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Cut and save

Austerity survival guide!

Outsourcing

How nice that we can count on private litigation to do the job the Justice Department should be doing!

The American International Group is planning to sue Bank of America over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.

The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor.
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October2011.org

October2011.org

Nutter

Our mayor is trying to deal with roving mobs of kids who have beaten and robbed bystanders in the downtown area. I wonder how much good this will do:

ADDRESSING the “butthead” youths who’ve been mobbing Center City and the “sperm donors” who’ve passed for their fathers, Mayor Nutter thundered from the pulpit of his church yesterday in uncharacteristically fiery remarks.

“You’ve damaged yourself, you’ve damaged another person, you’ve damaged your peers and, quite honestly, you’ve damaged your own race,” he said. “You damaged your own race.

“If you want . . . anybody else to respect you and not be afraid when they see you walking down the street, then leave the innocent people who are walking down the street minding their own damn business. Leave them alone.”

Nutter’s 30-minute sermon in front of a white-robed choir invoked rousing applause from the packed house at Mount Carmel Baptist Church, in West Philadelphia, where he’s been a member for 25 years.

The only problem was that the median age of the congregation appeared about four times that of the 11- to 19-year-olds who have randomly accosted Center City pedestrians this summer in large groups of mostly black youths.

“He might be preaching to the choir,” said church member Carol Lee, 59, of Upper Darby, “but I hope his message gets out.”

[…] D.F. Davis, 51, of Glenside, said she thought that the actions of the youth mobs were a slap in the face to elders like Jordan.

“Our older generation fought hard and it wasn’t that long ago we got the right to vote,” she said. “For some kids to take advantage of it like this is very troubling.”

Davis was accompanied to the service by her 16-year-old daughter, who had her own reaction to Nutter’s remarks.

“I wasn’t paying no attention,” the teen said.

This is a continuing problem in the city, and it ain’t just black kids. In the areas surrounding my neighborhood, I see lots of white kids who were being raised by fools and running wild. I wouldn’t even know where to begin to fix it.

See, a lot of the parents in those ‘hoods are drug addicts, and they’re perfectly okay with their kids roaming the streets at all hours because it frees up the parents to go looking for their next hit of crystal meth or oxy.

Cut, cut, cut

This will be absolutely devastating. Even though we know these draconian cuts will not heal the economy but will actually make things worse (all you have to do is look at the results from similar measures in the UK and Europe), you have to wonder about our so-called leaders and their fervent faith in the same economic voodoo that has never worked to date.

Because with the same cast of characters, I think we can assume the same kind of outcome. At most, I expect the closing of some small tax loopholes that will count as “revenue” — and the rest will be taken out of the hides of the most vulnerable.

Moral of the tale: When a corrupt rating agency says, “Gee, I notice you haven’t cut Medicare all that much,” the craven politicians respond, “How much would you like me to cut, sir?”

WASHINGTON — The downgrade of the United States government’s credit rating by Standard & Poor’s is almost sure to increase pressure on a new Congressional “supercommittee” to mute ideological disagreements and recommend a package of deficit-reduction measures far exceeding its original goal of at least $1.5 trillion, lawmakers said Sunday.

Even before the panel is appointed, its mission is expanding. Its role is not just to cut the annual budget deficit and slow the explosive growth of federal debt but also to appease the markets and help restore the United States’ top credit rating of AAA. Otherwise, taxpayers may eventually have to pay more in interest for every dollar borrowed by the Treasury.

The report certainly got the attention of Capitol Hill. “I think this is one of the most telling, important moments in our country’s history right now,” Senator John Kerry, Democrat of Massachusetts, said Sunday on the NBC program “Meet the Press.” He added: “This poses a set of choices not just about a recession. It’s about a financial crisis and the structure of our economy, which really has been misallocating capital.”

In the S.&P. report on Friday outlining the reasons for removing long-term Treasury debt from its list of nearly risk-free investments, the company cited doubts about the ability of the two political parties to bridge their gulf on fiscal policy.

Credit rating agencies have thus emerged as a powerful constituency whose concerns are taken seriously by Congress.

[…] S.&P. did not advocate a specific mix of increased revenue and spending cuts. But it did say that overhauling entitlement programs was “key to long-term fiscal sustainability” and that the debt deal “envisions only minor policy changes on Medicare.”

Oh, if only we had real leaders in our political establishment. And if only pigs had wings, they could fly.

The e-trade baby loses everything

Justice

I think it’s only fair that young people should be executed on the spot for appearing to be vaguely threatening, don’t you?

Hmm

So I wouldn’t be counting on home security systems much longer.

Private eyes

Daryl Hall and Mayer Hawthorne with Booker T.:

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