This is great. Mary Meeker has a report out called USA Inc, telling us all why Social Security benefits should be cut for the good of America. ”By 2037, cumulative deficits from Social Security could add another $11.6 trillion to the public debt,” warns the cautious and prudent-sounding Meeker.
Among her heart-wrenching conclusions:
The sovereign credit issues in Europe suggest what might lie ahead for USA Inc. shareholders – and our children.
Because that’s what we really need. Mary Meeker re-inventing herself as a bosom-clutching family values troll as she puts her stamp of approval on the Pete Peterson Simpson-Bowles report, recommending belt-tightening to the middle class as a way to pay for the tabs she and her fellow feudal financial overlords saddled us with.
I’ll leave it to the wonks to rip apart her latest bag o’ bullshit and her hallmark brand of fact-stuffing, but in case anyone has forgotten about the role Meeker played in the dot-com boom, let me remind you.
Remember when the internet bubble was growing like gangbusters, and there was that little problem of no firewall between the analysts and the investment bankers in the big Wall Street firms? And how analysts were keeping their ratings of big internet stocks high long after they knew they were vastly over-inflated, and engaging in practices that stoked the profits of their firms while trying to pass themselves off to the public as “objective analysts?” You may have even lost some money yourself taking their advice.
Well, Mary Meeker was one of those analysts. In fact, she was the queen. Here’s John Cassidy’s 1999 New Yorker article on Meeker, entitled The Woman in the Bubble: How Mary Meeker helps Internet entrepreneurs become very, very rich (PDF). And according to Fortune in 2001, Meeker was the poster girl for conflict-of-interest in the dot com era:
Today Meeker, 41, has become something else entirely: the single most powerful symbol of how Wall Street can lead investors astray. For the past year, as Internet stocks have crumbled and entire companies have vaporized, Meeker has maintained the same upbeat ratings on her companies that characterized her research reports in the glory days. For instance, of the 15 stocks Meeker currently covers, she has a strong buy or an outperform rating on all but two. Among the stocks she has never downgraded are Priceline, Amazon, Yahoo, and FreeMarkets–all of which have declined between 85% and 97% from their peak. For this she has been duly pummeled in the press, accused of cheerleading for Morgan Stanley’s investment banking clients.
But Meeker’s refusal to downgrade her stocks is only a small piece of a bigger story. This larger story is about how a smart, hard-working analyst became a big part of the world she covered. Meeker came to see herself not merely as an analyst but as a player–a power broker, a dealmaker, a force to be reckoned with. She was a true Internet insider–and other Internet insiders, most of whom were her friends, shared this exalted view of her. “I don’t think of Mary as an analyst,” says venture capitalist John Doerr. “I think of her as a service provider for investors, entrepreneurs, and management teams.” As a result Meeker did things that utterly compromised her as a stock picker.
Morgan Stanley was investigated by then-New York Attorney General in 2002 for their practices during the boom. They settled in 2003, but the AG report is an eye-opener about the extent of Meeker’s conflicts of interest as an objective “analyst.” From page 14 and 15 of the report:
32. One senior analyst’s involvement in the investment banking activities was such that several investment bankers inthe firm regarded the analyst as tantamount to an investment banker. One banker wrote that the analyst was the most committed and focused banker with whom he had ever worked. (Exhibit 32.) Another wrote that the analyst was a “commercial animal” who would do anything appropriate to win underwriting mandates. (Exhibit 32.) The analyst’s supervisor wrote in 1999 that the analyst’s focus was primarily on banking and that notwithstanding the growing demand for the analyst’s time on investment banking matters, the analyst needed to devote more attentoin to institutional investors and the firm’s institutional sales force.
Not conflict-of-interest-y enough for you? Now how much would you pay:
32. The analyst’s own self-evaluation prominently mentioned the analyst’s assistance to investment banking in selecting and generating investment banking business nd large fees, stating: ”Bottom line, my highest and best use is to help MSDW win the best Internet IPO mandates (and to ensure that we have the appropriate analysts and bankers to serve the companies well)….” (Exhibit 33 at MS0083161, emphasis in original.) It also prominently listed the deals and revenues from the analyst’s invstment-banking connected efforts:
Internet Investment Banking, a Record Year with $205MM+ YTD Revenue, [20+] Pending Financings, Co-Coverage (Leverage) in 85% of Cases, 6 of 6 Tech IBD Revenue Generating Clients, Internet Category was #1 Revenue Generator in Tech IBD ($505MM YTD Tech Reenue)…(Emphasis in original.)
OK, the numbers (see Attachment A): Forty investment banking transactions ($143MM in fees)….
It’s notable that 96% of the $205MM in revenue was derived from clients to the firm since 1995! Exceptions were America Online, Compaq, Hearst and Sotheby’s. And I hve been very involved in this business. (Emphasis added.) (Exhibit 33 at MS0083162-63.)
The analyst, of course, was Mary Meeker, as can be seen in the Attorney General’s attached exhibits.
So when I’m greeted with something described as “Mary Meeker’s Brilliant, Tech-Centered Turnaround Plan for USA Inc,” you’ll pardon me if the first thing I want to know is “how do Meeker and her clients stand to get rich off of this.”





