Reason Magazine
- reason.com
- reason.tv
- reason.org
- Donate
- Site Search:
Reason on Facebook
Reason on Twitter
Reason on YouTube
Reason RSSGet Reason E-mail Updates!
Manage your Reason e-mail list subscriptionsadvertisements
"Are you telling me that nobody at the Federal Reserve is keeping track on a regular basis of the losses that it incurs on what is now a $2 trillion portfolio?"
Chef: Did you find the CO, Captain?
Willard: There's no fucking CO here. Let's just
get going.
[Via Hullabaloo.]
LibertyMark|5.12.09 @ 1:29PM|#
This is somewhat old news, but very enlightening (and entertaining!) nonetheless.
|5.12.09 @ 1:35PM|#
They'll just print some. Like Monopoly money.
Easy come - Easy go at the FIAT SPECIE Casino.
BPC|5.12.09 @ 1:36PM|#
Amazingly, Ron Paul's HR 1207 Audit the Fed bill is up to 149
co-sponsors. He has introduced similar legislation many times
before and received almost no support.
I realize many of the co-sponsors are just trying to ride the wave
of anti-bailout sentiment, but it is still shocking to me.
Imagine if it gets a floor vote? I can already hear Barney Frank
arguing how us peons have no business knowing what the Fed is
doing.
|5.12.09 @ 1:41PM|#
Mr. Grayson just found out that there's gambling going on at
Rick's Place the FED.
hmm|5.12.09 @ 1:41PM|#
That depends on what your definition of "keeping track" is
is.
He should have just called her a stupid bitch and moved on to
asking if any of her aids or other people at the table could
answer. At some point the niceties have to stop and you have to
call a spade a spade.
Naga Sadow|5.12.09 @ 1:43PM|#
hmmmm,
It's a game of chicken at this point. Something tells me it's gonna
be the politicians who blink first.
ed|5.12.09 @ 1:44PM|#
I have no comment at this time, as I am in the process of evaluating all possible comments, but I will look into making a comment at a later date, and getting back to you. Thank you.
|5.12.09 @ 1:45PM|#
HA! Well played Jesse. Well played.
Yeah but who are the Chefs?
Great Googly
Moogly
|5.12.09 @ 1:53PM|#
Just grow up and pay your taxes.
Just grow up and pay your taxes for your own fucking
hobbies.
|5.12.09 @ 2:11PM|#
Chad-
An essential part of growing up is recognizing and accepting that
paying taxes is for slaves.
High Every Body|5.12.09 @ 2:13PM|#
On which deserted island might we find MNG today?
You know everybody's first guess should be Gaza, even if you try to
trick us by saying "island".
Clifford el gran coño peludo|5.12.09 @ 2:15PM|#
Why not make the Federal Government SOX compliant? An Executive Order would due the trick.
Xeones|5.12.09 @ 2:20PM|#
He wanted you to fuck him in the ass, Naga. But not in a gay way or anything.
Naga Sadow|5.12.09 @ 2:21PM|#
Well clearly that's wrong. Only the reciever of said dick is gay. Not the giver.
|5.12.09 @ 2:24PM|#
High Every Body-
Gaza would not be a good place for MNG to test his new
hypotheticals.
Heterosexist Every Body|5.12.09 @ 2:26PM|#
Gaza would not be a good place for MNG to test his new
hypotheticals.
But she could go crazy on the hypocriticals.
Who was that who figured out MNG is an angry lesbian or
something?
hmm|5.12.09 @ 2:32PM|#
An essential part of growing up is recognizing and accepting
that paying taxes is for slaves.
I would give my left nut to see that happen. The bad part would be
the gov. hiring 40,000 new accountants to pencil fuck a result that
says they are.
hmm|5.12.09 @ 2:34PM|#
crap wrong quote. You have to be 1% smarter than the equipment
you're working with.
Correct Quote:
Why not make the Federal Government SOX compliant? An Executive
Order would due the trick.
Clifford el gran coño peludo|5.12.09 @ 2:46PM|#
"Correct Quote:
Why not make the Federal Government SOX compliant? An Executive
Order would due the trick."
do the trick.
Clifford el gran coño peludo|5.12.09 @ 2:48PM|#
"I would give my left nut to see that happen. The bad part would
be the gov. hiring 40,000 new accountants to pencil fuck a result
that says they are."
