I was telling my therapist I’d finally figured out the Obama puzzle. (I’d been complaining for months that I simply couldn’t fathom how, after everything that had happened, people were still defending Obama.)
But I’d had an ephiphany. “You know, it’s like when you’re stuck in a really bad relationship, and all your friends are telling you how crummy this guy is, and you’re still making excuses. I finally realized it’s because you look at each incident in a vacuum, at the micro level where it’s really easy to examine the context and rationalize things instead of seeing this huge consistent mosaic of their behavior.
“It’s when you finally make a sudden shift to the big picture that it finally hits you: Hey, this guy really is a bum,” I said.
“Not many people have the ability to step outside themselves and see themselves clearly,” he said. “That’s how they get stuck. And if you tell them they’re stuck, they get offended because you’re telling them what to do.” Which is true.
Still, I wonder when rest of the American people are going to wake up.
So, I’m back!!! I knew you’d be happy.
Anyway. What was the first CD you purchased? Mine was “Sargent Pepper,” which strikes me as interesting because the first album I bought was “Meet the Beatles.” (I waited a long time to buy a CD player, to avoid the technology shuffle at the beginning. Or, because I had no money. I don’t remember.)
The NJ politicians who sided with Christie in the budget fight have lost the AFL-CIO endorsements.
So in the midst of this giant selloff, where did the masters of the universe decide to put their money? Why, treasuries, of course:
Treasury bond yields are plunging to levels seen in the 1950s on concern the two-year recovery in the world’s largest economy is stalling.
Yields on benchmark 10-year U.S. notes are about 4.3 percentage points below the average over the past 49 years and almost where they were when President Dwight D. Eisenhower began his administration in 1953. The yield, which dropped to 2.40 percent today in New York, reached a record low of 2.04 percent in December 2008 during the global financial crisis…
“It’s signaling a flight to safety,” said Ethan Harris, head of developed-markets economic research at Bank of America Merrill Lynch in New York, on Bloomberg Television’s “Surveillance Midday” with Tom Keene. “Even with the Treasury market as a weakened safe-haven market, it still gets the safe haven money.”
The S&P 500 fell 4.8 percent, dropping more than 10 percent drop from its April 29 peak. The MSCI All-Country World Index slid 4.3 percent. Oil plunged 6.2 percent to $86.27 a barrel as all 24 commodities tracked by the S&P GSCI Index declined. Gold futures retreated from a record.
Yes, the same treasuries that were supposed to be in horrible trouble because the ratings agencies said America was too far in debt to keep the yield on our treasuries at healthy levels. The same treasuries concern that led to the austerity bill that led to the market drop that led everyone to run to the only safe place left: treasuries. Brilliant.
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Oh yes, this is the kind of Democrat we like! More, please:
WASHINGTON — New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over soured loans between Bank of America and a group of investors, claiming in court documents that a separate bank representing the investors committed fraud for failing to ensure that the mortgage securities were created in accordance with state law and for failing to act in the investors’ best interest.
Bank of New York Mellon, the trustee representing the investors, “knowingly, repeatedly, and consistently” misled investors into thinking that the mortgage bonds were created properly, Schneiderman said in court documents. BNY Mellon also put its own interests before those of the investors it’s supposed to represent, he said.
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