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The reality for us is that social security retirement barely pays the bills each month, and then we are on our own to get food and recycle from dumpsters. We receive no assistance, so each month we debate about continuing or cutting out my mental health care. Without the recycle money I would have to stop even that. Trying to find minimum wage job within walking distance, but this is difficult with no clean clothes, no haircut, no presentable shoes. Our situation is dire enough. Why the predatory behavior from the greedy? As awful as our situation is, others are even worse off, and we try to help, by donating money and clothing, the poor helping the poor.
Also, just thinking out loud. Is there any possibility of a “green” button at the lake, for discussions of survival, living off-grid, dealing with depression associated with unemployment, finding resources, and so on?
What would really be great for the children would be cutting all that useless expenditure on education, and save the money for the next generation, though it’s not clear that there will be enough lawn-mowing work on the great estates to keep them employed.
Mary Meeker knows bupkus about the conditions for sustainable public debt. What’s criminal is giving this shill a platform. What’s tragic is preventing people who, you know, actually spent their whole lives mastering the material and the theory from getting a word in edgewise.
I think it would be better for the children if we saved a few bucks by not fighting wars with everybody who refuses to hand over their oil to us.
Clearly Meeker’s advice is INvaluable. /s
What’s with the “blow smoke up her ass” headline? What’s in it for Dan Frommer?
Mary Meeker’s Latest Amazing Presentation About The Future Of Tech
Say what?
No wonder we don’t investigate, let alone prosecute, banksters any more. Investigating leaves reports and records like the one you cite, Jane, and those get in the way of the banksters’ schemes ten or so years on, when the investigators are no longer in office (and likely are scheming for the same work).
I hear you Crane-Station!
My wife and I have similar conflicts that you have, not as dire perhaps, but still a stretch from month to month. We do the same also trying to help people in similar circumstances…it is just natural to help regardless of our own situation…and I ask the same question:
Why are the rich and so extremely well off trying to suck up the last of my meager resources…and then I remember…they are blood sucking vampires whose hunger and depravity knows no bounds because it is a sickness of the SOUL!
Mary Meeker is a prime example…very sick and depraved entity masquerading as a human being…
By the way, I like your idea about the ‘green’ button section of posts and commentary. Let’s see if it gets implemented. I sincerely hope and wish your circumstances get better and certainly not worse Crane-Station. Be well and peace be yours…
People like Mary Meeker live in some la la land.
When one looks around the world, one does not see much calm among the masses.
the event in Madison should have shown a lot of people in DC, the USA public is not in a good mood.
Only political fools would follow Mrs. Dot.com Mary Meeker advice, I can see the commercials now “Hi I am the Senator that Just Cut taxes for the super rich, and Cut social security for the elderly and poor, Vote for Me!”
Just like Mary Meeker dot.com bubble burst, your Senate career would burst.
Me thinks a lot of people in DC, need to get out of DC, and check on the Americans who live everywhere except DC, because if they don’t they will be leaving DC for good.
every poll says Americans want the rich to pay more taxes, no poll says Americans want Social Security cut.
it is almost like everyone in DC is seeking to be as dumb as Sarah Palin, being as dumb as Bush is out of date.
Amazing how none of these cretins manage to address the fact that wealth / income inequality is now at it’s worst point in history. The rich have 1000x more than they need, it needs to be forcibly removed from them through a progressive tax rate.
First thing we do, let’s kill all the security in Social Security. Cut benefits and the “compromise” might be nothing. Of course, we could do nothing and SS will pay out benefits for 25 years or more without a hitch, then reduce them somewhat if 12-14 or more Congresses fail to agree on real improvements.
But the “compromise” is more likely to be extending tax subsidies – foregone revenue to a starved federal budget – to encourage people to take advantage of fresh, new, improved private retirement accounts available at Wall Street Vampires, Inc. Unregulated accounts, of course. That means no supervision of investment risk proposed to vulnerable seniors, no independence of advice, and hidden front-end, back-end, and operating fees. The free market will weed out bad actors…. If these guys are wondering how to profit from Japan’s woes, and never missed a beat or a bonus while threatening the global financial system, they won’t blink an eye at screwing the average American retiree.
In addition to all of the unethical stuff associated with Meeker that you highlight, anyone who talks about the need for other people to sacrifice but not themselves is a certified sociopath.
Notice how people like Mary Meeker never advocate the rich or corporations pay their fair share of taxes, closing down tax fraud and loop holes, or cutting back on wasteful weapon spending and illegal wars.
I don’t think Meeker lives in la la land. I think she’s like most neocons, Republicans and Beltway revolving door types. She’s a sociopath. She cares about her and doesn’t care who gets hurt while she pads her own pocket. Like each one of the 35,000 lobbyists on K Street and its environs, she talks for whomever puts money in her mouth.
I really don’t get why these rich are so desperate to get rid of social security. Their contribution is capped and not likely to be uncapped so it’s no real liability to them. Only mental illness can explain why they cheerfully fork over money to pay for slaughtering people overseas but resent helping people out here at home.
she should be in JAIL for massive fraud
What she is saying that the money we borrowed to finance the tax cuts for the rich might have to be paid back by the rich – and the rich would rather the solution be a cut in benefits to the aged rather than a nick to their pocket change.
