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Monday, October 06, 2008

Damn it feels good to be a banksta

Over at LRC, Lew quotes from an email I sent him:

Writes Kalim Kassam: "I took the opportunity this weekend to reread Wall Street, Banks, and American Foreign Policy. What a fascinating and eye-opening exposition of both theory and history. I came across this webcomic, 'Damn It Feels Good To Be a Banksta' on the front page of digg, and was reminded of Rothbard's first sentence."

Businessmen or manufacturers can either be genuine free enterprisers or statists; they can either make their way on the free market or seek special government favors and privileges. They choose according to their individual preferences and values. But bankers are inherently inclined toward statism.

20081005_2

Posted by Kalim Kassam on October 6, 2008 | Permalink

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As if we really needed another reason to love Sinfest.

Posted by: Janet | 2008-10-06 4:01:38 PM


A few more gems in this vein:

http://sinfest.net/comikaze/comics/2008-09-30.gif
http://sinfest.net/comikaze/comics/2008-09-26.gif
http://sinfest.net/comikaze/comics/2008-10-03.gif
http://sinfest.net/comikaze/comics/2008-10-04.gif

Though they could do with a less anti-corporatism for its own sake, it's nice to see pop culture holding the government to account on this one.

Posted by: Janet | 2008-10-06 4:07:55 PM


The whole thing has gotten so unbelievably rotten I can't believe the American public hasn't burnt down the WH yet.

Here's a (partial) look at the who's who in campaign donor's in the US.
If I'm not mistaken, aren't some of these guys on the Bail Out "A List"?

The best candidates special interest money can buy or "Who Owns Whom?"

Posted by Don Rasmussen on 10/05/08


Special thanks to the Center for Responsive Politics for existing, and to Matt Collins for doing the research on it.

Top 10 Corporate PAC Contributors:

Obama:
Goldman Sachs $739,521

UBS AG $419,550

Lehman Brothers $391,774

Citigroup Inc $492,548

Morgan Stanley $341,380

Latham & Watkins $328,879

Google Inc $487,355

JPMorgan Chase & Co $475,112

Sidley Austin LLP $370,916

Skadden, Arps et al $360,409

McCain:
Merrill Lynch $349,170

Citigroup Inc $287,801

Morgan Stanley $249,377

Wachovia Corp $147,456

Goldman Sachs $220,045

Lehman Brothers $115,707

Bear Stearns $108,000

JPMorgan Chase & Co $206,392

Bank of America $133,975

Credit Suisse Group $175,503

Posted by: JC | 2008-10-06 6:51:13 PM


Here's a (partial) look at the who's who in campaign donor's in the US.
If I'm not mistaken, aren't some of these guys on the Bail Out "A List"?
Posted by: JC | 6-Oct-08 6:51:13 PM

Lehman Brothers went bust, Bear Stearns got bought by JPMorgan Chase and Wachovia got bought by Wells Fargo. Which ones got bailed out?

Posted by: The Stig | 2008-10-06 7:08:05 PM


Lehman Brothers went bust, Bear Stearns got bought by JPMorgan Chase and Wachovia got bought by Wells Fargo. Which ones got bailed out?

Posted by: The Stig | 6-Oct-08 7:08:05 PM


I didn't say any of them did. It was a question, read it again.

Posted by: JC | 2008-10-06 7:11:30 PM


I didn't say any of them did. It was a question, read it again.
Posted by: JC | 6-Oct-08 7:11:30 PM

It wasn't a question it was innuendo.

Posted by: The Stig | 2008-10-06 7:17:49 PM


Sorry Stig, did I offend someone you know?

Posted by: JC | 2008-10-06 7:19:58 PM


"Let the marketplace decide" says the Godfather.

The Godfather on Wall Street
By Stephen J. Gray

The Godfather has gathered the family together for their annual meeting and business report.

The meeting opens:

The Godfather: “Hey boys, was I right or what?! I told you we should get into Asset Backed Company Paper (ABCP) and we did. You cannot beat an honest day’s work. We made big bucks selling this stuff and our profits were enormous. We got out at the top of the market. Now the business has tanked. But not to worry; we are still okay. I told you the last time we spoke that this ABCP business was a win-win situation for us—a legitimate business and no heavy lifting, just moving paper around and getting big fees for doing so. Of course, as I said earlier, the financial paper we were selling is now toilet paper, but at least we didn’t get wiped. This paper-moving business was a great success while it lasted. Fees for fees and fees for selling. Fees for buying and fees for trying. It was great stuff. Now there is sadness on the street and the ABCP market is a hard sell. But hey, let us not complain since we made big money and the government is now bailing out other important financial wizards with taxpayers’ dollars, due to an illiquidity crisis.”

Big Tony: “Hey boss, what’s this illiquidity B.S.?”

The Godfather: “Tony, have you learned nothing since we moved to Wall Street? It means there is a cash flow problem.”

Big Tony: “Do you mean some of these guys have been robbing, pillaging and looting the financial system?”

The Godfather: “Tony, I wish you would show some decorum. Nobody robs, pillages or loots anyone on Wall Street. Everything is legitimate.”

Big Tony: “Well it sounds to me that there was some kind of malfeasance.”

The Godfather: “Where did you learn that word?”

Big Tony: “I heard a cop accuse us of it one time. And I liked the sound of it.”

The Godfather: “Okay, Tony, that’s enough. Now you know a big word. Let’s get back to my report. I love the free enterprise system. Where else can you make big bucks, and then, when your business goes in the dumpster, the government bails you out. And some of you guys in this family were critical when I took us legitimate! We have made money; nobody is in jail; and we are respectable businessmen. You cannot beat that. Still, I know some of you long for the old days and all its excitement. But hey, who wants to go back to illegal activities when we can make an honest buck in the financial markets?! This business venture of ours has taught us a good lesson, and that is, that ‘honesty is the best policy’ as the saying goes. And, of course, hard work pays off. Hell, we can sleep easy at night not worrying whether the cops are going to raid us. Instead, we are financial entrepreneurs with credentials and business cards as well. Now I’ll throw the floor open to questions. Big Tony, I see your hand up, what’s your question?”

Big Tony: “Now that this ABCP paper stuff is in the toilet, will we get a tax rebate if we show a loss on some of it?”

The Godfather: “Tony, you are getting brighter all the time. I see exposure to Wall Street has been good for you. The answer is yes, Tony, according to our accountant we should be able to claim some losses and expenses associated with the business.”

Big Tony: “Will we get taxed on the profits?”

The Godfather. “Tony, don’t ask silly questions about profits, you know everybody is talking about their big losses on this financial toilet paper. Nobody—nobody—is asking who made money or profited from it, and I emphasize that. Anyway, Tony, for your information our profits went offshore some time ago. This is good business practice; salt it away for a rainy day. I see there are no more questions, so let us adjourn and head for our tax-free haven in the sun and enjoy our hard earned money, along with the other businessmen who are taking a vacation from the stress and strain of Wall Street.

Stephen J. Gray
September 22, 2008.


Note: To read the article “The Godfather Decides To Go Legitimate” go to http://www.geocities.com/graysinfo/godfatherlegitimate.html

Posted by: Stephen J. Gray | 2008-10-06 7:36:12 PM


Note: To read the article “The Godfather Decides To Go Legitimate” go to http://www.geocities.com/graysinfo/godfatherlegitimate.html

Posted by: Stephen J. Gray | 6-Oct-08 7:36:12 PM

Ain't it the truth though?

Posted by: JC | 2008-10-07 6:34:55 AM



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