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April 15, 2009 @ 5:11 p.m.
LOL...What a tool. Levitt ripped off San Diego in the biggest white collar scam ever perpetrated against a muni, IMHO.
"That is what our California Recovery Plan is all about.
We took the debt - that we inherited from the previous administration, the debt that threatens us with bankruptcy, and we rolled it into a 15 billion dollar recovery bond.
Then we tore up the credit card.
We passed a balanced budget amendment.
And we created a rainy day fund for future hard times and emergencies.
Never again will government be allowed to spend money it doesn’t have.
Never again will the state be allowed to borrow money to pay for its operating expenses."
April 15, 2009 @ 5:18 p.m.
BTW Don, you said a comment I have really caught onto, and that is complexity is built into financial instruments for the prupose of fraud, because without the complexity fraud could not exist.
Now I look at all financial dealings with that grounded rule in the front of my mind. It is 100% on the money.
April 15, 2009 @ 7:03 p.m.
April 15, 2009 @ 8:11 p.m.
I don't think that you're doing a very good job of explaining what a derivative is. I challenge you to write a future column explaining derivatives (the different types, and how they operate), they aren't some form of magical theft-magnets. The premise of a derivative is useful to both the investor and the market in ge...
Also, much of what you write sounds Keynesian and yet here you seem to waffle on both sides of the fence (Hayekian in terms of the nuances of capital investment vs. Keynesian in terms of government regulation). This might not be the forum for you to elaborate, but then an article would be appreciated explaining your vi...
April 15, 2009 @ 8:57 p.m.
April 15, 2009 @ 10:31 p.m.
I don't blame the derivatives, I blame the investors. Likewise, while I certainly am not defending Levitt, I question the wisdom in hiring Kroll in the first place. In other words, if we're at Del Mar in August, and I bet on a certain horse and lose, is it the horse's fault? Same thing with derivatives.
Regarding Keynes vs. Hayek, I'm sure that you're well aware that the Austrian school has not been considered as relevant (since 1930 or so) until very recently; that while ultra-Keynesians would love to believe that somehow laissez faire economists creeped in and performed some sort of voodoo and caused this crisis, th...
I think that the Hayekian model (Austrian if you prefer) is correct, and I predict that more Universities will seek to embrace it. This does not necessarily preclude regulation as necessary, but it certainly warns that Government intervention is not only dangerous, but ultimately evil. After all, Freddie and Fannie wer...
April 15, 2009 @ 11:15 p.m.
I am concerned about the $12.8 trillion that Bush and Obama have thrown at the current crisis. I believe it will lead to inflation.
It is guaranteed to lead to inflation, and we're going to see it in spades in 18 months or so.
You simply cannot print money like it's toilet paper, backed by nothing but the "full faith and credit" of a country that is fiscally bankrupt and starting to look like a third world disaster instead of the world leader it should be.
And let me tell you something else, if we don't stop shipping our middle class mahufacturing jobs to China, and expand those types of jobs here, we will never recover and eventually will be a third world country. A country that does not produce goods cannot survive in the world economy.
April 16, 2009 @ 6:57 a.m.
April 16, 2009 @ 9:47 a.m.
April 16, 2009 @ 10:41 a.m.
The US has free K-12 education, clean lakes and rivers, the Bill of Rights, the strongest military in the world, and strictly enforced child labor laws. It is also the country poor people throughout the world would choose to live in if they could. Are those 3rd world country characteristics? The US has many problems, b...
April 16, 2009 @ 11:36 a.m.
The US has free K-12 education, clean lakes and rivers, the Bill of Rights, the strongest military in the world, and strictly enforced child labor laws. It is also the country poor people throughout the world would choose to live in if they could. Are those 3rd world country characteristics? The US has many problems, b...
We also have a level of poverty that is wide spread and growing as our manufacturing base has shipped literally millions of jobs overseas, and it's getting bigger everyday-where poor people cannot get access to medical healthcare, dental care, decent housing or other necessities of life.
As for the courts and the bill of rights which you speak of-how many people in America have access to OUR legal system-I'll tell you-less than 2-3% have the money to file and proisecute a civil lawsuit.
Don't tell me how great the country is when it is working properly-because when it is working properly it is by far the best in the world-but when it is broken then it is not better than North Korea, iran or China.
I'll tell you where to visit since you think you know so much-go visit Richmond CA, or Oakland or Compton or Vermont and Slauson in LA at 1:00 AM and see how "safe" it is.
It is ridiculous to NOT compare the US and the direction it is headed in relation to a third world country.
Just in case you have been asleep the last 25 years, our standard of living in the US has gone down, while the standard of living in China and India has gone up.
April 16, 2009 @ 1:33 p.m.
He was arrogant. He railed against the City Attorney and taunted the City Council. Said if they didn't like his work they should fire him.
But of course they didn't. They all sat and just watched this jerk's performance. They were rendered almost Mute.