I “love” the way she does it – an implied fact that is a lie via stating a true fact.
“By 2037, cumulative deficits from Social Security could add another $11.6 trillion to the public debt” – is a true fact – it is just that most will read this to mean that it added to the deficit and increased the national debt – and that is a lie.
“Public debt” is owned by the public portion of the national debt – those bonds sold Japan, China, and the Social Security Trust Fund are all part of the national debt – but the ones owned by Social Security are not “public debt”. Social Security is going to use the pre-payments Reagan forced the boomers to make – by cashing in the bonds in the Social Security Trust Fund.
I suspect the 11.9 trillion dollars is also a lie in that the SS Trust Fund never reaches that size – its about $2.5 trillion – so that appears to be pulled out of someones rear.
In 2017 the disability insurance trust fund reaches zero – so benefits would be cut to the level that years disability portion of the payroll tax income would support – perhaps 80% of the promised level – but then she is not talking about that – or about Medicare.
does this woman actually have children?she is a monster advocating harm to millions
So that Wall St can rip off private savings accounts.
I am marveling in your succinct understatement. Amen.
Here is a little something I found the the internet this AM about Simpson and his plan for screwing the little guy and middle class:
pitchforks torches time
“It’s for the kids!!” is a joke in our house.
It’s the lamest, most cliched line of emotional blackmail anyone can utter.
Yeah, I can see that. They won’t stop until those are mandated like private health “insurance”.
I still say it involves mental illness though.
holy crap, that’s awesome.
where’d you find it. On Alan’s FB page?
Link.
THAT needs to go viral before they shut down the intertubes
The average monthly social security check is $1,177
Lets say rent is around $500, certainly doable. I pay $550 in a high cost area. $60 electricity and gas, $50 phone bill. ~$50 for waste and sewage. I don’t know how much for gas but assuming you are retired, you shouldn’t need to drive every day. So lets say 1 fillup every 2 weeks in a typical consumer car is about $80. That leaves: $437 for food, which is $14 dollars a day.
So yeah, social security can probably pay for MOST regular bills. Obviously individual situations vary and technically, you should have SAVINGS as well. If you count on social security as your only means, then you haven’t planned out retirement very well, which is certainly not unusual.
The hypocrisy of the rich and their minions is beyond most people’s comprehension. If avoiding an economic crisis were their real desire there would have been no reason to continue the bush tax cuts or the current occupations of Iraq and Afghanistan. If tax cuts were job producers, we should be in an inflationary period with more jobs than people. It is just as many of us have pointed out time and again: all of the moves that the purchased government people (elected or appointed) make are designed to drive the country into third world status. This is just another example.
Pretty hackneyed alright.
More outright lies put forth and NOT A WORD OF CORRECTION from our media. THIS is the role the media is SUPPOSED to play in a democracy. To keep the people informed. And informing them of when policy makers are lying is one of it’s most important jobs.
You really can’t have a functioning democracy without this, thus we really can’t have a functioning democracy here because our media (or “press” if you will) have abandoned their responsibility. Yet no one calls them out either (other than blogs).
Well, I hear and agree with what you are saying, except the third world part. that is just a consequence of wanting what they want. which is everything. They get everything worth having and don’t want to pay for any of it because They’re Special and Deserve It and It’s Theirs!
figures she hasnt begot any REAL children……Oh and MARGRET her wild looking eyes look like she s on Coke….like Mr.Kudlow
how about medicine?
Mary Meeker and her bankster buddies– especially those flying in from Japan who could be apprehended at the airport– belong in prison (hat tip Teddy Partridge).
Bingo !
to their credit, all three researchers acknowledge this field of study is new
prolly wouldn’t hurt for Google Earth to do a flyover @ Sociopathy Village and Authoritarian Square
?? $550 won’t even get you a room in most parts of California. Try $900 a month for a studio apartment. Or well over $2000 a month for a retirement community.
Thank God we have blogs to fill the vacuum of oversight in this country. Unfortunately, there are still those who do not consider blogs to be legitimate journalism. sigh.
For my part, I tutor kids and when there is a history lesson involved, I always tell them to “follow the money”, I ask them “who wants what? who gets the goods?” I feel a little subversive when I do that but hey, it’s all there in the books. One just has to open their eyes.
Everyone else has beat me to the punch. Right now I just feel depressed reading this depraved, greedy entities “words.” Beyond sickening and into the land of sociopathic self-serving absurdity. Rhymes with rich…
I live in the bay area in silicon valley. I have lived in 2 rooms in the past 3 years, first one was $650 including electricity and gas, second is $550 paying my own electricity and gas.
nahant, where did you find that? I want the source so I can direct others there. It’s concise and accurate and passionate.
No link?
With the media not doing it’s role of informing the public of the lies, the good ‘ole USA is proving the old axiom that if you say something enough it becomes the truth.
Well, technically, it’s still NOT true that social security adds a fucking penny to the deficit (it’s forbidden by law to do so), but by gosh by repeating this lie over and over and over and over and over and over and over it’s believed to be true by so many that it might as well be.
What a sick joke this entire once great country has turned into.
I too am in the Bay Area. $600-700 is typically where I see a room listed.
Used to be $400 just a few years back.
“Rooms” aren’t “apartments”.
