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	<title>Comments on: &#8220;Wake Up, Gentlemen&#8221;</title>
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	<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/</link>
	<description>What happened to the global economy and what we can do about it</description>
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		<title>By: Gordon Shedd</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36289</link>
		<dc:creator><![CDATA[Gordon Shedd]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 17:33:22 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36289</guid>
		<description><![CDATA[Corrections: Robert Reynolds (Putnam CEO), Richard Bookstaber
Link to Buttonwood: http://buttonwood.economist.com/content/video
You&#039;ll need to select the video of the debate.]]></description>
		<content:encoded><![CDATA[<p>Corrections: Robert Reynolds (Putnam CEO), Richard Bookstaber<br />
Link to Buttonwood: <a href="http://buttonwood.economist.com/content/video" rel="nofollow">http://buttonwood.economist.com/content/video</a><br />
You&#8217;ll need to select the video of the debate.</p>
]]></content:encoded>
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	<item>
		<title>By: Gordon Shedd</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36288</link>
		<dc:creator><![CDATA[Gordon Shedd]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 17:30:10 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36288</guid>
		<description><![CDATA[Regarding the value added by financial innovations: See the Oxford-style debate held at the Buttonwood Gathering in October (buttonwood.economist.com/content/video). The propositions was: Financial innovation boosts global growth. Before the debate, 80% of the voting attendees agreed, 20% disagreed. Robert Reynols (Putnam) and Myron Scholes took the pro position; Robert Bookstaber (A Demon of Our Own Design) and Jeremy Grantham took the con side. Little more than 20 minutes later, only 20% of the voting audience agreed with the proposition and 80% disagreed.]]></description>
		<content:encoded><![CDATA[<p>Regarding the value added by financial innovations: See the Oxford-style debate held at the Buttonwood Gathering in October (buttonwood.economist.com/content/video). The propositions was: Financial innovation boosts global growth. Before the debate, 80% of the voting attendees agreed, 20% disagreed. Robert Reynols (Putnam) and Myron Scholes took the pro position; Robert Bookstaber (A Demon of Our Own Design) and Jeremy Grantham took the con side. Little more than 20 minutes later, only 20% of the voting audience agreed with the proposition and 80% disagreed.</p>
]]></content:encoded>
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		<title>By: v harris</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36284</link>
		<dc:creator><![CDATA[v harris]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 16:18:28 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36284</guid>
		<description><![CDATA[We have learned nothing. The financial oligarchy is in total control. The administration and Congress are all pawns. The spending and rising debt is insane. There will be no meaningful reform. 
The only hope is that enough of us are sickened about the destruction of our country that we join together as voters to cleanse the system, reduce the size of government and put meaningful safeguards in place that allow capitalism to survive without oversight by bafoons like Barney Frank.  
Washington, as is, is incapable of doing it.]]></description>
		<content:encoded><![CDATA[<p>We have learned nothing. The financial oligarchy is in total control. The administration and Congress are all pawns. The spending and rising debt is insane. There will be no meaningful reform.<br />
The only hope is that enough of us are sickened about the destruction of our country that we join together as voters to cleanse the system, reduce the size of government and put meaningful safeguards in place that allow capitalism to survive without oversight by bafoons like Barney Frank.<br />
Washington, as is, is incapable of doing it.</p>
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		<title>By: TonyForesta</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36279</link>
		<dc:creator><![CDATA[TonyForesta]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 10:13:46 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36279</guid>
		<description><![CDATA[&quot;We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. --Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government.&quot;

I encourage all of my sister and brothers to revisit the &quot;Declaration of Independence&quot; http://www.earlyamerica.com/earlyamerica/freedom/doi/text.html

Somehow we have forgotten that this nation is founded upon and rooted in the these epic documents, and the grand principles articulateded.  Any breach of these principles is a grotesque assault on the very foundation of America.   We either return to abiding by, and honoring that &quot;...goddamn piece of paper&quot; we like to call the Constitution, and the spirit of the rule of law, - or - we are a lawless thieving, deceptive, and insatialble people, and - we very well may deserve whatever fiery pit and hell our socalled leaders hurl us into.     

There are solutions.   Leadership is critical.  If our leaders are puchased, owned and controlled by Oligarchs, - the people are doomed.  

Last I heard, a democracy is a government, wherein the authority of the government is derived from the consent of the governed.  

