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Richard Sachs Cycles

Don’t blame the Republicans

WASHINGTON — With Congress increasingly paralyzed by the partisan fury of the midterm elections, the Senate on Tuesday voted against taking up a major military bill that includes a provision allowing the repeal of the “don’t ask, don’t tell policy” regarding gay soldiers.

Senate Republicans voted unanimously to block debate on the bill — the [...]

California

I’ll post some commentary later when I’ve calmed down a bit, but suffice it to say that at the moment:

I AM FUCKING DISGUSTED WITH THE STATE OF CALIFORNIA

Court upholds Prop. 8 but lets marriages stand Bob Egelko, Chronicle Staff Writer

(05-26) 11:33 PDT SAN FRANCISCO — California voters legally outlawed same-sex marriage when [...]

Long short, short shorts, board shorts and sell shorts

SEC to Look at Short-Selling Curbs – WSJ.com

WASHINGTON — The Securities and Exchange Commission plans to unveil several short selling restriction proposals Wednesday.

One includes reinstating the “uptick rule,” a Depression-era rule abolished by the SEC in 2007 that prevented traders from short selling unless the price of the stock from the most recent [...]

Okay, this move scares me …

… and I’ll bet that Art has something to say about it as well, and if not the A-Train, then perhaps the cats over at Mad Dog Media … Turkish?

Nothing like giving the guv’mint the right to say “Okay, you’re fucking up, so we’re gonna shut you down and sell you off …”

Tapping [...]

Thoughts on AIG

Cuomo Blasts Big AIG Payouts – WSJ.com

New York Attorney General Andrew Cuomo said Tuesday that American International Group Inc. granted retention bonuses of $1 million or more to 73 people in its AIG Financial Products subsidiary, including 11 persons who no longer work at the company.

In a letter to House Financial Services Committee [...]

I prefer pancetta to panaceas …

Looks like Paulson has taken at least one stance with which the A-Train shouldn’t have too many problems (if any), and while in many ways I disagree with the Train about how to fix the problem, in this particular situation I think we’re probably both on the same page.

Bloomberg.com: Paulson Warns TARP Isn’t ‘Panacea’ [...]

Prop 8 protests in SLC

Thousands protest LDS stance on same-sex marriage – Salt Lake Tribune

Opponents of a measure that banned gay marriage in California took their outrage to the spiritual hub of Mormonism on Friday.

More than 3,000 people swarmed downtown Salt Lake City to march past the LDS temple and church headquarters, protesting Mormon involvement in [...]

Never thought I’d see it!

A-train railing against free-market realities. Okay, so it’s not truly a free market, but there are limits to what banks receiving funds under TARP can do; limits designed to protect the American taxpayer as a senior investor (the investments are in preferred securities after all), whilst not placing excessive limits on free-market flexibility for the [...]

I am now officially a propagandist!

From KeatingEconomics.com:

The current economic crisis demands that we understand John McCain’s attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late ’80s and early ’90s.

John McCain was accused of improperly aiding [...]

The aftermath …

Perhaps this plan will make Art a little happier … but I’d like to read the actual text of the bill before I make any judgments.

Democrats offer alternative ‘no bailouts act’ – CNN.com

WASHINGTON (CNN) — A small group of Democratic House members put together an alternative to the $700 billion financial bailout measure [...]