Chamblee54

The Rolling Stone Interview

Posted in Uncategorized by chamblee54 on June 30, 2009

001

002


PG has been reading “The Rolling Stone Interviews”. It is a slick collection of interviews from the magazine, published in 2007. It is not an original work of literature. A great deal of “entertainment” is recycling past product. For a slacker at the library, it is still a good deal.

As Jann Wenner tells the story, The Who played a show in San Francisco, and Pete Townsend did not smash his guitar. Wenner went backstage to ask him why. The result was the first Rolling Stone Interview. Modeled after the Playboy Interview, this became a feature of the magazine.

PG bought his first copy of Rolling Stone in 1971. It had the interview with John Lennon. This became a part of the Lennon legend, with its comments about Mick Jagger and his fag dancing.
Rolling Stone was different in the early days. It was printed on cheap newsprint, and had a lot more to read than today. It was the Great Speckled Bird on steroids.

Thirty eight years later, a slick compilation of interviews turns up at the library. The book has a few highlights.

RS hired Truman Capote to cover a tour of the Rolling Stones (the band). For whatever reason, he never produced any product. So, Andy Warhol goes to visit, and brings a tape recorder. They go to Central Park. Mr. Capote does not think Mick Jagger can sing. Later, they go for drinks. Capote gets J&B on the rocks, Warhol gets a Grand Marnier.

Neil Young was drunk when he made “Tonights the Night”.

Oriana Fallaci would ask Jesus if he slept with Mary Magdalene. Miss Fallaci would like to find the grave of Jesus, and see if it is occupied.

Joni Mitchell played Bob Dylan a tape of “Court and Spark” and he fell asleep.

David Letterman is asked what he is like in a relationship, and he says “moody drunk”.

Bill Clinton talked to Richard Nixon a great deal. Nixon admired the way Clinton dealt with abuse from the press.

And on and on. The library wants the book back tomorrow. It is not worth an overdue fine.

003

004

Take The Bus Today

Posted in Uncategorized by chamblee54 on June 29, 2009

001

002

003


PG was driving down fifth street, when he saw a line of firetrucks and ambulances. He turned on the radio, and WSB interrupted Neal Boortz to announce that a parking deck had collapsed on Spring Street. PG found a place to park, and started over to the scene.

A man saw the helicopters and general confusion, and asked what happened. PG said a parking deck collapsed, over behind LA fitness. The man said he usually parks there, but took the bus today.
The deck was not on Spring, but behind a fenced off vacant lot. The fence was as close as PG was going to get.

There were lots of people standing around, many of them talking on cell phones. A man with binoculars, claiming to look for survivors, made smart comments about the people taking pictures. PG decided he was talking to someone else.

You could not tell much from 75 yards away. A policeman was encouraging people to get on the other side of Spring Street, and PG decided he had seen all he was going to see. PG did not want to see bodies carried out of the garage.

004

005

006

HR 2454

Posted in Uncategorized by chamblee54 on June 27, 2009

001

002


With all the attention given to Neda and Michael, few noticed an important vote in the US House of Representatives Friday. The House passed HR 2454, and sent it to the Senate. HR 2454 is also known as Waxman-Markey, or Cap and Trade. The bill tries to deal with the issue of carbon dioxide emissions.

Georgia Fourth District Representative Hank Johnson voted yes.

The bill is over a thousand pages long, and difficult to understand. The basic concept is that limits will be set on the amount of carbon dioxide that certain industries can dispose of in the atmosphere. There will be
taxes levied to encourage these industries to emit less carbon dioxide.
The bill is hysterically opposed by some special interests, and the media whiners on their payroll. In a curious twist, HR 2454 is also opposed by Greenpeace, who doesn’t think it goes far enough.

This whole business makes PG’s head spin. The future of the American Economy, and the earth as we know it, are at a crossroads. America is addicted to oil, and needs to kick the habit. PG senses that the exploitation of renewable energy sources like solar and wind could be the start of a new golden age economically. We can also reduce the overloading of carbon dioxide.

