No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

Archive for December 17th, 2008

Snow plowing in Oak Creek – FAIL

by @ 9:41. Filed under Politics - Oak Creek, Weather.

Let’s run through the timeline on this past storm:

– Snow starts falling at Mitchell International (just north of Oak Creek) – sometime between 12:52 pm and 1:52 pm.
– Accumulation in my driveway at 5 pm when I left to pick up my younger sister from the airport – approximately 1 inch
– County plows spotted – several times between 5 pm and 8:30 pm
– Majority of snow ends at Mitchell – prior to 8:52 pm
– Last of the snow ends at Mitchell – prior to 12:52 am
– Total amount of snow at Mitchell – 2.4 inches
– Major thoroughfares in the city of Milwaukee plowed – prior to 4 am
– First city of Oak Creek plow sighted – 5 am
– Time my subdivision got “plowed” (the term is used loosely because there is a layer of snow and ice still on the streets) – 7 am (there is a school in the subdivision that opens at 8 am)

This, in a city that last year, found enough additional spending to raise the property tax levy increase from a 3.80% increase to a 3.86% increase, in a city that just spent over $8 million on a new garag…er, Taj Mahal for the Street Department, in a city where the mayor wants to build a $20 million monument to himself under the guise of a new oversized city hall/library combo complete with underground parking, and in a city that, in addition to taxing to the max, is raiding just about every last fund that has a positive balance to mask the true increase in spending, is fucking unacceptable.

Deeply Troubling

by @ 5:47. Filed under Economy, Politics - National.

Those are the words that SEC Chairman, Christopher Cox uses as he describes his agency’s inability  to ferret out the Madoff ponzi scheme despite “credible and specific warnings” going back to 1999.   Cox goes on to say:

"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them."

Besides ignoring warnings about Modoff’s investment practices, it turns out that Madoff had a family relationship connection to the SEC and  Madoff personally:

sometimes consulted with the SEC on how to regulate markets and sat on a panel of academics, regulators and executives formed in 2000 to give the agency advice on new stock market rules in response to the growth of electronic trading.

 Cox has been a one man clueless show throughout this entire economic meltdown.   Among his more egregious actions, or lack thereof, were not requiring financial statement clarity for many of the “exotic” financial instruments, not removing mark to market requirements and issuing a statement that even further muddled the mark to market requirements.  

Obama has yet to announce his choice for SEC chair although he reportedly has a list down to about four names.   As with any political appointment, there will be some risk of ideology influencing focus and agenda.   However, regardless of who Obama picks, it’s hard to imagine anyone on Obama’s list being as out of touch as Cox has been with his responsibilities.   Cox is the poster child of “deeply troubling!”

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