Confidence Game
By any diplomatic standard what the Israelis did to Joe Biden was bold. Yesterday came the scolding by Hillary ( coming to hapless Joe's defence) saying "this action had undermined trust and confidence in the peace process and in Americas interests." The "action" was the increased "settlement" building in E. Jerusalem proposed as Joe was shaking Bebe's hand. This is on the one hand a clever way for Jews to remind us that it is anti-Semitic to stereotype Jews as "deceitful" or "clever" in any negative sense. The Israelis apologized saying the timing was unfortunate and certainly not intended to insult. We weren't implying that certainly!Heavens no.
Of course this settlement building is but one small fraction of the expropriation, theft and occupation going on each day and the Goldstone Report answered any questions of loyalty. This is theatre for NY Times readers and other liberals.
But I'm wondering about the "trust and confidence" that was supposedly undermined, I mean, really? Could you find four people on the earth that would express trust and confidence in anything political right now, much less the shell game being played out in the Middle east? Actually, "Confidence Game" is the perfect description and it is a classic. In classic economic theory we are all rational actors but "con men" figured out long ago that this fiction could work to their distinct advantage. Capitalism itself is a giant confidence game and even though all pretence of rationality is quickly dissolving it has adapted to exploit cynicism equally well. No one said it isn't a creative system! Another interesting con game is "good cop, bad cop" which is used effectively in every sphere of control.
Speaking of creative, the Texas school board has decided children need alternative theories taught next to the left wing propaganda their children now receive.For instance they replaced the word "capitalism" throughout their texts with the "free enterprise system". Under founding philosophers, Thomas Jefferson has been replaced with John Calvin. Remember, No child left behind, be it the Second Coming or Modern Times. Those kids will learn a lot about Uncle Milton Friedman and our (un) inalienable rights.
I wonder if Willie, Waylon and the Boys will weigh in on this. Or Ron Paul? Or Gregrandar? Remember the Alamo! Any time I get discouraged over our struggles here in Montana and consider the religiously ignorant people I will confront today I think "at least I'm not in Texas."
Here is some analysis from Pinky and the gang. Hat tip to the ever vigilant Che Bob.
posted by troutsky @ 5:59 AM
14 comments
14 Comments:
A good confidence game is the info that's coming out on "Repo105" at Lehman Brothers. It's pretty interesting, it's a way to pretend liabilities are sales so you can get them off the balance sheet.
* On May 16, 2008, Matthew Lee, senior vice-president of the finance division, wrote a letter to financial controller Martin Kelly alleging 'accounting improprieties'. Schlich and colleague Hillary Hansen were instructed to investigate.
* On June 12, Schlich and Hansen interviewed Lee. Hansen's notes, seen by Valukas, show that Lee explicitly told about the Repo 105 technique, raising concerns.
* On June 13, E&Y staff spoke to the Lehman audit committee - the group of directors charged with keeping the accounts on the straight and narrow. They made no mention of Lee's allegations, despite the fact the committee chairman had directly asked that every aspect of Lee's claims should be investigated and a report given to the committee.
* One July 8, E&Y staff met the audit committee to report on the second-quarter figures (for which Lehman had moved $49billion of assets using Repo 105). E&Y made no mention of Repo 105 or Lee's concerns.
* Among those kept in the dark, according to the report was Gent, at the time non-executive director of Lehman and a member of the audit committee.
Looks like the invisible hand was schooling the dice. Losses at the Wall Street tables are for the suckers.
I think Enron also used this one effectively.
Trout,
Once again we're on the same track with our own trains of thought. See my latest post, Ode to Modicai Jones
More mindless death cult obsessions about dem Joooos. How much Judenfrei land do Commies and Arabs need.
Of course if Commies did not provoke the Six Day War by promising amphibious landings and turning tail there would be no Occupied Territories. Then commies merely changed the argument from Jews into the sea to a mock ethnicity.
The ultimate solution is to let Che Bob build North Korea redux in the West Bank. Neither Jew nor Arab would want to live in the Death Cult prison.
9:45 – Here’s the amendment Dunbar changed: “explain the impact of Enlightenment ideas from John Locke, Thomas Hobbes, Voltaire, Charles de Montesquieu, Jean Jacques Rousseau, and Thomas Jefferson on political revolutions from 1750 to the present.” Here’s Dunbar’s replacement standard, which passed: “explain the impact of the writings of John Locke, Thomas Hobbes, Voltaire, Charles de Montesquieu, Jean Jacques Rousseau, Thomas Aquinas, John Calvin and Sir William Blackstone.” Not only does Dunbar’s amendment completely change the thrust of the standard. It also appalling drops one of the most influential political philosophers in American history — Thomas Jefferson.