PG is also aware that the money controllers have trillions of dollars invested in the coal/oil/nuclear(CON) status quo, and want to get a return on their investment. When you have this much money at stake, a few million in payoffs to radio whiners is pocket change.

It is ironic that many of these media players claim to support small government, while supporting the big money CON interests. Alternative energy, when it is a reality, could be much less dependent on big government. If people get their energy directly from the sun, there would be no need for big money power systems. Where there is big money, big government is not far behind.

HR 2454 is going to the Senate, where it will face another onslaught from the special interests. The horse is going into a committee, where it will become a camel. It will either pass or fail, and maybe go to the White House. In any event, many will give the credit/blame to BHO, who is just as beholden to the special interests as the other players.

The earth will continue to spin either way. It is the air around the planet that is in trouble.

003

004

005

The Urban Legend Email

Posted in Religion by chamblee54 on June 26, 2009

001

002


In the wake of 911, the following email wormed its way around the internet. It is a classic of the genre. PG will add comments in gray where appropriate.
This letter references an appearance by Anne Graham Lotz
on “The Early Show”. Here is a transcript of that appearance. (TheEarlyShow) Thank you, Angel Ministries. They also say, regarding the Early Show comments and the following email, “Any mutation of it on the Internet would have occurred without Mrs. Lotz’s involvement.”
To see the transcript, double click on (TheEarlyShow). You will see the window of this post, and a link that says “TheEarlyShow”. Double click on this link, and you should see the transcript.

Subject: SOMETHING TO THINK ABOUT
i recently got this email from a close relative and i was left in awe about what Billy Grahams daughter says on TV. also the things that she says is shockinly true. i hope you read through this medium sized email and have a little food for mind in whatever you say in the future. G-d Bless. Javi

In light of the many perversions and jokes we send to one another for a laugh, this is a little different: This is not intended to be a joke, it’s not funny, it’s intended to get you thinking.

Billy Graham’s daughter was interviewed on the Early Show and Jane Clayson asked her “How could G-d let something like this happen?” (regarding the attacks on Sept. 11).

Anne Graham gave an extremely profound and insightful response. She said
“I believe G-d is deeply saddened by this, just as we are, but for years we’ve been telling G-d to get out of our schools, to get out of our government and to get out of our lives. And being the gentleman He is, I believe He has calmly backed out. How can we expect G-d to give us His blessing and His protection if we demand He leave us alone?”
In light of recent events…terrorists attack, school shootings, etc. I think it started when Madeleine Murray O’Hare (she was murdered, her body found recently) complained she didn’t want prayer in our schools, and we said OK.

It was the Supreme Court which ruled that Public School Prayer was unconstitutional. It was a controversial decision.

Then someone said you better not read the Bible in school ….. the Bible says thou shalt not kill, thou shalt not steal, and love your neighbor as yourself. And we said OK.
The Bible says a lot of other things as well.
Then Dr. Benjamin Spock said we shouldn’t spank our children when they misbehave because their little personalities would be warped and we might damage their self-esteem (Dr. Spock’s son committed suicide). We said an expert should know what he’s talking about. And we said OK.

Then someone said teachers and principals better not discipline our children when they misbehave. The school administrators said no faculty member in this school better touch a student when they misbehave because we don’t want any bad publicity, and we surely don’t want to be sued (there’s a big difference between disciplining, touching, beating, smacking, humiliating, kicking, etc.). And we said OK.
Maybe this is a good time to ask who this WE person is. A lot of parents disagree with this concept. Many of the people who don’t want corporal punishment have good reasons for feeling this way. Also, in that parenthetic statement at the end, PG wonders what is being compared to what. There is a list of actions, and no way to know what is not what.
Then someone said, let’s let our daughters have abortions if they want, and they won’t even have to tell their parents. And we said OK.

Then some wise school board member said, since boys will be boys and they’re going to do it anyway, let’s give our sons all the condoms they want so they can have all the fun they desire, and we won’t have to tell their parents they got them at school. And we said OK.

