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 8th, 2009

Tiger Humor

by @ 18:55. Filed under Miscellaneous.

Q. What’s the difference between a sailor and Tiger?

A. Tiger thinks “all the world’s ports” is too limiting

There’s No Way Out of TARP Part 6 – Porkulus II

by @ 12:35. Tags:
Filed under Miscellaneous.

Editor’s note – this post has some salty language. It’s been too long since I’ve unleashed my inner Rottweiler, so deal with it.

It’s been a while since I delved into the fucked-up world of TARP. The Wall Street Journal yesterday dragged me back into it with news that instead of $341 billion in 10-year losses in TARP, the White House is projecting $141 billion in 10-year losses, and that the $200 billion in “savings” would be spent on a second Porkulus package. Before I continue, let’s review what TARP was supposed to be and what it turned out to be thus far:

  • Originally, TARP was supposed to be the functional equivalent of a $700 billion short-term revolving-credit line, where the federal government would buy “distressed” real assets and hold them only long enough for the private market to recover to absorb them. Overall, it was expected that the majority-to-entirety of the $700 billion out there at any one point would be repaid.
  • TARP turned very quickly into direct-cash injections into the financial system and an actual $700 billion revolving-credit line, with much the same repayment promises, and then morphed again into the bailout and purchase seizure of GM and Chrysler. Ultimately, $204 billion went out the Treasury door.
  • On the repayment end, $10 billion came back to the Treasury in the form of interest and dividend payments, and an additional $70 billion was paid back. In addition, Bank of America will repay its $45 billion TARP loan next week, and the Treasury claims that total repayments may hit $175 billion by the end of next year.

Now, let’s do some math here. $204 billion out less something north of $70 billion back in (the WSJ story did not differentiate between interest payments and dividends; the latter would honestly be applied toward principal) would leave something less than $134 billion outstanding. Assuming (yes, I know, assumption is the mother of all fuckups, so please spare me the ass-you-me horse manure) that the Treasury isn’t blowing smoke up our asses, and assuming no more TARP “investments”, that $175 billion in repayments would leave something less than $30 billion outstanding.

That leaves a “few” questions. First question; what the fuck else is the ObamiNation going to nationalize with TARP to push the 10-year-loss to $141 billion, and what the fuck were they going to nationalize to push it to $341 billion?

Second question; whatever happened to keeping TARP temporary (fuck you very much for the clusterfuck, Bush)? While the entire $700 billion is “spent” according to the budget, in reality, it’s not spent until the money goes out the door, and it was, up until now, supposed to theoretically be repaid in full.

Third question; if Porkulus I was so “successful” at creating/”saving” jobs (BTW, could any O-bots explain how 10.2% is lower than 8%?), why do we need Porkulus II?

Fourth question; what the fuck does continuing to restore the welfare state or weatherstripping homes have to do with Plugs Biden’s favorite three-letter word, J-O-B-S?

Pot Meet Kettle

by @ 12:06. Filed under Health Care Reform, Politics - National.

Yes, I know, it’s a pretty trite title.  That said, many of you would probably reply with “yes, but it fits most of your writing!”  OK, now that you’ve had your moment of sarcasm, can we get down to business?

The Senate Minority Leader, Mitch McConnell put out a press release denigrating the Democrat’s efforts to make a bad bill, worse.  As part of his statement, McConnell accused the Democrats of both a lack of principle and laziness by saying:

‘So what’s becoming abundantly clear is that the Majority will make any deal, agree to any terms, sign any dotted line that brings them closer to final passage of this terrible bill. They are, for lack of a better term, winging it on one of the most consequential pieces of domestic legislation in memory’

“Winging it” are they?  I don’t think so!  Whether it is Reid or someone else, the Democrats seem to know exactly what they are doing. 

The Senate started with a plan that was sure to split the Democrat caucus.  As Steve has on his poll, there were at least 3 issues capable of ensuring that Placebocare didn’t exit the Senate; abortion funding, public option and the cost.  We’ve already seen in the House version how the Democrats will “eliminate” abortion funding from the bill while retaining it via some smoke and mirrors.  We also know that for all the discussion of concern over cost, there is no Democrat that will stand in the way of a “historic” legislation due to a measly few trillion dollars.  That leaves the public option as the real divider.

Last night and this morning, we are hearing that the Democrats are finding a solution to the public option dilemma.  Articles like this one at, are suggesting that a public option that is run privately but at the government’s direction, may be the solution that lets the Democrat spectrum be equally offended but provides a solution that is equally accepted.

I won’t go into the weak mindedness of this non public, public option other than to say; “Isn’t this just more of the same?”  Aren’t all plans today basically privately implemented but publicly mandated?

What I will say about the non public, public option is that not only might this get the Democrats to solidify, there are also signs that this kind of a solution may get the one Republican vote they need to close debate and move to a final vote.  In fact, the non public, public option is the brain child of Senator Olympia Snowe.  Yes, that’s right, the same Olympia Snowe who has a problem with a public option but has no problem with funding abortion services.  See how this is coming together?

It’s becoming clearer to me that rather than “winging it,” that while the outcome may be imperfect from their viewpoint, Democrats are close to finding a path that will allow them to attain their goal, control of the health care industry.  On the other hand, Mitch McConnell has yet to offer anything other than verbal tripe in the way of opposition.  Not once has McConnell demanded a unanimous consent on any amendment, nor has he required the reading of the bill.  Neither of these efforts would ultimately cause the bill’s failure if the Democrats are committed to unity for passage.  However, either or both of these efforts would delay the passage of any bill.  If there’s one hope for killing this bill it is kept in forcing the Democrat Senators to face their constituents another time before the vote.  If the polls are correct, a number of them will hear clearly, that they had better not vote for Placebocare, at least if they value their cushy jobs.

So, while Mitch McConnell accuses the Democrats of ethical flexiblity and “winging it” it would seem that at this point, he is the one operating without a plan and in fact, “winging it!”  Pot meet kettle!

Your inspirational Soviet poster of the day

by @ 8:58. Filed under Weather.

It is especially appropriate for those of you between the Wisconsin bunker and the Minnesota bunker seeing the deepest of the foot-deep snow Gorebal “Warming” will be splitting the difference. My blogfather used to put this up at the various runs of Spotted Horse before he flamed out whenever Demon Snow threatened.

For those of you who can’t read Russian, the rough translation is, “Everyone to the fight with the blizzard.”

I have got to find the Brian Nelson classic “Demon Snow”. The bad news is that the Bob and Brian album it is on, “Tahellwitchyoo”, is out of print, and my copy is long gone.

Revisions/extensions (11:09 am 12/8/2009) – Thanks to a loyal reader, I now have “Demon Snow” in my inbox, and it’s as good as I remember. Now go back Demon Snow, back from whence you came. Leave the good people of Milwaukee (and the Twin Cities) alone.

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