Archive for the ‘Rolling Stone’ Tag

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Nobel Prize-winning economist Paul Krugman said in a recent interview that President Barack Obama was one of the most successful presidents in American history, topping even Ronald Reagan.

In a cover story for Rolling Stone magazine titled “In Defense of Obama,” Krugman defends Obama against critics on the right and the left.

“High office shouldn’t be about putting points on the electoral scoreboard, it should be about changing the country for the better,” Krugman wrote. “Has Obama done that? Do his achievements look likely to endure? The answer to both questions is yes.”

“People who thought Obama was going to bring a transformation of America, I thought were being naive,” Krugman told ABC News correspondent Jonathan Karl in a recent interview. “But by God, we got health reform, we got a significant financial reform. We are getting — the environmental action is not everything you would have wanted, but it’s more than anyone else has done for decades.”

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Matt Taibbi “This “let’s blow up the American credit rating” ploy impressed hardcore anti-spending types in the same way. It was crazy, but maybe only slightly more crazy than both of the parties have consistently been for most of the last 20 years, when the two sides have continually failed to hammer out workable budgets and instead have mostly just let the national airplane fly mindlessly forward using the laziness-enabling autopilot mechanism of a continuing resolutions, or CRs. Despite the fact that working out budgets is mostly what we hire members of Congress to do, they seem to have a terrible time doing it on time, and instead routinely rely upon the CR process (in which the two sides basically agree to put things off until later) to keep funding levels static for some ludicrously short-term period like six months.

The failure to work out sensible budgets makes it impossible for government agencies to make long-term plans, and instead leaves them scrambling to spend money in the short term. It’s an incredibly stupid way of doing business and if these people weren’t on television so often, ranting and raving like baseball managers arguing a safe call at the plate and playing to the home crowd by pointing fingers at the other side, they would probably just do what members of Congress traditionally did in the pre-mass-media age, which is quietly and (mostly) sensibly work things out, getting as much as they could for their own constituents without crossing the line into antipatriotic acts of self-destruction – like a national default, for instance.”

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Insubstantially I walk   Leave a comment

Where in the hell am I?

So many emotions are contained

Within the limits of my body

So much angst and contentment

How do I burn it?

How do I use it as fuel?

How do I not?


It happens

It all burns

And the result of the fuel

Propels you

Ever foreword

To the inevitable end


The last island on earth

Is less attached to my soles

Than ever before

I’ve never been this light

I’ve never been this heavy

Waning attachments

Seem less relevant now


It happens

It all goes

And the result of the trip

Compels me

Eternally now

Enjoying the moments I can


What have I done with my life?

What else should I still do?


I think I’ll stop asking

And simply float where I am

It’s taken so long

To get to this place

That I don’t understand


Insubstantially I walk

Physical time traded for music

Emotions diving and soaring

Life is so fun and so fucking boring

I drift ever foreword

I drift ever upward

Fixed in my loving beliefs

That I use to drive my life

Another passion tossed on the fire

Another emotion experienced and burned

Reveling in the light and the heat

Smoked to the core

Burned apart by life

Taken apart

Piece by piece

Until questions rule the mind

And body starts to float

Further and further away

From this temporary home

This house of many questions

This life that at times

Is mistaken for hell.


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MATT TAIBBI talking about the Hostess company  “Yes. I mean, this kind of follows a familiar narrative that we’ve seen a lot in the last 15 to 20 years in America. In this case, you know, a private equity firm comes in. They take over after a bankruptcy. They borrow a ton of money, which, of course, becomes the company`s debt.

And so, now, you have a company that in its first bankruptcy was $450 million in debt. Now, it`s $1 billion in debt after it was taken over. So the company that took over didn’t wipe out its debt, it doubled its debt.  But in the end, they are not blaming all that debt for the company`s problems. They are blaming the workers and their pensions and their benefits which remain static or gone down throughout this entire time.

It`s just — it`s part of this overall mythology that we have to blame the workers for wanting benefits and wanting a living wage.”

Posted November 20, 2012 by tmusicfan in Politics, Quote of the Day

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Quote of the Day   1 comment

MATT TAIBBI, “ROLLING STONE MAGAZINE”: Private equity firms in general — this is something people generally don`t understand. When they take over companies, they borrow massive amounts of money that the company has to pay back. So you`re essentially borrowing against the assets of a company that you don`t own yet.

So when Mitt Romney talks about debt and he talks about the national debt and borrowing money that you don`t have, that`s exactly what he did for years. His model is very similar actually to those no money down mortgages, where you put down five percent, three percent and you get the house that you actually can`t pay for……

When they take over a restaurant, they can just run up massive bills on its credit, and they`ll monetize it that way. And that`s exactly what private equity firms can do. They can pay themselves massive dividends against the company`s credit when they take over companies. And
Bain has done this in a number of instances, including with K.B Toys…..

So you borrow 300 million dollars that a company like K.B. Toys has to pay back. Now they have all this debt. Now they have to fire a bunch of people to pay for that debt. And Bain Capital tells you who to fire. For the privilege of getting that advice, you have to pay them fees of up to 10 million dollars or 15 million dollars a year.

So now you have two huge burdens that you didn`t have before. You have the debt service and you have these annual fees, which can turn into massive amounts of money. “

O`DONNELL: And from all this, what has Mitt Romney learned that will be useful in the Oval Office.

TAIBBI: I guess having access to unlimited sums of money from the Fed will be a nice change Before, he just had to go to Goldman Sachs or
Citigroup to get the money. Now he`ll just have easy access to unlimited sums.”