Then some of our top elected officials said it doesn’t matter what we do in private as long as we do our jobs. Agreeing with them, we said it doesn’t matter to me what anyone, including the President, does in private as long as I have a job and the economy is good.
Ah, nostalgia for good times past. A good economy was a healthy thing, no matter what went on in the Oval Office. The next President started a War of Choice in private, and the economy is not good.
Then someone said let’s print magazines with pictures of nude women and call it wholesome, down-to-earth appreciation for the beauty of the female body. And we said OK.

And then someone else took that appreciation a step further and published pictures of nude children and then further again by making them available on the Internet. And we said OK, they’re entitled to free speech.
This bit of rhetoric may be the biggest lie in this letter. Child pornography is an aggressively prosecuted crime. Government agencies have been known to advertise such materials, and then bust anyone who answers the ad. PG has NEVER heard anyone say that child pornography is protected by free speech.
Then the entertainment industry said, let’s make TV shows and movies that promote profanity, violence, and illicit sex. Let’s record music that encourages rape, drugs, murder, suicide, and satanic themes. And we said it’s just entertainment, it has no adverse effect, nobody takes it seriously anyway, so go right ahead.

Now we’re asking ourselves why our children have no conscience, why they don’t know right from wrong, and why it doesn’t bother them to kill strangers, their classmates, and themselves.
In the years after 911, we have engaged in wars in Iraq, Afghanistan, and Pakistan. There are lots of strangers being killed over there. But, it is going a bit far to say that it doesn’t bother soldiers to kill strangers. PTSD and suicide are serious problems among troops who have been to war in Babylon.
Probably, if we think about it long and hard enough, we can figure it out. I think it has a great deal to do with “WE REAP WHAT WE SOW.”

Funny how simple it is for people to trash G-d and then wonder why the world’s going to hell. Funny how we believe what the newspapers say, but question what the Bible says.
Many of the people who forwarded this message whine about “liberal media bias”, but call the Bible the “Word of G-d”.
Funny how you can send ‘jokes’ through e-mail and they spread like wildfire but when you start sending messages regarding the Lord, people think twice about sharing.

Funny how lewd, crude, vulgar and obscene articles pass freely through cyberspace, but public discussion of G-d is suppressed in the school and workplace.

Are you laughing?
Does a cynical smirk count?
Funny how when you forward this message, you will not send it to many on your address list because you’re not sure what they believe, or what they WILL think of you for sending it.
It is a good idea to only send a message to someone who is going to trust what you say. If they don’t trust you, what is the point? Also, if a message about G-d creates ill will, is that message not in vain? Any questions about this, see the Third Commandment.
Funny how we can be more worried about what other people think of us than what G-d thinks of us.
If G-d lives in the hearts of Man, is there a difference between what man thinks and what G-d thinks?
Pass it on if you think it has merit. If not then just discard it… no one will know you did. But, if you discard this thought process, don’t sit back and complain about what bad shape the world is in!.

003

004

Public Service Announcement

Posted in Uncategorized by chamblee54 on June 26, 2009

da015

fl005

ja014


PG went on his bike to look at the yard sales. Before he was twenty feet off his driveway, he saw a pile of broken glass. A thoughtless person threw a Jarritos bottle in the street. A car did not miss it.

Kind people of the internet, take a moment away from Michael Jackson to think about someone other than yourself. Enjoy your beverage, and throw the glass bottle in a trashcan. If your beverage is a legal drug, enjoy it in a home or a bar, but not in a moving vehicle.

PG was lucky to see that weapon in time. He will not be able to walk barefoot in front of his house now.
Please, think of other people before you throw that bottle out the window.

sc006

wi011

wo010

Twenty Five Baddest Hoods

Posted in Uncategorized by chamblee54 on June 25, 2009

001

002


There is a report out about the 25 most dangerous neighborhoods in America. The noise you hear is a BS detector going ding ding ding.