True enough. Depending on where you live in CA, you might be able to rent a room in someone’s house for around $500, but in any major metro area, even that will run to at least $800/month.
To be completely fair (which I don’t want to be), there has been info out there for years to not count solely on Soc Sec to live on. That said, the current economic crisis – foisted on us proles by the out-of-control criminal greed of Meek & her buddies (which we, the taxpaying proles, have had to pay for again & again) – some citizens have been *forced* into living solely on Soc Sec (if they’re “lucky” enough to be able to collect it) through no fault of their own.
Just saying…
My loathing for the Meeks of this planet knows no bounds.
I’d just like to expand on what complete and utter bullshit that is, the whole renting a room thing.
“Thanks for working your entire life! Now go live in somebody else’s house.”
WTF?
Meeker sounds like a perfect hire for the Obama administration!
Bite your tongue.
OMG that letter was perfect. PERFECT!
link
http://hubpages.com/forum/topic/69701
OK, so everyone should have savings as well. No argument there. Is that a reason to do away with Social Security that people have already PAID into?
Exactly. Renting a room is an option but will definitely not work for some folks, esp a couple or a family. It can be a good alternative for a singleton, but it all depends on various circumstances.
sounds a lot like these dfh’s filmed in Lansing yesterday
someone save us from the rabble ! :D
This is the key ingredient missing in a lot of conversation WRT Social Security.
A great number of people did plan for their retirement, and then saw their 401Ks destroyed in 2008. 40-90% losses were common. No mention of that by Meeker or any of her ilk.
It’s a religious thing with them. They’ve hated it ever since its inception.
The greed religion even has its own chief goddess, Ayn Rand, whose writings tell the rich that they all deserve their loot and that they earned their money fairly because the rest of us are “moochers” and “parasites” who don’t deserve to live.
Seriously.
This is of course about as anti-Christian a philosophy as one can imagine, but at least Rand had the self-recognition to admit it: She was a hardcore Social Darwinist atheist, using the veneer of misapplied and perverted biology to justify her own selfishness. The really sickening thing is that a lot of conservative Republican Randroids try to claim that they’re Christians. Mark “Appalachian Trail” Sanford’s name springs most forcefully to mind.
She could be Secretary of Bill Clinton-esque Underdesk Activities.
okay im gonna scream now
DESTROYED BY WALL STREET AND MARY MEEKER
Ah, but Simpson’s not only been on the public teat, he’s never had to work a day in his life. His daddy was Governor of Wyoming and a very rich man. Simpson’s son is himself a prominent Wyoming Republican. Silver spoons all.
Besides that, the cost of a room almost always includes electrical, water, cable tv, etc. Either that or you pay a percentage for what you use, rather than shouldering the whole thing. All you need to pay yourself is for your own cell phone. Something tells me that someguy66 hasn’t ever really been out in the world in which I live.
Too bad Ayn Rand forgets that money needs to circulate for a healthy economy. Seems we have a lot of constipated rich people running things here.
I really shut down a True Believer when I ask him: How I can buy your awesome products if I don’t have any money to buy them with?
Yes but you can live in a room perfectly fine. I’ve done it for the past 3 years despite making enough to be able to afford way more. Its pointless to get into a debate whats a comfortable living and what you deserve. Stop with the I’ve worked my entire life and I deserve “this”. Social security just ensures you can make a decent living and while it may not be glamorous, it works.
Yep. The only savings I had left was the little bit of cash I managed to squirrel away at home. I can’t live for 15, 17 or even 19 years on that until I’m eligible for SSI.
thanks. too bad the author is an unknown senior from Montana. He’s an internet hero now. I wonder how the blogger/poster got received it?
Go after the messenger rather than the message?
That is just lazy
Well exactly. I count myself very very fortunate, but my various “holdings” have dropped via: 1) the dot.com bust, and 2) the 2008 crash. Neither of those were my fault, although I was lucky and lost “less” than some did. That said, none of my “safe” investments presently are earning bupkiss (thanks to Meeker’s buddies at the banks who are arbitrarily holding down interest payments as a means of “forcing” us to invest in the Ponzi-Casino called Wall ST).
I have enough for myself, but I definitely will have to work much longer than planned to have enough for “retirement.” I’m truly not complaining, as I consider myself fortunate to have a job that is reasonably secure.
But many have no jobs due to the crash, and it’s not their fault.
Many have to rely on Soc Sec, and it’s criminal that these greed-heads are threatening to take away what WE have been paying into all of our lives.
I won’t go on. It’s criminal, it’s disgusting, and I so loathe these entities for their scum-sucking out-of-control greed.
You have to remember that the rich and powerful are comprised of a variety of interest groups, each is profiting off a sub-set of industries/scams.
Some are looking forward to raking management fees off the privatized SS money and others are clipping coupons from war-machine industries, and they all end up creating a toxic cloud of MOTU dander, the result of their sociopathic mutual back-scratching.
In aggregate it’s clear that their schemes end up wrecking the country, and indeed the world, but within the narrow confines of their own selfish little piece of the mess, they
refuse todon’t see that they’re crazy, and instead think that their behavior is totally ‘rational’.Most of us understand that in everyday life, or on the street, that kind of behavior would quickly result in getting their asses kicked, but in the topsy-turvy world of the MOTU, they’ve convinced themselves that they are actually creative.