Either the people stand up, and take back our government and force our socalled politicians to advance and protect the peoples bests interests, and not the predator class, - or the predatorclass will devour us.  Devour us!!

America is once again ushered to a threshold.   We either return to our core principles and that thing we call the Constitution, -  or the Amerika we define and will inhabit -  will be a much different nation, - and the noble principles we all once honored and defended, - will be tossed to the heap.   

If we do not abide by our own laws and principles, - how then can we expect any other entity to abide by any law, or principle?

We will have shapeshifted into everything we repudiate.   Then what are we? What are we as a people and nation?   

America is at a crossroads.  Now it would seem that the darkside is winning, that the lawless predatorclass is dominating Amerika.  We either accept this evil, - or we don&#039;t!

Look around you Americans.  Are you proud of what our nation has become???]]></description>
		<content:encoded><![CDATA[<p>&#8220;We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security. &#8211;Such has been the patient sufferance of these colonies; and such is now the necessity which constrains them to alter their former systems of government.&#8221;</p>
<p>I encourage all of my sister and brothers to revisit the &#8220;Declaration of Independence&#8221; <a href="http://www.earlyamerica.com/earlyamerica/freedom/doi/text.html" rel="nofollow">http://www.earlyamerica.com/earlyamerica/freedom/doi/text.html</a></p>
<p>Somehow we have forgotten that this nation is founded upon and rooted in the these epic documents, and the grand principles articulateded.  Any breach of these principles is a grotesque assault on the very foundation of America.   We either return to abiding by, and honoring that &#8220;&#8230;goddamn piece of paper&#8221; we like to call the Constitution, and the spirit of the rule of law, &#8211; or &#8211; we are a lawless thieving, deceptive, and insatialble people, and &#8211; we very well may deserve whatever fiery pit and hell our socalled leaders hurl us into.     </p>
<p>There are solutions.   Leadership is critical.  If our leaders are puchased, owned and controlled by Oligarchs, &#8211; the people are doomed.  </p>
<p>Last I heard, a democracy is a government, wherein the authority of the government is derived from the consent of the governed.  </p>
<p>Either the people stand up, and take back our government and force our socalled politicians to advance and protect the peoples bests interests, and not the predator class, &#8211; or the predatorclass will devour us.  Devour us!!</p>
<p>America is once again ushered to a threshold.   We either return to our core principles and that thing we call the Constitution, &#8211;  or the Amerika we define and will inhabit &#8211;  will be a much different nation, &#8211; and the noble principles we all once honored and defended, &#8211; will be tossed to the heap.   </p>
<p>If we do not abide by our own laws and principles, &#8211; how then can we expect any other entity to abide by any law, or principle?</p>
<p>We will have shapeshifted into everything we repudiate.   Then what are we? What are we as a people and nation?   </p>
<p>America is at a crossroads.  Now it would seem that the darkside is winning, that the lawless predatorclass is dominating Amerika.  We either accept this evil, &#8211; or we don&#8217;t!</p>
<p>Look around you Americans.  Are you proud of what our nation has become???</p>
]]></content:encoded>
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		<title>By: Uncle Billy Cunctator</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36277</link>
		<dc:creator><![CDATA[Uncle Billy Cunctator]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 09:42:31 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36277</guid>
		<description><![CDATA[(Yes, &quot;stanglehold on levers&quot; is particularly bad, I know)]]></description>
		<content:encoded><![CDATA[<p>(Yes, &#8220;stanglehold on levers&#8221; is particularly bad, I know)</p>
]]></content:encoded>
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	<item>
		<title>By: Uncle Billy Cunctator</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36276</link>
		<dc:creator><![CDATA[Uncle Billy Cunctator]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 09:40:56 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36276</guid>
		<description><![CDATA[Don&#039;t know if you caught my posts about &quot;The Phenix City Story&quot;

What did they need to do to cleanup Phenix City, get rid of the mobsters and the seething corruption of everyone around them?  Martial law and the national guard.

If the giant squid(s) have their tentacles around the nation, it would require intervention from some sort of white-capped international force.  Instafail on that avenue.