The study was compiled by Andrew Schiller and NeighborhoodScout.com. This is a service for people looking to move to an area. You can get a report on any “neighborhood” in America. You will need a paid subscription to the service.

The study uses FBI data regarding murder, non-negligent manslaughter,forcible rape, armed robbery, and aggravated assault. It is a standard statistical soup of incidents per thousand residents. There is a saying about three kinds of lies…lies, damn lies, and statistics.

PG looked over the sites describing this study, and could not find how they define a neighborhood. This is a key flaw in the study. In Atlanta, neighborhoods expand along with the property values. If a realtor can make more money by calling a street Vinings instead of Smyrna, then she will do so. How you draw the boundaries of these areas is going to have a lot to do with how many crimes are reported.

The word reported is also important, as not all crimes are reported. Police Departments play games with the numbers. There are three kinds of lies.

Here are the twenty five hoods ranked as the baddest in the America, the greatest country on earth.

1. Cincinnati, Ohio (Central Pky./Liberty St.) 2. Chicago (State St./Garfield Blvd.) 3. Miami, Fla. (7th Ave./North River Dr.) 4. Jacksonville, Fla. (Beaver St./Broad St.) 5. Baltimore (North Ave./Belair Rd.) 6. Kansas City, Mo. (Bales Ave./30th St.) 7. Memphis, Tenn. (Warford St./Mount Olive Rd.) 8. Kansas City, Mo. (Forest Ave./41st St.) 9. Dallas, Texas (Route 352/Scyene Rd.) 10. Richmond, Va. (Church Hill) 11. Memphis, Tenn. (Bellevue Blvd./Lamar Ave.) 12. Dallas, Texas (2nd Ave./Hatcher St.) 13. Springfield, Ill. (Cook St./11th St.) 14. St. Louis (14th St./Dr. Martin Luther King Dr.) 15. Little Rock, Ark. (Roosevelt Rd./Bond St.) 16. Philadelphia (Broad St./Dauphin St.) 17. Tampa, Fla. (Amelia Ave./Tampa St.) 18. New York City (St. Nicholas Ave./125th St.) 19. Chicago (66th St./Yale Ave.) 20. Baltimore (Orleans St./Front St.) 21. Cleveland (Cedar Ave./55th St.) 22. Orlando, Fla. (East-West Expy/Orange Blossom Trl.) 23. Detroit (Mount Elliott St./Palmer Ave.) 24. Chicago (Wallace St./58th St.) 25. Chicago (Winchester, Ave./60th St.)

Did any hoods from Atlanta make the list? No, and Houston, New Orleans, or Los Angeles did not *crack* the top 25. The furthest west the list goes is Kansas City. While it is “safe” to assume that the 25 areas listed are not nice places, you have to wonder about a listing like this that leaves so much out.

HT to JoeMyG-d, who lives in New York.

003

004

Don’t Cry For Me Carolina

Posted in Uncategorized by chamblee54 on June 25, 2009

001

002


Mark Sanford is, the last time PG checked, the Governor of South Carolina. He is a Republican and a flaming Jesus Worshiper. He recently got caught with his pants down.

PG is not fond of the word hypocrite. Too often it leads to ad hominem mudslinging, as the Hatfields and McCoys trade insults. Hypocrisy, like beauty, is in the eye of the beholder. PG would rather look at the persons deeds as the true manifestation of the  beliefs.

With this in mind, PG does not worry about the party line blatherings of Mr. Sanford. It is better to look at the emails he exchanged with his mistress. Mark Sanford spent father’s day with this mistress.

He quotes The Bible in an email to his mistress. To be specific, I Corinthians 13.
“ Love is patient and kind, love is not jealous or boastful, it is not arrogant or rude”.