They call it creative destruction, but it’s actually just plain old destruction.
Offer to pay them $10 for every person that they throw out of their homes and they’ll get busy on two fronts, doing anything and everything to throw people out of their homes, and lobbying to get the fee increased.
Where does the $1177 number come from? Got a link? And where on earth do you find an apartment for $500, outside of the ghetto?
Where are your clothes going to come from.
Medical bills (medicare does NOT cover 100%)?
As usual, more bullshit from someone saying “others” can live off next to nothing, here, I’ll show you how.
As far as “planning out your retirement well”, how exactly did that work out for millions of folks that hit retirment in the early 2000′s after a dot com bubble wiped out everyone’s 401K and it was the result of bullshit scams, fraud, and out of control greed? Oh, and for that matter, how’s that working out for those getting ready to retire now? Maybe they planned well all their lives, put the appropriate amount away into mutual funds, CD’s, etc., and now after more bankster fraud resulted in more trillions of lost wealth, they’re left with a fraction of what they had built up??
Yeah, blame them for bad planning, but don’t blame the criminals running Wall St. Nope, can’t blame them. They get bailouts and bonsuses.
Nobody is buying the bullshit you’re selling. Peddle it somewhere else.
sorry you are clueless period…never answered me on medicines,which break most seniors
You need to brush up on your reading skills mouth. I never said anything about what people may or may not “deserve”. Go on. Find an example of where I’ve said that. I’ll wait.
I think the original point was people “deserve” food, shelter and clothing. No one is asking for a private plane and trips to visit their tax shelters. Just basic necessities. Human dignity.
Look at my original post, I added up additional costs. I also don’t own a TV, I guess I forgot internet which came included with my room. I forgot cell phone sorry, I don’t have an iphone or data plan, just a voice plan. Yes you are right, I may not live in your world, but I live fairly normal life with reasonable costs.
Blue Texan’s regularly scheduled post is up: Is Haley Barbour Actually Running for President? LOL Srsly?!
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker
Google ssa average check.
That wasn’t attributed to you sorry, I’m replying to multiple posts:
“Thanks for working your entire life! Now go live in somebody else’s house.”
WTF?
Democratic Underground.. After reading it I just had to share… link: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439×652744
Still waiting for you to point out where I made an argument about what people may or may not “deserve” to have…. You lack credibility because you make shit up and then misattribute it. You’re not even a good troll.
TROLL infestation
It depends on where you live, as to what you will get. I confess to the fact that I, too, am renting a room in a house. But I really *lucked* out in various ways with this particular rental. My rental fee is low and is all-included. But I live in a relatively low cost of living area, plus I am willing to put up with a lot of inconveninces (won’t go into them) to do this.
I agree *somewhat* with the other person who posted. Not pointing any fingers at anyone here. But it’s worked for me to put up with some “stuff” in order to pay lower rent and save more for my retirement.
But as I said: it’s a set-up that will not work for everyone, nor are good situations always available. It’s kind of luck of the draw. I’ve definitely heard some horror stories about people renting rooms and then the home-owner has not been worth dealing with. Depends on a lot of variables.
On Edit: and it’s glib, to say the least, that renting a room in someone else’s house is the “solution” for all concerned. It’s not. It’s ONE solution that *can* work for some but not for everyone, and not in every location across the country.
Then why did you put it in a reply to me???
Just thought I’d add the italics for clarification.
And you’re right. Complete and utter bullshit. But then again, that’s ALL those on the right ever offer.
Hey, I wish I had the option of renting a room but I don’t. It would certainly save me some money.
Cool set up for single people. Is this really workable for families/couples? I think not.
how many people will rent to seniors with old age diabilities? not many i venture to say
No cable, no internet, no co-pays for frequent office visits, no deductibles for medicine, no entertainment, no travel, no clothing replacement, no personal care, no emergency rainy day fund.
Nice life you’ve mapped out there for people whose 401(k)s were stolen by the banksters. Why not give them our Social Security fundage to ruin as well?
Thanks! So that is about $14,124 per year which, I believe, is below the poverty level for a family of 1-2 people.
yes! Don’t forget “added productivity due to layoffs and more work/less pay for you!!! Thanks!!!”
Banks are now responding to some new regulation that would limit their fees on ATMs charges (or something) by saying No! Then we will have to pass along that “cost” to the consumer!
Huh? Isn’t that fee already a “cost”? And don’t you really mean to say “loss of pure profit” vs. “cost”? They don’t even make sense any more.
stolen?
How so?
http://www.authorsden.com/visit/viewarticle.asp?AuthorID=87241&id=61217
Don’t put your money in a bank, hide it in your mattress. A sure way towards building wealth.
But hey! We don’t even “deserve” poverty!
My present landlord has rented to one couple once briefly. The couple in question were friends who needed a temp. place to live (may have been moving and waiting for escrow to close or something). My understanding is that it worked out alright for landlord & couple at hte time, but it was for, like, 2 or 3 months.
Landlord has otherwise rented only to singletons, and landlord can also attest that not all renters are the same. Has some horror stories to tell, which is why I am treated like *gold* by both landlord and landlord’s extended family. They see the value in having a safe, sane, stable person renting in their family member’s home.