But it&#039;s really worse, isn&#039;t it.  It&#039;s global.  The only things that could intervene are aliens, or god.  The good folks at RiskMetrics would tell us that this is not too likely, so it has to come from within.  When the bad guys, though, have control not only of the MSM, but blogs like this one as well, that pretends, and somehow succeeds in being perceived as, independent, what&#039;s left?  In addition to the need for vetting individuals we put in administrative positions in government, we need a way to vet blogs, and all the rest of the social media.  Facebook funded by In-Q-Tel, the CIA&#039;s venture capital proxy, and now even an evil Russian Oligarch...  twitter, all the rest.  They have a complete stranglehold on the levers of perception.  How do we break through?  

The world has gone completely topsy turvy (and that seems to be baked in the cake) -- The Sandlers fund Pro Publica, Minkow of ZZZZ Best fame is going after companies with investigators, ostensibly to &quot;expose&quot; the truth, but most likely just to short and torpedo them.  

The solutions must come from within whether you&#039;re a die-hard patriot, or an enlightened globalist with egalitarian ideals.

So?  Vet away...]]></description>
		<content:encoded><![CDATA[<p>Don&#8217;t know if you caught my posts about &#8220;The Phenix City Story&#8221;</p>
<p>What did they need to do to cleanup Phenix City, get rid of the mobsters and the seething corruption of everyone around them?  Martial law and the national guard.</p>
<p>If the giant squid(s) have their tentacles around the nation, it would require intervention from some sort of white-capped international force.  Instafail on that avenue.</p>
<p>But it&#8217;s really worse, isn&#8217;t it.  It&#8217;s global.  The only things that could intervene are aliens, or god.  The good folks at RiskMetrics would tell us that this is not too likely, so it has to come from within.  When the bad guys, though, have control not only of the MSM, but blogs like this one as well, that pretends, and somehow succeeds in being perceived as, independent, what&#8217;s left?  In addition to the need for vetting individuals we put in administrative positions in government, we need a way to vet blogs, and all the rest of the social media.  Facebook funded by In-Q-Tel, the CIA&#8217;s venture capital proxy, and now even an evil Russian Oligarch&#8230;  twitter, all the rest.  They have a complete stranglehold on the levers of perception.  How do we break through?  </p>
<p>The world has gone completely topsy turvy (and that seems to be baked in the cake) &#8212; The Sandlers fund Pro Publica, Minkow of ZZZZ Best fame is going after companies with investigators, ostensibly to &#8220;expose&#8221; the truth, but most likely just to short and torpedo them.  </p>
<p>The solutions must come from within whether you&#8217;re a die-hard patriot, or an enlightened globalist with egalitarian ideals.</p>
<p>So?  Vet away&#8230;</p>
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		<title>By: TonyForesta</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36275</link>
		<dc:creator><![CDATA[TonyForesta]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 09:20:15 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36275</guid>
		<description><![CDATA[I remember bursting out in uproarious laughter, the when Giethner was chosen by Obama, and the socalled &quot;street&quot; lept 700 plus points in gleeful greedy irrational exuberance, - knowing then that all was forgiven, and the taxpayer tap would be opened, and no one was going to jail.  &quot;Rejoice! Rejoice! Emmanuel.  Shall come to thee, O Israel 

O come, O come, Emmanuel 
And ransom captive Israel&quot;

You guys may dismiss the conspiracy theories, - but there are conflicting religious implications in all our policy decisions.  While we must all recognize the inconvenient truth, that most of our policy decision globally and domestically are &quot;all about the oil&quot;, - there exist also fundamental and tribal religous beliefs that more often then not, - lead to conflict, - not peace.   So one can, and many do, - question the validity of the socalled churches, all of them drenched in oceans of innocent blood, and the purchased governments shielding and advancing the predatorclass, and dominating and depriving the peoples lives, and the peoples former rights, protections, priveliges, and freedoms.  - and the corporate world teeming, seething with packs wolves, and dens of vipers and thieves.   

The complicit parrots, and the purchased message-force multipliers in the socalled MSM will never stand with the people.  They are owned and controlled by megacorps that employ contractors to prosecute and subdue wetwork critics and conflicts. 

Our only hope is something external.  Some voice or force, outside the corporatemedia perceptionmanagement informationdomination wingnut PR firms, (Rendon Group, Baker Botts.. et al.) that own and control the government and most media horizontally, and vertically.  