003

004

Unicorns And A Rainbow Cake

Posted in Uncategorized by chamblee54 on June 24, 2009

001

002

This is a borrowed post. It was originally posted at amerrierworld. PG does not bake or write in first person. He has never had kids. He does borrow other peoples ideas, and introduces them to the rainbow.
At the end of her birthday party last year, M announced that she would be having a unicorn party for her next birthday. I didn’t realise that she was absolutely serious about this. I thought, “It’s a whole year away – she’s bound to change her mind.” But no, for a whole year M has stuck to her original intention and has been counting down the days until her unicorn party.
You could argue that I’ve had a whole year to prepare, so why the sudden rush to get everything ready last week? Well, M may have had a solidly clear idea of the grand theme for her party, but she left the finer details entirely up to me.
Not wanting to disappoint, I threw myself into turning our house into an enchanted forest in the hope that any passing unicorns might be tempted to pop in on the big day. We made glittery trees and rainbow streamers while M’s big sister created a welcoming poster for the front door.
Last year, M set her heart on a cake she saw in a book by Debbie Brown (here’s a warning to parents – only ever let your children see pictures of cakes that you’re happy to make yourself). Four being so much more grownupperer than three, M has now thankfully entered the chocolate frosting and smarties stage.

I’m not so very far removed from the icing sugar cloud of despair that I miss those fondant modelling sessions yet … I’m quite happy to be doing chocolate and smarties.

I couldn’t resist giving the birthday girl a little surprise, though. From the outside, M’s cake looked perfectly normal (in a homemade sort of way) – a magical plastic unicorn standing amid swirls of white chocolate buttercream and scattered smarties. M’s seven little party guests looked on dutifully as M blew out her candles and I took a knife to cut into the cake.

Hesitating before plunging in to make the first slice, I asked them all, “Do you know what happens when a unicorn stands on top of a birthday cake?”
“No,” they whispered with wide eyes. “He makes a rainbow,” I told them, cutting into the cake.
The next day, M sidled up to me and asked, “Mummy, how did the unicorn do that to my cake?”

Well, if there’s by any chance anyone left in the blogosphere who hasn’t come across a rainbow cake before now, I’ll explain my own take on the concept … just in case a unicorn happens to pass by and stand on another little girl’s birthday cake ;-) .

I’m not sure who had the original idea – there’s a box-mix version doing the rounds that appears to have started with this thread in the dubiously-named ‘Something Awful’ forums. Rejecting the layered box-mix and diet soda variety however, I based my own rainbow cake recipe on Farida’s beautiful Zebra Cake (stay tuned for more from Farida in an upcoming post).

I followed Farida’s instructions to make a yellow cake batter (whichever basic cake recipe you choose, it’s important that it’s one in which the batter doesn’t mix about too much during baking or you’ll end up with a muddy brown cake instead of a rainbow).
Then, instead of dividing it into two parts and colouring one part with cocoa as Farida did, I divided the mixture between seven bowls (roughly 4 tablespoons of batter in each) and used my fondant paste dyes to colour each portion a different colour of the rainbow.
I then poured each rainbow batter in turn (starting with red) into the centre of my prepared cake pan. As Farida says, don’t wait for each colour to spread out before starting with the next – just pour the batter into the centre of the pan, then pour the next colour right on top and then the colour after that without waiting for each to spread fully.

The weight of each batter pushes the previous colour out further and, as long as you keep a steady hand with the pouring, they all sort themselves out. And it’s as simple as that.

I found out in the school playground this morning that one of the guests has kept her special piece of rainbow cake carefully wrapped up since the party so that she can show it to everyone who visits.

003

004

Ashes To Ashes

Posted in Uncategorized by chamblee54 on June 24, 2009

001

002

003


When a person dies, the family wants to mourn. This is a cornerstone of civilization. When the family is not allowed this comfort, they feel insulted. Recent events in Iran show what happen when people are insulted too many times.

The world knows Neda Soltan. She has become a symbol of the unrest. What has happened to her grieving family?:

“The Iranian authorities have ordered the family of Neda Agha Soltan out of their Tehran home after shocking images of her death were circulated around the world.
Neighbours said that her family no longer lives in the four-floor apartment building on Meshkini Street, in eastern Tehran, having been forced to move since she was killed. The police did not hand the body back to her family, her funeral was cancelled, she was buried without letting her family know and the government banned mourning ceremonies at mosques, the neighbours said.”

