Monday, July 4, 2011

Wall Street

In this video you will see Patrick Mchenry go red as he claims that Elizabeth Warren is 'making this up'. This started a huge controversy, in some circles...

... so, I decided to visit Patrick McHenry's facebook page, along with a bunch of other people who seemed to have decided the same thing and it ended up becoming a fascinating exploration into modern politics...

Here are some of the links to conversations:

About Reagan and Unions

An amazingly nonsensical discussion from my comment of 'Warren is advocating for the Middle class'.

I was very impressed by the skillful use of half truths;

What he means here is - SINCE - Obama came to office. This is not a history lesson folks. This is politics. [Note: This was not a lie just a focus on a short time period.]

Sigh! What he means above is that she didn't cover everything that happened. Amazing! [Note: I didn't realize till later that this was another political charade.]

This sort of half truth charade is common in politics:

My conclusion on Patrick McHenry's facebook page was based on a careful observation of the interactions of the commentators, the random beliefs thrown about and the surprisingly fierce insults being hurled, making this look like some playground brawl more than a political discussion.(Conclusion below)
OK. I'm done with my research. I am now certain that because of an educational system that didn't teach critical thinking skills, politics has now become a shouting match of insults bereft of any proof or respect. For others, still willing to learn, here is an overview of what despotism is from Encyclopedia Britannica . You will notice that respect, critical thinking skills, less tax burden on the lower income groups, and economic distribution of wealth (and since wealth can buy votes and media exposure - greater wealth = greater power), is all covered in this old but forgotten Encyclopedia Britannica video.

1. Notice how 100 cents on the dollar is paid for one institution and not another. This has to do with which institutions are considered to be of more risk to the economy, i.e. systematic risk. A bunch of regulations to control these risks were proposed. Yet, based on the above video, it seems that the shenanigans continue. :-(

"Almost everyone agrees that our banks need federal money to avoid even more calamity, but how much is too much, and who's watching how they spend it?"

The answer to above question is, at the moment, no one.

2. Notice that the FED was at the front-lines of these 'negotiations'.

3. Notice that big banks have gotten bigger - bigger means they have more financial resources concentrated around them. This means that they are no longer "too big to fail" but "much much too big to fail".

Now, take a look at this series of thoughts...

1. Reagan supported unions;

2.Hypocrisy concerning Wall Street;

3. Elizabeth Warren can never be allowed to investigate Wall Street.

Not gonna happen: Elizabeth Warren would terrify Wall Street and couldn’t be confirmed; Paul Krugman and Joe Stiglitz got a lot of mentions in my Twitter feed, but I doubt either of them would want the job, and neither could be confirmed; Michael Bloomberg is an interesting choice, but he’s too ambitious, with too much of an independent power base, for the White House to trust him.

Background Information:

Warren's Interview with Stewart Part 1

Warren's Interview with Stewart Part 2

Warren's Interview with Stewart Part 3

Warren's Interview with Washington Post

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