« Official history | Main | Huis clos »

Alms for the poor

By Owen Paine on Wednesday January 23, 2008 10:12 PM

I despise Sterling Newbury.

He belongs with Jerry Lewis, Matt Lauer and George Steinbrenner as a pomposity quartet riding in ticker tape parade down Wall Street -- ass forward, hands cuffed -- on clopping big-hooved sway-backed mining mules. And for garnish each can wear a ceremonial -- just pretendin' -- noose around their necks.

Here's Newz' latest sand-dance nullity, a typical banker's waiterlike suavity, as he clatters open the platters of skunk roast:


Now don't get me wrong -- this isn't Babbitoid, Reagan-rides-again shit. This is the Ganymede of the prog wing of haute bankery speakin' easy here -- he's got the art-deco "Yes, buddy, I can spare a dime" gig down pat:

"In the present circumstances, the best relief program would end the tax breaks for the wealthy and shift that money in the short term to buffering groups hard hit by the economic downturn.... Tax credits and so on are, almost by definition, not the best way to do this, because they give money to people who already have jobs."
Is your head shaking, mates? Which way? Now listen up, you'll learn somethin':
"[Tax rebates] violate one of the most important liberal principles: demand spreading. Demand spreading means, all other things being equal, it is better that more people have some money, than some people having more money. Social Security is based on this principle as is the liberal theory of government starting with FDR."
Arrgghhhh, yes, the welfare state, that hunk of madcap thrown at poverty, only to produce hard-hat reaction. But! There's more:
"As soon as a candidate, caucus or program makes "tax relief" its center, it is already marching to the right"
Now under present red white and blue conditions, that is as wicked a misdirection as it's possible to conceive -- wicked because it's a conflation of one type of class tax cut with its diametric opposite.

More than anything else right now -- first and foremost -- the fed gub needs to provide just that, "tax relief", at least to the tens of millions of "wage-challenged" households; and how else but through huge rebates out of the social security rip tide? That's a move to the right? Why? Because it starves the public beast? Lowers the cap on uncle's spending?

Folks, if the last 70 years of macroeconomics teaches us anything, it's this: there is no sane cap on uncle's spending till we hit purely frictional unemployment -- i.e. under 2%. And we got miles to go before we sleep.

Sum-up time? Oh no, not yet, there's more, way more. For one thing Newbie is playing John the Baptist for "a massive bank bailout," and he calls for "a stronger dollar" -- yes a stronger dollar, the present horror in the rust bowl isn't enough, I guess they all need to be jobless before we "liberals" can spread a little effective demand their way -- or should I say our way, the liberal way, the way of a hearty handout, not a job.

Sterling Blueberry is about as sinister an overaged Manhattan deb-party smarm sissy as ever laved locks. You figure maybe he's not Wall Street's poison apple pedlar? Well try this on -- it's his ultimate nightmare: selling "Wall Street to Dubai one bank at a time." The horror!

PS -- for those in need of a 5th Avenue homily, improving in some ways on Polonius:

"While we should never shy away from borrowing when we need to, and spending what we must, we should always be seeking to borrow and spend the least necessary, not the most possible. It's better go keep credit good, it is better to keep the money in the hands of the general economy, and it is better for Government to pursue plans that generate enough economic activity to support those plans by the increased tax revenues that come with increased activity. While nominal deficits aren't to be feared, actually downward spirals in the national debt - where the debt is growing faster than our real ability to pay it back - are to be avoided except in cases where swastikas and rising suns are actually blooming around the world, and not just in the imaginations of the 101st fighting keyboarders. Relief can be expanded by ending Iraq and ending tax breaks for the very wealthy. Restructuring can be best pursued by ending the weak dollar policy."

Comments (5)


"Restructuring can be best pursued by ending the weak dollar policy"

do u all get this ???
an over valued trade gap gaping imperial dollar
will get us to post industrial america
at flank speed

cui bono ???

creative class types ???

think again

where our man blueberry
fits in here is keen

he's the one ordering up the relief packages

----"we gotta do the hip but decent thing here pops"---

relief ???
not reskill setting ??

errrr yesss
at least for all the unrecycled unrecyclable
50 plus wagelingers
pitched out on the street
by the closing down
of good ole local plant 13

"had to be done ..competitive overseas conditions " sez the mouth piece for
the board wizards
of trans nat octopus llc
( widget parts umlimited division)
"besides it shamelessly polluted
lake silver
just like a brown bear shits
near your picnic table "


I honestly don't get any of it. I don't know shit about economics, and your prose/poetry style doesn't help much. I'm really hoping Mr. Newbury is led here and starts an argument with you though. A disagreement that begins with one side declaring its derision for the other is always must-read blogging.


alas blueberry operates
only thru higher venues

"I don't know shit about economics"
knowing text book freshman eco 101
type economics
can be a liability if you want to grasp
the guts of the real economy out there
then of course there's the caddy swingers
i call the eliot janeway school satin pant seat economics
you can prolly find
newby in that group photo i suspect

hard to follow ??

lets start with this

my debt is your asset
uncles debt is our debt is our asset
we owe ourselves and uncle's mediation
makes it a safe bet all around
this macro stuff
is a whole 'nother level
like faye d in china town

"she's my sister " slap "she's my daughter " slap "she's my sister "

the love my tender baby girl gig
when pop fucks his daughter
we get paradox
that is
if we use the usual assumptions
based on street level microthink

I'll confess that I don't know shit from Sterling Newbury, but what's really got me going is trying to decide which is more sordid: politicians accepting bribes, or offering bribes -- to the People, in the form of these tax rebates.

Picked up this morning's War-shington Post and perused the front page, which announced that a "stimulus" (ha ha hah) package had been "hammered out" (love that hard-boiled political reporting style) -- although I think that may have referred to what Stepford Nancy and Give 'Em Heck Harry ended up becoming after helping to pass the package.

But, aaaa-aanyway...there's this sidebar to the hammered-out article which lists -- beneath the fine-print details on single/married/income -- the resulting amount of rebate in large bold red type. It almost looked like a goddamn' advertisement for Circuit City or Graffiti's Audio'n'Video, the more I looked at it. Jayzus, seriously, I'm thinking, why the hell don't they just print little pictures under the rebate amounts of what trendy overhyped consumer electronic items they can buy -- an iPod, an XBox, an iPhone, an HD TV set...? I mean, shit, c'mon...you know that's what they want people to do with it, right?

"What do you mean, you're saving it to pay off your credit-card bill? You goddamn' slacker!!"


ya the rebates feel like
a chump's tip
for us prole-plebs
keeping the peace at home
in the stores and on the job

a reward for
domestic tranquility
here in the eye of the imperial cyclone

Post a comment

Note also that comments with three or more links may be held for "moderation" -- a strange term to apply to the ghost in this blog's machine. Seems to be a hard-coded limitation of the blog software, unfortunately.


This page contains a single entry from the blog posted on Wednesday January 23, 2008 10:12 PM.

The previous post in this blog was Official history.

The next post in this blog is Huis clos.

Many more can be found on the main index page or by looking through the archives.

Creative Commons License

This weblog is licensed under a Creative Commons License.
Powered by
Movable Type 3.31