So folks, for those of you that will not be bankrupted by the NFIP rate increases will need to dig deeper to keep the lights on. I wonder what rocket scientist dreamed up the idea of sticking the poorest state in the union with the cost of President Obama’s environmental policies?
OK folks I know some of y’all must be scratching your heads at the post title and my choice of quotes that frame this post but bear with me. First off for all my peeps in the TeeVee media I watched most of the coverage last night. Lee Zurik over at Fox 8 and Chick Foret at Channel 4 get attaboys, Zurik because it looks like he is trying to think outside the box on Letten’s replacement and Chick Foret for his brutal, yet accurate assessment of how the axe came down on Jim Letten. I viewed this as a business decision and once people began to say, accurately IMHO, that Letten did not know about the online activities of Jan Mann, Sal Perricone and a rumored 2 other DoJ employees such was a clear sign he was a figurative dead man walking. And while I’m certain feelings are running high at Team Letten right now I think Mr. Letten would be the first person to say that entering the chop shop is the proper last act in these circumstances.
Because of civil service protection afforded to federal prosecutors, neither Letten nor his superiors was likely able to fire Mann immediately, according to lawyers familiar with federal rules. “If she wants to hunker down, she can,” said former U.S. Attorney Harry Rosenberg. “He cannot summarily fire her.”
This is a clear reference to the local rumor mill on Mann. Unlike Sal Perricone, who fell on his sword quickly, Jan Mann stayed on refusing to resign until yesterday when the issue was forced via the forced resignation of her boss. Rumor holds the big guy himself asked Mann to man up and leave. The same rumor said Mann made like Nancy Reagan and just said no. If that is true and I think there is at least a kernel of truth in the rumor so everyone should now understand the lead off quotes I chose this morning.
And that advice was to sell in May and go away. I follow that rule religiously and especially when I see the price of gas go through the roof.
The DC crowd is evidently still completely out of touch with what average Americans are going through financially day-to-day as most have seen their standard of living erode significantly since 2004 as the country speeds down the bankruptcy highway in debt to the tune of 6 figures for every man, woman and child. When all the chickens come home to roost it will be very bad folks.
The way I see it Obama has about 9-12 months left to turn things around. Since he chose to pay bonuses to the Wall Street crowd instead of locking them up for what they did he is in reality no different from the republicans that bailed them out to begin with meaning the public has nothing to lose by throwing his sorry ass out next year unless he turns things around.
The reasons for his failure to reap credit for any economic accomplishments are a catechism by now: the dark cloud cast by undiminished unemployment, the relentless disinformation campaign of his political opponents, and the White House’s surprising ineptitude at selling its own achievements. But the most relentless drag on a chief executive who promised change we can believe in is even more ominous. It’s the country’s fatalistic sense that the stacked economic order that gave us the Great Recession remains not just in place but more entrenched and powerful than ever.
No matter how much Obama talks about his “tough” new financial regulatory reforms or offers rote condemnations of Wall Street greed, few believe there’s been real change. That’s not just because so many have lost their jobs, their savings and their homes. It’s also because so many know that the loftiest perpetrators of this national devastation got get-out-of-jail-free cards, that too-big-to-fail banks have grown bigger and that the rich are still the only Americans getting richer.
This intractable status quo is being rubbed in our faces daily during the pre-election sprint by revelations of the latest banking industry outrage, its disregard for the rule of law as it cut every corner to process an avalanche of foreclosures. Clearly, these financial institutions have learned nothing in the few years since their contempt for fiscal and legal niceties led them to peddle these predatory mortgages (and the reckless financial “products” concocted from them) in the first place. And why should they have learned anything? They’ve often been rewarded, not punished, for bad behavior. Continue reading “From the Cerebral Wing of the Slabbed Nation: President Obama, The Peter Principle, Crooks and Liars.”
Very occasional in fact though Part 1 brought tears to the eyes of Mr CLS over at Yahoo ALL (and I bet he still has that old link) and remains one of our all time greatest finance posts considering Nowdy wrote it. That is not a knock on my partner-in-blog as much recognition that someone who was previously illiterate in high finance could “see-it” around the time we were 6 months old as a blog. This global insurance thing is a complicated critter.
There are people on the bottom of this critter who live here on Main Street. Included in that number are the insurance agents who live in our communities across the coast from Bar Harbor, Maine to Brownsville, Texas. A few years ago, at an insurance forum similar to the event held today at USM Gulf Coast, Congressman Taylor was heckled by an irate insurance agent who was forcibly removed from the building by security. Today during Q&A State Farm agent Elvis Gates told the panel he was behind their efforts 100% as he didn’t get paid on policies he didn’t sell. My own agent’s office mostly looks deserted during business hours. These days everyone is feeling the pain. Elvis seems like he is a sharp guy.
Slabbed issues the following amber alert for Tinky Winky, a Teletubby last seen in New York City. Just before Tinky Winky was reported missing a tourist snapped this picture of him frolicking in Central Park.
The Sun Herald is also all over this story. Geoff Pender’s story on the missing persons report can be found here. The editorial board, rightfully concerned how this news will impact perceptions during this time of crisis, chips in with a quick opinion based upon a life is not a picnic in Central Park theme.
I have taken the liberty of making a collage which I embedded below the fold that I hope my fellow bloggers will distribute as the desperate search for Tinky Winky continues. Please help us find Tinky Winky!