But again: not always an option, and I count myself very very lucky for happening onto this current situation.
perfectly said Teddy
Eh – the MOTU Bankers *have* to get their giant sucking bonuses every year, doncha know??? /s
((onitgoes)) Understood. And of course you would be a gem of a renter. :)
These raiders of the people’s treasury and long-term trust — they must be necrophiliacs; there’s no other way to understand their deranged wretchedness.
LOL. My dh accuses me of doing just that! I try to hang onto every dollar I can.
you are an idiot….credit unions are far SUPERIOR
its another troll friend of someguy….they do tandem team
Have you duly noted how much interest you will earn in your bank’s “savings” account or “money market” accounts or any long or short-term CDs??? We all might as well stick our money in our mattresses; we’ll truly get about the same rate of return on our investment. Do the math.
Yep. But you bring that up with a someone who believes they are a member of the club and they’ll mock the working class by dropping their arm and hand out saying “I’m entitled”. Makes me sooooo angry when they project like that. Grrrrr.
Rent: 607
Internet/cable: 106
Phone: 66
Insurance (car) 39
Insurance (apt) 26
Food: (min) 100
Gasoline (min) 60
Electricity (min) 70
Prescriptions 110
Total: 1,184
That doesn’t address emergencies, miscellaneous, medical care for myself or my cat, etc. That’s as low as I can make my bills. And I don’t get SSI.
You sir, are entirely clueless.
Ah.
Thanks.
Still, I trust my mattress more than B of A.
Crane-Station, did you see Masoninblue and my conversation about PICO Network in the KY group ( http://my.firedoglake.com/groups/ky/home )?
Bless you, Jane!
As someone who saw the dot-com bubble from the inside out, and who didn’t make bankers fees, nor Wall Street fees, I tend to view these creeps with the revulsion that I feel for battery acid.
The Meekers of the world know how to spin straw into gold, to dazzle with bullshit. It turns my stomach to read the remarks of John Doerr, who (apart from his blind spot about Meeker) seems to be a sterling person.
The Meekers of the world are basically financial pirates.
Great post.
Hey – thanks! I’m FINE. Truly I am, and I actually like my living situation. I am very very fortunate and I’m grateful every single day for that. My heart goes out to others who are not as well off, mostly through no fault of their own.
I quite enjoy my living arrangement. It is NOT a hardship in the least, but I am clearly *aware* that it’s not feasible or possible for everyone, nor are all landlords created “equal” to mine.
I am now an “unofficial” member of my landlord’s family, which is fine, but this includes sometimes dealing with recalcitrant teenagers & aging parents. I am more than happy to do my “bit” and play my part. Despite mostly disliking Hilary Clinton, she was absolutely correct that it “takes a village” to raise kids, and it also “takes a village” to care for the elderly.
I am lucky in many ways, believe me.
‘Morning Teddy!
Just the thing here for that!!
Where you saying the same thing only 3 or 4 years ago when savings accounts were earning 5%+? What about the early 80s? If you want a guaranteed return, your mattress is your best bet.
Edwards was right. There are two Americas. One is composed of two small villages located in NY and DC (and gated McMansion subdivisions scattered throughout the country), where their idiots worship at the alters of Wall Street, Big Banks and Corporate America. The other America is everyone else who makes a living working for these rat bastards at slave wages, or small business owners, farmers, or public servants like cops, firefighters and teachers.
The rich America makes its money by leveraging, exploiting, scamming, and stealing from the other America. The other America is the only truly productive one contributing to the common social good, but is well on the path towards serfdom.
If “other America” goes the way of Tunisia, Egypt, or Libya… I wouldn’t want to be a banker.
What are you driving that car insurance is only $39 a month?
And I must state that your base rent is about the same as MINE in the room that I rent from my landlord. The only diff is that I don’t pay any more for utlities & cable (I hardly watch tv anyway), but I do have my cell phone bill to pay, plus the various other “stuff” that you do, like food, gas, insurance, etc.
You’ve done a good job at getting your expenses down very low, and it clearly *highlights* what it costs just to “live.” You could *maybe* shave off a $100 (maybe) if you lived in a room in someone’s house… maybe… but I don’t know what rents are like where you live. That’s a big old maybe and may not be the case.
Thanks for sharing the info.
If they keep pushing, it certainly will. It’s history. It’s inevitable.
thanks for that
Yep. Can’t disagree with a word you said.
I’ve already cut one prescription out and cut another one down to half. But it’s moot because I won’t be able to pay for any of it if I can’t find employment.
can you get food stamps…also call the med companies,they have programs for free meds
Household retirement assets in the country are only down 7% from the peak in 2007. Yes that is unfortunate but I don’t think represents some sort of wiping out that some people on here have suggested. Heck 70% of surveyed households have made no changes to their retirement plans.
My mattress has a higher yield than the banks right now …
http://dealbook.nytimes.com/2011/02/24/mary-meeker-on-how-to-fix-u-s-a-inc/
“In the essay, Ms. Meeker points to a handful of corporate turnarounds that America could learn from, among them that of General Motors, the carmaker that filed for bankruptcy in 2009. As Ms. Meeker notes, the company followed a course of “slashing, burning, and stiffing bondholders.” Then “it got a new lease on life,” pulling off a $20 billion initial public offering in November.”
