fact.” Bada bing. If McCain can start joking about someone, you know they've made it into his mental inner circle. Romney may very well be higher on the short list than anyone realizes. The biggest roadblock for many in picturing a McCain-Romney ticket is McCain getting over his personal reservations about him. But joking about him is a start.
If offshore drilling would provide short-term relief at the pump or a long-term strategy for energy independence, it would be worthy of our consideration, regardless of the risks. But most experts, even within the Bush administration, concede it would do neither,'' Obama's campaign said in a statement today.
Speaker Nancy Pelosi released the following statement today on President Bush's announcement lifting the executive ban on drilling in protected coastal areas:Present supply of crude oil is not tight (eg prompt prices are lower than forward prices), so to release SPR crude oil onto the market will merely increase the expectation of government stupidity and probably raise prices. The bs about big oil sitting on government land (she means the right to explore which has been bought in competitive auction and which expires) is refuted here.
"Once again, the oilman in the White House is echoing the demands of Big Oil.
"The Bush plan is a hoax. It will neither reduce gas prices nor increase energy independence. It just gives millions more acres to the same companies that are sitting on nearly 68 million acres of public lands and coastal areas.
"If the President wants to bring down prices in the next two weeks, not the next two decades, he should free our oil by releasing a small portion of the more than 700 million barrels of oil we have put in the Strategic Petroleum Reserve.
On the policy side, he has become a classical dime-store Democrat. He gladly will shovel money into programs that enjoy undeserved prestige, such as Head Start. He seems to consider it mean-spirited to shut down programs that rip-off taxpayers and mislead supposed beneficiaries