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July 17, 2009

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PeterUK

Anyone who sits on their own typing >chuckle> has to be insane.

Semanticleo


From MJ;

More prattling from the observation ivory tower.

"Libertarian hedge funder Cliff Asness, who we last saw thinking it was a good idea to pick a fight with union workers over their pensions, has returned to grace us with another screed. This time, he's mad about health care. His incredibly long essay can be boiled way, way down:

1. We pay more for health care now than we did in the past because it's better.
2. The reason other countries pay less for health care than we do is because health care companies charge Americans more to cover the fixed costs of developing, say, Viagra, but only charge Canadians et. al. based on the costs of each individual pill.
3. Follows directly from (2): Our health care system provides all the innovation in the world. "Even the successes you gin up for [other countries' systems] would not be possible without the last best hope of humankind (the US) on the front lines again making the miracles for the world."
4. By its very nature, the public option will cheat and force the private insurance companies out of business.
5. We have to ration health care.
6. Health care is not a right because only negative rights (i.e., freedom of speech) are valid rights.
7. Liberals are rushing to expand health care because they "know they're wrong" and they want to expand their own power.
8. Regulation, taxes, and trial lawyers are the real problems with health care."

http://zerohedge.blogspot.com/2009/07/criminally-insane-cliff-asness-takes-on.html

RichatUF

Rick-

In re: the Sprott and China articles earlier in the thread. The Sprott article was familiar, Pofarmer first brought it to our attention. My comments were that it didn't have anything about the Taylor Rule, the mathematical talisman the Fed is using for interest rate policy (and its current solution is calling for a rate of between -5% and -7% now)* nor excess reserves. My googling skills are failing me, but Larry Kudlow had Joseph LaVorgna on a while back talking about inflation, deflation, and the Fed's balance sheet. LaVorgna pointed out that since the securitization market is still broken (dead is probably more accurate) credit is shrinking and that the Fed hasn't expanded its balance sheet in months and that all lot of it went to excess reserves. Another point is that the Fed greatly expanded their foreign central bank swap lines and I'd need to look it up, but I'm pretty sure that they did that to make 1:1 exchanges of Treasury bonds for foreign held Agency paper. When we were having our meltdown, South Korea had a currency crisis directly attributable to the Agency paper they had on the books at their central bank. All that said, I can't disagree with this sentiment: "The US budget is ludicrous, spending is out of control, spending promises are out of control, the world knows it-and we know it." I would more place the blame at Treasury and the ridiculous housing bailout through Fannie and Freddie than I would the Federal Reserve. It is bad enough that Obama is going to get to select 5 governors and a Chairman, I'd hate to see what policy prescriptions that Pelosi and Paul (and the rest of the Ringling cast at Capitol Hill) would come up with.

*One of the problems that I have with people saying that interest rates were too low and the paper that Taylor wrote (here's a blog post regarding it), is that between 2003-2006 the yield curve went negative twice; once in 05 and again in 06. Taylor was using the US median and not taking into account the 20%+ re appreciation in the FL and CA markets. It may have helped a bit in the more marginal markets, but I'm doubtful, and doubly doubtful the Fed would have made the yield curve more negative than during the 81-82 Volcker hikes in the middle of a war.*

Don't know what to make of the China article, but if it is true that demand for their debt is declining, I'm not sure how they'll be able to continue funding their purchases of raw materials which should cause quite a bit of unwind in commodities. Also, people over their have been reinflating their equities bubble using borrowed money, so that might start unwinding as well. May you live in interesting times. I think I made something of it more than I realized.

And the NRO article is pretty good, but I'd include that a lot of that money is sitting in the bank vault because of the other article that Rick linked. It is settlement insurance for the coming lawsuits and disentanglement reserves for securitized products that go sour as unemployment continues to climb. Damn, I knew I should have gone to law school when I had the chance:(

dk70

"Yes,but,Laur geniuses.Laurel,Costello and Curly were comic. Biden is special needs."

I'm sure Trig takes offense to that, PUK

Lesley

Joe Biden is the Ted Baxter of politics.

Waving at Porchlight. Its 57 degrees and rainy up in the northwoods. Take heart, possible appearance of sun tomorrow!