The government cannot be trusted.
The media cannot be trusted.
The socalled churches cannot be trusted.
The megacorps cannot be trusted.
The oil, pharmecuetical, HMO, insurance, private intelligence, private military, intelligence, military, and finance OLIGARCHS -
cannot be trusted.
The purchased regulators cannot be trusted.

Who do we trust???

This is the epic question all Americans must entertain.  Do we live by universal codes and the rule of law, - or not?  That alone is the critical question.   Do we abide by the rule of law..... or not?   If we do,.. then the predatorclass and the finance oligarchs specifically, - should prepare for some period of internment.  If not?  Then we in fact inhabit a world where there are no laws, and in that world - predators - there are no laws for anyone.  Please fasten your seatbelts, and put your trays in the upright, and fixed position - we&#039;re about to enter some turbulence.]]></description>
		<content:encoded><![CDATA[<p>I remember bursting out in uproarious laughter, the when Giethner was chosen by Obama, and the socalled &#8220;street&#8221; lept 700 plus points in gleeful greedy irrational exuberance, &#8211; knowing then that all was forgiven, and the taxpayer tap would be opened, and no one was going to jail.  &#8220;Rejoice! Rejoice! Emmanuel.  Shall come to thee, O Israel </p>
<p>O come, O come, Emmanuel<br />
And ransom captive Israel&#8221;</p>
<p>You guys may dismiss the conspiracy theories, &#8211; but there are conflicting religious implications in all our policy decisions.  While we must all recognize the inconvenient truth, that most of our policy decision globally and domestically are &#8220;all about the oil&#8221;, &#8211; there exist also fundamental and tribal religous beliefs that more often then not, &#8211; lead to conflict, &#8211; not peace.   So one can, and many do, &#8211; question the validity of the socalled churches, all of them drenched in oceans of innocent blood, and the purchased governments shielding and advancing the predatorclass, and dominating and depriving the peoples lives, and the peoples former rights, protections, priveliges, and freedoms.  &#8211; and the corporate world teeming, seething with packs wolves, and dens of vipers and thieves.   </p>
<p>The complicit parrots, and the purchased message-force multipliers in the socalled MSM will never stand with the people.  They are owned and controlled by megacorps that employ contractors to prosecute and subdue wetwork critics and conflicts. </p>
<p>Our only hope is something external.  Some voice or force, outside the corporatemedia perceptionmanagement informationdomination wingnut PR firms, (Rendon Group, Baker Botts.. et al.) that own and control the government and most media horizontally, and vertically.  </p>
<p>The government cannot be trusted.<br />
The media cannot be trusted.<br />
The socalled churches cannot be trusted.<br />
The megacorps cannot be trusted.<br />
The oil, pharmecuetical, HMO, insurance, private intelligence, private military, intelligence, military, and finance OLIGARCHS -<br />
cannot be trusted.<br />
The purchased regulators cannot be trusted.</p>
<p>Who do we trust???</p>
<p>This is the epic question all Americans must entertain.  Do we live by universal codes and the rule of law, &#8211; or not?  That alone is the critical question.   Do we abide by the rule of law&#8230;.. or not?   If we do,.. then the predatorclass and the finance oligarchs specifically, &#8211; should prepare for some period of internment.  If not?  Then we in fact inhabit a world where there are no laws, and in that world &#8211; predators &#8211; there are no laws for anyone.  Please fasten your seatbelts, and put your trays in the upright, and fixed position &#8211; we&#8217;re about to enter some turbulence.</p>
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	<item>
		<title>By: Redleg</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36260</link>
		<dc:creator><![CDATA[Redleg]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 01:42:04 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36260</guid>
		<description><![CDATA[Absolutely - anyone who&#039;s had a leadership role at GS!]]></description>
		<content:encoded><![CDATA[<p>Absolutely &#8211; anyone who&#8217;s had a leadership role at GS!</p>
]]></content:encoded>