Here is the rest of the story.

Meanwhile, a few hundred kilometers away, a funeral was allowed to take place. They had a visitor.
“Up to 80 people have been killed after missiles were fired from a US “drone” at the funeral of a suspected Taliban commander of the Pakistani Taliban in South Waziristan, Pakistan officials have said.” The rest of this story is here.
The United States is at war with Pakistan in all but name. This is a nation of over 100 million moslems, with nuclear weapons. If we had listened to “neocons” and extremist Israelis, we would be at war with Iran now. Those people in the streets would be fighting us.

There is an old saying, might makes right. What is happening now is a change in understanding of what might is. The brave people in the streets of Iran have might. Their blood is the WMD. America, by contrast, attacks with high tech unmanned aircraft.

004

005

006

Seven Percent Younger

Posted in Uncategorized by chamblee54 on June 23, 2009

001

002


A couple of weeks ago, Chamblee54 recycled an email. It was a list of life lessons, written by a lady named Regina Britt. It was reported that she was 90 years old.

As it turns out, the chain email industry got that wrong. Regina Britt is 53. Mrs. Britt survived a bout with breast cancer, and is happy for the life she enjoys. She has a book coming out.

The chain email got a couple of other things wrong. The original list of 45 RFL was printed. In her nifty at fifty column, Mrs. Britt had fifty thoughts. Since PG cares about his reader(s), he has compared the two lists, and determined which five were not included. Maybe it is the email monger who is 90 years old, or living in North Ohio.

16. Life is too short for long pity parties. Get busy living, or get busy dying.

17. You can get through anything if you stay put in today.

18. A writer writes. If you want to be a writer, write.

38. Read the Psalms. They cover every human emotion.

48. If you don’t ask, you don’t get.

The email distributor did not think that what Mrs. Britt wrote was sufficient. The following postscript was added:
“Its estimated 93% won’t forward this. If you are one of the 7% who will, forward this with the title ’7%’. I’m in the 7%. Remember that I will always share my spoon with you! Friends are the family that we choose for ourselves.”
PG suspects that Regina Britt is not a statistician. She tells the truth.

Thank you Capri, for leaving a comment at the Chamblee54 post. Capri gave the correct age for Regina Britt. Its not everyday you can take 37 years off a persons age.

003

004

Follow The Money

Posted in Uncategorized by chamblee54 on June 22, 2009

001

002


PG has been on a rules of life bender lately. Recently, the facilitator was Avitable. He left ten rules for life. He had 94 comments, many of whom offered their own RFL. While editing the Avitables, PG began to think. This is usually dangerous, though so far has not been fatal. A running list of profundities was begun.
This list uses male oriented terms. PG realizes that more than half of humanity is female. However, the english language is clumsy. Words like their and people just don’t sound right. For the purposes of this lesson, PG will say he and him. The reader can translate this into more inclusive terminology.

1 A man who says I don’t know is usually telling the truth, unless he is under oath. 2 If you don’t know, ask. 3 Don’t use body parts or hygeine appliances as insults.
4 If you can’t say anything good about someone, say bless his heart.5 Believe half of what you read and nothing that you hear. 6 If you tell the truth, you will always know what you said. 7 A phony aplology is usually worse than the misdeed which proceeded it. 8 An after dinner bike ride in summer is a gift. Whatever you are doing can wait until you get back. 9 A man once complained that he had no shoes, until he met a man with no feet. 10 Wisdom fatigue is real. 11 Bumper stickers are asking for trouble. Why should the person behind you in traffic know your innermost thoughts? 12 Sometimes it takes more courage to listen than it does to talk. 13 The more opinions you have, the easier it is to be a hypocrite. 14 If you say something louder, it does not become more true. 15 When compiling lists of wisdom, include things that make you smile, even if you don’t completely agree. 16 You can wish in one hand and poop in the other, and see which hand gets full faster. Whatever choice you make, wash your hands. 17 Keep your voice down if you don’t want someone to hear you. 18 Efficiency is laziness with an attitude. 19 Know the difference between true wisdom and a clever phrase. 20 Don’t believe your own propaganda. 21 Follow the money.