Semanticleo


Surtax on the top 1% is a 'reasonable approach' according to the Center on Budget and Policy Priorities because those folks have seen a 254% increase in growth in average after tax income from 1979 to 2006,


Just sayin',,,,,,,,

http://www.cbpp.org/cms/index.cfm?fa=view&id=2874

Semanticleo

Obama's deficits are going to bankrupt the U.S. according to the non-partisan Congressional Budget Office.
"CBO’s long-term budget projections raise fundamental questions about economic sustainability. If outlays grew
as projected and revenues did not rise at a corresponding rate, annual deficits would climb and federal debt would grow significantly. Large budget deficits would reduce national saving, leading to more borrowing from abroad
and less domestic investment, which in turn would depress income growth in the United States. Over time, the accumulation of debt would seriously harm the economy.
Alternatively, if spending grew as projected and taxes were raised in tandem, tax rates would have to reach
levels never seen in the United States."

Just sayin',,,,,,,
http://www.cbo.gov/ftpdocs/104xx/doc10455/07-16-Long-TermOutlook_Testimony.pdf

bad

Seman, did you lose your healthcare?

Semanticleo

imitation is the sincerest form of flattery.

And you really are an imitation.

Semanticleo

why do you ask, bad girl?

PeterUK

"why do you ask, bad girl?"

Probably because your lobotomy seems to have been botched.

bad

Just a hunch. My apologies for inquiring.

Semanticleo

PUKe;

You have no idea how you lift my spirits.

When the doctors bone-sawed yer skull they found an I.O.U.

Semanticleo

LOL>>>> you wingerz are getting beat down by one of think tanks paid for by Soros's Democracy Alliance slush fund. If you rightwing nazis knew anything about democray maybe he'd throw u a few bucks too

Just sayin',,,,,,,

http://en.wikipedia.org/wiki/Center_on_Budget_and_Policy_Priorities#Donors

Semanticleo

I am gainfully employed and have health ins, such as it is......

Extraneus

Gravitas, baby. Serious gravitas.

Semanticleo

My imaginary son called yesterday and said fuck you wingnuts, Iraq's a paradise now that Barack's in charge!

bad

Thanks Glenda. I love the "sick and sin" part.

PeterUK

"You have no idea how you lift my spirits."

Glad about that.you seem like an Emo Phillips without the humour.Poor sad bastard.

Semanticleo

I'm all outta talking points to c&p for now, but don't worry wingers, if I get another blast email i'll come back to spam your cornholes again!!!

Appalled

Leo:

Let's go through your libbertarian list a minute. Because I think he's mostly (not entirely) right.

#1 is most certainly right. It is most assuredly more expensive to treat breast cancer now, to take an example. But, then, that's because people survive longer, and there are more expensive to produce drugs that are more effective. A criticism of healthcare, as a matter of fact, is that technology has been used to extend life, rather than make healthcare delivery cheaper. of course, what doctor is going to fulfill the Hippocratic oath, and work at finding an "almost as good" approach that's cheaper.

2. This is true, as well. NHS systems don't budget for R&D, causing drug companies to shift the cost to US consumers, because that's where they can get the money with the least fuss.

3. Is hyperbole.

4. May or may not be true. But, do you have faith that a party that has worked for many years for some form of nationalized healthcare, is not going to price the public option so cheaply that insurers will have a very hard time competing against it? A problem with a public option is that it will be viewed by Congress as sort of an antidote to "unfair" market forces, and will, almost assuredly, be priced below private insurance.

5. Health are is rationed, to a certain extent, by price and by insurance companies refusing to pay for procedures. Listening to super-salesman Obama (You don't need no second opinion you girly man), rastioning is going to be a part of his new health care order. At least, in his mind.

6. This is a libertarian talking point. Obviously, we, as a society, feel medical care is a right. Otherwise, there would be no charity hospitals, and no Medicaid.

7. This is argumentative mind reading. It's not important to the argument really being made, but it is useful for annoying the smithereens out of an Obamacare enthusiast.

8. Healthcare is a very regulated industry -- and some of the regs are indeed counterproductive. And trial lawyers do add cost to the healthcare system. I think you will find that if Obamcare generates efficiencies, some of those will be taken out of the hides of trial lawyers.

Semanticleo

Appalled;

You seem a reasonable type with some insight into the minds who populate this site. Is there any way they can get on board any idea which repudiates their mindset and forces them into self-examination? In other words, do they (OMG!!!) have to admit the error of past policies?

Just askin'................

bad

More Sotomayor.