That's 40,000 pencil-ready good paying jobs we're talking about
here.
Besides, what's sauce for the goose...
|5.12.09 @ 3:14PM|#
Her glaring incompetence reminds me of something my professor
once told me:
"All engineers should be required to get an MBA, for the simple
fact that business majors can't do the math."
She couldn't even say whether their portfolio had sustained a
loss?! That would be indicated by numbers less than
zero.
Audit the Fed, indeed.
hmm|5.12.09 @ 3:41PM|#
"All engineers should be required to get an MBA, for the
simple fact that business majors can't do the math."
She couldn't even say whether their portfolio had sustained a
loss?! That would be indicated by numbers less than
zero.
This is why an engineer will tell you an elephant can hang off a
cliff by its trunk. Just because a number is less than zero, does
not automatically make it a loss. If I could borrow for less than
zero I would be pretty well off. However, I get the point and if it
was a business professor that said that they should be shot.
Engineers get a pass since they live in a land of unicorns and
numbers.
T|5.12.09 @ 4:06PM|#
Just because a number is less than zero, does not
automatically make it a loss.
Hmm. We're in finance world, not engineering world. There are no
vectors. If you have a number that's less than zero, the only way
it can be construed to not be a loss is if you started with an even
bigger negative number. Either way you're kind of screwed.
|5.12.09 @ 4:16PM|#
If you have a number that's less than zero, the only way it
can be construed to not be a loss is if you started with an even
bigger negative number.
A smaller loss is still a loss.
hmm|5.12.09 @ 4:25PM|#
111-22=89
No zeros and you still have a loss. This means using zero as an
absolute or even a vaguely absolute measure of loss is incorrect
and will sink anyone in finance. This is the kind of thinking that
gets people in trouble and the kind of critical thinking business
schools tend to not address. The important thing is where the
resources are and how they are moving not if they are zero. The use
of zero as a measure is incorrect.
I still get your point and don't think you intended for the
discussion to go this way. The problem is just something I have
seen in more than one recent business graduate. The inability to
critically think and recognize the movement of accounts or
resources and not just the "zero is a loss mentality" is something
a lot of schools do not address. Zero is not bad as I pointed out
with borrowing. That's all I meant to point out.
hmm |5.12.09 @ 4:29PM|#
I get the ratio loss, I was grossly simplifying to make the
silly point.
Again, this is not an indictment of you or your point. It's just a
commentary on the current culture of the MBA or business school
world.
|5.12.09 @ 5:52PM|#
Even a loss isn't necessarily a loss if you can claim it on
your taxes.
Sure it is. The after-tax loss may be smaller if you can claim the
loss as a deduction, but its still a loss.
Invisible Finger|5.12.09 @ 6:32PM|#
The test for competency is simple:
Have you ever taken out a 30-year mortgage?
If the answer is "yes", you are most likely too stupid to be in
charge of money.
The number of good candidates weeded out by this test is
statistically insignificant.
hmm|5.12.09 @ 9:19PM|#
I guess the assumption is you accepted early payoff penalties
and plan to pay for all 30 years?
What I miss?
|5.12.09 @ 9:21PM|#
Even a loss isn't necessarily a loss if you can claim it on your taxes.
Sure it is. The after-tax loss may be smaller if you can claim the loss as a deduction, but its still a loss.
I am so motherfucking tired of the "oh, you can just write it off"
argument that, so help me, I will kill the next motherfucker who
makes it. Oh, and the death will be slow and painful.
Have you ever taken out a 30-year mortgage?
If the answer is "yes", you are most likely too stupid to be in charge of money.
Bullshit. You're next. After that last guy.
|5.12.09 @ 9:38PM|#
HA! Well played Jesse. Well played.
Yes, it was a good reference, but my brain still insisted on
hearing Isaac Hayes delivering the first line.
hmm|5.12.09 @ 11:17PM|#
Oh, and the death will be slow and painful.
And your ass will get taxed for it. And your estate will get taxed
out the ass cause you gots no planning skillz!!
I had to jump on the band wagon. You can write off losses, but most
people would rather deal with a profit. Well most people being
everyone except the government.
Site comments/questions:
Media Inquiries and Reprint Permissions:
(310) 367-6109
Editorial & Production Offices:
3415 S. Sepulveda Blvd.
Suite 400
Los Angeles, CA 90034
(310) 391-2245