So what exactly is she advocating here? The USA should declare bankruptcy and bail itself out taxpayer money? I mean whyat other “new lease on life” other than a taxpayer rescue is she talking about?
Mary Meeker=Carly Fiorina=Patricia Russo=Hillary Clinton=$$$$$$$$
we get a better night’s sleep…
They don’t have to worry bout social security any longer. All of the irradiated seniors on the West Coast won’t be cashing their checks.
Also, the Lurking Mod apparently ain’t LQQKing, so while the cat’s away…
They are the craziest, overconfident psycho risk takers I ever seen. The banksters let Meeker run out on her leash today because they think there’s an even bigger opportunity than 2007/2008 to be harvested right now.
Link, please! Would love to see that one.
I come from a very very rightwing fundie family, and believe me, THEIR (not mine) assests are down waaaaay more than 7%, and they have, one & all, very seriously *changed* their retirement plans, along with their present living circumstances.
MY assets are down more than 7%, and I’m a pretty canny investor. I lost much less than some.
I call b.s. unless you can provide a very well-documented link to that unattributed assertion.
I won’t tell you what I’d really like to see done to every executive vp and above at every national bank like BoA and Citi, and every bank on Wall Street after a quick trial… the mods would disapprove.
They are crazy, but they are counting on the inherent laziness – both physically and mentally – of the US public. And they’re not too far wrong to “bet” that slothful US citizens will continue to permit *ourselves* to be plundered by these crooks ‘n liars. I have little faith that US citizens will do much of anything, but I sincerely hope I’m proven wrong. Recent events in WI are heartening, but far too many citizens – including union members in other states – are totally & completely unaware of WI events – no knowledge of what’s happening there AT. ALL. But they can quote you chapter & verse about some Hollywood drug addicts latest antics.
Mentioned that dire situation on LLN last night. Some of us ‘back’ East have open doors just in case. Show us your FDL Founding Member card or a printout of 2-3 of your comments. Pets welcome also. Even smokers.
here you go.
http://www.ici.org/pdf/ppr_11_retire_q3_10.pdf
Safely.
A 2003 Kia Spectra.
bit of a disconnect in your list
Getting Hillary to equate to Carly Fiorina is based on what historical fact (as opposed to Obama planted lie – about her or Bill)?
onitgoes – and others – just do not like her – she does not do “it” for them – and that is of course valid. Your list perhaps works with Fiorina=Obama based on his actions.
Meanwhile since only onitgoes bothered to pick up on my point that there is no annual deficit or national debt effect of SS selling its bonds back to the Treasury, or that Meeker deliberately tries to confuse “public debt” (not held by Social Security) with national debt and to the “burden to our children” that our national debt is, I guess it best I go out for a while before another link to the constant dump on the religious by atheists, Obama loving Hillary hating, Democratic Underground is posted.
That may be true for some, but not for me. Just saying, since you chose to quote me @132. I did say I don’t like H.Clinton much (in an earlier post on this thread), but that doesn’t mean that I “love” Obama. Just for the record. Anyone reading my comments on FDL for any length of time would know that.
Not sure why the ire is expressed there, especially as you see fit to refer to me twice in your comment. But good luck with that and hope you have a better day than what it appears it has been for you so far.
Well put.
Well, it was not planned. It is my husband that is retired. A series of critical and crippling events led to our collective demise. I bear responsibility for some, but not all of this. I am looking for work, and, fingers crossed, may get a minimum wage job locally. In the meantime, we have done odds and ends, and my husband took the hail Mary early retirement. I cannot discuss specifics. Yet.
I’m no fan of Hillary either, but it’s not her personally, it’s just I’m not a big fan of the current administration and it’s policies. And I’d bet dollars to donut holes that had Hillary won we’d be seeing the exact same administration with the exact same policies. AFter all, many of Obama’s advisors came from the Clinton camp, so I’m sure she would’be picked them as well. THAT’s why I’m no fan of Hillary. She represents the same corporatist, right wing of the Democratic Party that Obama does. And she hails as Senator from the state of Wall St. If anything, her ties to Wall St. would’ve been bigger.
Yes, that’s my “take” on Hilary, too. She represents that same NeoCon/Liberal agenda and elites that Obama does & does their bidding, and I quite agree that it’s highly likely that there would be little difference between her Admin & Obama’s. After all, Obama used a lot of Bill Clinton’s “people,” and it’s highly likely Hilary would’ve done the same.
Plus (and I’ll probably get in trouble for saying this) Hilary is a member of Doug Coe’s C Street “Family.” While some here like Coe, I do not, and I do not agree with Coe, his agenda or his so-called “Church.” Hilary is in that group, which just puts the icing on the cake, if you will, for me.
I am embarrassed. I only recently joined Firedoglake. I am married to Masoninblue. Thank you for this link and comments.
heh… welcome! no need for embarrassment. But some of us know about your hubby’s situation and salute him for it. Unfortunate. Best of luck to you both and keep on posting!
