Posted by Larry Doyle on April 30th, 2014 8:34 AM |
Why is it that our nation does not have real statesmen in public service? Why is it that very real corruption and scandal — legal and otherwise — have gained a stranglehold on our political process? Why is it that an SEC attorney states at his retirement sendoff that “the system is broken?”
Say what you want about Senator Elizabeth Warren (D-MA), her politics, and her personal foibles, but she provides a national public service in exposing the fraud that is disguised as Washington politics in her new book, A Fighting Chance.
Credit to The New York Times’ acclaimed financial journalist Gretchen Morgenson for launching into the charades played by those in Washington who profit personally while America grows increasingly disenchanted if not totally disgusted. Senator Warren uses the same term to characterize our political process as recently used by Michael Lewis in describing our equity markets.
“The game is rigged and the American people know that. They get it right down to their toes.” (more…)
Posted by Larry Doyle on October 26th, 2013 6:23 AM |
With this commentary, I welcome inducting Peter Schweizer of the Hoover Institution at Stanford University into the highest echelon of the Sense on Cents Hall of Fame.
If you do not think that the folks in Washington employ practices (e.g, shakedowns, protection money) commonly connected to those engaged in ‘organized activities’, then take the mere 5-minutes to view a recent Yahoo clip highlighted below with the acclaimed author of the recently published Extortion: How Politicians Extract Your Money, Buy Votes, and Line Their Own Pockets.
Schweizer opines on a standard Washington practice directed at business owners and executives.
“If they don’t offer up campaign donations…lobbying contracts for friends or family members, bad things will happen to them so they feel compelled to give when they would rather just be focused on building their business.” (more…)
Posted by Larry Doyle on October 22nd, 2013 9:33 AM |
The release this morning of September’s employment report indicates that our economy continues to limp along like a wounded dog.
But while many in our nation seriously wonder how they will make ends meet, there is one group in our nation that has developed a business plan for which most companies would be vilified — if not prosecuted — but which for them their cup overflows.
Just who are these visionaries that have developed a secret sauce that fills their coffers with booty and elevates the individuals to almost untouchable status? Who are they? Our politicians in Washington who are engaged in what can only be defined as legalized bribery.
For those who missed the expose on what looks and feels very much like a scandalous scheme of payola, let’s navigate and watch a 13-minute 60 Minutes must-view segment. (You will likely want to take a shower after watching this.) (more…)
Posted by Larry Doyle on October 18th, 2013 8:36 AM |
After the dysfunctional debacle displayed in Washington over the last few weeks — and potentially repeated in early 2014 — what is that strong symbolic wind now blowing offshore?
Oh, that is the sound of investment capital leaving our nation.
Not that those in Washington have a real appreciation for it but private investment capital is the lifeblood which fuels our economy.
While those in Washington are now sufficiently addicted to our central banking shell game, aka quantitative easing, why would they be concerned about protecting and promoting the formation of private investment capital? Great question. (more…)
Posted by Larry Doyle on October 17th, 2013 9:55 AM |
Recent polls regarding confidence in our public officials in Washington are at historic lows and with the can having been kicked down the road for only 3 to 4 months, I do not see those polling figures improving anytime soon.
If those in Washington on both sides of the aisle actually care about the public interest and the need for an adult dialogue, they may want to start by addressing the points raised by David Malpass. His recent commentary is overflowing with a host of basic principles of real sense on cents.
At its core, the shutdown is part of a much bigger battle to restrain the federal government. It is spending $3.6 trillion per year without a budget, and its expenditures are expected to increase rapidly in the years ahead.
Meanwhile, the government has piled up $17 trillion in debt and $60 trillion more in unfunded spending promises. The Federal Reserve will borrow $1.1 trillion in 2013 alone to buy bonds—and it reserves the right to borrow unlimited amounts for future bond purchases without congressional or presidential permission. (more…)
Posted by Larry Doyle on October 15th, 2013 8:49 AM |
If our supposed leaders holding public office in Washington were not so pathetic, they may actually be comical.
But there is little to laugh about when we learn just how much the dysfunction in Washington costs our economy. The Financial Times highlights this morning:
Economists are scrambling to assess the damage inflicted on the US recovery by the government shutdown and its second close brush with default in as many years.
But the bigger picture is that the political paralysis surrounding US fiscal policy, with recurring feuds and brinkmanship on Capitol Hill, has already taken a massive toll on the country in the past three years.
In a report released on Monday, Macroeconomic Advisers, the research group, found that America’s budget fights have cost more than 2m jobs and slowed annualised economic growth by 1 percentage point of gross domestic product since 2010. (more…)
Posted by Larry Doyle on August 25th, 2013 7:09 AM |
For those who might still be wondering why America is rotting from within, please find 45 minutes to watch Bill Moyers recent interview with Mark Leibovich, author of This Town, a best selling expose of how crony capitalism has become pervasive in our nation’s capital.
After watching this clip, I think there is little doubt that people will understand how public service has become a major for profit undertaking; I think people may also feel the need to take a shower. This is truly a must view as Leibovich names names and does not pull any punches in doing so.
Washington is clearly filled with a pack of losers. But unfortunately the real losers are the American public.
I thank the regular reader who brought this clip to my attention.
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view this clip and comment on this piece of ‘sense on cents’.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Posted by Larry Doyle on April 30th, 2013 7:23 AM |
If the American public is concerned about the dysfunction within Washington D.C., after reading two inside editions on the games being played within our nation’s capital, the public should be even more concerned than ever.
I recently completed two enlightening books, Confidence Men by Ron Suskind and Bailout by Neil Barofsky. I recommend both to those who want to gain a real understanding of how our nation’s capital does NOT work, that is, does NOT work for us. (more…)
Posted by Larry Doyle on May 2nd, 2012 6:28 AM |
I truly appreciate those in our nation who can properly frame the debate which MUST be had if we are to protect our country and the future for our children. I heard just such a man last evening. I compel you to listen to him.
Who is this man?
Senator Tom Coburn, Republican of Oklahoma. He laid out not only our greatest problem but also indicted the corrosive culture in Washington that has allowed this problem to grow. Coburn provides the barometer by which all of our supposed politicos should be measured.
What did Coburn have to say? A lot. Try these on for size… (more…)
Posted by Larry Doyle on June 7th, 2011 6:55 AM |
Truth, transparency, and integrity.
The compromising of these virtues may be the cost of doing business in our nation but make no mistake the price we collectively pay is enormous. Whether in Washington or on Wall Street, the ability to compromise our prized virtues has truly been raised to an art form.
From derivative transactions which disguise unprecedented levels of risk to bond indentures which require advanced legal degrees to interpret, our ‘friends’ on Wall Street with assistance from ‘their’ friends in Washington have displayed little regard for the aforementioned virtues which are the foundation for real ‘sense on cents’.
More often than not,though,the violation of our virtues is viewed in an impersonal light. Wall Street and Washington are behemoths. The American public and investors at large are faceless. In my opinion, our financial services industry and government would just as soon keep it this way.
Let’s challenge them. (more…)