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Wall Street's Moral Compass? JHC, now that's some insanely hopeful blather that I am supposed to believe in?
The needle of the moral compass is pointed in the direction of moral hazard
Pearlstein has been pretty awesome throughout this period. Really surprising to find him in the WaPo.
"What kind of judge stands up for truth and justice? "
One that needs to go to the bathroom?
From the NY Times article:
“It was a no-brainer,” said Mr. Myers, a commercial underwriter. “Owning something is the American family dream. [...] We did exactly what the government wanted us to do,” said Ms. Myers, a third grade teacher. “We stimulated the economy.”
All good except that
1) they own nothing except a mortgage to Uncle Sam
2) they didn't stimulate the economy in any way
3) they're fascists
Pearlstein is worthless. I'm amazed that a man of such mediocre talents is taken seriously.
True story...I interviewed to be his assistant. He said I was too qualified and gave the job to a friend of a friend. Nice guy but really he's oldschool DC (DC is the center of the universe) in a way that precludes him from actually trying to figure out what is going on beyond the beltway.
Bloomberg seems to have an even less cheerful story this morning about Chrysler and auto sales... how much of that company do we own? Paybacks for government intervention are a bitch...
Chrysler Executives Say U.S. Industry Sales Plunging
Chrysler Group LLC, the U.S. automaker run by Fiat SpA, said nationwide industry sales are off 19 percent so far this month after a government purchase- incentive program ended.
“We are going to see harsh reality in September,” Sergio Marchionne, the chief executive officer of Fiat and Chrysler, said at the Frankfurt Motor Show. He described the U.S. industry results as a “disaster.” Fritz Henderson, CEO of General Motors Co., said the market is “very weak” this month.
Oh, and Lizzy, nice find on the NYTimes article about the $8000 versus $15,000 tax credit... I nearly choked on my Cheerios when I read this...
“It was a no-brainer,” said Mr. Myers, a commercial underwriter. “Owning something is the American family dream.”
The couple bought a two-bedroom condominium here in the spring for $171,000 and amended their 2008 taxes immediately, receiving their windfall by direct deposit a few weeks later.
Their home is now a monument to the government’s generosity. They bought a leather couch, a kitchen table, a bed, television stand, china cabinet, kitchen table, coffee table, grill and patio set.
“We did exactly what the government wanted us to do,” said Ms. Myers, a third grade teacher. “We stimulated the economy.”
So now I am off to work, so I can pay for all of Mr. and Mrs. Myers new stuff they bought... probably nicer than my own stuff...
NY Times, speeding towards completely irrelevant as a news source - about to fall over the purely partisan rag cliff (worse than HuffPo?). This has to be one of the most biased "articles" ever seen outside of the Editorial section:
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