LUN

matt

Biden truly is an idiot. One week it's not working and then he gets the memo and it's suddenly magically working. They sure are applying lipstick to multiple pigs now.

Pelosi says she has the support of the American People...they will pretty much tell the most utterly base lies to advance their socialist agenda.

boris

"do they (OMG!!!) have to admit the error ..."

It was just a typo.

PeterUK

" Is there any way they can get on board any idea which repudiates their mindset and forces them into self-examination?"

Coming from someone who chuckles to themselves and invents a son in Iraq,that sounds like the loony examining the psychiatrist.

Semanticleo

"It was just a typo."

GWB

bad

TM, look what you have done:

The Treasury Department is scrapping plans to hire a cartoonist to lighten the mood of its employees who manage the nation's $1.2 trillion debt, after a senator questioned its merits.

Well, that plan didn't last long...

LUN

matt

one of the things I have noticed with lefties is their utterly disgusting language. This is basically a war between what has kept our country safe and prosperous and honorable for the past 230 years and those who would tear it all down.

Spoke to my nephew and am going to have him print 200 small posters against the madness that I can spread all over So Cal.We have to start attacking the underlying disinformation of the masses by the Left.

PeterUK

bad,
Why would they need a cartoonist when they have Daffy Duck?

Semanticleo

"one of the things I have noticed with lefties is their utterly disgusting language."

Matt...meet PUKe....

Semanticleo

you seem like an Emo Phillips without the humour

I'm a great poster, I think.....

Semanticleo

now the imitation human is cutting and pasting its own comments.

Fascinating........

bad

PeterUK, Daffy used to be so much more attractive.

PeterUK

"I'm a great poster, I think....."

No,you make an idiotic spectacle of yourself,and you certainly don't think. You wander from site to site picking up talking point like diseases,then you come here and regurgitate it all.

boris

No such thing as a fake clown.

PeterUK

bad,and so much more intelligent.

Daffy Duck for VP.

matt

Appalled;

I disagree. Our rights are delineated in the Constitution. The rest is just laws.

The reality is that the CBO and other analysts have told us that the Medicare program, based upon 2008 numbers will go bankrupt in 2017 if funding is not increased exponentially immediately. I would expect this to change substantially in the depression level economy we now face.

Entitlements are now 65%+ of the overall federal budget. We are also fighting a war. These expenditures are not sustainable regardless of the good we may wish to do. Ergo, coverage must be limited in some way.

$1.5 trillion in Stimulus (including interest); a trillion in TARP, and now hundreds of billions/year in health care costs are simply going to bankrupt the country.

Health is not out of control. Otherwise people would be dying all over the place. This is another manufactured crisis to a great extent. The system is rickety, but it works.

What doesn't work is fraud and special interests and waste and where does this problem lie to the greatest extent? Within government. So now government wants to take over the health care sector. It just doesn't make sense.

Now what the hell is so right wing about that?

matt

no cleo, you are simply an ass.

Semanticleo

idiotic spectacles must be like eyeglasses for PUKe.

PeterUK

You're getting incoherent Septic old girl.Perhaps you should be VP?

BB Key

Gateway pundit is reporting a kerfuffle at Sen. Claire (how quickly she ages)McCaskill office in MO.

Apparently some TEA party types were protesting Obamacare and the staffers shot them the bird, closed the blinds and called the cops.

Gateway has photos of the menacing rabble. The best sign I saw:

DON'T TAX ME BRO

bad

Now Ibama is claiming Healthcare reform won't add to the deficit. No details.

Semanticleo

See, matt's just another greedy winger who wants other people to die just so he can keep more of his money. Some "xtian" you are.

Stick yer money up yer cornhole and Spin, ya facist

Semanticleo

"idiotic spectacles must be like eyeglasses for PUKe."


It's the english language, PUKe.

Kinda like 'brolly' or 'bumbershoot' is what we call an umbrella....

a little cultural confusion.

Captain Hate

There was a discussion at AoS among some commentors from St Louis that the local fishwraps are stating that Ibama and his henchmen leaned on MLB to cut short a tribute to Stan Musial so that Il Douche could display his Kerry-oka prowess on throwing the baseball. Stan the Man is *the* icon in St Loo so if this story has legs (and does anybody doubt the truth of it?) it will cost him even in a donk stronghold. My question is does Axelrod or Rahm have any ability to get the petulant Preznit to back off of doing something to feed his huge ego even when they know it will be perceived negatively? I'm thinking "no" because I can't come up with a counter example.