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How did Calvin get in there? I'm not sure she knows her Aquinas either.
Blackstone (no Bentham)? Get ready for those 10 Commandment plaques in the courthouses again.
I bet the texts are going to knock your eyes out.
Ducky, my question is :where are all those liabilities right now? Did TARP just cover them? Bank stocks are soaring and if their timing was good certain people are getting fabulously richer.
I don't know Blackstone, I'm afraid to look.
Yodood, I'll check it out.
Blackstone is a darling of the right wing. He was important in codifying the English case law but he was also a strong believer in the divine right of kings and rights derived from God.
He was a staunch monarchist so I'm not sure what they'll do with that. Probably equate king with ultra right president.
“That the king can do no wrong is a necessary and fundamental principle of the English constitution.”
“No enactment of man can be considered law unless it conforms to the law of God”
He is a big favorite of Clarence Thomas. He had his detractors.
This is how they work it an absolute thing of beauty.
Follow the money, if you can. It all flows uphill. Kapital has it's own physical laws.
Shares of General Growth, which itself is still under bankruptcy protection, also have proved a home run, hitting a low of 32 cents and closing at $14.08 on Monday. After being delisted last year, the shares were relisted on the New York Stock Exchange on Friday.
... General Growth on Monday bolstered its case for exiting bankruptcy as a stand-alone company by lining up nearly $4 billion in commitments from creditors Fairholme Capital Management and Pershing Square Capital Management.
The pledges would bring the mall owner closer to eliminating most of its $7 billion in unsecured debt, in its effort to compete with a bid by rival Simon Property Group Inc.
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Imagine what's happening at Citi? Good thing Larry Summers and Tim Geithner are on the job.
It's like that question Michael Moore asked Elizabeth Warren at the end of the film.
"Where did the money go?"
"I don't know"
I've got a damn good idea.
Loved the pinky piece!
I don't see the big deal about changing out TJ for Aquinas or Calvin... its all the same SHIT!
"Where did the money go?" I'll have a pretty good idea this spring as my clients show up. One thing about old money, they ride through the waves.
kultur, I would argue the subtle variations and death-by-a-thousand-cuts theory. When Hobbes is replaced by Nietzsche there is trouble in River City.
Actually, Calvin had a more profound impact on the direction of WestCiv than Jefferson;
And you are saying they repaced Hobbes with Nietzsche?
Actually, Calvin had a more profound impact on the direction of WestCiv than Jefferson
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It's an American history text but Calvin is way over Jefferson there to.
The Pilgrims weren't no Unitarians.
Where did the money go? Well, if you listen to the far right loans were coerced under the CRA to "people who couldn't afford them" (you know who).
In fact most of them probably believe that the fall of the world banking system could be brought about simply by the loan losses in minority neighborhoods. They actually believe the system couldn't absorb those relatively small losses. (Cue the Beak in 1, 2 ...)
The whole thing had nothing to do with bets on the direction of housing prices and an insane hysterical belief that equity bubbles don't burst.
There was an interesting segment on 60 Minutes last night that stated the collapse was do to flat out ignorance on the Street rather than purely greed ... people were buying this crap with no idea what it was. So they either were stupid or corrupt but they get their bonuses ... and we better be damn grateful because without them there wouldn't be any jobs, right?
Well, labor precedes Kapital so someone has the cart before the horse, Cut the Beak in 1, 2 ...
And you can bet they ain't teaching this in those new Texas textbooks.
Ducky - exactly... but his impact here was profound on all, including Jefferson.
Most of the early colonists in America, particularly in the North, were devoted Calvinists. This was a time of white-hot Calvinist vehemence: the colonial Englishmen were taking Calvin whole!!
Along with the uncompromising religious service, they brought their work ethic to America. From a Massachusetts statute of 1633: "... no person, householder or other, shal spend his time idly or unprofitably, under pain of... punishment...," and somewhat later, "Let your business engross the most of your time." In the mid colonies "... the diligent hand makes rich." We see then in these first white settlers the combination of Calvinist religious vehemence and acquisitiveness,,,
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