San Diego deserves what San Diego keeps electing.
April 16, 2009 @ 2:31 p.m.
April 16, 2009 @ 2:33 p.m.
April 16, 2009 @ 2:44 p.m.
April 17, 2009 @ 2:53 p.m.
Johnny says: "...while the standard of living in China and India has gone up." WOW, let's write that one down for posterity.
When your standard of living is lower than the open sewers in the streets what other direction is there to go?
April 17, 2009 @ 9:07 p.m.
April 17, 2009 @ 10:48 p.m.
"...while the standard of living in China and India has gone up." WOW, let's write that one down for posterity.
Our good manufacturing and solid job base has been going to both China and India and THEIR standard of living is rising, while ours has been falling the last 20 years-that's a fact.
Now, do you or do you not admit that fact?
April 17, 2009 @ 10:50 p.m.
Oh, and The US is the LARGEST debtor nation in the world now-while China is the largest creditor nation in the world, all this in less than 25 years when the US was the largest creditor nation in the world (thank Ronnie Raygun for that colossal fiasco of deficit spending, which has only gotten worse the last 25 years).
April 18, 2009 @ 12:35 a.m.
Behavioral Economics is what's going to be taught in our best universities, leaving both Hayek and Keynes looking quaintly outdated.
April 18, 2009 @ 7:08 a.m.
April 18, 2009 @ 7:11 a.m.
April 18, 2009 @ 7:17 a.m.
April 18, 2009 @ 8:08 a.m.
Here's another one for you...what goes up must come down.
The standard of living in the U.S. has been on the rise since it began. Some believe it may have reached the pinnacle, but not me.
As Don stated it’s time for a consolidation where Americans will hopefully curtail if not end the overindulging excesses of the last 30 years. Is there going to be pain associated? Yep, we’re seeing it now with an abrupt change in world economics. Will we survive it? Absolutely! Will we learn? Only time will tell.
Remember Johnny you read here first…. What goes up has to come down. You can quote me on it.
April 18, 2009 @ 8:37 a.m.
The standard of living in the U.S. has been on the rise since it began.
In fact the standard of living for the average American has gone down the last 9 years-since 2000- because that is where wages stangated at and not advanced-add in inflation of 3%/year and Americans are pulling in 30% LESS!! than in 2000.......obviously this does not apply to gov employees.
Last, this is almost certain to continue for another 2-3 years- at least.
"America has the best justice system in the world", he would say as he would violate Constitutional rights left and right while violating every procedural rule in the book.
"America's court and justice system, when it works the way it is supposed to work and the rules are followed it, has the best system in the world. But when judges start railroading people before them, violating Constitutional rights and safe guards, then the American justice system is no better than the ones in Iran, C...
April 18, 2009 @ 12:26 p.m.
April 18, 2009 @ 12:30 p.m.
April 18, 2009 @ 3:57 p.m.
Response to #27: Sadly, yes. But I must admit, April has been a pleasant surprise. Especially considering this team's payroll compared to teams they already embarrassed this season. I'll be keeping my fingers crossed.
April 18, 2009 @ 4:08 p.m.
Johnny you are sad wretched person.
A standard of living is NOT measured in money alone. But, from your history of posts, here and every other place your moniker is found, it's usually tied to it in one way or another.
One can only hope someday you'll be visited by three spirits. Where you'll may learn there are many other, and more important characteristic to measure a man's life than the balance of his checking account.
April 18, 2009 @ 4:12 p.m.
And yes it's true, your profession is like every other one on the planet. Merely a partial reflection of our culture. There are good ones and bad ones. Fortunately, the bad ones never last as long as the good one.
April 18, 2009 @ 8:55 p.m.
April 18, 2009 @ 8:57 p.m.
April 18, 2009 @ 8:59 p.m.
April 19, 2009 @ 7:25 a.m.
Don I was surprised by the referral to sports, but more so by emphasis on cost of one ticket. Isn't this the rule of supply and demand? The Yankees have magnificently manipulated the market for their product through masterful marketing and the power of their checkbook. They have provided a superior product and now inte...
While I would find it difficult to part with a boat load of cash for one ticket for one Yankee game it is capitalism. That's way better than socialism.
April 19, 2009 @ 9:36 a.m.
April 19, 2009 @ 9:54 a.m.
April 19, 2009 @ 1:17 p.m.
Hey from the Steinbrenner perspective it can get much better if you're a capitalist.
April 19, 2009 @ 1:19 p.m.
April 19, 2009 @ 2:23 p.m.
April 19, 2009 @ 2:30 p.m.
April 19, 2009 @ 2:46 p.m.
hmmmm Alice Cooper as D.B. Cooper... nah that doesn't work either.
April 19, 2009 @ 2:47 p.m.
Guess the third time was a charm!
April 19, 2009 @ 4:12 p.m.
Remember, the ship building company was the family company.