PeterUK

"It's the english language, PUKe."

No,it's something that uses similar vowels and consonants,but it is coming out wrong.
Is Gibberish your first language?

boris

Nah, just an ethnocentric Assclownistan troll that calls itself the "Lion Of Semantics" but lost the keys to communication.

Semanticleo

I'm so smart I can't even spell fascist, but Uncle Soros has told me the great things they achieved. It's Obama's plan, deal with it wingers.

bad

Barone

LUN

Semanticleo

I'm a government slave and worship at the alter of the Obamasoros. Hear me poop.

Semanticleo

How dare yer insult me,I'm Barrack Obama's love child.

Captain Hate

I think we need an air traffic controller to keep up with the sock-puppets.

Semanticleo

I'm no sock-puppet,I have a son in Afghanistan,it is the other Semanticleos who are stealing my handle.

boris

Sock-puppetry is the sincerest form of mocking.

Semanticleo

Oh NO! You're the Sock Puppet.

bad

Mark Steyn

LUN

Should we laugh or cry?

boris

No sock-mocker I. Keep yer handle to yerself troll.

Semanticleo

Yer all have me wrong.All I want to be is one of Joe Biden's hair plugs.Obamacare can give that to me.

Extraneus

Captivating, captivating discussion. May I jump in, just for a moment?

Does anyone know of a good recent book arguing that the Bill of Rights was a bad idea? That, in Hamilton's words (from Wikipedia)...

Bills of rights are in their origin, stipulations between kings and their subjects, abridgments of prerogative in favor of privilege, reservations of rights not surrendered to the prince. Such was "Magna Charta", obtained by the Barons, swords in hand, from King John.

Finally, Hamilton expressed the fear that protecting specific rights might imply that any unmentioned rights would not be protected:

I go further, and affirm that bills of rights, in the sense and in the extent in which they are contended for, are not only unnecessary in the proposed constitution, but would even be dangerous. They would contain various exceptions to powers which are not granted; and on this very account, would afford a colorable pretext to claim more than were granted. For why declare that things shall not be done which there is no power to do?
PeterUK

bad,
I thought Mustangs were gas guzzlers?

matt

yup, paying 100% of the health care benefits for my employees makes me a fascist.

I just found out this morning that two of my unit's kids were killed on the 4th of July to protect your right to spew your filth you bastard. Go screw.

bad

Puk, I know they have some connection methane but I think that is spewing rather than guzzling...

bad

Oh Matt, I'm so sorry.

PeterUK

bad,
You mean these aren't a protected species?

bad

They'll always live in my mind, PUK.

bad

Mr. bad was driving a Mustang when we met.

Extraneus

Great Steyn, bad.

PeterUK

Matt,
My condolences.

anon

Obviously, we, as a society, feel medical care is a right. Otherwise, there would be no charity hospitals

By that reasoning, the existence of the Make-A-Wish Foundation establishes a right to meet Elton John. Obviously we as a society feel medical care is a good. We have a right to medical care in the same sense we have a right to gun ownership - the government cannot interfere in our attempts to gain either good.

Uncle BigBad

Someone, I forget who, said that first-rate managers hire first-rate employees; second-rate managers hire third-rate employees. Describes the Won and Joe perfectly.

By the way, I wish commenters names were placed at the head of the comment. It would make it easier to skip over Septic's comments.

Captain Hate

Condolences, Matt.

Rick Ballard

"LaVorgna pointed out that since the securitization market is still broken (dead is probably more accurate) credit is shrinking and that the Fed hasn't expanded its balance sheet in months and that a lot of it went to excess reserves."

Rich,

Absolutely no question about that. I'd say "almost all" rather than "a lot" went for zombie parts. Velocity remains at some fraction of zero and that is what makes the "what is the source of funds?" question so poignant.

Tie the probable zero job growth to an economic growth rate <2%, toss in accelerating early retirement (voluntary or involuntary) and the actuarial assumptions used by SS (and CalPERS) become very suspect. An early shift to outflow status in the SS account (and in some private pension accounts) is only going to exacerbate a problem that remains, for the most part, unacknowledged.

If we start seeing failures in short term auctions then next year's deficit projections will quickly become valueless.

clarice

I'm sorry, Matt..

caro

Matt, I am so sorry.