Sad to say you’re probably right on all counts. But, you know, she grew up and was formed as a devoted Goldwater Republican; and then something happened — who knows what — and she becomes a McGovern supporter and activist; helps to write the Impeachment charges against Nixon; hitches her wagon to a star and bides her time in a Godforsaken place. Winning changes everything, she would have been more than a contendah. We’ll never know. She did get more votes than BHO but not more delegates. Life isn’t fair or feminist…
Margaret, we understand completely.
hey Ms Meeker here are some good ideas for the good of the children:
1) increase the cap for SS/Medicare so the rich bastards who run this country can help insure the children don’t retire in proverty! and the children will not be forced to support the old!
2) Force the banks to pay back the trillions that taxpapers are forced to give these assholes and that way we can reduce the debt for the children
3) fix unfair trade policies so the parents might have decent jobs that
can help the children
4) fix the health care system and get rid of the sweet heart deals the politcations are getting from the drug and insurance industries..this would help the chlidren
5) rescind the Bush tax cuts so jack asses like you can help pay for better education for the children
6) get us out of these god damn wars so the children will have parents alive (or whole) who be there for them.
7) End corporate welfare so we can at least fix the raods, bridges and so parents can maybe work and or don’t get killed on the hiways for the children
8) Just for the children why don’t just shut up and stop BSing in for all of us just shut up
{ LOL } Well, Holy Smokes, you are the power couple!
Just what I was thinking. What a duo!
Ain’t it a very funny itsy bitsy little world?
The notion of “burdening our children” is BS anyway. Our children will get to consume whatever real goods and services they can produce.
Read this, get educated:
http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
Chapter 2 addresses this issue, but the entire book is worth reading.
Thank for for this! Whoever wrote this must know Angry Al Simpson personally, finally, someone who dislikes Simpson as much as I do! You made my day infinitely brighter.
Oh – there is no Ire at you – or anyone
Sorry if my poor communication skills failed me again
Indeed the intent was to praise the fact you noticed that the lady lied – you and I appearing to be the only ones commenting on that.
As to not being “ked the religious into Hillary” – the point was that that was a fine and reasonable point of view – I did not mean to imply you cared for Obama.
It was the troll that equated GOP slime with Hillary (a ploy from the primary that annoyed greatly at the time) – plus another fellow linking to DemocraticUnderground – a place that tossed folks there in the first weeks of DU who funded its growth just because they questioned Obama’s claim to sainthood – plus it was a place that allowed us to set up an area to discuss religion and then demanded that we allow every thread to be destroyed by children claiming to be atheist who ignored the topic as they simply mocked the religious – well it was tiring today.
But I am going to take some time off the board – Japan has nearly got the power line repaired – the only solution as I said day one – so maybe the excitement will back to politics when I get back. And perhaps there will then be more than one way conversations and fighting trolls.
Very, very good point. The only investigators left in the future will be sites like this one, which will only be able to pull past actions, also documented here. That will be it. No official “investigations” of the Fascist criminals snd their lackeys. The good thing is, as things become worse for more, “official” inverstigations will not be required, just a reminder as to what these Nazi’s are doing so the people know who’s head needs to be on the chopping block.
If you are a typical American bombarded by television advertisements encouraging you to spend so you won’t look like a dork in front of your neighbors, the odds are you won’t plan your retirement very well. You have to look at the whole picture here. People do not have entirely free choice when the parameters of those choices are being manipulated by really serious money.
Thanks Jane!
It’s quite a long list of economic hitmen and hitwomen they’ve sent to loot social security.
What’s next if these savages fail? Are they going to send in the Marines to shake down the elderly?
Excellent and tweeted.
Thanks for explaining that. Makes more sense now. Sometimes blogging isn’t all that clear. Just life.
Agree that it was, at best, silly & at worst, nefarious, to equate Hilary with Carly Fiorina. Not an apt comparison, even though I’m very disenchanted with HRClinton (to say the least). Agree that keeping the conversation in “reality” makes more sense, rather than swerving off into silliness.
Best to you. No doubt will “see” you again here soon.
Well, that, and then we get back to: no matter what one commenter here today stated (and I NOTE that they never provided a link for their egregious claim), a LOT of folks lost at LOT in the crash of 2008. And that came *on top of* of the dot.com bust.
I know quite a few people who were, in theory, well prepared for retirement until those 2 crashes happened. Now: not so much.
Stating that it’s “all your fault” may be applicable to some, but certainly these days, not to everyone. It’s spurious and a pointless waste of time.
Let’s talk more about HOW things came to be this way. How you & I, as taxpayers, have bailed out Wall St & the Banks, and we get to watch Obamaco & the hacks in Congress yet again give the uber wealthy their tax cuts, all the while wagging their fingers at us and telling us serfs to once again bend over & take it bc they’re now coming after Soc Sec.
Like: WAKE UP!! We all paid into Soc Sec, and many of us saved quite a bit. Now our savings are in ruins, many peoples’ homes are upside down thru no fault of their own (including very long time home owners), and now they *also* want our Soc Sec.
And conservative trolls are paid to come here and “lecture” us dfh’s on how we’re all slackers who just didn’t do “the right thing.” Give. me. a. break.
What risk? They know perfectly well they are operating in a public risk-private profit world. Easy to take “risks” if you know the rubes will be required to may for your mistakes, while you walk away with any profit (and bonuses if you screw up!).
please check post 131.
Thanks