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	<item>
		<title>By: Redleg</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36259</link>
		<dc:creator><![CDATA[Redleg]]></dc:creator>
		<pubDate>Fri, 18 Dec 2009 01:39:42 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36259</guid>
		<description><![CDATA[I didn&#039;t say I trusted him, I just said &quot;he would be a vast improvement over...&quot;]]></description>
		<content:encoded><![CDATA[<p>I didn&#8217;t say I trusted him, I just said &#8220;he would be a vast improvement over&#8230;&#8221;</p>
]]></content:encoded>
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	<item>
		<title>By: perkurowski</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36181</link>
		<dc:creator><![CDATA[perkurowski]]></dc:creator>
		<pubDate>Thu, 17 Dec 2009 05:08:15 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36181</guid>
		<description><![CDATA[This is truly a timely quotation. Unbelievable, almost 100 years ago… seems like we’re just trampling waters. Thanks. Let us now pray for that at the very least we will still be able to keep on trampling water.]]></description>
		<content:encoded><![CDATA[<p>This is truly a timely quotation. Unbelievable, almost 100 years ago… seems like we’re just trampling waters. Thanks. Let us now pray for that at the very least we will still be able to keep on trampling water.</p>
]]></content:encoded>
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	<item>
		<title>By: Uncle Billy Cunctator</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36178</link>
		<dc:creator><![CDATA[Uncle Billy Cunctator]]></dc:creator>
		<pubDate>Thu, 17 Dec 2009 04:53:02 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36178</guid>
		<description><![CDATA[I think that&#039;s the point of his role.  He&#039;s one of the &quot;grownups&quot; that is coming to re-establish order after the kids have burned the house down.  Unfortunately, just going by his associations, it looks like he and the other grownups belong to a long line of grownups that have little regard for human life, and tend to favor rule by a greedy sociopathic elite.  Unfortunately, you cannot both trust *and* verify the intents of these folks, you can only trust because the verification is nigh impossible.  You want to trust, go for it.  We&#039;ll compare notes in 5, 10, 20 years.  I think you&#039;ll find this a very different place (country, and globe) and possibly not the sort of place you would have voted to create.]]></description>
		<content:encoded><![CDATA[<p>I think that&#8217;s the point of his role.  He&#8217;s one of the &#8220;grownups&#8221; that is coming to re-establish order after the kids have burned the house down.  Unfortunately, just going by his associations, it looks like he and the other grownups belong to a long line of grownups that have little regard for human life, and tend to favor rule by a greedy sociopathic elite.  Unfortunately, you cannot both trust *and* verify the intents of these folks, you can only trust because the verification is nigh impossible.  You want to trust, go for it.  We&#8217;ll compare notes in 5, 10, 20 years.  I think you&#8217;ll find this a very different place (country, and globe) and possibly not the sort of place you would have voted to create.</p>
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	<item>
		<title>By: Redleg</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36175</link>
		<dc:creator><![CDATA[Redleg]]></dc:creator>
		<pubDate>Thu, 17 Dec 2009 04:28:31 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36175</guid>
		<description><![CDATA[Despite all of your attempts to make us uncomfortable w/ PV, he would be a vast improvement over any of the clowns currently holding a seat at the table.]]></description>
		<content:encoded><![CDATA[<p>Despite all of your attempts to make us uncomfortable w/ PV, he would be a vast improvement over any of the clowns currently holding a seat at the table.</p>
]]></content:encoded>
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	<item>
		<title>By: Redleg</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36174</link>
		<dc:creator><![CDATA[Redleg]]></dc:creator>
		<pubDate>Thu, 17 Dec 2009 04:18:40 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36174</guid>
		<description><![CDATA[I&#039;ll add (I mean ADD), a (long) quote from another President:

&quot;The prime need today is to face the fact that we are now in the midst of a great economic evolution. There is urgent necessity of applying both common sense and the highest ethical standard to this movement for better economic conditions among the mass of our people if we are to make it one of healthy evolution and not one of revolution. It is, from the standpoint of our country, wicked as well as foolish longer to refuse to face the real issues of the day. Only by so facing them can we go forward; and to do this we must break up the old party organizations and obliterate the old cleavage lines on the dead issues inherited from fifty years ago. Our fight is a fundamental fight against both of the old corrupt party machines, for both are under the dominion of the plunder league of the professional politicians who are controlled and sustained by the great beneficiaries of privilege and reaction. How close is the alliance between the two machines is shown by the attitude of that portion of those Northeastern newspapers, including the majority of the great dailies in all the Northeastern cities--Boston, Buffalo, Springfield, Hartford, Philadelphia, and, above all, New York--which are controlled by or representative of the interests which, in popular phrase, are conveniently grouped together as the Wall Street interests.&quot;

...  ...

&quot;The present conditions of business cannot be accepted as satisfactory. There are too many who do not prosper enough, and of the few who prosper greatly there are certainly some whose prosperity does not mean well for the country. Rational Progressives, no matter how radical, are well aware that nothing the Government can do will make some men prosper, and we heartily approve the prosperity, no matter how great, of any man, if it comes as an incident to rendering service to the community; but we wish to shape conditions so that a greater number of the small men who are decent, industrious and energetic shall be able to succeed, and so that the big man who is dishonest shall not be allowed to succeed at all.&quot;...

...&quot;Unfortunately, those dealing with the subject have tended to divide into two camps, each as unwise as the other. One camp has fixed its eyes only on the need of prosperity, loudly announcing that our attention must be confined to securing it in bulk, and that the division must be left to take care of itself. This is merely the plan, already tested and found wanting, of giving prosperity to the big men on top, and trusting to their mercy to let something leak through to the mass of their countrymen below--which, in effect, means that there shall be no attempt to regulate the ferocious scramble in which greed and cunning reap the largest rewards. The other set has fixed its eyes purely on the injustices of distribution, omitting all consideration of the need of having something to distribute, and advocates action which, it is true, would abolish most of the inequalities of the distribution of prosperity, but only by the unfortunately simple process of abolishing the prosperity itself. This means merely that conditions are to be evened, not up, but down, so that all shall stand on a common level, where nobody has any prosperity at all. The task of the wise radical must be to refuse to be misled by either set of false advisers; he must both favor and promote the agencies that make for prosperity, and at the same time see to it that these agencies are so used as to be primarily of service to the average man.&quot;

Theodore Roosevelt, Address to the Progressive Convention, August 1912

History Rhymes...]]></description>
		<content:encoded><![CDATA[<p>I&#8217;ll add (I mean ADD), a (long) quote from another President:</p>
<p>&#8220;The prime need today is to face the fact that we are now in the midst of a great economic evolution. There is urgent necessity of applying both common sense and the highest ethical standard to this movement for better economic conditions among the mass of our people if we are to make it one of healthy evolution and not one of revolution. It is, from the standpoint of our country, wicked as well as foolish longer to refuse to face the real issues of the day. Only by so facing them can we go forward; and to do this we must break up the old party organizations and obliterate the old cleavage lines on the dead issues inherited from fifty years ago. Our fight is a fundamental fight against both of the old corrupt party machines, for both are under the dominion of the plunder league of the professional politicians who are controlled and sustained by the great beneficiaries of privilege and reaction. How close is the alliance between the two machines is shown by the attitude of that portion of those Northeastern newspapers, including the majority of the great dailies in all the Northeastern cities&#8211;Boston, Buffalo, Springfield, Hartford, Philadelphia, and, above all, New York&#8211;which are controlled by or representative of the interests which, in popular phrase, are conveniently grouped together as the Wall Street interests.&#8221;</p>
<p>&#8230;  &#8230;</p>
<p>&#8220;The present conditions of business cannot be accepted as satisfactory. There are too many who do not prosper enough, and of the few who prosper greatly there are certainly some whose prosperity does not mean well for the country. Rational Progressives, no matter how radical, are well aware that nothing the Government can do will make some men prosper, and we heartily approve the prosperity, no matter how great, of any man, if it comes as an incident to rendering service to the community; but we wish to shape conditions so that a greater number of the small men who are decent, industrious and energetic shall be able to succeed, and so that the big man who is dishonest shall not be allowed to succeed at all.&#8221;&#8230;</p>
<p>&#8230;&#8221;Unfortunately, those dealing with the subject have tended to divide into two camps, each as unwise as the other. One camp has fixed its eyes only on the need of prosperity, loudly announcing that our attention must be confined to securing it in bulk, and that the division must be left to take care of itself. This is merely the plan, already tested and found wanting, of giving prosperity to the big men on top, and trusting to their mercy to let something leak through to the mass of their countrymen below&#8211;which, in effect, means that there shall be no attempt to regulate the ferocious scramble in which greed and cunning reap the largest rewards. The other set has fixed its eyes purely on the injustices of distribution, omitting all consideration of the need of having something to distribute, and advocates action which, it is true, would abolish most of the inequalities of the distribution of prosperity, but only by the unfortunately simple process of abolishing the prosperity itself. This means merely that conditions are to be evened, not up, but down, so that all shall stand on a common level, where nobody has any prosperity at all. The task of the wise radical must be to refuse to be misled by either set of false advisers; he must both favor and promote the agencies that make for prosperity, and at the same time see to it that these agencies are so used as to be primarily of service to the average man.&#8221;</p>
<p>Theodore Roosevelt, Address to the Progressive Convention, August 1912</p>
<p>History Rhymes&#8230;</p>
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		<title>By: Redleg</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36173</link>
		<dc:creator><![CDATA[Redleg]]></dc:creator>
		<pubDate>Thu, 17 Dec 2009 03:55:23 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36173</guid>
		<description><![CDATA[The media - one more thing that should never have been deregulated]]></description>
		<content:encoded><![CDATA[<p>The media &#8211; one more thing that should never have been deregulated</p>
]]></content:encoded>
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		<title>By: Uncle Billy Cunctator</title>
		<link>http://baselinescenario.com/2009/12/15/wake-up-gentlemen/#comment-36154</link>
		<dc:creator><![CDATA[Uncle Billy Cunctator]]></dc:creator>
		<pubDate>Wed, 16 Dec 2009 19:56:00 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=5720#comment-36154</guid>
		<description><![CDATA[Update: Levitt is not listed on the RiskMetrics list of board members.  Did he get embarassing?