Semanticleo

In a speech today, Robert Gates sounded the alarm against military PORK, (you know, the kind of wasteful programs that Libertarians and conservatives can't get enough of)

"We must also get control of what is called “requirements creep”—where more features and capabilities are added to a given piece of equipment, often to the point of absurdity. The most flamboyant example of this phenomenon is the new presidential helicopter...Once the analysis and requirements were done, we ended up with choppers that cost nearly half a billion dollars each and enabled the president to, among other things, cook dinner while in flight under nuclear attack...

The F-22, to be blunt, does not make much sense anyplace else in the spectrum of conflict. Nonetheless, supporters of the F-22 lately have promoted its use for an ever expanding list of potential missions. These range from protecting the homeland from seaborne cruise missiles to, as one retired general recommended on TV, using F-22s to go after Somali pirates who in many cases are teenagers with AK-47s—a job we know is better done by three Navy SEALs. These are examples of how far-fetched some of the arguments have become for a program that has cost $65 billion—and counting—to produce 187 aircraft, not to mention the thousands of uniformed Air Force positions that were sacrificed to help pay for it."

I'm sure you can find it in yer hearts to enrich more hedgefunders without Obama's assistance.

Extraneus

Ok, I don't get this. Maybe there's more to it than I understand.

Senators Try to Head Off White House Showdown Over F-22 Funding

And it's McCain stepping into save the day, just as an added bonus.

Why not give him a weapons program that he wants to veto? Wouldn't he be walking right into a nice ad, about the one and only government expenditure he doesn't find stimulating -- national defense?

PeterUK

Septic
Read up the thread you despicable piece of trash.have some decorum.

What has your post got to do with hedge funds?

Extraneus

I seem to have unknowingly intersected the other discussion...

Semanticleo

"you despicable piece of trash"

You can eat the corn out of my crap.

Oh. I take that back. You probably find it enticing, squash.

clarice

My pistolas have been unholstered and not even PUK is exempt from the rule....

Porchlight

Waving at Porchlight

Hi Lesley! I am enjoying this cool weather, I just didn't dress for it. We're camping in the back yard tonight with the girls. Fun times. If you and I could have gotten together for a cocktail some time this week the trip would have been perfection! But we'll do that next summer, hopefully. :)

Semanticleo

'What has your post got to do with hedge funds?"

What does yer ancestry have to do with
the intelligence of turnips?

Semanticleo

Hey. I'm on topic, irongirdle.

Semanticleo

That is; unless ODS is the only approved topic.

Semanticleo

Now you've scared everyone off, clarice.

Don't hurt them. They need JOM. Especially PUKe.

bad

Ex, Clinton had a big problem with military funding as well.

PeterUK

I like Jom .I don't need you defecating all over it.
Look,I know you have been lonely since the goat died and you need someone to babble at,but go and talk to Joe Biden,you make him seem like Einstein.

bad

walter Coronkite has died.

PeterUK

"You can eat the corn out of my crap."

Why,what are you a chicken?

bad

====Walter Cronkite====

matt

thanks all. I wrote an after action report on the kids, but for whatever reason it didn't post. I don't have the heart to try again.

Semanticleo

"I don't need you defecating all over it'

Defecating? That's a big word for someone of such diminutive stature, and it's far too formal for someone of yer limited schooling.

clarice

*POW! BAM! KAROOM!*

Parking Lot

((The Treasury Department is scrapping plans to hire a cartoonist to lighten the mood of its employees who manage the nation's $1.2 trillion debt, after a senator questioned its merits.))

It annoyed me to no end that it was a Dem senator who raised the chit that got it stopped. I read that the Repubs just thought the ad was a hoot ... but they didn't take action. Another lost opportunity and such a frkn disconnect with the voters.

PeterUK

"it's far too formal for someone of yer limited schooling."

You're on the illogical pills again.Sentence makes no sense.

glenda

Matt..prayers of peace and grace to you and all who serve

Semanticleo

Clarice;

What's AIPAC's position on the F-22?

Semanticleo

"Sentence makes no sense."

I understand.

Ask Mr. Chips.....

Extraneus

Yeah, but wasn't his (voted down) stimulus only $16 billion? 50 times smaller than the big 0's. Clinton was a conservative compared to this guy.

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Wilson/Plame