003

004

Meat Company Breeding Rats

Posted in Uncategorized by chamblee54 on June 21, 2009

001

002


The financial mess is not over. Perhaps it has bottomed out. (The American people have been bottomed out).The debt will be with us for a long time. The loss of confidence may be permanent. A writer named Matt Taibbi has a couple of posts recently that explain a few things.

The first is about Hank Paulson. He is one of the nameless men who helped to make the dollar worthless. He was the Secretary of the Treasury under George W. Bush. Before that, he was Chairman and CEO of Goldman Sachs. That combination should raise a few eyebrows, but no one noticed at the time.

It seems that in 2004, Paulson played a key role in the relaxation of certain rules governing banks.
“he called up SEC director William Donaldson in 2004 and quietly arranged to get the state to drop capital requirements for the country’s top five investment banks?… Paulson met with Donaldson and got the rules changed so that Goldman and four other banks no longer had to abide by the old restrictions that forced banks to actually have a dollar or two on hand for every ten or so they lent out. After that, it was party time! Bear Stearns in just a few years had a debt-to-equity ration of 33-1! Lehman’s went to 32-1.”
The big banks were lending money to just about anyone who wanted it. So much capital was coming on the market, it was a struggle to lend it all out. The standards, especially for home loans, went down to almost nothing. These loans were packaged and resold, in the form of securities backed by these almost fraudulent loans.

It should be noted that PG is not an economist, and does not understand much of this. If the technicalities are a bit off, then so be it. The bottom line is that the American economy, once the envy of the world, is in tatters.

The second article is about a pseudo apology issued by a money lender. It really needs to be read in full. If you are in a hurry to watch NASCAR, here are a couple of “money quotes“.

“So some Dutch teachers’ union that a year before was buying ultra-safe U.S. Treasury bonds in 2006 runs into a Goldman salesman who offers them a different, “just as safe” AAA-rated investment that, at the moment anyway, just happens to be earning a much higher return than treasuries. Next thing you know, a bunch of teachers in Holland are betting their retirement nest eggs on a bunch of meth addicted “homeowners” in Texas and Arizona.”
Next time, those teachers will look somewhere else to invest their savings.
“Alt-A mortgages are characterized, mainly, by crappy documentation and lack of equity: no income verification, no asset verification, little-to-no cash down…These crap/sham mortgages, a lot of them adjustable-rate deals with teaser rates that featured sudden rate hikes two or three years after closing, they would never have been possible had not someone devised a method for selling them off to secondary buyers.”

“This isn’t really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn’t have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye. Imagine a meat company that bred ten billion rats, fattened them on trash and sewage, ground their bodies into chuck, and then sold it all as grade-A ground beef to McDonald’s and Burger King, right under the noses of the USDA: this is exactly the same thing, only with debt instead of food. We’re eating it, they’re counting the money.”

PG was still working while a lot of this was melting down, and in those days listened to Neal Boortz. Neeyull blamed the sub prime mortgage crisis on the government pressuring lenders to give loans to less qualified buyers. This argument is dissected in the comments to this post.

Back to Neeyull, PG was listening one day when an “expert” was discussing the mortgage crisis. PG has neither a name nor an exact quote, as he was driving at the time. Neeyull mentioned that Government pressure led to loaning money to less qualified people. The expert said that was part of it, but the real problem was the flood of capital available to lend. The banks were under pressure to loan the money out as quickly as possible, and not to be too picky about qualifications.

We will be paying for this for years to come.

003

004

Follow

Get every new post delivered to your Inbox.

Join 174 other followers