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Archive for May, 2010

Halliburton = A Hot Mess

Halliburton just goes from mess to mess collecting checks.

HalliburtonIraq war profiteer during George W. Bush’s presidency & Dick Cheney’s old company – did the inadequate cement job on the Gulf of Mexico gusher.

http://sec.gov/Archives/edgar/data/45012/000004501210000085/ed10k2009_final.htm

“With approximately 51,000 employees, we operate in approximately 70 countries around the world, and our corporate headquarters are in Houston, Texas and Dubai, United Arab Emirates.

Net Income 2009 = $1.2 billion, which is down from $2.2 billion in 2008, and further diminished from its total winnings of $3.5 billion in 2007.

* Halliburton spun off its subsidiary – KBR, which it used for the Iraq War – in 2007.

P. 62 of Halliburton’s public annual report for fiscal year 2009:

All by itself KBR garnered revenues of $2.2 billion in fiscal year 2007. That’s all taxpayers’ money, folks!

P. 66

“The District Court consolidated the two cases and the plaintiffs filed a consolidated petition against current and former Halliburton directors and officers only containing various allegations of wrongdoing including violations of the FCPA, claimed KBR offenses while acting as a government contractor in Iraq, claimed KBR offenses and fraud under United States government contracts, Halliburton activity in Iran, and illegal kickbacks. As of December 31, 2009, we had not accrued any amounts related to this matter because we do not believe that a loss is probable.  Further, an estimate of possible loss or range of loss related to this matter cannot be made.”

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Rorschach Test

The Cande of Kudlow

Wall Street caused the Subprime-Mortgage-backed cataclysmic meltdown of our economy…

-near 20% under-employment

-housing prices cleaved in half

-401ks obliterated

-the stock market lost half its value from a high of 14,000 in October 2007

-a frozen-to-starting-a-trickle credit market, etc., etc.

* The taxpayer bailouts of AIG, the Wall Street banks and the U.S. car companies started in 2008, under George W. Bush.

And Larry Kudlow throws up unsubstantiated and heavily biased opinion to protect his money and the money of the investor class, who largely caused/ contributed/ complicitly went along with the greed and malfeasance that destroyed our economy.
One word: Derivatives.
* Warren Buffett called derivatives “financial weapons of mass destruction.” Example: collateralized debt obligation.

Here’s the Cande! (conjecture and exaggeration): “If passed, this would reduce investment, jobs, and economic growth, and enlarge the deficit,” Kudlow wrote.

Note: This is the tried and true technique of Conservatives to be the (dark as night) Pot and call the shiny copper kettle (black). Remember, the Republicans and Wall Street caused the Subprime Mess. The quote from Larry Kudlow – demagogue extraordinaire – applies to what Wall Street just did to the American economy during George W. Bush’s presidency.

The Great Recession is the Result of Republican Party Rule:  * The Bush S.E.C. allowed self-regulation by the Wall Street banks on Subprime-mortgage-backed securities.

Watch this…http://crisisofcredit.com/

President Obama and the Democratic majority Congress are cleaning up the multiple messes left behind by the Republicans. Obama and the Democrats are curtailing the reckless behavior of Wall Street that caused the near collapse of our economy in 2008, and the results of which we are still experiencing.

Obama and the Democrats are working to benefit the majority of Americans. Kudlow tries to blame them for cleaning up his and Wall Street’s mess. Show us your jazz hands, Larry. Sophistry & Demagoguery exhibited at their finest:

http://article.nationalreview.com/435098/greek-disease-in-the-house/larry-kudlow

President Obama’s Speech in the Gulf of Mexico (my version)

A meeting between the two largest countries bordering the Gulf of Mexico:

“People of the Sun…our Mexican neighbors with whom we share these waters, they know that name. The ancient Aztecs were the People of the Sun. That was a long time ago…

Let’s not dredge up the past any longer. Let’s get it together. We are all People of the Sun. We can not live without the Sun. And the Sun is a virtually endless source of usable energy.We can also benefit from the Sun.

This sludge that we drill from the Earth – Oil – is billions of years old. Yes, it is. The Earth has been around a long time. The Sun’s been around a long time, too.

It’s time to see the light. This dark stain on our beaches is a wake-up call. We must make a choice…

Either we continue increasing our consumption of oil year after year…

Or we find a new way to make our cars go and our homes power up.

I don’t know about you, but I like the beach. Hawaii is where I grew up. The ocean is a pleasurable place to spend an afternoon–driving by it, swimming in it. But not if it’s got oil all over it.

I will do everything I possibly can to make sure that this never happens again. This catastrophic spill is a demarcation point. Here’s the line – Never Again.

And now I look onto you, People of the Sun…Everyone…will you help me? Will you use solar electricity and plug-in electric cars? We can use the Power of the Sun.

Thank you very much. God Bless Mexico. God Bless the United States of America. May we both do well in the World Cup. Viva Joga Bonito! Long live the beautiful game.

As bad as this catastrophe has been…Life goes on. There is a brighter day tomorrow.”

Wall Street Continues To F*ck U.S.

http://finance.yahoo.com/tech-ticker/big-banks-still-manipulating-numbers-to-make-you-think-they%27re-safer-and-better-than-they-are-495399.html?tickers=xlf,skf,c,bac,db,gs,ms&sec=topStories&pos=9&asset=&ccode=

EXCERPT:

Specifically, studies have shown that most of the major banks often reduce the amount of money that they’re borrowing at the end of each quarter, in order to make their balance sheets look prettier.  Once the new quarter begins, they then crank up the leverage (and risk-taking) again….

As the banks are quick to point out, this manipulation is perfectly legal. It just provides a misleading impression of the actual riskiness of the bank. It also makes the bank appear to have a higher return on capital than it actually does (because the quarter’s earnings, which are produced with the higher debt through the quarter, are then compared to the capital the bank has on hand at the end of the quarter).

A recent study by the Wall Street Journal reveals that, not only are banks still engaging in this practice, it has actually gotten worse in the past few years.  Bank of America, Citigroup, and Deutsche Bank are among the worst offenders.

Oil reaches Louisiana shores – The Big Picture – Boston.com

The Oil Drilling Is Over! (If You Want It)

>>> * Click Here…http://www.cartoonistgroup.com/store/add.php?iid=24831

Dear Salon dot com,

I would like to thank the creator of Berkeley Breathed. For years, I have been showing my friends, family, customers, and everyone who will stop a second, the “Final Stage of Oil Grief” cartoon.

http://www.salon.com/comics/opus/2008/07/06/opus/index.html

Without his illustration, it takes me many words to convey a semblance of the meaning that he achieves in a single image. After 3-plus years of selling solar electricity, I still encounter steadfast ignorance about using the Sun to run our homes and power our cars. Sadly, a lot of Californians still think “solar” is for heating the pool only. Many adults are oblivious.

Especially now that oil drilling in the Gulf of Mexico has brought us the biggest oil spill in U.S. history, I would like to have the cartoon creator’s permission to use his artwork on my blog.

Facebook friends decry the oil spill and then in their next post share their plans to go on a road trip through several states without even a hint of irony. What do you think powers your car? They don’t make the connection, I guess. I want to show everybody that there is an alternative means of energy, so they can still go on their road trip with no oil needed.

* The new Tesla Model-S will go 300 miles on a charge and recharge in 45 minutes (perfect lunch break/ rest stop).

Your Fellow American