What a successful company though, and &quot;The Center For The Financial Community.&quot;  Just look at their PR.  All these graphs with delightful upward trends.

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTU4NjZ8Q2hpbGRJRD0tMXxUeXBlPTM=&amp;t=1

They are a spinoff of JPM, so the Levitt-Volcker connection makes a lot of sense here.  HQ is located at One Chase Manhattan plaza.

How come we rarely hear about their CEO Ethan Berman?  He&#039;s a very important person.  

Their list of board members is fascinating, as usual.  And look, there&#039;s that word, &quot;Atlantic,&quot; again.

http://www.riskmetrics.com/bod

Rene Kern, of &quot;General Atlantic&quot;


http://www.generalatlantic.com/en/companies/overview

In short, RiskMetrics functions as a ratings agency, performing the modern alchemy of distilling poop into gold.  

RiskMetrics Group is composed of RiskMetrics, and ISS Governance Services, which is &quot;The standard in setting corporate governance best practices.&quot;

Would it be civil and decorous to VOM at this point?

http://en.wikipedia.org/wiki/RiskMetrics]]></description>
		<content:encoded><![CDATA[<p>Update: Levitt is not listed on the RiskMetrics list of board members.  Did he get embarassing?</p>
<p>What a successful company though, and &#8220;The Center For The Financial Community.&#8221;  Just look at their PR.  All these graphs with delightful upward trends.</p>
<p><a href="http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTU4NjZ8Q2hpbGRJRD0tMXxUeXBlPTM=&#038;t=1" rel="nofollow">http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTU4NjZ8Q2hpbGRJRD0tMXxUeXBlPTM=&#038;t=1</a></p>
<p>They are a spinoff of JPM, so the Levitt-Volcker connection makes a lot of sense here.  HQ is located at One Chase Manhattan plaza.</p>
<p>How come we rarely hear about their CEO Ethan Berman?  He&#8217;s a very important person.  </p>
<p>Their list of board members is fascinating, as usual.  And look, there&#8217;s that word, &#8220;Atlantic,&#8221; again.</p>
<p><a href="http://www.riskmetrics.com/bod" rel="nofollow">http://www.riskmetrics.com/bod</a></p>
<p>Rene Kern, of &#8220;General Atlantic&#8221;</p>
<p><a href="http://www.generalatlantic.com/en/companies/overview" rel="nofollow">http://www.generalatlantic.com/en/companies/overview</a></p>
<p>In short, RiskMetrics functions as a ratings agency, performing the modern alchemy of distilling poop into gold.  </p>
<p>RiskMetrics Group is composed of RiskMetrics, and ISS Governance Services, which is &#8220;The standard in setting corporate governance best practices.&#8221;</p>
<p>Would it be civil and decorous to VOM at this point?</p>
<p><a href="http://en.wikipedia.org/wiki/RiskMetrics" rel="nofollow">http://en.wikipedia.org/wiki/RiskMetrics</a></p>
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